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Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) agreed to sell its five Utah clinics to psychiatric care provider Stella. The deal will also create a data-sharing partnership to develop clinic management software, as the struggling psychedelics company moves away from direct patient care.

The Vancouver-based company agreed to sell the clinics, which specialize in ketamine therapy and Spravato treatments for depression and anxiety, for $3.53 million, according to a news release Friday. The deal is expected to close by November 30.

“With ketamine and Spravato emerging as key treatments for depression and associated mental health conditions, we aim to ease the operational burdens health care professionals face as they are challenged to meet the growing requests for care,” CEO Payton Nyquvest said in a statement. “We expect strong demand for Numinus Network Solutions.”

The transaction comes just months after Numinus terminated its planned acquisition of MedBright AI Investments and follows the FDA’s August decision to reject a key MDMA therapy that was central to the company’s U.S. market strategy.

Under the agreement with Stella, Numinus will receive $2.08 million at closing, followed by $750,000 in monthly installments throughout 2025 and up to $700,000 in deferred compensation next year. The companies will also partner to share operational data from Stella’s network of 12 mental health clinics.

“With Stella taking over operations across Numinus’ clinics, we’re bringing additional life-changing treatments to the Utah community while simultaneously supporting Numinus’ efforts to create new, innovative solutions that can change the future of how clinics are run,” Stella CEO Michael Gershenzon said.

The deal marks a significant pivot for Numinus amid mounting financial challenges. The company reported an accumulated deficit of nearly $133 million through May 31, according to July earnings filings. In its third quarter, revenue fell 16% year-over-year to C$4.3 million, while posting a C$5.8 million loss.

As a result, Numinus has been shifting its focus, betting its experience with insurance billing will help drive its technology offering.

“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,” Nyquvest told investors in July. “A vital part of that expertise is successfully navigating the complex U.S. insurance system to achieve reimbursement for treatment.”

The company has also built partnerships with psychedelic drug developers, including Lykos, Compass Pathways, Cybin and MindMed, and conducted clinical trials for treatments using MDMA, psilocybin, LSD and 5-MeO-DMT.

According to the announcement, this deal is expected to help create what Numinus called an “asset-light business” combining clinical support, practitioner training and research capabilities. The company added that it will leverage data from treating “about 50,000 unique individuals, over 200,000 appointments, and about 250,000 insurance-reimbursed claims” to develop software solutions for clinics.

“We consider the addressable market for AI-enhanced psychedelic therapy clinic management to be significant,” Nyquvest said on the summer call. “An estimated 14 million people have conditions appropriate for psychedelic-assisted therapy. And about 200,000 mental health providers, including psychiatrists, psychologists and clinical therapists can provide care.”