Enveric Biosciences Files 2023 Annual Report on Form 10-K

TL;DR

<b>Enveric Biosciences, Inc. has filed its 2023 annual report (10-K) detailing financial performance and corporate structure.</b>

AI Summary

Enveric Biosciences, Inc. (ENVB) filed a Annual Report (10-K) with the SEC on March 26, 2024. Enveric Biosciences, Inc. filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and operates in the Pharmaceutical Preparations industry. Its principal business address is located in Naples, Florida. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement components such as common stock, additional paid-in capital, and retained earnings are detailed for these periods.

Why It Matters

For investors and stakeholders tracking Enveric Biosciences, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Enveric Biosciences' financial health and operational status for the fiscal year 2023, crucial for investors to assess the company's performance and future prospects. The detailed financial data, including equity components and historical comparisons, allows stakeholders to understand the company's financial evolution and make informed investment decisions.

Risk Assessment

Risk Level: medium — Enveric Biosciences, Inc. shows moderate risk based on this filing. The company operates in the pharmaceutical preparations industry, which is subject to significant regulatory oversight, clinical trial risks, and market competition, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Enveric Biosciences' current financial position and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-26 — Filing Date (Date of submission)
• 2021, 2022, 2023 — Fiscal Years (Periods for which financial data is presented)
• 001-38286 — SEC File Number (Associated SEC file number)

Key Players & Entities

• Enveric Biosciences, Inc. (company) — Filer name
• ENVB (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240326 (date) — Filing date
• Naples, FL (location) — Business address
• 2834 (industry) — Standard Industrial Classification
• AMERI Holdings, Inc. (company) — Former company name
• SPATIALIZER AUDIO LABORATORIES INC (company) — Former company name

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company's operations are subject to extensive regulation by governmental agencies, which can impact product development, approval, and marketing.
• Market Competition [high — market]: The pharmaceutical industry is highly competitive, with many companies developing similar products, which could affect market share and profitability.
• Funding and Liquidity [medium — financial]: The company may require additional financing to fund its operations and development activities, and there is no assurance that such financing will be available on favorable terms.
• Research and Development Risks [high — operational]: The success of the company's research and development efforts is uncertain and depends on factors such as clinical trial results and regulatory approvals.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the annual financial statements.
• 2024-03-26: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share ENVB The Nasdaq
• $3.37 — registrant, based on a closing price of $3.37 per share, was approximately $ 7.1 mill
• $1,000 — f the Akos Series A Preferred Stock for $1,000 per share, plus accrued but unpaid divi
• $52,057 — e, plus accrued but unpaid dividends of $52,057 for a total of $1,052,057. The Company
• $1,052,057 — aid dividends of $52,057 for a total of $1,052,057. The Company made full payment on May 1

Filing Documents

• form10-k.htm (10-K) — 2073KB
• ex14.htm (EX-14) — 199KB
• ex19.htm (EX-19) — 83KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32.htm (EX-32) — 8KB
• ex97.htm (EX-97.1) — 54KB
• ex97.jpg (GRAPHIC) — 2KB
• ex19_001.jpg (GRAPHIC) — 2KB
• ex19_002.jpg (GRAPHIC) — 3KB
• 0001493152-24-011210.txt (&nbsp;) — 9485KB
• envb-20231231.xsd (EX-101.SCH) — 75KB
• envb-20231231_cal.xml (EX-101.CAL) — 78KB
• envb-20231231_def.xml (EX-101.DEF) — 280KB
• envb-20231231_lab.xml (EX-101.LAB) — 581KB
• envb-20231231_pre.xml (EX-101.PRE) — 438KB
• form10-k_htm.xml (XML) — 1367KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 48 Item 1C. Cybersecurity 49 Item 2.

Properties

Properties 49 Item 3.

Legal Proceedings

Legal Proceedings 49 Item 4. Mine Safety Disclosures 49

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 50 Item 6. [Reserved] 50 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 61 Item 9A.

Controls and Procedures

Controls and Procedures 61 Item 9B. Other Information 63 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 PART III Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64 Item 13. Certain Relationships and Related Transactions and Director Independence 64 Item 14. Principal Accountant Fees and Services 64 PART IV Item 15. Exhibits and Financial Statement Schedules 65 Item 16. Form 10–K Summary 65

SIGNATURES

SIGNATURES 69 1 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS; RISK FACTOR SUMMARY This Annual Report on Form 10-K, including the documents that we incorporate by reference herein, contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but are not always, made through the use of words or phrases such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," and similar expressions, or the negative of these terms, or similar expressions. Accordingly, these statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in them. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this Annual Report on Form 10-K, and in particular those factors referenced in the section entitled "Risk Factors." These forward-looking statements are based on our management's belief and assumptions and on information currently available to our management. These statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Numerous factors could cause our actual results to differ materially from those described in forward-looking statements. A summary of the principal risk factors tha

Business

Business Overview We are a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging our unique discovery and development platform, The Psybrary, we have created a robust intellectual property portfolio of new chemical entities for specific mental health indications. Our lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. We are developing the first product from the EVM201 Series – EB-002 – for the treatment of psychiatric disorders. We are also advancing its second program, the EVM301 Series – EB 003 – expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. 4 Psychedelics Following our amalgamation with MagicMed completed in September 2021 (the "Amalgamation"), we have continued to pursue the development of MagicMed's proprietary psychedelic derivatives library, the Psybrary which we believe will help us to identify and develop the right drug candidates needed to address mental health challenges, including anxiety. We synthesize novel versions of classic psychedelics, such as psilocybin, N,N-Dimethyltryptamine ("DMT"), mescaline and MDMA, using a mixture of chemistry and synthetic biology, resulting in the expansion of the Psybrary, which includes 15 patent families with over a million potential variations and hundreds of synthesized molecules. Within the Psybrary we have three different types of molecules, Generation 1 (classic psychedelics), Generation 2 (pro-drugs), and Generation 3 (new chemical entities). The Company has created over 1,000 novel psychedelic molecular compounds and derivatives ("Psychedelic Derivatives") that are housed in the Psybrary. Our current focus is develop our lead molecules EB-002 and EB-0

View Full Filing

View this 10-K filing on SEC EDGAR