MindMed Q3 Earnings: Big Improvement, Kicks Off Sleep & Cognitive Study With Dose Low-Dose LSD

MindMed MNMD MMED MMQ, a biotech company developing psychedelic-inspired therapies, announced its financial results late Monday for the third quarter ended Sept. 30, 2021.

Q3 & Nine Months 2021 Financial Highlights

• Total assets were $178.6 million, including $145.9 million in cash, as compared to $85.6 million, including $80.1 million in cash, as of Dec. 31, 2020.
• Net cash used in operating activities of $10.8 million and $31.9 million for the three and nine months ended Sept. 30, 2021, versus $5.8 million and $16.5 million for the three and nine months ended Sept. 30, respectively.
• Net and comprehensive loss totaled $24.3 million and $74.6 million for the three and nine months ended Sept. 30, versus $8.6 million and $21.4 million for the three and nine months ended Sept. 30, 2020.

Q3 2021 Business Highlights

• Announced the appointment of Andreas Krebs and Carol Vallone as the company's board directors and the transition of Bruce Linton.
• Appointed Dr. Maria Oquendo, Dr. Bob Dworkin and Dr. Bryan Roth to its scientific advisory board.
• MindMed and Liechti Lab provided results from the psilocybin research and development collaboration.
• Joined the clinical trials transformation initiative and Critical Path Institute's patient-reported outcome consortium.
• Announced a strategic research collaboration with Sphere Health.
• MindMed and BioXcel Therapeutics published an international patent application describing a system for identifying agitation episodes.
• Announced collaboration with Forian to advance development of personalized psychiatry for anxiety disorders.

MindMed Launches Study of Low-Dose LSD Effects on Sleep & Cognitive Measures

Separately, the New York company launched recruitment for a randomized placebo-controlled study evaluating the effects of daytime and evening administration of repeated low doses of LSD.

As part of the study conducted by Dr. Kim Kuypers of Maastricht University, researchers will use digital measurement devices and software to measure the effects of microdoses of LSD on neuroplasticity markers such as BDNF plasma levels, as well as on various measures for sleep, mood, cognitive performance, regulation of emotions, quality of life and immune system response.

"We are investigating whether the repeated intake of lower doses could lead to realignment of patterns of thinking that would enable individuals to access levels of self-awareness that can provide an enriched experience of life," Dr. Kuypers explained.

MNMD Price Action

MindMed's shares traded 0.6383% lower at $2.335 per share at the time of writing Tuesday late morning.