MindMed (NASDAQ: MNMD) has announced its financial results for the quarter ending September 30, 2021.
MindMed reported a net loss of $24.3 million in Q3 2021
The company reported a net loss of $24.3 million in the third quarter and $74.6 million for the nine months ending September 30, 2021, relative to $8.6 million and $21.4 million, respectively, a year ago. Total assets at the end of the quarter were $178.6 million that included $145 million in cash relative to assets of $80.1 million and cash of $80.1 million as of December 31, 2020.
The company appointed Carol Vallone and Andreas Krebs as board directors during the quarter and Bruce Linton’s transition. The company also appointed new members to the Scientific Advisory Board, including Dr. Maria Oquendo, Ruth Meltzer and University of North Carolina Psychiatrist and pharmacologist, and Professor Bob Dworkin. Dworkin is a professor of anaesthesiology and Perioperative Medicine, Neurology and psychiatry, and Centre for Health and Technology professor at The University of Rochester School of Medicine and Dentistry.
MinMed and Liechti Lab offered results about their psilocybin research and development partnership during the quarter. The company also became part of the clinical trials transformation initiative and clinical path institutes patient-reported consortium. In addition, MindMed entered a strategic research partnership with Sphere Health, and the company and BioXcel Therapeutics published an international patent application detailing a subsystem for identifying agitation episodes. Also, the company entered a collaboration with Forian for the advancement of the development of personalized psychiatry for anxiety disorder.
MindMed commences recruitment in LSD study
Separately, the company started recruitment for its randomized placebo-controlled study evaluating the impacts of evening and daytime administration of repeated low LSD doses. Researchers will leverage digital measurements to determine the impact of microdoses of LSD in markers such as BDNF plasma levels on measures such as mood, sleep, regulation of emotions, immune system response, quality of life, and cognitive performance. The study was conducted by Maastricht University’s Dr. Kim Kuypers, which researchers in the present study will use to determine the doses.