Toronto-based Field Trip is a mental wellness company developing and delivering psychedelic therapies to treat mental disorders such as depression, post-traumatic stress disorder (PTSD), and anxiety. The company has three divisions: Health (clinics), Discovery (research and development), and Digital (virtual therapy).
As of November 2021, Field Trip Health operates nine clinics across North America: New York, Los Angeles, Toronto, Atlanta, Chicago, Houston, Seattle, Fredericton, and Vancouver. The company also has near-term plans to open nine new clinics in locations including San Diego, San Carlos, Washington DC and Amsterdam. These clinics support ketamine-assisted therapies with plans to add other substances, including psilocybin, when permitted. Through its Discovery segment in research labs at the University of West Indies in Jamaica, the company is developing FT-104, its first drug candidate similar to psilocybin in potency. The research is at the preclinical evaluation stage and Field Trip is planning to launch its Phase I clinical trials in the first half of 2022. It also introduced a new pipeline research program (FT-200) to discover novel psychedelics for cardiovascular risks.
In August 2020, Field Trip launched its free digital app which provides a framework and tools to support meditation and breathwork. The company also has a digital portal that provides users with information and tools related to psychedelic therapies to enhance and optimize the therapeutic experience provided via its clinics.
Field Trip’s key strategy is to use the clinic model for immediate revenue generation while also making them an integral part of the company’s R&D structure. It plans to expand its clinic network to 20 by the end of 2021 and 75 by 2023.
The company went public on the Canadian Securities Exchange in October 2020 after a reverse takeover of Newton Energy Corporation. The company was also listed on Nasdaq under the ticker symbol “FTRP” in July 2021. It recorded revenue of nearly CAD 1 million (USD 0.8 million) for the year ended March 2021 and earned a net loss of CAD 23 million (USD 19 million).
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