Mind Medicine (MindMed) Inc. (NASDAQ:MNMD), (NEO: MMED) reported its financial results for the full year ended December 31, 2021.
2021 Financial Results
Cash balance as of December 31, 2021, was $133.5 million compared to $80.1 million as of December 31, 2020.
Net cash in operating activities was $45.8 million for the year ended December 31, 2021, compared to $23.6 million for the same period in 2020.
Research and Development (R&D) expenses were $34.8 million for 2021, compared to $18.6 million for the year ended 2020. The increase was primarily due to an increase of $2.7 million in expenses related to MM-120 clinical research, $2.3 million in expenses related to 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 by $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 their developed technology.
General and Administrative (G&A) expenses were $59.1 million for 2021, compared to $14.4 million for the year ended 2020. The increase was primarily due to an increase of $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 and comprehensive loss for 2021 was $92.3 million, compared to $33.7 million for 2020.
Recent highlights and upcoming milestones
MindMed recently announced that David Guebert, CFO since March 2020, will be retiring on March 31, 2022. Although it is not known yet who will fill Guebert’s role, MindMed is looking for a new CFO with experience in the US biotech market
MM-120 is a pharmacologically optimized form of LSD being developed for generalized anxiety disorder (GAD). In January 2022, the FDA cleared MindMed’s IND application for the Phase 2b trial of MM-120 for the treatment of GAD. The study for the Phase 2b trial, known as MMED008, is expected to begin in Q2 2022. Another clinical study of MM-120, for chronic pain conditions, is expected to be initiated in Q4 2022.
18-MC (MM-110) is MindMed’s flagship non-hallucinogenic drug, focused on treating opioid abuse disorders. In January 2022, the USAN Council assigned the non-proprietary name zolunicant to 18-MC. In December 2021, the company completed a Phase 1 study of MM-110 with topline data expected in Q2 2022.
MM-402 (R(-)-MDMA) is a synthetic enantiomer of MDMA that exhibits prosocial and empathogenic activity, under development for the treatment of core symptoms of the autism spectrum disorder. Preclinical studies demonstrate prosocial effects. IND-enabling studies are currently ongoing and a comparative Phase 1 pharmacokinetic and pharmacodynamic study is expected to commence in mid-2022.
In February 2021, MindMed acquired HealthMode and integrated its team to enable the rapid progression of digital medicine and business operations functions.
MindMed entered into a collaboration with Nextage Therapeutics in April 2021 to explore the therapeutic potential of noribogine in a proprietary brain-targeted liposome drug delivery technology system.
