In its earnings announcement, Mind Medicine Inc. (NASDAQ MNMD), said that the company has begun dosing its LSD-based LSD treatment for generalized anxiety disorder in two clinical trials in their final stages.
In its financial year-end results, the company that develops treatment for mental disorders disclosed it had raised about $250 million in revenue last year. This is a significant boost to its current position.
In a press release, CEO Rob Barrow stated that 2024 marked a significant year for MindMed. The FDA granted breakthrough designation to our MM120 phase 2b GAD trial after positive findings. We expanded our pipeline and now have a treatment for major depressive disorders.
As of December 31, 2024 the company had $273.7 millions in cash, up from $99.7 at the end 2023. The company is expecting to use the funding for operations through 2027. It will extend at least an additional year past when it expects its first results on anxiety disorder treatments trials.
MindMed has a lead drug candidate that is an oral dissolving LSD tablet. Previous studies have shown positive results. The company stated that this formulation has a better absorption rate and is less likely to cause stomach problems than other methods.
It is expected that the results of this study will be available in 2026. Results should be expected by the second half of 2026. In early 2025, a second trial named Panorama will begin with approximately 250 participants from the U.S.A. and Europe.
In the fourth-quarter of 2024 the research expenditures increased from $11.5 to $21.8 millions.
MindMed posted a loss for the quarter of $34.7m and for the year, $108.7m.
Also, the company has expanded its research into major depression. MindMed is planning to start a new trial, Emerge, in the first quarter of 2025. The results are expected at the end of 2026.
MindMed has also completed the early tests of another compound that is derived from MDMA, which it plans to develop for autism spectrum disorders. Further studies are planned.
In November 2024, the company was added to the Nasdaq biotechnology index. It had also been included in the Russell 2000 Index and Russell 3000 Index earlier that year.