Enveric Biosciences Inc

For the period ended Mar 31, 2024. Filed May 15, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 15, 2024

ENVB$1.42+1.7%Stored close · as of Nov 6, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEET

	March 31, 2024	December 31, 2023
(unaudited)
ASSETS
Current assets:
Cash	$6,356,036	$2,287,977
Prepaid expenses and other current assets	1,872,786	1,293,554
Total current assets	8,228,822	3,581,531
Other assets:
Property and equipment, net	452,228	507,377
Intangible assets, net	168,744	210,932
Total other assets	620,972	718,309
Total assets	$8,849,794	$4,299,840
LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$1,852,833	$1,218,783
Accrued liabilities	487,464	1,075,643
Investment option liability	12,210	23,608
Warrant liability	15,431	25,470
Total current liabilities	2,367,938	2,343,504
Commitments and contingencies (Note 8)	-	-
Mezzanine equity
Series C redeemable preferred stock, $0.01 par value, 100,000 shares authorized, and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023	—	—
Total mezzanine equity	—	—
Shareholders’ equity
Preferred stock, $0.01 par value, 20,000,000 shares authorized; Series B preferred stock, $0.01 par value, 3,600,000 shares authorized, 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023	—	—
Common stock, $0.01 par value, 100,000,000 shares authorized, 7,294,005 and 2,739,315 shares issued and outstanding as of March 31, 2024 and December 31, 2023	72,939	27,392
Additional paid-in capital	105,917,193	100,815,851
Stock subscription receivable	—	(1,817,640)
Accumulated deficit	(98,956,433)	(96,499,518)
Accumulated other comprehensive loss	(551,843)	(569,749)
Total shareholders’ equity	6,481,856	1,956,336
Total liabilities, mezzanine equity, and shareholders’ equity	$8,849,794	$4,299,840

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the Three Months Ended March 31,
	2024	2023
Operating expenses
General and administrative	$1,933,753	$2,948,400
Research and development	458,155	1,825,792
Depreciation and amortization	85,409	86,486
Total operating expenses	2,477,317	4,860,678
Loss from operations	(2,477,317)	(4,860,678)
Other (expense) income
Change in fair value of warrant liabilities	10,039	50,657
Change in fair value of investment option liability	11,398	119,505
Change in fair value of derivative liability	—	13,000
Interest income (expense), net	696	(11)
Total other income	22,133	183,151
Net loss before income taxes	(2,455,184)	(4,677,527)
Income tax expense	(1,731)	—
Net loss	(2,456,915)	(4,677,527)
Less preferred dividends attributable to non-controlling interest	—	12,329
Less deemed dividends attributable to accretion of embedded derivative at redemption value	—	110,991
Net loss attributable to shareholders	(2,456,915)	(4,800,847)
Other comprehensive loss
Foreign currency translation	17,906	1,968
Comprehensive loss	$(2,439,009)	$(4,798,879)
Net loss per share - basic and diluted	$(0.61)	$(2.31)
Weighted average shares outstanding, basic and diluted	4,001,456	2,078,271

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

Common Stock · Additional Paid-In · Subscription · Accumulated · Accumulated Other Comprehensive · Total Shareholders’
Shares · Amount · Capital · Receivable · Deficit · Loss · Equity
Balance at January 1, 2024	-	2,739,315	27,392	100,815,851	(1,817,640)	(96,499,518)	(569,749)	1,956,336
Stock-based compensation		—	—	351,488	—	—	—	351,488
Common stock sold under the Equity Distribution Agreement, net of offering costs of $583,713		1,668,000	16,680	1,792,109	—	—	—	1,808,789
Issuance of direct offering shares (see Note 7)		228,690	2,287	320,166	—	—	—	322,453
Exercise of Inducement Warrants for common stock		1,954,000	19,540	2,657,440	—	—	—	2,676,980
Proceeds from the subscription receivable related to the issuance of Inducement Warrants, net of offering costs of $12,821 (see Note 7)		—	—	(12,821)	280,500	—	—	267,679
Proceeds from the subscription receivable related to the exercise of warrants and preferred investment options and issuance of common stock in abeyance (see Note 7)		704,000	7,040	(7,040)	1,537,140	—	—	1,537,140
Foreign exchange translation gain		—	—	—	—	—	17,906	17,906
Net loss	-	—	—	—	—	(2,456,915)	—	(2,456,915)
Balance at March 31, 2024	-	7,294,005	$72,939	$105,917,193	$—	$(98,956,433)	$(551,843)	$6,481,856

Redeemable Non-controlling Interest · Total Mezzanine · Common Stock · Additional Paid-In · Accumulated · Accumulated Other Comprehensive · Total Shareholders’
	Shares	Amount	Equity	Shares	Amount	Capital	Deficit	Loss	Equity
Balance at January 1, 2023	1,000	$885,028	$885,028	2,078,271	$20,782	$94,395,662	$(79,207,786)	$(536,734)	$14,671,924
Stock-based compensation	—	—	—	—	—	532,835	—	—	532,835
Preferred dividends attributable to redeemable non-controlling interest	—	12,329	12,329	—	—	(12,329)	—	—	(12,329)
Accretion of embedded derivative to redemption value	—	110,991	110,991	—	—	(110,991)	—	—	(110,991)
Foreign exchange translation gain	—	—	—	—	—	—	—	1,968	1,968
Net loss	—	—	—	—	—	—	(4,677,527)	—	(4,677,527)
Balance at March 31, 2023	1,000	$1,008,348	$1,008,348	2,078,271	$20,782	$94,805,177	$(83,885,313)	$(534,766)	$10,405,880

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.