CAMBRIDGE, Mass. — Enveric Biosciences reported a smaller first-quarter loss and said it continued to advance its lead drug candidate, EB-003, toward an investigational new drug application and planned first-in-human clinical testing.
The Cambridge biotechnology company, which is developing neuroplastogenic small molecules for psychiatric and neurological disorders, said its net loss attributable to stockholders was $1.6 million, or $1.08 per share, for the quarter ended March 31, compared with a net loss of $2.2 million, or $14.58 per share, in the same period a year earlier.
Enveric said it had $4.9 million in cash at the end of the quarter and raised $2.8 million in gross proceeds through offerings during the period.
“Our progress in the first quarter of 2026 reflects continued execution against our core mission of developing therapeutics capable of addressing the significant unmet need in mental health,” said Joseph Tucker, Ph.D., Chief Executive Officer of Enveric Biosciences. “We remain laser focused on advancing EB-003, Enveric’s lead drug candidate in development, toward an IND submission and first-in-human clinical trials.”
EB-003 is being developed as a non-hallucinogenic, psychedelic-inspired treatment candidate. Enveric said it reported additional preclinical data showing dual Gq and β-arrestin signaling at the 5-HT2A receptor, pathways the company said have been linked in peer-reviewed studies to antidepressant and anxiolytic effects.
Dr. Tucker said the company is seeking to capture the potential benefits of psychedelic-inspired biology while avoiding the hallucinogenic effects that could limit broader use.
“What differentiates Enveric is our commitment to harnessing the therapeutic potential of psychedelic-inspired mechanisms while designing our candidates to eliminate the hallucinogenic effects that limit scalability, safety, and broad patient access,” Tucker said. “Our growing body of preclinical data continue to support EB-003’s ability to promote neuroplasticity through selective receptor engagement, reinforcing our confidence in its potential to deliver rapid and durable antidepressant and anxiolytic effects.”
After the close of the quarter, Enveric also highlighted positive preclinical results for EB-003 in a model of post-traumatic stress disorder, saying the candidate showed a rapid reduction in conditioned fear response.
The company also pointed to what it described as a more favorable policy environment for innovation in mental health.
“Since the end of the first quarter, the broader policy environment appears to be increasingly supportive of innovation in mental health,” Tucker said. “Recent actions, including an Executive Order issued under President Donald Trump emphasizing the importance of advancing novel treatments for mental health conditions, underscore growing recognition of the therapeutic promise of psychedelic-inspired compounds. We believe the future of this field will be defined by non-hallucinogenic neuroplastogens like EB-003, which is designed to deliver the benefits of these pathways while avoiding the limitations associated with traditional psychedelic therapies.”
Enveric said it also strengthened its intellectual property portfolio during and after the quarter, including new patent issuances and allowances across its EVM301 and EVM401 programs. The company said AbbVie Inc. withdrew a post-grant review petition that had been filed by Gilgamesh Pharmaceuticals against an Enveric patent that appears relevant to bretisilocin, also known as GM-2505, a molecule acquired by AbbVie.
“In parallel, we continue to view our intellectual property estate as a foundational driver of long-term value creation,” Tucker said. “The recent withdrawal of the Post-Grant Review petition by AbbVie further underscores the strength, breadth and strategic relevance of our patent portfolio. We believe our expanding IP position not only protects our innovations but also enhances our ability to create future partnering and monetization opportunities.”
Tucker said the company is positioned to move toward clinical development.
“With IND-enabling activities underway and a strong intellectual property position, we believe Enveric is well positioned to generate meaningful value for stockholders as we transition toward the clinical phase of drug development,” he said.
Enveric also said it expanded a collaboration with TOTEC Pharma through a trademark license and option covering its RCANN trademark portfolio.
After the end of the quarter, the company raised about $1.5 million from warrant exercises and closed a private placement of up to $13.9 million, including $5 million upfront and up to about $8.9 million in potential additional proceeds if warrants are exercised in full.
“In April 2026, Enveric completed a private placement expected to generate gross proceeds of up to $13.9 million, including $5.0 million received at closing, and assuming full exercise of the warrants issued in the private placement. In addition, the Company received $1.5 million from the exercise of Series G and H warrants at an exercise price of $4.16 per share,” said Kevin Coveney, CPA, Chief Financial Officer. “As of May 15, 2026, the Company’s cash balance was approximately $10.3 million. Enveric believes these funds will support the completion of preclinical development activities for EB-003, the planned filing of an IND application, and operations into the first quarter of fiscal year 2027.”
