ENVB

Enveric is a $2.7M-market-cap preclinical biotech with no product, no revenue, and no drug yet in humans. Its own MD&A confirms lead candidate EB-003 (a non-hallucinogenic DMT derivative in the EVM301 Series) has only 'completed short-term dose-range finding toxicology studies' and is merely 'ready to advance into IND-enabling' work — meaning first-in-human studies, an IND, and years of trials all still lie ahead before any revenue is conceivable. The 'revenue' figures in the dataset (FY2019 $39.9M, P/S 0.1) are stale/mismatched XBRL from a predecessor entity; the actual revenue history shows '—' for every year FY2021–FY2025. This is a pure cash-burn story.

The numbers are those of a company running on fumes. FY2025 net loss was -$8.77M on operating cash flow of -$8.14M, against total assets of just $5.10M and a rounding-error cash position. The accumulated deficit is -$115M — the company has incinerated capital for years. Diluted EPS of -$36.24 and a share count that keeps 'shrinking' (down 23.6% YoY) only via reverse splits mask staggering underlying dilution: the MD&A discloses an ATM program, a January 2026 registered direct offering at $4.41, Series G/H warrants at $4.16, and December 2025 warrant-inducement deals originally struck at $36.00 and $10.98 exercise prices. With the stock now at $1.45, every one of those raises is deeply underwater, and the company must keep selling stock at ever-lower prices simply to fund the next quarter of preclinical work.