Benzinga | Aug 16, 2021 08:54AM EDT

MindMed Reports Q2 Earnings With Net Loss of $36M And Cash Balance Of $157M To Continue With Its Clinical Pipeline

The psychedelics-focused medicines company MindMed (NASDAQ: MNMD), (NEO: MMED), (DE: MMQ), announced its second-quarter financial results Friday with a net and comprehensive loss of $36 million, which compares to a loss of $14 million in the previous quarter.

Net cash used in operating activities during the quarter amounted to $12 million, versus a total cash burn of $10 million in the quarter ended March 31.

At the end of the reporting period -- on June 30, MindMed held assets of $194 million including $160 million in cash. This compares to $201 million in assets the company held at the end of the first quarter, out of which $157 million was owned in cash.

Second Quarter Business Highlights

* MindMed launched Project Angie, targeting the treatment of pain with psychedelics;

* The company started a collaboration with Nextage Therapeutics to explore applications of psychedelics in a brain targeting liposome delivery system;

* Together with the Liechti Lab, the company published the first pharmacogenetic data on LSD;

* MindMed appointed Dr. Sarah Vinson to its board of directors and Drs. Maurizio Fava and Peter Bergethon to its scientific advisory board;

* The company finalized a transition of its chief executive officer.

Management will host an earnings call to review Q2 financials and business developments on Monday, August 16th, 2021 at 4:00 pm EDT.

Recent Milestones

* At the end of June, MindMed was added to the FTSE Russell 3000 index, which measures the performance of the 3,000 largest companies in the United States;

* At the end of July, the company announced the initiation of its Phase 1 clinical trial intended to study an intravenous administration method of DMT, an active ingredient in ayahuasca; MindMed's clinical research is investigating its safety profile, dosage parameters, pharmacokinetics and pharmacodynamics; the trial is part of the company's collaboration with UHB Liechti Lab and is being conducted by Dr. Matthias Liechti in Switzerland.

Price Action

MindMed's shares closed Friday market session 1.61% lower at $3.06 per share.

Photo: Courtesy of David Clode on Unsplash