Ontario-based Canadian psychedelics company Braxia Scientific Corp. (OTC:BRAXF) filed its interim financial statements and management discussion for the three and six months ended Sept. 30, 2023.
Numbers show:
-
Cash of $524,454 (CA$709,681) by Sept. 30, vs. $636,483 by June 30, and $1.08 million by March 31, 2023.
See full Q1 results.
-
Three and six-month revenue of $439,026 and $882,577 vs. $336,439 and $644,971 during the same comparable periods in 2022. Meaning YoY revenue increase of 30.5% and 36.8%, respectively.
-
Three and six-month operating expenses of $294,455 and $949,315 compared to $1.57 million and $2.35 million in the same periods in 2022. This means a major YoY operating expenses decrease of 81.2% and 59.7%, respectively.
-
Six-month net loss of $794,488 as compared to $2.45 million in the same period in 2022, an almost 68% YoY decrease.
See Also: Canada-based psychedelics company Red Light Holland's (OTCQB:TRUFF) Q2 2024 numbers.
CEO McIntyre's Comments On Potential 'Strategic Alternatives'
Braxia is defined as "a medical research and telemedicine company with clinics that provide innovative ketamine treatments for persons with depression and related disorders."
It primarily focuses on the operation of its multidisciplinary clinics with in-person and virtual mental health treatments through its wholly-owned subsidiary Braxia Health and research on novel drugs and delivery methods.
On the quarter's performance, CEO Dr. Roger McIntyre said Braxia's clinics experienced higher treatment volumes in the first half of fiscal 2024, "resulting in strong revenue growth" while the team kept focused on reducing expenses and improving efficiencies, as well as "looking to add novel therapies and other support services" to its clinical platform for further revenue improvement.
Meanwhile, the "going concern" section of the filed statements reports that current funds on hand, combined with operational cash flow, "would not be sufficient" to fund operations.
In this sense, McIntyre said the board has formally initiated a process to explore strategic alternatives and alternative sources of capital or partnerships.
"While I remain confident in the continued growth of our clinics, if we are unable to raise additional funding in the short term, we will look at alternate courses of actions including, but not limited to, further cost reductions, restructuring and the potential scaling back of clinic locations," he further noted.
The "strategic alternatives" comprehensive process is set to begin "immediately." Options evaluated will include a potential sale of the company, merger or other business combination, sale of all or a portion of the company's assets, strategic investment or other significant transaction. With the warning that "there is no assurance that these efforts will result in any guaranteed improvements to cash flow, strategic or financial transactions," the timing for the expected updates has not yet been disclosed.
On the management front, Olga Cwiek has resigned as a board director and CFO Stephen Brooks has also departed, with CLO Peter Rizakos now appointed to the board and serving as CFO.
Photo: Benzinga edit with photo by Serrgey75 and fizkes on Shutterstock.
總部位於安大略省的加拿大迷幻藥公司Braxia Scientific Corp.(場外交易代碼:BRAXF)提交了截至2023年9月30日的三個月和六個月的中期財務報表和管理層討論。
數字顯示:
查看第一季度完整業績。
-
三個月和六個月的收入分別爲439,026美元和882,577美元,而2022年同期分別爲336,439美元和644,971美元。這意味着收入同比分別增長30.5%和36.8%。
-
三個月和六個月的運營費用分別爲294,455美元和949,315美元,而2022年同期分別爲157萬美元和235萬美元。這意味着運營支出同比大幅下降81.2%和59.7%。
-
六個月淨虧損爲794,488美元,而2022年同期爲245萬美元,同比下降近68%。
另請參閱: 總部位於加拿大的迷幻藥公司Red Light Holland(OTCQB: TRUFF)的2024年第二季度數字。
首席執行官麥金太爾對潛在的 “戰略替代方案” 的評論
Braxia被定義爲 “一家醫療研究和遠程醫療公司,其診所爲抑鬱症和相關疾病患者提供創新的氯胺酮治療方法。”
它主要通過其全資子公司Braxia Health運營提供面對面和虛擬心理健康治療的多學科診所,並研究新藥和給藥方法。
關於本季度的業績,首席執行官羅傑·麥金太爾博士表示,在2024財年上半年,Braxia的診所的治療量有所增加,“實現了強勁的收入增長”,而該團隊一直專注於減少支出和提高效率,並且 “希望在其臨床平台上增加新療法和其他支持服務”,以進一步改善收入。
同時,已提交報表中的 “持續經營” 部分報告說,現有資金加上運營現金流 “不足” 爲運營提供資金。
從這個意義上講,麥金太爾表示,董事會已正式啓動探索戰略替代方案和替代資本或夥伴關係來源的進程。
他進一步指出:“儘管我對診所的持續增長仍然充滿信心,但如果我們無法在短期內籌集更多資金,我們將考慮其他行動方案,包括但不限於進一步削減成本、重組和可能縮減診所地點。”
“戰略替代方案” 全面進程將 “立即” 開始。評估的期權將包括可能出售公司、合併或其他業務合併、出售公司全部或部分資產、戰略投資或其他重大交易。有人警告說,“無法保證這些努力會保證現金流、戰略或財務交易得到任何改善”,因此預期更新的時間尚未披露。
在管理方面,奧爾加·茨維克已辭去董事會董事職務,首席財務官斯蒂芬·布魯克斯也已離任,首席財務官彼得·裏扎科斯現已被任命爲董事會成員並擔任首席財務官。
照片:Benzinga 編輯的照片由 Sergey75 拍攝並在 Shutterstock 上播出 fizkes。