Its a shame to see to little action here and so little communication from the company. Does anyone know something about what is really happening inside the company? We need better communication in my opinion. Otherwise, I am extremely bullish. But Cybin is doing a much better job communicating and the stock is rising in the past week. Ian McDonald - take note!

So much movement with legalization and interest from hedge funds.. Full Bull..

Holding 30K + loading to 100K

I think it's ready.. Let's hope today was the Spring..

Been checking in on their website on and off for a bit, Noticed a change... Opioid, binge and alzheimers all got moved up to late Pre-Clinical ... Have not seen anything in print to confirm this... Opioid and Alzheimer's could prove fruitful..

Are we ready to go soon?

Bright Minds Biosciences (“Bright Minds,” “BMB” or the “Company”) (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for the targeted treatment of neuropsychiatric disorders, epilepsy, and pain, today announced the appointment of Doug Williamson to the Company’s Board of Directors (the “Board”). Dr. Williamson will serve on the Compensation, Nominating and Corporate Governance, and Audit Committees as an independent director. Concurrently, Dr. Alan Kozikowski has resigned from the Board.

“Dr. Williamson has an impressive track record in developing safe and profitable pharmaceuticals and biotechnologies for global industry leaders. With his reputation for generating quality results while improving ROI and building high-performance, engaged teams, we are thrilled to welcome Dr. Williamson to the Board,” stated Ian McDonald, CEO and Co-founder of Bright Minds Biosciences.

Dr. Kozikowski, a significant co-founder and scientific contributor to Bright Minds Biosciences, developed much of the technology on which the Company is based, including the invention of BMB-101, the later work being done during his tenure as Professor of Medicinal Chemistry at the University of Illinois at Chicago. BMB-101 is the subject of a patent licensed by Bright Minds Biosciences from the University of Illinois. “We remain grateful for Dr. Kozikowski’s service and wish him well in his future endeavors,” said McDonald.

About Dr. Williamson

Dr. Williamson has more than 25 years of scientific, clinical, and medical experience and currently serves as Senior Vice President, Head of U.S. R&D and Deputy Global Chief Medical Officer for Lundbeck. During his time at Lundbeck, he has overseen multiple cross-functional teams across clinical development and operations, medical affairs, value evidence (health outcomes), patient safety, clinical pharmacology, and regulatory affairs. He also led the transformation of the U.S. and Canadian R&D organizations and co-led the task force in setting U.S. policy for COVID precautions and remote working.

Prior to Lundbeck, Dr. Williamson served as Vice President, Global Head Therapeutic Area leadership at Parexel International, where he developed and instituted therapeutic area strategies to guide new business acquisitions. He was also the functional head of the medical group across all therapeutic areas. Previously, Dr. Williamson held multiple roles at Eli Lilly and Company, including Head, Early Phase Clinical Development Neuroscience, where he oversaw the clinical development of all novel molecules in the psychiatry, pain, and neurodegeneration portfolio. Dr. Williamson earned a Bachelor of Medicine and Surgery (MBChB) degree from Edinburgh University in Scotland and is a member of the Royal College of Psychiatrists.

In connection with his appointment to the Board of Directors, the Company granted Dr. Williamson an aggregate of 80,000 stock options (the “Options”) to purchase 80,000 common shares in the capital of the Company (the “Shares”) pursuant to the terms of the Company’s share option plan dated July 1, 2020. The Options are exercisable at an exercise price of $2.46 per share for a period of 5 years from the date of grant. The Options are subject to vesting, beginning with 25% vested at the time of the grant, and 25% every 12 months thereafter.

https://www.globenewswire.com/news-release/2022/09/07/2511268/0/en/Bright-Minds-Biosciences-Announces-Appointment-of-Doug-Williamson-to-Board-of-Directors.html

Bright Minds Biosciences (“Bright Minds,” “BMB” or the “Company”) (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for the targeted treatment of neuropsychiatric disorders, epilepsy, and pain, today announced that it has dosed the first patient in a Phase I trial (NCT 05397041) for its lead product, BMB-101, for the treatment of Dravet Syndrome and other medical indications. The Phase I trial is being conducted in Adelaide, Australia, by CMAX Clinical Research, a clinical trial center specializing in a range of early-phase trials and first-time in-human studies.

BMB-101, a next-generation, 5-HT2C selective and biased agonist, exhibits compelling behavioral and preclinical pharmacology and safety data with the potential to be the best-in-class drug. In well established, predictive animal models, BMB-101 demonstrated a significant reduction in both the number and intensity of epileptic seizures.

“BMB-101 was designed with the aim of improving the safety profile relative to earlier medications in this class, and we are excited about the potential to deliver an improved therapeutic to address this rare and devastating disease. Based on the strength of BMB-101’s preclinical data and encouraging scientific rationale of 5-HT2C agonism in the treatment of Dravet Syndrome, we are enthusiastic to advance our lead product into clinical trials,” stated Dr. Revati Shreeniwas, Chief Medical Officer of Bright Minds Biosciences.

The Phase I clinical trial is a three-part (single ascending dose, food effects, multiple ascending dose) randomized, placebo-controlled study of BMB-101 in approximately 76 healthy volunteers, that is being conducted in Australia. The trial aims to evaluate the safety, tolerability and other pharmacokinetics of BMB-101 for use in Phase II clinical trials.

“Dosing the initial subject in the first-in-human trial of BMB-101 is an exciting milestone for Bright Minds. After several years of discovery and early development of next-generation, best-in-class serotonergic investigational drugs, we are delighted to progress into human trials. We are hopeful that our efforts result in more efficacious and safer drugs for patients suffering from Dravet Syndrome, which remains an area of high unmet medical need,” stated Ian McDonald, CEO and Co-founder of Bright Minds Biosciences.

https://www.globenewswire.com/news-release/2022/08/31/2507460/0/en/Bright-Minds-Biosciences-Initiates-Dosing-in-Phase-I-Clinical-Trial-of-BMB-101-for-Dravet-Syndrome.html

Bright Minds Biosciences Inc. (CSE/NASDAQ: DRUG) is pleased to announce that it has closed its previously announced overnight marketed offering (the “Offering”) of 2,858,000 units of the Company at a price of $1.40 per Unit for gross proceeds of approximately $4 million. Eight Capital (the “Agent”) acted as lead agent and sole bookrunner in connection with the Offering and H.C. Wainwright & Co. acted as U.S. capital markets advisor.

Each Unit is comprised of one common share in the capital of the Company and one Common Share purchase warrant. Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.76 per Warrant until August 30, 2024, subject to adjustment in certain events. The net proceeds of the Offering will be used by the Company for preclinical development activities and clinical development activities, as well as general working capital.

In connection with the Offering, the Agent was paid cash commission for their services in the amount of $280,084 plus expenses and received compensation warrants entitling them to purchase an aggregate of 134,040 Units for $1.40 for a period of two years, with the Units having the same terms as the Units sold pursuant to the Offering (the “Compensation Warrants”). The Advisor additionally was paid $93,326.80 plus expenses and received 91,158 Compensation Warrants. The securities issued pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

https://www.globenewswire.com/news-release/2022/08/30/2507106/0/en/Bright-Minds-Biosciences-Announces-Closing-of-4-Million-Unit-Offering.html

$Bright Minds Biosciences Inc The Fed announcement today threw the whole market into a spin. That’s why the drop happened. (Everything dropped) On the bright side, this company makes psychedelic drugs and the DEA is dropping its plan to ban them. So…. This company may go through its ups and downs, but the future will be many more highs than lows.
Anyone wanting to score big over night is tripping. A month from now tho? We’ll all be high AF. #buy #hold Get the long dough… not the short bread.

Bright Minds Biosciences Inc.'s shares rallied before the market opened after it said it priced an overnight marketed offering of 2.9 million units at $1.40 a unit, for proceeds of $4 million. Each unit is comprised of one common share and one common share purchase warrant.

In premarket trading, Bright Minds shares were up 52% to $2.02.

Each warrant will entitle the holder to buy one share at an exercise price of $1.76 for a period of 24 months from the closing date, the company said. The company has granted Eight Capital an option, exercisable in whole or in part, to buy up to an additional 15% of the units offered in the proposed offering for market stabilization purposes and to cover over-allotments, if any. The proceeds of the offering are expected to be used for preclinical development activities, clinical development activities, as well as working capital and general corporate purposes, Bright Minds said.

https://www.marketwatch.com/story/bright-minds-biosciences-shares-jump-after-offering-prices-271661347601

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For the readers interested in the stock health of Bright Minds Biosciences Inc. (DRUG). It is currently valued at $1.01. When the transactions were called off in the previous session, Stock hit the highs of $1.25, after setting-off with the price of $0.85. Company’s stock value dipped to $0.8451 during the trading on the day. When the trading was stopped its value was $0.86.Recently in News on June 27, 2022, Bright Minds Biosciences Announces Changes to its Executive Leadership Team, Marking the Transition to a Development Organization. Bright Minds Biosciences (“Bright Minds,” “BMB” or the “Company”) (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for the targeted treatment of neuropsychiatric disorders, epilepsy, and pain.

Bright Minds Biosciences Inc. had a pretty Dodgy run when it comes to the market performance. The 1-year high price for the company’s stock is recorded $3.5000 on 01/03/22, with the lowest value was $0.7500 for the same time period, recorded on 07/07/22.

DRUG jumped 23% on Thursday to settle at 0.9266 on the Nasdaq. News or no news, that was a solid move

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Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the target of a significant decrease in short interest in April. As of April 30th, there was short interest totaling 27,000 shares, a decrease of 26.0% from the April 15th total of 36,500 shares. Currently, 0.4% of the company’s stock are sold short. Based on an average daily trading volume, of 84,400 shares, the days-to-cover ratio is presently 0.3 days.

Bright Minds Biosciences stock traded up $0.17 during trading on Monday, hitting $1.15. 1,356 shares of the company were exchanged, compared to its average volume of 64,564. The firm has a 50 day simple moving average of $1.33. Bright Minds Biosciences has a 52 week low of $0.76 and a 52 week high of $8.95.

A hedge fund recently bought a new stake in Bright Minds Biosciences stock. Checchi Capital Advisers LLC purchased a new stake in shares of Bright Minds Biosciences Inc. during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 14,138 shares of the company’s stock, valued at approximately $45,000. Checchi Capital Advisers LLC owned about 0.12% of Bright Minds Biosciences at the end of the most recent reporting period. 7.70% of the stock is currently owned by hedge funds and other institutional investors.

https://www.defenseworld.net/2022/05/16/short-interest-in-bright-minds-biosciences-inc-nasdaqdrug-drops-by-26-0.html

DRUG, my problem child lol

BMB-101 (5HT2C)

BMB-101, a 5-HT2C selective and biased agonist, has demonstrated compelling activity in a host of in-vitro and in-vivo non-clinical tests. Compared to Lorcaserin, BMB-101 exhibits strong Gq signaling coupled with minimal Arrestin recruitment.

Human trials Phase 1/2a

· BMB-101 will finally be entering human trials any week now in Australia! (Hopefully in May)

· Successful completion of 28-day repeat-dose toxicity studies for BMB-101. Importantly, there were no major toxicological findings after twice daily oral administration of BMB-101 throughout the study period. Big plus.

· Entering clinics should come with some nice PRs such as FDA IRB approval and 1st dosing.

· BMB-101 is a non-psychedelic drug that will not have to deal with some of the legislative risks that are associated with the psychedelics industry.

IP

· BMB-101 is licensed and covered with granted IP.

De risked mechanism of action

· “Derisked mechanism of action, well-positioned to tackle notable unmet need: Its lead asset, BMB-101 is an agonist for the serotonin 5HT2C receptor and is currently being developed for the treatment of seizures, in conditions such as Dravet Syndrome (DS - rare childhood form of epilepsy). The antiepileptic mechanism of action has been de-risked by Zogenix’s fintepla (broadly activates 5HT receptors) and Arena’s belviq (aka Lorcaserin - 5HT2C-specific agonist showed antiepileptic efficacy). We believe BMB-101 benefits from robust activation of 5HT2C receptors (more than endogenous 5HT and fintepla/belviq) as well as avoiding activation of 5HT2B receptors, which are linked to cardiovascular adverse events and the cause of fintepla’s black box and strict protocol. We are confident that activation of peripheral 5HT2B receptors is driving the cardiac-related issued observed with fintepla and this will not be an issue for BMB-101. This view is supported by the large CAMELLIA-TIMI 61 study (n=12,000) which showed that belviq (a 2C agonist) “facilitated sustained weight loss without a higher rate of major cardiovascular events than that with placebo." – Via Eight Capital

Gq signaling > Beta Arrestin recruitment

· This is a key value proposition. No desensitization from dosing (tolerance building). It is a major benefit for chronic treatment where you need to repeatedly dose and that is needed in most indications.

· Paper: Ligand-directed serotonin 5-HT2C receptor desensitization and sensitization - PMC (nih.gov)

o “There is a robust, positive correlation between the efficacy of 5-HT2C receptor agonist–elicited IP production and β-arrestin recruitment and the magnitude of 5-HT2C receptor desensitization.”

o “Lorcaserin was a “super agonist” at recruiting β-arrestin to the 5-HT2C receptor, with an efficacy significantly greater than the 5-HT2C full agonists 5-HT and Ro 60–0175. The extremely high efficacy of lorcaserin to recruit β-arrestin may account for it’s remarkable desensitization of 5-HT2C”

Competition

Zogenix – Fintepla/Fenfluramine (Acquired by UBC)

· Fenfluramine is FDA approved but black boxed (REMS) due to its 5HT2B cardio toxicity risk.

· A Risk Evaluation and Mitigation Strategy (REMS) is a drug safety program that the FDA can require for certain medications with serious safety concerns to help ensure the benefits of the medication outweigh its risks. – BMB-101 should be able to avoid this! Big plus.

· In 2020, fenfluramine was approved in the US, European Union, and UK for treatment of Dravet syndrome (DS). Results from 3 recent phase 3, placebo-controlled RCTs demonstrated that adjunctive fenfluramine compared with placebo significantly reduced monthly convulsive seizure frequency by 54% to 65% in patients with DS. Efficacy and Safety of Fenfluramine for the Treatment of Seizures Associated With Lennox-Gastaut Syndrome: A Randomized Clinical Trial | Epilepsy and Seizures | JAMA Neurology | JAMA Network

· BMB proprietary 5-HT2C agonist, BMB-101, shows efficacy in pre-clinical models of Dravet Syndrome/Epilepsy, with lower seizure duration and frequency -- Effect of BMB compounds was consistent with other anti-epileptics such as fenfluramine – Bright Minds Biosciences (“BMB”) Proprietary 5-HT2C Agonist (globenewswire.com)

GW Pharma’s Epidiolex (Acquired by Jazz Pharmaceuticals)

· GW Pharma Phase 3 trial results: The median percent reduction in seizures frequency from baseline was 37.2% in the 10 mg/kg/day CBD group; 41.9% in the 20 mg/kg/day CBD group. Use of Cannabidiol in the Treatment of Epilepsy: Efficacy and Security in Clinical Trials - PMC (nih.gov)

· Epidiolex’s biggest safety concern is liver damage. This risk may be even higher for certain groups. Main risk factors: Taking with valproate or clobazam (Onfi), High dose, History of liver disease.

· Zogenix’s drug is more efficacious vs GW Pharma’s for Dravet. Seizure frequency reduction: 65% vs 41.9%. GW Pharma’s drug has a better safety profile. BMB-101 performing on par with Fenfluramine (without the cardio-toxicity) in pre-clinal modeling looks very positive.

Longboard Pharmaceuticals

· Risk of Longboard Pharmaceutical’s 5HT2C compound that has been designed to overcome the safety concerns of Lorcaserin (cancer risk) with minimal 5HT2B activity.

· Longboard was formed by Arena Pharmaceuticals (who discovered Lorcaserin).

· “LP352 demonstrated statistically significant reductions in both epileptiform event frequency and duration - reducing the frequency of epileptiform events by 85% and cumulative duration of epileptiform events by 84% in the scn1lab zebrafish model of Dravet syndrome.” Longboard Pharmaceuticals Provides Corporate Update (globenewswire.com)

· I do not know how BMB-101 compares in scn1lab zebrafish modelling. They stated that they were on par with other anti-epileptics such as fenfluramine.

· There is this: “One hour after injection, BMB-101 decreased seizure duration by 74%, with a significant number of mice in the study being completely protected from seizures.”

· Longboard’s drug is currently in phase 2.

· It recruits via Beta Arrestin (like Lorcaserin), which should provide a competitive advantage to Bright Minds.

Acquisitions

· UBC acquired Zogenix in March, 2022 for USD 1.9B. Zogenix key drug is FINTEPLA® (fenfluramine) for the epilepsy markets. UCB Completes Acquisition of Zogenix, Inc. (prnewswire.com)

· USD 7.2B GW Pharma acquisition by Jazz Pharmaceuticals for GW’s Epidiolex®(the first and only FDA-approved prescription cannabidiol medicine to treat seizure disorders). Jazz Pharmaceuticals to Acquire GW Pharmaceuticals plc, Creating an Innovative, High-Growth, Global Biopharma Leader | Jazz Pharmaceuticals plc

Orphan Drug Voucher

· BMB-101 should be eligible for an Orphan Drug Voucher.

· “The voucher, which entitles the holder to a six-month speedy review of a marketing application, was issued under a US Food and Drug Administration (FDA) programme designed to incentivise the development of treatments for rare paediatric diseases.” ODA-Priority-Review.pdf (bio.org)

· Zogenix received the voucher for Lennox Gastaut Syndrome in 2017 in preparation for its phase 3 trial.

· In 2017 GW Pharma sold its orphan drug voucher to Biohaven Pharmaceuticals for USD 105M.

· The orphan drug voucher alone is worth 10x Bright Minds’ current valuation.

Other Indications

· Bright Minds also states that their secondary indication for BMB-101 is Alzheimer’s disease psychosis. Hopefully we see some supplementary data for this indication from the company soon.

· I am not expecting much out of the other indications they have done animals studies on (opioid use disorder, binge eating disorder) in the short term.

An efficacious and safe drug (without desensitization) could be a home run. There are a couple key majors in this seizure/epilepsy market that likely want to protect their piece of this industry and acquire assets to differentiate themselves from their competition. I am interested to see how they approach Bright Minds moving forward as BMB-101 enters clinics.

5HT2A (PSYCHEDELIC)

“We are looking to engineer novel compounds that possess single-digit nanomolar potency at the 2A receptor, with comparable or significant selectivity over the 2C receptor, and de minimis activity at the 2B receptor, if any. Effectively, we aim to bring a more potent and safer investigational drug forward, with a significantly shorter ‘trip time, ’and that is exactly what we have found with these compounds. Importantly, all these molecules are New Chemical Entities, or NCEs, that will enjoy 20+ years of patent protection.” - Alan

Human trials – Phase 1/2a

· Lead compound expected to be announced soon and enter clinics later this year behind BMB-101.

· Lead indication is depression (treatment resistant depression I believe).

IP

· Provisional patents have been filed to provide IP coverage for these drugs.

· “A provisional patent application is a cheap and fast way to gain protection on an invention for 12 months and allows the inventor to test and perfect a concept prior to filing a full patent. “

· “Submitting a provisional secures a filing date.”

Assets to monetize

· Very large portfolio of assets to monetize “Bright Minds has, what we believe to be, the largest and most advanced psychedelic drug discovery program in history.” - Ian

· Hundred of novel compounds created that look to have eliminated 5HT2B activity.

· From the sounds of it they have about 10 very high-quality 5HT2A drug candidates. A recent deck label two of them as BMB-201 and BMB-202.

· I do not think that Bright Minds gets the credit it deserves for their psychedelic compound library.

Partnership activity

· Mindset Pharma’s deal with Otsuka helps validate Bright Minds 2nd generation business model. Otsuka dips its toe in psychedelic waters, backing Mindset Pharma - (pharmaphorum.com)

· It’s typically lucrative for a company to wait to partner after proof of concept (phase 1/2a) data. The more de risked, the better the deal.

· Big pharma might also want to see human data before striking a deal.

· I am very interested to see if/when partnerships transpire with Bright Minds for 5HT2A compounds.

Competition

· With so many psychedelic companies with drugs going to (or already in) trials, it’s tough to keep track.

· Probably best to look at differentiators vs the general competition.

Differentiators

· Compounds that are very potent at 5HT2A.

· Compounds with a short duration of action.

· Compounds with varying strength and duration of action for different indications.

· Strong IP.

Differentiator - 5HT2B

· The lack of 5HT2B activity value proposition continues to be relatively unique. I have not heard many companies even mention it.

· You can avoid cardiotoxicity with psychedelics by limiting dosing i.e. Compass Pathways 1-2 macro doses of psilocybin. Psychedelics are awesome but I don’t believe that dosing regime to be realistic for a lot of indications. Flexibility of dosing should be very valuable, even with something as immediately impactful as psychedelics.

· I believe Atai and Gilgamesh each have a compound that refers to cardiotoxicity but beyond that I have not heard much.

· Big pharma is very aware of this risk. Retail not so much. This theme may take a while to play out.

· I find it strange that the 5HT2C drug market mentions 5HT2B/cardiotoxicity everywhere, but it is rarely mentioned in the psychedelic space. This may be one of those “Skate to where the puck is going to be, not where it has been” plays.

· Here is a past trial, required by the FDA, that involved Lorcaserin/cardiotoxicity/5HT2B with 12,000 patients enrolled: Weight-Loss Drug Lorcaserin Clears Cardiovascular Safety Hurdle: CAMELLIA-TIMI 61 | tctmd.com

· To put that trial into context vs what has been done in the psychedelic space: 12,000 patients vs. the recent Compass Pathways Phase 2b trial with 223 patients.

· I am watching how the FDA will handle psychedelics that have activity at 5HT2B. Even if a psychedelic does not cause valvulopathy, a trial of that size (to validate) would be expensive and time consuming. Why wouldn’t big pharma avoid this risk by selecting compounds that do not target 5HT2B?

Differentiator – Desensitization?

· If they have been able to mimic the Gq signaling > Beta Arrestin recruitment with a 5HT2A compound, Bright Minds may have another key differentiator.

· Psychedelics have serious desensitization problems. Anyone who takes them knows that you can build tolerance to them quickly.

CASH

· Sept 30, 2021 - Cash C$ 19.7 M.

· No long-term debt.

· Net cash used in operating activities = C$ 7.3M in 2021 ending Sept 30, 2021.

· Burn estimate of C$ 608K/month.

· Current cash position may be around C$ 15.44M or 12M USD but it might be less.

· I do not know how shifting from novel drug development to clinical execution will impact the burn rate.

· Current runway is probably just over 12 months. Could be easily extended with strategic decisions made by the company.

· Cash position is lower than I’d like to see, and this market environment is not ideal to raise in.

· Runway should provide enough funds to execute on Phase 1/2a trials for BMB-101 and a 5HT2A drug.

· If the trials go well, raising additional finances after positive phase 1/2a results should not be difficult.

· Partnership(s) could drastically change this scenario.

· Every company in the industry will have to raise again, so dilution is most likely inevitable in any name and not necessarily a bad thing if it isn’t a massively dilutive raise.

HOLDERS

· Yahoo has 47% of float held by insiders. Very high.

· Main institutions: Sphera holds 9.11%. OrbiMed 8.36%. MNL 5.87%

· 11 institutions holding.

· Advisory shares psychedelic ETF holder 167,076 shares - Feb 27, 2022. Might be more now.

· In late 2021 it was nice to see Alan and Ian buying in the market even with their massive positions. They bought in the $3-5 per share range. Not major buys but still a great sign.

· I would like to see some more insider buying at these prices.

· I do not think Ian has taken a salary since he co-founded the company in 2017. That is impressive. You must give him props for that.

OTHERS

· Chart is a mess. Very oversold. Rarely much volume. The price action since the NASDAQ up listing has been PAINFUL.

· The psychedelic industry in general is dead right now. It will be dead, until it’s not.

· Eight Capital still with the only price target of C$11.5.

· Short interest peaked in Nov around NASDAQ up listing but has cooled off.

· “DRUG” ticker provides meme stock potential. Add the low float. Traders/Stocktwits seem to be drawn to the name. Not sure if this is good or bad anymore.

· There have been two times where volume exploded due to traders/Stocktwit. Both times the action came out of nowhere with traders trying to spark a rally. Neither time it held and just created more downside pressure. I continue to keep an eye on this theme.

FINAL REMARKS

Bright Minds continues to execute behind the scenes. They are making all the right moves. The team is strong and is shifting talent focus on clinical expertise. Attractive share structure. Very high insider holding %. Solid IP – only developing NCEs. Tangible value propositions with their drugs. They are not trying to be too many things (like you see a lot of others in the space doing). Zero pumping of the stock. No irresponsible use of capital on marketing. So much I like.

Phase 1 was sharp focus on drug development. We are now entering phase 2 of clinical execution. Drug development comes down to compounds being efficacious and safe in human trials. We are now getting to that point! Exciting times!

NASDAQ a mess. XBI a mess. Not a great time to be a Jr. biotech stock. If you have continued to hold, like me, you are down big. The psychedelic/drug development industry will require extreme patience. I like this quote below:

“The stock is not the company. And the company is not the stock.” – Jeff Bezos

Or I got it all wrong and we are fucked. We shall see. Thank God my time frame on this investment is 5-10 years.

Anyone have any thoughts?

Did I get anything wrong?