Numinus Wellness Q2 2021 Results Highlighted by $17.25 Million Financing, Mindspace Wellbeing Acquisition and Clinical Trial Collaboration with MAPS PBC

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Numinus Wellness Inc. Logo (CNW Group/Numinus Wellness Inc.)

Events subsequent to quarter end include $40.25 million financing and Phase 1 clinical trial   

VANCOUVER, BC, April 29, 2021 /CNW/ – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its second quarter financial results for the three months ended February 28, 2021.

In the second quarter, Numinus raised significant funds and advanced its compassionate access trial portfolio, acquisition strategy and innovation agenda while creating a strong foundation for long-term, sustainable growth across all lines of business.

All financial results are reported in Canadian dollars unless otherwise stated.

Q2 2021 Highlights:

  • Achieved cash balance of $28.5 million as at February 28, 2021
  • Completed $17.25 million bought deal public financing and exercised more than $14.5 million in warrants and options 
  • Realized net loss of $4.2 million compared to $2.1 million in Q2 2020 
  • Reported revenue of $231,507 compared to $259,489 in Q2 2020 
  • Completed acquisition of Montreal-based Mindspace Wellbeing 
  • Signed lab services agreement with Optimi Health to advance R&D 
  • Announced collaboration with Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC) and key advancements for the compassionate access trial for MDMA-assisted therapy for post-traumatic stress disorder 
  • Completed the first legal extraction of Psilocybe mushrooms by a Canadian public company 
  • Obtained the Orbitrap Exploris 120 mass spectrometer instrument to accelerate R&D

Highlights Subsequent to Quarter End:

  • Completed $40.25 million bought deal public financing 
  • Raised $1.48 million due to the exercise of warrants and options 
  • Achieved several milestones for the compassionate access trial with Syreon Corporation for Psilocybin-Research Intervention with Motivational Enhancement (PRIME) for substance use disorders 
  • Received Health Canada license amendment to allow for the possession, production, assembly, sale, export, and delivery for a wide variety of psychedelics including ketamine, LSD, mescaline, DMT, and MDMA 
  • Announced a 7,500-square-foot expansion of Numinus Bioscience’s research laboratory 
  • Continued research activities related to psilocybin extraction of Psilocybemushrooms as part of the Company’s research program 
  • Announced Phase 1 clinical trial of natural psilocybin mushroom extraction prepared at Company lab in partnership with KGK Science 

Commentary and Outlook

“Q2 was a landmark quarter for Numinus, and we were pleased to close the period with a strong cash position, stable balance sheet and robust pipeline of announcements across all lines of our business,” said Payton Nyquvest, President, CEO, and Chair, Numinus. “In addition, we were pleased to welcome Mindspace Wellbeing, its exceptional leadership team and more than 30 therapists into our family of clinics.”

“As of today, we are well set up for the balance of the fiscal year with $65 millionin cash, a strategy for future M&A, leadership in lab licensing, world-class clinical trial partnerships and a uniquely integrated approach to psychedelic production, research and clinic care. Our focus remains on investments in our growth initiatives, and we are confident that we will continue advancing our leadership position in the implementation of evidence-based, psychedelic-assisted therapy,” added Mr. Nyquvest. “I want to thank our team, partners and shareholders for helping us achieve these important milestones less than one year after our public markets debut, and for supporting our mission to empower people to heal and be well.”

Numinus continues to generate revenue in its first operational year as a public company and is actively investing capital to further its growth initiatives. The Company expanded its psychedelic testing capabilities and services at its Numinus Bioscience laboratory, and has undertaken renovations at its Vancouver clinic to offer a wider variety of therapy options and prepare for psychedelic-assisted therapy delivery and compassionate access trials later in 2021. In addition, the Company started generating revenue from the closing of the Mindspace acquisition in Q2. 

With the capital raised in Q2 and subsequently in Q3, Numinus has a strong cash position that will be invested to support lab initiatives, Vancouver clinic renovations and new hires, including positions in business development, M&A, marketing and communications, and mental health and psychedelic-assisted therapy services. 

Selected Financial Results for Q2 2021

For the three months endedFor the six months ended
February 28,2021February 29,2020February 28,2021February 29,2020
Cost of revenue(291,231)(155,031)(558,554)(223,229)
Gross profit(59,724)104,458(97,859)170,675
Loss before other items(4,230,383)(2,030,815)(6,178,447)(2,922,075)
Other items(7,489)(37,133)11,838(50,884)
Loss before income taxes(4,237,872)(2,067,948)(6,166,609)(2,972,959)
Income tax(6,240)
Loss and comprehensive loss for the period$(4,237,872)$(2,067,948)$(6,166,609)$(2,979,199)
For the six months ended
February 28,2021February 29,2020
Cash used in operating activities$(6,212,845)$(526,861)
Cash generated by (used in) investing activities(71,847)53,552
Cash generated by financing activities33,238,449584,803
Change in cash during the period26,953,757111,494
Cash, beginning of period1,627,32989,987
Cash, end of period$28,581,086$201,481

Numinus’ condensed consolidated interim financial statements for the period ended February 28, 2021 and related management’s discussion and analysis are available on Numinus’ website at and under the Company’s profile on SEDAR at

About Numinus

Numinus Wellness (TSX-V: NUMI) empowers people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus Wellness model – including psychedelic production, research and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice, and building the foundation for a healthier society.

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