FILAMENT HEALTH ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS

VANCOUVER, BC, May 14, 2024 /CNW/ – Filament Health Corp. FLHLF (Cboe CA: FH) 7QS (“Filament” or the “Company”), a clinical-stage natural psychedelic drug development company, released its first quarter financial results and operational highlights for the period ended March 31, 2024.

“This quarter we have continued to advance Filament’s drug development efforts in substance use disorders, as evidenced by the opening of our first IND with FDA in the United States. ” said Benjamin Lightburn, Chief Executive Officer and Co-Founder at Filament Health. “We expanded our network of licensing partners to new jurisdictions around the globe and our botanical psilocybin drug candidate, PEX010, is now authorized for investigation in 31 clinical trials worldwide for 13 mental health indications..”

Q1 2024 Financial Highlights:

• Cash and cash equivalents of $872,048 and a working capital of $359,664 as of March 31, 2024;
• Cash used in operating activities of $949,606 and total revenues of $297,932.

 Q1 2024 Operational Highlights:

• On January 31, 2024, the Company announced that the U.S. Food and Drug Administration (“FDA”) has accepted the Investigational New Drug application for PEX010 for treatment of substance use disorders.
• On March 19, 2024, the Company announced that it had completed exports of PEX010, the Company’s botanical psilocybin drug candidate, to five research institutions in Canada, the United States, Belgium, and Israel for use in clinical trials studying mental health indications such as cannabis use disorder, depression, anxiety, and alcohol use disorder.
• On February 15, 2024, the Company announced that it had completed an export of PEX010 to Israel, which is believed to be the first botanical psilocybin exported to Israel.
• On January 17, 2024, the Company announced that it had completed an export of PEX010 to Perth, Western Australia, which is believed to be the first botanical psilocybin to be exported to Australia to its licensing partner, Reset Pharmaceuticals Inc. (“Reset”).

Filament Health is a clinical-stage natural psychedelic drug development company. We believe that safe, standardized, naturally-derived psychedelic medicines can improve the lives of many, and our mission is to see them in the hands of everyone who needs them as soon as possible. Filament’s platform of proprietary intellectual property enables the discovery, development, and delivery of natural psychedelic medicines for clinical development. We are paving the way with the first-ever natural psychedelic drug candidates.

Learn more at www.filament.health and on Twitter, Instagram and LinkedIn.

Certain statements and information contained herein may constitute “forward-looking statements” and “forward-looking information,” respectively, under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”, “intends”, “forecast”, “plans”, “guidance” and similar expressions are intended to identify forward-looking statements or information. The forward-looking statements are not historical facts, but reflect the current expectations of management of Filament regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this press release may include, but are not limited to, information concerning the impact of the patent on the Company’s business and the ability of the Company to secure future patents. Forward-looking statements regarding the Company are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Filament to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including status of patent applications and the ability to secure patents. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Filament will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Filament Health Corp.