Field Trip Health Ltd. (TSX: FTRP; FTRP.WT; NASDAQ: FTRP)
("
Field Trip"), a leader in the
development and delivery of psychedelic therapies, reported its
third fiscal quarter 2022 results for the three months ended
December 31, 2021 and provided a business update. All results are
reported under International Financial Reporting Standards
("
IFRS") and in Canadian dollars, unless otherwise
specified.
Key Highlights and Recent Developments
During the quarter, Field Trip progressed its
strategy of building the leading psychedelic therapy company
through its Field Trip Health division and continued to invest in
its lead drug development program through its Field Trip Discovery
division with FT-104, and its pipeline expansion, currently under
the heading of FT-200 Group (Field Trip Discovery), while
conducting activities associated with the Strategic Review.
Field Trip Discovery
FT-104
In January 2022, Field Trip received a Notice of
Allowance for its patent application No. 17/364,047 (the “Allowed
Patent”) from the U.S. Patent and Trademark Office (USPTO) for
claims related to FT-104 (informally known as “Isoprocin
Glutarate”), the Company’s first novel psychedelic molecule in
development. FT-104 demonstrates improved stability and more
importantly, improved solubility relative to 4-HO-DiPT. As a
prodrug, FT-104 converts rapidly and completely to 4-HO-DiPT after
administration. Combined, these properties result in improved drug
absorption, more reproducible pharmacokinetic profiles and improved
bioavailability relative to 4-HO-DiPT, making it a superior drug
candidate. Subsequent to quarter end, the Company was made aware of
possible prior art claim and is seeking advice of external counsel
regarding strategy. Based on a prima facie review, this process is
not expected to delay the expected Q2 issuance date for the
patent.
During the quarter, the Company expanded
consideration for the Phase 1 trial site to include Australia, in
addition to The Netherlands, to mitigate against possible delays
related to regional differences in reactions to the latest COVID
surge. As of January, the Company finalized agreements with
interested parties in Australia to pursue Phase 1 studies and site
selection is nearly finalized.
FT-200 Group
In November, the Company announced it is
expanding the scope of its development pipeline to focus on a new
group of molecules termed the FT-200 Group, with the discovery of a
novel molecule that has the structure of classical psychedelics and
has demonstrated improved selectivity for the target serotonin 2A
receptor (5HT2A) relative to FT-104 and psilocybin versus off
target serotonin, 5HT1A, 5HT2B and 5HT2C receptors in in-vitro
assays. The aim of this research is to reduce or eliminate
specifically 5HT2B agonist activity, which has been associated with
increased risk of cardiovascular toxicity. By reducing
cardiovascular risk, the molecules in the FT-200 could be safer to
administer more frequently, such as in chronic, intermittent repeat
administration or ‘microdosing’ strategies.
During the quarter, 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.
Joseph del Moral, Field Trip’s Co-founder and
CEO, commented, “The important work we are undertaking through
Field Trip Discovery is advancing us closer to the development of
FT-104 as a more convenient, consistent and practical psychedelic
treatment that has the potential to change the lives of those
suffering from Treatment Resistant Depression and Postpartum
Depression. We have also progressed clinical research to identify a
lead candidate in the FT-200 Group. Improving on the safety of this
class of molecules could allow more practical wide-spread usage in
clinical practice. We are working to strengthen the IP portfolio
around the FT-200 Group, while seeking the optimal lead candidate
for preclinical development.”
Field Trip Health Centres
During the quarter, Field Trip ramped patient
services revenues to $1,360,811, representing an increase of 50%
over the prior quarter and 330% year over year. The Company focused
on improving customer experience while driving process improvements
within its clinical operations. Operational improvements within the
clinics included the launch of an innovative team treatment model
(“TTM”), which has increased client capacity within clinics. Field
Trip also launched a new digital screening tool to facilitate
booking, which is expected to decrease call centre costs and
significantly improve client conversion rates.
The Company also invested in its digital
platform, Portal, to allow it to communicate more efficiently with
clients, collect data more easily, and make client processes more
efficient. Field Trip anticipates that additional features will be
released in the next quarter to allow for an improved client
experience and additional client engagement in Portal.
Vicki Reed, Chief Growth Officer, said, “Since
joining Field Trip, we have implemented a number of marketing and
client acquisition strategies to increase conversion. The effects
of these changes, along with our strong organic engagement, have
led to positive growth trends and a significant improvement in our
client conversions through digital acquisition channels. We
achieved this despite the ongoing effect of COVID-19 along with
what is typically a seasonally slower quarter. We expect to see
continued improvement in our marketing efficiency and revenue
growth in the coming quarters.”
During the quarter, Field Trip opened clinics in
Seattle, Washington, Fredericton, New Brunswick, and San Diego,
California. Subsequent to the quarter, the Company announced the
opening of its Vancouver, BC and Washington DC locations. The
Company’s focus on operational improvements, together with the
effects of COVID, impacted the timing of the construction of our
remaining clinics and the Company is evaluating the timing and
scope of its expansion strategy as part of its previously announced
strategic review.
Field Trip also launched its SMO Services which
will enable third party companies and researchers developing
psychedelic therapies to use its world class facilities, and
expertly trained medical and therapy teams, to conduct clinical
trials. The SMO Services will be led by Stéphan Côté, who was
appointed as Head of Quality.
Subsequent to the quarter end, the Company
announced submission of its first application on behalf of a
patient to Health Canada’s Special Access Program
(“SAP”), which was amended in January to enable
access to psilocybin and MDMA. The SAP provides physicians treating
patients suffering “serious or life-threatening conditions” with
the ability to request access to drugs that have not yet been
approved for sale in Canada when conventional therapies have
failed, are unsuitable, or unavailable. As the largest provider of
psychedelic-assisted therapies in Canada, Field Trip is uniquely
positioned to help Canadians access the SAP for psilocybin and MDMA
and expects to submit additional applications for patients in the
coming months.
Financial Highlights
For the third fiscal quarter ended December 31,
2021, the Company earned patient services revenues of $1,360,811
from its Toronto, New York, Santa Monica, Chicago, Atlanta,
Houston, Fredericton, Seattle, San Diego and Amsterdam clinics, an
increase of $1,044,482 or 330% over the comparative quarter ended
December 31, 2020 of $316,329 and an increase of $452,995 or 50%
over the prior quarter. The San Diego clinic began generating
revenues in December 2021. Third fiscal quarter 2021 patient
services revenues were generated from three clinics, Toronto, New
York and Santa Monica. The quarter over quarter revenue increase
was in part due to the three additional clinics as compared to the
prior quarter. For the nine-month period revenue was $3,136,027 an
increase of $2,701,567 or 622% over the same period of the prior
fiscal year primarily due to ten operating clinics compared to
three in the same period of the prior fiscal year.
Net loss for the third fiscal quarter of
$14,971,170 was primarily due to total operating costs of
$15,629,788, of which $2,050,547 was related to non-cash
share-based compensation and $1,014,018 was related to non-cash
depreciation and amortization and a foreign exchange loss $479,255.
This compares with a net loss of $8,275,669 in the third fiscal
quarter of 2021. The increase from the prior year primarily
reflects the Company’s focus on growing the business and continued
investment in its drug development pipeline and best-in-class
clinic infrastructure.
Total operating costs in the third fiscal
quarter were $15,629,788 and were comprised of the following:
general and administration expenses of $9,120,333, patient services
expenses of $2,546,763, research and development expenses of
$1,421,513, sales and marketing expenses of $1,079,084,
depreciation and amortization of $1,014,018 and occupancy costs of
$448,077. This compares with total operating costs of $5,921,860 in
the third fiscal quarter of 2021.
The year over year difference in general and
administrative expenses in the third fiscal quarter is primarily
due to increased operating costs due to the larger number of
clinics opened as well as those under construction and an increase
in public company-related expenses.
Balance Sheet
As of December 31, 2021 Field Trip had
unrestricted cash and cash equivalents, funds held in trust and
short-term investments of $74,469,005.
Selected Consolidated Financial
Information
The following table sets forth selected
financial information derived from the Company’s unaudited
condensed interim financial statements for the three months and
nine months ended December 31, 2021 prepared in accordance with IAS
34 in a manner consistent with the Company’s annual audited
financial statements. The following information should be read in
conjunction with the financial statements and management’s
discussion and analysis, which are available on the Company’s
website at www.fieldtriphealth.com and under the Company’s SEDAR
profile at www.sedar.com.
FIELD TRIP HEALTH LTD
STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS
|
3 months ended |
|
3 months ended |
|
9 months ended |
|
9 months ended |
|
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
Revenue |
|
|
|
|
Patient
services |
1,360,811 |
|
316,329 |
|
3,136,027 |
|
434,460 |
|
|
1,360,811 |
|
316,329 |
|
3,136,027 |
|
434,460 |
|
Operating Expenses |
|
|
|
|
General and administration |
9,120,333 |
|
3,029,074 |
|
24,844,155 |
|
6,383,135 |
|
Occupancy costs |
448,077 |
|
288,452 |
|
1,361,187 |
|
464,112 |
|
Sales and marketing |
1,079,084 |
|
536,778 |
|
3,458,645 |
|
972,718 |
|
Research and development |
1,421,513 |
|
989,466 |
|
4,977,414 |
|
2,591,364 |
|
Depreciation and amortization |
1,014,018 |
|
375,745 |
|
2,478,213 |
|
855,083 |
|
Patient services |
2,546,763 |
|
702,345 |
|
6,458,901 |
|
1,036,897 |
|
|
15,629,788 |
|
5,921,860 |
|
43,578,515 |
|
12,303,309 |
|
Other Income (Expenses) |
|
|
|
|
Interest income |
98,006 |
|
7,485 |
|
341,555 |
|
12,323 |
|
Interest expense |
(320,944 |
) |
(92,173 |
) |
(724,053 |
) |
(190,368 |
) |
Other income (expense) |
(479,255 |
) |
(454,341 |
) |
304,141 |
|
(989,014 |
) |
Reverse takeover listing expenses |
- |
|
(2,131,109 |
) |
- |
|
(2,131,109 |
) |
Net Loss |
(14,971,170 |
) |
(8,275,669 |
) |
(40,520,845 |
) |
(15,167,017 |
) |
|
|
|
|
|
Net Loss per Share - Basic and
Diluted |
(0.26 |
) |
(0.22 |
) |
(0.70 |
) |
(0.52 |
) |
|
|
|
|
|
|
|
|
As at December 31, 2021$ |
|
As at March 31, 2021$ |
|
|
|
Cash and cash equivalents |
18,353,844 |
|
38,469,057 |
|
|
|
Funds held in trust |
- |
|
795,516 |
|
|
|
Short-term investments |
56,115,161 |
|
72,552,870 |
|
|
|
Accounts receivable |
1,090,248 |
|
813,761 |
|
|
|
Total Assets |
110,311,365 |
|
126,450,005 |
|
|
|
Total Non-Current Financial
Liabilities |
22,902,983 |
|
6,426,484 |
|
|
|
Certain comparative figures have been
reclassified where necessary to conform with current period
presentation.
Conference Call
The Company will conduct a conference call and
webcast to discuss its results on Wednesday, February 16, 2022 at
8:30am ET. To access the call, please dial 1-877-407-9716 (within
the U.S.) or 1-201-493-6779 (outside the U.S.) and provide
conference ID 13726364. A live webcast of the conference call can
be accessed via the Events and Presentations section of the Field
Trip Health Investor Relations website here.
For those unable to attend the live call, a
telephonic replay will be available until 11:59 pm ET on Wednesday,
March 2, 2022. To access the replay dial 1-844-512-2921 (within the
U.S.) or 1-412-317-6671 (outside the U.S.) and provide conference
ID 13726364. The webcast will be archived and available in the
Events and Presentations section of the Field Trip Health Investor
Relations website approximately one hour after the conclusion of
the live call.
About Field Trip Health Ltd.
Field Trip is a global leader in the development
and delivery of psychedelic therapies. With our Field Trip
Discovery division leading the development of the next generation
of psychedelic molecules and conducting advanced research on
plant-based psychedelics and our Field Trip Health division
building centres for psychedelic therapies opening across North
America and Europe along with the digital and technological tools
that will enable massive scale, we seek to help people in need with
a simple, evidence-based way to heal and heighten engagement with
the world.
Learn more at https://www.meetfieldtrip.com,
https://www.fieldtriphealth.com and
https://www.fieldtriphealth.nl.
Follow us on Twitter and Instagram:
@fieldtriphealth.
To receive company updates about Field Trip and
to be added to the email distribution list please sign up here.
Cautionary Note Regarding
Forward-Looking Information
This release includes forward-looking
information (within the meaning of Canadian securities laws and
within the meaning of the United States Private Securities
Litigation Reform Act of 1995) regarding Field Trip and its
business. Often but not always, forward-looking information can be
identified by the use of words such as "expect", "intends",
"anticipated", "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would" or "will" be
taken, occur or be achieved. Such statements are based on the
current expectations and views of future events of the management
of Field Trip and are based on assumptions and subject to risks and
uncertainties. Although the management of Field Trip believes that
the assumptions underlying these statements are reasonable, they
may prove to be incorrect. The forward-looking events and
circumstances discussed in this release may not occur and could
differ materially as a result of known and unknown risk factors and
uncertainties affecting the companies, including the timing,
completion and potential outcomes of the Strategic Review, the
funds available to Field Trip and the use of such funds, the
ability of Field Trip to operate its clinics, the construction and
commencement of construction of additional clinics, the
development, patentability and viability of FT-104 and the FT-200
Group, the ability of Field Trip to complete an investigational new
drug application and obtain regulatory approvals, as required,
prior to initiating clinical trials for FT-104 and molecules within
the FT-200 Group, the ability of Field Trip to meet eligibility
requirements for clinical testing and through to more complex
clinical trials, the ability of Field Trip to obtain regulatory
approvals prior to each clinical trial and the ability of Field
Trip to generate patient member growth, interest in the training
program, interest in the various treatment programs by therapists
and patients, the ability of management to sustain and continue
optimization of its clinical operations, the timing and results of
its research and development programs, approval of phase 1 human
trials, if any, the risk that future clinical studies may not
proceed as expected or may produce unfavorable results, the opening
of additional clinics, the COVID-19 epidemic, the medical clinic
industry, market conditions, economic factors, management's ability
to manage and to operate the business and the equity markets
generally. Although Field Trip has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results to differ from those anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on any
forward-looking statements or information. No forward-looking
statement can be guaranteed. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and Field Trip does not undertake any
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise. Additional information relating to Field Trip,
including its Annual Information Form, can be located on the SEDAR
website at www.sedar.com and on the EDGAR section of the SEC’s
website at www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy securities.
Neither the Toronto Stock Exchange, nor its
Regulation Services Provider, have approved the contents of this
release or accept responsibility for the adequacy or accuracy of
this release.
CONTACTS:
Investor contacts:Kathleen Heaney / Sophia
Bashford / Tim ReganKCSA Strategic
CommunicationsfieldtripIR@kcsa.com
Media contacts:Rachel MoskowitzAutumn
Communications202-276-7881press@fieldtriphealth.com
SOURCE Field Trip Health Ltd.
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