Former Field Trip Health, Now Reunion Neuroscience: Q1 2023 Financial Results & Corporate Reorganization

Field Trip Discovery and Field Trip Health have been reorganized into two separate companies. The Discovery division has been renamed Reunion Neuroscience Inc. and may be found on NASDAQ and CSE as “REUN”, while Field Trip Health is now Field Trip Health & Wellness Ltd. (Field Trip H&W) and is listed at the CSE as “FTHW”.

Reunion Neuroscience continues advancing its drug R&D pipeline. The company’s lead asset, RE-104 (formerly FT-104), is a potential fast-acting antidepressant with durable efficacy and therefore plausible for post-partum and treatment-resistant depression therapies, while the FT-200 series includes compounds with potentially reduced psychoactivity and therefore propitious for chronic treatments.

Field Trip H&W focuses on offering psychedelic-assisted therapies throughout its health centers across North America and Europe.

Both Reunion and Field Trip H&W will begin trading on the stock exchanges on August 17, 2022.

Financial Highlights For The Period Ended June 30, 2022

Reunion Neuroscience has reported its fiscal first quarter 2023 results for the three-month period ended June 30, 2022.

• Total cash of $31.442.843 as of June 30, 2022, compared to $49.599.727 as of March 31, 2022 

• R&D expenses totaled $2.251.071 for the three-month period ended June 30, 2022, compared to $1.078.999 for the same time period in 2021. 

• Net loss of $4.062.696 for the three-month period ended June 30, 2022, compared to 2021’s $2.644.349 for the same time period. 

• A total of $26.234.291 for liabilities and $3.213.594 of total cash are directly associated with the assets held for the transfer related to the spinout of clinic operations (Field Trip H&W).

On the other hand, Field Trip H&W, the company taking over the clinic operations, showed the following results for the first fiscal quarter:

• Total revenue of $1.420.116 for the three-month period ended June 30, 2022, compared to $675.184 for the same period in 2021, and represents a 6% increase from prior quarters. The company continues offering psychedelic-assisted therapies across its 12 clinics.  

• Net loss of $6.411.430 for the three-month period ended June 30, 2022, compared to 2021’s $7.109.310 for the same time period. The total amount of net loss is due partly to operating 12 clinics instead of six as in the comparative quarter, as well as non-recurring costs (including those related to the spinout transaction). 

Further Corporate Reorganization

After the spinout arrangement, Reunion Neuroscience consolidated its shares on a 5:1 basis, expected to cure the NASDAQ minimum bid price deficiency. 

Upon closing, Field Trip transferred all its clinics in Canada, the U.S. and the Netherlands, its botanical research in Jamaica and part of its corporate operations in Canada and the US to Field Trip H&W. 

Regarding the split, Reunion founder and CEO Joseph del Moral expressed: “As independent companies, each will be laser-focused on executing their own strategic vision and investment priorities, and creating long-term value for their respective shareholders. The future is bright for both businesses and each is excited to continue developing and delivering innovative psychedelic-assisted treatment options.”

A Recap On R&D’s Recent Highlights

• RE104 (FT-104) showed the first successful dosings in a Phase 1 clinical study in July 2022. Reunion expects to report results from the study in Q4 of 2022, and is planning on seeking FDA guidance for next Phase 2 studies. Also, the company was granted a patent as “Tryptamine Prodrugs” for exclusive rights on the composition of matter, formulations, methods of use and methods of manufacture for a family of hemi-ester compounds of hydroxytryptamines.

• RE200 (FT-200 family)’s IP portfolio was strengthened, with two provisional patents filed to the USPTO for compositions, potential formulations and uses.

Photo by Julia Koblitz on Unsplash