Enveric Biosciences is a biotechnology company focused on developing next-generation, small-molecule neuroplastogen therapeutics for psychiatric and neurological disorders. The company's lead candidate, EB-003 (from the EVM301 Series), is a novel derivative of DMT designed to promote neuroplasticity without hallucinogenic effects, currently advancing through preclinical studies. EB-003 aims to selectively engage both 5-HT2A and 5-HT1B receptors for fast-acting, durable antidepressant and anxiolytic effects with outpatient convenience. The EVM401 Series was unveiled on February 25, 2025, to broaden the pipeline with additional non-hallucinogenic molecules for addiction and neuropsychiatric disorders, though EB-003 remains the primary focus. The company reported an accumulated deficit of $114.8 million as of December 31, 2025, and a net loss of $8.77 million for the year. Operating cash outflows for the year ended December 31, 2025, were $8.14 million. Cash on hand as of December 31, 2025, was $4.68 million, with working capital of $4.02 million. Management and the independent registered public accounting firm have expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and insufficient cash for future operations. The company completed several capital raises in 2025 and early 2026, including an At-the-Market (ATM) offering, warrant inducement transactions, and a registered direct offering, generating approximately $10.5 million in 2025 and an additional $2.6 million in early 2026. A 1-for-15 reverse stock split was effected on January 27, 2025, and a 1-for-12 reverse stock split on October 23, 2025. The company regained compliance with Nasdaq's minimum bid price and stockholders' equity requirements in late 2025. The PsyAI trademark portfolio was evaluated for license or sale in 2025, but no satisfactory offer was received, and it remains an asset. The EVM201 portfolio (including EB-002) was out-licensed to MycoMedica Life Sciences, PBC on November 7, 2024, for potential milestone payments up to $62 million and tiered single-digit royalties. The company relies on third parties for preclinical studies, clinical trials, and manufacturing of active pharmaceutical ingredients (APIs). A material weakness in internal control over financial reporting related to segregation of duties was identified as of December 31, 2025.