10-Q 1 mnmd-20220930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-40360

 

Mind Medicine (MindMed) Inc.

(Exact name of Registrant as specified in its Charter)

 

 

British Columbia, Canada

98-1582538

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

One World Trade Center, Suite 8500

New York, New York

10007

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 208-2454

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Shares, no par value per share

 

MNMD

 

The Nasdaq Stock Market LLC

(The Nasdaq Capital Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 31, 2022, the registrant had 37,571,139 Common Shares outstanding.

 

 


 

Table of Contents

 

 

 

Page

PART I

FINANCIAL INFORMATION

4

Item 1.

Financial Statements

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

5

 

Condensed Consolidated Statements of Shareholders' Equity

6

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

 

 

 

PART II

OTHER INFORMATION

30

 

 

 

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3.

Defaults Upon Senior Securities

32

Item 4.

Mine Safety Disclosures

32

Item 5.

Other Information

32

Item 6.

Exhibits

35

Signatures

 

36

 

 

115405326v4


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

the timing, progress and results of our investigational MM-120 or a proprietary, pharmaceutically optimized form of lysergide ("LSD"), MM-402 or a R(-)-MDMA and MM-110 or zolunicant product candidates (together, our “lead product candidates”), including statements regarding the timing of initiation and completion of trials or studies and related preparatory work, the period during which the results of the trials will become available and our research and development programs;
our reliance on the success of our investigational MM-120 or LSD product candidate;
the timing, scope or likelihood of regulatory filings and approvals and ability to obtain and maintain regulatory approvals for product candidates for any indication;
our expectations regarding the size of the eligible patient populations for our lead product candidates;
our ability to identify third-party therapy sites to conduct our trials and our ability to identify and train appropriately qualified therapists to administer our treatments;
our ability to implement our business model and our strategic plans for our product candidates;
our ability to identify new indications for our lead product candidates beyond our current primary focuses;
our ability to identify, develop or acquire digital technologies to enhance our administration of our product candidates;
our ability to achieve profitability and then sustain such profitability;
our commercialization, marketing and manufacturing capabilities and strategy;
the pricing, coverage and reimbursement of our lead product candidates, if approved;
the rate and degree of market acceptance and clinical utility of our lead product candidates, in particular, and controlled substances, in general;
future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements;
our ability to establish or maintain collaborations or strategic relationships or obtain additional funding;
our expectations regarding potential benefits of our investigational lead product candidates and our therapeutic approach generally;
our ability to obtain and maintain effective patent rights and other intellectual property protection for our product candidates or any future product candidates, and to prevent competitors from using technologies we consider important in our successful development and commercialization of our product candidates;
infringement or alleged infringement on the intellectual properly rights of third parties;
regulatory developments in the United States, under the laws and regulations of England and Wales, and other jurisdictions;
the effectiveness of our internal control over financial reporting;
the effect of the ongoing and evolving COVID-19 pandemic, including mitigation efforts and economic effects, on any of the foregoing or other aspects of our business or operations;
our expectations regarding our revenue, expenses and other operating results;

 

115405326v4


 

the costs and success of our marketing efforts, and our ability to promote our brand;
our reliance on key personnel and our ability to identify, recruit and retain skilled personnel;
our ability to effectively manage our growth; and
our ability to compete effectively with existing competitors and new market entrants.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” previously disclosed in Part I, Item 1A. in our Annual Report on Form 10-K, as filed with the SEC on March 28, 2022 (the "2021 Annual Report") and in Part II, Item 1A in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

We may announce material business and financial information to our investors using our investor relations website (https://mindmed.co/investor-resources/). We therefore encourage investors and others interested in our company to review the information that we make available on our website. Our website and information included in or linked to our website are not part of this Quarterly Report on Form 10-Q.

 

115405326v4


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

Mind Medicine (MindMed) Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

154,519

 

 

$

133,539

 

 

Prepaid and other current assets

 

 

1,826

 

 

 

3,676

 

 

Right of use asset

 

 

165

 

 

 

 

 

Total current assets

 

 

156,510

 

 

 

137,215

 

 

Goodwill

 

 

19,918

 

 

 

19,918

 

 

Intangible assets, net

 

 

4,479

 

 

 

6,869

 

 

Total assets

 

$

180,907

 

 

$

164,002

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

824

 

 

$

4,178

 

 

Accrued expenses

 

 

7,467

 

 

 

6,230

 

 

2022 USD Financing Warrants

 

 

17,747

 

 

 

 

 

Total current liabilities

 

 

26,038

 

 

 

10,408

 

 

Other liabilities, long-term

 

 

1,276

 

 

 

1,930

 

 

Total liabilities

 

 

27,314

 

 

 

12,338

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

 

 

Common shares, no par value, unlimited authorized as of September 30, 2022 and December 31, 2021; 37,541,115 and 28,126,414 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

 

Additional paid-in capital

 

 

342,415

 

 

 

288,290

 

 

Accumulated other comprehensive (loss)/income

 

 

743

 

 

 

1,046

 

 

Accumulated deficit

 

 

(189,565

)

 

 

(137,672

)

 

Total shareholders' equity

 

 

153,593

 

 

 

151,664

 

 

Total liabilities and shareholders' equity

 

$

180,907

 

 

$

164,002

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

Mind Medicine (MindMed) Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months
Ended September 30,

 

 

Nine Months
Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

7,772

 

 

$

9,019

 

 

$

27,339

 

 

$

23,906

 

General and administrative

 

 

9,211

 

 

 

8,208

 

 

 

25,092

 

 

 

52,390

 

Total operating expenses

 

 

16,983

 

 

 

17,227

 

 

 

52,431

 

 

 

76,296

 

Loss from operations

 

 

(16,983

)

 

 

(17,227

)

 

 

(52,431

)

 

 

(76,296

)

Other income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income/(expense), net

 

 

360

 

 

 

(64

)

 

 

443

 

 

 

(220

)

Foreign exchange gain/(loss), net

 

 

138

 

 

 

(40

)

 

 

94

 

 

 

94

 

Other income

 

 

 

 

 

135

 

 

 

1

 

 

 

215

 

Total other income

 

 

498

 

 

 

31

 

 

 

538

 

 

 

89

 

Loss before income taxes

 

 

(16,485

)

 

 

(17,196

)

 

 

(51,893

)

 

 

(76,207

)

Income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(16,485

)

 

 

(17,196

)

 

 

(51,893

)

 

 

(76,207

)

Other comprehensive gain/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/gain on foreign currency translation

 

 

(107

)

 

 

(383

)

 

 

(303

)

 

 

380

 

Comprehensive loss

 

$

(16,592

)

 

$

(17,579

)

 

$

(52,196

)

 

$

(75,827

)

Net loss per common share, basic and diluted

 

$

(0.56

)

 

$

(0.61

)

 

$

(1.82

)

 

$

(2.81

)

Weighted-average common shares, basic and diluted

 

 

29,296,333

 

 

 

28,013,809

 

 

 

28,566,161

 

 

 

27,124,297

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

5


 

Mind Medicine (MindMed) Inc.

Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated OCI

 

 

Accumulated Deficit

 

 

Total

 

Balance, December 31, 2021

 

 

28,126,414

 

 

$

 

 

$

288,290

 

 

$

1,046

 

 

$

(137,672

)

 

$

151,664

 

Issuance of common shares and warrants net of share issuance costs

 

 

9,014,371

 

 

 

 

 

 

41,350

 

 

 

 

 

 

 

 

 

41,350

 

Exercise of warrants

 

 

76,021

 

 

 

 

 

 

708

 

 

 

 

 

 

 

 

 

708

 

Exercise of stock options

 

 

38,276

 

 

 

 

 

 

206

 

 

 

 

 

 

 

 

 

206

 

Settlement of restricted share unit awards

 

 

286,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Withholding taxes paid on vested restricted share units

 

 

 

 

 

 

 

 

(407

)

 

 

 

 

 

 

 

 

(407

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

12,268

 

 

 

 

 

 

 

 

 

12,268

 

Net loss and comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(303

)

 

 

(51,893

)

 

 

(52,196

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2022

 

 

37,541,115

 

 

$

 

 

$

342,415

 

 

$

743

 

 

$

(189,565

)

 

$

153,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2020

 

 

24,075,677

 

 

$

 

 

$

120,220

 

 

$

284

 

 

$

(44,636

)

 

$

75,868

 

Issuance of common shares for vested director compensation

 

 

119,016

 

 

 

 

 

 

190

 

 

 

 

 

 

 

 

 

190

 

Vesting of restricted stock units

 

 

117,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares and warrants net of share issuance costs

 

 

1,795,333

 

 

 

 

 

 

81,924

 

 

 

 

 

 

 

 

 

81,924

 

HealthMode acquisition

 

 

543,313

 

 

 

 

 

 

27,159

 

 

 

 

 

 

 

 

 

27,159

 

Exercise of warrants

 

 

533,645

 

 

 

 

 

 

11,185

 

 

 

 

 

 

 

 

 

11,185

 

Exercise of stock options

 

 

796,093

 

 

 

 

 

 

5,588

 

 

 

 

 

 

 

 

 

5,588

 

Share-based settlement payment

 

 

100,000

 

 

 

 

 

 

4,869

 

 

 

 

 

 

 

 

 

4,869

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

33,315

 

 

 

 

 

 

 

 

 

33,315

 

Net loss and comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

380

 

 

 

(76,207

)

 

 

(75,827

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2021

 

 

28,080,156

 

 

$

 

 

$

284,450

 

 

$

664

 

 

$

(120,843

)

 

$

164,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6


 

Mind Medicine (MindMed) Inc.

Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated OCI

 

 

Accumulated Deficit

 

 

Total

 

Balance, June 30, 2022

 

 

28,445,948

 

 

$

 

 

$

296,734

 

 

$

850

 

 

$

(173,080

)

 

$

124,504

 

Issuance of common shares and warrants, net of issuance cost

 

 

9,014,371

 

 

 

 

 

 

41,350

 

 

 

 

 

 

 

 

 

41,350

 

Exercise of stock options

 

 

8,762

 

 

 

 

 

 

42

 

 

 

 

 

 

 

 

 

42

 

Settlement of restricted share unit awards

 

 

72,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,289

 

 

 

 

 

 

 

 

 

4,289

 

Net loss and comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(107

)

 

 

(16,485

)

 

 

(16,592

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2022

 

 

37,541,115

 

 

$

 

 

$

342,415

 

 

$

743

 

 

$

(189,565

)

 

$

153,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2021

 

 

27,820,905

 

 

$

 

 

$

274,233

 

 

$

1,047

 

 

$

(103,647

)

 

$

171,633

 

Issuance of common shares for vested director compensation

 

 

36,024

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

Vesting of restricted stock units

 

 

972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of share capital net of share issuance costs

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

 

 

 

(4

)

Exercise of warrants

 

 

48,033

 

 

 

 

 

 

509

 

 

 

 

 

 

 

 

 

509

 

Exercise of stock options

 

 

74,222

 

 

 

 

 

 

315

 

 

 

 

 

 

 

 

 

315

 

Share-based settlement payment

 

 

100,000

 

 

 

 

 

 

4,869

 

 

 

 

 

 

 

 

 

4,869

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,471

 

 

 

 

 

 

 

 

 

4,471

 

Net loss and comprehensive loss