UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2022
Commission File Number 001-40635
Reunion Neuroscience Inc.
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant’s name)
30 Duncan Street, Lower North Suite
Toronto, Ontario
M5V 2C3
1-833-833-1967
(Address and telephone number of registrant’s principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
DOCUMENTS INCLUDED AS PART OF THIS REPORT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Reunion Neuroscience Inc. | |||
Date: August 15, 2022 | By: | /s/ Donna Wong | |
Name: | Donna Wong | ||
Title: | Chief Financial Officer |
(Expressed in Canadian Dollars)
|
| |
Notes
|
| |
As at
June 30, 2022 |
| |
As at
March 31, 2022 |
| |||||||||
| | | | | | | | |
$
|
| |
$
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
CURRENT | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | | |
|
40,394,198
|
| | | |
|
63,720,102
|
| |
Restricted cash
|
| | | | | | | | |
|
—
|
| | | |
|
776,551
|
| |
Short-term investments
|
| | | | | | | | |
|
7,735,085
|
| | | |
|
—
|
| |
Accounts receivable
|
| | |
|
5
|
| | | |
|
39,793
|
| | | |
|
1,228,745
|
| |
Other assets
|
| | |
|
6
|
| | | |
|
1,223,739
|
| | | |
|
3,451,901
|
| |
TOTAL CURRENT ASSETS
|
| | | | | | | | | | 49,392,815 | | | | | | 69,177,299 | | |
NON-CURRENT | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | |
|
7
|
| | | |
|
—
|
| | | |
|
4,462,175
|
| |
Intangible assets
|
| | |
|
8
|
| | | |
|
—
|
| | | |
|
483,354
|
| |
Right-of-use assets
|
| | |
|
9
|
| | | |
|
—
|
| | | |
|
27,285,334
|
| |
Other non-current assets
|
| | |
|
6
|
| | | |
|
53,873
|
| | | |
|
728,207
|
| |
TOTAL NON-CURRENT ASSETS
|
| | | | | | | | | | 53,873 | | | | | | 32,959,070 | | |
Assets held for transfer related to spinout of Clinic Operations
|
| | |
|
4
|
| | | |
|
38,621,143
|
| | | |
|
—
|
| |
TOTAL ASSETS
|
| | | | | | | | | | 88,067,831 | | | | | | 102,136,369 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | |
CURRENT | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | |
|
10
|
| | | |
|
1,034,573
|
| | | |
|
5,846,672
|
| |
Deferred revenue
|
| | | | | | | | |
|
—
|
| | | |
|
278,717
|
| |
Current portion of lease obligations
|
| | |
|
9
|
| | | |
|
—
|
| | | |
|
2,306,823
|
| |
TOTAL CURRENT LIABILITIES
|
| | | | | | | | | | 1,034,573 | | | | | | 8,432,212 | | |
NON-CURRENT | | | | | | | | | | | | | | | | | | | |
Loan payable
|
| | | | | | | | |
|
—
|
| | | |
|
31,163
|
| |
Lease obligations
|
| | |
|
9
|
| | | |
|
—
|
| | | |
|
26,714,233
|
| |
TOTAL NON-CURRENT LIABILITIES
|
| | | | | | | | | | — | | | | | | 26,745,396 | | |
Liabilities directly associated with the assets held for transfer related to spinout of Clinic Operations
|
| | |
|
4
|
| | | |
|
33,702,841
|
| | | |
|
—
|
| |
TOTAL LIABILITIES
|
| | | | | | | | | | 34,737,414 | | | | | | 35,177,608 | | |
EQUITY | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | |
|
11
|
| | | |
|
132,112,434
|
| | | |
|
132,111,283
|
| |
Warrant reserve
|
| | |
|
12
|
| | | |
|
6,196,906
|
| | | |
|
6,196,906
|
| |
Share-based payment reserve
|
| | |
|
13
|
| | | |
|
9,153,787
|
| | | |
|
8,409,758
|
| |
Accumulated other comprehensive income (loss)
|
| | | | | | | | |
|
(233,908)
|
| | | |
|
683,647
|
| |
Retained deficit
|
| | | | | | | | |
|
(93,898,802)
|
| | | |
|
(80,442,833)
|
| |
TOTAL EQUITY
|
| | | | | | | | | | 53,330,417 | | | | | | 66,958,761 | | |
TOTAL LIABILITIES AND EQUITY
|
| | | | | | | | | | 88,067,831 | | | | | | 102,136,369 | | |
| /s/ Joseph Del Moral | | | /s/ Helen Boudreau | |
|
Director
|
| |
Director
|
|
(Expressed in Canadian Dollars)
|
| |
Notes
|
| |
For the Three Months Ended
June 30, 2022 |
| |
For the Three Months Ended
June 30, 2021 |
| |||||||||
| | | | | | | | |
$
|
| |
$
|
| ||||||
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | |
General and administration
|
| | |
|
15
|
| | | |
|
2,141,166
|
| | | |
|
1,351,244
|
| |
Research and development
|
| | |
|
16
|
| | | |
|
2,891,921
|
| | | |
|
1,386,176
|
| |
Total operating expenses
|
| | | | | | | | | | 5,033,087 | | | | | | 2,737,420 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | |
|
17
|
| | | |
|
17,545
|
| | | |
|
123,990
|
| |
Foreign exchange loss
|
| | | | | | | | | | (203,749) | | | | | | (783,730) | | |
Net loss before income taxes
|
| | | | | | | | | | (5,219,291) | | | | | | (3,397,160) | | |
Income taxes
|
| | | | | | | | |
|
—
|
| | | |
|
—
|
| |
Net loss after tax from continuing operations
|
| | | | | | | | | | (5,219,291) | | | | | | (3,397,160) | | |
Net loss after tax from Clinic Operations to be spun-out
|
| | |
|
4
|
| | | |
|
(8,236,678)
|
| | | |
|
(9,133,235)
|
| |
Net loss after tax
|
| | | | | | | | | | (13,455,969) | | | | | | (12,530,395) | | |
Other comprehensive income (loss) from Clinic Operations to be spun-out
|
| | | | | | | | | | | | | | | | | | |
Exchange gain (loss) from translation of foreign subsidiaries
|
| | | | | | | | |
|
(917,555)
|
| | | |
|
104,067
|
| |
COMPREHENSIVE LOSS
|
| | | | | | | | | | (14,373,524) | | | | | | (12,426,328) | | |
NET LOSS PER SHARE | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
|
14
|
| | | |
|
(0.23)
|
| | | |
|
(0.22)
|
| |
NET LOSS PER SHARE FROM CONTINUING OPERATIONS
|
| | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
|
14
|
| | | | | (0.09) | | | | | | (0.06) | | |
| | | | | | | | |
Share Capital
|
| |
Warrant Reserve
|
| |
Share-Based
Payment Reserve |
| |
Accumulated
Other Comprehensive Income (loss) |
| |
Retained
Deficit |
| |
Shareholders’
Equity |
| ||||||||||||||||||||||||
(Expressed in Canadian Dollars)
|
| |
Notes
|
| |
# Shares
|
| |
$
|
| |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |||||||||||||||
Balance, April 1, 2022
|
| | | | | | | | | | 58,150,789 | | | | | | 132,111,283 | | | | | | 6,196,906 | | | | | | 8,409,758 | | | | | | 683,647 | | | | | | (80,442,833) | | | | |
|
66,958,761
|
| |
Net loss
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,455,969) | | | | |
|
(13,455,969)
|
| |
Exchange loss from translation of foreign subsidiaries
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (917,555) | | | | | | — | | | | |
|
(917,555)
|
| |
Comprehensive loss
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(917,555)
|
| | | |
|
(13,455,969)
|
| | | |
|
(14,373,524)
|
| |
Share-based payments
|
| | |
|
13
|
| | | | | — | | | | | | — | | | | | | — | | | | | | 744,398 | | | | | | — | | | | | | — | | | | |
|
744,398
|
| |
Stock options exercised
|
| | |
|
13
|
| | | | | 1,563 | | | | | | 1,151 | | | | | | — | | | | | | (369) | | | | | | — | | | | | | — | | | | |
|
782
|
| |
Balance, June 30, 2022
|
| | | | | | | | | | 58,152,352 | | | | | | 132,112,434 | | | | | | 6,196,906 | | | | | | 9,153,787 | | | | | | (233,908) | | | | | | (93,898,802) | | | | | | 53,330,417 | | |
| | | | | | | | |
Share Capital
|
| |
Warrant Reserve
|
| |
Share-Based
Payment Reserve |
| |
Accumulated
Other Comprehensive Income |
| |
Retained
Deficit |
| |
Shareholders’
Equity |
| ||||||||||||||||||||||||
| | | | | | | | |
# Shares
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |||||||||||||||
Balance, April 1, 2021
|
| | | | | | | | | | 57,297,238 | | | | | | 130,784,175 | | | | | | 6,370,660 | | | | | | 1,832,224 | | | | | | 327,302 | | | | | | (25,751,703) | | | | | | 113,562,658 | | |
Net loss
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,530,395) | | | | | | (12,530,395) | | |
Exchange gain from translation of foreign subsidiaries
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 104,067 | | | | | | — | | | | | | 104,067 | | |
Comprehensive income (loss)
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 104,067 | | | | | | (12,530,395) | | | | | | (12,426,328) | | |
Share issuance
|
| | | | | | | | | | 150,000 | | | | | | 225,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 225,000 | | |
Share issuance cost
|
| | | | | | | | | | — | | | | | | (61,307) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (61,307) | | |
Share-based payments
|
| | |
|
13
|
| | | | | — | | | | | | — | | | | | | — | | | | | | 1,187,133 | | | | | | — | | | | | | — | | | | | | 1,187,133 | | |
Warrants exercised
|
| | |
|
12
|
| | | | | 144,377 | | | | | | 405,974 | | | | | | (117,219) | | | | | | — | | | | | | — | | | | | | — | | | | | | 288,755 | | |
Stock options exercised
|
| | |
|
13
|
| | | | | 70,583 | | | | | | 118,909 | | | | | | — | | | | | | (50,239) | | | | | | — | | | | | | — | | | | | | 68,670 | | |
Balance, June 30, 2021
|
| | | | | | | | | | 57,662,198 | | | | | | 131,472,751 | | | | | | 6,253,441 | | | | | | 2,969,118 | | | | | | 431,369 | | | | | | (38,282,098) | | | | | | 102,844,581 | | |
(Expressed in Canadian dollars)
|
| |
Notes
|
| |
For the Three Months
Ended June 30, 2022 |
| |
For the Three Months
Ended June 30, 2021 |
| |||||||||
| | | | | | | | |
$
|
| |
$
|
| ||||||
OPERATING ACTIVITIES
|
| | | | | | | | | | | | | | | | | | |
Net loss before tax from continuing operations
|
| | | | | | | | | | (5,219,291) | | | | | | (3,397,160) | | |
Net loss before tax from Clinic Operations to be
spun-out |
| | |
|
4
|
| | | |
|
(8,236,678)
|
| | | |
|
(9,133,235)
|
| |
Net loss before tax
|
| | | | | | | | |
|
(13,455,969)
|
| | | |
|
(12,530,395)
|
| |
Items not involving cash:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | | | | | |
|
1,204,670
|
| | | |
|
615,483
|
| |
Share-based payments
|
| | |
|
13
|
| | | |
|
744,398
|
| | | |
|
1,412,133
|
| |
Unrealized foreign exchange (gain)/loss
|
| | | | | | | | |
|
(357,707)
|
| | | |
|
552,343
|
| |
Government assistance
|
| | | | | | | | |
|
—
|
| | | |
|
(12,102)
|
| |
Impairment of fixed assets
|
| | |
|
7
|
| | | |
|
997,524
|
| | | |
|
—
|
| |
Interest income
|
| | | | | | | | |
|
(26,166)
|
| | | |
|
(131,615)
|
| |
Interest expense
|
| | | | | | | | |
|
406,403
|
| | | |
|
146,587
|
| |
Net change in non-cash working capital
|
| | |
|
18
|
| | | |
|
161,262
|
| | | |
|
(888,157)
|
| |
| | | | | | | | | | | (10,325,585) | | | | | | (10,835,723) | | |
Interest received
|
| | | | | | | | |
|
21,362
|
| | | |
|
28,615
|
| |
Interest paid
|
| | | | | | | | |
|
(405,363)
|
| | | |
|
(145,611)
|
| |
CASH RELATED TO OPERATING ACTIVITIES
|
| | | | | | | | | | (10,709,586) | | | | | | (10,952,719) | | |
INVESTING ACTIVITIES
|
| | | | | | | | | | | | | | | | | | |
Purchase of short-term investments
|
| | | | | | | | |
|
(7,789,921)
|
| | | |
|
—
|
| |
Acquisition of property, plant and equipment
|
| | | | | | | | |
|
(56,098)
|
| | | |
|
(692,427)
|
| |
Development of intangible assets
|
| | | | | | | | |
|
(14,265)
|
| | | |
|
(112,412)
|
| |
Refundable security deposit paid for right-of-use assets
|
| | | | | | | | |
|
—
|
| | | |
|
(264,380)
|
| |
CASH RELATED TO INVESTING ACTIVITIES
|
| | | | | | | | | | (7,860,284) | | | | | | (1,069,219) | | |
FINANCING ACTIVITIES
|
| | | | | | | | | | | | | | | | | | |
Proceeds from exercise of stock options
|
| | |
|
13
|
| | | |
|
782
|
| | | |
|
68,670
|
| |
Proceeds from exercise of warrants
|
| | | | | | | | |
|
—
|
| | | |
|
288,755
|
| |
Repayment of principal of lease obligations
|
| | | | | | | | |
|
(430,728)
|
| | | |
|
(193,458)
|
| |
Loan received
|
| | | | | | | | |
|
—
|
| | | |
|
20,000
|
| |
CASH RELATED TO FINANCING ACTIVITIES
|
| | | | | | | | | | (429,946) | | | | | | 183,967 | | |
Net change in cash during the year
|
| | | | | | | | |
|
(18,999,816)
|
| | | |
|
(11,837,971)
|
| |
Effect of exchange rate on changes in cash
|
| | | | | | | | |
|
(523,081)
|
| | | |
|
77,884
|
| |
Cash, beginning of the period
|
| | | | | | | | |
|
64,496,653
|
| | | |
|
39,852,614
|
| |
CASH, END OF PERIOD
|
| | | | | | | | | | 44,973,756 | | | | | | 28,092,527 | | |
Represented by: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | | |
|
44,522,660
|
| | | |
|
27,630,348
|
| |
Restricted cash
|
| | | | | | | | |
|
451,096
|
| | | |
|
462,179
|
| |
CASH, END OF PERIOD
|
| | | | | | | | | | 44,973,756 | | | | | | 28,092,527 | | |
Composed of: | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | | | | | |
|
21,636,024
|
| | | |
|
13,083,178
|
| |
Cash equivalents
|
| | | | | | | | |
|
23,337,732
|
| | | |
|
15,009,349
|
| |
(Expressed in Canadian Dollars)
|
| |
As at
June 30, 2022 |
| |||
| | |
$
|
| |||
ASSETS | | | | | | | |
CURRENT | | | | | | | |
Cash and cash equivalents
|
| | |
|
4,128,462
|
| |
Restricted cash
|
| | |
|
451,096
|
| |
Accounts receivable
|
| | |
|
1,892,658
|
| |
Other assets
|
| | |
|
569,453
|
| |
TOTAL CURRENT ASSETS
|
| | | | 7,041,669 | | |
NON-CURRENT | | | | | | | |
Property, plant and equipment
|
| | |
|
3,334,343
|
| |
Intangible assets
|
| | |
|
450,941
|
| |
Right-of-use assets
|
| | |
|
27,096,677
|
| |
Other non-current assets
|
| | |
|
697,513
|
| |
TOTAL NON-CURRENT ASSETS
|
| | | | 31,579,474 | | |
ASSETS HELD FOR TRANSFER RELATED TO SPINOUT OF CLINIC OPERATIONS
|
| | | | 38,621,143 | | |
LIABILITIES | | | | | | | |
CURRENT | | | | | | | |
Accounts payable and accrued liabilities
|
| | | | 3,908,432 | | |
Deferred revenue
|
| | |
|
416,784
|
| |
Current portion of lease obligations
|
| | |
|
2,595,602
|
| |
TOTAL CURRENT LIABILITIES
|
| | | | 6,920,818 | | |
NON-CURRENT | | | | | | | |
Loan payable
|
| | |
|
32,295
|
| |
Lease obligations
|
| | |
|
26,749,728
|
| |
TOTAL NON-CURRENT LIABILITIES
|
| | | | 26,782,023 | | |
LIABILITIES DIRECTLY ASSOCIATED WITH THE ASSETS HELD FOR TRANSFER RELATED TO SPINOUT OF CLINIC OPERATIONS
|
| | | | 33,702,841 | | |
AMOUNT INCLUDED IN ACCUMULATED OCI | | | | | | | |
Exchange loss from translation of foreign subsidiaries
|
| | |
|
(233,908)
|
| |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
REVENUE
|
| | | | | | | | | | | | |
Total revenue
|
| | | | 1,824,404 | | | | | | 867,400 | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
General and administration
|
| | |
|
6,336,476
|
| | | |
|
5,603,922
|
| |
Occupancy costs
|
| | |
|
1,227,952
|
| | | |
|
376,615
|
| |
Sales and marketing
|
| | |
|
669,898
|
| | | |
|
1,064,127
|
| |
Research and development
|
| | |
|
44,305
|
| | | |
|
66,938
|
| |
Depreciation and amortization
|
| | |
|
1,204,670
|
| | | |
|
615,483
|
| |
Patient services
|
| | |
|
2,513,949
|
| | | |
|
1,845,625
|
| |
Total operating expenses
|
| | | | 11,997,250 | | | | | | 9,572,710 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | |
Interest income
|
| | |
|
8,621
|
| | | |
|
7,625
|
| |
Interest expense
|
| | |
|
(406,403)
|
| | | |
|
(146,587)
|
| |
Other income (expense) | | | | | | | | | | | | | |
Foreign exchange gain (loss)
|
| | | | 2,333,950 | | | | | | (301,065) | | |
Government assistance
|
| | |
|
—
|
| | | |
|
12,102
|
| |
Net loss before income taxes
|
| | | | (8,236,678) | | | | | | (9,133,235) | | |
Income taxes
|
| | |
|
—
|
| | | |
|
—
|
| |
Net loss after tax
|
| | | | (8,236,678) | | | | | | (9,133,235) | | |
Exchange gain (loss) from translation of foreign subsidiaries
|
| | |
|
(917,555)
|
| | | |
|
104,067
|
| |
COMPREHENSIVE LOSS
|
| | | | (9,154,233) | | | | | | (9,029,168) | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash used in operating activities
|
| | | | (2,532,756) | | | | | | (941,610) | | |
Cash used in investing activities
|
| | |
|
(70,363)
|
| | | |
|
(1,069,219)
|
| |
Cash provided by financing activities
|
| | |
|
4,930,542
|
| | | |
|
4,914,281
|
| |
Net cash inflow
|
| | | | 2,327,423 | | | | | | 2,903,452 | | |
| | |
As at
June 30, 2022 |
| |
As at
March 31, 2022 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Trade receivables
|
| | |
|
—
|
| | | |
|
250,139
|
| |
Sales tax receivable
|
| | |
|
39,793
|
| | | |
|
728,176
|
| |
Other receivables
|
| | |
|
—
|
| | | |
|
250,430
|
| |
| | | | | 39,793 | | | | | | 1,228,745 | | |
| | |
As at
June 30, 2022 |
| |
As at
March 31, 2022 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Prepaid expenses
|
| | | | 1,223,739 | | | | | | 3,448,069 | | |
Lease security deposits
|
| | |
|
—
|
| | | |
|
678,854
|
| |
Shareholder loans receivable
|
| | |
|
53,873
|
| | | |
|
53,185
|
| |
| | | | | 1,277,612 | | | | | | 4,180,108 | | |
Less amounts due within one year
|
| | | | (1,233,739) | | | | | | (3,451,901) | | |
Non-current balance
|
| | |
|
53,873
|
| | | |
|
728,207
|
| |
Cost
|
| |
Leasehold
Improvements |
| |
Furniture &
Fixtures |
| |
Computer
Equipment |
| |
Medical &
Laboratory Equipment |
| |
Construction
in Progress |
| |
Total
|
| ||||||||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||||||||
Balance, April 1, 2022
|
| | | | 2,652,290 | | | | | | 627,200 | | | | | | 963,801 | | | | | | 416,833 | | | | | | 962,640 | | | | | | 5,622,764 | | |
Impairment charge
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (997,524) | | | | | | (997,524) | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,884 | | | | | | 34,884 | | |
Assets held for transfer related to spinout of Clinic Operations
|
| | | | (2,652,290) | | | | | | (627,200) | | | | | | (963,801) | | | | | | (416,833) | | | | | | — | | | | | | (4,660,124) | | |
Balance, June 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, April 1, 2022
|
| | | | (625,016) | | | | | | (134,859) | | | | | | (307,993) | | | | | | (92,721) | | | | | | — | | | | | | (1,160,589) | | |
Assets held for transfer related to spinout of Clinic Operations
|
| | | | 625,016 | | | | | | 134,859 | | | | | | 307,993 | | | | | | 92,721 | | | | | | — | | | | | | 1,160,589 | | |
Balance, June 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net book value as at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
March 31, 2022
|
| | | | 2,027,274 | | | | | | 492,341 | | | | | | 655,808 | | | | | | 324,112 | | | | | | 962,640 | | | | | | 4,462,175 | | |
Cost
|
| |
Field Trip Health
Website |
| |
Field Trip Health
Portal |
| |
Trip App
|
| |
Total
|
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Balance, April 1, 2022
|
| | | | 182,905 | | | | | | 251,263 | | | | | | 278,282 | | | | | | 712,450 | | |
Assets held for transfer related to spinout of Clinic Operations
|
| | | | (182,905) | | | | | | (251,263) | | | | | | (278,282) | | | | | | (712,450) | | |
Balance, June 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, April 1, 2022
|
| | | | (88,599) | | | | | | (70,599) | | | | | | (69,898) | | | | | | (229,096) | | |
Assets held for transfer related to spinout of Clinic Operations
|
| | | | 88,599 | | | | | | 70,599 | | | | | | 69,898 | | | | | | 229,096 | | |
Balance, June 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net book value as at | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
March 31, 2022
|
| | | | 94,306 | | | | | | 180,664 | | | | | | 208,384 | | | | | | 483,354 | | |
Cost
|
| |
Total
|
| |||
| | |
$
|
| |||
Balance, April 1, 2022
|
| | | | 30,960,968 | | |
Assets held for transfer related to spinout of Clinic Operations
|
| | | | (30,960,968) | | |
Balance, June 30, 2022
|
| | | | — | | |
Accumulated depreciation | | | | | | | |
Balance, April 1, 2022
|
| | |
|
(3,675,634)
|
| |
Assets held for transfer related to spinout of Clinic Operations
|
| | |
|
3,675,634
|
| |
Balance, June 30, 2022
|
| | | | — | | |
Net book value as at | | | | | | | |
June 30, 2022
|
| | | | — | | |
March 31, 2022
|
| | | | 27,285,334 | | |
| | |
Total
|
| |||
| | |
$
|
| |||
As at April 1, 2022
|
| | | | 29,021,056 | | |
Liabilities directly associated with the assets held for transfer related to spinout of Clinic Operations
|
| | | | (29,021,056) | | |
| | | | | — | | |
| | |
As at
June 30, 2022 |
| |
As at
March 31, 2022 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
General and administration
|
| | | | 470,731 | | | | | | 3,683,931 | | |
Occupancy costs
|
| | | | — | | | | | | 44,232 | | |
Patient services expenses
|
| | | | — | | | | | | 1,029,479 | | |
Research and development
|
| | | | 563,842 | | | | | | 801,901 | | |
Sales and marketing
|
| | | | — | | | | | | 92,856 | | |
Property, plant and equipment
|
| | | | — | | | | | | 194,273 | | |
| | | | | 1,034,573 | | | | | | 5,846,672 | | |
Class of Shares
|
| |
Number of
Shares Issued |
| |
Amount
|
| ||||||
| | | | | | | | |
$
|
| |||
Class A Common Shares
|
| | | | 58,152,352 | | | | | | 132,112,434 | | |
| | | | | 58,152,352 | | | | | | 132,112,434 | | |
| | |
As at
|
| |
As at
|
| ||||||
Class of Shares
|
| |
June 30, 2022
|
| |
March 31, 2022
|
| ||||||
Common Share Stock Options
|
| | | | 6,312,623 | | | | | | 6,056,540 | | |
Warrants
|
| | | | 2,071,090 | | | | | | 2,071,090 | | |
FTP Compensation Warrants
|
| | | | 174,384 | | | | | | 174,384 | | |
Compensation Warrants
|
| | | | 1,034,868 | | | | | | 1,034,868 | | |
Jamaica Facility Shares (Note 13)
|
| | | | 337,500 | | | | | | 337,500 | | |
| | | | | 9,930,465 | | | | | | 9,674,382 | | |
| | |
FTP
Compensation Warrants |
| |
Compensation
Warrants |
| |
Warrants
|
| |
Total
Warrants |
| |
Total Amount
|
| |||||||||||||||
| | |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
$
|
| |||||||||||||||
Balance, June 30, 2022
and March 31, 2022 |
| | | | 174,384 | | | | | | 1,034,868 | | | | | | 2,071,090 | | | | | | 3,280,342 | | | | | | 6,196,906 | | |
| | |
Options
|
| |
Range of
Exercise Price |
| |
Weighted Average
Exercise Price |
| |||||||||
| | |
#
|
| |
$
|
| |
$
|
| |||||||||
Balance, April 1, 2022
|
| | | | 6,056,540 | | | | | | 0.50 – 8.25 | | | | | | 3.49 | | |
Stock Option Plan – Granted
|
| | | | 730,500 | | | | | | 1.04 – 1.33 | | | | | | 1.14 | | |
Stock Option Plan – Forfeit
|
| | | | (472,854) | | | | | | 0.50 – 7.74 | | | | | | 4.51 | | |
Stock Option Plan – Exercised
|
| | | | (1,563) | | | | | | 0.50 | | | | | | 0.50 | | |
Balance, June 30, 2022
|
| | | | 6,312,623 | | | | | | 0.50 – 8.25 | | | | | | 3.14 | | |
| | |
Options
|
| |
Range of
Exercise Price |
| |
Weighted Average
Exercise Price |
| |||||||||
| | |
#
|
| |
$
|
| |
$
|
| |||||||||
Balance, April 1, 2021
|
| | | | 5,150,798 | | | | | | 0.50 – 8.25 | | | | | | 2.29 | | |
Stock Option Plan – Granted
|
| | | | 2,071,286 | | | | | | 1.65 – 7.74 | | | | | | 6.08 | | |
Stock Option Plan – Forfeit
|
| | | | (743,378) | | | | | | 0.50 – 8.00 | | | | | | 3.94 | | |
Stock Option Plan – Exercised
|
| | | | (422,166) | | | | | | 0.50 – 2.68 | | | | | | 0.70 | | |
Balance, March 31, 2022
|
| | | | 6,056,540 | | | | | | 0.50 – 8.25 | | | | | | 3.49 | | |
Options
|
| |
Share Price
|
| |
Exercise
Price |
| |
Risk-free
Interest Rate |
| |
Expected Life
|
| |
Volatility
Factor |
| |
Fair Value
per Option |
| ||||||||||||||||||
#
|
| |
$
|
| |
$
|
| |
%
|
| |
(years)
|
| |
%
|
| |
$
|
| ||||||||||||||||||
730,500 | | | | | 1.14 | | | | | | 1.14 | | | | | | 2.9 | | | | | | 10 | | | | | | 100 | | | | | | 0.89 | | |
Options
|
| |
Share Price
|
| |
Exercise
Price |
| |
Risk-free
Interest Rate |
| |
Expected Life
|
| |
Volatility
Factor |
| |
Fair Value
per Option |
| ||||||||||||||||||
#
|
| |
$
|
| |
$
|
| |
%
|
| |
(years)
|
| |
%
|
| |
$
|
| ||||||||||||||||||
969,888 | | | | | 6.19 | | | | | | 6.19 | | | | | | 1.4 | | | | | | 9.3 | | | | | | 106 | | | | | | 5.40 | | |
Exercise Price Range
|
| |
Options
|
| |
Remaining
Contractual Life |
| |
Weighted
Average Exercise Price |
| |
Vested Options
|
| |
Weighted
Average Exercise Price |
| |||||||||||||||
$
|
| |
#
|
| |
(years)
|
| |
$
|
| |
#
|
| |
$
|
| |||||||||||||||
0.50 | | | | | 2,157,533 | | | | | | 7.8 | | | | | | 0.50 | | | | | | 1,080,152 | | | | | | 0.50 | | |
1.08 – 1.33 | | | | | 710,500 | | | | | | 9.9 | | | | | | 1.13 | | | | | | — | | | | | | — | | |
1.65 – 2.35 | | | | | 785,486 | | | | | | 7.0 | | | | | | 2.00 | | | | | | 366,962 | | | | | | 2.00 | | |
2.55 – 3.83 | | | | | 50,000 | | | | | | 8.9 | | | | | | 2.87 | | | | | | 8,853 | | | | | | 2.68 | | |
3.83 – 5.75 | | | | | 1,215,497 | | | | | | 8.8 | | | | | | 5.17 | | | | | | 231,388 | | | | | | 4.95 | | |
5.75 – 8.25 | | | | | 1,393,622 | | | | | | 9.0 | | | | | | 7.15 | | | | | | 178,325 | | | | | | 7.74 | | |
0.5 – 8.25 | | | | | 6,312,623 | | | | | | 8.4 | | | | | | 3.14 | | | | | | 1,865,680 | | | | | | 2.05 | | |
Exercise Price Range
|
| |
Options
|
| |
Remaining
Contractual Life |
| |
Weighted
Average Exercise Price |
| |
Vested Options
|
| |
Weighted
Average Exercise Price |
| |||||||||||||||
$
|
| |
#
|
| |
(years)
|
| |
$
|
| |
#
|
| |
$
|
| |||||||||||||||
0.50 | | | | | 2,239,617 | | | | | | 8.0 | | | | | | 0.50 | | | | | | 1,024,464 | | | | | | 0.50 | | |
1.65 – 2.35 | | | | | 832,569 | | | | | | 7.4 | | | | | | 2.00 | | | | | | 361,697 | | | | | | 2.00 | | |
2.55 – 3.83 | | | | | 50,000 | | | | | | 9.2 | | | | | | 2.87 | | | | | | 8,332 | | | | | | 2.68 | | |
3.83 – 5.75 | | | | | 1,266,747 | | | | | | 9.1 | | | | | | 5.15 | | | | | | 243,838 | | | | | | 4.92 | | |
5.75 – 8.25 | | | | | 1,667,607 | | | | | | 9.2 | | | | | | 7.01 | | | | | | 141,679 | | | | | | 8.03 | | |
0.5 – 8.25 | | | | | 6,056,540 | | | | | | 8.5 | | | | | | 3.49 | | | | | | 1,780,010 | | | | | | 2.02 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Stock option compensation expense – Stock Option Plan
|
| | | | 744,398 | | | | | | 1,332,089 | | |
Stock-based compensation expense – Jamaica Facility Shares
|
| | | | — | | | | | | 80,044 | | |
Stock-based compensation expense
|
| | | | 744,398 | | | | | | 1,412,133 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Stock option related to continuing operations | | | | | | | | | | | | | |
Stock option compensation expense – General and administration
|
| | | | 252,616 | | | | | | 93,726 | | |
Stock option compensation expense – Research and development
|
| | | | 241,786 | | | | | | 42,450 | | |
Stock option related to clinical operations (Note 4) | | | | | | | | | | | | | |
Stock option compensation expense – General and administration
|
| | | | 215,906 | | | | | | 1,053,645 | | |
Stock option compensation expense – Patient service expense
|
| | | | 30,201 | | | | | | 92,354 | | |
Stock option compensation expense – Research and development
|
| | | | 1,522 | | | | | | 77,232 | | |
Stock option compensation expense – Sales and marketing
|
| | | | 2,367 | | | | | | 52,726 | | |
Stock-based compensation expense
|
| | | | 744,398 | | | | | | 1,412,133 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| ||||||
Loss attributable to common shares ($)
|
| | | | (13,455,969) | | | | | | (12,530,395) | | |
Weighted average number of shares outstanding – basic and diluted (#)
|
| | | | 58,150,788 | | | | | | 57,340,680 | | |
Loss per common share, basic and diluted ($)
|
| | | | (0.23) | | | | | | (0.22) | | |
Loss from continuing operations per common share, basic and diluted ($)
|
| | | | (0.09) | | | | | | (0.06) | | |
Loss from Clinic Operations per common share, basic and diluted ($)
|
| | | | (0.14) | | | | | | (0.16) | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Personnel costs
|
| | | | 256,902 | | | | | | 167,188 | | |
External services
|
| | | | 49,103 | | | | | | 58,685 | | |
Share-based payments (Note 13)
|
| | | | 252,616 | | | | | | 93,726 | | |
Travel and entertainment
|
| | | | 72,672 | | | | | | 312 | | |
Listing expense
|
| | | | 1,509,873 | | | | | | 1,031,333 | | |
Total general and administration
|
| | | | 2,141,166 | | | | | | 1,351,244 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
External services
|
| | | | 1,853,672 | | | | | | 809,883 | | |
Personnel costs
|
| | | | 771,339 | | | | | | 252,726 | | |
Share-based payments (Note 13)
|
| | | | 241,786 | | | | | | 42,450 | | |
Supplies and services
|
| | | | 25,124 | | | | | | 281,117 | | |
Total research and development
|
| | | | 2,891,921 | | | | | | 1,386,176 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Interest income on bank balances
|
| | | | 16,857 | | | | | | 123,337 | | |
Interest income on shareholders’ loan
|
| | | | 688 | | | | | | 653 | | |
Total interest income
|
| | | | 17,545 | | | | | | 123,990 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Accounts receivable
|
| | | | (703,723) | | | | | | 36,863 | | |
Other current assets
|
| | | | 1,667,888 | | | | | | 677,081 | | |
Other non-current assets
|
| | | | (8,862) | | | | | | (23,459) | | |
Accounts payable and accrued liabilities
|
| | | | (934,138) | | | | | | (1,604,406) | | |
Deferred revenue
|
| | | | 140,097 | | | | | | 25,764 | | |
Net changes in non-cash working capital
|
| | | | 161,262 | | | | | | (888,157) | | |
Geographic Information
|
| |
North America
|
| |
Australia
|
| |
Total
|
| |||||||||
| | |
$
|
| |
$
|
| |
$
|
| |||||||||
Fiscal year ended June 30, 2022 | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (5,219,290) | | | | | | (18,749) | | | | | | (5,238,039) | | |
Fiscal year ended June 30, 2021 | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (3,397,160) | | | | | | — | | | | | | (3,397,160) | | |
As at June 30, 2022 | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | | 49,446,688 | | | | | | 8,700 | | | | | | 49,455,388 | | |
Total liabilities
|
| | | | 1,034,575 | | | | | | 10,158 | | | | | | 1,044,733 | | |
As at March 31, 2022 | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | | 64,788,168 | | | | | | — | | | | | | 64,788,168 | | |
Total liabilities
|
| | | | 1,796,280 | | | | | | 1,512 | | | | | | 1,797,792 | | |
| | |
As at
June 30, 2022 |
| |
As at
March 31, 2022 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Financial assets at amortized cost | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | |
|
40,394,198
|
| | | |
|
63,720,102
|
| |
Restricted cash
|
| | |
|
—
|
| | | |
|
776,551
|
| |
Short-term investments
|
| | |
|
7,735,085
|
| | | |
|
—
|
| |
Accounts receivable (excluding sales tax receivable)
|
| | |
|
—
|
| | | |
|
500,569
|
| |
Shareholders’ loan receivable
|
| | |
|
53,873
|
| | | |
|
53,185
|
| |
Total financial assets
|
| | | | 48,183,156 | | | | | | 65,050,407 | | |
Financial liabilities at amortized cost | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | | 1,034,573 | | | | | | 5,846,672 | | |
Loan payable
|
| | |
|
—
|
| | | |
|
31,163
|
| |
Total financial liabilities
|
| | | | 1,034,573 | | | | | | 5,877,835 | | |
Objective
|
| |
Milestone Description
|
| |
March 2021
Prospectus Estimated Cost |
| |
Actual/Revised
Estimated Cost |
| |
Actual/Estimated
Timeframe for Completion (based on calendar year) |
| |
Status
|
| ||||||||||||
RE104 Development Patenting,
Phase 1 Completed and Phase 2a completed |
| |
US utility and PCT patent filings
|
| | | $ | 100,000 | | | | | $ | 100,000 | | | | | | Q2 2021 | | | |
Completed
|
| |||
|
CMC development and pre-clinical studies completed
|
| | | $ | 2,440,000 | | | | | $ | 3,015,000 | | | | | | Q1 2022 | | | |
Completed
|
| |||||
| Phase 1 studies completed | | | | $ | 2,025,000 | | | | | $ | 6,782,000 | | | | | | Q4 2022 | | | |
In Progress
|
| |||||
| Phase 2 studies completed (PPD) | | | | $ | 9,350,000 | | | | | $ | 18,834,000 | | | |
2024
|
| |
Not Started
|
| ||||||||
75 Operational Clinics(1) | | |
10th clinic operational (i.e., 4 additional clinics
|
| | | $ | 1,500,000 | | | | | $ | 1,900,000 | | | | | | Q4 2021 | | | | | | Completed | | |
Issuer Technology Platforms
|
| |
Trip App available in app store
|
| | | $ | 220,000 | | | | | $ | 300,000 | | | | | | Q4 2021 | | | | | | Completed | | |
|
Patient Portal launched
|
| | | $ | 220,000 | | | | | $ | 500,000 | | | | | | Q1 2022 | | | |
Portal completed.
Further enhancements launched in Q1 2022 |
| |||||
TOTAL: | | | | | | | $ | 15,855,000 | | | | | $ | 31,431,000 | | | | | | | | | | | | | | |
Use of Available Funds
|
| |
March 2021
Prospectus Use of Funds (January 1 to December 31, 2021) |
| |
Amounts Spent
January 1, 2021 to June 30, 2022 |
| |
Additional
Amounts Allocated |
| |
Current Use of Funds
(July 1, 2022 to June 30, 2023) |
| | ||||||||||||||
RE104 Drug Development | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
US utility and PCT patent filings
|
| | | $ | 77,000 | | | | | $ | 165,954 | | | | | $ | 88,954 | | | | | | Nil | | | | ||
Nonclinical (CMC and preclinical)
|
| | | $ | 1,522,804 | | | | | $ | 2,792,918 | | | | | $ | 1,455,114 | | | | | $ | 185,000 | | | | ||
Phase 1 Clinical (IMP and trial costs)
|
| | | $ | 2,025,000 | | | | | $ | 3,355,749 | | | | | $ | 4,461,749 | | | | | $ | 3,131,000 | | | | ||
Phase 2 Clinical (PPD)
|
| | | | Nil | | | | | | Nil | | | | | $ | 7,993,000 | | | | | $ | 7,993,000 | | | | ||
Psilocybin Fungi Research and Cultivation (Jamaica Facility)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and Development
|
| | | $ | 1,320,000 | | | | | $ | 734,000 | | | | | $ | (27,000) | | | | | $ | 559,000 | | | | ||
Clinic Expansion | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
5 additional clinics (Chicago, Amsterdam, Houston, Atlanta, San Diego)
|
| | | $ | 1,270,000 | | | | | $ | 820,000 | | | | | $ | (450,000) | | | | | | Nil | | | | ||
13 additional clinics calendar 2022
|
| | | $ | 4,100,000 | | | | | $ | 2,143,763 | | | | | $ | (1,956,237) | | | | | | Nil | | | | ||
Other | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Technology Platforms (Trip App and Patient Portal)
|
| | | $ | 151,000 | | | | | $ | 503,000 | | | | | $ | 491,000 | | | | | $ | 139,000 | | | | ||
Occupancy Costs
|
| | | $ | 3,566,822 | | | | | $ | 5,312,000 | | | | | $ | 6,287,178 | | | | | $ | 4,542,000 | | | | ||
Marketing
|
| | | $ | 2,596,677 | | | | | $ | 5,273,000 | | | | | $ | 4,243,323 | | | | | $ | 1,567,000 | | | | ||
General and Administrative (Corporate)
|
| | | $ | 3,854,881 | | | | | $ | 12,970,000 | | | | | $ | 17,837,119 | | | | | $ | 8,722,000 | | | | ||
Total use of funds
|
| | | $ | 20,484,184 | | | | | $ | 34,837,384 | | | | | $ | 41,191,200 | | | | | $ | 26,838,000 | | | | ||
Unallocated working capital
|
| | | $ | 87,410,849 | | | | | | | | | | | | | | | | | $ | 46,219,648 | | | | ||
TOTAL: | | | | $ | 107,895,033 | | | | | | | | | | | | | | | | | $ | 107,895,033 | | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Operating Expenses | | | | | | | | | | | | | |
General and administration
|
| | | | 2,141,166 | | | | | | 1,351,244 | | |
Research and development
|
| | | | 2,891,921 | | | | | | 1,386,176 | | |
Total operating expenses
|
| | | | 5,033,087 | | | | | | 2,737,420 | | |
Other Income (Expenses) | | | | | | | | | | | | | |
Interest income
|
| | | | 17,545 | | | | | | 123,990 | | |
Foreign exchange loss
|
| | | | (203,749) | | | | | | (783,730) | | |
Net Loss from continuing operations
|
| | | | (5,219,291) | | | | | | (3,397,160) | | |
Net Loss from Clinic Operations to be spun-out
|
| | | | (8,236,678) | | | | | | (9,133,235) | | |
Net Loss
|
| | | | (13,455,969) | | | | | | (12,530,395) | | |
Net Loss per Share – Basic and Diluted
|
| | | | (0.23) | | | | | | (0.22) | | |
Net Loss per Share from continuing operations – Basic and Diluted
|
| | | | (0.09) | | | | | | (0.06) | | |
| | |
As at
June 30, 2022 |
| |
As at
March 31, 2022 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash and cash equivalents
|
| | | | 40,394,198 | | | | | | 63,720,102 | | |
Restricted cash
|
| | | | — | | | | | | 776,551 | | |
Short-term investments
|
| | | | 7,735,085 | | | | | | — | | |
Accounts receivables
|
| | | | 39,793 | | | | | | 1,228,745 | | |
Assets held for transfer related to spinout of Clinic Operations4
|
| | | | 38,621,143 | | | | | | — | | |
Total Assets
|
| | | | 88,067,831 | | | | | | 102,136,369 | | |
Total Non-Current Financial Liabilities
|
| | | | — | | | | | | 26,745,396 | | |
Liabilities directly associated with the assets held for transfer related to spinout
of Clinic Operations |
| | | | 33,702,841 | | | | | | — | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Personnel costs
|
| | | | 256,902 | | | | | | 167,188 | | |
External services
|
| | | | 49,103 | | | | | | 58,685 | | |
Share-based payments
|
| | | | 252,616 | | | | | | 93,726 | | |
Travel and entertainment
|
| | | | 72,672 | | | | | | 312 | | |
Listing Expense
|
| | | | 1,509,873 | | | | | | 1,031,333 | | |
Total general and administration
|
| | | | 2,141,166 | | | | | | 1,351,244 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
External services
|
| | | | 1,853,672 | | | | | | 809,883 | | |
Personnel costs
|
| | | | 771,339 | | | | | | 252,726 | | |
Share-based payments
|
| | | | 241,786 | | | | | | 42,450 | | |
Supplies and services
|
| | | | 25,124 | | | | | | 281,117 | | |
Total research and development
|
| | | | 2,891,921 | | | | | | 1,386,176 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Interest income on bank balances
|
| | | | 16,857 | | | | | | 123,337 | | |
Interest income on shareholders’ loan
|
| | | | 688 | | | | | | 653 | | |
Total interest income
|
| | | | 17,545 | | | | | | 123,990 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
REVENUE | | | | | | | | | | | | | |
Total revenue
|
| | | | 1,824,404 | | | | | | 867,400 | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
General and administration
|
| | |
|
6,336,476
|
| | | |
|
5,603,922
|
| |
Occupancy costs
|
| | |
|
1,227,952
|
| | | |
|
376,615
|
| |
Sales and marketing
|
| | |
|
669,898
|
| | | |
|
1,064,127
|
| |
Research and development
|
| | |
|
44,305
|
| | | |
|
66,938
|
| |
Depreciation and amortization
|
| | |
|
1,204,670
|
| | | |
|
615,483
|
| |
Patient services
|
| | |
|
2,513,949
|
| | | |
|
1,845,625
|
| |
Total operating expenses
|
| | | | 11,997,250 | | | | | | 9,572,710 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | |
Interest income
|
| | |
|
8,621
|
| | | |
|
7,625
|
| |
Interest expense
|
| | |
|
(406,403)
|
| | | |
|
(146,587)
|
| |
Other income (expense) | | | | | | | | | | | | | |
Foreign exchange gain (loss)
|
| | |
|
2,333,950
|
| | | |
|
(301,065)
|
| |
Government assistance
|
| | |
|
—
|
| | | |
|
12,102
|
| |
Net loss before income taxes
|
| | | | (8,236,678) | | | | | | (9,133,235) | | |
Income taxes
|
| | |
|
—
|
| | | |
|
—
|
| |
Net loss from Clinic Operations
|
| | | | (8,236,678) | | | | | | (9,133,235) | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Personnel costs
|
| | | | 2,207,675 | | | | | | 2,247,031 | | |
External services
|
| | | | 3,357,341 | | | | | | 1,395,357 | | |
Share-based payments
|
| | | | 215,902 | | | | | | 1,053,645 | | |
Travel and entertainment
|
| | | | 163,663 | | | | | | 375,544 | | |
IT and technology
|
| | | | 424,933 | | | | | | 453,566 | | |
Office and general
|
| | | | (33,038) | | | | | | 78,779 | | |
Total general and administration
|
| | | | 6,336,476 | | | | | | 5,603,922 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Operating rent expense
|
| | | | 128,726 | | | | | | 98,350 | | |
Taxes, maintenance, insurance
|
| | | | 11,121 | | | | | | 4,754 | | |
Minor furniture and fixtures
|
| | | | 19,227 | | | | | | 240,860 | | |
Utilities and services
|
| | | | 71,354 | | | | | | 32,651 | | |
Impairment of fixed assets
|
| | | | 997,524 | | | | | | — | | |
Total occupancy costs
|
| | | | 1,227,952 | | | | | | 376,615 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Brand and public relations
|
| | | | 231,717 | | | | | | 367,564 | | |
Conference fees
|
| | | | 13,820 | | | | | | 14,604 | | |
Personnel costs
|
| | | | 94,812 | | | | | | 141,604 | | |
Share-based payments
|
| | | | 2,367 | | | | | | 52,726 | | |
External marketing services
|
| | | | 245,808 | | | | | | 450,094 | | |
Other marketing
|
| | | | 81,374 | | | | | | 37,535 | | |
Total sales and marketing
|
| | | | 669,898 | | | | | | 1,064,127 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Personnel costs
|
| | | | 37,779 | | | | | | — | | |
Share-based payments
|
| | | | 1,523 | | | | | | 77,232 | | |
Supplies and services
|
| | | | 5,003 | | | | | | (10,294) | | |
Total research and development
|
| | | | 44,305 | | | | | | 66,938 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Property, plant and equipment
|
| | | | 266,931 | | | | | | 152,983 | | |
Right of use asset
|
| | | | 891,062 | | | | | | 428,165 | | |
Intangible assets
|
| | | | 46,677 | | | | | | 34,335 | | |
Total depreciation and amortization
|
| | | | 1,204,670 | | | | | | 615,483 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Personnel costs
|
| | | | 2,393,423 | | | | | | 1,681,589 | | |
Share-based payments
|
| | | | 30,201 | | | | | | 92,354 | | |
Supplies and services
|
| | | | 58,999 | | | | | | 52,565 | | |
Payment provider fees
|
| | | | 31,326 | | | | | | 19,117 | | |
Total patient services expense
|
| | | | 2,513,949 | | | | | | 1,845,625 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Interest income on bank balances
|
| | | | 8 | | | | | | 3.223 | | |
Interest income on refundable lease deposit
|
| | | | 8,613 | | | | | | 4,402 | | |
Total interest income
|
| | | | 8,621 | | | | | | 7,625 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Interest expense on leases
|
| | | | (405,272) | | | | | | (145,611) | | |
Interest expense on loan
|
| | | | (1,131) | | | | | | (976) | | |
Total interest expense
|
| | | | (406,403) | | | | | | (146,587) | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Foreign exchange gain (loss)
|
| | | | 2,333,950 | | | | | | (301,065) | | |
Government assistance
|
| | | | — | | | | | | 12,102 | | |
Total other income (expense)
|
| | | | 2,333,950 | | | | | | (288,263) | | |
| | |
Q1 2023
3 Months Ended June 30, 2022 |
| |
Q4 2022
3 Months Ended March 31, 2022 |
| |
Q3 2022
3 Months Ended December 31, 2021 |
| |
Q2 2022
3 Months Ended September 30, 2021 |
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Revenue
|
| | | | 1,824,404 | | | | | | 1,724,102 | | | | | | 1,360,811 | | | | | | 907,816 | | |
Net Loss
|
| | | | (13,455,969) | | | | | | (14,170,285) | | | | | | (14,971,170) | | | | | | (13,019,281) | | |
Loss per share – basic and diluted
|
| | | | (0.23) | | | | | | (0.25) | | | | | | (0.26) | | | | | | (0.23) | | |
| | |
Q1 2022
3 Months Ended June 30, 2021 |
| |
Q4 2021
3 Months Ended March 31, 2021 |
| |
Q3 2021
3 Months Ended December 31, 2020 |
| |
Q2 2021
3 Months Ended September 30, 2020 |
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Revenue
|
| | | | 867,400 | | | | | | 526,435 | | | | | | 316,329 | | | | | | 94,532 | | |
Net Loss
|
| | | | (12,530,394) | | | | | | (7,950,590) | | | | | | (8,275,669) | | | | | | (3,932,444) | | |
Loss per share – basic and diluted
|
| | | | (0.22) | | | | | | (0.18) | | | | | | (0.22) | | | | | | (0.16) | | |
| | |
As at
June 30, 2022 |
| |
As at
March 31, 2022 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash
|
| | | | 44,522,660 | | | | | | 63,720,102 | | |
Restricted cash
|
| | | | 451,096 | | | | | | 776,551 | | |
Working capital
|
| | | | 48,479,093 | | | | | | 60,745,087 | | |
Working capital calculation: | | | | | | | | | | | | | |
Current assets
|
| | | | 56,434,484 | | | | | | 69,177,299 | | |
Current liabilities
|
| | | | 7,955,391 | | | | | | 8,432,212 | | |
Working capital
|
| | | | 48,479,093 | | | | | | 60,745,087 | | |
| | |
Three months Ended
June 30, 2022 |
| |
Three months Ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash used in operating activities
|
| | | | (10,709,586) | | | | | | (10,952,719) | | |
Cash used in investing activities
|
| | | | (7,860,284) | | | | | | (1,069,219) | | |
Cash (used in)/provided by financing activities
|
| | | | (429,946) | | | | | | 183,967 | | |
| | |
Additional
Rent Payments |
| |
< 1 year
|
| |
1 – 2 years
|
| |
2 – 3 years
|
| |
3 – 4 years
|
| |
4 – 5 years
|
| |
More than
5 years |
| |||||||||||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |||||||||||||||||||||
Total | | | | | 5,062,290 | | | | | | 743,990 | | | | | | 654,235 | | | | | | 618,123 | | | | | | 614,925 | | | | | | 479,432 | | | | | | 1,951,585 | | |
Class of Securities
|
| |
Number of Common
Share Equivalents as at June 30, 2022 |
| |
Number of Common
Share Equivalents as at March 31, 2022 |
| ||||||
Common Shares
|
| | | | 58,152,352 | | | | | | 58,150,789 | | |
Warrants
|
| | | | 2,071,090 | | | | | | 2,071,090 | | |
Compensation Warrants
|
| | | | 1,034,868 | | | | | | 1,034,868 | | |
FTP Compensation Warrants
|
| | | | 174,384 | | | | | | 174,384 | | |
Options to purchase Common Shares
|
| | | | 6,312,623 | | | | | | 6,056,540 | | |
Jamaica Facility Shares reserved for issuance
|
| | | | 337,500 | | | | | | 337,500 | | |
| | |
3 months ended
June 30, 2022 |
| |
3 months ended
June 30, 2021 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Salaries
|
| | |
|
1,335,566
|
| | | |
|
497,827
|
| |
Share-based compensation
|
| | |
|
1,888,362
|
| | | |
|
406,812
|
| |
| | | | | 3,223,928 | | | | | | 904,639 | | |
Exhibit 99.3
REUNION
NEUROSCIENCE INC. (FORMERLY FIELD TRIP HEALTH LTD.) REPORTS
FISCAL FIRST QUARTER 2023 FINANCIAL RESULTS,
COMPLETED CORPORATE REORGANIZATION ON AUGUST 11, 2022
● | Completed corporate reorganization, separating the Field Trip Discovery and Field Trip Health divisions into two separate companies. |
● | Field Trip Discovery renamed Reunion Neuroscience Inc. (“Reunion” or the “Company”) and will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange under new ticker symbol “REUN”. |
● | Field Trip Health renamed Field Trip Health & Wellness Ltd. (“Field Trip H&W”) and has received listing approval from the Toronto Stock Exchange Venture under new ticker symbol “FTHW”. |
● | First day of trading for both Reunion and Field Trip H&W is August 17, 2022. |
● | On July 21, 2022, announced successful first dosings in the Company’s Phase 1 Clinical Study of its first novel psychedelic molecule, RE104 (formerly FT-104), being conducted in Australia. |
● | At June 30, 2022, the Company had approximately $52.3 million in unrestricted cash, cash equivalents and short-term investments. |
TORONTO, August 15, 2022 – Reunion Neuroscience Inc. (formerly “Field Trip Health Ltd.”, or the “Company”) (TSX: FTRP, Nasdaq: FTRP), a leader in novel psychedelic drug development, reported fiscal first quarter 2023 results for the three-month period ended June 30, 2022. All results are reported under International Financial Reporting Standards ("IFRS") and in Canadian dollars, unless otherwise specified.
Corporate Reorganization Update
On August 11, 2022, the Company completed its previously announced corporate reorganization (the “Spinout Transaction”), which resulted in the separation of its Field Trip Discovery and Field Trip Health divisions into two independent companies, completed by way of a Plan of Arrangement (the “Arrangement”) under the Canadian Business Corporations Act.
Field Trip Discovery was renamed Reunion Neuroscience Inc. and will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange under the ticker symbol “REUN”. Immediately upon closing of the Arrangement, the Company consolidated its shares on a 5:1 basis, which is expected to cure the NASDAQ minimum bid price deficiency previously announced. The Company also received approval from the Toronto Stock Exchange for Field Trip H&W to list on the TSX-V under the ticker symbol “FTHW”. The first day of trading for both companies under their respective new tickers is August 17, 2022.
Upon closing, the Company transferred the entirety of its clinics in Canada, United States and the Netherlands, its botanical research in Jamaica and part of its corporate operations in Canada and United States (the “Clinic Operations”) to Field Trip H&W. For more details on the spinout transaction, please refer to the Key Highlights and Recent Developments – Spinout Transaction section of Company’s MD&A, available under the Company’s SEDAR profile at www.sedar.com.
Joseph del Moral, Founder and Chief Executive Officer of Reunion, said, “We are pleased to have successfully completed the split of Field Trip into two distinct companies - Reunion and Field Trip Health & Wellness. 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.”
Key Highlights and Recent Developments
Reunion Neuroscience
RE104 (formerly FT-104)
Reunion is pioneering the advancement of innovative synthetic molecules targeting serotonin 5HT2A receptors, with RE104 its first of such drug candidates under development. The Company is developing RE104 as a potentially fast-acting treatment with durable efficacy for the key indications of postpartum and treatment resistant depression.
In July, the Company announced the first successful dosings in its Phase 1 Clinical Study of RE104, being undertaken at PARC Clinical Research at the Royal Adelaide Hospital in Australia. The study, entitled “A Double-Blind, Randomized, Placebo-Controlled Study to Investigate the Safety, Tolerability, and Pharmacokinetics of Single, Ascending, Subcutaneous Doses of RE104 HCl In Healthy Volunteers”, principally aims to characterize the safety, tolerability, pharmacokinetics and pharmacodynamic effects of RE104 over a range of dosage levels. Subjective measurements being examined will include intensity, duration and feelings produced by the period of acute psychoactivity after administration of RE104. Reunion expects to report results from the study in the calendar fourth quarter of 2022 and is planning to seek FDA guidance on Phase 2 studies planned for 2023.
During the quarter, the Company was granted a patent for claims related to RE104 entitled, “Tryptamine Prodrugs”. The patent provides exclusive rights to Reunion until 2040 for the composition of matter, formulations, methods of use and methods of manufacture for a family of hemi-ester compounds of hydroxytryptamines, including Isoprocin.
RE200 (formerly FT-200 Group)
During the quarter, Reunion continued to progress research and development of its RE200 molecule group, strengthening its IP portfolio while working to determine the optimal lead candidate for preclinical development. The Company has filed two provisional patents with the USPTO relating to the RE200 family to protect the compositions, as well as potential formulations and uses of the molecules.
Dr. Nathan Bryson, Chief Scientific Officer, Reunion, said, “Reunion is proud to be leading the way in developing innovative psychedelic therapeutic solutions, entering our next chapter as a standalone company with an exciting drug discovery pipeline. Our first molecule under development, RE104, has the potential to reduce the treatment burden of psychedelic therapies and provide a safe, fast, and effective treatment option for underserved patients suffering from treatment-resistant and postpartum depression. The achievement of first successful dosings in July in our Phase 1 Clinical Study was a key milestone in our development of RE104 and we are expecting to report study results at the end of the year.”
Field Trip Health & Wellness
During the quarter, the Company launched its ‘Field Trip at Home™ Powered by Nue Life’ platform, which provides patients with access to guided ketamine treatments from the comfort of their home, as an alternative to in-clinic care. With Field Trip at Home™ Field Trip H&W will be able to provide more convenient and accessible treatment options outside of the clinic setting.
Ronan Levy, Chief Executive Officer and Director of Field Trip H&W, commented, “Field Trip Health & Wellness will continue innovating psychedelic-assisted services to drive the best therapeutic outcomes for people, building on our recognized brand and strong reputation as the world’s leading standalone psychedelic-assisted therapy business. With a best-in-class team, we are delivering revenue growth quarter-over-quarter, streamlining our operations and increasing customer reach, leveraging the lessons gained from our three years of operating experience. Moving forward as a standalone business, we will have a dedicated strategic vision and greater flexibility to participate in emerging opportunities in the psychedelic industry.”
Financial Highlights
Selected Consolidated Financial Information
The following table sets forth selected financial information derived from the Company’s unaudited condensed financial statements for the fiscal first quarter 2023 ended June 30, 2022, 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.
Basis of Presentation
The Clinic Operations (or Field Trip H&W) assets and liabilities are classified and presented separately as current items held for transfer related to the spinout in the statement of financial position and are measured at their carrying amount. Clinic Operations are excluded from the results of continuing operations and are presented as a single amount as a net loss after tax from Clinic Operations in the statement of profit or loss.
FIELD TRIP HEALTH LTD
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
3 months ended | 3 months ended | |||||||
June 30, 2022 | June 30, 2021 | |||||||
$ | $ | |||||||
Operating Expenses | ||||||||
General and administration | 2,141,166 | 1,351,244 | ||||||
Research and development | 2,891,921 | 1,386,176 | ||||||
5,033,087 | 2,737,420 | |||||||
Other Income (Expenses) | ||||||||
Interest income | 17,545 | 123,990 | ||||||
Foreign exchange loss | (203,749 | ) | (783,730 | ) | ||||
Net Loss from continuing operations | (5,219,291 | ) | (3,397,160 | ) | ||||
Net Loss from Clinic Operations to be spun-out | (8,236,678 | ) | (9,133,235 | ) | ||||
Net Loss | (13,455,969 | ) | (12,530,395 | ) | ||||
Net Loss per Share - Basic and Diluted | (0.23 | ) | (0.22 | ) | ||||
Net Loss per Share from continuing operations - Basic and Diluted | (0.09 | ) | (0.06 | ) |
As at June 30, 2022 | As at March 31, 2022 | |||||||
$ | $ | |||||||
Cash and cash equivalents | 40,394,198 | 63,720,102 | ||||||
Restricted cash | - | 776,551 | ||||||
Short-term investments | 7,735,085 | - | ||||||
Accounts receivables | 39,793 | 1,228,745 | ||||||
Assets held for transfer related to spinout of Clinic Operations1 | 38,621,143 | - | ||||||
Total Assets | 88,067,831 | 102,136,369 | ||||||
Total Non-Current Financial Liabilities | - | 26,745,396 | ||||||
Liabilities directly associated with the assets held for transfer related to spinout of Clinic Operations | 33,702,841 | - |
1 Assets held for transfer related to spinout of Clinic Operations includes cash and cash equivalents of $4,128,462
Continuing Operations (Reunion)
Net loss for the fiscal first quarter 2023 of $5.2 million was primarily due to total operating costs of $5.0 million. This compares with a net loss of $3.4 million in the fiscal first quarter of 2022. The increase in net loss from the prior year primarily reflects the Company’s focus on investing in RE104 which recently began its Phase 1 clinical trial, as well as increased public company costs.
As of June 30, 2022, the Company had unrestricted cash, cash equivalents and short-term investments of $52.3 million, including $4.1 million held at the Clinic Operations.
Clinic Operations (Field Trip H&W)
3 months ended | 3 months ended | |||||||
June 30, 2022 | June 30, 2021 | |||||||
$ | $ | |||||||
REVENUE | ||||||||
Total revenue | 1,824,404 | 867,400 | ||||||
OPERATING EXPENSES | ||||||||
General and administration | 6,336,476 | 5,603,922 | ||||||
Occupancy costs | 1,227,952 | 376,615 | ||||||
Sales and marketing | 669,898 | 1,064,127 | ||||||
Research and development | 44,305 | 66,938 | ||||||
Depreciation and amortization | 1,204,670 | 615,483 | ||||||
Patient services | 2,513,949 | 1,845,625 | ||||||
Total operating expenses | 11,997,250 | 9,572,710 | ||||||
OTHER INCOME (EXPENSES) | ||||||||
Interest income | 8,621 | 7,625 | ||||||
Interest expense | (406,403 | ) | (146,587 | ) | ||||
Other income (expense) | ||||||||
Foreign exchange gain (loss) | 2,333,950 | (301,065 | ) | |||||
Government assistance | - | 12,102 | ||||||
Net loss before income taxes | (8,236,678 | ) | (9,133,235 | ) | ||||
Income taxes | - | - | ||||||
Net loss from Clinic Operations | (8,236,678 | ) | (9,133,235 | ) |
Over the first fiscal quarter, Field Trip H&W continued to deliver innovative psychedelic-assisted therapies across its 12 operating clinics, achieving revenues of $1.8 million. This represents an increase of 6% over the prior quarter and 110% over the comparative first fiscal quarter of 2022. Revenue growth was driven by the addition of 6 clinics and a volume increase in patient visits.
Net loss for the clinics during the first fiscal quarter 2023 was $8.2 million compared with a $9.1 million loss in the same period of the prior fiscal year. This decrease was primarily due to increased revenue and a more favorable foreign exchange rate, partly offset by the increase in operating costs associated with operating 12 clinics during the quarter, compared to six clinics in the comparative quarter of the prior fiscal year. During the quarter, Field Trip H&W incurred $3.4 million in non-recurring costs: $2.4 million in general and administration expense related to the Spinout Transaction and $1.0 million in occupancy costs related to an impairment write-off of fixed assets arising from the deferral on future clinic openings.
Conference Call
The Company will conduct a conference call and webcast to discuss its results the following morning, Tuesday, August 16, 2022, at 8:30 a.m. ET. To access the call, please dial 1-877-407-9716 (within the U.S.) or 1-201-493-6779 (outside the U.S.) and provide conference ID 13731900. A live webcast of the conference call can be accessed via the Events and Presentations section of the Investor Relations website here.
For those unable to attend the live call, a telephonic replay will be available until 11:59 p.m. ET on Tuesday, August 23, 2022. To access the replay dial 1-844-512-2921 (within the U.S.) or 1-412-317-6671 (outside the U.S.) and provide conference ID 13731900. The webcast will be archived and available in the Events and Presentations section of the Investor Relations website approximately one hour after the conclusion of the live call.
About Reunion Neuroscience Inc., (formerly, Field Trip Health Ltd.)
Reunion is a leader in novel psychedelic drug development, committed to innovating therapeutic solutions for underserved mental health conditions by developing proprietary serotonin receptor agonist compounds for neuropsychiatric conditions. The Company’s lead asset, RE-104 (previously known as FT-104), is a proprietary, novel psychedelic drug being developed for post-partum and treatment resistant depression as a potential fast-acting antidepressant with durable efficacy. Reunion is also developing the FT-200 series, which includes compounds with potential for more selective serotonin receptor activity with reduced psychoactivity for potential use in more chronic treatment paradigms and indications.
About Field Trip Health & Wellness Ltd.
Field Trip Health & Wellness Ltd. is a global leader in psychedelic therapies. With health centres 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.
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, completion and potential outcomes of the Spinout Transaction, the funds available to Field Trip and the use of such funds, the ability of Field Trip to operate its clinics, the construction and commencement of construction of additional clinics, the development, patentability and viability of RE104 and the RE200 Group, the ability of Field Trip to complete an investigational new drug application and obtain regulatory approvals, as required, prior to initiating clinical trials for RE104 and molecules within the RE200 Group, the ability of Field Trip to meet eligibility requirements for clinical testing and through to more complex clinical trials, the ability of Field Trip to obtain regulatory approvals prior to each clinical trial and the ability of Field Trip to generate patient member growth, interest in the training program, interest in the various treatment programs by therapists and patients, the ability of management to sustain and continue optimization of its clinical operations, 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. Additional information relating to Field Trip, including its Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC’s website at www.sec.gov.
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.
CONTACTS:
Reunion Neuroscience:
Joseph del Moral
joseph@reunionneuro.com
Field Trip Health & Wellness:
Ronan Levy
ronan@fieldtriphealth.com
Investor contacts:
Phil Carlson / Sophia Bashford
KCSA Strategic Communications
reunion@kcsa.com / fieldtripIR@kcsa.com
Media contacts:
McKenna Miller / Nick Opich
KCSA Strategic Communications
reunion@kcsa.com / fieldtrip@kcsa.com
SOURCE Reunion Neuroscience Inc.
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