MindMed Reports Q2 2024 Financials, Advances Clinical Programs

LOS ANGELES- Mind Medicine (MindMed) Inc. a clinical biopharmaceutical company focusing on treatments for brain health disorders, released its financial results for the quarter ending June 30, 2024. The company also provided updates on its research pipeline and business developments.

Financial Overview

MindMed reported a cash balance of $243.1 million as of June 30, 2024, up from $99.7 million at the end of 2023. The increase was driven by a $75 million underwriting offering completed during the quarter. The company expects its cash reserves to support operations through 2027, extending at least 12 months beyond the anticipated readout from its first Phase 3 clinical trial for MM120 in generalized anxiety disorder (GAD).

The company reported a net loss of $5.9 million for the quarter, a significant improvement from the $29.1 million loss during the same period in 2023. The reduction was primarily attributed to changes in the fair value of financing warrants. Research and development (R&D) expenses remained stable at $14.7 million, while general and administrative (G&A) expenses decreased to $9.8 million from $14 million in Q2 2023, largely due to reduced professional services costs.

Clinical and Business Updates

MindMed is progressing its lead candidate, MM120, a lysergide D-tartrate formulation, into Phase 3 trials for GAD. Following a successful End-of-Phase 2 meeting with the FDA in June, the company plans to initiate the Phase 3 program in the latter half of 2024. The program will consist of two clinical trials aimed at evaluating the efficacy and safety of MM120 as a treatment for GAD.

The company also announced the issuance of a new patent by the U.S. Patent and Trademark Office (USPTO), extending intellectual property protection for MM120 through 2041. Additionally, MindMed is expanding its pipeline to include a Phase 3 study of MM120 for major depressive disorder (MDD), expected to begin in early 2025.

MindMed voluntarily delisted its shares from the Cboe Canada exchange during the quarter, while its shares remain listed on Nasdaq.

Looking Ahead

With a strengthened financial position and expanding clinical programs, MindMed aims to deliver multiple data readouts starting in 2026. The company’s ongoing developments in GAD and MDD, along with its pipeline asset MM402 for autism spectrum disorder, highlight its focus on advancing treatments for brain health disorders.