$MNMD
Mind Medicine (MindMed) Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023017907 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.41M $8.263M $8.264M
YoY Change 89.18% -0.01% 17.47%
% of Gross Profit
Research & Development $14.78M $12.60M $10.24M
YoY Change 58.45% 23.03% 50.32%
% of Gross Profit
Depreciation & Amortization $790.0K $791.0K $780.0K
YoY Change -3.66% 1.41% 200.0%
% of Gross Profit
Operating Expenses $29.18M $20.86M $18.51M
YoY Change 72.25% 12.74% 33.63%
Operating Profit -$29.18M -$20.86M -$18.51M
YoY Change 72.25% 12.74% 33.63%
Interest Expense $1.560M $1.232M $18.00K
YoY Change -22385.71% 6744.44% -122.78%
% of Operating Profit
Other Income/Expense, Net $54.00K -$3.953M $54.00K
YoY Change -485.71% -7420.37% -39.33%
Pretax Income -$29.13M -$24.82M -$18.45M
YoY Change 71.79% 34.49% 34.1%
Income Tax
% Of Pretax Income
Net Earnings -$29.13M -$24.82M -$18.45M
YoY Change 71.79% 34.49% 34.1%
Net Earnings / Revenue
Basic Earnings Per Share -$0.76 -$0.65 -$0.66
Diluted Earnings Per Share -$0.76 -$0.65 -$43.70K
COMMON SHARES
Basic Shares Outstanding 38.60M 38.06M 421.9M
Diluted Shares Outstanding 38.58M 38.08M 28.15M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.9M $129.4M $120.5M
YoY Change 10.55% 7.42% -24.67%
Cash & Equivalents $116.9M $129.4M $120.5M
Short-Term Investments
Other Short-Term Assets $2.900M $3.004M $2.755M
YoY Change -13.41% 9.04% 16.34%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $119.8M $132.4M $123.2M
YoY Change 9.81% 7.45% -24.07%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $19.92M $19.92M $19.92M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $268.0K $300.0K
YoY Change
Total Long-Term Assets $22.29M $23.12M $26.01M
YoY Change -11.49% -11.12% -32.46%
TOTAL ASSETS
Total Short-Term Assets $119.8M $132.4M $123.2M
Total Long-Term Assets $22.29M $23.12M $26.01M
Total Assets $142.1M $155.5M $149.2M
YoY Change 5.81% 4.22% -25.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.577M $2.320M $3.332M
YoY Change 1071.72% -30.37% -48.34%
Accrued Expenses $9.950M $6.687M $7.227M
YoY Change 39.38% -7.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.12M $24.10M $10.56M
YoY Change 346.21% 128.2% 63.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $992.0K $1.089M $1.870M
YoY Change -47.84% -41.76%
Total Long-Term Liabilities $992.0K $1.089M $1.870M
YoY Change -47.84% -41.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.12M $24.10M $10.56M
Total Long-Term Liabilities $992.0K $1.089M $1.870M
Total Liabilities $36.11M $25.19M $12.43M
YoY Change 269.52% 102.63% -5.84%
SHAREHOLDERS EQUITY
Retained Earnings -$248.4M -$219.3M -$156.1M
YoY Change 43.5% 40.49%
Common Stock $354.0M $349.0M $291.9M
YoY Change 19.31% 19.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $106.0M $130.3M $136.8M
YoY Change
Total Liabilities & Shareholders Equity $142.1M $155.5M $149.2M
YoY Change 5.81% 4.22% -25.68%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$29.13M -$24.82M -$18.45M
YoY Change 71.79% 34.49% 34.1%
Depreciation, Depletion And Amortization $790.0K $791.0K $780.0K
YoY Change -3.66% 1.41% 200.0%
Cash From Operating Activities -$13.85M -$13.33M -$12.87M
YoY Change -8.44% 3.61% 28.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.280M 583.0K -166.0K
YoY Change 116.95% -451.2% -100.18%
NET CHANGE
Cash From Operating Activities -13.85M -13.33M -12.87M
Cash From Investing Activities 0.000
Cash From Financing Activities 1.280M 583.0K -166.0K
Net Change In Cash -12.57M -12.73M -13.07M
YoY Change -13.53% -2.56% -116.34%
FREE CASH FLOW
Cash From Operating Activities -$13.85M -$13.33M -$12.87M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="text-indent:0.0%;display:flex;margin-top:12.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">DESCRIPTION OF THE BUSINESS</span></div></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Mind Medicine (MindMed) Inc. (the “Company” or “MindMed”) is incorporated under the laws of the Province of British Columbia. Its wholly owned subsidiaries, Mind Medicine, Inc. (“MindMed US”), HealthMode, Inc., MindMed Pty Ltd., and MindMed GmbH are incorporated in Delaware, Delaware, Australia and Switzerland respectively. MindMed US was incorporated on May 30, 2019.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">MindMed is a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders. The Company’s mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. The Company is developing a pipeline of innovative product candidates, with and without acute perceptual effects, targeting neurotransmitter pathways that play key roles in brain health disorders. This specifically includes pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes, including MM-120 and MM-402, the Company’s lead product candidates.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As of March 31, 2023, the Company had an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">219.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. Through March 31, 2023, all the Company’s financial support has primarily been provided by proceeds from the issuance of Common Shares and warrants to purchase Common Shares.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As the Company continues its expansion, it may seek additional financing and/or strategic investments however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Emerging Growth Company Status</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use the extended transition period for complying with new or revised accounting standards, and as a result of this election, the condensed consolidated financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC.</span></p>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-219300000
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
122300000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
131700000
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2023Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1812000
CY2023Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
CY2023Q1 mnmd Indication Of Impairment Of Goodwill And Long Lived Assets
IndicationOfImpairmentOfGoodwillAndLongLivedAssets
0
CY2022Q1 mnmd Indication Of Impairment Of Goodwill And Long Lived Assets
IndicationOfImpairmentOfGoodwillAndLongLivedAssets
0
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
9485000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6587000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2898000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
9485000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5796000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3689000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
99260
CY2023Q1 mnmd Contribution Payable Current
ContributionPayableCurrent
1703000
CY2022Q4 mnmd Contribution Payable Current
ContributionPayableCurrent
1566000
CY2023Q1 mnmd Accrued Clinical And Manufacturing Costs
AccruedClinicalAndManufacturingCosts
1602000
CY2022Q4 mnmd Accrued Clinical And Manufacturing Costs
AccruedClinicalAndManufacturingCosts
605000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1406000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
436000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
92000
CY2023Q1 mnmd Accrued Lease Liabilities Current
AccruedLeaseLiabilitiesCurrent
72000
CY2022Q4 mnmd Accrued Lease Liabilities Current
AccruedLeaseLiabilitiesCurrent
72000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6687000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5877000
CY2023Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2023Q1 mnmd Common Stock Shares Issued And Outstanding
CommonStockSharesIssuedAndOutstanding
38290111
CY2022Q3 mnmd Common Share And Warrant Public Offering Expire Date
CommonShareAndWarrantPublicOfferingExpireDate
2027-09-30
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.98
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2190315
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.29
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y1M6D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4484000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
56498
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
16.52
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2133817
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.50
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
32154000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
843973
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
26.43
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y1M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
4000000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3750000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3792000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
14300000
CY2023Q1 us-gaap Other Commitment
OtherCommitment
33600000

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