MindMed

MindMed is a psychedelic biotech company engaged in developing experiential therapies and psychedelic-inspired medicines to treat mental health disorders. Its psychedelic-based experiential therapies predominantly focus on lysergic acid diethylamide (LSD) but also includes other substances such as psilocybin, 3,4-Methylenedioxymethamphetamine (MDMA) and N,N-Dimethyltryptamine (DMT) that target major psychiatric cases such as anxiety disorders, major depressive disorder (MDD), pain disorders and treatment resistant depression (TRD). The company also uses substances derived from psychedelics—but do not have hallucinatory effects—to treat addiction and adult attention deficit hyperactivity disorder (ADHD). 

The company has 14 drug candidates in its pipeline. Eight of them are based on LSD, classified under its three LSD drug programs: 1) Project Lucy—focused on anxiety and depression disorders; 2) Project Flow—focused on ADHD, and 3) Project Angie—focused on pain disorders. The company also has two drug programs that are based on 18-Methoxycoronaridine (18-MC)—a psychedelic-inspired medicine that uses a non-hallucinogenic version of Ibogaine—to treat substance use disorders and opioid withdrawals. The company has thus far filed for more than 45 patents for its drug candidates, of which more than 10 cover LSD and at least three that cover 18-MC. 

The company’s pipeline also includes drug programs that are jointly being developed by MindMed and its partners—Nextage Therapeutics, Universitätsspital Basel (UHB) and Mindshift Compounds. In March 2024 , it received breakthrough designation from the FDA for its MM120 (lysergide d-tartrate) program to treat generalized anxiety disorder (GAD) and expects to initiate Phase III clinical trials during the 2H of 2024. 

Funding and financials

Founded in 2019, MindMed was the first psychedelic to go public when it got listed on Canada’s NEO exchange in March 2020. The company also started trading on the Nasdaq in April 2021, becoming the second psychedelic company to go public in the US. In March 2024 , the company secured USD 175 million via underwritten offering and private placement. The private placement was made with new investors, including Deep Track Capital and Commodore Capital. 

For FY2023 , MindMed did not record any revenue, and posted a net and comprehensive loss of USD 95.7 million for the year.