MindMed Reports Financial Results For Q1, With Lower Cash Balance Compared To December Last Year

MindMed MNMD announced its financial results for the first quarter of 2022, which ended March 31.

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Financial highlights

As of March 31, 2022, MindMed’s cash balance totaled $120.5 million, compared to $133.5 million as of December 31 of last year.

The net cash used in operating activities was $12.9 million for the first three months of the year, compared to $10.0 million for Q1 of 2021. 

Research and development expenses were $10.2 million, compared to $6.8 million for the same period in 2021. The increase of $3.4 million was primarily due to $4.4 million of internal expenses related to compensation costs for an additional headcount of $2.0 million and an increase in non-cash expenses of $1.7 million of stock-based compensation expenses. This increase was counterbalanced by a decrease in external spending of $0.8 million related to preclinical and other programs. 

General and administrative expenses were $8.3 million, compared to $7.0 million for the same period in 2021. The increase of $1.2 million was predominantly due to an increase of $0.9 million in non-cash stock-based compensation expenses. 

The net and comprehensive loss was $18.5 million, compared to $13.8 million for the same period in 2021.

Company highlights 

It is expected that a Phase 2a trial of MM-120, a pharmaceutically optimized form of LSD, in chronic pain conditions to initiate in Q4 2022.

In December 2021, the company completed MMED003, a Phase 1 trial of MM-110, a congener of ibogaine. The successful results of this Phase 1 study have informed the Phase 2a trial design that is expected to be initiated in Q2 2022.

Photo: Courtesy of micheile on Unsplash.