NUMIF / TSX:NUMI
Numinus Wellness Inc.
| Sector
Healthcare / Psychedelics |
Exchange
OTC Pink (NUMIF) |
Price (USD)
$0.0231 (May 29, 2026) |
Market Status
MARKET OPEN |
| In focus because Trump signed an executive order on April 17, 2026 accelerating federal research and regulatory review for psychedelic therapies, with $50M in state-level funding and FDA Breakthrough Therapy prioritization. NUMI traded up 40%+ on the news, then gave it back. The stock is now down -34% on the day this report is written, trading below pre-EO levels. |
LOG
| # | Source | Target | Result | Captured |
| 1 | StockAnalysis (OTC/NUMIF) | Price & Volume | SUCCESS | Price $0.0231, -34% today, open $0.0300, prev close $0.0350, 52w $0.0055-$0.0560, mkt cap $11.06M |
| 2 | StockAnalysis (NUMI financials) | Fundamentals | SUCCESS | Revenue TTM CAD $4.71M, net loss -$10.62M, EPS -$0.03, 320.55M shares out |
| 3 | StockAnalysis (balance sheet) | Cash & Debt | SUCCESS | Cash CAD $0.82M (Q3 2025), liabilities exceed assets per TTM data |
| 4 | MarketBeat short interest | Short Interest | PARTIAL | 736K shares short as of Sept 15, 2025. Float % N/A per source. Days to cover 2.8 |
| 5 | openinsider / Yahoo insiders | Insider Activity | MISSING | No US SEC Form 4 data available – Canadian company. Yahoo insider page not parseable |
| 6 | Newsfilecorp / INN / Globe | News & Catalysts | SUCCESS | Trump EO Apr 17, TSX delisting Apr 22, CTO active, CSE application filed, Q3 FY2025 results Sept 3 2025 |
| 7 | StockAnalysis / MarketBeat | Technicals proxy | STALE | No live SMA/RSI from finviz – OTC Pink. MarketBeat last data Sept 2025. Range data only from StockAnalysis |
| 8 | StockAnalysis forecast | Analyst Ratings | MISSING | 0 analysts covering. No price targets. |
| 9 | StockTitan / news sources | Sentiment | PARTIAL | News tone mixed. No reddit volume found. StockTwits N/A for NUMIF |
| 10 | Yahoo Finance / StockAnalysis | Options | MISSING | No options chain exists for OTC Pink NUMIF |
CURRENT STATE
Price (USD): $0.0231 (-34.00% today) [FRESH]
Open / Prev Close: $0.0300 / $0.0350 [FRESH]
Day Range: $0.0231 – $0.0350 [FRESH]
52-Week Range (USD): $0.0055 – $0.0560 | Current sits 320% above 52w low, 59% below 52w high [FRESH]
Market Cap (USD): ~$11.06M [FRESH]
Shares Outstanding: 320.55M [FRESH]
Float: Not reported by source [MISSING]
Volume: Not reported in today’s data (OTC Pink reporting lag) [MISSING]
Avg Volume: ~90,000 shares (MarketBeat, Sept 2025) [STALE]
SSR Active: Unknown – OTC Pink, SSR rules do not apply [N/A]
Exchange Status: OTC Pink (NUMIF) – TSX delisted effective April 22, 2026. CTO active in Canada. Not tradeable in Canada.[FRESH]
| CRITICAL: The TSX listing is gone (Apr 22, 2026). The company operates under an active Canadian Cease Trade Order (CTO). In Canada, shares are NOT tradeable. US retail trades via OTC Pink (NUMIF) only, where disclosure standards are minimal. |
Tape read: The stock spiked 40%+ on the Trump EO catalyst around April 20, then gave back all gains and more. Today’s -34% print is consistent with that pattern. At $0.023 USD, the stock has erased the entire post-EO move and is back near multi-week lows. Volume data is patchy given OTC Pink reporting, but the sell pressure is obvious in the day range ($0.023 low vs $0.035 open). Thin float, no institutional bid, and no options market mean price discovery is almost entirely noise-driven.
FUNDAMENTALS
Income Statement (CAD unless noted)
| Metric | Q3 FY2025 (May 31, 2025) | Q3 FY2024 (May 31, 2024) | FY2024 Annual | Source |
| Revenue | CAD $1.80M | CAD $0.99M (+81.6% YoY) | CAD $4.17M | FRESH – newsfilecorp |
| Cedar Clinical Research Rev | CAD $1.60M | CAD $0.82M (+95.8% YoY) | n/a breakdown | FRESH |
| Practitioner Training Rev | CAD $0.19M | CAD $0.17M (+12.3% YoY) | n/a breakdown | FRESH |
| Gross Margin | 48.2% | -4.6% | ~28% [EST] | FRESH |
| Operating Expenses | CAD $1.54M | CAD $3.83M (-59.8% YoY) | CAD $13.26M | FRESH |
| Net Loss (quarter) | CAD ($741K) | CAD ($5.77M) | CAD ($19.64M) | FRESH |
| EPS (TTM) | -$0.03 USD | n/a | -$0.05 CAD (FY2024) | FRESH – StockAnalysis |
| Revenue TTM (USD) | $4.71M USD | n/a | n/a | FRESH – StockAnalysis |
Balance Sheet (CAD)
| Metric | Q3 FY2025 (May 31, 2025) | FY2024 (Aug 31, 2024) | FY2023 |
| Cash & Equivalents | CAD $0.82M | CAD $1.96M | CAD $8.58M |
| Total Current Assets | CAD $2.52M | CAD $9.80M | CAD $12.05M |
| Total Assets | CAD $4.29M | CAD $10.77M | CAD $24.33M |
| Accounts Payable | CAD $3.20M | CAD $2.02M | CAD $2.89M |
| Total Debt (approx) | CAD $3.26M [EST] | CAD $2.07M | CAD $3.60M |
| Net Cash Position | CAD (~$2.38M) NET DEBT [EST] | CAD ($0.11M) | CAD $4.98M |
| DILUTION WATCH: Shares outstanding grew from 217M (FY2022) to 264M (FY2023) to 295M (FY2024) to 320M (TTM). That is ~48% dilution over 3 fiscal years. No active S-3 found (Canadian company, not US-registered), but the CTO situation and CSE relisting application may involve future equity issuance to fund operations. Burn rate was CAD ~$741K net loss in Q3 FY2025, a dramatic improvement, but cash of $822K at May 2025 implies zero runway margin. [FRESH for Q3 data / MISSING for current cash post-Aug 2025] |
Fundamentals read: The pivot from clinic operator to CRO/training infrastructure player is finally showing up in the numbers. Q3 FY2025 gross margin of 48.2% vs -4.6% a year prior is genuine progress, not cosmetic. But the company burned through CAD $58M in accumulated losses since FY2021, has CAD $0.82M cash, and accounts payable already exceeds cash. The balance sheet is a pressure cooker. Survival through FY2026 likely depends on continued contract revenue growth at CCR and no cash crunch before the CTO lifts. This is speculation territory, not investment grade.
POSITIONING & OWNERSHIP
Short Interest: 736,100 shares (as of Sept 15, 2025) [STALE]
Days to Cover: 2.8 days at avg volume ~95,590 shares [STALE]
Dollar Volume Short: ~CAD $20K – trivially small [STALE]
Short % of Float: Not reported – float not disclosed [MISSING]
Borrow Fee: Not available for OTC Pink [MISSING]
Institutional Ownership: Not reported. No 13F obligations for OTC Pink foreign issuer at this size. [MISSING]
Insider Ownership: Not reported via SEC filings. Canadian insiders report via SEDI. [MISSING]
Insider Activity (last 90 days): No data captured – Canadian registrant, SEDI-based reporting, not parsed by US services [MISSING]
Positioning read: The short position is irrelevant at 736K shares and a CAD $20K dollar value. This is not a short squeeze candidate by any meaningful metric. The absence of institutional ownership data is the bigger concern: with no institutional floor, price action is purely retail-driven and subject to violent swings on low volume. Any spike on news is a sell-into event for anyone holding from higher levels.
TECHNICALS
| TECHNICALS WARNING: NUMIF trades on OTC Pink with volumes typically under 100K shares/day. FinViz does not cover this ticker. No SMA/RSI data is available from standard technical sources. The data below is derived from price history on StockAnalysis and MarketBeat. All values are [EST] from range history, not from a live TA feed. |
Current Price (USD): $0.0231 [FRESH]
52-Week Low: $0.0055 (USD) [FRESH]
52-Week High: $0.0560 (USD) [FRESH]
1-Year Return: +10% (from StockAnalysis TTM chart) [FRESH]
SMA20 / SMA50 / SMA200: MISSING – not available for OTC Pink on standard sources [MISSING]
RSI (14): MISSING [MISSING]
ATR (14): MISSING – estimated ~$0.005-0.008 USD given recent range behavior [EST]
Beta: 2.60 (StockAnalysis) [FRESH]
Key Support: $0.0055 (52w low). Key Resistance: $0.0350 (prior close before today’s sell), then $0.0560 (52w high).
Open Gaps: Not determinable without intraday chart data.
Chart structure: The stock ran from ~$0.006 lows in late 2025 to $0.056 (April 2026 EO peak), a roughly 9x move. It is now in full mean reversion, giving back almost all of that gain. At $0.023, it sits mid-range between the 52w low and the pre-EO base of around $0.030-0.035. Bulls need to hold the $0.020-0.022 zone or the next support is the 52w low at $0.0055. Bears win if volume dries up and the CTO remains unresolved.
CATALYST MAP
| Catalyst | Date / Window | Type | Source | Freshness |
| Trump EO on psychedelic therapies – FDA prioritization, $50M state funding | April 17, 2026 (past) | Regulatory / Policy | newsfilecorp.com Apr 20, 2026 | FRESH |
| TSX delisting effective | April 22, 2026 (past) | Exchange / Corporate | newsfilecorp.com Mar 24, 2026 | FRESH |
| CSE listing application filed | Filed March 2026, timeline unknown | Corporate | newsfilecorp.com Mar 24, 2026 | FRESH |
| CTO revocation (Canada) | Unknown – pending FY2026 audit completion | Regulatory (Canada) | newsfilecorp.com Mar 24, 2026 | FRESH |
| FY2026 annual audit (Aug 31, 2026 year-end) | Oct-Nov 2026 window [EST] | Earnings | Company guidance | MEM/EST |
| Q4 FY2025 results (Aug 31, 2025 year-end) | Expected Nov-Dec 2025 [was delayed by CTO] | Earnings | Pattern from Q3 Sept 3, 2025 | STALE |
| FDA breakthrough therapy reviews (EO-driven) | Ongoing – no specific date | Regulatory (US) | Trump EO, Apr 17, 2026 | FRESH |
| Cedar Clinical Research trial contract expansions | Ongoing | Revenue | Q3 FY2025 results | STALE |
| Colorado State Certified Training Program | Approved March 2025 | Operational | prnewswire Mar 20, 2025 | STALE |
| Macro overlay: No specific Fed dates materially affect this name. The psychedelic sector is driven by policy, not rates. Key macro watch: any reversal or softening of the Trump EO (unlikely near-term but possible via legal challenge or administrative delay) would be a sector-wide negative. VIX above 25 historically compresses speculative small-caps further. |
Catalyst read: The biggest catalyst has already fired – and the stock sold off hard after the initial spike. That is a textbook sell-the-news pattern on a name with no earnings path to justify the multiple. The next binary is CTO revocation + CSE relisting. No date. No guarantee. This is a waiting game with a negative carry (company cash nearly depleted). Events are not stacked – they are sequential and gated by audit completion.
FLOW & SENTIMENT
Options Flow: No options market exists for NUMIF (OTC Pink) [MISSING]
Put/Call Ratio: N/A – no options [MISSING]
Dark Pool: Not tracked for OTC Pink at this market cap [MISSING]
Retail Sentiment (StockTwits): Low activity – OTC Pink name not widely covered [MISSING]
Reddit Mentions: Not captured in scrape [MISSING]
Short Interest Direction: 736K shares, down 10.8% month-over-month (Sept 2025 data) [STALE]
Flow read: There is no institutional flow data, no options, no dark pool. This is entirely a retail speculation vehicle. The Trump EO generated buzz in psychedelic forums and biotech communities but NUMIF is not a liquid enough name to sustain that momentum. Today’s -34% print with no news suggests the post-EO retail buyers are exiting. Sentiment vs. price is diverging – the macro narrative (EO, psychedelic reform) is bullish, but the stock is back to pre-EO levels. That says more about the company’s specific risks (CTO, no relisting, cash stress) than about the sector.
THESIS STRESS TEST
Bull Case Requires
- CTO is revoked on or before FY2026 audit completion (target: Q4 2026)
- CSE listing approved and executed, restoring Canadian trading and broadening the investor base
- Cedar Clinical Research wins 2-3 new Phase 3 trial contracts, pushing quarterly revenue above CAD $2.5M
- Trump EO generates real FDA pipeline acceleration, causing pharma/biotech partners to expand training and CRO contracts with Numinus
- Company reaches cash flow breakeven before needing to issue dilutive equity
Bull Case Dies If
- CTO revocation is delayed past Q4 2026 – audit failures, regulatory objections, or funding shortfall triggers
- CSE application is rejected or withdrawn
- Cash position (CAD $0.82M at May 2025) is exhausted before contract revenue ramps – forcing dilutive raise at $0.02 levels
- Trump EO is challenged in court or stalls in FDA implementation, killing the catalyst narrative
Bear Case Requires
- No catalyst. Current state is: OTC Pink, no exchange, CTO active, CAD $0.82M cash, 320M diluted shares at $0.023. That is a bear case without any incremental negative news.
Bear Case Dies If
- CTO lifts and CSE listing gets approved within 60 days – that is a genuine re-rating event and the one credible path to sustained price recovery
Base Case
NUMIF grinds sideways to down over the next 30-90 days. The Trump EO is priced in and the stock sold off hard after the initial spike. The company is solvent for a few quarters at current burn, but cash is critically thin. The CTO revocation depends on completing the FY2026 audit, which won’t happen until at least late 2026. Until then, US retail trades a near-zero-liquidity OTC Pink name with no options, no institutional support, and no visible near-term catalyst. The sector narrative (psychedelics reform) is genuinely positive but it benefits better-capitalized, exchange-listed peers more than NUMIF in its current form. Most likely outcome: the stock drifts back toward the $0.010-0.015 range as speculative interest fades, unless an unexpected contract announcement or CTO update breaks the pattern.
RISK / REWARD POV
The risk is loss of most or all capital. The reward is a 3-5x move if CSE relisting happens and CCR revenue continues its trajectory. The math on that is: $0.023 in with a target of $0.08-0.10 (near prior highs on a proper exchange) against a downside of $0.005 (52w low). That is a 4:1 ratio on paper. The problem is the probability weighting. The path to $0.08 requires multiple sequential, non-guaranteed events: audit, CTO revocation, CSE approval, contract growth, and no additional dilution. Any one of those failing compresses the stock toward zero. This is a high-risk, low-probability asymmetric bet. It is not a swing trade – there is no technical trigger and no options to structure risk. It is a pure binary on regulatory/corporate events, most of which have no fixed timeline.
ENTRY & EXIT PLAN
| SIZING CAVEAT: Options data is MISSING. Short interest data is STALE. Float is MISSING. Volume data for today is MISSING. SSR does not apply. Per the protocol: reduce size on all missing data flags. This is a maximum-caveat setup. |
Position type: Speculative long only. This is not a day trade or swing trade candidate given thin liquidity and OTC Pink status. It is a multi-month event-driven hold IF you size it like a lottery ticket.
| Element | Level | Logic |
| Entry trigger | $0.020-0.022 USD | Only enter if price holds the $0.020 support zone on volume above 3x avg. Do not chase. |
| Soft stop | $0.015 USD | Below psychological $0.02 floor with room for noise |
| Hard stop | $0.010 USD | Thesis invalidation – approaching 52w lows signals CTO/cash resolution is not imminent |
| Target 1 | $0.035 USD | Prior close / pre-EO range top – first exit for partial |
| Target 2 | $0.056 USD | 52w high – only reachable on CSE listing news |
| Time horizon | 3-6 months minimum | Binary on CTO/CSE news – no shorter-term setup exists |
| Alternative structures: No options available. Cannot structure a risk-defined position. If you want psychedelic sector exposure with better liquidity and options access, consider ATAI (ATAI) or COMPASS Pathways (CMPS) as alternatives. Both are exchange-listed with options markets and cleaner balance sheets. |
RISK REGISTER
| Risk | Severity | Likelihood | Trigger / Watch |
| CTO not revoked by EOY 2026 | Critical | Medium-High | Monitor SEDAR/SEDI for audit filings. Silence is a negative signal. |
| Cash exhaustion / dilutive raise | High | Medium | CAD $0.82M cash at May 2025. Any equity raise at current prices destroys value. |
| CSE listing rejected | High | Medium | CSE has minimum requirements that may not be met given financials |
| Trump EO reversal / legal challenge | High | Low-Medium | Watch federal court filings targeting the EO. Sector would reprice sharply. |
| OTC Pink delisting / downgrade | Medium | Low-Medium | If reporting lapses, NUMIF could drop to Pink Expert or Grey Market – near-zero liquidity |
| Dilution from historical pattern | Medium | High | 320M shares from 217M in 3 years. Any financing adds more. |
| Liquidity risk / wide spreads | Medium | High (ongoing) | OTC Pink sub-100K avg daily volume. Exits may be impossible at target prices. |
| Macro risk-off (VIX > 25) | Medium | Medium | Speculative small-caps compress first and hardest in risk-off environments. |
| Regulatory FDA delays (despite EO) | Medium | Medium | EOs direct, but FDA implementation timelines are independent |
DATA GAPS SUMMARY
The following data points could not be captured and carry explicit [MISSING] tags throughout this report:
- Float – not reported by any source for NUMIF
- Today’s volume – OTC Pink reporting lag, no intraday data captured
- SMA20 / SMA50 / SMA200 / RSI / ATR – no TA coverage for OTC Pink on standard platforms (Finviz, etc.)
- Borrow fee – not applicable / not tracked for OTC Pink
- Institutional ownership – no 13F obligation for this issuer at this size
- Insider transactions (last 90 days) – Canadian issuer, SEDI-based, not parsed by US services
- Options flow / IV rank / put-call ratio – no options market exists
- Dark pool prints – not tracked at this size / exchange tier
- Retail sentiment (StockTwits / Reddit) – insufficient data captured
- Analyst ratings / price targets – zero coverage
- Current cash balance post-Aug 2025 – last reported Q3 FY2025 (May 31, 2025) at CAD $822K
- FY2026 financial results – audit delayed, results not yet published
Not financial advice. DYOR. All data sourced via live API – May 29, 2026. Prices in USD unless labeled CAD. This report covers NUMIF (OTC Pink) as the only currently tradeable venue. TSX:NUMI was delisted April 22, 2026.