Enveric Biosciences Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Nov 14, 2024
ENVB$1.42+1.7%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash | $3,111,683 | $2,287,977 |
| Prepaid expenses and other current assets | 1,226,576 | 1,293,554 |
| Total current assets | 4,338,259 | 3,581,531 |
| Other assets: | ||
| Property and equipment, net | 367,689 | 507,377 |
| Intangible assets, net | 84,368 | 210,932 |
| Total other assets | 452,057 | 718,309 |
| Total assets | $4,790,316 | $4,299,840 |
| LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $576,324 | $1,218,783 |
| Accrued liabilities | 253,150 | 1,075,643 |
| Investment option liability | 4,944 | 23,608 |
| Warrant liability | 4,748 | 25,470 |
| Total current liabilities | 839,166 | 2,343,504 |
| Commitments and contingencies (Note 9) | - | - |
| Mezzanine equity | ||
| Series C redeemable preferred stock, $0.01 par value, 100,000 shares authorized, and 0 shares issued and outstanding as of September 30, 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 September 30, 2024 and December 31, 2023 | — | — |
| Common stock, $0.01 par value, 100,000,000 shares authorized, 8,994,920 and 2,739,315 shares issued and outstanding as of September 30, 2024 and December 31, 2023 | 89,949 | 27,392 |
| Additional paid-in capital | 107,316,058 | 100,815,851 |
| Stock subscription receivable | — | (1,817,640) |
| Accumulated deficit | (102,919,859) | (96,499,518) |
| Accumulated other comprehensive loss | (534,998) | (569,749) |
| Total shareholders’ equity | 3,951,150 | 1,956,336 |
| Total liabilities, mezzanine equity, and shareholders’ equity | $4,790,316 | $4,299,840 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating expenses | ||||
| General and administrative | $1,235,661 | $2,080,644 | $4,467,065 | $8,273,344 |
| Research and development | 762,717 | 1,281,455 | 1,736,373 | 5,531,436 |
| Depreciation and amortization | 84,814 | 86,296 | 255,002 | 259,300 |
| Total operating expenses | 2,083,192 | 3,448,395 | 6,458,440 | 14,064,080 |
| Loss from operations | (2,083,192) | (3,448,395) | (6,458,440) | (14,064,080) |
| Other income (expense) | ||||
| Change in fair value of warrant liabilities | (122) | 67,822 | 20,722 | (115,342) |
| Change in fair value of investment option liability | (501) | 562,715 | 18,664 | (399,921) |
| Change in fair value of derivative liability | — | — | — | 727,000 |
| Interest income (expense), net | (217) | 2,237 | 444 | 3,142 |
| Total other income (expense) | (840) | 632,774 | 39,830 | 214,879 |
| Net loss before income taxes | (2,084,032) | (2,815,621) | (6,418,610) | (13,849,201) |
| Income tax expense | — | (6,595) | (1,731) | (6,595) |
| Net loss | (2,084,032) | (2,822,216) | (6,420,341) | (13,855,796) |
| Less preferred dividends attributable to non-controlling interest | — | — | — | 19,041 |
| Less deemed dividends attributable to accretion of embedded derivative at redemption value | — | — | — | 147,988 |
| Net loss attributable to shareholders | (2,084,032) | (2,822,216) | (6,420,341) | (14,022,825) |
| Other comprehensive income | ||||
| Foreign currency translation | 31,497 | 10,433 | 34,751 | 1,115 |
| Comprehensive loss | $(2,052,535) | $(2,811,783) | $(6,385,590) | $(14,021,710) |
| Net loss per share - basic and diluted | $(0.24) | $(1.30) | $(0.95) | $(6.62) |
| Weighted average shares outstanding, basic and diluted | 8,702,951 | 2,164,656 | 6,771,162 | 2,117,153 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
| Common Stock | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Additional Paid-In Capital · Subscription Receivable · Accumulated Deficit · Accumulated Other Comprehensive Loss · Total Shareholders’ 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 | — | — | (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 | 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 |
| Stock-based compensation | — | — | 369,614 | — | — | — | 369,614 | |
| Common stock sold under the Purchase Agreement, net of offering costs of $82,850 | 125,000 | 1,250 | (1,250) | — | — | — | — | |
| Issuance of direct offering shares (see Note 7) | 458,000 | 4,580 | 444,260 | — | — | — | 448,840 | |
| Issuance of common shares for vested RSU | 1,563 | 16 | (16) | — | — | — | — | |
| Foreign exchange translation loss | — | — | — | — | — | (14,652) | (14,652) | |
| Net loss | - | — | — | — | — | (1,879,394) | — | (1,879,394) |
| Balance at June 30, 2024 | - | 7,878,568 | $78,785 | $106,729,801 | $— | $(100,835,827) | $(566,495) | $5,406,264 |
| Stock-based compensation | — | — | 369,614 | — | — | — | 369,614 | |
| Common stock sold under the Purchase Agreement, net of offering costs of $290,029 | 1,090,477 | 10,905 | 216,902 | — | — | — | 227,807 | |
| Issuance of common shares for vested RSU | 25,875 | 259 | (259) | — | — | — | — | |
| Foreign exchange translation gain | — | — | — | — | — | 31,497 | 31,497 | |
| Net loss | - | — | — | — | — | (2,084,032) | — | (2,084,032) |
| Balance at September 30, 2024 | - | 8,994,920 | $89,949 | $107,316,058 | $— | $(102,919,859) | $(534,998) | $3,951,150 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
| Redeemable Non-controlling Interest · Common Stock | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Total Mezzanine Equity | Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Shareholders’ 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 |
| Stock-based compensation | — | — | — | — | — | 879,738 | — | — | 879,738 |
| Preferred dividends attributable to redeemable | — | 6,712 | 6,712 | — | — | (6,712) | — | — | (6,712) |
| Accretion of embedded derivative to redemption value | — | 36,997 | 36,997 | — | — | (36,997) | — | — | (36,997) |
| Redemption of Series A preferred stock | (1,000) | (1,052,057) | (1,052,057) | — | — | — | — | — | — |
| Issuance of common shares in exchange for RSU conversions from the reduction in force | — | — | — | 63,511 | 635 | (635) | — | — | — |
| Foreign exchange translation loss | — | — | — | — | — | — | — | (11,286) | (11,286) |
| Net loss | — | — | — | — | — | — | (6,356,053) | — | (6,356,053) |
| Balance at June 30, 2023 | — | $— | $— | 2,141,782 | $21,417 | $95,640,571 | $(90,241,366) | $(546,052) | $4,874,570 |
| Stock-based compensation | — | — | — | — | — | 372,859 | — | — | 372,859 |
| Issuance of common shares for vested RSU | — | — | — | 40,130 | 401 | (401) | — | — | — |
| Foreign exchange translation gain | — | — | — | — | — | — | — | 10,433 | 10,433 |
| Net loss | — | — | — | — | — | — | (2,822,216) | — | (2,822,216) |
| Balance at September 30, 2023 | — | $— | $— | 2,181,912 | $21,818 | $96,013,029 | $(93,063,582) | $(535,619) | $2,435,646 |
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