$MNMD
Mind Medicine (MindMed) Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024095753 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.19M $9.813M
YoY Change 30.21% -31.9%
% of Gross Profit
Research & Development $17.19M $14.65M
YoY Change 30.18% -0.89%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit
Operating Expenses $24.79M $24.46M
YoY Change 14.69% -16.19%
Operating Profit -$24.79M -$24.46M
YoY Change 14.69% -16.19%
Interest Expense $727.0K $466.0K
YoY Change 0.97% -70.13%
% of Operating Profit
Other Income/Expense, Net $11.11M $18.60M
YoY Change 200.79% 34351.85%
Pretax Income -$13.68M -$5.854M
YoY Change -23.64% -79.9%
Income Tax
% Of Pretax Income
Net Earnings -$13.68M -$5.854M
YoY Change -23.65% -79.9%
Net Earnings / Revenue
Basic Earnings Per Share -$0.18 -$0.08
Diluted Earnings Per Share -$0.27 -$0.26
COMMON SHARES
Basic Shares Outstanding 72.14M 71.87M
Diluted Shares Outstanding 80.24M 75.30M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $295.3M $243.1M
YoY Change 150.88% 107.98%
Cash & Equivalents $295.3M $243.1M
Short-Term Investments
Other Short-Term Assets $4.074M $4.561M
YoY Change 69.75% 57.28%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $299.4M $247.7M
YoY Change 149.29% 106.77%
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 $493.0K $534.0K
YoY Change 115.28% 99.25%
Total Long-Term Assets $20.41M $20.45M
YoY Change -4.91% -8.26%
TOTAL ASSETS
Total Short-Term Assets $299.4M $247.7M
Total Long-Term Assets $20.41M $20.45M
Total Assets $319.8M $268.1M
YoY Change 125.91% 88.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.149M $2.936M
YoY Change -72.04% -65.77%
Accrued Expenses $8.796M $8.231M
YoY Change -11.66% -17.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.27M $41.85M
YoY Change 6.78% 19.15%
LONG-TERM LIABILITIES
Long-Term Debt $24.31M $24.25M
YoY Change 72.81%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $24.31M $24.25M
YoY Change 68.63% 2344.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.27M $41.85M
Total Long-Term Liabilities $24.31M $24.25M
Total Liabilities $57.58M $66.10M
YoY Change 26.34% 83.03%
SHAREHOLDERS EQUITY
Retained Earnings -$364.1M -$350.5M
YoY Change 36.73% 41.1%
Common Stock $625.5M $551.7M
YoY Change 73.01% 55.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $262.2M $202.0M
YoY Change
Total Liabilities & Shareholders Equity $319.8M $268.1M
YoY Change 125.91% 88.72%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$13.68M -$5.854M
YoY Change -23.65% -79.9%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$17.19M -$19.99M
YoY Change 3.44% 44.32%
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 69.35M 10.79M
YoY Change 298.59% 742.81%
NET CHANGE
Cash From Operating Activities -17.19M -19.99M
Cash From Investing Activities
Cash From Financing Activities 69.35M 10.79M
Net Change In Cash 52.16M -9.201M
YoY Change 6587.56% -26.8%
FREE CASH FLOW
Cash From Operating Activities -$17.19M -$19.99M
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Comprehensive Income Net Of Tax
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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59886540
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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38329919
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value New Issues
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mnmd Stock Issued During Period Value Upon Settlement Of Restricted Stock Unit Awards Net Of Shares Withheld For Tax
StockIssuedDuringPeriodValueUponSettlementOfRestrictedStockUnitAwardsNetOfSharesWithheldForTax
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Comprehensive Income Net Of Tax
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CY2022Q4 us-gaap Stockholders Equity
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7408000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2023Q2 us-gaap Stockholders Equity
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105972000
CY2024Q1 us-gaap Stockholders Equity
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5430000
CY2024Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2024Q2 us-gaap Comprehensive Income Net Of Tax
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CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
202047000
CY2023Q1 us-gaap Stockholders Equity
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130344000
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2023Q2 us-gaap Comprehensive Income Net Of Tax
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CY2023Q2 us-gaap Stockholders Equity
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us-gaap Profit Loss
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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7592000
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527000
us-gaap Amortization Of Intangible Assets
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1581000
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ForeignCurrencyTransactionGainLossUnrealized
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
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mnmd Other Non Cash Adjustments
OtherNonCashAdjustments
152000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1019000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3889000
mnmd Other Liabilities Long Term
OtherLiabilitiesLongTerm
32000
mnmd Other Liabilities Long Term
OtherLiabilitiesLongTerm
192000
us-gaap Profit Loss
ProfitLoss
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7592000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
527000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1581000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
19448000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
6690000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
2541000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-510000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
337000
mnmd Other Non Cash Adjustments
OtherNonCashAdjustments
152000
mnmd Other Non Cash Adjustments
OtherNonCashAdjustments
28000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1019000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1017000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3889000
mnmd Other Liabilities Long Term
OtherLiabilitiesLongTerm
32000
mnmd Other Liabilities Long Term
OtherLiabilitiesLongTerm
192000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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mnmd Proceeds From The March Offering And Private Placement
ProceedsFromTheMarchOfferingAndPrivatePlacement
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us-gaap Proceeds From Long Term Lines Of Credit
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10000000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
128000
mnmd Proceeds From At The Market Offering Program Net Of Issuance Costs
ProceedsFromAtTheMarketOfferingProgramNetOfIssuanceCosts
984000
mnmd Payment Of Deferred Financing Fees Related To At The Market
PaymentOfDeferredFinancingFeesRelatedToAtTheMarket
30000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
180035000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1857000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-20000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
72000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
143428000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
142142000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
243132000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
116895000
us-gaap Interest Paid Net
InterestPaidNet
873000
us-gaap Stock Issued1
StockIssued1
5244000
mnmd Unpaid Issuance Costs For The March Offering And Private Placement
UnpaidIssuanceCostsForTheMarchOfferingAndPrivatePlacement
253000
mnmd Deferred Financing Fees Related To At The Market Included In Accrued Expenses
DeferredFinancingFeesRelatedToAtTheMarketIncludedInAccruedExpenses
400000
mnmd Reclass Of Deferred Financing Fees Related At The Market To Additional Paid In Capital
ReclassOfDeferredFinancingFeesRelatedAtTheMarketToAdditionalPaidInCapital
332000
us-gaap Nature Of Operations
NatureOfOperations
<div class="item-list-element-wrapper" 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 June</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> 30, 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;">350.5</span><span style="color:#ff0000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">million. Through June 30, 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 unaudited 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="margin-left:4.533%;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 unaudited 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>
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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mnmd Proceeds From The March Offering And Private Placement
ProceedsFromTheMarchOfferingAndPrivatePlacement
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
10000000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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mnmd Proceeds From At The Market Offering Program Net Of Issuance Costs
ProceedsFromAtTheMarketOfferingProgramNetOfIssuanceCosts
984000
mnmd Proceeds From At The Market Offering Program Net Of Issuance Costs
ProceedsFromAtTheMarketOfferingProgramNetOfIssuanceCosts
1857000
mnmd Payment Of Deferred Financing Fees Related To At The Market
PaymentOfDeferredFinancingFeesRelatedToAtTheMarket
30000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4431000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
639000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
54000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
180035000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1857000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
143428000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
142142000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
243132000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
116895000
us-gaap Interest Paid Net
InterestPaidNet
873000
us-gaap Stock Issued1
StockIssued1
5244000
mnmd Unpaid Issuance Costs For The March Offering And Private Placement
UnpaidIssuanceCostsForTheMarchOfferingAndPrivatePlacement
253000
mnmd Deferred Financing Fees Related To At The Market Included In Accrued Expenses
DeferredFinancingFeesRelatedToAtTheMarketIncludedInAccruedExpenses
400000
mnmd Reclass Of Deferred Financing Fees Related At The Market To Additional Paid In Capital
ReclassOfDeferredFinancingFeesRelatedAtTheMarketToAdditionalPaidInCapital
332000
us-gaap Nature Of Operations
NatureOfOperations
<div class="item-list-element-wrapper" 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 June</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> 30, 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;">350.5</span><span style="color:#ff0000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">million. Through June 30, 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 unaudited 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="margin-left:4.533%;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 unaudited 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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CY2024Q2 mnmd Debt Repayments Of Principal In Year Three Before Unamortized Debt Issuance Costs
DebtRepaymentsOfPrincipalInYearThreeBeforeUnamortizedDebtIssuanceCosts
11654000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25000000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
749000
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
24251000
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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