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Third Quarter 2025 Financial Results
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Cash, Cash Equivalents and Investments.
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As of September 30, 2025, MindMed had cash, cash equivalents and investments totaling $209.1 million compared to $273.7 million as of December 31, 2024. Based on the Company’s current operating plan and anticipated milestones, the Company believes that its cash, cash equivalents and investments as of September 30, 2025, along with the net proceeds of $242.8 million from the recently completed offering, will be sufficient to fund the Company’s operations into 2028.
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Research and Development (R&D).
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R&D expenses were $31.0 million for the quarter ended September 30, 2025, compared to $17.2 million for the quarter ended September 30, 2024, an increase of $13.8 million. The increase was primarily due to increases of $11.7 million in MM120 program expenses, $2.5 million in internal personnel costs reflecting expanded research and development capabilities, and $0.2 million in preclinical and other program expenses, partially offset by a $0.6 million reduction in MM402 program expenses.
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General and Administrative (G&A).
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G&A expenses were $14.7 million for the quarter ended September 30, 2025, compared to $7.6 million for the quarter ended September 30, 2024, an increase of $7.1 million. The increase was primarily due to increases of $3.0 million in personnel-related expenses, $2.0 million in commercial-preparedness related expenses, $1.6 million in corporate affairs expenses and $0.5 million in other miscellaneous administrative expenses.
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Conference Call and Webcast Reminder
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MindMed management will host a webcast at 4:30 p.m. EST today to provide a corporate update and review the Company’s third quarter 2025 financial results and business highlights. Listeners can register for the webcast via this link. Analysts wishing to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Investor Relations section of the MindMed website, ir.mindmed.co and archived for at least 30 days after the webcast. Those who plan on participating are advised to join 15 minutes prior to the start time.
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About MM120 Orally Disintegrating Tablet (ODT)
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MM120 ODT (lysergide D-tartrate or LSD) is an ergoline derivative belonging to the group of classic serotonergic psychedelics which acts as a partial agonist at specific serotonin receptors (human serotonin-2A (5-HT2A) receptors). MM120 ODT is MindMed’s proprietary and pharmaceutically optimized formulation of LSD. MM120 ODT is an advanced formulation incorporating Catalent’s Zydis® ODT fast-dissolve technology, which is designed to deliver several unique advantages, such as faster absorption and faster onset of transient cognitive, perceptual, and affective changes, improved bioavailability, and lower incidence of gastrointestinal side effects. MindMed is developing MM120, the tartrate salt form of lysergide, for generalized anxiety disorder (GAD), major depressive disorder (MDD), and is exploring its potential applications in other serious brain health disorders.
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About MM402
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MM402 is the Company’s proprietary form of R(-)-MDMA (rectus-3,4-methylenedioxymethamphetamine), being developed for the treatment of core symptoms of autism spectrum disorder (ASD). MDMA is a synthetic molecule that is often referred to as an empathogen because it is reported to increase feelings of connectedness and compassion. Preclinical studies of R(-)-MDMA demonstrate its acute pro-social and empathogenic effects, while its diminished dopaminergic activity suggest that it has the potential to exhibit less stimulant activity, neurotoxicity, hyperthermia and abuse liability compared to racemic MDMA or the S(+)-enantiomer.
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About MindMed
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MindMed is a late-stage clinical biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative product candidates targeting neurotransmitter pathways that play key roles in brain health. MindMed trades on NASDAQ under the symbol MNMD.
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Forward-Looking Statements
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Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Forward-looking information in this news release includes, but is not limited to, statements regarding the Company’s anticipated topline readout (Part A results) for the Phase 3 Voyage study of MM120 ODT in GAD in the first half of 2026; the Company’s anticipated topline readout (Part A results) for the Phase 3 Panorama study for MM120 ODT in GAD in the second half of 2026; the Company’s anticipated topline readout (Part A results) for the Phase 3 Emerge study for MM120 ODT in MDD in mid 2026; the Company’s plans to initiate the Phase 3 Ascend study of MM120 ODT in MDD in mid-2026; the Company’s expectations regarding the enrollment for each of the Voyage, Panorama, Emerge and Ascend studies; the Company’s beliefs regarding potential benefits of its product candidates; the Company’s expectation to initiate its Phase 2a study of MM402 for the treatment of ASD in the fourth quarter of 2025; the Company’s expectation that its cash, cash equivalents and investments, along with the net proceeds from its recently completed offering, will fund operations into 2028; and potential additional indications for MM120 ODT and MM402. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; compliance with laws and regulations; legislative and regulatory developments, including decisions by the Drug Enforcement Administration and states to reschedule any of our product candidates, if approved, containing Schedule I controlled substances, before they may be legally marketed in the U.S.; difficulty associated with research and development; risks associated with clinical studies or studies; heightened regulatory scrutiny; early stage product development; clinical study risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; ability to maintain effective patent rights and other intellectual property protection; as well as those risk factors discussed or referred to herein and the risks, uncertainties and other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its Quarterly Reports on Form 10-Q for the fiscal quarter ended March 31, 2025, June 30, 2025 and September 30, 2025 under headings such as “Special Note Regarding Forward-Looking Statements,” and “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other filings and furnishings made by the Company with the securities regulatory authorities in all provinces and territories of Canada which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
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Mind Medicine (MindMed) Inc. Consolidated Balance Sheets | ||||||||
(in thousands, except share amounts) | September 30, 2025 | December 31, 2024 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 19,959 | $ | 273,741 | ||||
Short-term investments | 189,111 | — | ||||||
Prepaid and other current assets | 6,778 | 7,879 | ||||||
Total current assets | 215,848 | 281,620 | ||||||
Goodwill | 19,918 | 19,918 | ||||||
Other non-current assets | 1,150 | 613 | ||||||
Total assets | $ | 236,916 | $ | 302,151 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 8,113 | $ | 2,010 | ||||
Accrued expenses | 19,028 | 12,829 | ||||||
2022 USD Financing Warrants | 38,275 | 24,010 | ||||||
Total current liabilities | 65,416 | 38,849 | ||||||
Credit facility, long-term | 40,385 | 21,854 | ||||||
Other non-current liabilities | 519 | — | ||||||
Total liabilities | 106,320 | 60,703 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Common shares, no par value, unlimited authorized as of September 30, 2025 and December 31, 2024; 76,774,057 and 75,100,763 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | — | — | ||||||
Additional paid-in capital | 661,831 | 639,508 | ||||||
Accumulated other comprehensive income | 1,001 | 819 | ||||||
Accumulated deficit | (532,236 | ) | (398,879 | ) | ||||
Total shareholders’ equity | 130,596 | 241,448 | ||||||
Total liabilities and shareholders’ equity | $ | 236,916 | $ | 302,151 | ||||
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Mind Medicine (MindMed) Inc. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except share and per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 30,978 | $ | 17,188 | $ | 84,144 | $ | 43,538 | ||||||||
General and administrative | 14,691 | 7,604 | 34,587 | 27,916 | ||||||||||||
Total operating expenses | 45,669 | 24,792 | 118,731 | 71,454 | ||||||||||||
Loss from operations | (45,669 | ) | (24,792 | ) | (118,731 | ) | (71,454 | ) | ||||||||
Other income/(expense): | ||||||||||||||||
Interest income | 2,262 | 3,507 | 7,469 | 8,279 | ||||||||||||
Interest expense | (1,274 | ) | (727 | ) | (4,214 | ) | (1,627 | ) | ||||||||
Foreign exchange loss, net | (39 | ) | (32 | ) | (107 | ) | (589 | ) | ||||||||
Change in fair value of 2022 USD Financing Warrants | (22,545 | ) | 8,360 | (17,774 | ) | (11,088 | ) | |||||||||
Gain on extinguishment of contribution payable | — | — | — | 2,541 | ||||||||||||
Total other income/(expense) | (21,596 | ) | 11,108 | (14,626 | ) | (2,484 | ) | |||||||||
Net loss | (67,265 | ) | (13,684 | ) | (133,357 | ) | (73,938 | ) | ||||||||
Other comprehensive loss | ||||||||||||||||
Unrealized gain on investments | 196 | — | 242 | — | ||||||||||||
Gain/(loss) on foreign currency translation | (2 | ) | (12 | ) | (60 | ) | 478 | |||||||||
Comprehensive loss | $ | (67,071 | ) | $ | (13,696 | ) | $ | (133,175 | ) | $ | (73,460 | ) | ||||
Net loss per common share, basic | $ | (0.78 | ) | $ | (0.18 | ) | $ | (1.56 | ) | $ | (1.12 | ) | ||||
Net loss per common share, diluted | $ | (0.78 | ) | $ | (0.27 | ) | $ | (1.56 | ) | $ | (1.12 | ) | ||||
Weighted-average common shares, basic | 85,885,516 | 77,909,441 | 85,436,678 | 65,938,025 | ||||||||||||
Weighted-average common shares, diluted | 85,885,516 | 80,238,688 | 85,436,678 | 65,938,025 | ||||||||||||
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Contacts
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Investor Contact:
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Gitanjali Jain
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VP, Head of Investor Relations
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English (US)