Clinical-stage psychedelics biotech Mind Medicine (MindMed) (NASDAQ: MNMD) has shared its financial outcomes for the third quarter ended September 30, 2023. In numbers:
- Cash and cash equivalents of $117.7 million by Sept. 30, a 17.2% decrease from the $142.1 million held by Dec. 31, 2022 and a quarterly mild 0.6% increase ($116.9 million held by June 30, 2023.)
- Nine-month net cash for operating activities totaled $43.8 million, a 17.4% increase as of the $37.3 million used in the same period in 2022.
- Quarterly R&D expenses of $13.2 million, a 69.2% increase as of the $7.8 million of the same quarter in 2022.
- Quarterly general and administrative (G&A) expenses of $8.4 million, an 8.7% decrease as of the $9.2 million of the same quarter in 2022.
- Quarterly net loss of $17.9 million, an almost 8.5% increase considering the $16.5 million net loss during the same period in 2022.