Toronto, Ontario--(Newsfile Corp. - July 29, 2026) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), an Ontario-based organization advancing innovation and research within the legal psychedelic sector, is pleased to report its audited annual consolidated financial statements and management's discussion and analysis ("MD&A") for the fiscal years ended March 31, 2026 and 2025. All figures are reported in Canadian dollars. The Company's audited consolidated financial statements and MD&A are available on the Company's website at www.RedLight.co and under the Company's profile on SEDAR+ at www.sedarplus.ca.
Following its acquisition of Filament Health Corp. ("Filament"), the Company has expanded its pharmaceutical grade manufacturing, regulatory and clinical research capabilities, including capabilities related to naturally derived psilocybin development and Filament's botanical drug candidate, PEX010, in compliance with applicable laws. The Company's previously approved corporate rebrand to Rhelion Life Sciences Corp. is expected to take effect on August 4, 2026, reflecting the Company's evolution into a science-first life sciences organization dedicated to advancing naturally derived psychedelic medicines. The Company's shares will continue trading under TRIP on the Canadian Securities Exchange, TRUFF on the OTCQB and 4YX on the Frankfurt Stock Exchange. For more information, please visit www.RedLight.co and www.Rhelion.com.
Fiscal 2026 marked the successful execution of a strategic vision that has been years in the making. During the year, the Company continued simplifying its legacy operating businesses while establishing a vertically integrated platform focused on naturally derived psychedelic drug discovery, pharmaceutical manufacturing, intellectual property and clinical development.
The Filament Acquisition Creates the Foundation for Rhelion
The acquisition of Filament Health fundamentally transforms the Company. With Filament now integrated into the business, the Company has a pharmaceutical platform that combines proprietary intellectual property, GMP manufacturing capabilities, regulatory expertise, naturally derived drug candidates and an expanding international research network.
Key highlights of the combined platform include:
- 76 issued patents across 13 patent families
- Proprietary naturally derived botanical drug candidate PEX010
- Successfully completed Phase I clinical development
- Phase II-ready development programs
- A Health Canada Level 8 Controlled Substances Dealer's Licence, strengthening the Company's regulatory and production capabilities with Filament's Vancouver-based laboratory and manufacturing facility
- GMP pharmaceutical grade manufacturing infrastructure
- Botanical psilocybin capsule manufacturing ranging from 0.5 mg to 25 mg
- Pharmaceutical grade supply supporting more than 80 clinical studies worldwide
- FDA regulatory experience and international clinical development expertise
- A growing network of pharmaceutical supply agreements, licensing opportunities, compassionate use and academic collaborations across North America, Europe and Oceania
Management believes these capabilities position the Company to participate in the continued development of the regulated psychedelic medicine sector through an integrated platform combining naturally derived psychedelic drug discovery, pharmaceutical grade manufacturing, intellectual property development, clinical research and regulated distribution.
Building Scientific Momentum:
Throughout fiscal 2026, the Company continued expanding its scientific and commercial reach through new research collaborations, pharmaceutical grade supply agreements and international partnerships. These initiatives include continued support for more than 80 clinical studies utilizing Filament's botanical drug candidates, expanded international collaborations, and preparations for additional Phase II clinical development initiatives focused on serious mental health and substance use disorders. The Company also continued strengthening its manufacturing capabilities while advancing discussions relating to future licensing opportunities, strategic partnerships and regulated pharmaceutical grade supply. Management believes naturally derived psychedelic medicines will play an increasingly important role alongside synthetic compounds as regulatory agencies continue expanding clinical research pathways and evaluating new therapeutic approaches to mental health.
Todd Shapiro, Chief Executive Officer and Director, commented:
"Fiscal 2026 was not about maximizing short-term revenue, it was about building the foundation and truly taking us from underground to mainstream. Over the past year, we deliberately simplified our operating portfolio, exited businesses that no longer aligned with our long-term strategy, strengthened our balance sheet and concentrated our capital on opportunities where we believe we can create the greatest value for shareholders. The acquisition of Filament Health fundamentally changes who we are. Today, the Company combines one of the industry's largest portfolios of naturally derived psychedelic intellectual property with GMP pharmaceutical grade manufacturing, regulatory expertise, completed Phase I clinical development, Phase II-ready programs and a rapidly expanding international scientific network. As we officially launch Rhelion Life Sciences, our mission is clear: responsibly advance naturally derived psychedelic medicines through rigorous science, disciplined execution and strategic partnerships while creating sustainable long-term value for patients, partners and shareholders. The original Filament scientific achievements remain the foundation, while new leadership has evolved to maximize the commercial and strategic value of those achievements. We are entering a new era for psychedelic medicine, and Rhelion is built to help lead it."
Key Financial Highlights for FY 2026 vs FY 2025:
- Total Cash Balance: $8.471M in 2026 vs $12.838M in 2025 (down $4.367M).
- Revenue: $4.195M in 2026 vs $4.944M in 2025 (down $0.749M or 15.15%).
- Gross Profit: $1.591M in 2026 vs $1.913M in 2025 (down $0.322M or 16.84%).
- G&A Expenses: $5.426M in 2026 vs $5.686M in 2025 (down $0.260M or 4.56%).
- EBITDA1 Loss: $6.754M in 2026 vs $3.354M in 2025 (up $3.400M).
- Adjusted EBITDA[1] Loss: $2.931M in 2026 vs $2.532M in 2025 (up $0.399M).
- Total Assets: $14.570M on March 31, 2026 vs $21.221M as at March 31, 2025 (down $6.651M).
- Treasury Investments: As at March 31, 2026, the Company held certain excess cash in Bitcoin exchange-traded funds and high-interest savings vehicles.
Wholesale and CPG:
SR Wholesale: In June 2026, RLH Netherlands completed the sale of all of the issued and outstanding shares of SR Wholesale to an arm's length purchaser for cash consideration of €150,000. The Company retained certain rights and assets associated with the iMicrodose brand and certain Wisdom Truffle inventory, as applicable.
MiniChamp: The Company is evaluating strategic alternatives for MiniChamp, including a potential sale of the business. There can be no assurance that any transaction will be completed, or that any transaction will be completed on terms or within a timeline acceptable to the Company.
Happy Caps: Happy Caps continues to be available in over 250 retail stores seasonally. The Company intends to explore opportunities with major retailers across North America to further expand distribution of its mushroom products.
AEM New Brunswick: Shiitake mushroom production operations at the AEM Farm have been suspended since December 2025 due to continued challenges facing the fresh mushroom industry. The Company expects to provide a further update regarding AEM in due course.
AEM Ontario (Peterborough): The Company remains in discussions with a third party that has expressed interest in acquiring the Company's rights to the farmland, plans and permits. Any potential transaction remains subject to due diligence, negotiation of definitive documentation and customary closing conditions, and there can be no assurance that any transaction will be completed. The Company has also engaged a realtor to potentially sell the land, appraised for CAD$2 million, as the Company may pursue alternative monetization strategies, including a potential sale of the land itself.
Looking Ahead:
With the successful completion of the Filament acquisition and the launch of Rhelion Life Sciences, management believes the Company has entered a new phase of growth centered on scientific innovation, intellectual property and pharmaceutical grade development.
During fiscal 2027, the Company intends to focus on advancing its naturally derived drug development platform through continued investment in research, manufacturing, clinical development and strategic partnerships.
Key priorities include:
- Advancing PEX010 and additional naturally derived psychedelic drug candidates toward later-stage clinical development.
- Expanding strategic licensing and pharmaceutical grade supply opportunities with academic institutions, biotechnology companies and commercial partners.
- Leveraging the Company's 76 issued patents across 13 patent families to pursue additional intellectual property development and commercialization opportunities.
- Expanding GMP manufacturing capabilities to support increasing demand for regulated pharmaceutical grade supply.
- Continuing disciplined capital allocation through the optimization of non-core assets while maintaining a strong balance sheet.
- Evaluating additional strategic acquisitions, partnerships and licensing opportunities that complement the Company's platform.
- Actively exploring opportunities to advance PEX010 into a Phase 2b clinical program, including evaluating CRO partners, trial design, regulatory pathways and strategic financing alternatives to support the Company's next stage of clinical development.
Management believes the psychedelic medicine sector is entering a period of increasing regulatory acceptance and scientific validation. As governments, regulators and healthcare providers continue exploring innovative therapies for serious mental health conditions, the Company believes naturally derived botanical medicines will play an increasingly important role alongside synthetic compounds. The Company's drug development programs remain subject to regulatory review and approval processes, and no assurance can be given that any product candidate will receive regulatory approval, advance to later-stage clinical development, or be successfully commercialized. However, the Company believes it is positioned to participate in this evolution through its proprietary intellectual property, GMP pharmaceutical grade manufacturing capabilities, regulatory expertise and clinical development experience.
About Red Light (Name Change to Rhelion Life Sciences expected August 4th, 2026):
Red Light is a science and research led company advancing the natural psychedelic drug discovery and development sector. Through its wholly owned subsidiary Filament Health Corp., the Company is developing naturally derived psilocybin drug candidates, including its patented PEX010, and supporting clinical research and compassionate use programs with leading institutions around the world. The Company also operates in the Netherlands' legal adult-use market and supports voluntary data collection and research to help advance the scientific understanding of natural psychedelics.
For additional information on the Company:
Todd Shapiro
Chief Executive Officer & Director of Red Light (soon-to-be Rhelion Life Sciences)
Chief Executive Officer & Director of Filament Health
Tel: 647-204-7129
Email: todd@redlight.co
Websites www.RedLight.co and www.Rhelion.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is based on management's reasonable assumptions, estimates and expectations as of the date hereof and is often identified by words such as "expect", "anticipate", "intend", "plan", "believe", "estimate", "may", "will", "could", "would", "should" and similar expressions.
Forward-looking information in this press release includes, but is not limited to, statements regarding: the expected timing and completion of the Company's corporate rebrand to Rhelion Life Sciences Corp.; the Company's business strategy following the acquisition of Filament; the anticipated benefits of the Filament acquisition; the Company's plans to advance naturally derived psychedelic drug candidates, including PEX010; the Company's plans and expectations regarding Phase II and potential Phase 2b clinical development activities; the Company's research and development initiatives, pharmaceutical grade supply activities, licensing opportunities, academic collaborations and strategic partnerships; the Company's plans to expand or utilize GMP manufacturing capabilities; the Company's evaluation of strategic alternatives for MiniChamp, AEM Ontario and other non-core assets, including potential sales or other monetization transactions; the Company's expected focus during fiscal 2027; potential acquisitions, commercial arrangements, partnerships, licensing transactions and other strategic opportunities; and the Company's treasury and investment strategy, to the extent such strategy involves future investment decisions.
Forward-looking information is based on a number of assumptions, including, among others: that the corporate rebrand will proceed on the timing currently expected; that the Company will be able to integrate Filament's business, personnel, intellectual property, regulatory capabilities and manufacturing infrastructure as currently contemplated; that the Company will be able to maintain applicable licences, permits and regulatory authorizations; that the Company's research, development, clinical, manufacturing, supply and commercialization initiatives will proceed substantially as currently planned; that the Company will be able to identify, negotiate and complete strategic partnerships, licensing arrangements, asset sales or acquisitions on acceptable terms, if at all; that market, regulatory and business conditions in the jurisdictions in which the Company operates will remain consistent with management's expectations; and that the Company will have access to the personnel, capital and third-party resources required to pursue its stated objectives.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking information. These risks include, among others: risks associated with integrating Filament and realizing the anticipated benefits of the acquisition; risks inherent in pharmaceutical research, drug development and clinical trial planning, including delays, increased costs, regulatory requirements and the possibility of negative, inconclusive or insufficient results; risks relating to the maintenance of licences, permits and regulatory authorizations; changes in laws, regulations or government policies applicable to psychedelic substances, controlled substances, pharmaceutical grade manufacturing or clinical development; risks that strategic partnerships, licensing arrangements, asset sales, acquisitions or other commercial opportunities are not completed on acceptable terms, or at all; risks that expected operational efficiencies, cost reductions, capital allocation initiatives or monetization strategies are not realized; risks relating to product quality, manufacturing, packaging, logistics and supply chain matters; risks associated with consumer demand and commercial distribution; risks associated with cryptocurrency-linked or other treasury investments, if applicable; and general economic, market and business conditions.
Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this press release is made as of the date of this press release, and the Company does not undertake to update or revise any forward-looking information, except as required by applicable securities laws.
[1] Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and adjusted EBITDA are non-International Financial Reporting Standards ("IFRS") measures and do not have standardized meanings under IFRS. Accordingly, these measures may not be comparable to similar measures presented by other issuers. Management uses these measures as supplemental indicators of operating performance. Readers should refer to the Company's MD&A for the fiscal year ended March 31, 2026, available on SEDAR+, for additional information regarding these measures, including the applicable reconciliations to the most directly comparable IFRS measures.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307092
Source: Red Light Holland Corp.
