MindMed Advances Medical LSD Studies for Anxiety, Autism with $177M in the Bank

The company said it has enough cash to continue operations into 2026.

Mind Medicine Inc. (NASDAQ: MNMD), (NEO: MMED), which does business as MindMed, is still in the pre-revenue stage but is getting ever-closer to bringing its version of LSD to market to treat anxiety patients.

The company announced that more phase two trial data is expected in the fourth quarter this year and proof-of-concept data by the close of Q1 next year.

In its third quarter financials released Thursday, the psychedelics firm reported a $17.9 million net loss for the period ended Sept. 30, up from the $16.5 million loss posted in the same quarter last year.

But MindMed also reported having $117.7 million in the bank, which it said should fund ongoing trials and other research work “into 2026, if certain milestones are achieved that unlock additional capital.”

So far in 2023, MindMed has burned through $43.8 million in operating expenses, including $6.4 million spent on the studies of MM-120, MindMed’s version of LSD that it’s using to treat patients with generalized anxiety disorder in trials.

MindMed is expecting data from a 198-patient study of MM-120 to be announced before the end of the year, and “safety and efficacy results” to be released in Q1 next year. In the separate proof-of-concept study, which involved 53 patients, results are also expected in Q1 2024.

The company is also actively working on research and trials for a version of MDMA, called MM-402, designed to help treat autism spectrum disorder. Its first clinical trial is slated to begin in Q4 this year at a hospital in Switzerland, with data expected in the first half of next year.

“The continued growth in prevalence and impact of (generalized anxiety disorder), (autism spectrum disorder) and other brain health disorders highlights the importance and timeliness of our innovative programs. Our team remains singularly focused on delivering novel treatments for brain health disorders to the millions of patients in need, and we are eager to share these important milestones in the months ahead,” said MindMed CEO Robert Barrow in a statement.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.