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Novamind Financial Model

Three business units operating under Novamind Ventures:

1. Cedar Psychiatry (subsidiary) - full-service outpatient mental health clinics in Utah specializing in ketamine-assisted psychotherapy (KAP), Spravato (esketamine), TMS, and medication management
2. Cedar Clinical Research (CCR) (subsidiary) - psychedelic-focused contract research organization (CRO); hosts Phase I–IV clinical trials; led Spravato trials for Janssen; coordinating investigator on MAPS MDMA eating-disorder trial
3. Retreat network - minority equity investments with board seats in Synthesis (Netherlands, psilocybin) and Circadia Center (Costa Rica, psychedelic experiences); right of first refusal to acquire Circadia

Value proposition: own the full-stack infrastructure (clinical care + research + international retreats) before psychedelic medicines receive broad regulatory approval, positioning as the pick-and-shovel play in the sector.

• US annual spend on mental health services: US$224B
• US annual spend on depression and anxiety treatments: US$17B
• No explicit TAM/SAM/SOM breakdown or market-growth CAGR provided in deck
• Clinical efficacy cited as market catalyst: MDMA Phase III for PTSD (67% remission rate); psilocybin Phase IIB for TRD (42% complete remission)

• Clinic revenue (Cedar Psychiatry): fee-for-service per treatment session - ketamine infusions, Spravato sessions, TMS, psychotherapy, medication management; patients pay out-of-pocket or via insurance (insurance coverage not addressed in deck)
• CRO revenue (Cedar Clinical Research): clinical trial hosting fees from pharma/biotech sponsors (e.g., Janssen for Spravato trials, MAPS for MDMA trials)
• Retreat revenue: indirect - Novamind holds minority equity stakes in Synthesis and Circadia; no direct retreat revenue flows to Novamind parent unless dividends declared or entities acquired
• Pricing per treatment, sponsor fee structures, and revenue-share terms not disclosed in deck

• 2019 revenue: C$1.9M
• Ketamine-assisted psychotherapy: over 3,000 treatments administered
• Spravato therapy: over 1,000 treatments administered
• Clinics in operation (at time of deck): 4 - Springville, Orem, Salt Lake City, Layton (all Utah)
• Clinics in development: 1 (Draper, anticipated Q2 2021)
• Synthesis retreat participants: over 600 since founding (2018)
• No monthly/quarterly revenue run-rate, revenue growth %, or patient volume trend disclosed

Comparable companies shown (all valuations as of November 2020): | Company | Ticker | Valuation (C$) | 2019 Revenue (C$) | Business model | | -- | -- | -- | -- | -- | | Novamind | Private | $33M (pre-money) | $1.9M | Clinics + CRO + retreats | | Field Trip | CSE:FTRP | $178M | NIL | Clinics + drug dev | | Numinus Wellness | TSXV:NUMI | $49M | $107K | Clinics only | | Cybin | NEO:CYBN | $137M | NIL | Drug dev + CPG | | Compass Pathways | NASDAQ:CMPS | $1.24B | NIL | Drug dev | | MindMed | NEO:MMED | $435M | NIL | Drug dev | | ATAI | Private | $897M | - | Drug dev |

Moat claims: only competitor with existing revenue and a multi-pillar model (clinics + CRO + retreats); novel EF-KAP protocol (manualized, scalable); scientific advisory board with Yale, Columbia, Toronto, Utah academic affiliations; board seat + ROFR on Circadia acquisition; established CRO relationships with Janssen and MAPS.

Leadership:

• Yaron Conforti, CEO/Director - investment banking background (Desjardins, Sandfire); principal at Emmcap Corp.
• Reid Robison MD MBA, CMO/Director - co-founded & sold Tute Genomics (VC-backed, US$10M+); led 100+ clinical trials; MAPS coordinating investigator
• Adele Lafrance PhD, Consulting Research Scientist - co-developer of EF-KAP; MAPS clinical investigator
• Seneca Anderson, SVP Operations - co-founded Cedar Psychiatry flagship clinic
• Prakash Gowd MBA BSc Pharm, SVP Corporate Development - 25 years capital markets & biopharma (CIBC, Canaccord, GSK)
• Nolan Ladouceur, VP Business Development - former investment banking analyst

Board: Sruli Weinreb (Plaza Capital); Chuck Rifici (founder of Canopy Growth); Jesse Kaplan CFA (Plaza Capital)

Scientific Advisory Board: Mirjana Domakonda MD (Yale); Allan Kaplan MD (CAMH/Univ. Toronto); Craig Blinderman MD (Columbia); Paul Thielking MD (Huntsman Cancer/Univ. Utah)

Funding ask: C$5,000,000

Investments made to date:

• C$1,170,000 lead investment in Synthesis (Netherlands) seed round
• C$100,000 lead investment in Circadia (Costa Rica)

Archetype + why: Multi-segment operating company P&L with clinic roll-up logic. This is not a pure SaaS, DTC, or drug-development model. The primary revenue driver is clinic throughput (treatments × revenue per treatment), overlaid with CRO fee-for-service income and minority investment mark-to-market. A 3-statement model with a clinic-count expansion module is most appropriate - similar in structure to a healthcare services roll-up. The retreat segment (Synthesis, Circadia) should be modeled as equity investments on the balance sheet, not consolidated revenue, unless acquisition triggers (ROFR) are exercised.

Forecast horizon & granularity:

• 5-year annual (2020–2025), with monthly detail for Year 1 given early-stage clinic ramp
• Quarterly milestones for clinic openings

Key drivers & assumptions:

• Number of operating clinics; growth rate
• Treatments per clinic per month;
• Revenue per treatment;
• Treatment mix (ketamine / Spravato / TMS / therapy);
• Gross margin per clinic
• CRO revenue;
• Corporate overhead / G&A
• Clinic capex / buildout cost
• CAC / patient acquisition spend

Scenarios (Base / Bull / Bear - which variables flex):

• Base: 2 new clinics/year; 65 treatments/clinic/month at steady state; revenue/treatment at midpoint; regulatory environment stable
• Bull: 3+ new clinics/year (accelerated expansion capital); Spravato insurance coverage expands; psilocybin achieves FDA approval by 2023 unlocking new treatment line; Circadia acquired and consolidated
• Bear: Regulatory delays on MDMA/psilocybin dampen new patient interest; clinic ramp slower (45 treatments/month); CRO trial pipeline thins due to sponsor budget cuts (COVID impact)

Required sheets / outputs:

1. Assumptions dashboard (all drivers in one place)
2. Clinic roll-up model (clinic count × treatments × revenue/treatment × utilization ramp curve)
3. CRO revenue schedule (by trial, sponsor, phase, fee)
4. Retreat investments (equity stakes, book value, ROFR acquisition scenario toggle)
5. P&L - consolidated and by segment (Cedar Psychiatry / CCR / Corporate)
6. Balance sheet (light - track cash, clinic PP&E, equity investments)
7. Cash flow statement (operating + capex for clinic buildouts)
8. Funding & uses (C$5M raise deployment schedule)
9. Comps benchmarking tab (revenue multiples vs. Field Trip, Numinus)
10. Scenario/sensitivity toggle (clinic count × revenue/treatment)