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Dec 31, 2022
MindMed Q4 2022 Earnings Report
Reported financial results for the full-year ended December 31, 2022, and was positioned for key MM-120 Phase 2b data readout in GAD and Phase 2a data readout in ADHD in late 2023.
Key Takeaways
MindMed reported its full-year 2022 financial results, highlighting key milestones including upcoming data readouts for MM-120 in GAD and ADHD, and the initiation of the first clinical trial of MM-402. The company's cash and cash equivalents totaled $142.1 million as of December 31, 2022, providing a cash runway into the first half of 2025.
Company is positioned for key MM-120 Phase 2b data readout in GAD and Phase 2a data readout in ADHD in late 2023.
Company to initiate first clinical trial of MM-402 in 2023.
Cash and cash equivalents of $142.1 million at December 31, 2022.
Phase 2b study evaluating MM-120 for generalized anxiety disorder (GAD) remains on track with topline results expected in late 2023.
Forward Guidance
MindMed expects key data readouts from its Phase 2b study of MM-120 for the treatment of generalized anxiety disorder, as well as from its Phase 2a proof-of-concept trial of repeated low-dose MM-120 in attention-deficit/hyperactivity disorder. Additionally, the company expects to initiate the first clinical trial of MM-402 later in the year. The Company believes its financial position provides it with the ability to fund its programs well beyond these key milestones and into the first half of 2025.
Positive Outlook
- Key data readouts from Phase 2b study of MM-120 for GAD expected in 2023.
- Topline results from Phase 2a trial of MM-120 for ADHD expected in late 2023.
- First clinical trial of MM-402 expected to initiate in 2023.
- Cash runway expected to fund operating plan into the first half of 2025.
- Management team to participate in upcoming healthcare conferences.
Challenges Ahead
- History of negative cash flows.
- Limited operating history.
- Incurrence of future losses.
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