Fluence Financial Model

Fluence trains therapists, physicians, pharmacists, psychologists, social workers, and wellness practitioners in psychedelic harm reduction, integration, and compound-specific therapy (ketamine, psilocybin, MDMA, 5-MeO-DMT). Formats:

• Individual trainings: live online classes/workshops, on-demand (self-paced) content, certificate programs.
• Enterprise partnerships: consultation services, psychotherapy manual design, therapist cohort training for clinical trials, post-approval provider training for drug developers.

Positioning: the only neutral party (not aligned with a specific drug sponsor or academic institution) with peer-reviewed harm reduction/integration methodology and trainers who are active Phase 3 trial investigators.

• Psychedelic drugs market: $2B in 2019 → expected $6.8B by 2027.
• 30+ drug sponsors pursuing clinical trials of MDMA, psilocybin, LSD.
• 1,100 therapists applied to MAPS for training; 15,000+ asked to be notified of training opportunities.
• TAM by segment:
• Mental Health Professionals: 1.3M licensed therapists in the U.S.
• Wellness Practitioners: 1.2M counselors, coaches, etc.
• Drug Developers: 30+ psychedelic drug development companies.
• Medical & Mental Health Institutions: 12,000+ mental health facilities.
• SAM / SOM: Not explicitly stated in deck. No dollar TAM/SAM/SOM figures given beyond the psychedelic drugs market size.
• Growth catalyst: 41.5% of U.S. adults reported anxiety/depressive disorder symptoms Aug 2020–Feb 2021; FDA breakthrough therapy designations for psilocybin; first Phase 3 MDMA trial succeeded.

Two revenue streams:

B2C - Individual trainings

• Live online classes and workshops (ticket/seat pricing per course; courses run 1–2 days to 12–14 weeks).
• On-demand content (self-paced; recurring/subscription potential, not explicitly priced in deck).
• Certificate programs (higher-ticket, multi-module).

B2B - Enterprise partnerships

• Research design consulting, therapy manual writing, therapist cohort training for clinical trials.
• Post-approval provider training for drug development companies.
• Custom training packages for healthcare institutions.

Pricing: no specific per-seat or contract dollar figures disclosed in the deck.

Product mix evolution:

• 2021A: Live Online Training 62%, B2B Consultation 38%.
• 2023E: Live Online Training 36%, Enterprise Training 31%, B2B Consultation 27%, OnDemand Learning 6%.
• 2025E: Enterprise Training 44%, Live Online Training 33%, OnDemand Learning 12%, B2B Consultation 11%.

Goal: train 25,000+ healthcare professionals over the next five years.

• 900+ therapists trained.
• 25+ courses and workshops offered.
• 20+ person training staff.
• $750K+ cumulative sales (Jan 2020–Dec 2021).
• On pace to surpass $600,000 in 2021, representing 318% year-over-year increase.
• Enterprise partnerships established with drug development companies.
• $10,000+ awarded in diversity scholarships.
• Self-funded, no outside investment to date.
• 12 strategic partners listed (MAPS, Osmind, Journey Clinical, Beckley Psytech, Wavepaths, Tryp, etc.).

Implied 2020 revenue: if 2021 is ~$600K at 318% YoY growth, then 2020 ≈ $144K.

Inferrable directional data only:

• Average revenue per trained therapist to date: $750K+ / 900+ = ~$833 blended ARPU.

Key competitors shown on positioning quadrant: MAPS, CIIS, Synthesis, Field Trip, Numinus, Compass Pathways, Imperial College London, Johns Hopkins, Mount Sinai, Cybin, MindMed, atai Life Sciences.

Fluence's stated moat:

• Neutral (not tied to one sponsor or compound).
• Founders are active Phase 3 trial investigators - credibility and first-mover legitimacy.
• Only company with peer-reviewed model for psychedelic harm reduction and integration.
• Bridges academia, industry, and community simultaneously.
• Media presence: TIME, Forbes, Vice, GQ, NYT, CNBC, Double Blind coverage.

Leadership:

• Dr. Ingmar Gorman, Co-Founder & CEO - psychologist, NIH postdoc NYU, site co-PI on FDA Phase 3 MDMA trial.
• Dr. Elizabeth Nielson, Co-Founder & CVO - psychologist, NIH postdoc NYU, site co-PI on FDA Phase 3 MDMA and psilocybin trials.
• Michael Kuntz, COO - ex-COO USA Today Network (Gannett), ex-SVP Gawker Media, Publisher/CRO Hearst Magazines.

Training staff: 20+ licensed therapists and researchers, 5 lead trainers + 14 assistant trainers named.

Funding ask: Seed financing (amount not disclosed). Use of funds not detailed in deck.

• Archetype + why: EdTech / professional training revenue model - a multi-stream P&L tracking B2C course revenue (seat-based) and B2B enterprise contract revenue separately, with an integrated 3-statement. Not SaaS (no recurring subscription yet, though on-demand content could become one), not marketplace (no third-party supply). The 2025E product mix shift toward enterprise and on-demand makes a segment-level contribution model essential.

• Forecast horizon & granularity: Monthly for Year 1 (seed deployment), quarterly for Years 2–4 (2022–2025). Five-year horizon aligns with the "25,000 professionals trained" goal and the 2025E product mix targets.

• Key drivers & assumptions:

• Scenarios (Base / Bull / Bear - which variables flex):
• Bull: FDA approvals of MDMA/psilocybin by 2024 trigger mandatory provider training at scale; enterprise contracts with 5–10 drug developers; on-demand platform scales with low marginal cost; revenue 2x Base by 2025.
• Base: 1–2 compound approvals by 2025; organic growth of individual courses + 3–5 enterprise deals per year; product mix shifts per deck's 2023E/2025E targets.
• Bear: Regulatory delays push approvals past 2026; market stays early-adopter only; B2B pipeline thin; revenue growth slows to 20–30% after 2022; runway risk without additional capital.
• Variables to flex: YoY revenue growth rate, B2C average seat price, # enterprise contracts per year, enterprise ACV, gross margin by segment.

• Required sheets / outputs:

1. Assumptions dashboard (all and drivers in one place).
2. Revenue build - B2C: cohort × seat count × avg. price by course type (live, on-demand, certificate).
3. Revenue build - B2B: # enterprise clients × ACV by client type (drug developer, institution).
4. Headcount & labor cost schedule (training staff + G&A).
5. P&L (income statement) - segmented gross margin, opex, EBITDA.
6. Cash flow & runway - critical for seed deployment planning.
7. Balance sheet (simplified).
8. KPI tracker: therapists trained (cumulative), # courses offered, # enterprise clients, ARPU, blended gross margin %.
9. Scenario toggle (Base / Bull / Bear).