$Mind Medicine (MNMD.US)$ NEWS MindMed Reports First Quarter...
NEWS
MindMed Reports First Quarter 2024 Financial Results and Business Updates
MindMed received Breakthrough Therapy Designation (BTD) from the FDA for MM120 in the treatment of GAD in adults, after positive Phase 2b results showing statistically significant activity through 12 weeks.
The Company has a strong financial position with $252.3 million in cash and cash equivalents as of March 31, 2024, sufficient to fund operations into 2026.
MindMed is on track to begin its Phase 3 program for MM120 in GAD in the second half of 2024, following promising results and advancements in its clinical trials.
Negative
Net loss for the quarter ended March 31, 2024, was $54.4 million, compared to $24.8 million for the quarter ended March 31, 2023, primarily due to changes in the fair value of 2022 USD Financing Warrants.
R&D expenses were $11.7 million for the quarter ended March 31, 2024, a decrease from the previous year, but G&A expenses increased to $10.5 million, impacting the net loss for the quarter.
The Company has a strong financial position with $252.3 million in cash and cash equivalents as of March 31, 2024, sufficient to fund operations into 2026.
MindMed is on track to begin its Phase 3 program for MM120 in GAD in the second half of 2024, following promising results and advancements in its clinical trials.
Negative
Net loss for the quarter ended March 31, 2024, was $54.4 million, compared to $24.8 million for the quarter ended March 31, 2023, primarily due to changes in the fair value of 2022 USD Financing Warrants.
R&D expenses were $11.7 million for the quarter ended March 31, 2024, a decrease from the previous year, but G&A expenses increased to $10.5 million, impacting the net loss for the quarter.
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