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• Multiple clinical milestones achieved including the first proof-of-concept for DMT-based therapies from a blinded placebo-controlled study
• Preliminary findings from SPL028 Phase I clinical trial support target drug profile
• Operational efficiencies underway to deliver meaningful runway extension
LONDON, June 28, 2023 (GLOBE NEWSWIRE) — Small Pharma Inc. DMT DMTTF (the “Company” or “Small Pharma“), a biotechnology company focused on short-duration psychedelic-assisted therapies for mental health conditions, has today published its financial results for the fiscal year ended February 28, 2023. A complete copy of the audited consolidated financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis can be found under the Company’s profile on SEDAR at www.sedar.com. Unless otherwise indicated, all currency references are in Canadian dollars.
Financial Highlights (including post-period events)1:
- Cash on hand as of February 28, 2023 was approximately $18.5 million.
- Cash used in operating activities was $22.2 million for the 12 months ended February 28, 2023.
- Operating expenses for the 12 months ended February 28, 2023 were $24.7 million.
- Company conducts strategic review to implement operational efficiencies, which are expected to generate material cost savings and a reduction in its historical annual cash burn. Anticipated runway extension from current resources to at least Q4 2024.
Recent Business and R&D Highlights (based on a calendar year):
SPL026: N,N-dimethyltryptamine (“DMT”)
Small Pharma has advanced its clinical program of SPL026, with ongoing exploratory studies to evaluate additional formulations and treatment populations.
- IV SPL026 Phase I/IIa: In Q1 2023, the Company announced positive results from its Phase IIa trial investigating the safety, tolerability and efficacy of intravenous (“IV“) SPL026, with supportive therapy, in 34 patients with moderate/severe Major…
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