Bright Minds Biosciences Inc 6-K, filed May 15, 2023

Bright Minds Biosciences Inc. (DRUG)

6-K 2023-05-15 For: 2023-03-31

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Added on April 07, 2026

About this 6-K

Bright Minds Biosciences Inc filed this 6-K on May 15, 2023.

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Exhibits

99.1	Condensed Consolidated Interim Financial Statements for the Six Months Ended March 31, 2023

99.2	Management's Discussion and Analysis for the Six Months Ended March 31, 2023

99.3	Certification of Interim Filings - CEO

99.4	Certification of Interim Filings - CFO

		March 31,		September 30,
As at	Notes	2023 (unaudited)		2022 (audited)
		$		$
ASSETS
Current Assets
Cash and cash equivalents		9,672,160		11,627,913
Sales tax receivable		33,363		114,518
Other receivables		-		41,261
Prepaids		178,841		164,429
		9,884,364		11,948,121
Non-Current Assets
Right-of-use asset	11	102,638		138,863
TOTAL ASSETS		9,987,002		12,086,984

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities	5	932,199		1,404,561
Lease liability - current portion	11	73,589		67,928
		1,005,788		1,472,489
Non-Current Liabilities
Lease liability - non-current portion	11	34,732		71,983
TOTAL LIABILITIES		1,040,520		1,544,472

Shareholders' equity
Share capital	6	33,914,308		32,237,844
Pre-funded warrants	6	831,834		-
Reserves	6	2,761,065		2,479,466
Deficit		(28,560,725	)	(24,174,798	)
TOTAL SHAREHOLDERS' EQUITY		8,946,482		10,542,512
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		9,987,002		12,086,984

Approved on behalf of the Board of Directors:

"Ian McDonald"		"Nils Bottler"
Director		Director

		For the three months ended		For the three months ended		For the six months ended		For the six months ended
	Notes	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
		$		$		$		$
EXPENSES
Consulting fees	6,7	69,591		168,327		100,943		352,664
Directors' compensation	6,7	229,151		60,180		753,114		126,841
Foreign exchange		(3,495	)	10,206		33,640		44,293
Marketing, advertising, and investor relations		4,649		176,868		45,719		397,151
Office and administrative	11	139,993		73,941		202,683		285,596
Professional fees	7	119,256		161,260		257,872		354,678
Regulatory and filing		93,088		93,509		134,012		195,949
Research and development	6,7,10	1,398,266		3,743,212		2,857,944		7,588,376
Net loss and comprehensive loss		(2,050,499	)	(4,487,503	)	(4,385,927	)	(9,345,548	)

Basic and diluted loss per share		(0.11	)	(0.38	)	(0.24	)	(0.79	)

Weighted average number of common shares outstanding
-basic and diluted		18,937,626		11,846,861		18,431,027		11,843,908

	Share Capital
	Number of shares	Share capital		Subscriptions receivable		Pre-funded warrants	Reserves		Deficit		Total
		$		$		$	$		$		$
Balance as at September 30, 2021	11,834,361	27,080,281		(33,684	)	-	1,565,055		(9,209,857	)	19,401,795
Finder's fees - share options	-	(31,161	)	-		-	31,161		-		-
Warrants exercised	12,500	118,250		-		-	-		-		118,250
Share subscriptions received	-	-		33,684		-	-		-		33,684
Share-based compensation (Note 6)	-	-		-		-	551,761		-		551,761
Net loss	-	-		-		-	-		(9,345,548	)	(9,345,548	)
Balance as at March 31, 2022	11,846,861	27,167,370		-		-	2,147,977		(18,555,405	)	10,759,942

Balance as at September 30, 2022	17,592,359	32,237,844		-		-	2,479,466		(24,174,798	)	10,542,512
Private placement - common shares	974,000	1,217,500		-		-	-		-		1,217,500
Private placement - pre-funded warrants	-	-		-		831,834	-		-		831,834
Share issue costs	-	(26,976	)	-		-	-		-		(26,976	)
Warrants exercised	144,000	253,440		-		-	-		-		253,440
RSUs exercised	150,000	232,500		-		-	(232,500	)	-		-
Share-based compensation (Note 6)	-	-		-		-	514,099		-		514,099
Net loss	-	-		-		-	-		(4,385,927	)	(4,385,927	)
Balance as at March 31, 2023	18,860,359	33,914,308		-		831,834	2,761,065		(28,560,725	)	8,946,482

	March 31, 2023	September 30, 2022
	$	$
Accounts payable	247,951	1,246,384
Accrued liabilities	684,248	158,177
Total accounts payable and accrued liabilities	932,199	1,404,561

	Number of options			Weighted average exercise price

Balance at September 30, 2021	1,025,807		$	3.90
Granted	80,000		$	2.46
Forfeited	(190,000	)	$	4.59
Balance at September 30, 2022	915,807		$	3.64
Granted	535,000		$	1.39
Cancelled⁽¹⁾^{, (2)}	(310,000	)	$	4.53
Balance at March 31, 2023	1,140,807		$	2.34

		Options Outstanding and Exercisable
Expiry Date	Number of options	Exercisable		Exercise price	Remaining life (Years)
September 21, 2024	8,807	8,807	$	7.64	1.48
November 17, 2025	357,000	233,667	$	1.25	2.64
April 28, 2026 ⁽²⁾	80,000	20,000	$	7.60	3.08
June 15, 2026	80,000	20,000	$	7.60	3.21
September 6, 2027	80,000	20,000	$	2.46	4.44
December 1, 2027	300,000	-	$	1.65	4.67
February 16, 2028	235,000	-	$	1.05	4.88

	Equity settled		Cash settled	Total			Weighted average exercise price
Balance at September 30, 2020 and 2021	380,000		-	380,000		$	1.25
Granted	160,000		-	160,000		$	5.91
Balance at September 30, 2022	540,000		-	540,000		$	2.63
Granted	1,100,000		-	1,100,000		$	1.55
Exercised	(150,000	)	-	(150,000	)	$	1.55
Forfeited*	(380,000	)	-	(380,000	)	$	1.25
Balance at March 31, 2023	1,110,000		-	1,110,000		$	2.18

		RSUs Outstanding and Exercisable
Expiry Date	Number of RSUs	Exercisable		Exercise price	Remaining life (Years)
February 1, 2027	25,000	6,250	$	3.05	3.84
February 1, 2027	35,000	8,750	$	3.00	3.84
April 27, 2027	100,000	25,000	$	7.64	4.08
December 1, 2027	950,000	125,000	$	1.55	4.67

	For the six months ended:
	March 31, 2023		March 31, 2022
	$		$
Stock options	(82,842	)	473,591
Restricted share units - equity settled grants	596,941		78,170
Total equity settled share-based compensation expense	514,099		551,761
Restricted share units - cash settled grants	-		-
Total share-based compensation expense	514,099		551,761

	Number of warrants			Weighted average exercise price
Balance at September 30, 2021	3,974,204		$	4.35
Issued	3,083,198			1.76
Issued - compensation warrants	225,198			1.40
Exercised	(2,874,998	)		0.68
Balance at September 30, 2022	4,407,602		$	4.78
Issued	974,000			1.35
Exercised	(144,000	)		1.76
Balance at March 31, 2023	5,237,602		$	4.22

	Warrants Outstanding
Expiry Date	Number of warrants		Exercise price	Remaining life (Years)
July 30, 2024 (1)	314,800	$	0.05	1.33
March 17, 2024	1,697,438	$	9.46	0.96
March 17, 2024	132,666	$	7.57	0.96
August 30, 2024	1,893,500	$	1.76	1.42
August 30, 2024	134,040	$	1.76	1.42
August 30, 2024	91,158	$	1.76	1.42
December 2, 2024	974,000	$	1.35	1.68

	March 31, 2023	September 30, 2022
FVTPL	$	$
Cash	9,585,910	11,541,663
Guaranteed investment certificate	86,250	86,250
Cash and cash equivalents	9,672,160	11,627,913
Amortized cost
Accounts payable and accrued liabilities	932,199	1,404,561

	For the six months ended:
	March 31, 2022		March 31, 2022
	$		$
Laboratory costs (see Note 11)	14,415		98,105
Novel drug development	2,329,565		5,443,072
Patents and related payments	20,650		54,900
Salary and subcontractors	741,641		1,569,789
Share-based compensation (see Note 6)	(248,327	)	422,510
	2,857,944		7,588,376

		2023

As at September 30, 2021	$	-
Inception of lease		144,900
Depreciation		(6,037	)
As at September 30, 2022	$	138,863
Depreciation		(36,225	)
As at March 31, 2023	$	102,638

		Six months ended March 31, 2023			Year ended September 30, 2022
Undiscounted minimum lease payments:
Less than one year	$	87,048		$	86,112
Two to three years		36,595			80,509
		123,643			166,621
Effect of discounting		(15,322	)		(26,710	)
Present value of minimum lease payments		108,321			139,911
Less current portion		(73,589	)		(67,928	)
Long-term portion	$	34,732		$	71,983

		2022
As at September 30, 2021	$	-
Inception of lease		144,900
Cash flows:
Principal payments		(4,989	)
As at September 30, 2022	$	139,911
Cash flows:
Principal payments		(31,590	)
As at March 31, 2023	$	108,321

		Studies Completed & Other Milestones Accomplished:
		As of Year Ended, January, 2023	Ongoing
Chemistry, Manufacturing and Controls ("CMC"):
		● Completion of GLP lot of BMB-101 drug substance for use in toxicology studies ● Manufacturing of GMP batch for human studies ● Formulation development work ● Production of drug product for clinical trial	● Stability work for drug substance and drug product
Pharmacology & Toxicology:
	Pharmacodynamics	● BRET assays, 5-HT receptors profiling; PD in animal models of Dravet: ● Scn1aLab zebrafish model of Dravet syndrome ● Mouse 6-Hz psychomotor seizure model ● Hyperthermia-induced seizures in Scn1a+/- mice ● SmartCube assay	●
	Safety Pharmacology	● In Vitro Safety Pharmacology Profiling at Eurofins	●
	ADME/PK	● In vitro/in vivo and cross-species ADME/PK, human PK prediction	●
	Toxicology	● 28-day toxicology, 90-day toxicology	●
In vivo & In vitro Efficacy; Other MoA-Related Studies
		● Fentanyl self-administration rat model of Opioid Use ● Binge eating disorder rat model (backup compound) ● Testing of BMB-101 for behavioral changes in APP+ps1 mice	●

● Clinical Studies
First in human clinical studies initiated in Australia 09.22	● Placebo controlled phase 1 SAD, MAD and food effects studies initiated.	● Expected completion Q3 23

Date of Issuance/Sale	Security Type	Number of Securities	Issue/Sale Price
September 30, 2020	Common Shares	623,941⁽¹⁾	$1.25
November 2, 2020	Common Shares	1,629,138⁽¹⁾	$1.25
February 3, 2021	Common Shares	16,000⁽¹⁾	$1.25
March 17, 2021	Common Shares	3,419,883⁽²⁾	$7.57
December 2, 2022	Common Shares	974,000⁽³⁾	$1.25
December 2, 2022	Pre-funded warrants	666,000⁽³⁾	$1.249

	Balance

Shares issued and outstanding	18,860,359
Share purchase warrants	5,237,602
Restricted share units	1,110,000
Stock options	1,140,807

	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
	$		$		$		$

Net profit (loss)	(2,050,499	)	(2,335,428	)	(2,961,015	)	(2,658,378	)
Basic profit (loss) per share	(0.11	)	(0.13	)	(0.21	)	(0.22	)
Diluted profit (loss) per share	(0.11	)	(0.13	)	(0.21	)	(0.22	)

	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021
	$		$		$		$

Net profit (loss)	(4,487,503	)	(4,858,045	)	(2,866,965	)	(3,533,463	)
Basic profit (loss) per share	(0.38	)	(0.41	)	(0.25	)	(0.31	)
Diluted profit (loss) per share	(0.38	)	(0.41	)	(0.25	)	(0.31	)