MindMed Reports Full-Year 2022 Financial Results, Highlighting Anxiety & Autism Studies

Clinical-stage biopharma company Mind Medicine (MindMed), Inc. MNMD shared its financial results for the full year ended Dec. 31, 2022.

Numbers show solid stability:

• Yearly operating activities expenses of $50.1 million, R&D expenses of $36.2 million and general and administrative expenses of $30.2 million -an almost 50% decrease compared to prior year’s.

• Remaining total cash of $142.1 million by Dec. 31, 2022, which MindMed believes will provide cash runway into the first half of 2025.

• Yearly net loss of $56.8 million, an almost 40% decrease as compared to 2021’s.

CEO and director Robert Barrow said that 2022’s progress sets the stage for what the company hopes will be a “transformational” 2023. 

“Importantly, we believe our financial position provides us with the ability to fund our programs well beyond these key milestones and into the first half of 2025,” stated Barrow. “I am incredibly proud of our team’s achievements, and I am more confident than ever in our ability to continue advancing our organization and development programs.”

2023’s Narrowed & Focused Pipeline

This year is expected to include key data readouts from MindMed’s Phase 2b study of MM-120 (LSD) for the treatment of Generalized Anxiety Disorder (GAD) and from its Phase 2a trial of repeated low-dose MM-120 in Attention-Deficit/Hyperactivity Disorder (ADHD,) plus the start of the first clinical trial of MM-402 (R-MDMA). 

• The Phase 2b GAD study started dosing 200 patients in August 2022 and, while patient enrollment is currently ongoing, topline results are expected for late 2023.

• The Phase 2a ADHD study, assessing the safety and efficacy of repeated low-dose MM-120 administration in 52 patients would provide topline results in late 2023.

See also: LSD Research Ramps Up: Full-Dose & Microdosing For Alzheimer's Studies Led By Beckley Foundation Coming Soon

• MM-402, MindMed’s proprietary R-enantiomer of MDMA designed for the treatment of core symptoms of Autism Spectrum Disorder (ASD), is currently advancing towards a first clinical trial in 2023 following the presentation of preclinical study results in a model of ASD in the first half of the year. 

Work With University Hospital Basel

In direct relation to its second drug candidate, MindMed’s collaboration with the Swiss Liechti Lab at University Hospital Basel (UHB) is currently enrolling patients in Phase 1 investigator-initiated trial of R(-)-MDMA, S(+)-MDMA and R/S-MDMA to compare tolerability, pharmacokinetics and acute subjective, physiological and endocrine effects of the three molecules.

In September 2022, UHB published the topline results of a Phase 2 study in the scientific journal Biological Psychiatry, where LSD showed significant, rapid, durable and beneficial effects in 46 patients with clinically significant anxiety demonstrated, plus its potential to mitigate symptoms of anxiety and depression with an acceptable tolerability profile.

The partnership gives MindMed exclusive worldwide rights to data, compounds and patent rights associated with UHB’s research on lysergide and other psychedelic compounds, including data from preclinical studies and investigator-initiated clinical trials.

Photo: Benzinga edit with photo by Romolo Tavani and Sendo Serra on Shutterstock.