Tryp Therapeutics Amends Financial Statements for Six Months Ending February 29, 2024

Tryp Therapeutics Inc., based in Kelowna, British Columbia, has recently filed amended financial statements for the six months ending February 29, 2024. The changes stem from a review conducted by the Company's auditors in May 2024. The amended financial statements and corresponding Management Discussion & Analysis (MD&A) reflect several important adjustments.

The amendments are summarized in a table that outlines changes in liabilities, expenses, and other equity. Key alterations include a $41,318 change in share-based compensation related to stock options issued during the current period and those vesting from the previous year. The revision employs a Monte Carlo simulation model to value stock options more accurately, taking into account the probabilities of meeting minimum financing requirements and achieving multiple share price appreciation thresholds.

Additionally, there was a $189,845 reclassification related to convertible debenture costs and their associated foreign exchange impact. This adjustment reduced both the convertible debenture liability and related expenses, which had been previously overstated. Furthermore, an increase in accrued expenses was noted due to higher-than-anticipated FY2023 audit fees and Q2 review fees, totaling an additional $28,592. The amendment also corrected three vendor invoices that had been initially omitted.

Following these adjustments, the notes to the Financial Statements and the MD&A have been updated to reflect the accurate financial position. Tryp Therapeutics plans to improve its accounting and internal review processes to enhance future financial reporting accuracy.

On a strategic front, Tryp Therapeutics announced the completion of its previously disclosed plan of arrangement on May 1, 2024. Under this arrangement, Exopharm Limited acquired Tryp in an all-stock transaction, approved by the court under the Business Corporations Act of British Columbia. As a result, Tryp's shares are anticipated to be delisted from the Canadian Securities Exchange and cease trading on the OTCQB Venture Market around May 1, 2024. The company also plans to apply to cease being a reporting issuer under Canadian securities laws.

Following the acquisition, Exopharm's shares are expected to start trading on the Australian Securities Exchange under the new name "Tryptamine Therapeutics Limited" with the ticker symbol "TYP" around May 23, 2024.

Going forward as Tryptamine Therapeutics Limited, Tryp remains a clinical-stage biotechnology company with a focus on developing innovative formulations of psilocin for use in psychotherapy to treat diseases with unmet medical needs. Their lead program, TRP-8803, is an intravenous formulation of psilocin designed to address issues associated with oral psilocybin, such as delayed onset and uncontrolled duration of the psychedelic state. This formulation aims to make the psychedelic experience more commercially viable by reducing the time to onset, controlling the depth and duration of the experience, and shortening the overall intervention time.

Tryp has completed a Phase 2a clinical trial at the University of Florida, showing that TRP-8803 could reduce binge eating episodes by more than 80%. Additionally, the company has started patient dosing in a Phase 2a trial for fibromyalgia in partnership with the University of Michigan. Preparations are also underway for a Phase 2a trial at Massachusetts General Hospital to study the treatment of abdominal pain and visceral tenderness in irritable bowel syndrome patients. These studies use TRP-8802, a synthetic, oral psilocybin, to demonstrate clinical benefits. If successful, subsequent studies will employ TRP-8803 to potentially enhance efficacy, safety, and patient experience.

Tryp Therapeutics' efforts are aimed at leveraging novel psilocin formulations to address significant therapeutic needs, positioning the company for future growth and innovation in the biotechnology sector.