MindMed’s 2023 Financial Results And Business Recap: Milestones Amid Rising Expenses
Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) announced its financial results for the year ended December 31, 2023 along with a business update.
Numbers:
Cash and cash equivalents totaled $99.7 million by Dec. 31, 2023, an almost 30% reduction compared to the $142.1 million held by December 31, 2022.
Yearly net cash used in operating activities was $64.4 million, 28% more than that used in the former fiscal year ($50.1 million.)
Yearly R&D expenses reached $52.1 million, also an over 40% increase compared to the prior fiscal year ($36.2 million.)
Yearly G&A expenses were $41.7 million, a 38% rise from the $30.2 million spent the prior fiscal year.
Yearly net loss of $95.7 million, a 68% YoY rise as compared to $56.8 million for the year ended Dec. 31, 2022.
See Q3 results.
Management Comments
Despite the significant drop in its cash position YoY, the company still expects its available cash and cash equivalents together with its committed credit facility and the achievement of “certain milestones” to unlock …