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Mind Medicine (MindMed) Inc.

Mind Medicine (MindMed) Inc.

NASDAQ•MNMD
CEO: Mr. Robert Barrow
Sector: Healthcare
Industry: Biotechnology
Listing Date: 2016-11-15
Mind Medicine (MindMed) Inc., a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder. Mind Medicine (MindMed) Inc. is headquartered in New York, New York.
Contact Information
One World Trade Center, Suite 8500, New York, NY, 10007, United States
212-220-6633
www.mindmed.co
Market Cap
$935.35M
P/E (TTM)
-6.3
42.6
Dividend Yield
--
52W High
$14.43
52W Low
$4.70
52W Range
79%
Rank71Top 96.3%
1.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$0.00+0.00%
4-Quarter Trend

EPS

-$0.78+333.33%
4-Quarter Trend

FCF

$0.00-100.00%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

October Offering Secures Funding Raised $242.8M net proceeds in October 2025 offering, extending cash runway into 2028 based on current plans.
R&D Spending Ramps Up Nine-month R&D expenses hit $84.1M USD, surging 93% compared to $43.5M USD in the prior year period.
MM120 Phase 3 Trials Underway Phase 3 GAD trials Voyage/Panorama anticipate topline readouts in H1/H2 2026, advancing key lead candidate.
Current Cash Position Cash, equivalents, and investments totaled $209.1M USD as of September 30, 2025, supporting near-term operations.

Risk Factors

Net Loss Widens Substantially Nine-month net loss reached $(133.4)M USD, significantly worse than the $(73.9)M USD reported in the prior year.
Continued Need for Capital Operations require substantial future funding; current cash runway extends only into 2028 based on projections without further financing.
Warrant Liability Volatility Change in fair value of 2022 Warrants caused $(17.8)M USD expense in the nine-month period due to share price movement.
Clinical Trial Execution Risk Success hinges on pivotal Phase 3 trials for MM120 in GAD and MDD, facing ongoing regulatory review and design changes.

Outlook

MM402 Phase 2a Initiation Plan to initiate Phase 2a open-label trial for MM402 targeting ASD in the fourth quarter of 2025 with up to 20 participants.
MM120 MDD Phase 3 Planning Anticipate initiating a second Phase 3 trial, Ascend (MM120-311), for Major Depressive Disorder indication in mid-2026.
G&A Expenses Projected Rise Expect general and administrative costs to increase for the foreseeable future as the business grows and prepares for commercialization.
Exploring New Indications Continue exploring additional programs and potential new indications for lead product candidates through external collaborations.

Peer Comparison

Revenue (TTM)

AnaptysBio, Inc.ANAB
$169.47M
+196.4%
Xencor, Inc.XNCR
$167.36M
+64.5%
Tango Therapeutics, Inc.TNGX
$66.50M
+53.3%

Gross Margin (Latest Quarter)

ProKidney Corp.PROK
100.0%
+0.0pp
Xencor, Inc.XNCR
93.9%
+11.7pp
Tango Therapeutics, Inc.TNGX
80.4%
-16.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ANAB$1.24B-14.8-1101.2%4.1%
XNCR$1.23B-7.2-26.7%24.2%
NKTR$1.17B-9.1-356.8%30.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
N/M
Revenue Volatile
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 5, 2026
|
EPS:-$0.48
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.78+333.3%
    N/A

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 31, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.50+514.3%
    N/A

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.27-76.3%
    N/A

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 6, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.54+36.9%
    N/A

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.18-60.0%
    N/A

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 13, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.08-89.3%
    N/A

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.14+75.4%
    N/A

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 28, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-2.44-59.5%
    N/A