MindMed (NASDAQ:MNMD) announced its financial results for the first quarter of 2022, which ended March 31.
Financial highlights
As of March 31, 2022, MindMed’s cash balance totaled $120.5 million, compared to $133.5 million as of December 31 of last year.
The net cash used in operating activities was $12.9 million for the first three months of the year, compared to $10.0 million for Q1 of 2021.
Research and development expenses were $10.2 million, compared to $6.8 million for the same period in 2021. The increase of $3.4 million was primarily due to $4.4 million of internal expenses related to compensation costs for an additional headcount of $2.0 million and an increase in non-cash expenses of $1.7 million of stock-based compensation expenses. This increase was counterbalanced by a decrease in external spending of $0.8 million related to preclinical and other programs.
General and administrative expenses were $8.3 million, compared to $7.0 million for the same period in 2021. The increase of $1.2 million was predominantly due to an increase of $0.9 million in non-cash stock-based compensation expenses.
The net and comprehensive loss was $18.5 million, compared to $13.8 million for the same period in 2021.
Company highlights
It is expected that a Phase 2a trial of MM-120, a pharmaceutically optimized form of LSD, in chronic pain conditions to initiate in Q4 2022.
In December 2021, the company completed MMED003, a Phase 1 trial of MM-110, a congener of ibogaine. The successful results of this Phase 1 study have informed the Phase 2a trial design that is expected to be initiated in Q2 2022.
