The earnings call reflects a largely positive outlook for Mind Medicine (MindMed) Inc., with significant achievements in clinical trial progress, financial strengthening through capital raise, and promising advancements in their pipeline. However, increased expenses and net loss reflect some financial challenges.

Company Guidance

During the third quarter earnings call of Mind Medicine (MindMed) Inc., the company provided comprehensive guidance regarding their ongoing and future clinical and financial activities. Key highlights included the successful completion of a $259 million underwritten public offering, bolstering their financial position and enabling strategic acceleration of their NM120 and NM402 programs. The company anticipates a transformational 2026 with three top-line Phase III data readouts expected for their generalized anxiety disorder (GAD) and major depressive disorder (MDD) programs. The EMERGE study is now expected to report results in mid-2026 due to faster-than-anticipated enrollment. MindMed plans to initiate ASCEND, their second Phase III study of MM120 in MDD, in mid-2026, while the advancement of MM402 into a Phase II study for autism spectrum disorder (ASD) is planned by the end of 2025. Financially, the company reported a net loss of $67.3 million for 2025, compared to $13.7 million in 2024, primarily due to increased research and development expenses. With strong enrollment trends and a robust late-stage pipeline, MindMed is poised for significant developments in the coming years.

Successful Phase 2b Clinical Trial Publication

The full Phase 2b clinical trial results were published in the Journal of the American Medical Association, showcasing the rigor and impact of the clinical results generated.

Significant Capital Raise

Mind Medicine (MindMed) Inc. completed an underwritten public offering, raising approximately $259 million in gross proceeds, strengthening its balance sheet.

Strong Enrollment in Clinical Trials

Enrollment across pivotal Phase III studies for MM120 in GAD and MDD has been strong, with anticipation of top-line results in 2026.

Phase III Program Advancements

Announcement of the ASCEND study for MM120 in MDD, expected to initiate in mid-2026, and advancement of MM402 for ASD into a Phase II study by the end of 2025.

Financial Health and Funding

Mind Medicine ended the quarter with $209.1 million in cash, cash equivalents, and investments, with sufficient funds to support operations into 2028.

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
Mar 05, 2026	2025 (Q4)	-0.51 / -	-0.41	―	―	―
Nov 06, 2025	2025 (Q3)	-0.50 / -0.78	-0.18	-333.33% (-0.60)	―
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)	―

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
Nov 06, 2025	$11.34	$11.70	+3.17%
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%

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.