After the market closed on Monday, Field Trip Health Ltd. (NASDAQ: FTRP) reported its second fiscal quarter 2022 results for the second fiscal quarter ending September 30, 2021, and provided a business update. Field Trip earned patient services revenues of $907,816 from its Toronto, New York, Santa Monica, Chicago, Atlanta, Houston and Amsterdam clinics, an increase of $813,284 or 860% over the same time period in 2020 of $94,532 and an increase of $40,416 or 5% over the prior fiscal first quarter.
The net loss was $13,019,280, which the company attributed to total operating costs of $15,638,596, of which $2,055,890 was related to non-cash share-based compensation and $848,712 was related to non-cash depreciation and amortization. The company also pointed out that it is continuing to invest in its drug development pipeline and build out its clinic infrastructure. As of September 30, 2021, Field Trip had approximately $88 million in unrestricted cash and cash equivalents and short-term investments.
Field Trip also noted that the Amsterdam clinic began generating revenues in September 2021. Second fiscal quarter 2021 patient services revenues were generated from only two clinics, Toronto and New York. The modest quarter-over-quarter revenue increase was in part due to the COVID-19 Delta variant and seasonality associated with the slower summer months. Revenues in the first part of the third quarter indicate a clear upward trend as a result of recent process optimizations to accelerate patient on-boarding and increase clinic capacity.
The company also announced plans to advance FT-104, its novel psychedelic compound, for Treatment-Resistant Depression and Postpartum Depression as the lead indications. In addition to that, the company initiated a new pipeline research program focused on discovering novel psychedelics with a reduced cardiovascular risk profile compared to classic psychedelics and filed a provisional patent in connection to the composition of matter for the first molecule identified in the FT-200 Group. On October 29, 2021, Field Trip filed a provisional patent application in the United States to protect the composition, as well as potential formulations and uses of the first molecule in the FT-200 group.
“The first molecule identified in the FT-200 Group demonstrates significant promise to maintain 5HT2A activity while reducing off-target serotonin receptor activity. We are continuing to conduct preclinical work on this molecule and will explore structural analogs within the FT-200 Group to better refine and optimize this new family of substances, understand their properties better and work towards identifying a lead candidate”, said Joseph del Moral, Field Trip’s Co-founder and CEO.
Total operating costs in the second fiscal quarter were $15,638,596 and were comprised of the following: general and administration expenses of $8,917,717, research and development expenses of $2,102,787, patient services expenses of $1,917,451, sales and marketing expenses of $1,315,434, depreciation and amortization of $848,712 and occupancy costs of $536,495. This compares with total operating costs of $3,810,177 in the second fiscal quarter of 2021.