MindMed's Q2 2023: One Of Biggest Players In The Space Sustains Faith In LSD's Multiple Path Ahead

Clinical-stage psychedelics biotech MindMed’s MNMD unaudited financial results for the quarter ended June 30, 2023 look like this:

• Cash and cash equivalents totaled $116.9 million, a 17.8% six-month decrease from the $142.1 million held in Dec. 31, 2022, and yet believed to be sufficient to fund operations until the first half of 2025.

• Net cash used in operating activities during the first half of 2023 totaled $27.2 million vs. slightly higher $28.0 million used during the same 2022 period.

• Three and six month R&D expenses of $14.8 million and $27.4 million vs. $9.3 million and $19.6 million during the same 2022 periods, 59.1% and 39.8% increases respectively.

• Three and six month G&A expenses of $14.4 million and $22.7 million vs. $7.6 million and $15.9 million for the same 2022 periods, 89.5% and 43.4% increases respectively. Q2’s jump is reportedly attributable to costs related to the proxy contest plus and business growth.

• Three and six month net losses of $29.1 million and $53.9 million vs. $17.0 million and $35.4 million for the same 2022 periods, 71.2% and 52.3% YoY increases.

Pipeline And Business

CEO and director Robert Barrow says the upcoming period is “critical” for MindMed, with enrollment for Phase 2b study of proprietary LSD compound MM-120 for Generalized Anxiety Disorder (GAD) about to be completed. Topline data readout would take place in Q4 2023. 

“Our ability to enroll a study of this size [180 participants] in such an efficient manner stands out in the field and speaks to the remarkable quality of our R&D team,” Barrow said. 

The study aims to determine the response relationship of four doses of its proprietary psychedelic vs. placebo within a four-week follow up period.

Another Phase 2a study is evaluating repeated low doses of MM-120 on AD/HD participants. The trial currently holds 80% of total enrollment [52 subjects.] Topline data readout is expected between Q4 2023 and Q1 2024.

Additionally, MindMed licensed Catalent’s Zydis ODT technology to use together with MM-120 toward hopefully “significantly” bolster MM-120’s differentiation and protectability while also offering “enhanced bioavailability and more rapid absorption” toward a shorter therapy session. 

MM-402, an MDMA R-enantiomer compound targeting Autism Spectrum Disorder (ASD), would enter its first MindMed Phase 1 trial in Q4 2023.

The compound will separately be assessed by Swiss collaborator University Hospital Basel (UHB) in an upcoming Phase 1 investigator-initiated trial comparing it with S(+)-MDMA and R/S-MDMA in healthy volunteers. Topline results are expected within the first half of 2024.

MindMed has exclusive worldwide rights to all data, compounds and patent rights associated with UHB’s research on lysergide and other psychedelic compounds relating to the company’s assets.

Photo: Benzinga edit with photo by pdsci and olesea vetrila on Shutterstock.