Braxia Scientific Corp. (CSE: BRAX) reported on Monday night its financial results for the fiscal first quarter 2022 ending June 30, 2021. The medical research firm posted $0.4 million in revenue for the quarter, up from Q1 2021’s revenue of $0.2 million.
The company attributes the year-on-year revenue increase to its expanding clinic patient base being served with ketamine treatments for depression and related disorders.
Net loss for the quarter came in at $1.1 million, a significant climb from the $82.8 million loss for the same period last year. The quarterly loss translates to $0.01 per share.
The firm also ended the quarter with a cash position of $10.3 million, leading to a current assets balance of $10.5 million. Current liabilities came in at $2.3 million.
Several days ago, the company announced the launch of its randomized clinical trial using psilocybin. The program will include respondents with treatment-resistant depression.
Brax Scientific last traded at $0.24 on the CSE.
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