MindMed says it has enough cash to take it 2026

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced its financial results for the first quarter ending March 31, and provided a business update. The company is still in the early stages of drug development and has no revenue to report.

The net loss for the quarter was $54.4 million versus last year’s $24.8 million in the same period. MindMed attributed the increase in losses to changes in the fair value of 2022 financing warrants of $27.7 million.

At the end of the quarter, MindMed had cash and cash equivalents totaling $252.3 million, compared to $99.7 million at the end of 2023. The company believes it has enough cash to fund its operations into 2026. At the end of the quarter, the company had an accumulated deficit of $344.6 million.

MindMed also stated that Chief Financial Officer Schond Greenway has left, and the company is beginning an executive search to fill the position. The company also delisted its shares from the CBOE and is only traded on the Nasdaq.

“Building on a highly productive 2023, we were pleased to start the year by announcing that our Phase 2b trial of MM120 in (generalized anxiety disorder) hit its key secondary endpoint with clinically and statistically significant activity observed through week 12 of the study,” CEO Rob Barrow said. “Additionally, the results we shared from our Phase 1 pharmacokinetics bridging trial support the advancement of our MM120 oral dissolving tablet formulation into pivotal clinical trials, with our Phase 3 program of MM120 in GAD on track to initiate in the second half of 2024.”

In March, MindMed announced that the FDA granted Breakthrough Therapy Designation to MM120 for the treatment of GAD in adults.

“With a strong balance sheet expected to fund operations through numerous key milestones, we look forward to providing additional updates on our GAD program, as well as on our pipeline as we advance MM402 for the treatment of autism spectrum disorder, and potentially expand into additional indications for MM120,” Barrow added.

MindMed reported that it used $16.6 million in net cash in operating activities versus last year’s $13.3 million. R&D expenses were $11.7 million for the quarter versus $12.6 million for the 2023 first quarter. G&A expenses were $10.5 million for the quarter versus $8.3 million in 2023.