Braxia Scientific Corp., BRAX BRAXF (FWB: 4960), a medical research and telemedicine company with clinics offering innovative ketamine and psilocybin treatments for depression and related disorders, announced the filing of its financial statements and management discussion and analysis for the second quarter ended September 30, 2022 known.

“We are executing on our vision to increase access to novel treatments such as ketamine and psilocybin to treat mental disorders such as depression, anxiety, bipolar disorder and post-traumatic stress disorder (PTSD),” said dr Roger McIntyreCEO of Braxia Scientific.

Q2 2023 financial overview

• In Q2 2023, clinical treatments increased by 34.5% year-on-year. In the first 6 months of 2023, treatments in clinics increased by 35% compared to the same period last year.
• During the quarter, the Company acquired KetaMD, which launched an initial pilot of its virtual ketamine treatments late in the quarter. The Company anticipates that KetaMD’s sales and profitability will increase as its services and operations increase service, marketing and the establishment of new clinical partnerships.
• Revenue for the second quarter of 2023 increased 18% year over year to $0.46 million for the period ended September 30, 2022.
• For the first six months of 2023, revenue increased 10.1% to $0.87 million compared to the same period last year.
• Net loss was $2.2 million for the second quarter ended September 30, 2022 compared to a net loss of $1.7 million for the three months ended September 30, 2021. The net loss during The quarter includes non-cash stock-based compensation of $0.38 million and $0.25 million from the fair value change of the convertible debenture related to the acquisition of KetaMD.
• For the first six months of 2023, the net loss was $3.1 million, compared to a net loss of $2.8 million in the same period last year. Net loss includes non-cash stock-based compensation of $0.6 million.
• As of September 30, 2022, the Company had cash and cash equivalents of $5.2 million and working capital of $2.32 million.