Core Viewpoint - Mind Medicine (MindMed) reported a wider-than-expected GAAP EPS loss of $0.50 for Q2 2025, driven by increased operating costs and significant clinical trial activity, while maintaining strong cash reserves to fund operations through 2027 [1][9]. Financial Performance - The company recorded a GAAP EPS loss of $(0.50), which was worse than the estimated $(0.38), reflecting a year-over-year increase of 92.3% from $(0.26) in Q2 2024 [2]. - Revenue remained at $0.0, unchanged from the previous year [2]. - Research and Development (R&D) expenses rose to $29.8 million, a 104.1% increase from $14.6 million in Q2 2024 [2]. - General and Administrative (G&A) expenses increased to $11.1 million, up 13.3% from $9.8 million in Q2 2024 [2]. - The net loss for the quarter was $42.7 million, a significant increase of 624.6% from $5.9 million in the prior year [2][8]. Company Overview and Strategic Focus - MindMed is focused on developing psychedelic-inspired therapies for mental health disorders, targeting conditions such as generalized anxiety disorder (GAD), major depressive disorder (MDD), and autism spectrum disorder (ASD) [3][4]. Key Developments and Clinical Trials - The company is advancing its lead product candidate, MM120 ODT, through pivotal Phase 3 trials for GAD and MDD, with strong enrollment reported [5][6]. - The ongoing trials include the Voyage trial (approximately 200 participants in the U.S.), the Panorama trial (approximately 250 participants in the U.S. and Europe), and the Emerge trial (140 participants) [5]. - Management aims to achieve top-line data for the Voyage trial in the first half of 2026, and for Panorama and Emerge in the second half of 2026, with no disclosed delays [6]. Financial Position and Outlook - As of June 30, 2025, MindMed held $237.9 million in cash and investments, expected to sustain operations into 2027 [9]. - The company did not provide specific forward financial guidance on revenue or expenses, and future product launches remain contingent on clinical and regulatory outcomes [10]. Leadership Changes - A key leadership change occurred with Brandi L. Roberts joining as Chief Financial Officer, bringing additional experience in life sciences finance [7].

Financial Highlights - MindMed reported cash, cash equivalents, and investments of $237.9 million as of June 30, 2025[11], which is expected to fund operations into 2027 and at least 12 months beyond the first Phase 3 topline data readout in GAD[12, 15] - The company has a credit facility of up to $120 million, with $42 million outstanding as of June 30, 2025[63] - Operating expenses for the second quarter of 2025 totaled $40.9 million, including $29.8 million for R&D and $11.1 million for G&A[63, 66] - MindMed completed a $250 million equity investment[15, 63] Clinical Development - MM120 - The company's lead clinical program, MM120 ODT, is in three Phase 3 studies targeting Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD)[11] - Three Phase 3 topline readouts are anticipated in 2026: one in the first half for GAD (MM120-300) and two in the second half for GAD (MM120-301) and MDD (MM120-310)[14, 64] - MM120 Phase 2b trial demonstrated a 21.9-point improvement on the HAM-A at Week 12 (p=0.003) and a 48% remission rate in participants at Week 12[34] - MM120 Phase 2b also showed a 18.7-point improvement in MADRS score at Week 12, with a 6.4-point improvement over placebo (p<0.01)[38] Market Opportunity - 26 million U S adults live with GAD and 41 million U S adults live with MDD[20] - Approximately 50% of GAD patients fail first-line pharmacological treatments[20] - Approximately 2/3 of MDD patients do not achieve remission after first-line therapy, and 30% fail by 2+ lines of therapy[20] - Surveyed providers indicated that 62% of all psychiatric providers and 78% of interventional psychiatric providers believe the availability of psychedelics for GAD and MDD will change their approach to treatment[24]

Corporate Presentation May 2025 Disclaimer Cautionary Note Regarding Forward-Looking Statements This Presentation contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of applicable securities laws and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual res ...