Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) announced Monday its financial results for the first quarter of 2022. MindMed is a New York-based psychedelic medicine biotechnology company that develops psychedelic-inspired drugs and therapies to combat addiction and mental illness.

MindMed Had Higher Expenses in Q1

As of March 31, 2022, MindMed had cash on hand totaling $120.5 million, compared to $133.5 million as of December 31, 2021. MindMed believes that its available cash will be sufficient to meet its operational needs beyond its main stages of development in 2023 and until 2024.

Net cash from operating activities. Net cash used in operating activities was $12.9 million for the quarter ended March 31, 2022, compared to $10 million for the same period in 2021.

R&D expenses were $10.2 million for the quarter ended March 31, 2022, compared to $6.8 million for the same period in 2021. 

General and administrative expenses were $8.3 million for the three months ended March 31, 2022, compared to $7.0 million for the same period in 2021. 

Net and comprehensive loss for the three months ended Q1 2022 was $18.5 million, compared to $13.8 million for Q1 2021.

Catalysts and Further Growth Are Anticipated

During the quarter, MindMed advanced clinical programs for three lead drug candidates and appointed François Lilienthal, MD as Chief Commercial Officer.

Robert Barrow, Chief Executive Officer and Director of MindMed, commented: “The outset of 2022 was marked by significant progress across all aspects of the company that propelled our business forward, as we continued to advance and de-risk our three lead product candidates: MM-120 for the treatment of generalized anxiety disorder, MM-402 for the treatment of core symptoms of autism spectrum disorder, and MM-110 for the management of opioid use disorder. We anticipate multiple upcoming catalysts and further growth across our drug development pipeline as well as our enabling technologies. We look forward to building on this momentum and believe we are well positioned to deliver on the therapeutic potential of psychedelics and other novel targets to transform the treatment of brain health disorders.”

 

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