MindMed Reports 2024 Financial Results and Advances in Clinical Trials

LOS ANGELES-  of December 31, 2024, MindMed reported cash and cash equivalents totaling $273.7 million, up from $99.7 million at the end of 2023. This increase is attributed to equity financings totaling approximately $250 million completed during the year, extending the company’s operational funding into 2027.

Research and development expenses for 2024 were $65.3 million, an increase from $52.1 million in 2023, primarily due to the initiation of Phase 3 trials for the MM120 program. General and administrative expenses decreased to $38.6 million from $41.7 million in the previous year. ​

Clinical Trial Progress

MindMed has dosed the first patients in its Phase 3 clinical trials for MM120, an orally disintegrating tablet targeting generalized anxiety disorder (GAD). The Voyage study, conducted in the United States, and the Panorama study, encompassing sites in the U.S. and Europe, are designed to evaluate the efficacy and safety of MM120 compared to a placebo. Topline data from these studies are anticipated in the first half and second half of 2026, respectively. Additionally, the company plans to initiate the Emerge study, the first Phase 3 trial of MM120 in major depressive disorder (MDD), in the first half of 2025. ​

In March 2024, the U.S. Food and Drug Administration granted Breakthrough Therapy Designation to MM120 for the treatment of GAD, based on positive Phase 2b study results. ​ With a strengthened financial position and advancements in its clinical programs, MindMed aims to address unmet needs in treating brain health disorders.