Filament’s pivots pay off, nets $2.1M revenue in 2023

Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) posted its fourth quarter and full year financials ending Dec. 31, 2023, with the clinical-stage natural psychedelic drug developer showing some decent revenue gains alongside lower losses.

Filament reported $1.8 million in cash and cash equivalents, $1.1 million in working capital, and used $4.2 million in operating activities during the year. The company generated $2.1 million in total revenues for the year, versus $364,500 in 2022.

However, net loss came out to $5.3 million, though a 103% improvement from 2022’s $16.5 million net loss, according to filings.

“We continued to lay the foundation for the advancement of our lead program, PEX010, into meaningful Phase 2 clinical trials,” CEO Benjamin Lightburn said in a statement. “This included the difficult, but thoughtful strategic decisions to terminate the proposed business combination with Jupiter Acquisition Corporation, and to refocus our efforts on more traditional methods of financing the Company.”

During the quarter, Filament successfully imported coca leaves through its joint venture with Jaguar Health, Inc., and received approval from Health Canada for a Phase 2 clinical trial studying PEX010 for treating opioid use disorder.

Filings mostly attribute the growth to its joint venture with Magdalena Biosciences Inc. Last January, Filament teamed up with Jaguar Health Inc. and One Small Planet Capital LLC to create the new company. Filament agreed to share its expertise, technologies and facilities to help develop a new plant-based drug. Filament received $1.54 million evenly over one year.

Additionally, the firm’s licensing arrangements brought in $381,447. The deals typically include upfront payments, milestone payments and a share of future product sales. Its analytical services, which involve using its special license to help its partners package their drugs into capsules, also contributed $209,500 to the total.

Following the fourth quarter, Filament said it completed exports of PEX010 to various countries, including Australia and Israel, for clinical trials. Additionally, the U.S. FDA accepted an investigational new drug application for PEX010 to treat substance use disorders.

The company also appointed Michael Messinger to its board of directors and Steven Nguyen as interim chief financial officer.