Ontario-based Canadian psychedelics company Braxia Scientific Corp. BRAXF revealed its interim financial statements and management discussion for the three and six months ended Sept. 30, 2023. 

• Cash drained from $636,483 by June 30 to $524,454 by Sept. 30.

• Three and six-month revenue rose by 30.5% and 36.8% respectively, compared to the same periods in 2022.

• Three and six-month operating expenses plummeted by 81.2% and 59.7%, respectively, from the same periods in 2022.

• Six-month net loss decreased by almost 68% compared to the same period in 2022.

CEO McIntyre’s Plans and Comments

Braxia is known as “a medical research and telemedicine company with clinics that provide innovative ketamine treatments for persons with depression and related disorders.” 

It primarily focuses on the operation of its multidisciplinary clinics with in-person and virtual mental health treatments through its wholly-owned subsidiary Braxia Health and research on novel drugs and delivery methods.

Regarding the quarter’s performance, CEO Dr. Roger McIntyre highlighted the increase in treatment volumes, resulting in a strong revenue growth. He also emphasized the focus on reducing expenses and improving efficiencies, and the intention to add novel therapies and support services to enhance the clinical platform for further revenue improvement.

On addressing future funding, McIntyre mentioned the initiation of a process to explore strategic alternatives and alternative sources of capital or partnerships. He expressed confidence in the growth of their clinics, but warned about the potential need for cost reductions, restructuring, and scaling back of clinic locations if additional funding is not secured.

The company has initiated a comprehensive process to explore potential strategic alternatives, including a potential sale, merger, business combination, sale of assets, strategic investment, or other significant transactions.

On the management front, Olga Cwiek has resigned as a board director and CFO Stephen Brooks has also departed, with CLO Peter Rizakos now appointed to the board and serving as CFO.

Photo: Benzinga edit with photo by Serrgey75 and fizkes on Shutterstock.