Wed, May 15, 10:39 AM (244 days ago)
Enveric Biosciences, Inc. reported a net loss of $2,456,915 for Q1 2024, a significant improvement from the $4,677,527 loss in Q1 2023. Operating expenses decreased to $2,477,317 from $4,860,678, driven by reductions in general and administrative expenses and research and development costs. The company raised $6,658,269 through equity financing activities, including warrant exercises and stock sales, boosting cash reserves to $6,356,036, up from $2,287,977 at the end of 2023. Despite these improvements, Enveric faces ongoing liquidity challenges, with current cash insufficient to cover the next 12 months' operations, raising substantial doubt about its ability to continue as a going concern. Management plans to address this through further financing and cost-cutting measures.