Q2 2022 Highlights
Net loss decreased from $2.8 million in Q2 2021 to $1.9 million in Q2 2022, pointing to a positive trend in cost-reduction and healthy growth.
The company completed an $11.8 million financing in Q2 that allowed for the purchase of its Stockton facility.
Operationally, in the second quarter of 2022, Juva continued its preclinical research program on novel compound Juva-041. The compound, which has demonstrated potent anti-inflammatory properties in phenotypic assays of inflammation, is currently being scaled up to support pre-clinical and non-clinical pharma development studies.
Beyond its clinical research programs, Juva also relaunched its WIRB-approved JuLi Registry study with the goal of cultivating one of the largest data sets on the medicinal applications of cannabis use to exist to date.
Through its cannabis operations, the company completed multiple milestones including the launch of in-house brands `Secret Sauce” and “Flos.” It also received local provisional licensing of its cannabis retail storefront location in Redwood City.
“I could not be more excited by the momentum Juva is experiencing in both its cannabis operations and clinical research,” stated Doug Chloupek, CEO and founder of Juva. “While many of our industry peers in California are struggling to expand their businesses, or even survive, Juva is experiencing quarter-over-quarter growth in revenue, while we continue to cut costs and increase margins. As we continue the permitting of our upcoming Redwood City retail location, we will further optimize our Stockton facility, where we continue to increase yield with minimal additional costs. On the pharmaceutical research side, we continue to move at an unprecedented pace in proving the therapeutic potential of our novel compound, Juva-041. All said, I believe we are heading in a positive direction as an organization and I look forward to updating the market during our webinar next week!”
Juva Life shares were trading 3.35% higher at $0.1387 per share at the time of writing Wednesday morning.