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Jun 30, 2025
MindMed Q2 2025 Earnings Report
MindMed reported Q2 2025 results with no revenue, a net loss of $42.7M, and EPS of -$0.50.
Key Takeaways
In Q2 2025, MindMed recorded a net loss of $42.7 million (basic and diluted EPS of -$0.50) on operating expenses of $40.9 million, driven by $29.8 million in R&D and $11.1 million in G&A. Cash and investments totaled $237.9 million at quarter-end, supporting operations into 2027.
Net loss was $42.7M; basic and diluted EPS were -$0.50 for the quarter.
R&D expense was $29.8M and G&A expense was $11.1M for Q2 2025.
Cash, cash equivalents and investments were $237.9M at June 30, 2025.
Phase 3 MM120 programs in GAD and MDD are underway, with topline readouts expected in 2026.
Forward Guidance
Management expects cash, cash equivalents and investments to fund operations into 2027 and continues to advance MM120 Phase 3 trials (Voyage and Panorama in GAD; Emerge in MDD) with topline readouts targeted across 2026.
Positive Outlook
- Cash runway expected to extend into 2027.
- Voyage (GAD) Phase 3 Part A topline expected 1H 2026.
- Panorama (GAD) Phase 3 Part A topline expected 2H 2026.
- Emerge (MDD) Phase 3 initiated with topline targeted for 2H 2026.
- Adaptive trial designs allow potential sample size increases to strengthen power.
Challenges Ahead
- No product revenue; continued operating losses expected.
- Results and timelines remain subject to ongoing regulatory review.
- R&D spending is increasing to support Phase 3 programs.
- Debt facility introduces ongoing interest expense obligations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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