- Mind Medicine (MindMed) Inc. has announced its quarterly financial results for the quarter ended March 31, 2021.
Mind Medicine (MindMed) Inc. (MNMD), a leading psychedelic medicine biotech company, has announced its quarterly financial results for the quarter ended March 31, 2021.
Q1 2021 Financial Highlights (in USD)
- Total assets as of March 31, 2021 were $201 million, including $160 million in cash
- Net Cash Used in Operating Activities (Total Cash Burn) of $10 million for the quarter ended March 31, 2021
- Net and comprehensive loss of $14 million for the three months ended March 31, 2021
Q1 2021 Business Highlights
- MindMed closed its acquisition of HealthMode, a leading machine learning digital medicine company, adding Bradford Cross as Chief Technology Officer to lead Albert and Dr. Daniel R Karlin as Chief Medical Officer
- MindMed began the first-ever clinical trial combining MDMA and LSD in collaboration with UHB Liechti Lab
- MindMed closed an upsized financing of $92 million CAD ($73 million USD)
- MindMed closed a subsequent private placement of $19.5 million CAD ($15.4 million USD)
- MindMed expanded its Microdosing Division adding a groundbreaking study evaluating LSD Microdosing through next-gen digital clinical markers
- MindMed added Chief Development Officer, Robert Barrow, with FDA Phase 2 Psilocybin clinical trial experience
- MindMed signed partnership with Swiss psychedelic drug discovery startup MindShift Compounds AG, expanding its development pipeline and IP portfolio with next-gen psychedelic and empathogenic compounds
- MindMed’s LSD neutralizer study began in collaboration with UHB Liechti Lab
- MindMed added Stanford University Pritzker Professor of Psychiatry and Behavioral Sciences, Dr. Robert Malenka as Chair of its Scientific Advisory Board
- MindMed announced Its Inclusion in FTSE Russell Indexes
Breakdown of Operating Activities
- Net cash provided through financing activities – $90 million
- Net cash used in operating activities – $10 million
- Net cash used for the acquisition of HealthMode – $0.5 million (primarily a stock deal)
Management Update & Earnings Call
Management will provide updates on its clinical pipeline status and a review of its Q1 2021 financials. The call will be held Monday, May 17th, 2021 at 9:00 am ET. Details are below:
Complete financial statements along with related management’s discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com
About MindMed
MindMed is a clinical-stage psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to MindMed’s approach to developing the next generation of psychedelic inspired medicines and therapies.
MindMed trades on the NASDAQ under the symbol MNMD and on the Canadian NEO exchange under the symbol MMED. MindMed is also traded in Germany under the symbol MMQ.