Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED) reported its financial results for the full year ended December 31, 2021. MindMed has no revenue at this time but did report that the net loss for the year was $92.3 million, compared to $33.7 million for 2020.
MindMed did note that it had cash totaling $133.5 million compared to $80.1 million as of December 31, 2020. The company said this will be enough capital to meet its operating requirements beyond its key development milestones in 2023 and into 2024. That means investors have to look at how the company is spending its money.
MindMed reported that G&A expenses were $59.1 million for the year versus $14.4 million for 2020. The company attributed part of the increase to $28.9 million in non-cash stock-based compensation expenses of which $21.9 million was related to the modification of stock options and RSUs. The net cash used in operating activities was $45.8 million for the year, compared to $23.6 million for the same period in 2020.
R&D expenses were $34.8 million for the year compared to $18.6 million for 2020. The company said the jump was primarily due to an increase of $2.7 million in expenses related to its MM-120 clinical research, $2.3 million in expenses related to its MM-110 clinical research, $3.5 million in expenses related to preclinical and other research programs, offset by a $3.5 million decrease of expense in connection with various external R&D collaborations. Internal costs increased $11.1 million primarily related to an increase in non-cash expenses of $6.6 million of stock-based compensation expenses and $2.6 million of amortization of our developed technology.
“2021 was a year of major advancements across all aspects of MindMed, with significant growth in our organization, development programs and research collaborations. We established a regulatory pathway for MM-120 in the treatment of GAD and, with MM-402, launched a program to develop a novel treatment for core symptoms of autism spectrum disorder – both of which represent meaningful leaps forward in the field of psychiatry,” said Robert Barrow, Chief Executive Officer and Director of MindMed. “We expect 2022 to be a transformational year in which we continue to drive substantial growth across our pharmaceutical and digital medicine pipelines. 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. We are keenly focused on our mission to deliver novel therapies to treat brain health disorders, leading to meaningful improvements in patient outcomes in these major areas of unmet medical need.”
Chopra Deal Is Off
The company said it ultimately did not reach a definitive agreement for potential collaboration with the Chopra Foundation and discontinued the engagement.