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spk11: Greetings and welcome to the Field Trip Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Kathleen Heaney of Investor Relations. Thank you. You may begin.
spk00: Good morning, and welcome to FieldChief's Fourth Quarter Earnings Conference Call. Before we begin the call, I am obligated to remind everyone that during the course of this conference call, management may be making some forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. These results are outlined in the Risk Factor section of the company's filings and disclosure materials. Any forward-looking statements should be considered in light of these factors. Please also note at Safe Harbor, any outlook we present is as of today, and management does not undertake any obligations to revise any forward-looking statements in the future. Presenting today will be Joseph Del Moral, co-founder and chief executive officer, Ronan Levy, co-founder and executive chairman, and Donna Wong, chief financial officer. I'll now turn the call over to Joseph to begin today's presentation with an update on the spin-out transaction.
spk03: Thank you, Kathleen, and welcome to everyone joining us this morning. As previously disclosed, the strategic review confirmed that both divisions of Fieldtrip are equipped and ready to successfully operate as independent companies with distinct strategies, dedicated management teams, and the capital resources required to execute on the respective business priorities. We are pleased to say that we are nearing the finish line. This past Monday, shareholders approved the arrangement and concurrent financing, thereby approving the spin-out transactions. Subject to completion of the arrangement, shareholders also approved the Field Trip Health and Wellness Equity Incentive Plan and authorized Field Trip Health and Wellness to reserve and allot for issuance and issue upon the exercise of options up to 10% of the number of common shares in Field Trip Health and Wellness issued in outstanding from time to time on a non-debuted basis. And, just yesterday, we received the final court approval for the spin-out transaction. The closing of the arrangement remains subject to regulatory approvals, including the conditional listing approval by the TSX Venture Exchange. It is expected that the closing of the arrangement will occur on or around August 2022. At that time, the individual companies will be named Reunion Neuroscience Inc., the drug discovery business, which will continue to focus on the research and development of novel psychedelic molecules such as FT-104 and fieldship health and wellness, which will house the clinics and technology business and will continue its focus on developing proprietary, competitive, and differentiated psychedelic assistive therapies through innovation and therapeutic protocols. On closing, it is expected that each share of the company will be exchanged for one common share of reunion and approximately 0.86 common shares of fieldship health and wellness. Additionally, Reunion will remain listed on the NASDAQ stock market, enter on the stock exchange, and Fieldtrip Health and Wellness, subject to exchange approval, will list on the TSX Venture Exchange. We are pleased to secure the financing to execute on our plan given the current challenging market environment. Concurrent with closing of the SPINO transaction, Fieldtrip Health and Wellness is expected to complete a series of private placement financings for gross proceeds of $20 million. led by Oasis Management Company and Fieldtrip. This is expected to be sufficient to support the growth of the business as well as enable the company to reach break-even. Now that the spinoff has been approved by the shareholders, and as we undertake the separation, it is key that we preserve the synergies that currently exist as well as the wealth of knowledge that we've accumulated over the past two years. We are now focused on the future for the separate drug development and clinics businesses. and allowing them to execute on their respective strategic priorities. I will now hand the call over to Ronan to provide an update on Fieldtrip Health and Wellness.
spk13: Thanks, Joseph, and welcome, everyone.
spk12: Throughout the fourth quarter, the clinics achieved operational efficiencies, increased customer reach and patient throughput, along with launching innovative strategic partnerships to offer new psychedelic-assisted treatment options. In turn, we were pleased to see ongoing sequential growth in patient revenues in the quarter, which were up 27% to 1.72 million. On a year-over-year basis, revenue was more than three times higher than the same period of the prior year. During the quarter, we opened two clinics, one in Vancouver, British Columbia, and the other one in Washington, D.C. Coming out of the strategic review and with the increased emphasis on client acquisition through digital platforms, as well as ongoing efficiency improvements, We made the decision to defer the opening of new clinics, which currently stands at 12 in total. Subsequent to quarter end, we launched Field Trip at Home, powered by New Life, which provides ketamine treatments from the comfort of a person's home, which is an alternative to in-clinic care. With this relationship, we now offer increased accessibility and convenience for those interested in pursuing the successful treatment outcomes of ketamine therapy outside of a clinic setting through New Life's at-home and telehealth offerings. We are proud that our field trip health centers have played a pivotal role in providing access to ketamine and psilocybin-assisted treatments and have helped change the lives of those living with depression, anxiety, and other mental health conditions. Over the coming months, you will start to see an evolution in the business strategy for the ClinX Division as it becomes field trip health and wellness. The focus to date has been on validating that psychedelic-assisted therapies can be safely, effectively, and viably offered as a therapeutic option for the millions of people who struggle with mental health challenges. And, of course, we will continue to build upon our strong foundation as a leader in the industry, with a focus on growth and client numbers, while also implementing further operational improvements to scale our physical footprint efficiently. However, now there will be new emphasis on expanding the field trip ecosystem in a capital efficient manner, this will include building on the successful launch of our field trip at home Program. and a greater emphasis on our digital tools, particularly our Trip app, which will start to play a much more central role as the conversation around psychedelics emerges from a third-line treatment in treating DSM-5 diagnoses to a much more social and cultural conversation. The opportunities in the psychedelic industry as it continues to evolve are near boundless, and with Fieldtrip Health and Wellness, we plan to be at the forefront of the most exciting ones. I'll now turn the call back to Joseph to provide an update on the drug development side of the business.
spk03: Thanks, Ryan. During the fiscal fourth quarter and full year 2022, we continued to advance our important drug discovery work. We are leading the development of the next generation of custom synthetic molecules targeting serotonin 5-HT2A receptors with FT-104, our first drug candidate in development. FT-104, given the name isoprosine glutarate, is anticipated to produce a psychedelic trip of about two to three hours, significantly shorter than other molecules currently in clinical trials. The structure of FT-104 is based on classical serotonin 2A psychedelics, like psilocybin, which have been reported to be useful in treating a variety of mood disorders, including depression, anxiety, and substance abuse. We completed phase one enabling studies for FT-104 earlier in the year and have entered clinical stage development. During the fourth quarter, we entered into an agreement with an Australian clinical research organization to perform a phase one trial with the objective of studying the safety tolerability, and pharmacokinetics of single escalating doses of FT-104 in healthy human volunteer participants. Additionally, exploratory objectives include characterization of the intensity, duration, and subjective feeling of the psychoactive experience produced by the study drug. The phase one protocol was developed in collaboration with our CRO and our clinical advisory team was approved by the Human Research Ethics Committee and is being implemented at the clinical trial site where screening and recruitment have begun. Dowsing of participants in the study is expected to begin shortly. An important event subsequent to quarter end was the granting of the patent for claims related to FT-104 with protection to at least mid-2040. The patent application grants exclusive rights to field trips for the composition of matter, formulations, methods of use, and methods of manufacture for a family of hemiester compounds of hydroxytropines, including isoprosin. During the quarter, we also progressed with our FT200 molecule group. To date, our research has revealed that candidates in the FT200 group are demonstrating interesting pharmacological differences with classical psychedelics. This may potentially make them safer serotonin 2A agonists with a broader use potential in mental health care. Furthermore, by decreasing the relative activity of the serotonin 2B receptor, we are aiming to improve their cardiovascular safety profile. Molecules with the ability to selectively activate the 5-HT2A receptor, but not the 5-HT2B receptor, could potentially be used as medications for depression or anxiety, but in a manner more closely resembling traditional pharmaceuticals with, for example, at-home daily dosing. I will now turn the call over to Donna to discuss our financial results.
spk06: Thank you, Joseph, and good morning, everyone. As a reminder, all figures that I will be discussing are in Canadian dollars, and the fourth fiscal quarter and fiscal year 2022 corresponds to the three and 12-month periods ended March 31, 2022. During the fourth quarter, we earned patient services revenues of $1.7 million from our 12 clinics, an increase of 228% over the comparative quarter in the prior year. The Washington, D.C. clinic began generating revenues in March of this year. By contrast, fourth quarter 2021 patient services revenues were generated from five clinics and amounted to $526,000. We are pleased with the 26.7% sequential increase in revenues. This was due in part to the one additional clinic as compared to the prior quarter, as well as the steps the company has taken to further improve and increase throughput, as Ronan mentioned. For the fiscal year, revenue was 4.7 million, an increase of 406% over fiscal 2021. This reflects the increase in the number of clinics we had, 12 in the most recent year compared to three in the prior year. Moving now to a discussion of costs. Our efforts to streamline operating costs are well underway and we are beginning to see evidence of that improvement on a sequential basis as fourth quarter total operating expenses were 8.3% lower than the third quarter, while at the same time we grew revenue 27%. On a year-over-year basis, total operating costs in the fourth quarter were $14.3 million, up from $7.7 million in the same comparative period and reflects our investments in growing and scaling both our clinics and drug development businesses. The amount expended for fiscal year 2022 was $58 million compared with $20 million in the comparative year, with the increase reflecting the items I just mentioned, as well as an increase in sales and marketing and R&D costs. General and administration expenses of $7.4 million are our largest operating expenses and were up from $4.1 million in the same quarter of the prior year. The increase was primarily due to operating costs reflecting the larger number of clinics operating in the quarter as compared to the prior year and an increase in public company-related expenses. G&A costs in the quarter also included non-cash items comprised of share-based payments of $1.3 million, G&A of $1.1 million, and one-time costs associated with the spin-out transaction of approximately $900,000. Total G&A for the fiscal 2022 year-end was $32.3 million, up from $10.5 million in fiscal 2021 for the reasons I just mentioned. Patient services expenses of $2.7 million and $9.2 million for the fourth quarter and full year, respectively, compares with $1 million and $2 million for the comparable periods in fiscal 2021. The increase reflects the larger number of clinics in operation. Our fourth quarter R&D costs were $2.3 million, an increase of 153% over the prior year, primarily due to ramping up of development costs as we work to further progress the development of the active ingredient FT-104, as you just heard from Joseph. R&D costs of $7.3 million for the full year reflect the continued investment as we enter the clinical stage of development and prepare for phase two. In line with the actions we have taken to improve efficiencies, marketing costs of $400,000 in fourth quarter 2022 were 39% lower in the same period of the prior year. primarily reflecting lower branding and public relations fees. On a full year basis, sales and marketing expenses of $3.9 million reflected increased paid social, search, and public relations expenditures to build patient interest and our brand. This had the desired results as we saw steady growth in client acquisitions and patient services throughout the year. Now, turning next to the balance sheet, field trip at year end had unrestricted cash and cash equivalents of $64 million. Following our $9.8 million capital infusion into the standalone clinics business on a pro forma basis upon closing, the cash position for reunion, our new name at that time, is estimated at $42 million to support our ongoing drug discovery work. This ends our prepared remarks. I'll now ask the operator to open the lines for the Q&A session.
spk11: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for your questions. Our first questions come from the line of Andrew Parthenow with Stifel. Please proceed with your questions.
spk07: Hi, good morning. Thank you for taking my question. Maybe the first, good morning. The first thing I'd just like to touch on, and I'm not sure if I heard correctly, Donna, my phone cut off there. I think you mentioned 42 million in pro forma cash for reunion post the spin-out transaction.
spk06: Sorry, Andrew, 40.2.
spk07: 40.2, okay. Could you talk a little bit about how long or what do you think that cash will enable you to achieve in reunion? In other words... what do you expect your cash burn to be in reunion? And on the other side of the coin for field trip health and wellness, where do you expect your performer cash position to be post the spin out? And again, what do you think the cash burn will be in health and wellness? And where do you think, or what do you think that cash will enable you to achieve
spk06: Okay.
spk05: Joseph.
spk03: Maybe it's Joseph. I can maybe answer about reunion or what we expect to be able to achieve with the cash and don't jump in with any additional commentary. But the cash we will have at reunion when we affect the separation will get us through our Phase 1 trial, which we expect to have data by the end of this year, and set us up in a position – And also do all the preparatory work to get ready to run our Phase 2 trials next year, do our pre-IND and meetings and get everything lined up for our Phase 2. I also set us up to have the cash run where we need to do a fundraise prior to starting our Phase 2 to fund the Phase 2 trials. So we'll have more detail about exactly how much runway that is and timelines and milestones as we get further along. But I think it sets us up well to get all the data we need from our phase one and prepare everything we need to launch the phase two and then do a successful fundraise for our phase two trial before starting phase two.
spk06: On the field trip health and wellness side, upon the close of transaction, the clinic's business will have $20 million in gross proceeds to fund the operations on an ongoing basis. The company believes, based on our current fiscal forecast, our current revenue forecast, that that funding should be sufficient to take us through to profitability.
spk05: Thank you very much for that.
spk07: And could you talk a little bit about the reunion phase one that has already started? I believe you mentioned recruitment is ongoing and dosing should start shortly. Could you talk a little bit about, you know, how is recruitment going? What are you seeing thus far? Is there a lot of interest in... participating in a trial like this, any kind of color like that would be useful.
spk03: Sure. I'll have to call that question over to Nathan.
spk10: Good morning, Andrew. Yes, we started advertising only a couple of weeks ago, and we've had hundreds of inquiries. So right now what we're doing is running through those and selecting out the eligible candidates and getting them into screening as fast as possible so that we can get them scheduled for dosing. So it does seem quite that there's an avid appetite for participating in the study.
spk05: That's great.
spk07: And just on the clinic side, last question for me. You know, is there any kind of color that you can provide on where you are in terms of profitability? namely your oldest clinics, which are typically the ones that perform the best, and how do you think that the New Life Partnership will play a role in helping you achieve that profitability milestone? Thanks, Andrew. We'll hand that over to Ronan to answer.
spk13: Yeah, thanks, Andrew.
spk12: I mean, you're spot on when it comes to the growth of the clinics. The oldest clinics are certainly achieving capacity faster than the younger clinics, and they all seem to follow the same general trajectory of growth. We haven't specifically outlined individual by clinic profits or anything along those lines, so I have to be a little bit conscientious about what we say, but the trend lines kind of continue in the same direction. And in some case, I think that the growth in the established clinics may actually be accelerating. So that's positive. In terms of the New Life partnership, you know, it's only been about six weeks since it's launched. So it's hard to parse out exact details other than to say, We are seeing very positive early signs of it in terms of the conversions of patients that go through us and ultimately land into the field trip at home powered by New Life offering. And we think it's an excellent opportunity because there's virtually zero capital outlay and it's a way to monetize the awareness that we generate to people who aren't in the geographic jurisdictions of our clinics. Initial signs are very positive and encouraging, but it's still very early days, so we can't offer too much insight past that right now.
spk05: Thank you very much for that, and I'll get back in the queue.
spk11: Thanks, Andrew. Thank you. Our next questions come from the line of Patrick Truccio with HC Wainwright. Please proceed with your questions.
spk08: Thanks. Hi, good morning, and congrats on all the progress. I have a few follow-up questions on FT-104. I guess just first, just regarding the clinical path forward, can you tell us what you're looking to see in this Phase I data from a PK and safety perspective, though also from the psychedelic experience perspective that would give you confidence to move ahead to the Phase II and PPD?
spk05: Good morning, Andrew.
spk10: Sorry, Patrick. Yes, what we're looking for primarily, and of course, we expect to see safety. We want to see that there's no adverse events that are going to cause us from being able to use the doses that are psychedelic in nature. We'll be using standard questionnaires to get a measure of drug intensity and subjective experience to help us guide us in what produces the maximum experience without any safety concerns, as those will be the doses that we'll be selecting most likely for use in our Phase II program. And so that's really the ultimate goal is to understand where our limits are, our upper limit of tolerability is, and dose below that that gives the highest psychedelic experience but no untoward adverse events. That's the key point that we'll be looking for. Of course, we always want to make sure the safety is primary for our patients. So that's the biggest thing.
spk08: Got it.
spk10: And then as for the duration, I was going to say I didn't mention the duration, but of course the duration is a key component to what we want to be able to demonstrate. It's the key component of what we were after in the first place. It's to demonstrate that as has been said by people who have used this in the illicit space that the psychedelic experience is typically three hours or less.
spk08: Yeah, that's helpful. And then, so if all does go as well as expected, when would you anticipate the phase two and PPD to be up and running? And can you give us some expectations around this program, including, you know, the potential differentiation from brexanolone, but also differentiation from other psychedelic programs that could emerge, you know, such as 5-MeO-DMT?
spk10: Starting the phase two will obviously be gated by the financing. So successful early financing, I think that our earliest start date would be Q3 23. As for the design, I think I'll wait until we've had some feedback from the FDA before we talk about that. But in comparison, most of the comparisons right now to the products such as brexanilone would be theoretical, of course. But what we're trying to demonstrate is that in PPD, which is what we're going to study this drug in, that we could treat a mother, have symptom relief within 24 hours, which is typical of most psychedelics. and have a return to breastfeeding within that same timeframe, which differentiates from brexanilone, which right now is a 60-hour infusion, and for which mothers are told to withhold breast milk for at least a week after those three days of continuous infusions. So I think there's a big jump in convenience for mothers to have only a half day in a clinic and be able to return to normal life, if you wish, rather than three days away in a hospital where they're obviously seen as patients and not just as being treated quickly in a care facility that would only need them for a half day. Those are the major concerns. As of other psychedelics, 5-MeO-DMT, if you're talking about GH Pharma and their foray potentially into PPD, I'm not going to comment right now on that. I have not much information to compare to yet.
spk08: Got it. And then if I could, just one on the clinics and the separation. So, Reunion is expected to maintain equity ownership of 21.79% in field trip health and wellness. I'm wondering if reunion will have input into managerial decisions and if it would have earlier special access to data outcomes from psychedelic assisted therapies administered at the clinics.
spk03: So as we mentioned before, we will be entering into a collaboration agreement between the two companies that will maintain some of the synergies we have currently having both of these divisions under one roof. So that would include access to anonymized outcome information, data, access for preferential access to clinical trial sites and that sort of thing. In terms of In terms of influence over managerial decisions, that's not expected, although we have the right to appoint a director to the board. That would be sort of the path we'd choose to go on that front. But I'll hand it over to Paula if there's any other comments. Otherwise, we'll move on.
spk01: Joseph, thank you very much. You're entirely correct. Our plan is to have two agreements in place. One is shared services, which will allow the two companies to leverage shared back office staff for a period of time, but it's not intended to be managerial in nature. It's meant to be more fiscal and to smooth the transition. And Joseph has also correctly described the ongoing collaboration agreement that we intend to introduce prior to closing. Thank you very much.
spk05: That's helpful. Thank you so much. Thank you, Patrick. Thank you. Our next questions come from the line of Elmer Piros with Roth Capital Partners. Please proceed with your questions. Hello? Elmer? We can hear you now, Elmer.
spk09: Yes, sorry about that. I was fiddling with the phone. I just have a couple of leftover miscellaneous questions. Joseph, what do you envision that the hat count is going to be at Reunan when you get separate from field trips?
spk03: We have about 10 people who are working on the clinical development, CMC side, and then a few people on sort of general corporate support, finance, and legal, etc., So it's not a huge team. We obviously do leverage virtual. A lot of our work is done virtually with CROs and consultants.
spk09: Okay, thank you. And previously you mentioned that the Phase 1 with FT-104 will be also conducted at the Netherlands. Is it Australia only now?
spk03: That's correct. We made the move to Australia, so the Phase 1 is Australia only.
spk09: Okay. And besides the Phase I results, what else you might need to generate preclinical data for an IND filing?
spk03: I'll hand that over to Nathan.
spk10: Hi, Elmar. We believe we have just about everything we need for an IND filing, else we wouldn't have been able to start the Phase I study in Australia. They also require a fairly hefty investigators brochure with complete preclinical talks data. However, we have worked with consultants to look at a gap analysis. We have identified a couple of things that we feel that the FDA may request in addition to what we have. Those have been started. And then hopefully we're going to go to the FDA in September We'll share with them what we've done and what is in progress and seek their guidance as to whether anything else is additionally necessary prior to starting the phase two. And we'll try to get it done before that July 2023 date, if at all possible. Of course, it would have to be done before the phase two unless we can argue otherwise. So that's the plan right now. Try to get the FDA's guidance based on what we have and what's ongoing, and then complete anything necessary before July 23rd.
spk09: Thank you very much, Nathan, and congratulations on the approval of the separation.
spk04: Thank you, Eleanor. Thank you.
spk11: Thank you. As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. Our next question has come from the line of Michael Okunwich with Maxim Group. Please proceed with your questions.
spk02: Hey, guys. Good morning. Thank you for taking the questions. I guess I'm To direct my first one to Ronan, see if you could talk a bit more about the logistics of the at-home program. Regulatory-wise, how does that work, given that ketamine is a scheduled substance and is an off-label treatment? And how does at-home impact your treatment capacity? Okay.
spk12: Sure, and I invite Paula to offer any additional comments that I don't touch on. From a regulatory perspective, there's nothing particularly unique about the at-home offering. Physicians and other qualified prescribers are able to prescribe ketamine, provided they have a DEA license. As far as I know, there's never been a requirement to have it administered in clinics. So the at-home program, you know, is just working within the normal confines of prescribing ketamine and the delivery and or administration of ketamine. There's nothing particularly unique about that. The way it's set up from our perspective in terms of the patient relationships between us and New Life, essentially New Life is the provider of care. And so all kind of regulatory compliance considerations reside within New Life. course within the contractual arrangement they are obliged to comply with that and in fact they've been very very good partners in terms of updating and modifying their process actually to comply with some recommendations that Paula mentioned as well as our medical teams mentioned in terms of best practices so so from a regulatory perspective there's there's not actually very much that that's unique and in fact in terms of a liability risk assessment that the bulk of the liability would otherwise relied with with NewLife as each person who goes through it is officially a NewLife patient. In terms of capacity at our clinics, this certainly expands our capacity. One of the things that we've become aware of is that our brand reach is quite substantial. We generate many, many website visitors per day, but in part because of the geographic limitations of where our clinics are located, We can't service many people, and so we do believe that this is going to extend the reach of people who we are able to treat through field trip. And we don't anticipate that there will be too much diversion of people who opt in for the at-home program versus the in-clinic program. It is too early to say, but by and large, we believe that it is really serving different audiences or that some people who come in from the in-clinic experience may, after completing the treatment protocol with us, may choose to do it at home as a continuation of their care, just given the facility it provides. But again, we're just getting initial feedback now, so it is too early to provide too much guidance on that.
spk05: All right. Thank you very much. I appreciate the additional clarity.
spk02: I would like to change topics a bit and ask about PPD in particular. How frequently do mothers with PPD seek treatment as opposed to kind of, you know, waiting it out? Would you expect that program to require significant patient outreach and education, or is there a built-up desire in that market for better treatments given the significant unmet need?
spk10: Good point. Yeah, we do believe that there's pent-up needs. that we can address. I think that's evident in sometimes the speed at which patients have been recruited in prior studies. But I'll say also that I... My brain just stopped.
spk05: I lost track of where I was headed on this. Sorry. Michael, was there a follow-up on that?
spk02: Yeah, sorry. I just had one more question regarding clinical trial costs, specifically how much you're expecting the Phase I to cost you, in particular given that Australia is generally pretty affordable for clinical trials.
spk05: I just remembered where I was headed.
spk10: I'm sorry about that. Just as a note, we're fully expecting a lot of that patient outreach to be started by our competitor who's already in the field and is actually doing a lot of that outreach and market building. So I think we'll be able to benefit from that. Sorry about that. I just caught a pause in my brain. As for Australia, yes, we reached out to Australia because we could actually save some time Relative to going to the U.S., there can be delays of three to six months typically in getting studies studied in the U.S. in terms of getting the IMD up and running. That's why we reached out to Australia. There's also the additional setting up a structure to recover research fund expenditures spending. And we've done that to try to capture some of the costs back from the study we're currently running.
spk05: All right, thank you very much. Thank you, Michael. Thank you.
spk11: As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad.
spk05: There are no further questions at this time. I would like to turn the call back over to Ronan Levy for any closing comments.
spk12: Thank you, operator, and thank you to our investors for the support and to all the analysts for the calls and for the questions today. We're confident that the future of our drug development and clinics businesses will each be strengthened as separate entities. We're focused on continuing to foster innovation and developing innovative psychedelic-assisted therapies for those suffering mental health conditions, while also setting the companies up for long-term success and increased shareholder value. With that, I'll ask the operator to close the lines.
spk11: Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.
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