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- **$259M Fundraise Strengthens Pipeline**: Accelerates MM120 NDA prep and MM402 development.
- **2026 Pivotal Readouts**: Three phase 3 studies deliver GAD and MDD data, with Emerge advancing to mid-2026.
- **ASD Breakthrough Potential**: MM402 phase 2A to test chronic administration for social communication in ASD.
- **Financial Resilience**: $242.8M net proceeds extend cash runway to 2028, supporting aggressive execution.

**【CEO Summary Section】**
- Secured $259M gross proceeds from a public offering, enhancing cash runway into 2028.
- Phase 3 studies for MM120 (GAD and MDD) on track for 2026 readouts: Voyage (Q2 2026), Panorama (Q4 2026), and Emerge (mid-2026 due to faster enrollment).
- Initiated MM402 phase 2A study for ASD, targeting 20 participants in Q4 2025.
- Expanded investor base with healthcare-dedicated funds, strengthening long-term shareholder support.

**【CMO Clinical Update】**
- Phase 3 GAD studies (Voyage, Panorama) powered to detect 5-point HamA improvement vs. placebo, using 100μg MM120 ODT.
- Phase 2B results published in JAMA: 7.7-point placebo-adjusted reduction in HamA at week 12, 65% response rate, 48% remission.
- Addressed functional unblinding with blinded raters, expectancy bias questionnaires, and control arms with perceivable effects.
- MM402 phase 1 data supports tolerability; phase 2A to assess efficacy in ASD social communication challenges.

**【CFO Financial Commentary】**
- Q3 2025 cash balance: $209.1M; post-offering net proceeds: $242.8M.
- R&D expenses: $31M (vs. $17.2M in Q3 2024), driven by MM120 and MM402 programs.
- G&A expenses: $14.7M (vs. $7.6M), reflecting commercial readiness and expanded capabilities.
- Net loss: $67.3M, impacted by $22.5M warrant fair value change.

**【Q&A Highlights】**
- Emerge study accelerated to mid-2026 readout due to faster enrollment; no plans to upsize trials.
- MM402 designed for daily or as-needed use, targeting ASD social communication deficits.
- FDA alignment on phase 3 designs; no advisory committee required yet.
- KOLs enthusiastic about MM120's potential, driven by durability and monotherapy efficacy.
- Commercial strategy focuses on NDA preparation, reimbursement pathways, and provider education.

Mind Medicine Inc (MNMD) Q3 2025 Earnings Call Transcript

Revenue

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MNMD

MNMD fundamentals

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