Bright Minds Biosciences Files 20-F Annual Report

Ticker: DRUG · Form: 20-F · Filed: Dec 31, 2024 · CIK: 1827401

Sentiment: neutral

Topics: annual-report, biosciences, financials

TL;DR

Bright Minds Biosciences filed its 20-F, check financials for FY ending Sept 30, 2024.

AI Summary

Bright Minds Biosciences Inc. filed its annual 20-F report for the period ending September 30, 2024. The company, incorporated in A1 and headquartered at 19 Vestry Street, New York, NY 10013, operates in the Pharmaceutical Preparations sector. The filing details financial information including issued capital, subscription receivables, other reserves, and retained earnings for fiscal years ending September 30, 2021, 2022, and 2023.

Why It Matters

This filing provides investors with a comprehensive overview of Bright Minds Biosciences Inc.'s financial health and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a biosciences company, it operates in a highly regulated and competitive industry with inherent risks, and the filing is an annual report which may not reflect recent material changes.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Bright Minds Biosciences Inc.?

Bright Minds Biosciences Inc. operates in the Pharmaceutical Preparations sector, as indicated by its Standard Industrial Classification code [2834].

What is the reporting period for this 20-F filing?

The conformed period of report is September 30, 2024.

Where is Bright Minds Biosciences Inc. located?

The company's business and mailing address is 19 Vestry Street, New York, NY 10013.

What financial elements are mentioned for the fiscal years ending September 30, 2021, 2022, and 2023?

The filing mentions Issued Capital, Subscription Receivable, Other Reserves, and Retained Earnings for these fiscal years.

What is the SEC file number for Bright Minds Biosciences Inc.?

The SEC file number is 001-40997.

Filing Stats: 4,482 words · 18 min read · ~15 pages · Grade level 17.6 · Accepted 2024-12-30 19:35:10

Key Financial Figures

Filing Documents

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5

OFFER STATISTICS AND EXPECTED TIMETABLE 5

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5

KEY INFORMATION 5

ITEM 3. KEY INFORMATION 5

INFORMATION ON THE COMPANY 21

ITEM 4. INFORMATION ON THE COMPANY 21

UNRESOLVED STAFF COMMENTS 41

ITEM 4A. UNRESOLVED STAFF COMMENTS 41

OPERATING AND FINANCIAL REVIEW AND PROSPECTS 41

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 41

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 49

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 49

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 66

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 66

FINANCIAL INFORMATION 68

ITEM 8. FINANCIAL INFORMATION 68

THE OFFER AND LISTING 69

ITEM 9. THE OFFER AND LISTING 69

ADDITIONAL INFORMATION 69

ITEM 10. ADDITIONAL INFORMATION 69

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 75

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 75

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 76

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 76

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 76

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 76

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 76

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 76

CONTROLS AND PROCEDURES 76

ITEM 15. CONTROLS AND PROCEDURES 76

AUDIT COMMITTEE FINANCIAL EXPERT 77

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 77

CODE OF ETHICS 78

ITEM 16B. CODE OF ETHICS 78

PRINCIPAL ACCOUNTANT FEES AND SERVICES 78

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 78

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 78

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 78

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 78

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 78

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 78

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 78

CORPORATE GOVERNANCE 79

ITEM 16G. CORPORATE GOVERNANCE 79

MINE SAFETY DISCLOSURE 82

ITEM 16H. MINE SAFETY DISCLOSURE 82

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 83

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 83

INSIDER TRADING POLICIES 83

ITEM 16J. INSIDER TRADING POLICIES 83

CYBERSECURITY 83

ITEM 16K. CYBERSECURITY 83

FINANCIAL STATEMENTS 85

ITEM 17. FINANCIAL STATEMENTS 85

FINANCIAL STATEMENTS 85

ITEM 18. FINANCIAL STATEMENTS 85

EXHIBITS

ITEM 19. EXHIBITS 2

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 20-F contains statements that constitute "forward-looking statements". Any statements that are not statements of historical facts may be deemed to be forward-looking statements. These statements appear in a number of different places in this Annual Report and, in some cases, can be identified by words such as "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will" or their negatives or other comparable words, although not all forward-looking statements contain these identifying words. Forward-looking statements in this Annual Report may include, but are not limited to: the Company's expectations regarding the achievement of clinical and regulatory milestones; the executive compensation of the Company; the composition of the board of directors (the " Board ") and management of the Company; the Company's expectations regarding its revenue, expenses and research and development operations; the Company's anticipated cash needs and its needs for additional financing; the Company's intention to grow the business and its operations; expectations with respect to the success of its research and development of serotonergic therapeutics; expectations regarding growth rates, growth plans and strategies of the Company; expectations that provisional patent applications will be converted to regular patent applications or refiled as new provisional patent applications 12 months from their filing dates; expectations that prosecution of patent applications that have entered the national/regional phase will begin; the Company's strategy with respect to the expansion and protection of its intellectual property; the medical benefits, safety, efficacy, dosing and consumer acceptance of serotonergic therapeutics; the Company's ability to comply with provincial, federal, local and regulatory agencies in the United States, Canada and other jurisdictions

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the offer and use of proceeds Not applicable. D. Risk Factors An investment in our securities carries a significant degree of risk. You should carefully consider the following risks, as well as the other information contained in this Annual Report, including our historical and pro forma financial statements and the financial statements and related notes included elsewhere in this Annual Report, before you decide to purchase our securities. Any one of these risks and uncertainties has the potential to cause material adverse effects on our business, prospects, financial condition and operating results which could cause actual results to differ materially from any forward-looking statements expressed by us and a significant decrease in the value of our securities. Refer to "Forward-Looking Statements". We may not be successful in preventing the material adverse effects that any of the following risks and uncertainties may cause. These potential risks and uncertainties may not be a complete list of the risks and uncertainties facing us. There may be additional risks and uncertainties that we are presently unaware of, or presently consider immaterial, that may become material in the future and have a material adverse effect on us. You could lose all or a significant portion of your investment due to any of these risks and uncertainties. Risks Related to the Business of the Company We have a limited operating history and have not yet generated any revenues. We have a very limited history of operations and are considered a start-up company, which makes evaluating our business and future prospects difficult. As such, we are subject to many risks common to such enterprises, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources and lack of revenues. There is no assurance that we will be suc

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