Mind Medicine Boasts Current Cash Position Of US$161 Million

Mind Medicine (NEO: MMED) this morning released its fiscal year 2020 financial results. Given that the firm is pre-revenue, the filings are a relative non-event aside from the glimpse it provides into the firms research activities as well as its ability to continue to fund such research.

The fiscal year saw the company use a total cash amount of US$24.2 million, which primarily consisted of research and development expenditures. The company saw total expenses of $32.4 million for the year, of which $15.4 million was related to R&D. $7.7 million meanwhile was spent on general and administrative expenses, and $8.8 million was spent on share based payments.

Other expenses for the year include a listing expense of $2.2 million, while the firm recognized $0.1 million in a foreign exchange gain and a $0.9 million loss on the revaluation of a derivative liability. The firm saw a net loss of $35.1 million for the year as a result.

Looking to the balance sheet, the firm has total current assets of $81.0 million, of which $80.1 million is cash. All liabilities meanwhile amount to just $2.4 million, which consist of accounts payable and accrued liabilities.

The company also indicated this morning that as of March 30, 2021, the firms cash balance currently sits at US$161 million.

Mind Medicine last traded at $3.02 on the NEO.

Information for this briefing was found via Sedar and MindMed. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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