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Mar 31, 2025
MindMed Q1 2025 Earnings Report
MindMed reported Q1 2025 results with a net loss of $19.1M and EPS of -$3.33.
Key Takeaways
Mind Medicine (MindMed) Inc. posted a Q1 2025 net loss of $19.1 million, or -$3.33 per share, reflecting increased R&D investment. The company ended the quarter with $94.6 million in cash, cash equivalents, and short-term investments, sufficient to fund operations into the first half of 2026.
Net loss for Q1 2025 was $19.1 million compared to $17.1 million in Q1 2024.
EPS was -$3.33 compared to -$3.13 in the same quarter last year.
R&D expense rose to $15.0 million due to advancing clinical programs.
Cash and short-term investments totaled $94.6 million, expected to fund operations into 1H 2026.
Forward Guidance
MindMed expects to continue advancing its MM120 and MM402 programs, with multiple data readouts anticipated in the second half of 2025. Cash runway is expected into the first half of 2026.
Positive Outlook
- Multiple data readouts expected in 2H 2025.
- Continued progress in MM120 and MM402 clinical programs.
- Sufficient cash runway into 1H 2026.
- Strong pipeline focus on mental health indications.
- Potential for strategic partnerships to support growth.
Challenges Ahead
- Ongoing operating losses due to high R&D spend.
- No revenue from product sales.
- Dependency on clinical trial outcomes for future growth.
- Cash runway only extends into 1H 2026.
- Potential dilution risk if additional financing is required.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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