Field Trip Health Ltd. (TSX: FTRP; FTRP.WT; Nasdaq: FTRP) ("Field
Trip"), a leader in the development and delivery of psychedelic
therapies, reported its fiscal first quarter 2022 results for the
three months ended June 30, 2021. All results are reported under
International Financial Reporting Standards ("IFRS") and in
Canadian dollars, unless otherwise specified.
Key Highlights and Developments During
Fiscal First Quarter 2022
During the fiscal first quarter, Field Trip
continued to execute on its FT-104 drug development strategy, the
buildout of a globally recognized brand of psychedelic-assisted
therapy sites and development of its digital tools “Trip” and
“Portal”. With the signing of leases for 5 new Field Trip Health
centers during the quarter and an additional 3 subsequently, the
Company significantly ramped its operations in order to position it
as an early mover in the emerging psychedelics industry. Despite
the continuing impact of the COVID-19 pandemic and its variants on
operations, the Company believes that interest in, and demand for,
psychedelic therapies will continue to rapidly expand over the
coming years. The Company anticipates an increase in long-term
demand for its depression related psychedelic therapies as case
counts start to diminish in the future. With 7 existing sites and
11 locations under construction or about to commence construction,
Field Trip remains on track to have 20 sites open or under
construction by December 2021. However, given the increased
uncertainty surrounding COVID-19 as a result of its variants, the
Company will continue to evaluate the timing of our clinic rollouts
as appropriate.
Business and Operational
Highlights
During the fiscal first quarter, the Company
filed patents in the United States and under the international
Patent Cooperation Treaty relating to FT-104’s structure,
formulation and use in treating a variety of central nervous system
disorders. The Company also announced that it anticipates being
able to commence Phase 1 human trials for FT-104 in Q1 2022.
On May 4, 2021, the Company announced the
opening of its fifth Field Trip Health center in the United States
(and sixth overall) in the city of Houston, TX. The Houston
location is the second Field Trip Health center to open in calendar
year 2021. Field Trip also announced that it has entered into
leases and has commenced, or will soon commence, 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.
On May 20, 2021, the Company announced the
appointment of former US Senate Majority Leader Tom Daschle as a
Special Advisor to the Company.
On June 7, 2021 Field Trip’s Common Shares and
Warrants commenced trading on the Toronto Stock Exchange (“TSX”)
under the ticker symbols “FTRP” and “FTRP.WT” respectively. The
Common Shares continued to trade on the OTCQX market under the
symbol “FTRPF”. In connection with the TSX listing, Field Trip’s
Common Shares and Warrants were delisted from the Canadian
Securities Exchange.
In conjunction with its TSX listing, the Company
announced that it has bolstered its Board of Directors with the
appointments of Barry Fishman as Lead Director and a member of the
Audit Committee, and Ellen Lubman as Director.
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.”
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.”
Subsequent Developments
The Company entered into lease agreements for
Clinic locations in Dallas, TX, Miami, FL and Scottsdale, AZ and
also signed a lease for additional space at its Toronto HQ and
clinic location to accommodate increased operations personnel. The
Company completed construction of its Amsterdam, The Netherlands
clinic and began accepting patients in July 2021.
On July 27, 2021 the Company announced it had
received final approval from The Nasdaq Stock Market LLC (“Nasdaq”)
to list its common shares on the NASDAQ Global Select Market. The
Company’s shares began trading at market open on Thursday, July 29,
2021 with the ticker symbol FTRP. Concurrent with the listing of
Field Trip’s common shares on Nasdaq in the US, the shares ceased
to be quoted on the OTCQX. Concurrent with the listing, Ronan Levy
and Ellen Lubman joined the compensation committee and Mujeeb
Jafferi and Dr. Ryan Yermus resigned as directors of the Company.
Mr. Jafferi and Dr. Yermus will continue to serve as Field Trip’s
Chief Operating Officer and Chief Clinical Officer,
respectively.
Mr. del Moral said, “Subsequent to quarter end
we successfully up-listed our shares on the Nasdaq Global Select
Market increasing both visibility in the investment community and
providing increased share liquidity for investors. This was an
important milestone for the Company. We are firmly committed to
creating value for shareholders and are working aggressively to
build Field Trip into a globally recognized psychedelic-assisted
therapy company.”
Financial Highlights
For the first fiscal quarter ended June 30,
2021, the Company earned patient services revenues of $867,400 from
its Toronto, New York, Santa Monica, Chicago, Atlanta and Houston
clinics, a 65% increase over fourth fiscal quarter patient services
revenues of $526,435. 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 expects to scale
revenue as the clinics continue to ramp up.
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.
Total operating costs comprised general and
administration expenses of $7,685,666, research and development
expenses of $1,359,390, patient services expenses of $1,287,071,
sales & marketing expenses of $986,705, depreciation and
amortization of $615,483 and occupancy costs of $376,615. General
and administration expenses included $1,041,657 non-recurring costs
primarily related to the Company’s TSX and Nasdaq up-listings and
$994,374 recurring public company costs.
Net loss for the first fiscal quarter of 2021 of
$2,958,904 was primarily due to general and administration expenses
of $1,353,920, research and development costs of $735,002 and
unrealized foreign exchange loss of $394,120. The increases from
the prior year primarily reflect the Company’s focus on growing the
business.
Balance Sheet
As of June 30, 2021 Field Trip had unrestricted
cash and cash equivalents, funds held in trust and short-term
investments of $99,762,936 as compared to $111,817,443 on March 31,
2021.
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 ended
June 30, 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.
|
3 months ended |
3 months ended |
|
June 30, 2021 |
June 30, 2020 |
|
$ |
$ |
Revenue |
|
|
Patient services |
867,400 |
23,359 |
Other revenue |
- |
240 |
|
867,400 |
23,599 |
Operating
Expenses |
|
|
General and administration |
7,685,666 |
1,353,920 |
Occupancy costs |
376,615 |
63,783 |
Sales and marketing |
986,705 |
151,832 |
Research and development |
1,359,390 |
735,002 |
Depreciation and amortization |
615,483 |
209,760 |
Patient services |
1,287,071 |
56,975 |
|
12,310,930 |
2,571,272 |
Other
Income (Expenses) |
|
|
Interest income |
131,615 |
2,267 |
Interest expense |
(146,587) |
(37,251) |
Other expense |
(1,071,893) |
(376,247) |
Listing expense |
- |
- |
Net
Loss |
(12,530,395) |
(2,958,904) |
|
|
|
Net Loss
per Share - Basic and Diluted |
(0.22) |
(0.21) |
|
|
|
|
|
|
Cash and
cash equivalents |
27,630,348 |
7,041,330 |
Restricted cash |
462,179 |
100,000 |
Short-term investments |
72,132,588 |
- |
Other
Receivables |
1,052,009 |
318,921 |
Total
Assets |
119,090,774 |
13,019,504 |
Total
Non-Current Financial Liabilities |
10,815,355 |
3,219,052 |
Conference Call
The Company will conduct a conference call and
webcast to review its results on Tuesday, August 17, 2021 at 8:30
am ET. To access the call, please dial 1-877-407-9716 or
1-201-493-6779 and provide conference ID 13722164. A live webcast
of the conference call can be accessed via the Events and
Presentations section of the Field Trip Health Investor Relations
website or via the following link:
http://public.viavid.com/index.php?id=146109.
For those unable to attend the live call, a
telephonic replay will be available until Tuesday, August 31, 2021.
To access the replay of the call dial 1-844-512-2921 or
1-412-317-6671 and provide conference ID 13722164. An archived copy
of the webcast will be available on the Events and Presentations
section of the Field Trip Health Investor Relations website after
the conclusion of the 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 centers for psychedelic therapies opening across North
America and Europe along with the digital and technological tools
that will enable massive scale, we 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
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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 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.
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.
Media contacts:Rachel MoskowitzAutumn
Communications202-276-7881press@fieldtriphealth.com
Nick Opich / McKenna MillerKCSA Strategic
Communications212-896-1206 /
347-487-6197press@fieldtriphealth.com
Investor contacts:Elizabeth BarkerKCSA
Strategic Communications212-896-1203ebarker@kcsa.com SOURCE Field
Trip Health Ltd.
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