Enveric Biosciences Reports First Quarter 2024 Financial and Corporate Results

Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today provided a corporate update and reported financial results for the first quarter of 2024 ended March 31, 2024.

“We believe the first quarter of 2024 was a highly productive period for Enveric as the Company continued to advance development of the lead neuroplastogen drug candidate, EB-003, in preparation for an Investigational New Drug (IND) application and the expected initiation of a planned clinical development program,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “We continue to receive significant interest from strategic partners in the pharmaceutical industry for new drug candidates that target depression and anxiety disorders. We believe there is a need for new therapeutics that could potentially provide the anxiolytic and antidepressant properties clinically reported in the literature for certain psychedelic compounds without, at the same time, inducing the hallmark hallucinatory effects that defines such agents.”

Tucker continued, “Enveric anticipates that eliminating the hallucinogenic activity could allow for more convenient outpatient dosing and result in more predictable and durable treatment benefit to patients. EB-003 was designed specifically to address this major safety profile deficiency in the first-generation psychedelic approach to treating neuropsychiatric illness, and we are excited to advance its development.”

Tucker added, “In addition to progress with EB-003, we believe the first quarter confirmed the value produced by Enveric’s drug discovery engine with the unveiling of more than one thousand proprietary drug candidates generated to date, around which the Company has built a substantial intellectual property estate. Through the first quarter and moving into the second quarter of 2024, we have received interest from potential strategic out-licensing partners in these molecules by executing seven distinct non-binding terms sheets with four separate biotechnology companies. The new business relationships, if finalized in definitive agreements, offer a potential source of non-dilutive revenue through the Company meeting certain development and sales milestones, which could support Enveric’s ability to advance its lead asset, EB-003, and further build shareholder value.”