Filament Health Reports Revenue Gains and Progress in Psychedelic Drug Development

LOS ANGELES- Filament Health Corp., a psychedelic drug developer, has reported its financial results for the fourth quarter and the full year ending December 31, 2023. The company showed notable revenue gains and a significant reduction in net loss compared to the previous year.

For the full year, Filament reported total revenues of $2.1 million, a substantial increase from $364,500 in 2022. The net loss for the year was $5.3 million, which represents a 103% improvement from the $16.5 million net loss in 2022. The company ended the year with $1.8 million in cash and cash equivalents and $1.1 million in working capital.

CEO Benjamin Lightburn highlighted the company’s progress, stating, “We continued to lay the foundation for the advancement of our lead program, PEX010, into meaningful Phase 2 clinical trials.” He also mentioned strategic decisions made during the year, including terminating a proposed business combination and refocusing efforts on traditional financing methods.

A significant development for Filament during the quarter was the successful importation of coca leaves through its joint venture with Jaguar Health, Inc. Additionally, Health Canada approved a Phase 2 clinical trial for PEX010 in treating opioid use disorder.

The company’s growth in revenue is attributed to its joint venture with Magdalena Biosciences Inc. and licensing arrangements that brought in $381,447. Filament’s analytical services also contributed $209,500 to the total revenue.

Following the fourth quarter, Filament announced the completion of exports of PEX010 to countries including Australia and Israel for clinical trials. The U.S. FDA also accepted an investigational new drug application for PEX010 to treat substance use disorders.

Furthermore, Filament appointed Michael Messinger to its board of directors and Steven Nguyen as interim chief financial officer.