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Product Development Highlights:
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- Continued advancement of lead candidate EB-003 with IND-enabling studies progressing toward planned first-in-human clinical trial
- Reported additional preclinical data for EB-003 demonstrating dual Gq and β-arrestin signaling at 5-HT2A, pathways linked in peer-reviewed studies to antidepressant and anxiolytic effects
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Corporate and Business Development Highlights:
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- Strengthened intellectual property portfolio with new patent issuances and allowances across EVM301 and EVM401 series
- Announced the withdrawal by AbbVie, Inc. of the Post-Grant Review (PGR) petition filed by Gilgamesh Pharmaceuticals against Enveric’s issued U.S. Patent No. 12,138,276, which appears relevant to the bretisilocin molecule (GM-2505) acquired by AbbVie, Inc.
- Presented at and Participated in Panel Discussion at Sachs Associates 9th Annual Neuroscience Innovation Forum During “J.P. Morgan Week 2026”
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CAMBRIDGE, Mass. — Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company advancing next-generation neuroplastogenic small molecules to address psychiatric and neurological disorders, today reported financial results for the first quarter ended March 31, 2026, and provided a comprehensive business update.
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CEO Commentary:
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“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.”
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Dr. Tucker continued: “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. 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.”
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“Since the end of the first quarter, the broader policy environment appears to be increasingly supportive of innovation in mental health. 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.”
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Dr. Tucker continued: “In parallel, we continue to view our intellectual property estate as a foundational driver of long-term value creation. 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.”
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Dr. Tucker concluded: “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.”
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FIRST QUARTER 2026 AND RECENT BUSINESS HIGHLIGHTS
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Corporate, Product and Business Development Highlights:
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EB-003 Development:
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- Reported EB-003 BRET receptor engagement assay data, demonstrating dual Gq and β-arrestin signaling at 5-HT2A, pathways that have been linked in peer-reviewed studies to antidepressant and anxiolytic effects
- Subsequent to the end of the first quarter, highlighted positive results for EB-003 indicating a rapid reduction in conditioned fear response in a validated preclinical model of PTSD, supporting continued development for patient population with significant unmet need
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Intellectual Property:
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- Announced the withdrawal of the Post-Grant Review (PGR) petition, which had been filed by Gilgamesh Pharmaceuticals, pertaining to patents that appear relevant to the bretisilocin (GM-2505) molecule, which was acquired by AbbVie, Inc. in $1.2 billion deal
- Added depth to EVM301 intellectual property portfolio for non-hallucinogenic treatment of neuropsychiatric conditions, enhancing the patent claim coverage of Enveric’s N-heterocycle substituted tryptamine derivative molecules
- Registered five of the Company’s trademarks, including its house marks, Enveric and Enveric Biosciences, with the Canadian Intellectual Property Office
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Corporate & Financial:
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- Raised gross proceeds of approximately $1.5 million through a registered direct offering, priced At-The-Market under Nasdaq rules
- Expanded collaboration with TOTEC Pharma through trademark license and option, out-licensing RCANN™ trademark portfolio
- Subsequent to the end of the first quarter:
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- Raised an additional approximately $1.5 million from the exercise of warrants and;
- Closed a private placement, priced At-The-Market under Nasdaq rules, of up to $13.9 million, including $5 million upfront with up to approximately $8.9 million potential additional proceeds upon exercise in full of warrants
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FIRST QUARTER FINANCIAL RESULTS
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Net loss attributable to stockholders was $1.6 million for the first quarter ended March 31, 2026, including $0.1 million in net non-cash expense, with a basic and diluted loss per share of $1.08, as compared to a net loss of $2.2 million, including $0.3 million in net non-cash income, with a basic and diluted loss per share of $14.58 for the quarter ended March 31, 2025. The Company had cash-on-hand of $4.9 million for the quarter ended March 31, 2026. For the quarter ended March 31, 2026, the Company raised gross proceeds, through offerings, of $2.8 million.
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