Biotech company Small Pharma Inc. DMTTF, producer of short-acting psychedelic-assisted therapies for diverse mental health conditions, announced its financial results earlier this month for the fiscal year ended Feb. 28, 2022.
The company’s numbers up to closing date:
- Cash available totaled CA$40.7 million ($31.3 million).
- Cash used in yearly business activities added up to CA$16.2 million ($12.4 million).
- Operating expenses for the 12 months summed $18.1 million ($13.9 million).
The company is providing option grants for up to an aggregate of 6,300,000 common shares to certain Small Pharma directors and officers pursuant to its stock option plan, exercisable for a period of 10 years and subject to specific vesting requirements.
Small Pharma’s current focus on major depression disorder (MDD) led the company to initiate a clinical program for DMT-assisted psychotherapy in February 2021.
This program includes a Phase 1/2a trial on the company’s lead candidate in what’s currently the most advanced clinical study in commercial development of DMT-based therapies, alongside the development of a pipeline of proprietary preclinical assets.
CEO Peter Rands explains the company’s most recent bet by referring to the present scenario of rising depression cases, inadequate antidepressants and a growing sense of urgency for novel treatment approaches.
“This is the reason why the company is taking a radically different approach to mental health treatment, but one that can be embedded into the current clinical setting. Short-acting psychedelics such as DMT may offer a practical and convenient treatment for patients, clinicians and health systems, and importantly one that has the potential to scale,” said Rands.
Photo Courtesy of Rodolfo Clix on Unsplash.