MNMD Q3 Snapshot: Advancing Three Phase 3 Trials with Ample Cash
MindMed (NASDAQ: MNMD) reported its third quarter 2024 financial results and provided significant business updates, highlighting its progress towards initiating multiple Phase 3 clinical trials for its lead candidate, MM120, targeting Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD). The Company is positioned for near-term catalysts, beginning with the commencement of its Phase 3 Voyage study of MM120, an orally disintegrating tablet (ODT) for GAD, in the fourth quarter of 2024, with initial 12-week topline results anticipated in the first half of 2026. Further Phase 3 trials, including the Panorama study in GAD and the Emerge study in MDD, are on track to commence in the first half of 2025.
With cash and cash equivalents totaling $295.3 million as of September 30, 2024, MindMed is well-positioned to support its operations through 2027, extending at least 12 months beyond the expected topline data readout for its first Phase 3 trial.
The Company also provided an update on MM402, a proprietary form of R(-)-MDMA, being developed for Autism Spectrum Disorder (ASD). Following the completion of a Phase 1 study on healthy volunteers, MindMed plans further studies on MM402, exploring its potential to address core symptoms of ASD.
MindMed’s third quarter results reflect increased investment in research and development, with expenses rising to $17.2 million to support the transition of MM120 into Phase 3 trials. Net loss for the quarter was reduced to $13.7 million, a decrease driven by adjustments in warrant values and a sharpened focus on clinical development.
