MindMed Announces 2021 Q1 Financial Results; Cash Balance of $160m USD

Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”) (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ), a leading psychedelic medicine biotech company, has announced its quarterly financial results for the quarter ended March 31, 2021.

Q1 2021 Financial Highlights (in USD)

  • Total assets as of March 31, 2021 were $201 million, including $160 million in cash 
  • Net Cash Used in Operating Activities (Total Cash Burn) of $10 million for the quarter ended March 31, 2021
  • Net and comprehensive loss of $14 million for the three months ended March 31, 2021

Q1 2021 Business Highlights 

  • MindMed closed its acquisition of HealthMode, a leading machine learning digital medicine company, adding Bradford Cross as Chief Technology Officer to lead Albert and Dr. Daniel R Karlin as Chief Medical Officer 
  • MindMed began the first-ever clinical trial combining MDMA and LSD in collaboration with UHB Liechti Lab 
  • MindMed closed an upsized financing of $92 million CAD ($73 million USD) 
  • MindMed closed a subsequent private placement of $19.5 million CAD ($15.4 million USD) 
  • MindMed expanded its Microdosing Division adding a groundbreaking study evaluating LSD Microdosing through next-gen digital clinical markers 
  • MindMed added Chief Development Officer, Robert Barrow, with FDA Phase 2 Psilocybin clinical trial experience 
  • MindMed signed partnership with Swiss psychedelic drug discovery startup MindShift Compounds AG, expanding its development pipeline and IP portfolio with next-gen psychedelic and empathogenic compounds 
  • MindMed’s LSD neutralizer study began in collaboration with UHB Liechti Lab 
  • MindMed added Stanford University Pritzker Professor of Psychiatry and Behavioral Sciences, Dr. Robert Malenka as Chair of its Scientific Advisory Board 
  • MindMed announced Its Inclusion in FTSE Russell Indexes

Breakdown of Operating Activities

  • Net cash provided through financing activities – $90 million
  • Net cash used in operating activities – $10 million
  • Net cash used for the acquisition of HealthMode – $0.5 million (primarily a stock deal)

Management Update & Earnings Call

Management will provide updates on its clinical pipeline status and a review of its Q1 2021 financials. The call will be held Monday, May 17th, 2021 at 9:00 am ET.  Details: https://mindmed-co.zoom.us/webinar/register/WN_VUKpc-t5RxCtomkh86GCTw

Complete financial statements along with related management’s discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com

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