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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>In this edition, we begin a series of spotlights on psychedelic therapies.</li><li>We start with ketamine, the first legalized psychoactive drug approved for the treatment of a mental health disorder—treatment-resistant depression (TRD)—being marketed under the brand name Spravato®.</li><li><span style="font-size: var(--content-font-size);"> ‘Friends’ actor Matthew Perry’s untimely death last </span>October has introduced ketamine to a broader market in an unfortunate way.</li></ul>

In this edition, we begin a series of spotlights on psychedelic therapies.We start with ketamine, the first legalized psychoactive drug approved for the treatment of a mental health disorder—treatment-resistant depression (TRD)—being marketed under the brand name Spravato®. ‘Friends’ actor Matthew Perry’s untimely death last October has introduced ketamine to a broader market in an unfortunate way.

Equity Bottom-Up

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<li>Strong sequential revenue growth. Numinus’ fiscal third quarter ended May 31, 2023, delivered revenues of C$6M, a 713% increase from the year ago quarter which was prior to the Novamind acquisition.</li>
<li>Of greater significance, the company delivered double-digit sequential growth of 12.6%, highlighting the growth track in demand for its clinic and clinical research offerings.</li>
<li>On this basis, revenues generated across Numinus’ wellness clinics in the US and Canada grew by 5.5% Q/Q, while its clinical research operations (CCR) recorded a sequential revenue surge of 66.7%, as a result of which the division’s share of total revenues climbed to 17% from the prior quarter’s 12%.</li>
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Strong sequential revenue growth. Numinus’ fiscal third quarter ended May 31, 2023, delivered revenues of C$6M, a 713% increase from the year ago quarter which was prior to the Novamind acquisition.
Of greater significance, the company delivered double-digit sequential growth of 12.6%, highlighting the growth track in demand for its clinic and clinical research offerings.
On this basis, revenues generated across Numinus’ wellness clinics in the US and Canada grew by 5.5% Q/Q, while its clinical research operations (CCR) recorded a sequential revenue surge of 66.7%, as a result of which the division’s share of total revenues climbed to 17% from the prior quarter’s 12%.





Numinus Wellness, Inc. - A Quarter of Strong Growth; Focus on Cash Burn Reduction

<ul><li>Numinus extends collaboration with MAPS. Last week, Numinus announced a partnership with the Multidisciplinary Association for Psychedelic Studies (MAPS) to support psychedelic experiential opportunities for practitioners as part of a clinical study, with permission to use MAPS’ protocol for the study.</li><li>Numinus has submitted a clinical trial application (CTA) to Health Canada, which, if approved, will make the MDMA-AT experiential opportunity for practitioners available only through Numinus.</li><li>This partnership is not the first collaboration between Numinus and MAPS and highlights the strong relationship and trust between the two.</li></ul>

Numinus extends collaboration with MAPS. Last week, Numinus announced a partnership with the Multidisciplinary Association for Psychedelic Studies (MAPS) to support psychedelic experiential opportunities for practitioners as part of a clinical study, with permission to use MAPS’ protocol for the study.Numinus has submitted a clinical trial application (CTA) to Health Canada, which, if approved, will make the MDMA-AT experiential opportunity for practitioners available only through Numinus.This partnership is not the first collaboration between Numinus and MAPS and highlights the strong relationship and trust between the two.

Numinus Wellness, Inc. - In the Driver's Seat for Prospective Rollout of MDMA-AT

<ul><li>Opportunity knocks. In a period of sector upheaval, Numinus remains a steadfast business, with operating profitability in clear line of sight.</li><li>The company is well positioned to benefit from reduced competition.</li><li>Field Trip, Delic clinic closures. On March 15, 2023, Field Trip Health &amp; Wellness announced that it will be closing five clinics located in Chicago, Washington DC, Seattle, San Diego, and Fredericton, the majority of its active nine clinics across North America, to “reduce expenditures and preserve capital”.</li></ul>

Opportunity knocks. In a period of sector upheaval, Numinus remains a steadfast business, with operating profitability in clear line of sight.The company is well positioned to benefit from reduced competition.Field Trip, Delic clinic closures. On March 15, 2023, Field Trip Health &amp; Wellness announced that it will be closing five clinics located in Chicago, Washington DC, Seattle, San Diego, and Fredericton, the majority of its active nine clinics across North America, to “reduce expenditures and preserve capital”.

<ul><li>Another milestone for Numinus. Numinus announced today that it has been given the regulatory green light from Health Canada to test the safety and efficacy of whole psilocybe cubensis tea.</li><li>Psilocybe cubensis is the most well- known type of hundreds of hallucinogenic mushroom species that contain psilocybin and psilocin because this species grows easily.</li><li>Back in October 2022, Numinus unveiled a first-of-its-kind psilocybe tea bag (EnfiniTea) it had developed for the upcoming Phase I trial to make it more palatable for use by certain populations, such as people receiving palliative care for serious illnesses who might find ingesting whole mushrooms or pills unappealing.</li></ul>

Another milestone for Numinus. Numinus announced today that it has been given the regulatory green light from Health Canada to test the safety and efficacy of whole psilocybe cubensis tea.Psilocybe cubensis is the most well- known type of hundreds of hallucinogenic mushroom species that contain psilocybin and psilocin because this species grows easily.Back in October 2022, Numinus unveiled a first-of-its-kind psilocybe tea bag (EnfiniTea) it had developed for the upcoming Phase I trial to make it more palatable for use by certain populations, such as people receiving palliative care for serious illnesses who might find ingesting whole mushrooms or pills unappealing.

NUMINUS WELLNESS, INC. - Preparing for a Good Brew

Canada

Numinus Wellness Inc. provides psychological treatments. The Company offers various types of solutions for mental illness. Numinus Wellness serves customers in Canada.

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Numinus Wellness (NUMI CN)

Shroom Shmooz - Spotlight on Ketamine

‘Friends’ actor Matthew Perry’s untimely death last October has introduced ketamine to a broader market in an unfortunate way.

Water Tower Research

Numinus Wellness, Inc. - A Quarter of Strong Growth; Focus on Cash Burn Reduction

Numinus’ fiscal third quarter ended May 31, 2023, delivered revenues of C$6M, a 713% increase from the year ago quarter which was prior to the...

Water Tower Research

Numinus Wellness, Inc. - In the Driver's Seat for Prospective Rollout of MDMA-AT

This partnership is not the first collaboration between Numinus and MAPS and highlights the strong relationship and trust between the two.

Water Tower Research

Numinus Stands Tall as Others Fall

Opportunity knocks. In a period of sector upheaval, Numinus remains a steadfast business, with operating profitability in clear line of sight.

Water Tower Research

NUMINUS WELLNESS, INC. - Preparing for a Good Brew

Numinus announced today that it has been given the regulatory green light from Health Canada to test the safety and efficacy of whole psilocybe...

Water Tower Research

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