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 commercialization, leveraging 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.”