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MNMD

Mind Medicine (MindMed) Inc.

MNMD

Mind Medicine (MindMed) Inc. • NASDAQ
$12.65 ▲ 4.55% (+0.55)
Market Cap $955.75 M
52w High $14.43
52w Low $4.70
Dividend Yield 0%
P/E -6.39
Volume 685.62K
Outstanding Shares 75.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $45.669M ▲ $-67.265M ▼ 0% $-0.78 ▼ $-65.984M ▼
Q2-2025 $0 $40.903M ▲ $-42.744M ▼ 0% $-0.5 ▼ $-40.406M ▼
Q1-2025 $0 $32.159M ▼ $-23.348M ▲ 0% $-0.27 ▲ $-22.746M ▲
Q4-2024 $0 $32.462M ▲ $-34.741M ▼ 0% $-0.41 ▼ $-34.085M ▼
Q3-2024 $0 $24.792M $-13.684M 0% $-0.18 $-1.122M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $209.07M ▲ $236.916M ▼ $106.32M ▲ $130.596M ▼
Q2-2025 $182.993M ▼ $265.091M ▼ $79.691M ▲ $185.4M ▼
Q1-2025 $212.441M ▼ $275.323M ▼ $52.517M ▼ $222.806M ▼
Q4-2024 $273.741M ▼ $302.151M ▼ $60.703M ▲ $241.448M ▼
Q3-2024 $295.284M $319.769M $57.576M $262.193M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-67.265M ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▲ $0 ▲
Q2-2025 $-42.744M ▼ $-29.599M ▼ $-39.538M ▲ $19.65M ▲ $-49.462M ▲ $-29.599M ▼
Q1-2025 $-23.348M ▲ $-29.419M ▼ $-162.458M ▼ $1.002M ▼ $-190.887M ▼ $-29.419M ▼
Q4-2024 $-34.741M ▼ $-25.351M ▼ $0 $3.807M ▼ $-21.543M ▼ $-25.351M ▼
Q3-2024 $-13.684M $-17.191M $0 $69.354M $52.152M $-17.191M

Five-Year Company Overview

Income Statement

Income Statement MindMed is still a pure research company with no product sales yet, so its income statement is driven almost entirely by research and development and overhead costs. The company has consistently reported losses as it funds clinical trials and builds its platform. Those losses have grown over time but in a relatively controlled way, reflecting a deliberate investment pace rather than uncontrolled spending. Overall, the income statement looks typical for a clinical‑stage biotech: no revenue, recurring operating losses, and financial results that will remain highly dependent on trial progress and capital raised, not on commercial performance—for now.

Balance Sheet

Balance Sheet The balance sheet is small but relatively straightforward. Most of the company’s assets are held in cash or cash‑like instruments, with only a modest amount of other assets and very little debt. Equity is positive, which means the company has been funded mainly through issuing shares rather than borrowing. This gives MindMed flexibility because it is not burdened by large interest payments, but it also means existing shareholders bear most of the financing risk through dilution when new capital is raised. The company’s reported cash runway into the next few years is a strength, but as with most development‑stage biotech firms, it will likely need fresh funding if trials extend or expand.

Cash Flow

Cash Flow Cash flow is negative and driven by operating activities, primarily research spending and corporate costs. There is essentially no spending on physical assets, which fits a drug‑development model focused on clinical trials and partnerships rather than heavy infrastructure. The cash “burn” has been steady rather than explosive, suggesting cost discipline, but it still requires ongoing access to capital. Until a drug is approved and commercialized—or a major partnership is signed—investors should expect continued outflows of cash with no offsetting inflows from product sales.

Competitive Edge

Competitive Edge MindMed is trying to secure a leading position in the emerging psychedelic‑medicine segment of brain health. It is focusing on large, well‑defined conditions like generalized anxiety and major depression with its MM120 program, and on autism‑related symptoms with MM402. These are areas with significant unmet need, which strengthens the strategic rationale. The company’s edge rests on a combination of proprietary drug formulations, intellectual property around dosing and personalization, and its integration of a digital platform (Albert) into treatment. However, it operates in a crowded and fast‑moving field with well‑funded rivals such as Compass Pathways and Atai Life Sciences. Success will depend on clinical data quality, regulatory outcomes, and the ability to turn scientific advantages into trusted, scalable treatments.

Innovation and R&D

Innovation and R&D Innovation is at the core of MindMed’s story. The lead program, MM120—an optimized LSD‑based tablet designed to dissolve in the mouth—aims to offer more predictable effects and a better patient experience in anxiety and depression. Advancing this candidate into late‑stage trials is the central R&D priority and the main value driver. MM402, a specific form of MDMA being studied for autism spectrum disorder, targets a very different and underserved population, adding diversification to the pipeline. On top of this, the Albert digital platform is intended to support personalized treatment planning and remote monitoring, tying together drug therapy and real‑world patient data. This R&D strategy is ambitious and differentiating, but it also concentrates risk in a small number of high‑stakes programs, with outcomes that depend heavily on clinical trial results and evolving regulatory views on psychedelics.

Summary

MindMed is an early‑stage, high‑risk, high‑uncertainty biotech focused on psychedelic‑based treatments for serious brain health disorders. Financially, it has no revenue and runs steady losses, funded mainly through shareholder capital rather than debt, with a cash position that currently provides some breathing room but not a permanent solution. Operationally, its competitive promise lies in a focused pipeline (MM120 and MM402), strong scientific partnerships, and a digital health layer that could make its therapies more personalized and clinically useful. The main opportunities are large target markets with unmet needs and the potential to be an early mover if key trials succeed. The main risks are binary clinical outcomes, regulatory uncertainty around psychedelic medicines, future funding requirements, and intense competition. Overall, MindMed is best viewed as a development‑stage platform whose future will be determined less by recent financials and more by the success or failure of a few pivotal clinical and regulatory milestones.

NEWS

November 6, 2025 · 4:01 PM UTC

MindMed Reports Q3 2025 Financial Results and Business Updates

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November 5, 2025 · 7:01 AM UTC

MindMed to Participate in Upcoming Investor Conferences

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November 3, 2025 · 4:01 PM UTC

MindMed Announces New Employee Inducement Grant

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November 3, 2025 · 7:01 AM UTC

Mind Medicine (MindMed) Inc. Announces Closing of Approximately $259 Million Public Offering, Including Full Exercise of the Underwriters' Option to Purchase Additional Shares

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October 29, 2025 · 10:14 PM UTC

Mind Medicine (MindMed) Inc. Announces Pricing of $225 Million Public Offering

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