The company currently lacks a revenue base, with operating losses widening to $15.6M in 2026Q2 as R&D expenditures scaled significantly from $1.0M in 2025Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 20.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -20.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - |
| Operating Expenses | 31.41M | 13.94M | 2.82M | 7.39M | 14.98M | 8.62M | 474.81K | 236.15K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 4.72M | 2.57M | 1.45M | 2.2M | 2.55M | 2.31M | 114.51K | 110.12K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 26.4M | 11.08M | 1.18M | 5M | 12.18M | 6.31M | 354.85K | 126.03K |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 290.67K | 287.65K | 197.19K | 186.65K | 243.08K | 0 | 5.45K | 0 |
| Operating Income | -31.43M | -13.94M | -2.82M | -7.39M | -14.98M | -8.62M | -474.93K | -236.15K |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -393.76% | 61.78% | 50.68% | -73.66% | -1715.68% | -101.11% | - |
| EBITDA | -31.36M | -13.86M | -2.75M | -7.31M | -14.97M | 0 | 0 | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -475.21% | -404.13% | 62.41% | 51.14% | - | - | - | - |
| D&A (Non-Cash Add-back) | 72.77K | 76.87K | 73.36K | 72.45K | 6.04K | 8.62M | 474.93K | 236.15K |
| EBIT | -31.43M | -13.94M | -2.82M | -7.39M | -14.98M | -8.62M | -474.93K | -236.15K |
| Net Interest Income | 4.55M | 1.52M | 30.13K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.56M | 1.52M | 30.13K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.91M | 1.71M | 20.82K | 14.19K | 10.15K | -27.64K | -5.45K | 0 |
| Pretax Income | -27.53M | -12.23M | -2.8M | -7.37M | -14.96M | -8.65M | -480.38K | -236.15K |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -27.53M | -12.23M | -2.8M | -7.37M | -14.96M | -8.65M | -480.38K | -236.15K |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -699.23% | -336.46% | 61.99% | 50.74% | -72.99% | -1700.83% | -103.42% | - |
| Net Income (Continuing) | -27.53M | -12.23M | -2.8M | -7.37M | -14.96M | -8.65M | -480.38K | -236.15K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.87 | -1.78 | -0.65 | -1.98 | -6.15 | -4.74 | -0.38 | -0.06 |
| EPS Growth % | -336.01% | -173.85% | 67.17% | 67.8% | -29.75% | -1147.37% | -517.89% | - |
| EPS (Basic) | - | -1.78 | -0.65 | -1.98 | -6.15 | -4.74 | -0.38 | -0.06 |
| Diluted Shares Outstanding | 9.59M | 6.88M | 4.31M | 3.72M | 2.47M | 1.79M | 1.28M | 1.28M |
| Basic Shares Outstanding | 9.59M | 6.88M | 4.31M | 3.72M | 2.47M | 1.79M | 1.28M | 1.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As evidenced by the most recent quarterly filings, DRUG's research and development expenses have surged to $13.3M in 2026Q2, reflecting a significant acceleration in clinical trial activity that necessitates careful monitoring of the company's remaining capital runway to ensure continued operational viability through upcoming milestones.
The sharp increase in R&D spending suggests the company has transitioned into a more intensive phase of clinical development, likely tied to the advancement of BMB-101. Investors should interpret this cost trajectory as a deliberate, albeit expensive, effort to reach data readouts that could validate the firm's proprietary 5-HT2C selectivity platform.
Based on the reported financial statements, the company's operating loss widened to $15.6M in 2026Q2, confirming that the firm currently lacks the revenue base to achieve operating leverage, as all expenditures are directed toward pre-commercial development rather than scaling existing profitable business segments.
The absence of revenue means that every dollar of SG&A and R&D directly impacts the bottom line, leaving no room for operational efficiency gains at this stage. The widening losses appear to be a structural necessity of the current clinical pipeline rather than a failure of management's expense discipline.
According to historical income statement data, stock-based compensation has become a recurring component of the expense structure, reaching $1.3M in 2026Q1, which warrants further investigation into the dilutive impact on shareholders as the company continues to rely on equity-linked incentives to preserve cash.
While stock-based compensation is a standard tool for talent retention in the biotech sector, its presence in a pre-revenue entity highlights the reliance on non-cash accounting to manage liquidity. Analysts should adjust for these items when evaluating the true cash burn rate and the potential for future equity dilution.
As reported in financial statements, the period between 2025Q1 and 2026Q2 marks a clear inflection point where R&D spending scaled from $1.0M to $13.3M, signaling the company's shift from early-stage research to more capital-intensive clinical trial execution for its lead neuropsychiatric candidates.
This rapid escalation in spending suggests that the company is aggressively pursuing clinical validation to differentiate itself from psychedelic-focused peers. The lasting impact of this inflection is a significantly higher quarterly burn rate, which effectively shortens the timeline for the next required capital raise.
Quick answers to the most common questions about buying DRUG stock.
For fiscal year 2025, Bright Minds Biosciences Inc. (DRUG) reported total revenue of $0.0M.
Bright Minds Biosciences Inc. (DRUG) reported a net loss of $12.2M for the fiscal year ending 2025.