Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, announced Thursday night its interim financial results for Q2 2021. The biotech company ended the quarter with an incurred net loss of US$35.6 million compared to a loss of US$5.7 million for the same comparable period last year.
The quarter’s net loss translates to US$0.09 per share. A huge slice of the quarterly expenses came from share-based payments amounting to US$21.8 million, a jump from its last year’s figure of US$1.3 million. The increase is mainly due to the stock options issued by the company throughout the period.
The firm increased its cash position during the quarter to end it with a balance of US$157.1 million from US$80.1 million beginning balance. The inflow is impacted by proceeds from the issuance of share capital which amounted to US$81.9 million this quarter.
Total assets landed at US$193.9 million at quarter’s end, US$158.6 of which are current, while current liabilities ended with a balance of US$10.7 million.
In late July 2021, the biotech firm started phase 1 of its clinical trials for intravenous DMT, determining the safety, pharmacokinetics, and pharmacodynamics of the psychedelic substance.
Mind Medicine Inc. last traded at $3.85 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.