# Feel Therapeutics Financial Model Digital precision medicine platform for mental health - continuous passive monitoring via wearables + proprietary algorithms + digital therapeutics (DTx). - Canonical: https://finamodel.com/startups/feel-therapeutics - Excel download: https://finamodel.com/startup-models/feel-therapeutics.xlsx - Category: Biotech/Pharma - Model type: SaaS ARR / Valuation - Funding round: Seed - Funding: $3.5M - Founded: 2024 - Geography: USA + Europe (team across both); studies in 9 countries [DECK slide 6]. - Customer: B2C ## About the company Feel Therapeutics uses wearable devices, phone sensors, and proprietary algorithms to create digital biomarkers across mood, stress, sleep, activity, cognition, vitals, and other mental-health domains. Its platform connects remote monitoring to real-time support, clinician dashboards, coaching, digital CBT, psychoeducation, and medication as an adjunct. The company has two product tracks: Feel DTx for depression, anxiety, and ADHD, plus a wearable seeking FDA Class II 510(k) clearance. Near-term revenue is expected from pharma and biotech research partnerships for clinical-trial data and biomarker validation, before a prescription drug-plus-digital-therapy channel. Feel had 23 active research or clinical studies across 2018–2024, enrolling 2,727 patients in nine countries. It reports 87% precision in detecting mood-state changes, seven publications, and five patents. The model should forecast studies, partnership fees, patients, validation, device cost, payer adoption, engagement, and retention. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Proprietary Digital Precision Medicine Platform ingesting data from wearable devices, mobile phone sensors (voice, video, text) and proprietary algorithms to produce digital biomarkers across 10+ domains: mood, mental stress, psychophysiological monitoring, physical symptoms, psychomotor activity, physical activity, sleep, social activity, cognitive functioning, vitals, body energy. - Solution links remote monitoring → proprietary algorithms → real-time support & adherence tools → clinician dashboard & coaching → digital CBT + psycho-education → medication (adjunct). - Core problem addressed: no objective monitoring tools exist for mental health (contrast with thermometers, stethoscopes, glucose meters in other specialties). - Two product tracks: (a) Feel DTx - a digital therapeutic program (depression, anxiety, ADHD); (b) wearable device seeking FDA 510k Class II clearance. ## Market - Mental illness will be the leading cause of disability by 2030, costing $6 Trillion. - 1 out of 4 people will experience a mental disorder. - >45% of patients with chronic conditions struggle with behavioral health. - No explicit TAM/SAM/SOM breakdown or addressable market sizing presented in the deck. ## Revenue model - Near-term: pharma/biotech research partnerships (clinical trial data / biomarker validation services) - consistent with 23 active studies and CNS pipeline focus. - Medium-term: Drug+ prescription channel (FDA-cleared DTx adjunct to medication). - Potential DTC subscription or employer/health-plan channel (not stated). ## Traction & metrics - 23 research & clinical studies active 2018–2024. - 6 therapeutic areas in CNS pipeline; 6 further TAs in broader pipeline (Oncology, Hematology, etc.). - Total patients enrolled across studies: 2,727 across 9 countries. - MDD: 5 countries, 817 subjects - GAD: 5 countries, 427 subjects - PTSD: 1 country, 95 subjects - Healthy w/ risk factors: 5 countries, 1,154 subjects - ADHD: 1 country, 100 subjects - Eating Disorders: 1 country, 80 subjects - MS: 1 country, 50 subjects (starting 2024) - 87% precision in detecting changes in mood state (peer-reviewed publication). - 7 publications; 1 pending. - 5 patents (2 granted, 3 pending). - No revenue figures or ARR disclosed. ## Competition / moat - IP: 2 granted patents (emotion detection from physiological + digital data; continuation method), 3 patents pending (ADHD biomarker, insomnia biomarker, depression relapse biomarker). - Clinical evidence: 23 studies, 2,727 patients, 7+ peer-reviewed publications. - Advisory network: Former CEO of Biogen, Former FDA Director (Personalized Medicine & Biomarkers), Professors of Psychiatry at Harvard, UC Davis, UCSF. - Competitive landscape not explicitly shown; moat framed around clinical evidence and proprietary algorithms rather than comparative positioning. ## Team & funding ask / use of funds **Team:** - George Eleftheriou - Co-Founder & CEO; Former McKinsey, Columbia. - Haris Tsirbas, PhD - Co-Founder & CTO; PhD Biomedical Engineering. - Sharon Kaplow - VP Clinical Operations; Former Clinical Lead AbleTo. - 31 team members (USA & Europe); 9 post-docs; 4 Professors of Psychiatry. - 800+ team member publications; 16,000+ citations. **Investors (existing):** Felicis, Satori Capital, SOSV, anthemis, SeedtoB, Metavallon; JLabs (J&J Innovation) company. **Burn rate:** $180k core gross monthly burn. **Funding ask:** - Total round: $3.5M convertible note; $30M cap, 20% discount. - Already closed: $2.5M (Satori Neuro-led). - Remaining: $1M. **Use of funds / milestones:** - FDA 510k Class II clearance for wearable device (comparable: Empatica received FDA clearance → Sanofi Series B). - Launch as Drug+ and FDA clearance of Feel DTx as adjunct to medication (comparable: Otsuka/Click Therapeutics DTx for MDD). - No granular budget breakdown disclosed. **Runway implied:** $1M remaining ask / $180k monthly burn = ~5.6 months of incremental runway. --- ## Recommended financial model **Archetype + why:** Milestone-gated pre-revenue biotech/DTx operating model. Feel is pre-commercial with dual revenue pathways: (a) research/pharma services revenue (near-term) and (b) DTx product launch post-FDA clearance. The appropriate model is a **research-services + DTx product P&L with burn-and-runway bridge**, not a SaaS ARR or DTC model. Closest to a clinical-stage digital health model where milestones (FDA clearance) gate commercialisation. **Forecast horizon & granularity:** - Monthly for 24 months (through Series A deployment); annual summary for years 3–5. - Key inflection modelled: FDA 510k clearance at ~month 12 (milestone from deck), DTx Drug+ launch at ~month 18. **Key drivers & assumptions:** *Burn / Cost side:* - Core gross monthly burn: $180k. - Team size: 31; headcount growth rate: +15% p.a. as clinical ops scale post-FDA. - R&D as % of total opex: ~55%, consistent with 9 post-docs and active study pipeline. - G&A + Sales: remainder after R&D. *Research services revenue (pre-FDA):* - Number of active pharma/biotech study contracts: 3–5 at any time (based on 23 studies over 6 years ≈ ~4/year average). - Average contract value per study: $150k–$300k (digital biomarker feasibility / Phase II); rationale: small pilot studies in CNS. - Contract duration: 12–18 months. - Revenue recognition: ratable over contract life. *DTx product revenue (post-FDA clearance):* - Pricing model: B2B prescription / payer reimbursement; $1,200–$2,400/patient/year (consistent with comparable DTx e.g., Pear Therapeutics, Click Therapeutics). - Ramp: 100 patients year 1 post-launch → 1,000 year 2 → 5,000 year 3; dependent on payer coverage decisions. - Gross margin on DTx: 70–80% (software-dominant delivery). - Wearable device ASP: $250–$400/unit; COGS ~40% (hardware). *Funding:* - Cash inflow: $1M close of current round; existing $2.5M assumed partially deployed. - Next capital event: Series A assumed ~month 18–24 post-FDA milestone; size $8–15M. **Scenarios (Base / Bull / Bear - which variables flex):** - **Base:** FDA clearance at month 12; 3 active research contracts/year; DTx launch at month 18; Series A raised at month 20. - **Bull:** FDA clearance at month 9; 5 contracts/year with higher ACV; DTx reimbursement via major payer in year 1; Series A at month 15 on stronger terms. - **Bear:** FDA clearance delayed to month 18+; research contract pipeline slow (1–2/year); DTx launch delayed; bridge round required. **Required sheets / outputs:** 1. Assumptions dashboard (all drivers in one place). 2. Headcount & compensation build (31-person base, monthly). 3. Research services revenue model (contract pipeline, recognition schedule). 4. DTx revenue model (patient ramp, pricing, payer mix). 5. Wearable hardware revenue (optional / secondary line). 6. Operating P&L (monthly + annual). 7. Burn & runway bridge (cash in / cash out / ending balance). 8. Milestone tracker (FDA 510k, DTx clearance, Series A). 9. Scenario toggle (Base / Bull / Bear). ## Frequently asked questions ### Is the Feel Therapeutics financial model free? Yes. The Feel Therapeutics model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.