Enveric Biosciences, Inc. (ENVB) announced the closing of private placement that could raise up to $13.9 million, providing fresh capital to support its clinical development programs.
The financing included the sale of 2,222,223 shares of common stock (or pre-funded warrants) at $2.25 per share, along with accompanying Series I and Series J warrants. The company received $5 million upfront, with the potential to secure an additional $8.9 million if all warrants are exercised.
The offering was priced "at-the-market" under Nasdaq rules and was led by healthcare-focused investors. H.C. Wainwright & Co. acted as the exclusive placement agent, and proceeds will be used for product development, working capital, and general corporate purposes, ensuring momentum for its lead programs.
At the heart of Enveric's pipeline is EB-003, a next-generation neuroplastogen designed to engage both 5-HT2A and 5-HT1B receptors. Unlike traditional psychedelic compounds, EB-003 aims to deliver fast-acting, durable antidepressant and anxiolytic effects without hallucinogenic side effects. Preclinical studies have shown statistically significant improvements in models of chronic depression, despair, and PTSD. The company is preparing to submit an IND application to the FDA in 2026, paving the way for a first-in-human Phase 1 trial.
Beyond EB-003, Enveric is advancing two additional series of compounds. The EVM301 series targets melatonin receptors, offering potential in sleep and mood disorders, while the EVM401 Series builds on mescaline-derived scaffolds with applications in opioid withdrawal, ADHD, anxiety, depression, and substance use disorders. Together, these programs reflect Enveric's strategy of developing non-hallucinogenic neuroplastogens that can be safely integrated into mainstream psychiatric care.
The company also reported a year-end cash balance of $4.7 million as of December 2025, underscoring the importance of this financing to extend its runway and support upcoming milestones.
The company implemented 1-for-12 reverse stock split on October 27, 2025.
ENVB closed Friday's trading (April 17, 2026) at $1.82, down 22.55%. In the pre-market trading session, the stock is at $4.37, up 140.11%..
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