Mind Medicine (MindMed) Inc. (MNMD) Q3 2025 Earnings Call Transcript

Cash, cash equivalents, and investments $209.1 million as of September 30, 2025. This was bolstered by a recent underwritten public offering raising $258.9 million in gross proceeds, resulting in net proceeds of $242.8 million. The increase in cash position is attributed to the successful financing, which reflects strong investor confidence.

R&D expenses $31 million for Q3 2025, up from $17.2 million in Q3 2024, marking a $13.8 million increase. The rise was primarily due to $11.7 million in MM120 program expenses, $2.5 million in internal personnel costs, and $200,000 in preclinical and other program expenses, partially offset by a $600,000 reduction in MM402 program expenses.

G&A expenses $14.7 million for Q3 2025, up from $7.6 million in Q3 2024, an increase of $7.1 million. This was driven by $3 million in personnel-related expenses, $2 million in commercial preparedness expenses, $1.6 million in corporate affairs expenses, and $500,000 in other administrative expenses.

Net loss $67.3 million for Q3 2025, compared to $13.7 million in Q3 2024. The increase was significantly influenced by a $22.5 million change in the fair value of 2022 USD financing warrants due to stock price fluctuations, alongside higher R&D and G&A expenses.