Numinus Wellness Inc.

As a reminder, this call is being recorded. I would now like to turn the conference call over to your host, Craig McPhail. Please go ahead.

Thank you, Krista. Good afternoon, everyone. And thank you for joining us for our conference call today. Discussing Numix's performance are Peyton Nyquist, founder and CEO, and Melanie Valloux, interim chief financial officer. The following discussion may include forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties. The risks and certainties that could cause our actual financial operating results to differ significantly from our forward-looking statements are detailed in our MD&A for the quarter ended May 31, 2024, and in our other Canadian security filings available on CDAR. Numinous does not undertake to update or revise any forward-looking statements to reflect new events or circumstances, except as required by law. Our third quarter results were released earlier this afternoon. We encourage you to review our earnings release, MD&A, and financial statements available on our website and CDAR. As a reminder, all figures discussed today are in Canadian dollars. I'll now turn the call over to Peyton Nyquist, Chief Executive Officer.

Thanks, Craig, and good afternoon, everybody. I'd like to start by extending our utmost gratitude that the work that we do is conducted on the unceded homelands of the Musqueam, Squamish, and Tsleil-Waututh people and on other sovereign Indigenous lands and territories across Turtle Island. In numinous, we are committed to a path towards reconciliation through continuous learning, reciprocity, and humility. In Q3 fiscal 2023 we embarked on a transformative initiative aimed at building on our cat on our position as a difference maker in the field of psychedelic therapy to also achieve profitability from our existing operation. This journey began with some difficult but necessary decision to right size, the company we eliminated non revenue generating business line. and roles, including the closure of our numinous bioscience business and our unprofitable clinic in Phoenix, Arizona. Additionally, we reduced our headcount by 60%, focusing our remaining team on growth-oriented initiatives and activities. Our goal was to reduce our burn rate to under $1 million per month. We reached that milestone this past October. And after accounting for one-time costs in our second quarter, we've successfully maintained that target into the third. In the past quarter, we further optimized our operations by transitioning out of our Canadian clinic operations. Through our agreement with Fieldtrip Health, our Canadian therapists were allowed to transfer their contracts to Fieldtrip, leading to the closures of our clinics in Montreal, Toronto, and Vancouver. This transition represents a significant asset light opportunity for us and could serve as a model for future development. We will endorse field trip health clinics and receive a referral fee for therapists who join their team. We will also collaborate on marketing campaigns for training therapists and patient recruitment. As a part of our recently launched numinous network, our former Canadian therapists have access to the latest therapeutic protocols, including ketamine and psychedelic assisted therapies, along with ongoing support and continuous learning opportunities. Today, our operation, our focus on our U.S.-based clinics. Our therapists are full-time numinous employees optimized to provide efficient, high-quality care focusing on ketamine and alternate therapies. In Q3, appointments in our U.S. clinics decreased by 6% over Q2, with new client appointments rising by 24% and ketamine and Spravato appointments increasing by 15%. Since inception, Our clinics have treated over 23,000 patients, and over that time, we have developed unique expertise in psychiatric services, medicine management, psychotherapy, and advanced therapies. A vital part of that expertise is successfully navigating the complex U.S. insurance system to achieve reimbursement for treatment. As well, we have built strategic relationships with leading psychedelic drug developers such as Lycos, Compass Pathways, Cybin, USONA, MindMed, and Beckley, and have been at the forefront of important clinical trials for MDMA, psilocybin, LSD, and 5-MeO-DMT. After the end of the past quarter, we decided to further leverage the significant experience in clinical care and research with the proposed acquisition of MedBright AI. Medbright is a Canadian company that has developed a medical-focused artificial intelligence and machine learning platform to drive clinic efficiency. Medbright's technology can transform the expertise that we have honed in patient care into an AI solution that will allow a therapist to be able to provide psychedelic-assisted therapy care without investing in the significant infrastructure required. We see this as a significant opportunity Ketamine is growing as an accepted treatment for depression, PTSD, and anxiety. Bravado, Janssen's pharmaceutical version of ketamine, doubled in sales over the past year, indicating an increase in demand. Therapists, however, are challenged to put in place the significant infrastructure and expertise to meet patient demands. The Numinous and Medbright AI solution can provide the infrastructure in a SAS model. This includes a call center to convert patients to new appointments, reauthorization systems to ensure insurance coverage, drug protocols, clinical notes to bill, billing processes for relevant reimbursement codes, and aftercare process and reoccurring therapy protocols and reimbursement. We believe this solution will be invaluable to therapists looking to provide ketamine therapy to their patients. As other psychedelic compounds are approved for treatment, the platform can be adapted to encompass new protocols. This acquisition is an important milestone and is the culmination of our efforts over the past year to align Numinous with revenue growth opportunities we see in the U.S. mental health care sector with the delivery of high-quality care to a large population of patients in need of drug-assisted therapy and mental health services. We will rebrand to Numinous Intelligence once the acquisition closes to mark this new strategic direction and focus. Our new name reflects our commitment to leveraging AI and data science to expand mental health services and solutions across the US. The acquisition is expected to close this August after completing a definitive agreement. the usual regulatory approvals, and shareholder approval. Melanie will now provide a financial overview of the quarter.