4 Psychedelics Companies Post Financial Results: Learn How Field Trip, Wesana, Braxia and Irwin Naturals Performed

Field Trip (NASDAQ:FTRP), Wesana (OTCQB:WSNAF), Braxia (OTC:BRAXF) and Irwin Naturals (OTC: IWINF) released their quarterly results.

Field Trip Health & Wellness Ltd. 

Psychedelic-assisted therapy provider Field Trip (TSXV:FTHW) reported its fiscal and business results for the three-month period ended June 30, 2022.

The company recently split into two new public companies to separate drug development on one hand, and healthcare and wellness on the other: Field Trip Discovery and Field Trip Health, which are now called Reunion Neuroscience Inc. and Field Trip Health & Wellness (or Field Trip alone). 

The latter’s financial results for the three months ended June 30, 2022 are the following:

• Total revenue of $1.394.574 (approx. CA$1.8 million), an increase of 6% over the previous quarter and 110% compared to the same period in 2021 (total $663.040 or CA$867,400), due to the addition of six clinics to the former six owned by the company.

• Upon the corporate reorganization in August 2022, Field Trip held $13.147.680 (approx. CA$17.2 million) in unrestricted cash.

• Net loss totaled $6.296.116 (approx. CA$8.2 million) compared with $6.981.444 (approx. CA$9.1 million) in the same period of prior fiscal year, due mainly to a more favorable foreign exchange rate yet increasing operating costs associated for their total twelve clinics.

Business Highlights: Field Trip’s usual focus on delivering in-person care through its clinics will expand over the next twelve months towards combining digital and in-clinic treatments to reach a wider community. The recently launched “Field Trip at Home” is an example of a guided ketamine treatment alternative to in-clinic care.

Wesana Health Holdings Inc.

Psychedelics therapy facilitator Wesana (OTCQB:WSNAF) announced its financial results for the second quarter of 2022.

Financial results for the three-month period ended June 30, 2022:

• Total cash of $1,759,686, compared to total $6,576,088 on December 31, 2021. 

• R&D expenses totaled $421,125 compared to $153,828 for the same period in 2021.

• Net loss of a total $2,665,296 compared to $4,911,870 for the same period in 2021.

As regards to business, Wesana recently received positive feedback from a pre-Investigational New Drug (IND) meeting with the FDA on psilocybin compound SANA-013 for the treatment of Major Depressive Disorder (MMD), for which it aims to initiate a Phase 1b/2a clinical study in H1 2023. 

The company has already conducted pre-clinical studies on SANA-013, showing that psilocybin potentiates the impact of an antidepressant while also supporting a novel depression treatment protocol combining psilocybin and cannabidiol.  

Braxia Scientific Corp.

Clinical research and telemedicine ketamine and psilocybin company Braxia (OTC:BRAXF) has also filed its financial statements and management update for the first quarter 2023 ended June 30, 2022. 

The numbers:

• Total cash of $5.862.144 (approx. CA$7.68 million) compared to March 31, 2022 at $6.564.380 (approx. CA$8.6 million), mostly due to the investment for the launch of telemedicine platform KetaMD and the purchase of equipment related to the build out of new clinics.

• Revenue increased to $320,586 (approx. CA$420,000), up 13% sequentially from $282.421 (approx. CA$370,000) in Q4 2022 and up 2.5% from $312.953 (approx. CA$410,000) in the comparative prior period, reflecting an increase in the number of ketamine treatments in the Ontario clinics.

• Net loss was $740.401 (approx. CA$970,000) compared to $831.997 (approx. CA$1.09 million) for the three months ended June 30, 2021

Business highlights include the launch of KetaMD, a telemedicine programme offering ketamine treatment for depression, anxiety, PTSD and bipolar disorder, in the U.S.; the opening of a new clinic near the Greater Toronto Area in Ontario, which expands the company’s ketamine program network across 5 cities; and progressed the first Phase 2 randomized Health Canada approved multi-dose psilocybin trial, which is already reporting meaningful improvements in depression severity.

Braxia also announced stock options grants to certain of its directors, officers and employees to acquire an aggregate of 11,220,000 common shares, each exercisable into one common share at $0.08 per share, for a five-year term expiring on August 29, 2027.

Irwin Naturals Inc. 

Irwin Naturals (OTC: IWINF) announced the filing of its results for the second quarter of fiscal year 2022, or the six month period ended June 30, 2022.

Their financial highlights:

• Operating cash flows totaled $5.9 million compared to $10.5 million for the same time period ended June 30, 2021, a decrease due to lower operating revenue and temporary unfavorability to working capital led by the timing of payments to primary product manufacturer and non-cash share capital issuance.

• Operating revenue declined 18% due mainly to supply issues in the CBD segment and consequent sales decline, believed to be temporary as production of CBD products restarts.

• Income from operations totaled $500,000 compared to $3.1 million for the same period in 2021, due primarily to the mentioned decrease in business volume and startup costs related to Emergence by Irwin Naturals (ketamine clinics) and Irwin Naturals Cannabis (IP licensing to the cannabis industry).

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