Numinus Wellness Inc. Reports Q4 and Year End 2021 Results

  • Ended the year with a strong cash position of $59.2 million
  • Revenues grew 81% year-over-year to $0.5 million for Q4 2021
  • Revenues grew 72% year-over-year to $1.5 million for FY 2021
  • Gross profit of $31,818 for Q4 2021
  • Completed the acquisition of the Neurology Centre of Toronto in September 2021
  • Two clinical trials about to launch: Phase 1 study for proprietary psilocybe extract and Phase 3 open-label extension study partnership with MAPS for MDMA for PTSD
  • Recently received conditional approval to graduate to the TSX (from the TSX Venture)

All financial results are reported in Canadian dollars unless otherwise stated.

VANCOUVER, BCDec. 9, 2021Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF)(“Numinus” or the “Company”), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its fiscal fourth quarter and full-year results for the periods ended August 31, 2021.

Numinus Wellness Inc. logo (CNW Group/Numinus Wellness Inc.)
Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) logo

“During the fourth quarter we were focused on building the team, infrastructure, technologies, and protocols that will allow us to scale our business over the next several years,” said Payton Nyquvest, Founder and CEO. “We welcomed several new key executives, began our laboratory expansion and filed a patent for a proprietary rapid production process for psilocybe.”

Mr. Nyquvest continued: “Since the quarter ended, we have started to see the benefits of these transformative initiatives, with the expansion of our Ketamine-Assisted Psychotherapy offering, the acquisition of the Neurology Centre of Toronto, the finalization of our Phase 1 clinical trial protocols for our proprietary psilocybe extract, a partnership with MAPS to conduct the Phase 3 extension study of MDMA for PTSD, and the development of new proprietary toxicity and potency testing tools for psilocybin.”

Fourth Quarter Financial Highlights:

  • Cash balance of $59.2 million as of August 31, 2021
  • Revenues grew 81.1% year-over-year to $0.5 million in Q4 2021, due primarily to the acquisition of Mindspace.
  • Gross profit of $31,818 in Q4 2021, compared to a gross loss of $158,222 in Q4 2020
  • The loss was $7.8 million for Q4 2021, which included a $1.6 million non-cash goodwill impairment charge related to the acquisition of Mindspace1.
1 The impairment is primarily related to the exclusion of future revenues derived from psychedelic-assisted psychotherapies as these services are currently unregulated. As a result of IFRS standards, the Company must recognize there is the uncertainty of the realization of such revenues, and the impact on expected revenue growth and profitability to related services, relative to management’s forecasts.

Fiscal 2021 Financial Highlights:

  • Revenues grew 71.8 % year-over-year to $1.5 million in fiscal 2021, due primarily to the acquisition of Mindspace.
  • Gross loss of $81,538, compared to gross profit of $88,047 in fiscal 2020
  • The loss was $18.8 million for fiscal 2021, which included a $1.6 million non-cash goodwill impairment charge related to the acquisition of Mindspace¹, compared to a loss of $9.6 million in fiscal 2020.

Operational Highlights During and Subsequent to Fourth Quarter 2021:

Numinus Bioscience – Research and Laboratory

  • Q4 2021 revenue of $90,593, a decrease of 66.7% from Q4 2020. This is primarily due to the Company ceasing cannabis-related activities during the year to dedicate resources towards advancing psychedelic-centered service offerings – including psychedelic analytical testing and contract laboratory services, to align with the Company’s strategy and overall objectives.
  • In June 2021, the Company filed a provisional patent application with the United States Patent and Trademark Office for a proprietary rapid production process for psilocybe and other psychoactive fungi species. This process dramatically increases the production of therapeutics for use in psychedelic-assisted psychotherapy and leads to standardized psychedelic extracts that are reproducible, scalable, cost-effective, and commercially viable.
  • In July 2021, Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) received Health Canada approval for the MAPS-sponsored, single-arm, open-label safety and feasibility study evaluating MDMA-assisted therapy for PTSD.
  • During the quarter, Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) began the 7,500 ft. expansion of its psychedelics research facility, including the building of an additional laboratory. An application for federal licensing for the additional lab was submitted in September 2021. The new space (adjacent to Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) existing laboratory) will be dedicated to the following services:

Subsequent to Q4 2021:

  • On October 24, 2021, Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) announced it finalized the study design and protocol for a Phase 1 clinical trial on a naturally derived Psilocybin extract. This major milestone advances Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) investigation of its first proprietary psychedelic product, which was developed using patent-pending technology.
  • On November 10, 2021, the Company announced it will host the Montreal and Vancouver sites of the MAPPUSX study, which will continue to study the safety and efficacy of MDMA in treating severe PTSD, titled “A multi-site open-label extension study of MDMA-assisted psychotherapy for PTSD.”
  • On November 29, 2021, the Company announced that Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) Bioscience developed proprietary psychedelic drug tests with new toxicity and potency scans. These new analytical tests will accelerate Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) research and development capabilities and generate new revenue streams through third-party client product testing.

Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) Health and Mindspace – Wellness Clinics

  • Q4 2021 revenue of $400,306, a 100% increase compared to nil during the same period last year when Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) only clinic at the time was closed due to COVID-19.
  • As at August 31, 2021, Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) Health had four wellness clinics across Canada (one in Vancouver and three in Montreal) that had a total of 16 treatment rooms.
  • During Q4 2021, 650 individual clients received a total of 2,671 therapy appointments through Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) Health clinics (including one-on-one and group therapy sessions). In the three months following (during fiscal Q1 2022) the total number of client appointments at these same clinics grew by 42% to 3,792 (including one-on-one and group therapy sessions, and Ketamine-assisted psychotherapy).

Subsequent to Q4 2021:

  • On September 23, 2021, Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) completed the acquisition of the Neurology Centre of Toronto (“NCT”) for $1.0 million, allowing for the planned expansion of NCT into a comprehensive neurologic care center specialized in psychedelic neurology.
  • On November 10, 2021, the Company announced that it had secured two additional clinic locations in Vancouver and Montreal that will primarily be used for clinical research studies in the near-term. The locations are already fully compliant with Health Canada regulations and can be seamlessly converted to client-facing wellness clinics in the future.
  • As of December 9, 2021, Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) has five wellness clinics offering services to clients (one in Vancouver, one in Toronto, and three in Montreal) that have a total of 21 treatment rooms. In addition, the company has two dedicated research clinics where psychedelic studies are being conducted (one in Vancouver and one in Montreal).

Corporate Updates

  • During Q4 2021, Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) expanded its management team with new executive appointments in Marketing, Clinic Operations, Human Resources, and Investor Relations.

Subsequent to Q4 2021:

  • On November 22, 2021, the Company changed its OTC ticker symbol to “NUMIF” (from “LKYSF”) to better align with its Canadian ticker symbol.
  • On November 25, 2021, Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) received conditional approval to graduate to the TSX (from the TSXV), with the first day of trading scheduled for approximately December 16, 2021.
Key Performance Metrics:            
    For the quarter ended
August 31,
  For the year ended
August 31,
  2021 2020   2021 2020
Numinus Bioscience¹ revenue 90,593 272,023   479,502 791,504
Numinus Health revenue   11,852 (993)²   63,008 89,674
Mindspace revenue 388,454   971,160
Total revenue $490,899 $271,030   $1,513,670 $881,178
Cost of revenue (459,081) (429,252)   (1,595,208) (793,131)
Gross profit (loss) $31,818 ($158,222)   ($81,538) 88,047
Total expenses ($7,643,606) ($3,041,299)   ($18,503,774) ($7,365,258)
Loss before other items ($7,611,788) ($3,199,521)   ($18,585,312) ($7,277,211)
Other items (171,124) (101,047)   (188,633) (2,331,237)
Loss before income tax ($7,782,912) ($3,300,568)   ($18,773,945) ($9,608,448)
Income tax recovery/ (expense) 7,937   7,884
Loss and comprehensive loss ($7,782,912) ($3,292,631)   ($18,773,945) ($9,600,564)
Basic & diluted loss per share ($0.04) ($0.03)   ($0.11) ($0.15)
1 Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) Bioscience consists of revenues generated through Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) laboratory and research activities.
During Q4 2020, Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) only wellness clinic (at that time) was closed due to COVID-19. Negative revenue was recorded as a result of adjustments made during the quarter.

Numinus’s Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) condensed consolidated annual financial statements for the period ended August 31, 2021 and related management’s discussion and analysis are available on Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) Investor Relations website at and under the Company’s profile on SEDAR at These documents were prepared in accordance with IFRS and with TSX-V disclosure timeline requirements.

Conference Call and Webcast Details

Interested parties are invited to participate in the Company’s Q4 and 2021 results conference call and webcast. On the call Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) executives will review the Company’s performance and recent initiatives, and answer questions from analysts.

Date: Thursday, December 9, 2021
Time: 5:30 p.m. (EST)
Dial-In: 1 (833) 989-2968 (Toll-free North America), 1 (236) 714-4028 (International)
Code: 5255006

The webcast will also be archived on the Events and Presentations page of Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) Investor Relations website:

About Numinus

Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF) model – including psychedelic production, research, and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain, and substance use. At Numinus Wellness Inc. (TSXV:NUMI)(OTCPK:LKYSF), we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Learn more at and follow us on LinkedIn, Facebook, Twitter, and Instagram.

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties, and other known and unknown factors that could cause actual results, events, or developments to differ materially from the results, events, or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better-funded competitors; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events, or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events, or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


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