MindMed Q3 2023: Financials, Business Funded By 2026 If LSD Pipeline Milestones Achieved
Portfolio Pulse from Lara Goldstein
Mind Medicine (MindMed) (NASDAQ:MNMD) has reported its Q3 2023 financial results, showing a 17.2% decrease in cash and cash equivalents from the end of 2022, but a mild 0.6% increase from Q2 2023. The company's R&D expenses increased by 69.2% YoY, while G&A expenses decreased by 8.7%. MindMed's net loss for the quarter was $17.9 million, an 8.5% increase from the same period in 2022. The company believes its current cash and committed credit facility will fund operations into 2026, if certain milestones are achieved. Key upcoming milestones include the results of Phase 2b and Phase 2 studies on LSD molecule MM-120 for adults with Generalized Anxiety Disorder and ADHD, respectively, and a Phase 1 study of MM-402 targeting Autism Spectrum Disorder.
November 03, 2023 | 6:12 pm
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NEUTRAL IMPACT
MindMed's Q3 2023 financial results show a decrease in cash and an increase in net loss, which may concern investors. However, the company's belief that it can fund operations into 2026 if certain milestones are achieved could provide some reassurance. The upcoming results of several studies could also have a significant impact on the company's stock.
The decrease in cash and increase in net loss reported by MindMed could negatively impact investor sentiment and the company's stock. However, the company's belief that it can fund operations into 2026 if certain milestones are achieved could provide some reassurance to investors. Additionally, the upcoming results of several studies could have a significant impact on the company's stock, either positively if the results are positive, or negatively if the results are negative.
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