Pharmala Biotech (MDMA) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 saw revenue exceed $1.0M, a 95% year-over-year increase, driven by strong MDMA product sales growth of 73%.

• Adjusted EBITDA improved to ($55,000) from ($659,000) in fiscal 2023, reflecting a $605,000 year-over-year improvement.

• Patents were granted for two novel MDXX molecules, APA-01 and ALA-002, with related costs beginning amortization.

• The company completed its continuance to Ontario and closed an oversubscribed private placement, raising $1.56M.

Financial highlights

• Revenue grew by $503,000 year-over-year, led by a $305,000 increase in MDMA product sales.

• Adjusted EBITDA loss narrowed significantly, primarily due to revenue growth.

• Net proceeds from share issuance and option exercises totaled $772,000.

• Cash used in operations was $321,000; $226,000 was invested in intangible asset development.

• Year-end cash position was $419,000.

Outlook and guidance

• Management anticipates continued revenue growth and aims to build on the year’s success.

• Proceeds from the private placement will fund global patent rights, product manufacturing, clinical trials, and working capital.