Field Trip Health Archives - Green Market Report

Dave HodesJune 30, 2022


Field Trip Health Ltd. (NASDAQ: FTRP) reported fiscal fourth-quarter and full-year 2022 results for the period ending March 31, 2022, and provided a business update today. All results are reported in Canadian dollars. For the quarter, Field Trip earned patient services revenues of $1,724,102 from its twelve clinics in operation, an increase of $1,197,667 or 228%, over the fourth quarter ended March 31, 2021.

Analysts put earnings estimate at -$.72/share for 2022, steady to -$.72/per share in 2023. Revenue estimates are encouraging, with analysts predicting 2023 year-end revenue to reach a little over $12 million from $4 million now (an increase of $3,899,234 or 406% over the prior fiscal year), with a projected sales growth of 197 percent. Four of five analysts have positioned Field Trip as a buy for now, as they predict it’s heading toward a price target of $12.84/share. 

 Field Trip reported a net loss of $14,170,285 which was mostly attributed to total operating costs of $14,323,644. This compares with a net loss of $7,950,590 in the fiscal fourth quarter of 2021. The increase from the prior year primarily reflects the company’s focus on growing the clinic’s business and continued investment in its drug development pipeline. Net loss for the comparative prior fiscal year was $23,117,607. 

The company is still working to resolve an issue with NASDAQ that it was not in compliance with the minimum bid price requirement ($1 per share) which is necessary to allow it to continue to be listed on the NASDAQ Global Select Market, one of three tiers of the NASDAQ stock market. The company went below $1 per share on May 4, 2022. Volume spiked on that same day (803,000) to its second-highest level since the stock was first listed on July 29, 2021. It has until December 31 to raise its stock price and regain compliance. The stock price hit a low of $.76 on May 11, and has struggled to rise much above that level ever since.

Earnings Call

On the company earnings call were Joseph del Moral, co-founder and CEO; Ronan Levy, co-founder and executive chairman; and Donna Wong, chief financial officer. Paula Amy Hewitt, vice president and general counsel, and Dr. Nathan Bryson, chief scientific officer, also joined in.

Del Moral talked first about the strategic review of the company. “The strategic review confirmed that both divisions of Field Trip are equipped and ready to successfully operate as independent companies, with distinct strategies, dedicated management teams and the capital resources required to execute on the respective business priorities.”

Other highlights included:

– The District of Columbia clinic began generating revenues in March 2022. On a year over year comparative basis, revenue of $526,435 in Q4 2021 was generated from the Toronto, New York, Santa Monica, Chicago and Atlanta clinics. The quarter over quarter revenue increase was in part due to the one additional clinic as compared to the prior quarter. 

– Total operating expenses in the fiscal fourth quarter were $14,323,644 and were comprised of the following: general and administrative expenses of $7,432,602, patient services expenses of $2,691,335, research and development (R&D) expenses of $2,333,724, depreciation and amortization of $1,124,854, sales and marketing expenses of $434,781 and occupancy costs of $306,798. 

– Total operating costs for fiscal year 2022 were $57,902,159 compared with $20,055,929 in fiscal year 2021.

– As of March 31, 2022 Field Trip had unrestricted cash and cash equivalents and restricted cash of $64,496,653.

– During the fiscal fourth quarter, Field Trip continued to advance its drug discovery work which is focused on the research and development of its novel molecule, FT-104, as well as other molecules under development, specifically the FT-200 series.

Levy said that, over the coming months, there will be an evolution in the business strategy for the clinic’s division as it becomes Fieldtrip Health and Wellness. “The focus today has been on validating that psychedelic assisted therapies can be safely, effectively, and reliably offered as a therapeutic option for the millions of people who struggle with mental health challenges,” he said. “We will continue to build upon our strong foundation as a leader in the industry, with a focus on growth and client numbers but also implementing further operational improvements to scale our physical footprint efficiently.” 

He said that there will be a new emphasis on expanding the Field Trip ecosystem in a capital-efficient manner, including building on the launch of their Field Trip at Home program, plus a greater emphasis on their digital tools, particularly the Trip app. “It will start to play a much more central role as the conversation around psychedelics emerges from a third line treatment to a much more social and cultural conversation. The opportunities in the psychedelic industry as it continues to evolve are near boundless. With Field Trip Health and Wellness, we plan to be at the forefront of the most exciting ones.”

StaffFebruary 8, 2022


This is being republished from Crain Chicago and was written by Jon Asplund.

Psychedelics are going legitimate, looking to trade a reputation as illicit, illegal party drugs for legal, approved treatments for medical problems like depression, anxiety, post-traumatic stress disorder and traumatic brain injury.

At the vanguard is ketamine. Patients are piling into a host of ketamine clinics, including Toronto-based Field Trip Health (OTC: FTRP) and Chicago-based Wesana Health. The drug is taking its place alongside marijuana as once-illegal markets that are now growing industries. Other psychedelics and psychoactive compounds are waiting in the wings.

Wesana was co-founded by former Chicago Blackhawk Daniel Carcillo, who turned to psychedelics for relief after retiring from hockey at age 30 with concussion-related traumatic brain injury. Wesana went public on the Canadian Stock Exchange in May 2021, with headquarters in both Toronto and Chicago.

Field Trip was founded in April 2019, went public on the Canadian Securities Exchange in October 2020, and began Nasdaq trading in July 2021. It has between 100 and 200 employees and operates clinics in eight U.S. cities, as well as three cities in Canada and in the Netherlands, the company said in a statement.

Carcillo has drawn attention for use of traditional psychedelics, such as psilocybin, commonly known as magic mushrooms, but the biggest piece of business today is ketamine.

Ketamine has been used illegally for its hallucinogenic high and has been long approved by the U.S. Food & Drug Administration as an intravenous anesthetic.

In 2019, the FDA approved Janssen Pharmaceuticals’ ketamine analog, esketamine. A nasal spray, under the brand name Spravato, esketamine is tightly regulated by the FDA to require a specific strategy, used on patients with treatment-resistant depression, with little room for variation, said Dr. John Zajecka, a Rush University professor of psychiatry and director of the Woman’s Board Depression Treatment Research Center.

Zajecka said the off-label, intravenous use of ketamine in clinics preceded the FDA-approved nasal spray.

The prospects for psychedelic therapies, from ketamine to psilocybin to MDMA, the drug known as molly, drew Florida attorney and certified public accountant Dustin Robinson to investing in the cannabis industry. As co-founder of Iter Investments, with 15 companies in its portfolio, Robinson said he was struck by the psychedelic space’s reliance on science, including the prospect of FDA approval.

Psychedelics “will grow by being available throughout the country and around the world, not through a patchwork of state laws like with marijuana.”

In the meantime, for Wesana Health, ketamine is something of a means to an end. Wesana’s two area clinics, in Oak Brook and downtown Chicago, saw dramatic growth since being purchased in September. The clinics logged a 40% increase in new patients and a 29% increase in new appointments between the third and fourth quarters of 2021, the company said in a statement.

It has also announced plans to open a 3,100-square-foot clinic in Naperville in the coming months. The clinic will offer ketamine infusions; the nasal-spray form of ketamine, Spravato; plus insurance-reimbursable services, such as general psychiatric care, individual psychotherapy, neurocognitive testing and addiction medicine, the company said in a statement.

“These are not ketamine mills,” Carcillo said. “We do things correctly. I don’t even like to be called a psychedelic company.”

At Field Trip Health’s Chicago location in River North, patients see a nurse practitioner and therapist, go through one or two prep sessions before ketamine sessions and see therapists afterward to help sustain positive behavior changes realized by the ketamine trip, said Matt Emmer, vice president of health care practice at Field Trip Health.

“You can have illuminating sessions (with ketamine), but it is the therapy that helps create sustainable change,” he says.

Field Trip Chicago, open for almost a year, has provided “several hundred sessions” to patients who have treatment-resistant depression, severe anxiety and often post-traumatic stress disorder, says Anya Ravitz, a Field Trip psychotherapist.

“In the middle of a pandemic, with the general state of the world, trauma is just more attenuated. I’ve seen ketamine therapy be so helpful for almost all our clients. It moves people past that place of ‘stuckness’ and takes them beyond an ordinary state of consciousness. Talk therapy can take you there, too, but it takes a long time,” she said.

Field Trip’s treatment is the ketamine-through-intramuscular-injection route. The company said in a statement that its doses are “significantly lower than what has been safely used in anesthesia for decades.”

Zajecka said that, like the Spravato model, “what’s going to have to happen with these other treatments is there’s going to need to be guidance of what will be the standards of care. We need to stay focused on where the empirical evidence takes us.”

Nevertheless, ketamine therapies—specifically, Spravato—have been “kind of groundbreaking, Zajecka said, and research into all these different compounds “has opened the door to many possibilities.”

At Rush, Zajecka’s research is moving toward a study of Spravato being used in conjunction with cognitive behavioral therapy. He said he also plans to be involved in psilocybin studies in which the drug is used in a systematic way that involves clinicians monitoring the patient’s experiences and talking through the experience afterward.

Beyond ketamine, Wesana is in the early phases of seeking FDA approval of its combination psilocybin and cannabidiol therapy drug candidate, SANA-013. The company will have a pre-Investigational New Drug meeting with the FDA on March 11 to discuss the proprietary protocol of SANA-013 for the treatment of traumatic brain injury-related major depressive disorder.

Field Trip Health is developing psychedelic therapies, beginning with a psychedelic molecule, FT-104, informally known as Isoprocin Glutarate.

“We designed FT-104 to provide a more convenient, practical and consistent experience, while retaining the characteristics of a classical serotonin psychedelic,” Joseph del Moral, Field Trip Health CEO, said in a statement. “These aspects are important therapeutic and commercial differentiators which may truly separate FT-104 from psilocybin for clinical operators and for patients seeking psychedelic psychotherapy.”

StaffNovember 16, 2021


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.

Revenue Breakdown

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.

Drug Development

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.



StaffAugust 17, 2021


Field Trip Health Ltd. (Nasdaq: FTRP) reported its fiscal first-quarter 2022 results for the three months ended June 30, 2021. Field Trip said it earned patient services revenues of $867,400 from its Toronto, New York, Santa Monica, Chicago, Atlanta, and Houston clinics, a 65% increase over the fourth fiscal quarter patient services revenues of $526,435. The net loss for the first fiscal quarter of 2022 of $12,530,395 was primarily due to total operating costs of $12,310,930, of which $1,599,451 related to non-cash share-based compensation and depreciation and amortization excluding leaseholds.

The Houston clinic was open for about half the quarter. By comparison, revenue in fiscal first-quarter 2021 (for the three months ended June 30, 2020) was $23,599 with only one facility – Toronto – in operation. The company said it expects to scale revenue as the clinics continue to ramp up. The company has $99 million in cash and cash equivalents.

Joseph del Moral, Field Trip’s CEO, said, “Our differentiated strategy provides us with a path to drug development and commercializationleveraging the synergies between our drug development and clinics businesses to collect data and insights that can be used to ensure our approach is targeted and effective, with an optimal go-to-market strategy. We continue to successfully execute this strategy, advancing on FT-104 development work, opening Field Trip Health sites as well as advancing other research work to add to our drug development pipeline. Additionally, we are very pleased that our work with FT-104 continues to progress. These pre-clinical studies, which are necessary before we can move on to Phase 1 development, are expected to be completed by year end 2021. Commencing Phase 1 trials will be a key milestone for us, and the rollout of Field Trip Health centers give us a head start on executing on our research goals and gaining insights and data to potentially de-risk the path to approval for FT-104. Further, by interfacing with patients, providers and payers and building the infrastructure and technology to scale access to psychedelic therapies these sites also help to derisk the successful commercialization of FT-104 and other future pipeline drugs.”

Field Trip also announced that it has entered into leases and has started, or will soon start construction to build Field Trip Health centers in San Diego, CA, San Carlos, CA, Seattle, WA, Washington DC and Fredericton, NB. During the current fiscal quarter, the company also leased locations in Austin, TX, Stamford, CT, and Vancouver, BC.

Dr. Ryan Yermus, Field Trip’s Chief Clinical Officer added: “Our Health Sites are a key strategic asset for us as they enable us to gather large amounts of patient data on clinical outcomes which further enhances our research studies. On the patient side we are providing a vital service for those who were unable to get the desired results with other drugs and/or therapies protocols. During the quarter, we opened a Health Site in Houston, our sixth location, with Amsterdam opening subsequent to the quarter end. To date, our Psychedelic Assisted Psychotherapy treatments are primarily ketamine-assisted psychotherapies (KAP), with the Amsterdam site being our first Field Trip Health site focused on the therapeutic use of psychedelics using legal psilocybin truffles. We plan to leverage the data we collect from our Health Sites to create new treatment programs and innovate new patient offerings. Our preliminary results suggest that the benefits of KAP may last longer than ketamine infusions alone for treatment of depression and anxiety — often reporting an improvement from severe levels at intake to minimal upon program completion.”

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