Enveric Biosciences (ENVB), a biotechnology company, on Friday reported its first quarter financial results, and provided further business updates.
The company specializes in developing neuroplastogens for the treatment of neurological disorders.
Q1 2026:
Net losses amounted to $1.63 million, or $1.08 per share, while in the same period in the prior year, the net loss was $2.18 million, or $14.58 per share.
Cash on hand as of March 31, 2026, amounted to $4.91 million.
Enveric gained $2.8 million in gross proceeds from a private offering in the first quarter. Additionally, the company raised $13.9 million in a private placement offering.
Pipeline Highlights:
The company is developing its lead drug candidate EB-003, a non-hallucinogenic neuroplastogen, with early studies indicating antidepressant and antixylotic effects. Preclinical studies suggest the drug shows a rapid reduction of the fear response in treating post-traumatic stress disorder (PTSD) model.
The company also added EVM301 to the intellectual property portfolio of non-hallucinogenic neuropsychiatric drugs.
ENVB is currently trading at $2.28, down 0.44%.
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