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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.