Mind Medicine Inc. (NASDAQ: MNMD), (NEO: MMED), which does business as MindMed, is still in the pre-revenue stage but is getting ever-closer to bringing its version of LSD to market to treat anxiety patients.
The company announced that more phase two trial data is expected in the fourth quarter this year and proof-of-concept data by the close of Q1 next year.
In its third quarter financials released Thursday, the psychedelics firm reported a $17.9 million net loss for the period ended Sept. 30, up from the $16.5 million loss posted in the same quarter last year.
But MindMed also reported having $117.7 million in the bank, which it said should fund ongoing trials and other research work “into 2026, if certain milestones are achieved that unlock additional capital.”
So far in 2023, MindMed has burned through $43.8 million in operating expenses, including $6.4 million spent on the studies of MM-120, MindMed’s version of LSD that it’s using to treat patients with generalized anxiety disorder in trials.
MindMed is expecting data from a 198-patient study of MM-120 to be announced before the end of the year, and “safety and efficacy results” to be released in Q1 next year. In the separate proof-of-concept study, which involved 53 patients, results are also expected in Q1 2024.
The company is also actively working on research and trials for a version of MDMA, called MM-402, designed to help treat autism spectrum disorder. Its first clinical trial is slated to begin in Q4 this year at a hospital in Switzerland, with data expected in the first half of next year.
“The continued growth in prevalence and impact of (generalized anxiety disorder), (autism spectrum disorder) and other brain health disorders highlights the importance and timeliness of our innovative programs. Our team remains singularly focused on delivering novel treatments for brain health disorders to the millions of patients in need, and we are eager to share these important milestones in the months ahead,” said MindMed CEO Robert Barrow in a statement.
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