Q4 Fiscal 2024 Highlights¹

• Revenue of $1.2 million, a 16.4% increase over Q3 2024
• Gross profit of $0.3 million, compared to a loss of $0.05 million in Q3 2024
• Cash position of $2.0 million as of August 31, 2024

Subsequent to Quarter End

• On December 12, 2024, the Company closed on the sale of its wellness clinic network to Stella, an interventional psychiatry practice, for a total consideration of US$3.53 million. As a result of the transaction, the Company's U.S. Clinic Network operating segment has been classified as discontinued operations on the consolidated statements of loss and comprehensive loss as at August 31, 2024.
• On January 23, 2025, the Company announced that Michael Tan had been appointed CEO of Numinus, with Founder Payton Nyquvest moving to the position of Executive Chair.
• On February 18, 2025, the Company announced that Kelvin Yang was appointed Interim Chief Financial Officer, replacing Melony Valleau. Mr. Yang was appointed permanent CFO on June 1, 2025.
• On March 20, 2025, the Company announced that its Psychedelic-Assisted Therapy Training Program was approved by the state of Colorado, marking a significant milestone in the Company's mission to expand safe and effective psychedelic-assisted therapy.
• On June 8, 2024, Cedar Clinical Research was engaged by Cybin Inc. ("Cybin") to provide clinical research services, and CCR's Murray, Utah, location will be one of 15 U.S. research sites for Cybin's Phase 3 multinational clinical trial of CYB003 to treat Major Depressive Disorder.

All financial results are reported in Canadian dollars unless otherwise stated.

Vancouver, British Columbia--(Newsfile Corp. - July 25, 2025) - Numinus Wellness Inc. (TSX: NUMI) (OTCQB: NUMIF) (FSE: LR23) ("Numinus" or the "Company") a mental health care company focused on innovative behavioral health treatments with a focus on safe, evidence-based psychedelic-assisted therapies, today announced its financial results for the three months ended August 31, 2024 ("Q4 2024").

"We are happy with successfully transitioning to a lean operation with cash flows aligned with our overhead," said Michael Tan, CEO of Numinus. "Moving forward, we will leverage the opportunities with our Cedar Clinical Research and practitioner training businesses. Both are achieving robust growth and will expose the Company to new ways to grow and apply our considerable skill and experience in psychedelic-assisted therapy."

Revenue from continuing operations

The Company's consolidated revenues increased by 16.4% quarter over quarter compared to Q3 2024.

Revenues from Cedar Clinical Research operations during Q4 2024 increased by 17.2% from $824,082 during Q3 2024 to $965,799, as a result of the ramp-up of third-party clinical trials.

Revenues from Practitioner Training during Q4 2024 increased by 12.6% from $168,830 during Q3 2024 to $190,137. The increase in revenue was due to strategic contracts with research partners to help support the training efforts of various psychedelic clinical trials.

Gross Margin

Gross margin in Q4 2024 was 25.3%, compared to a gross margin loss of 4.6% in Q3 2024.

Operating expenditures

Operating expenditures and other items were $931,198 in Q4 2024, compared to $2.9 million in the previous quarter. The decrease is a result of the Company's ongoing cost containment initiatives and operational optimization.

Operational Highlights

Numinus Clinical Research

Revenues from Cedar Clinical Research ("CCR") during Q4 2024 were $1.0 million, an increase of 17.2% compared to Q3 2024.

CCR managed 18 clinical trials, including 306 patient appointments in Q4 2024, compared to 15 clinical trials and 233 patient appointments in Q3 2024.

On June 8, 2024, CCR was engaged by Cybin Inc. ("Cybin") to provide clinical research services and CCR's Murray, Utah, location will be one of 15 U.S. research sites for Cybin's Phase 3 multinational clinical trial of CYB003. Aimed at revolutionizing the treatment of Major Depressive Disorder (MDD), this collaboration marks a pivotal moment in the journey toward understanding and treating one of the most debilitating mental health conditions affecting over 20 million Americans.

Practitioner Training

Practitioner Training revenue increased by 12.6% in Q4 2024 to $190,137, compared to $168,830 in Q3 2024.

The Company has built a fulsome certification program to train practitioners in ketamine, 3,4-methylenedioxy methamphetamine ("MDMA"), and psilocybin-assisted therapy ("Numinus Training Program") that leverages its expertise in clinic-based treatment and clinical research. The program is accredited by major regulatory bodies in Canada and the U.S. and is provided in a blended learning format to optimize adult learning.

• Became accredited as a psychedelic therapy training provider by the Oregon Health Authority.
• Expanded its offering with the initiation of a contract with a leading research institution to train their research providers on evidence-based practices and protocols to support clients in specific psychedelic clinical trials.
• On March 20, 2025, the Company announced that its Psychedelic-Assisted Therapy Training Program was approved by the state of Colorado, marking a significant milestone in the Company's mission to expand safe and effective psychedelic-assisted therapy. This approval was part of Colorado's Natural Medicine Health Act (Proposition 122), which establishes a legal framework for the facilitation of psilocybin services by trained and licensed professionals

Corporate Updates

On June 24, 2024, the Company announced that Donna Wong had resigned as a director from the Board of Numinus.

Balance Sheet and Liquidity

Numinus ended the quarter with cash and cash equivalents of $2.0 million and working capital of $1.2 million.

Q4 2024 Performance Metrics

Numinus' unaudited condensed consolidated interim financial statements for the three months ended August 31, 2024, and related management's discussion and analysis are available on Numinus' Investor Relations website at www.investors.numinusnetwork.com and under the Company's profile on SEDAR+ at www.sedarplus.ca. These documents were prepared in accordance with IFRS.

About Numinus

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model - including psychedelic research and clinic care - is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Learn more at www.numinusnetwork.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "expects", "does not expect", "is expected", "believes", "intends", "anticipates", "does not anticipate", "believes" or variations of these words, expressions or statements, that certain actions, events or results "may", "could", "would", "might" or "will be" taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, ability of Numinus to maintain or increase earnings; ability of Numinus to achieve or maintain profitability; results of changes to operations from a financial or business perspective; the effect of cost containment measures on Numinus business and financial position; changes to cash burn rate, expenses, corporate programs or priorities, or unanticipated costs affecting cash runway or the pathway to positive cashflow or profitability, the effect of any transaction or other activity undertaken by the company in connection with the strategic review; interest in, uptake of and the ability to commercialize the Numinus Training; receipt of and/or continued approval of the clinical trial application by Health Canada for experiential opportunities for practitioners training to offer MDMA-assisted therapy; availability of subjects and trainers for experiential opportunities in practitioners training, if approved; dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, if any, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company's need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers; the effect, if any, that the Consolidation may have on the liquidity and price of the Company's common shares and its ability to maintain its listing on the TSX and OTCQB; and other risk factors set forth in our annual information form dated November 29, 2023 and available on SEDAR+ at www.sedarplus.ca. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company's efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.

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¹ On December 17, 2024, the Company announced the sale of its U.S. Clinic Network to Stella. As a result of the transaction, the Company's U.S. Clinic Network operating segment has been classified as discontinued operations on the consolidated statements of loss and comprehensive loss as at August 31, 2024.