Field Trip Health Ltd. (NASDAQ: FTRP) (TSX: FTRP)

Field Trip Health Ltd. (NASDAQ: FTRP) (TSX: FTRP) is a global leader in the development and delivery of psychedelic therapies. Through the company’s two divisions, Field Trip Discovery and Field Trip Health, it is helping people in need with a simple, evidence-based way to heal and heighten engagement with the world. Field Trip Discovery, the company’s research division, is leading the development of the next generation of psychedelic molecules and conducting advanced research on plant-based psychedelics, and its Field Trip Health division is building centers for psychedelic therapies across North America and Europe along with the digital and technological tools that will enable massive scale. While psychedelics for therapeutic healing have only recently come back into western medicine, they are increasingly well supported by research and scientific evidence and have a rich history in other cultures dating back thousands of years. Leading research institutions continue to contribute to the growing body of medical literature.

Field Trip Health’s treatment protocol has been designed to help those suffering from treatment resistant mental health conditions, including depression, generalized anxiety disorder and trauma. Field Trip’s approach and treatment programs are based on mounting evidence, and honor the rituals and wisdom passed down through the generations. Being a psychedelic-assisted therapy program means that the company has integrated psychedelic medicine with psychotherapy to treat conditions like treatment resistant depression and PTSD. For the patient to be able to fully benefit, a structured approach is needed. This is the primary reason that Field Trip Health couples’ psychotherapy with psychedelics experiences. In doing so, the company’s therapeutic teams support the patient in addressing, unpacking and understanding the thoughts and feelings that may come up. Psychotherapy provides both a structured way as well as a forum to process these thoughts and feelings so that the patient can integrate the insights they learn into their everyday life.

Divisions and Organization

The company’s operations are organized into three segments. Field Trip Health is the clinical arm of the company, treating patients in 12 psychotherapy centers across North America and the Netherlands. Field Trip Discovery is the company’s R&D division, leading the development of the next generation of psychedelic molecules and conducting advanced research on plant-based psychedelics. Field Trip Digital is the company’s technology division, producing digital tools that improve access for patients.

Field Trip Health is reimagining the mental health clinic with intentionally designed, technologically empowered psychedelic-assisted psychotherapy centers. With an ambitious expansion strategy and clear growth milestones either already met or on schedule, Field Trip Health is establishing itself as a leader in psychedelic therapies. The division plans an aggressive rollout of 75 clinics by 2024 and forecasts solid revenue growth from three recently launched clinics in Toronto, New York City and Los Angeles.

Field Trip Discovery’s primary focus is in developing novel, patented, regulated medicines targeting the serotonin 5HT2A serotonin receptor, which is believed to be the primary receptor involved in psychedelic experiences and responsible for the use of these substances to treat mental disorders, including depression and anxiety. Discovery’s first molecule in development, FT-104, is a synthetic psychedelic molecule for which anecdotal information indicates unique and useful pharmacological features that could make FT-104 a more commercially viable alternative to substances like psilocybin and LSD.

One of the biggest challenges in making psychedelic therapies accessible to a global audience is scaling. Field Trip Digital was created to develop new digital tools that make consciousness expansion therapy and resources available to the world, to provide everyone with access to the healing and growth benefits in these practices. Trip, Field Trip Digital’s first iOS and Android app for consciousness expansion, was launched in mid-August 2020. Trip blends modern neuroscience with the wisdom of psychology to take patients on a self-guided journey and help them make the most of their consciousness-expanding experiences through intention setting, mood tracking, personalized music and mindfulness content.

Market Outlook

According to a report from ResearchAndMarkets, the global psychedelic drugs market is expected to grow from $3.21 billion in 2021 to a value of $6.33 billion in 2026, a CAGR of 14.5% during the forecast period. Market growth is due to a large unmet need for mental health treatment which is driving the adoption of psychedelic drugs. North America is predicted to remain the largest region in the psychedelic drugs market due to a surge of clinical trials, massive investments, regulatory support, and widespread public awareness. The continent accounts for half of the revenue in the global psychedelic drugs market and should be worth $3.184 billion by the end of the forecast period. The strong presence of companies and ongoing clinical trials are also expected to be drivers of the regional market.

Management Team

Joseph del Moral is co-founder and CEO at Field Trip. He co-founded CanvasRx and Canadian Cannabis Clinics where he was CEO. After CanvasRx was acquired by Aurora Cannabis Inc. in 2016, he joined Aurora’s board and led Aurora’s M&A and corporate development. Following his time at Aurora, he became CEO at Trait Biosciences, a leading cannabis biotechnology company.

Ronan Levy is co-founder and Executive Chairman at Field Trip. He is a partner at Grassfed Ventures, a venture capital and advisory firm. He is also Chief Strategy Officer and board member for Trait Biosciences, a leading biotech company in the hemp and cannabis space. He is a co-founder of CanvasRx and Canadian Cannabis Clinics and holds a J.D. from the University of Toronto.

Hannan Fleiman is co-founder and president at Field Trip. He is a founder of Field Trip Ventures, Grassfed Ventures, CanvasRx and Canadian Cannabis Clinics. He has served as president of Trait Biosciences, VP Operations at Just Energy and Senior Business Manager at Teva Pharmaceuticals, where he managed Hospital, Animal and OTC markets. He holds an MBA from McMaster University.

Mujeeb Jafferi is co-founder and COO at Field Trip. He is the founder of Field Trip Health, and most recently served as VP of Sales Strategy and Operations at Just Energy and president of its Solar Energy Division. He has held senior leadership roles at SunEdison Inc. and serves as an advisor to Aptitude360, a communications startup. He holds degrees from York University and University of Toronto.

Dr. Ryan Yermus is co-founder and Chief Clinical Officer at Field Trip. He graduated from medical school at the University of Ottawa and completed his residency at the University of Toronto in 2009. He founded the first fully compliant cannabis clinic in Canada. In his current medical practice, he works with patients to help them overcome opioid addiction. He actively invests in and advises promising startups.

Investment Considerations
  • The U.S. Patent and Trademark Office has issued a Notice of Allowance for Field Trip’s patent application on FT-104, its first novel psychedelic molecule.
  • The company began making applications on behalf of patients needing access to psychedelic-assisted therapy through Health Canada’s SAP program.
  • Field Trip in December 2021 launched its Site Management Organization services, enabling companies developing psychedelic therapies to use Field Trip’s world class facilities.
  • The company has initiated a new pipeline research program focused on discovering novel psychedelics with a reduced cardiovascular risk profile compared to classic psychedelics.
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