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Sep 30, 2023
MindMed Q3 2023 Earnings Report
MindMed's financial results for Q3 2023 were reported, along with business highlights, including progress on MM-120 and MM-402 clinical trials.
Key Takeaways
MindMed reported its Q3 2023 financial results, highlighting the focus on executing key data readouts for MM-120 in GAD and ADHD, and the planned initiation of the MM-402 Phase 1 clinical trial in ASD. The company's cash and cash equivalents totaled $117.7 million as of September 30, 2023, expected to fund operations into 2026.
Topline readout of MM-120 in GAD (Phase 2b) is expected in Q4 2023.
Topline readout of MM-120 in ADHD (Phase 2a proof-of-concept) is anticipated by the end of Q1 2024.
MM-402 in ASD is on track for Phase 1 clinical trial initiation in Q4 2023.
Cash and cash equivalents totaled $117.7 million at September 30, 2023.
Forward Guidance
MindMed anticipates several key milestones in the coming months, including topline results from the Phase 2b study of MM-120 in GAD expected by the end of the year, initiation of the Phase 1 study of MM-402 by the end of the year, and reporting topline data from the proof-of-concept study of MM-120 in ADHD by the end of Q1 2024.
Positive Outlook
- Topline results from Phase 2b study of MM-120 in GAD expected in Q4 2023.
- Topline results from Phase 2a proof-of-concept study of MM-120 in ADHD anticipated by the end of Q1 2024.
- Phase 1 clinical trial of MM-402 in ASD on track for initiation in Q4 2023.
- University Hospital Basel enrolling participants in Phase 1 trial of R(-)-MDMA, S(+)-MDMA and R/S-MDMA in healthy adult volunteers with topline results expected in the first half of 2024.
- Cash and cash equivalents are expected to fund operations into 2026.
Challenges Ahead
- MindMed has a history of negative cash flows.
- The company has a limited operating history.
Historical Earnings Impact
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