# Fluence Financial Model Professional education and training platform for clinicians seeking certification in psychedelic-assisted psychotherapy and integration. - Canonical: https://finamodel.com/startups/fluence - Excel download: https://finamodel.com/startup-models/fluence.xlsx - Category: Biotech/Pharma - Model type: 3-Statement - Funding round: Seed - Funding: $3M - Founded: 2022 - Geography: U.S.-primary; online delivery enables broader reach. - Customer: B2B2C ## About the company Fluence trains therapists, physicians, pharmacists, psychologists, social workers, and wellness practitioners in psychedelic harm reduction, integration, and compound-specific therapy. It offers live online workshops, on-demand content, certificate programmes, and enterprise work covering clinical-trial cohorts, manuals, and post-approval provider education. The company positions itself as an independent educator with peer-reviewed methodology and trainers active in Phase 3 studies. Individual learners pay for courses and certificates, while drug developers and healthcare institutions buy consultation and custom training. Its planned mix shifts toward enterprise training and on-demand learning over time. Fluence had trained more than 900 therapists, offered 25-plus courses, employed a 20-plus-person training staff, and recorded over $750,000 in cumulative sales through 2021. It expected more than $600,000 of 2021 revenue. The model should forecast learners, course pricing, enterprise contracts, instructor capacity, completion, CAC, and renewal. ## 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 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. ## Market - 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. ## Revenue model 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. ## Traction & metrics - 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. ## Unit economics Inferrable directional data only: - Average revenue per trained therapist to date: $750K+ / 900+ = ~$833 blended ARPU. ## Competition / moat 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. ## Team & funding ask / use of funds **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. --- ## Recommended financial model - **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:** | Driver | Value | | -- | -- | | 2021 revenue | ~$600K | | 2020 revenue | ~$144K | | 2021 YoY revenue growth | 318% | | Revenue growth 2022–2025 | 80% / 60% / 50% / 40% declining curve | | Therapists trained target (5-yr) | 25,000+ | | Avg. B2C revenue per seat (live course) | $500–$1,500 | | Avg. B2B enterprise contract value | $50K–$200K | | B2C / B2B revenue split 2021A | 62% / 38% | | B2C / B2B revenue split 2023E | ~42% / 58% | | B2C / B2B revenue split 2025E | ~45% / 55% | | Gross margin - B2C (live) | 55–65% | | Gross margin - B2B enterprise | 40–55% | | Gross margin - on-demand | 70–80% | | Headcount ramp (training staff) | 20+ today; scale with B2B pipeline | | Seed round size | TBD - not in deck | - **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). ## Frequently asked questions ### Is the Fluence financial model free? Yes. The Fluence 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.