Mind Medicine reports Q2 EPS (26c), consensus (33c)

Reports as of June 30 MindMed had cash and cash equivalents totaling $243.1M compared to $99.7M as of December 31, 2023. The Company recently completed an underwriting offering of its common shares and pre-funded warrants to purchase common shares for $75M in gross proceeds before deducting transaction fees and other offering related expenses. The company believes that its cash and cash equivalents as of June 30 plus the approximately $70.0 million in net proceeds from the recently completed offering will be sufficient to fund the Company’s operations into 2027. Based on the company’s current operating plan and anticipated R&D milestones, the Company expects its cash runway to extend at least 12 months beyond its first Phase 3 topline data readout for MM120 ODT in GAD. Net Cash Used in Operating Activities. For the six months ended June 30 , net cash used in operating activities was $36.6 million, compared to $27.2 million in the six months ended June 30, 2023. $.”Building on the positive momentum from our Phase 2b data for MM120 ODT in GAD, we are excited to be launching our Phase 3 clinical program in GAD later this year and to announce the expansion of our pipeline as we embark on a registrational study for MM120 ODT in MDD,” said Rob Barrow, Chief Executive Officer of MindMed. “In June, we successfully completed our End-of-Phase 2 meeting with the FDA, aligning on Phase 3 requirements for MM120 ODT in GAD, with initiation of our first Phase 3 trial on track for the second half of the year. We have also extended our intellectual property protection for MM120 ODT through 2041 bolstering our market protection strategy. With a cash balance of $243.1 M as of June 30 , and our recently closed $75 M in gross proceeds, we are well-positioned to rapidly advance our R&D pipeline with exemplary operational and financial efficiency to numerous readouts beginning in the first half of 2026. The $250M of equity investment into MindMed since the beginning of 2024 extends our cash runway into 2027, which we believe will be at least 12 months beyond our first Phase 3 clinical readout for MM120 ODT in GAD.”