Mydecine Innovations Group (OTC: MYCOF / FSE: 0NFA), a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, announces the financial results for the six months ended June 30, 2023.

Financial Results for the Six Months Ended June 30, 2023        

Net Loss: The net loss attributable to common stockholders was $3.18 million, from operations, or a basic and diluted loss per share of $(0.13). For the same period in 2022, loss from operations was $2.45 million, or a basic and diluted loss per share attributable to common stockholders of ($0.35)

Cash Position: The Company had $40,458 in cash and cash equivalents as of June 30, 2023.

Financial Position: Total assets at June 30, 2023 was $1,025,236 which included $563,872 of current assets as compared to total assets at June 30, 2022 of $6,190,930 which included $4,323,632 of current assets. Total liabilities as at June 30, 2023 was $10,109,978 which included $4,940,473 of current liabilities compared to total liabilities at June 30, 2022 of $8,217,304 which included $3,420,295 of current liabilities.

Total Expenses: Total expenses for the six months ended June 30, 2023 was $2,650,920 compared to $3,143,805 for the six-month ended June 30, 2022.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION – UNAUDITED
(EXPRESS IN CANADIAN DOLLARS)
As at,NoteJune 30,
2023
$		 December 31,
2022
$		 
Current assets   
Cash 40,458 11,030 
Other receivables4– 86,667 
Sales tax receivable 122,645 276,135 
Marketable securities4– 4,617,885 
Prepaids and deposits5400,769 1,220,349 
Total current assets 563,872 6,212,066 
Non-current assets   
Prepaids and deposits5460,167 678,916 
Property and equipment61,197 9,876 
Total assets 1,025,236 6,900,858 
Current liabilities   
Accounts payable and accrued liabilities144,855,211 5,371,916 
Notes payable885,262 85,204 
Derivative liabilities9– 346,667 
Total current liabilities 4,940,473 5,803,787 
Non-current liabilities   
Convertible debentures, net75,169,505 4,696,974 
Total liabilities 10,109,978 10,500,761 
Shareholders’ equity (deficiency)   
Share capital10121,269,011 115,918,379 
Contributed surplus1016,787,778 16,787,778 
Equity portion of convertible debentures7175,756 175,756 
Deficit (147,317,287) (136,481,816) 
Total shareholders’ equity(deficiency) (9,084,742) (3,599,903) 
Total liabilities and shareholders’ equity(deficiency) 1,025,236 6,900,858 
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS – UNAUDITED
(EXPRESS IN CANADIAN DOLLARS)
  For the three-months ended,For the six-months ended,
 NoteJune 30,
2023
$		 June 30,
2022
$		 June 30,
2023
$		 June 30,
2022
$		 
      
Expenses     
Finance cost7239,621 238,464 474,539 459,663 
Corporate development 2,018 13,594 503,649 141,474 
Depreciation63,404 34,301 8,679 94,573 
Consulting fees 1,523,776 703,895 3,456,714 2,127,768 
Director and management fees12124,921 120,284 308,883 230,856 
Foreign exchange loss (gain) (23,013) (53,964) (13,383) (25,776) 
Insurance 20,445 289,529 49,169 548,874 
Office and miscellaneous 96,484 22,541 235,150 240,523 
Professional fees 136,849 385,479 462,470 992,633 
Regulatory and filing fees 30,914 – 131,594 – 
Research and development 101,750 652,486 245,084 1,702,011 
Salaries12393,751 737,196 768,810 1,375,242 
Total expenses 2,650,920 3,143,805 6,631,358 7,887,841 
      
Other income (expenses)     
Change in fair value of derivative liabilities9– 631,760 – (261,690) 
Revaluation of marketable securities4(530,221) – (2,807,318) – 
Other income – – 26,667 – 
Other receivable provision4– – (1,285,365) – 
Loss onsettlement of debt10– – (5,425) – 
Transaction costs – – (132,672) – 
Total other income (expenses) (530,221) 631,760 (4,204,113) (261,690) 
      
Loss for the period (3,181,141) (2,512,045) (10,835,471) (8,149,531) 
      
Foreign currency translation adjustment – 61,561 – 61,561 
      
Net loss and comprehensive loss for the period (3,181,141) (2,450,484) (10,835,471) (8,087,970) 
      
Net loss per share – Basic and diluted from continuing operations (0.13) (0.35) (0.49) (1.31) 
Weighted average number of shares outstanding – Basic and diluted 25,154,580 7,142,532 21,894,987 6,217,942 

For more information, please review the Company’s filed financial statements and management discussion on the SEDAR+ site.

About Mydecine Innovations Group

Mydecine Innovations Group is a publicly traded, pre-revenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians’ access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and MDMA for treating intractable conditions such as pain, anxiety, depression, addiction, and PTSD, along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective, and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence (AI). Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several prodrug families, beginning with a psilocybin-derived smoking cessation drug undergoing a NIDA-funded trial at Johns Hopkins University. Mydecine is also developing MYCO-006—short-acting chemical analogs derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilizes cutting-edge artificial intelligence (AI) and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make them affordable and accessible to the general public upon Health Canada and FDA approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others.