The biotech development road is a long one, not exactly well-suited for the market’s tendency towards short term perspectives. There will be dry spells of less headline news, seemingly quiet stretches when industry players are actually working behind the scenes, doing the un-sexy hard work of drug and product development.
Which is why quarterly updates, though often unglamorous, are important tools to not only stay updated on a company’s progress but to remind us that an absence of headlines doesn’t mean a lack of progress.
So here’s a look at MindMed’s recent 3rd quarter financial results and business highlights. Information taken from the company’s press release, found here.
MindMed Announces Financial Results for the Third Quarter 2021 and Business Highlights; Cash Balance of $145.9 USD ($185.4 CAD) to Execute on Diverse Clinical Pipeline
NEW YORK, Nov. 15, 2021 /CNW/ — MindMed (Nasdaq: MNMD, NEO: MMED, DE: MMQ), a leading biotech company developing psychedelic-inspired therapies, has announced its quarterly financial results for the quarter ended September 30, 2021.
Third Quarter 2021 Financial Highlights (in USD)
- Cash Balance. Total assets as of September 30, 2021 were $178.6 million, including $145.9 million in cash, as compared to $85.6 million, including $80.1 million in cash, as of December 31, 2020
- Net Cash Used in Operating Activities. Net Cash Used in Operating Activities of $10.8 million and $31.9 million for the three and nine months ended September 30, 2021, as compared to $5.8 million and $16.5 million for the three and nine months ended September 30, 2020, respectively
- Net Loss. Net and comprehensive loss of $24.3 million and $74.6 million for the three and nine months ended September 30, 2021, as compared to $8.6 million and $21.4 million for the three and nine months ended September 30, 2020
Third Quarter 2021 Business Highlights
- Announced the Appointment of Andreas Krebs and Carol Vallone as Board Directors and the Transition of Bruce Linton
- Appointed three new members to its Scientific Advisory Board: Dr. Maria Oquendo, Ruth Meltzer Professor and Chairman of Psychiatry at University of Pennsylvania and Psychiatrist-in-Chief at the Hospital of the University of Pennsylvania; Dr. Bob Dworkin, Professor of Anesthesiology and Perioperative Medicine, Neurology, and Psychiatry, and Professor in the Center for Health + Technology, at the University of Rochester School of Medicine and Dentistry; and Dr. Bryan Roth, University of North Carolina Psychiatrist and Pharmacologist
- MindMed and Liechti Lab Provided Results from the Psilocybin Research and Development (R&D) Collaboration
- Joined the Clinical Trials Transformation Initiative and Critical Path Institute’s Patient-Reported Outcome Consortium
- Announced a Strategic Research Collaboration with Sphere Health
- MindMed and BioXcel Therapeutics Published an International Patent Application Describing a System for Identifying Agitation Episodes
- Announced Collaboration with Forian to Advance Development of Personalized Psychiatry for Anxiety Disorders
Management Update & Earnings Call
Management will host an earnings call to review the third quarter financials and business developments on Wednesday, November 17th, 2021, at 8:00 am EST. Details are below:
https://mindmed-co.zoom.us/webinar/register/WN_Tp–QUSPS9u17HCQwxlc4Q
Complete financial statements along with related management’s discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval (SEDAR), the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com and on the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR), the electronic filing system for the disclosure of documents of issuers in the United States at www.sec.gov.