The earnings call reflects a positive outlook for MindMed, driven by strong enrollment in pivotal trials, financial stability, and strategic leadership additions. However, increased R&D expenses present a financial challenge, although they are aligned with the company's growth and trial activities.

Company Guidance

During the MindMed Second Quarter 2025 Financial Results and Corporate Update Conference Call, the company provided guidance on its pivotal Phase III trials for MM120 ODT targeting Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD). MindMed highlighted the significant unmet medical need, with over 60 million people in the U.S. experiencing these conditions, and emphasized the potential of MM120 ODT as a differentiated, novel treatment. The Phase III trials are designed to build on successful Phase IIb results, where a single 100-microgram dose showed an effect size of 0.81 and a 48% remission rate at 12 weeks. MindMed is optimistic about enrollment trends, with top line readouts expected in 2026. Financially, the company ended the quarter with $237.9 million in cash and investments, projecting these resources will fund operations into 2027, beyond the first Phase III data readout. Research and development expenses increased to $29.8 million, primarily due to the MM120 ODT program. The company is also preparing for commercial readiness, focusing on market access and targeting high-volume GAD clinics.

Strong Phase III Enrollment Progress

MindMed is on track with enrollment in three pivotal Phase III trials for MM120 ODT, targeting Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD).

Breakthrough Therapy Designation

MM120 was granted breakthrough therapy designation by the FDA based on Phase IIb trial results in GAD, showcasing an effect size of 0.81 in the 100-microgram cohort.

Financial Stability

MindMed ended the quarter with $237.9 million in cash, cash equivalents, and investments, projected to fund operations into 2027.

Strategic Leadership Additions

Brandi Roberts, with over 25 years of life sciences financial experience, has joined as CFO, bringing expertise from a prior successful IPO and acquisition.

Commercial Preparation

The company is actively preparing for commercial readiness, including strategic hires and market research indicating strong provider interest in psychedelic therapies.

Mind Medicine (MNMD) Earnings, Revenues Date & History

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MNMD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 12, 2025	2025 (Q3)	-0.50 / -	-0.18	―	―	―
Aug 05, 2025	2025 (Q2)	-0.38 / -0.50	-0.08	-525.00% (-0.42)	―	―
May 08, 2025	2025 (Q1)	-0.36 / -0.27	-1.14	76.32% (+0.87)
Mar 06, 2025	2024 (Q4)	-0.29 / -0.41	-0.58	29.31% (+0.17)	―
Nov 07, 2024	2024 (Q3)	-0.28 / -0.18	-0.45	60.00% (+0.27)	―
Aug 13, 2024	2024 (Q2)	-0.33 / -0.08	-0.76	89.47% (+0.68)
May 08, 2024	2024 (Q1)	-0.53 / -1.14	-0.65	-75.38% (-0.49)	―
Feb 28, 2024	2023 (Q4)	-0.46 / -0.58	-0.13	-346.15% (-0.45)	―
Nov 02, 2023	2023 (Q3)	-0.65 / -0.45	-0.56	19.64% (+0.11)	―
Aug 03, 2023	2023 (Q2)	-0.53 / -0.76	-0.6	-26.67% (-0.16)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MNMD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$9.64	$9.89	+2.59%
May 08, 2025	$6.59	$6.46	-1.97%
Mar 06, 2025	$6.38	$6.61	+3.61%
Nov 07, 2024	$7.52	$8.49	+12.90%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.