Mydecine Reports Financial Results for the First Quarter of Fiscal Year 2023

Mydecine Innovations Group Inc.

VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) ("Mydecine" or the "Company"), a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, announces the financial results for the three months ended March 31, 2023.

Financial Results for the Three Months Ended March 31, 2023

Net Loss: The net loss attributable to common stockholders was $7.65 million, from operations, or a basic and diluted loss per share of $(0.41). For the same period in 2022, loss from operations was $5.63 million, or a basic and diluted loss per share attributable to common stockholders of ($1.20).

Cash Position: The Company had $10,291 in cash and cash equivalents as of March 31, 2023.

Financial Position: Total assets at March 31, 2023 was $2,220,877 which included $1,756,110 of current assets as compared to total assets at March 31, 2022 of $5.21 million which included $3.24 million of current assets. Total liabilities as at March 31, 2022 was $10,274,478 which included $5,343,332 of current liabilities compared to total liabilities at $8.92 mission which included $4.31 million of current liabilities.

Total Expenses: Total expenses for the three months ended March 31, 2023 was $3,980,438 compared to $4.74 million for the three-month ended March 31, 2022.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED
As at,	Note	March 31, 2023 $	December 31, 2022 $
Current assets
Cash		10,291	11,030
Other receivables	4	50,000	86,667
Sales tax receivable		303,796	276,135
Marketable securities	4	555,423	4,617,885
Prepaids and deposits	5	836,600	1,220,349
Total current assets		1,756,110	6,212,066
Non-current assets
Prepaids and deposits	5	460,167	678,916
Property and equipment	6	4,600	9,876
Total assets		2,220,877	6,900,858
Current liabilities
Accounts payable and accrued liabilities	14	5,257,450	5,371,916
Notes payable	8	85,882	85,204
Derivative liabilities	9	-	346,667
Total current liabilities		5,343,332	5,803,787
Non-current liabilities
Convertible debentures, net	7	4,931,146	4,696,974
Total liabilities		10,274,478	10,500,761
Shareholders’ equity (deficiency)
Share capital	10	119,119,011	115,918,379
Contributed surplus	10	16,787,778	16,787,778
Equity portion of convertible debentures	7	175,756	175,756
Deficit		(144,136,146)	(136,481,816)
Total shareholders’ equity (deficiency)		(8,053,601)	(3,599,903)
Total liabilities and shareholders’ equity (deficiency)		2,220,877	6,900,858

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - UNAUDITED
		For the three-months ended,
	Note	March 31, 2023	March 31, 2022
Expenses
Finance cost	7	234,918	221,199
Corporate development		501,631	127,880
Depreciation	6	5,275	60,672
Consulting fees		1,932,938	1,423,873
Director and management fees	12	183,962	110,572
Foreign exchange loss		9,630	28,188
Insurance		28,724	259,345
Office and miscellaneous		138,666	119,736
Professional fees		325,621	607,154
Regulatory and filing fees		100,680	98,246
Research and development		143,334	1,049,525
Salaries	12	375,059	638,046
Total expenses		3,980,438	4,744,436
Other income (expenses)
Change in fair value of derivative liabilities	9	-	(893,450)
Revaluation of marketable securities	4	(2,277,096)	-
Other income		26,667	-
Other receivable provision	4	(1,285,366)
Gain on settlement of debt	10	(5,425)	-
Transaction expense		(132,672)	-
Total other income (expenses)		(3,673,892)	(893,450)
Net loss and comprehensive loss for the year		(7,654,330)	(5,637,886)
Net loss per share – Basic and diluted from continuing operations		(0.41)	(1.20)
Weighted average number of shares outstanding – Basic and diluted		18,561,565	4,708,788

For more information, please review the Company’s filed financial statements and management discussion on the SEDAR site.

About Mydecine Innovations Group

Mydecine Innovations Group is a publicly traded, pre-revenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians' access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and MDMA for treating intractable conditions such as pain, anxiety, depression, addiction, and PTSD, along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective, and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence (AI). Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several prodrug families, beginning with a psilocybin-derived smoking cessation drug undergoing a NIDA-funded trial at Johns Hopkins University. Mydecine is also developing MYCO-006—short-acting chemical analogs derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilizes cutting-edge artificial intelligence (AI) and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make them affordable and accessible to the general public upon Health Canada and FDA approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others.

Learn more at https://www.mydecine.com.

For more information, please contact:
Media Contact:
pr@mydecineinc.com

Investor Relations:
investorrelations@mydecineinc.com

On behalf of the Board of Directors:

Joshua Bartch, Chief Executive Officer
contact@mydecineinc.com

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or the Company’s website at www.mydecine.com.

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward- looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved.

Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company's ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company's products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.