Field Trip Health Ltd. (FTRP)

Field Trip Health Company Information

Field Trip Health is one of the leading brands in developing and delivering evidence-based and technology-enabled therapies revolving around psychedelic mushrooms and fungi. It is among the first companies to pursue an integrated path in psychedelic treatment. The company was founded in 2019.

What sets Field Trip Health apart from its competitor is its ability to maximize the data they gather from its many clinics and digital tools (app called ‘trip: expand your mind’). 

They use this data to develop innovative, unique, and competitive scientifically advanced ways of developing drugs that guarantee patients’ best outcomes. 

The company has many medical clinics across Canada, the United States, and Jamaica, giving it the advantage of influencing therapies centered on psychedelics.

Field Trip Health Latest innovation

The brand focuses on creating molecules that target the serotonin receptors, which are thought to be highly involved in an individual’s psychedelic experiences. Serotonin is associated with the treatment and management of mental illnesses like depression and anxiety. 

Currently, Field Trip Health has a novel synthetic psychedelic molecule in development (FT-104). According to the company, the FT-104 could be a more commercially acceptable, effective, and friendly alternative to naturally derived substances like LSD, psilocybin, and DMT.

The molecule has passed the confirmation stage and is currently in its preclinical/evaluation phase. The company projects that phase 1 of the clinical studies will likely start in 2021. 

What else does Field Trip Health do?

The company is involved in the cultivation of psychedelic mushrooms. It identifies, evaluates, and characterizes active compounds found in mushrooms and other psychedelic fungi. 

Field Trip Health’s mission 

Owing to the mental crisis facing millions of individuals worldwide, Field Trip Health decided to make a significant change through psychedelic-enhanced therapies. They integrate wisdom, science, mental health wellness practices, and individualized psychotherapy to bring the world to life. 

They achieve this through:

1. Having a highly qualified, knowledgeable, and experienced team of individuals in the drug development division guarantees top-of-the-line psychedelic molecules. 
2. Their app (trip: expand your mind’) coupled with the numerous clinics in Canada and the United States makes a resourceful source of vital data used to create individualized treatments. 

The company has a self-designed digital tool dubbed ‘portal’ used to enhance the one-on-one therapeutic sessions. It serves as a great source of information, meditations, and content for patients undergoing therapy.

Financial news 

In February 2021, Field Trip Health announced its 3rd fiscal quarter financial results. According to the results, patient services’ revenue increased by 235% compared to the 2nd quarter.

The number of active users of the ‘trip: expand your mind’ app increased by 144%. The $12.7 million the brand got during its transaction while going public, plus the 20 million bought deal offering earlier this year, boosted Field Trip Health’s financial muscle. 

This allows the company to continue developing FT-104 and expand its reach by building more centers.