Clinical-stage biotech company Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) reported its financial results and updated on its programs pipeline of the third quarter ended September 30, 2022.
For the period, total cash was equivalent to $154.5 million -compared to $133.5 million as of December 31, 2021. Net cash used in operating activities was $37.3 million for the nine months ended September 30, 2022, compared to $38.0 million for the same period in 2021.
R&D expenses were $7.8 million for the three months ended September 30, 2022, compared to $9.0 million for the same period in 2021, a difference explained by a decrease of $1.4 million in external costs related to the MM-110 program and a $0.8 million decrease in preclinical activities.
R&D expenses were $27.3 million for the nine months ended September 30, 2022, compared to $23.9 million for the same period in 2021, as internal personnel costs for additional R&D increased by $5.6 million and external costs of the MM-120 program increased by $2.9 million.
G&A expenses for the three and nine months ended September 30, 2022 were $9.2 million and $25.1 million, respectively, compared to $8.2 million and $52.4 million for the same periods ended September 30, 2021.
Net loss for the three and nine months ended September 30, 2022 was $16.5 million and $51.9 million, respectively, compared to $17.2 million and $76.2 million for the same periods in 2021.
MindMed’s CEO and director Robert Barrow stated that the company is pleased with the progress made in the quarter through the execution of development programs MM-120 and MM-402 while also accelerating preparations for Phase 3 studies.
“During the quarter, we initiated enrollment in the largest well-controlled clinical trial of LSD, a 200-patient Phase 2b trial in patients diagnosed with Generalized Anxiety Disorder (GAD). We expect a readout of that data in the late half of 2023. Additionally, we continue our efforts to bring MM-402 into human clinical studies," Barrow said.
The company’s CEO said MindMed focused on reducing cash expenditures while at the same time strengthening its balance sheet through raising approx. $60 million from an at-the-market selling program and public offering. “We believe our strong financial position provides the company with necessary funding to prepare for later stage clinical development of MM-120 while continuing our pursuit to retain, protect, and build the company's intellectual property portfolio," he concluded.
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During the third quarter of 2022, MindMed initiated the aforementioned Phase 2b dose-optimization trial of MM-120 in patients with Generalized Anxiety Disorder (GAD) which is currently at the dosing stage and whose topline results are expected in late 2023, and advanced IND-enabling studies and commenced a Phase 1 investigator-initiated trial for MM-402.
MindMed continues prioritizing and focusing on developing MM-120 (LSD D-tartrate) for psychiatric indications, currently owning and retaining all clinical data and manufacturing rights for the proprietary drug while protecting and expanding its IP portfolio.
In September 2022, positive results from a Phase 2 investigator-initiated clinical trial of LSD for patients with clinically significant anxiety were published in the Biological Psychiatry journal, demonstrating the rapid, durable and beneficial effects of LSD and its potential to safely mitigate symptoms of anxiety and depression.
Enrollment is ongoing for a Phase 2a proof-of-concept trial on the safety and efficacy of a repeated low dose of MM-120 for the treatment of ADHD. For this trial, MindMed expects topline results in the second half of 2023.
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