Thu, Nov 7, 9:32 PM (243 days ago)
Mind Medicine (MindMed) Inc. (MNMD) reported its Q3 2024 results with a net loss of $13.7 million, a 24% improvement from the $17.9 million loss in Q3 2023. For the nine months ended September 30, 2024, the loss was $73.9 million, slightly higher than $71.9 million in the prior year. Operating expenses increased by 15% year-over-year to $24.8 million, driven mainly by a 30% rise in research and development costs, primarily for its lead product candidate MM120, targeting generalized anxiety disorder (GAD). The company ended the quarter with $295.3 million in cash and equivalents, bolstered by significant financing activities including a $70 million August offering and a $93.5 million March offering. Cash used in operations totaled $53.8 million, with financing activities providing $249.4 million. The firm anticipates its cash runway will extend into 2027, supporting ongoing clinical trials and operational needs. MindMed continues to advance its clinical programs, with pivotal trials for MM120 expected to begin in late 2024, while exploring additional indications and potential partnerships to enhance its product pipeline.