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Sep 30, 2022
MindMed Q3 2022 Earnings Report
Reported financial results for the quarter ended September 30, 2022, and provided a business update.
Key Takeaways
MindMed reported its Q3 2022 financial results, highlighting the initiation of patient dosing in the Phase 2b dose-optimization study of MM-120 for GAD and advancements in IND-enabling studies for MM-402. The company's cash and cash equivalents of $154.5 million are expected to fund operations into the first half of 2025.
Initiated patient dosing in Phase 2b dose-optimization study of MM-120 for the treatment of Generalized Anxiety Disorder (GAD), with key clinical readout expected in late 2023.
Advanced IND-enabling studies for MM-402 and initiated a Phase 1 investigator-initiated trial in Q3 2022.
Enhanced financial resources with approximately $60.0 million in gross proceeds from an at-the-market selling program and a public offering.
Cash and cash equivalents totaled $154.5 million, expected to fund the current operating plan into the first half of 2025.
MindMed
MindMed
Forward Guidance
MindMed expects topline results from the Phase 2b dose-optimization study of MM-120 for GAD and the Phase 2a proof-of-concept trial for ADHD in the second half of 2023. Initiation of a Phase 1 clinical trial of MM-402 is planned in 2023.
Positive Outlook
- Topline results from MM-120 Phase 2b trial for GAD expected in the second half of 2023.
- Topline results from MM-120 Phase 2a trial for ADHD expected in the second half of 2023.
- Planned initiation of a Phase 1 clinical trial of MM-402 in 2023.
- Ongoing collaboration with the University Hospital Basel in Switzerland for a Phase 1 trial of R(-)-MDMA, S(+)-MDMA and R/S-MDMA.
- Prioritizing and focusing development efforts on MM-120 in psychiatric indications.
Challenges Ahead
- History of negative cash flows.
- Limited operating history.
- Incurrence of future losses.
- Dependence on availability of additional capital.
- Early stage product development.