MindMed's Q2 2023: One Of Biggest Players In The Space Sustains Faith In LSD's Multiple Path Ahead
Portfolio Pulse from Lara Goldstein
MindMed (NASDAQ:MNMD) reported Q2 2023 financial results, with cash and cash equivalents totaling $116.9 million, a 17.8% decrease from Dec. 2022. Net cash used in operating activities totaled $27.2 million, and R&D expenses increased by 59.1% and 39.8% for three and six months respectively. The company is about to complete enrollment for Phase 2b study of LSD compound MM-120 for Generalized Anxiety Disorder (GAD), with topline data expected in Q4 2023. Another Phase 2a study is evaluating MM-120 on AD/HD participants, with topline data expected between Q4 2023 and Q1 2024. MindMed also licensed Catalent’s Zydis ODT technology to use with MM-120.
August 07, 2023 | 7:01 pm
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NEUTRAL IMPACT
MindMed's Q2 2023 financial results show a decrease in cash and an increase in R&D expenses. However, the company is making progress in its clinical trials, which could potentially lead to future revenue.
While MindMed's financial results show a decrease in cash and an increase in expenses, the company is making progress in its clinical trials. This could potentially lead to future revenue and an increase in stock price. However, the results of these trials are uncertain and thus the short term impact on the stock price is neutral.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100