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  • Field Trip Health (TSX:FTRP) reported third quarter financial results and provided a business update
  • The company reported a 330 per cent increase in quarterly revenue
  • The company reported ~$74.5M in unrestricted cash and cash equivalents and short-term investments as at 31 December 2021
  • The company received Notice of Allowance for US Patent Application covering FT-104
  • The company expanded the scope of its development pipeline to focus on a new group of molecules known as FT-200 Group
  • Field Trip Health is a leader in the development and delivery of psychedelic therapies
  • Field Trip Health (TSX:FTRP) is down 5.3 per cent, trading at $1.98 at 1:10 PM EST

Field Trip Health (FTRP) has reported third-quarter financial results and provided a business update.

330 per cent quarterly revenue uptick

Field Trip earned patient services revenues of $1.36M during the third fiscal quarter, representing a 330 per cent uptick over the previous comparative quarter.

The company reported a $14.9M net loss for the quarter, primarily due to its continued investment in drug development and clinic infrastructure.

Meanwhile, the company recorded $15.6M in total operating costs in the third fiscal quarter.

Looking at the balance sheet as of 31 December 2021,  the company had ~$74.5M in unrestricted cash and cash equivalents and short-term investments.

Building the leading psychedelic therapy company

During the quarter, Field Trip continued to invest in its lead drug development program through its Field Trip Discovery division.

The company received a Notice of Allowance for US Patent Application covering FT-104. Informally known as Isoprocin Glutarate, FT – 104 is the company’s first novel psychedelic molecule in development.

FT-104 has the potential to change the lives of those suffering from Treatment-Resistant Depression and Postpartum Depression.

As of January, the company finalized agreements with interested parties in Australia, in addition to The Netherlands, to pursue Phase 1 studies.

Besides, Field Trip also expanded the scope of its development pipeline to focus on a new group of molecules known as FT-200 Group.

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.

In addition, the company progressed its strategy of building the leading psychedelic therapy company through its Field Trip Health division.

The company 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.

Besides, the company appointed Stéphan Côté as Head of Quality to lead the newly launched Site Management Organization Services program. The program enables companies and researchers developing psychedelic therapies to use Field Trip’s world-class facilities, and expertly trained medical and therapy teams, to conduct clinical trials.

As the largest provider of psychedelic-assisted therapies in Canada, the company is well-positioned to help Canadians access life-changing psilocybin-assisted and MDMA-assisted therapy through Health Canada’s Special Access Program.

Field Trip is a global leader in the development and delivery of psychedelic therapies.

Through the Field Trip Discovery division, the company is leading the development of the next generation of psychedelic molecules.

Through the Field Trip Health division, it is building centres for psychedelic therapies opening across North America and Europe.

Field Trip Health (TSX:FTRP) is down 5.3 per cent, trading at $1.98 at 1:10 PM EST.

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