Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, announced this morning its financial results for 2021. The biotech company ended the quarter with an incurred net loss of US$93.0 million compared to a loss of US$33.9 million in 2020.
The quarter’s net loss translates to US$0.23 loss per share. This came from incurring a total of US$93.9 million in operating losses–a huge chunk of which came from general and administrative expenses at around US$59.1 million, a leap from last year’s US$14.4 million.
The firm said the increase was “primarily due to an increase of US$28.9 million in non-cash stock-based compensation expenses.”
“2021 was a year of major advancements across all aspects of MindMed, with significant growth in our organization, development programs and research collaborations,” said CEO Robert Barrow. The firm touted that it was able to establish a regulatory pathway for its LSD-based treatment MM-120 for general anxiety disorder.
The firm increased its cash position during the year to end it with a balance of US$133.5 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.
Total assets landed at US$164.0 million at the end of 2021, US$137.2 million of which are current, while current liabilities ended with a balance of US$10.4 million.
At the start of January 2022, the biotech firm announced that it has concluded the phase 1 clinical trial for its drug candidate 18-MC which is being developed as a treatment for opioid use disorder.
The results released this morning follows the announcement made late Friday evening that the firms CFO, David Guebert, would be leaving the company, while a director would not be seeking re-election.
Mind Medicine Inc. last traded at $1.48 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.