$MNMD
Mind Medicine (MindMed) Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024055681 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.813M $10.50M
YoY Change -31.9% 27.06%
% of Gross Profit
Research & Development $14.65M $11.71M
YoY Change -0.89% -7.1%
% of Gross Profit
Depreciation & Amortization $0.00 $527.0K
YoY Change -100.0% -33.38%
% of Gross Profit
Operating Expenses $24.46M $22.20M
YoY Change -16.19% 6.43%
Operating Profit -$24.46M -$22.20M
YoY Change -16.19% 6.43%
Interest Expense $466.0K $434.0K
YoY Change -70.13% -64.77%
% of Operating Profit
Other Income/Expense, Net $18.60M -$32.20M
YoY Change 34351.85% 714.47%
Pretax Income -$5.854M -$54.40M
YoY Change -79.9% 119.22%
Income Tax
% Of Pretax Income
Net Earnings -$5.854M -$54.40M
YoY Change -79.9% 119.22%
Net Earnings / Revenue
Basic Earnings Per Share -$0.08 -$1.14
Diluted Earnings Per Share -$0.26 -$1.14
COMMON SHARES
Basic Shares Outstanding 71.87M 41.33M
Diluted Shares Outstanding 75.30M 47.86M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $243.1M $252.3M
YoY Change 107.98% 94.99%
Cash & Equivalents $243.1M $252.3M
Short-Term Investments
Other Short-Term Assets $4.561M $3.139M
YoY Change 57.28% 4.49%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $247.7M $255.5M
YoY Change 106.77% 92.93%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $19.92M $19.92M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $534.0K $144.0K
YoY Change 99.25% -52.0%
Total Long-Term Assets $20.45M $20.06M
YoY Change -8.26% -13.21%
TOTAL ASSETS
Total Short-Term Assets $247.7M $255.5M
Total Long-Term Assets $20.45M $20.06M
Total Assets $268.1M $275.5M
YoY Change 88.72% 77.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.936M $7.595M
YoY Change -65.77% 227.37%
Accrued Expenses $8.231M $9.974M
YoY Change -17.28% 49.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.85M $65.27M
YoY Change 19.15% 170.87%
LONG-TERM LIABILITIES
Long-Term Debt $24.25M $14.19M
YoY Change
Other Long-Term Liabilities $0.00 $15.00K
YoY Change -100.0% -98.62%
Total Long-Term Liabilities $24.25M $14.21M
YoY Change 2344.66% 1204.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.85M $65.27M
Total Long-Term Liabilities $24.25M $14.21M
Total Liabilities $66.10M $79.47M
YoY Change 83.03% 215.56%
SHAREHOLDERS EQUITY
Retained Earnings -$350.5M -$344.6M
YoY Change 41.1% 57.14%
Common Stock $551.7M $539.8M
YoY Change 55.83% 54.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $202.0M $196.1M
YoY Change
Total Liabilities & Shareholders Equity $268.1M $275.5M
YoY Change 88.72% 77.16%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$5.854M -$54.40M
YoY Change -79.9% 119.22%
Depreciation, Depletion And Amortization $0.00 $527.0K
YoY Change -100.0% -33.38%
Cash From Operating Activities -$19.99M -$16.60M
YoY Change 44.32% 24.51%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.79M 169.2M
YoY Change 742.81% 28930.36%
NET CHANGE
Cash From Operating Activities -19.99M -16.60M
Cash From Investing Activities
Cash From Financing Activities 10.79M 169.2M
Net Change In Cash -9.201M 152.6M
YoY Change -26.8% -1298.68%
FREE CASH FLOW
Cash From Operating Activities -$19.99M -$16.60M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:4.537%;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">DESCRIPTION OF THE BUSINESS</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 for brain health disorders 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 MM120 and MM402, the Company’s lead product candidates.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of March 31, 2024, the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">344.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. Through March 31, 2024, the Company’s financial support has primarily been provided by proceeds from the issuance of its common shares, no par value per share (“Common Shares”) and warrants to purchase Common Shares, and the Company’s credit facility.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Emerging Growth Company Status</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 (“FASB”) 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 the first sale of its common equity securities under an effective Securities Act of 1933 registration statement or such earlier time that it is no longer an emerging growth company.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In the opinion of management, these unaudited interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of our financial position and results of operations and cash flows for the periods presented</span></p>
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