Mind Medicine (MNMD) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Registrant Name	Mind Medicine (MindMed) Inc.
Entity Central Index Key	0001813814
Trading Symbol	MNMD
Current Fiscal Year End Date	--12-31
Title of 12(b) Security	Common Shares, no par value per share
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-40360
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1582538
Entity Address, Address Line One	One World Trade Center
Entity Address, Address Line Two	Suite 8500
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10007
City Area Code	650
Local Phone Number	208-2454
Entity Common Stock, Shares Outstanding		37,571,139

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
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
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

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	37,541,115	28,126,414
Common stock, shares outstanding	37,541,115	28,126,414

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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	0	135	1	215
Total other income	498	31	538	89
Loss before income taxes	(16,485)	(17,196)	(51,893)	(76,207)
Income taxes	0	0	0	0
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	$ (0.56)	$ (0.61)	$ (1.82)	$ (2.81)
Net loss per common share, diluted	$ (0.56)	$ (0.61)	$ (1.82)	$ (2.81)
Weighted-average common shares, basic	29,296,333	28,013,809	28,566,161	27,124,297
Weighted-average common shares, diluted	29,296,333	28,013,809	28,566,161	27,124,297

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Accumulated OCI	Accumulated Deficit
Balance at Dec. 31, 2020	$ 75,868		$ 120,220	$ 284	$ (44,636)
Balance, Shares at Dec. 31, 2020		24,075,677
Issuance of common shares for vested director compensation	190		190
Issuance of common shares for vested director compensation, Shares		119,016
Vesting of restricted stock units		117,079
Issuance of common shares and warrants net of share issuance costs	81,924		81,924
Issuance of common shares and warrants net of share issuance costs, Shares		1,795,333
HealthMode acquisition	27,159		27,159
HealthMode acquisition, Shares		543,313
Exercise of warrants	11,185		11,185
Exercise of warrants, Shares		533,645
Exercise of stock options	5,588		5,588
Exercise of stock options, Shares		796,093
Share-based settlement payment, Value	4,869		4,869
Share-based settlement payment, shares		100,000
Stock-based compensation expense	33,315		33,315
Net loss and comprehensive loss	(75,827)			380	(76,207)
Balance at Sep. 30, 2021	164,271		284,450	664	(120,843)
Balance, Shares at Sep. 30, 2021		28,080,156
Balance at Jun. 30, 2021	171,633		274,233	1,047	(103,647)
Balance, Shares at Jun. 30, 2021		27,820,905
Issuance of common shares for vested director compensation	57		57
Issuance of common shares for vested director compensation, Shares		36,024
Vesting of restricted stock units		972
Issuance of common shares and warrants net of share issuance costs	(4)		(4)
Exercise of warrants	509		509
Exercise of warrants, Shares		48,033
Exercise of stock options	315		315
Exercise of stock options, Shares		74,222
Share-based settlement payment, Value	4,869		4,869
Share-based settlement payment, shares		100,000
Stock-based compensation expense	4,471		4,471
Net loss and comprehensive loss	(17,579)			(383)	(17,196)
Balance at Sep. 30, 2021	164,271		284,450	664	(120,843)
Balance, Shares at Sep. 30, 2021		28,080,156
Balance at Dec. 31, 2021	151,664		288,290	1,046	(137,672)
Balance, Shares at Dec. 31, 2021		28,126,414
Issuance of common shares and warrants net of share issuance costs	41,350		41,350
Issuance of common shares and warrants net of share issuance costs, Shares		9,014,371
Exercise of warrants	708		708
Exercise of warrants, Shares		76,021
Exercise of stock options	$ 206		206
Exercise of stock options, Shares	38,276	38,276
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	(52,196)			(303)	(51,893)
Balance at Sep. 30, 2022	153,593		342,415	743	(189,565)
Balance, Shares at Sep. 30, 2022		37,541,115
Balance at Jun. 30, 2022	124,504		296,734	850	(173,080)
Balance, Shares at Jun. 30, 2022		28,445,948
Issuance of common shares and warrants net of share issuance costs	41,350		41,350
Issuance of common shares and warrants net of share issuance costs, Shares		9,014,371
Exercise of stock options	42		42
Exercise of stock options, Shares		8,762
Settlement of restricted share unit awards		72,034
Stock-based compensation expense	4,289		4,289
Net loss and comprehensive loss	(16,592)			(107)	(16,485)
Balance at Sep. 30, 2022	$ 153,593		$ 342,415	$ 743	$ (189,565)
Balance, Shares at Sep. 30, 2022		37,541,115

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (51,893)	$ (76,207)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	12,331	38,373
Amortization of intangible assets	2,390	1,828
Non-cash lease expense	30
Issuance costs on liability classified warrants	1,500
Changes in operating assets and liabilities:
Prepaid and other current assets	1,837	927
Accounts payable	(3,329)	634
Accrued expenses	622	(2,891)
Contribution payable	(778)	(655)
Net cash used in operating activities	(37,290)	(37,991)
Cash flows from investing activities
Acquisition, net of cash acquired		(297)
Other investing activities		(113)
Net cash used in financing activities		(410)
Cash flows from financing activities
Proceeds from issuance of common shares, net of issuance costs	41,567	81,924
Proceeds from issuance of 2022 USD Financing Warrants	17,747
Payment of 2022 USD Financing Warrants issuance costs	(1,186)
Proceeds from exercise of warrants	708	11,185
Proceeds from exercise of options	206	5,588
Withholding taxes paid on vested restricted stock units	(407)
Net cash provided by financing activities	58,635	98,697
Effect of exchange rate changes on cash and cash equivalents	(365)	5,529
Net increase in cash and cash equivalents	20,980	65,825
Cash and cash equivalents, beginning of period	133,539	80,094
Cash and cash equivalents, end of period	154,519	$ 145,919
Supplemental Noncash Disclosures
Unpaid issuance cost for common shares	217
Unpaid issuance cost for 2022 USD Financing Warrants	314
Right-of-use assets obtained in exchange of operating lease liabilities	$ 194

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2022
Nature Of Operations [Abstract]
Description of the Business	1. DESCRIPTION OF THE BUSINESS Mind Medicine (MindMed) Inc. (formerly Broadway Gold Mining Ltd.) (the “Company” or “MindMed”) is incorporated under the laws of the Province of British Columbia. Its wholly owned subsidiaries, Mind Medicine, Inc. (“MindMed US”), HealthMode, Inc., MindMed Pty Ltd., and MindMed GmbH, are incorporated in Delaware, Delaware, Australia and Switzerland respectively. Prior to February 27, 2020, the Company’s operations were conducted through MindMed US. MindMed US was incorporated on May 30, 2019. On February 27, 2020, MindMed US completed a reverse takeover transaction with Broadway Gold Mining Ltd. (“Broadway”) by way of a plan of arrangement (the “Arrangement”) which resulted in Broadway becoming the legal parent company of MindMed US. MindMed US is deemed to be the accounting acquirer in the reverse takeover transaction. The reverse takeover transaction was accounted for as a reverse recapitalization and Broadway was treated as the “acquired” company for accounting purposes. The reverse takeover transaction was accounted as the equivalent of MindMed issuing stock for the net assets of Broadway, accompanied by a recapitalization. Accordingly, all historical financial information for all periods prior to the reverse takeover transaction are the consolidated financial statements of MindMed US, “as if” MindMed US is the predecessor to the Company. As a result, the consolidated balance sheets are presented as a continuance of MindMed US and the comparative figures presented are those of MindMed US. MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders. The Company's mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. The Company is developing a pipeline of innovative product candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems. This specifically includes pharmaceutically optimized drug products derived from the psychedelic and empathogen drug classes including LSD, R(-)-MDMA and zolunicant, or 18-MC, a congener of ibogaine. As of September 30, 2022, the Company had an accumulated defici t of $ 189.6 million. Thro ugh September 30, 2022, all the Company’s financial support has primarily been provided by proceeds from the issuance of Common Shares and warrants to purchase Common Shares. As the Company continues its expansion, it may seek additional financing and/or strategic investments however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these financial statements. COVID-19 To the knowledge of the Company’s management as of the date hereof, COVID-19 does not present, at this time, any specific known impacts to the Company in relation to the Company's business objectives or milestones related thereto. The Company relies on third parties to conduct and monitor the Company’s pre-clinical studies and clinical trials. However, to the knowledge of Company’s management, the ability of these third parties to conduct and monitor pre-clinical studies and clinical trials has not been and is not anticipated to be impacted by COVID-19. The Company is not currently aware of any changes in laws, regulations or guidelines, including tax and accounting requirements, arising from COVID-19 which would be reasonably anticipated to materially affect the Company’s business. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use the extended transition period for complying with new or revised accounting standards, and as a result of this election, the condensed consolidated financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. BASIS OF pRESENTATION AND Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s 2021 Annual Report. The Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2021 and 2020, included in the Company’s 2021 Annual Report. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below. The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates of the Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates under different assumptions or conditions. Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the condensed consolidated financial statements. The Company’s Board approved a reverse share split of the Company’s Common Shares on a 15-for-1 basis, which was effected on August 26, 2022 and which brought the bid price of the Company’s Common Shares above the minimum bid price requirement under the Nasdaq Listing Rules. No fractional Common Shares were issued as a result of the August Share Split. Each fractional Common Share remaining upon the August Share Split that was less than 1/2 of a Common Share was cancelled and each fractional Common Share that was at least 1/2 of a Common Share was changed to one whole Common Share. The August Share Split affected all Common Shares outstanding immediately prior to the effective time of the August Share Split, as well as the number of Common Shares available under the Company’s stock option plan and equity incentive plan. In addition, the August Share Split effected a reduction in the number of Common Shares issuable upon exercise of stock options, vesting of Restricted Share Units and exercise of warrants outstanding immediately prior to the effectiveness of the August Share Split. All references to Common Shares, options to purchase Common Shares, share data, per share data, and related information contained in this report have been retrospectively adjusted to reflect the effect of the August Share Split for all periods presented. Foreign Currency The Company’s reporting currency is the U.S. dollar. The Company's functional currency is the Canadian dollar (“CAD”). The local currency of the Company’s foreign affiliates is generally their functional currency. Accordingly, the assets and liabilities of the foreign affiliates and the parent entity, are translated from their respective functional currency to U.S. dollars using fiscal year-end exchange rates, income and expense accounts are translated at the average rates in effect during the fiscal year and equity accounts are translated at historical rates. Transactions denominated in currencies other than the functional currency are remeasured to the functional currency at the exchange rate on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured at period-end using the period-end exchange rate. Cash and Cash Equivalents The Company considers all investments with an original maturity date at the time of purchase of three months or less to be cash and cash equivalents. Cash equivalents consist primarily of money market funds. The Company’s accounts, at times, may exceed federally insured limits. The Company had cash equivalents of $ 140.6 million as of September 30, 2022, and no cash equivalents as of December 31, 2021. 2022 USD Financing Warrants The 2022 USD Financing Warrants are liability classified due to being denominated in USD and not the Company's functional currency. Accordingly, the 2022 USD Financing Warrants are recognized at fair value upon issuance and are adjusted to fair value at the end of each reporting period. Any change in fair value is recognized in general and administrative expense on the condensed consolidated statements of operations. Issuance costs related to warrants were expensed within general and administrative expense on the condensed consolidated statements of operations. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position, results of operations, or cash flows upon adoption. In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. In July 2018, the FASB issued ASU 2018-11 to amend certain aspects of Topic 842. These amendments provide entities with an additional (and optional) transition method to adopt Topic 842. Under this transition method, an entity initially applies the transition requirements in Topic 842 at that Topic’s effective date with the effects of initially applying Topic 842 recognized as a cumulative effect adjustment to the opening balance of retained earnings (or other components of equity or net assets, as appropriate) in the period of adoption. On April 8, 2020, the FASB changed the effective date of this standard applicable to the Company as an emerging growth company to January 1, 2022 . The Company adopted this standard effective January 1, 2022 , the adoption had no impact on the consolidated financial statements.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	3. ACQUISITIONS HealthMode Acquisition On February 26, 2021 the Company acquired 100 % of the issued and outstanding shares of HealthMode Inc. (“HealthMode”), a developer of technologies using Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. The Company plans to utilize these technologies in its clinical trials to enhance the quality of the data that is collected during the Company’s clinical trials. The consideration paid for the acquisition of HealthMode was $ 27.6 million, and consisted of $ 0.5 million cash, 5,433 Multiple Voting Shares (equivalent to 543,313 Common Shares), valued at approximately $ 27.0 million based upon the closing price of the Company's Common Shares on the acquisition date, and $ 0.1 million in stock options ( 2,241 stock options), which are convertible into Common Shares of the Company. The Company incurred acquisition costs of $ 0.3 million in connection with the acquisition, primarily related to legal, accounting, and other professional services, which were recorded to general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2021. The Company recognized this transaction as a business combination. The Company recognized approximately $ 9.5 million of identifiable finite-lived intangible assets and $ 19.9 million of goodwill related to the acquisition of HealthMode. The identifiable finite-lived intangible assets are expected to be amortized over their useful lives which are estimated to be three years . The Company did no t make adjustments to the purchase price during the measurement period. Actual and pro forma results for this acquisition have not been presented as the financial impact to the Company’s condensed consolidated statement of operations is not material. The goodwill is attributable to the value of the assembled workforce, and the related expertise and developed business function. Further, the acquisition is expected to allow the Company to streamline its product development processes. None of the goodwill is expected to be deductible for tax purposes.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and the fair value hierarchy of the valuation techniques utilized. The Company classifies its assets and liabilities as either short- or long-term based on maturity and anticipated realization dates. The Company had no assets measured at fair value on a recurring basis as of December 31, 2021. September 30, 2022 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 140,563 $ — $ — $ 140,563 Financial liabilities: Directors' Deferred Share Unit Liability $ 142 $ — $ — $ 142 2022 USD Financing Warrant Liability $ — $ — $ 17,747 $ 17,747 December 31, 2021 Level 1 Level 2 Level 3 Total Financial liabilities: Directors' Deferred Share Unit Liability $ 509 $ — $ — $ 509 The fair value of the warrant liability ("2022 USD Financing Warrants") is measured at fair value on a recurring basis. The 2022 USD Financing Warrants are classified as Level 3 in the fair value hierarchy and are determined using the Black-Scholes option pricing model using the following assumptions: September 30, Share price $ 3.50 USD Expected volatility 96.04 % Risk-free rate 4.06 % Expected life 5 years The Company estimates the volatility of its 2022 USD Financing Warrants based on the historical volatility of select peer company common stock that is reflective of the expected remaining life of the warrants. There were no transfers into or out of Level 1, Level 2, or Level 3 during the nine months ended September 3 0 , 2022 and the year ended December 31, 2021.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	5. GOODWILL AND INTANGIBLE ASSETS, NET Goodwill During the nine months ended September 30, 2022, the Company has made no additions to its outstanding goodwill. There were no triggering events identified, no indication of impairment of the Company’s goodwill and long-lived assets, and no impairment charges recorded during the three and nine months ended September 30, 2022 and 2021. Intangible assets, net The following table summarizes the carrying value of the Company's intangible assets (in thousands): September 30, 2022 Useful Lives Gross Carrying Accumulated Net Carrying Developed Technology 3 $ 9,485 $ ( 5,006 ) $ 4,479 Total intangible assets, net $ 9,485 $ ( 5,006 ) $ 4,479 Developed technology has a remaining useful life of approximately 2.0 years. Amortization expense, recorded using the straight line method, included in research and development expense, was $ 0.8 million and $ 0.8 million for the three months ended September 30, 2022 and 2021, respectively, and $ 2.4 million and $ 1.8 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the expected future amortization expense for finite-lived intangible assets was as follows (in thousands): Period Ending September 30, Amount 2022 (through December 31, 2022) $ 791 2023 $ 2,371 2024 1,317 Total $ 4,479

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses	6. ACCRUED EXPENSES At September 30, 2022 and December 31, 2021, accrued expenses consisted of the following (in thousands): September 30, December 31, 2022 2021 Accrued compensation $ 3,186 $ 2,295 Professional services 1,436 2,313 Contribution payable 1,429 713 Accrued clinical and manufacturing costs 720 906 Accrued financing costs 532 — Lease liabilities 71 — Other payables 93 3 Total accrued expenses $ 7,467 $ 6,230

Shareholders_ Equity

Shareholders’ Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Shareholders’ Equity	7. SHAREHOLDERS’ EQUITY Common Shares The Company is authorized to issue an unlimited number of Common Shares, which have no par value. As of September 30, 2022, the Company had issued and ou tstanding 37,541,115 shares of Common Shares. Voting Rights - The holders of Common Shares are entitled to one vote for each Common Share held. All holders of Common Shares are entitled to receive notice of any meeting of shareholders of the Company, and to attend, vote and speak at such meetings, except those meetings at which only holders of a specific class of shares are entitled to vote separately as a class under the Business Corporations Act (British Columbia). A quorum for the transaction of business at any meeting of shareholders is two persons present at the meeting, each of whom is entitled to vote at the meeting, and who hold or represent by proxy in the aggregate not less than 5 % of the outstanding shares of the Company entitled to vote at the meeting. The Company's previous equity structure included Multiple Voting Shares, which had no par value and were eligible to be exchanged with Subordinate Voting Shares on a one-for-one-hundred basis, and Subordinate Voting Shares, which had no par value and were equivalent in rights to Common Shares . All share data shown in the accompanying condensed consolidated financial statements and related notes has been retroactively revised to reflect the conversion of all outstanding Multiple Voting Shares and Subordinate Voting Shares to Common Shares as of September 30, 2022. During the first quarter of 2022, holders of 301 Multiple Voting Shares exchanged their shares for 30,137 Subordinate Voting Shares on a one-for-one-hundred basis. These Subordinate Voting Shares were subsequently redesignated as Common Shares as of June 30, 2022. August 2022 Reverse Share Split The Company’s Board of Directors (the “Board”) approved a reverse split of the Company’s Common Shares on a 15-for-1 basis (the “August Share Split”), which was effected on August 26, 2022 , and which brought the bid price of the Company’s Common Shares above the minimum bid price requirement under the Listing Rules of The Nasdaq Stock Market LLC (“Nasdaq”). No fractional Common Shares were issued as a result of the August Share Split. Each fractional Common Share that was remaining as a result of the August Share Split was increased to one whole Common Share. The August Share Split affected all Common Shares outstanding immediately prior to the effective time of the August Share Split, as well as the number of Common Shares available under the Company’s stock option plan and equity incentive plan. In addition, the August Share Split effected a reduction in the number of Common Shares issuable upon exercise of stock options, vesting of Restricted Share Units and exercise of warrants outstanding immediately prior to the effectiveness of the August Share Split. All references to Common Shares, options to purchase Common Shares, share data, per share data, and related information contained in these financial statements have been retrospectively adjusted to reflect the effect of the August Share Split for all periods presented. Shelf Registration and At-The-Market Facility On May 4, 2022, the Company filed a shelf registration statement on Form S-3 (the “Registration Statement”). Pursuant to the Registration Statement, the Company may offer and sell securities having an aggregate public offering price of up to $ 200.0 million. In connection with the filing of the Registration Statement, the Company also entered into a sales agreement with Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. as sales agents (together, the “Sales Agents”), pursuant to which the Company may issue and sell Common Shares for an aggregate offering price of up to $ 100.0 million under an at-the-market offering program (the “ATM”). Pursuant to the ATM, the Company will pay the Sales Agents a commission rate equal to 3.0 % of the gross proceeds from the sale of any Common Shares. The Company is not obligated to make any sales of its Common Shares under the ATM. As of September 30, 2022, the Company had s old 1,955,548 Common Shares for net proceeds of $ 30.2 million under the ATM. Common Share and Warrant Public Offering On September 30, 2022, the Company closed an underwritten public offering of 7,058,823 Common Shares and accompanying warrants to purchase 7,058,823 Common Shares (the “2022 USD Financing Warrants”) at a combined offering price of $ 4.25 per Common Share, for gross proceeds of $ 30.0 million and net proceeds of $ 27.5 million after deducting underwriting discounts and commissions and offering costs. Each 2022 USD Financing Warrant is immediately exercisable for one Common Share at an initial exercise price of $ 4.25 per Common Share, subject to certain adjustments and will expire on September 30, 2027 .

Warrants

Warrants	9 Months Ended
	Sep. 30, 2022
Warrants and Rights Note Disclosure [Abstract]
Warrants	8. WARRANTS Bought Deal Compensation and Financing Warrants The below table represents the activity associated with the Company's outstanding equity classified Compensation and Financing warrants for the nine months ended September 30, 2022: Compensation Warrants Financing Weighted Balance – December 31, 2021 125,890 1,376,772 63.60 Issued — — — Exercised — ( 76,021 ) 11.85 Expired — ( 14,469 ) 11.85 Balance – September 30, 2022 125,890 1,286,282 66.92 The weighted average market fair value of shares purchased through warrant exercises during the nine months ended September 30, 2022 w as CAD$ 16.50 . 2022 USD Financing Warrants The below table represents the activity associated with the Company's outstanding liability classified 2022 USD Financing Warrants for the nine months ended September 30, 2022: 2022 USD Financing Warrants Weighted Balance – December 31, 2021 — — Issued 7,058,823 4.25 Exercised — — Expired — — Balance – September 30, 2022 7,058,823 4.25 The 2022 USD Financing Warrants are liability classified due to being denominated in USD and not the Company's functional currency. Accordingly, the 2022 USD Financing Warrants are recognized at fair value upon issuance and are adjusted to fair value at the end of each reporting period. Any change in fair value is recognized on the condensed consolidated statements of operations. Issuance costs of $ 1.5 million related to warrants were expensed within general and administrative expense on the condensed consolidated statements of operations.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	9. STOCK-BASED COMPENSATION Stock Incentive Plan 2020 Plan On February 27, 2020, the Company adopted the MindMed Stock Option Plan (the “Plan”) to advance the interests of the Company by providing employees, contractors and directors of the Company a performance incentive for continued and improved service with the Company. The Plan sets out the framework for determining eligibility as well as the terms of any stock-based compensation granted. The plan was approved by the shareholders as part of the Arrangement and is authorized to issue 15 % of the Company's outstanding Common Shares under the terms of the plan. The fair value of options issued is estimated using the Black-Scholes-Merton option pricing model on the date of grant with the following assumptions: Three Months Nine Months 2022 2021 2022 2021 Share price $ 12.60 CAD - 14.25 $ 8.25 CAD - 61.8 $ 12.60 CAD - 25.65 $ 0.30 CAD - 61.80 Expected volatility 91.76 % - 96.04 % 60.6 % - 99.4 % 91.76 % - 97.92 % 60.6 % - 102.9 % Risk-free rate 2.65 % - 2.98 % 0.04 % - 0.75 % 1.79 % - 2.98 % 0.02 %- 0.75 % Expected life 5.8 - 6.1 years 0.3 - 4.5 years 2.5 - 6.1 years 0.3 - 4.5 years Expected dividend yield 0 % 0 % 0 % 0 % The following table summarizes the Company’s stock option activity: Number of Options Weighted Average Exercise Price (CAD$) Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options outstanding – December 31, 2021 1,539,511 $ 27.91 3.8 $ 13,610,348 Issued 959,608 19.45 Exercised ( 38,276 ) 6.58 539,481 Forfeited ( 47,422 ) 38.54 Expired ( 49,408 ) 45.44 Options outstanding – September 30, 2022 2,364,013 $ 24.24 4.3 $ 9,770 Options vested and exercisable at September 30, 2022 659,738 $ 24.79 3.5 $ 4,478 The weighted average grant date fair value of options granted during the nine months ended September 30, 2022 was CAD$ 13.38 . The aggregate fair value of options vested during the nine months ended September 30, 2022 was $ 7.3 milli on. The expense recognized related to options during the three and nine months ended September 30, 2022 was $ 2.0 million and $ 6.0 million, respectively . Restricted Share Units The Company has adopted a Performance and Restricted Share Unit (“RSU”) Plan to advance the interests of the Company by providing employees, contractors and directors of the Company a performance incentive for continued and improved service with the Company. The plan sets out the framework for determining eligibility as well as the terms of any stock-based compensation granted. The plan was approved by the shareholders as part of the Arrangement. The fair value has been estimated based on the closing price of the Common Shares on the day prior to the grant. Number of RSUs Weighted Average Grant Date Fair Value (CAD$) Balance December 31, 2021 644,481 $ 45.11 Granted 748,883 19.10 Vested and unissued ( 285,242 ) 38.80 Cancelled ( 25,453 ) 53.65 Balance September 30, 2022 1,082,669 $ 28.75 The fair market value of RSUs vested during the nine months ended September 30, 2022 wa s $ 3.6 milli on. The expense recognized related to RSUs during the three and nine months ended September 30, 2022 w as $ 2.3 million and $ 6.2 million, respectively. Directors' Deferred Share Unit Plan 2021 Plan On April 16, 2021, the Company adopted the MindMed Director's Deferred Share Unit Plan (the "DDSU Plan"). The DDSU Plan sets out a framework to grant non-executive directors DDSU's which are cash settled awards. The DDSU Plan states that the fair market value of one DDSU shall be equal to the volume weighted average trading price of a Common Share on the NEO Exchange for the five business days immediately preceding the date upon which any payment is made to settle the DDSUs. The DDSU's generally vest ratably over twelve months after grant and are settled within 90 days of the date the director ceases service to the Company. Number of DDSUs Balance December 31, 2021 30,417 Issued 208,081 Settled — Cancelled ( 24,699 ) Balance September 30, 2022 213,799 For the nine months ended September 30, 2022, a nominal amount of stock-based compensation expense was recognized relating to the revaluation of the vested DDSUs, recorded in general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive loss. There were 58,012 DDSUs vested as of September 30, 2022. The liability associated with the outstanding vested DDSUs was $ 0.1 million as of September 30, 2022 and was recorded to accrued expenses in the accompanying condensed consolidated balance sheet. Stock-based Compensation Expense Stock-based compensation expense for all equity arrangements for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 1,424 $ 2,066 $ 5,208 $ 4,833 General and administrative 2,862 2,039 7,123 33,540 Total stock-based compensation expense $ 4,286 $ 4,105 $ 12,331 $ 38,373 As of September 30, 2022, there was approxima tely $ 19.0 million of total unrecognized stock-based compensation expense, related to unvested options granted to employees under the Company’s stock option plan that is expected to be recognized over a weighted average period of 2.9 years. As of September 30, 2022, there was approximately $ 20.5 million of total unrecognized stock-based compensation expense, related to RSUs granted to employees under the Company’s stock option pla n that is expected to be recognized over a weighted average period of 2.9 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	10. INCOME TAXES The Company’s effective tax rat e was 0 % for the t hree and nine months ended September 30, 2022 and 2021. The Company’s effective rate is primarily driven by its jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets. The Company assesses the realizability of its deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES As of September 30, 2022, the Company has obligations to make future payments, representing significant research and development contracts and other commitments that are known and committed in the amount of approximat ely $ 33.4 million . Most of these agreements are cancelable by the Company with notice. These commitments include agreements related to the conduct of the clinical trials, sponsored research, manufacturing, and preclinical studies. The Company enters into research, development, and license agreements in the ordinary course of business where the Company receives research services and rights to proprietary technologies. Milestone and royalty payments that may become due under various agreements are dependent on, among other factors, clinical trials, regulatory approvals and ultimately the successful development of a new drug, the outcome and timing of which are uncertain. The Company periodically enters into research and license agreements with third parties that include indemnification provisions customary in the industry. These guarantees generally require the Company to compensate the other party for certain damages and costs incurred as a result of claims arising from research and development activities undertaken by or on behalf of the Company. In some cases, the maximum potential amount of future payments that could be required under these indemnification provisions could be unlimited. These indemnification provisions generally survive termination of the underlying agreement. The nature of the indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the condensed consolidated financial statements with respect to these indemnification obligations. Operating Lease Agreement During April 2022, the Company entere d into a 3 -year operating lease for office space located in North Carolina. Total lease payments under the lease amount to approximately $ 0.2 million and the Company recorded a related right-of-use asset and related lease liability upon lease commencement of approximately $ 0.2 million. Th e current portion of the lease liability is recorded in accrued expenses and the noncurrent portion is recorded in other liabilities, long-term in the accompanying condensed consolidated balance sheet.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	12. RELATED PARTY TRANSACTIONS The Company had no related party expenses during the three and nine months ended September 30, 2022. The Company incurred nominal legal fees and $ 0.4 million in legal fees to companies controlled by a former director of the Company during the three and nine months ended September 30, 2021, respectively.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s 2021 Annual Report. The Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2021 and 2020, included in the Company’s 2021 Annual Report. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below. The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates of the Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates under different assumptions or conditions. Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the condensed consolidated financial statements. The Company’s Board approved a reverse share split of the Company’s Common Shares on a 15-for-1 basis, which was effected on August 26, 2022 and which brought the bid price of the Company’s Common Shares above the minimum bid price requirement under the Nasdaq Listing Rules. No fractional Common Shares were issued as a result of the August Share Split. Each fractional Common Share remaining upon the August Share Split that was less than 1/2 of a Common Share was cancelled and each fractional Common Share that was at least 1/2 of a Common Share was changed to one whole Common Share. The August Share Split affected all Common Shares outstanding immediately prior to the effective time of the August Share Split, as well as the number of Common Shares available under the Company’s stock option plan and equity incentive plan. In addition, the August Share Split effected a reduction in the number of Common Shares issuable upon exercise of stock options, vesting of Restricted Share Units and exercise of warrants outstanding immediately prior to the effectiveness of the August Share Split. All references to Common Shares, options to purchase Common Shares, share data, per share data, and related information contained in this report have been retrospectively adjusted to reflect the effect of the August Share Split for all periods presented.
Foreign Currency	Foreign Currency The Company’s reporting currency is the U.S. dollar. The Company's functional currency is the Canadian dollar (“CAD”). The local currency of the Company’s foreign affiliates is generally their functional currency. Accordingly, the assets and liabilities of the foreign affiliates and the parent entity, are translated from their respective functional currency to U.S. dollars using fiscal year-end exchange rates, income and expense accounts are translated at the average rates in effect during the fiscal year and equity accounts are translated at historical rates. Transactions denominated in currencies other than the functional currency are remeasured to the functional currency at the exchange rate on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured at period-end using the period-end exchange rate.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all investments with an original maturity date at the time of purchase of three months or less to be cash and cash equivalents. Cash equivalents consist primarily of money market funds. The Company’s accounts, at times, may exceed federally insured limits. The Company had cash equivalents of $ 140.6 million as of September 30, 2022, and no cash equivalents as of December 31, 2021.
2022 USD Financing Warrants	2022 USD Financing Warrants The 2022 USD Financing Warrants are liability classified due to being denominated in USD and not the Company's functional currency. Accordingly, the 2022 USD Financing Warrants are recognized at fair value upon issuance and are adjusted to fair value at the end of each reporting period. Any change in fair value is recognized in general and administrative expense on the condensed consolidated statements of operations. Issuance costs related to warrants were expensed within general and administrative expense on the condensed consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position, results of operations, or cash flows upon adoption. In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. In July 2018, the FASB issued ASU 2018-11 to amend certain aspects of Topic 842. These amendments provide entities with an additional (and optional) transition method to adopt Topic 842. Under this transition method, an entity initially applies the transition requirements in Topic 842 at that Topic’s effective date with the effects of initially applying Topic 842 recognized as a cumulative effect adjustment to the opening balance of retained earnings (or other components of equity or net assets, as appropriate) in the period of adoption. On April 8, 2020, the FASB changed the effective date of this standard applicable to the Company as an emerging growth company to January 1, 2022 . The Company adopted this standard effective January 1, 2022 , the adoption had no impact on the consolidated financial statements.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and the fair value hierarchy of the valuation techniques utilized. September 30, 2022 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 140,563 $ — $ — $ 140,563 Financial liabilities: Directors' Deferred Share Unit Liability $ 142 $ — $ — $ 142 2022 USD Financing Warrant Liability $ — $ — $ 17,747 $ 17,747 December 31, 2021 Level 1 Level 2 Level 3 Total Financial liabilities: Directors' Deferred Share Unit Liability $ 509 $ — $ — $ 509
Schedule of Assumptions used to Determine Fair Value of 2022 USD Financing Warrants	The fair value of the warrant liability ("2022 USD Financing Warrants") is measured at fair value on a recurring basis. The 2022 USD Financing Warrants are classified as Level 3 in the fair value hierarchy and are determined using the Black-Scholes option pricing model using the following assumptions: September 30, Share price $ 3.50 USD Expected volatility 96.04 % Risk-free rate 4.06 % Expected life 5 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Carrying Value of Intangible Assets	The following table summarizes the carrying value of the Company's intangible assets (in thousands): September 30, 2022 Useful Lives Gross Carrying Accumulated Net Carrying Developed Technology 3 $ 9,485 $ ( 5,006 ) $ 4,479 Total intangible assets, net $ 9,485 $ ( 5,006 ) $ 4,479
Summary of Expected Future Amortization Expense for Finite-lived Intangible Assets	As of September 30, 2022, the expected future amortization expense for finite-lived intangible assets was as follows (in thousands): Period Ending September 30, Amount 2022 (through December 31, 2022) $ 791 2023 $ 2,371 2024 1,317 Total $ 4,479

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses	At September 30, 2022 and December 31, 2021, accrued expenses consisted of the following (in thousands): September 30, December 31, 2022 2021 Accrued compensation $ 3,186 $ 2,295 Professional services 1,436 2,313 Contribution payable 1,429 713 Accrued clinical and manufacturing costs 720 906 Accrued financing costs 532 — Lease liabilities 71 — Other payables 93 3 Total accrued expenses $ 7,467 $ 6,230

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2022
Warrants and Rights Note Disclosure [Abstract]
Schedule of Warrants and Weighted Average Exercise Price	The below table represents the activity associated with the Company's outstanding equity classified Compensation and Financing warrants for the nine months ended September 30, 2022: Compensation Warrants Financing Weighted Balance – December 31, 2021 125,890 1,376,772 63.60 Issued — — — Exercised — ( 76,021 ) 11.85 Expired — ( 14,469 ) 11.85 Balance – September 30, 2022 125,890 1,286,282 66.92 The below table represents the activity associated with the Company's outstanding liability classified 2022 USD Financing Warrants for the nine months ended September 30, 2022: 2022 USD Financing Warrants Weighted Balance – December 31, 2021 — — Issued 7,058,823 4.25 Exercised — — Expired — — Balance – September 30, 2022 7,058,823 4.25

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value Assumptions of Options	The fair value of options issued is estimated using the Black-Scholes-Merton option pricing model on the date of grant with the following assumptions: Three Months Nine Months 2022 2021 2022 2021 Share price $ 12.60 CAD - 14.25 $ 8.25 CAD - 61.8 $ 12.60 CAD - 25.65 $ 0.30 CAD - 61.80 Expected volatility 91.76 % - 96.04 % 60.6 % - 99.4 % 91.76 % - 97.92 % 60.6 % - 102.9 % Risk-free rate 2.65 % - 2.98 % 0.04 % - 0.75 % 1.79 % - 2.98 % 0.02 %- 0.75 % Expected life 5.8 - 6.1 years 0.3 - 4.5 years 2.5 - 6.1 years 0.3 - 4.5 years Expected dividend yield 0 % 0 % 0 % 0 %
Schedule of Stock Option Activity	The following table summarizes the Company’s stock option activity: Number of Options Weighted Average Exercise Price (CAD$) Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options outstanding – December 31, 2021 1,539,511 $ 27.91 3.8 $ 13,610,348 Issued 959,608 19.45 Exercised ( 38,276 ) 6.58 539,481 Forfeited ( 47,422 ) 38.54 Expired ( 49,408 ) 45.44 Options outstanding – September 30, 2022 2,364,013 $ 24.24 4.3 $ 9,770 Options vested and exercisable at September 30, 2022 659,738 $ 24.79 3.5 $ 4,478
Schedule of Restricted Share Units	The Company has adopted a Performance and Restricted Share Unit (“RSU”) Plan to advance the interests of the Company by providing employees, contractors and directors of the Company a performance incentive for continued and improved service with the Company. The plan sets out the framework for determining eligibility as well as the terms of any stock-based compensation granted. The plan was approved by the shareholders as part of the Arrangement. The fair value has been estimated based on the closing price of the Common Shares on the day prior to the grant. Number of RSUs Weighted Average Grant Date Fair Value (CAD$) Balance December 31, 2021 644,481 $ 45.11 Granted 748,883 19.10 Vested and unissued ( 285,242 ) 38.80 Cancelled ( 25,453 ) 53.65 Balance September 30, 2022 1,082,669 $ 28.75
Schedule of Directors' Deferred Share Unit Plan	On April 16, 2021, the Company adopted the MindMed Director's Deferred Share Unit Plan (the "DDSU Plan"). The DDSU Plan sets out a framework to grant non-executive directors DDSU's which are cash settled awards. The DDSU Plan states that the fair market value of one DDSU shall be equal to the volume weighted average trading price of a Common Share on the NEO Exchange for the five business days immediately preceding the date upon which any payment is made to settle the DDSUs. The DDSU's generally vest ratably over twelve months after grant and are settled within 90 days of the date the director ceases service to the Company. Number of DDSUs Balance December 31, 2021 30,417 Issued 208,081 Settled — Cancelled ( 24,699 ) Balance September 30, 2022 213,799
Summary of Stock-based Compensation Expense	Stock-based compensation expense for all equity arrangements for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 1,424 $ 2,066 $ 5,208 $ 4,833 General and administrative 2,862 2,039 7,123 33,540 Total stock-based compensation expense $ 4,286 $ 4,105 $ 12,331 $ 38,373

Description of the Business - A

Description of the Business - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated Deficit	$ (189,565)	$ (137,672)

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash equivalents	$ 140,600,000	$ 0
Reverse stock split description	Board of Directors (the “Board”) approved a reverse split of the Company’s Common Shares on a 15-for-1 basis (the “August Share Split”), which was effected on August 26, 2022
Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reverse stock split description	The Company’s Board approved a reverse share split of the Company’s Common Shares on a 15-for-1 basis, which was effected on August 26, 2022
Maximum | Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock split conversion ratio	50
Minimum | Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock split conversion ratio	50
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)	Feb. 26, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 19,918,000	$ 19,918,000
HealthMode Acquisition
Business Acquisition [Line Items]
Business acquisition date	Feb. 26, 2021
Acquired percentage of issued and outstanding shares	100%
Consideration paid for acquisition	$ 27,600,000
Cash paid for acquisition	500,000
Multiple voting share paid for acquisition	27,000,000
Stock options paid for acquisition	$ 100,000
Number of stock options issued	2,241
Recognized identifiable finite-live intangible assets	$ 9,500,000
Goodwill	$ 19,900,000
Intangible assets, useful life	3 years
Business acquisition, goodwill expected tax deductible amount	$ 0
Business combination, acquisition costs	300,000
Adjustment to purchase price during measurement period	$ 0
HealthMode Acquisition | Common Shares
Business Acquisition [Line Items]
Voting shares issued	543,313
HealthMode Acquisition | Multiple Voting Shares
Business Acquisition [Line Items]
Voting shares issued	5,433

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial Assets, Fair Value Disclosure [Abstract]
Cash equivalents	$ 140,563
Directors' Deferred Share Unit Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	142	$ 509
2022 USD Financing Warrant Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	17,747
Level 1
Financial Assets, Fair Value Disclosure [Abstract]
Cash equivalents	140,563
Level 1 | Directors' Deferred Share Unit Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	142	$ 509
Level 3 | 2022 USD Financing Warrant Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	$ 17,747

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Assets measured at fair value on recurring basis		$ 0
Fair value of assets transfers into Level 3	$ 0	0
Fair value of assets transfers out of Level 3	0	0
Fair value of liabilities transfers into Level 3	0	0
Fair value of liabilities transfers out of Level 3	$ 0	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Assumptions used to Determine Fair Value of 2022 USD Financing Warrants (Details) - Recurring - Level 3 - 2022 USD Financing Warrant Liability	Sep. 30, 2022 $ / shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueOptionPricingModelMember
Share Price
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	3.50
Expected Volatility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.9604
Risk-free Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0406
Expected Life
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected life	5 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired during period			$ 0
Impairment charges of goodwill	$ 0	$ 0	0	$ 0
Amortization of Intangible Assets	800,000	800,000	2,390,000	1,828,000
Indication of impairment of goodwill and long-lived assets	$ 0	$ 0	$ 0	$ 0
Development Technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets remaining useful life			2 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Summary of Carrying Value of Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Value	$ 9,485
Intangible assets, Accumulated Amortization	(5,006)
Intangible assets, Net Carrying Value	$ 4,479
Development Technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Useful Lives (in years)	3 years
Intangible assets, Gross Carrying Value	$ 9,485
Intangible assets, Accumulated Amortization	(5,006)
Intangible assets, Net Carrying Value	$ 4,479

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Summary of Expected Future Amortization Expense for finite-lived intangible assets (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (through December 31, 2022)	$ 791
2023	2,371
2024	1,317
Intangible assets, Net Carrying Value	$ 4,479

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 3,186	$ 2,295
Professional services	1,436	2,313
Contribution payable	1,429	713
Accrued clinical and manufacturing costs	720	906
Accrued financing costs	532
Lease liabilities	71
Other payables	93	3
Total accrued expenses	$ 7,467	$ 6,230

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details)			1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 26, 2022 shares	May 04, 2022 USD ($)	Sep. 30, 2022 $ / shares shares	Mar. 31, 2022 shares	Sep. 30, 2022 USD ($) Vote $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, no par value | $ / shares			$ 0		$ 0
Number of shares issued and outstanding			37,541,115		37,541,115
Common stock, number of votes per share held | Vote					1
Common stock conversion basis					The Company's previous equity structure included Multiple Voting Shares, which had no par value and were eligible to be exchanged with Subordinate Voting Shares on a one-for-one-hundred basis, and Subordinate Voting Shares, which had no par value and were equivalent in rights to Common Shares. All share data shown in the accompanying condensed consolidated financial statements and related notes has been retroactively revised to reflect the conversion of all outstanding Multiple Voting Shares and Subordinate Voting Shares to Common Shares as of September 30, 2022.
Common stock, shares issued			37,541,115		37,541,115		28,126,414
Net proceeds from common stock | $					$ 41,567,000	$ 81,924,000
Common share and warrant public offering expire date			Sep. 30, 2027
Reverse stock split description					Board of Directors (the “Board”) approved a reverse split of the Company’s Common Shares on a 15-for-1 basis (the “August Share Split”), which was effected on August 26, 2022
Stock issued during period shares reverse stock splits	1
At-the-market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued			1,955,548		1,955,548
Percentage of gross proceeds from sales of common shares payable as sales agent commission rate		3%
Net proceeds from common stock | $					$ 30,200,000
Common Share and Warrant Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Net proceeds from common stock | $					27,500,000
Gross proceeds from common stock | $					$ 30,000,000
Common shares at an initial excercise price | $ / shares			$ 4.25		$ 4.25
2022 USD Financial Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued			7,058,823		7,058,823
Offering price | $ / shares			$ 4.25		$ 4.25
Underwritten public offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued			7,058,823		7,058,823
Offering price | $ / shares			$ 4.25		$ 4.25
Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reverse stock split description					The Company’s Board approved a reverse share split of the Company’s Common Shares on a 15-for-1 basis, which was effected on August 26, 2022
Minimum | Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of outstanding shares to be held to vote					5%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale of securities aggregate public offering price | $		$ 200,000,000
Maximum | At-the-market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale of securities aggregate public offering price | $		$ 100,000,000
Subordinate Voting Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, no par value | $ / shares			0		$ 0
Conversion of convertible shares				30,137
Multiple Voting Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, no par value | $ / shares			$ 0		$ 0
Common stock, shares issued				301

Warrants - Additional Informati

Warrants - Additional Information (Details) - 9 months ended Sep. 30, 2022 $ in Thousands	USD ($)	$ / shares
Class of Warrant or Right [Line Items]
Weighted average fair value of shares purchased upon exercise of warrants | $ / shares		$ 16.50
Warrants issuance costs	$ 1,500
2022 USD Financial Warrants | General and Administrative
Class of Warrant or Right [Line Items]
Warrants issuance costs	$ 1,500

Warrants - Schedule of Warrants

Warrants - Schedule of Warrants and Weighted Average Exercise Price (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares
Compensation Warrants
Class Of Warrant Or Right [Line Items]
Beginning balance, shares	125,890	125,890
Issued, shares	0	0
Exercised, shares	0	0
Expired, shares	0	0
Ending balance, shares	125,890	125,890
Financing Warrants
Class Of Warrant Or Right [Line Items]
Beginning balance, shares	1,376,772	1,376,772
Issued, shares	0	0
Exercised, shares	(76,021)	(76,021)
Expired, shares	(14,469)	(14,469)
Ending balance, shares	1,286,282	1,286,282
Compensation and Financing Warrants
Class Of Warrant Or Right [Line Items]
Beginning balance, weighted average exercise price | $ / shares		$ 63.60
Issued, weighted average exercise price | $ / shares		0
Exercised, weighted average exercise price | $ / shares		11.85
Expired, weighted average exercise price | $ / shares		11.85
Ending balance, weighted average exercise price | $ / shares		$ 66.92
2022 USD Financial Warrants
Class Of Warrant Or Right [Line Items]
Beginning balance, shares	0	0
Issued, shares	7,058,823	7,058,823
Exercised, shares	0	0
Expired, shares	0	0
Ending balance, shares	7,058,823	7,058,823
Beginning balance, weighted average exercise price | $ / shares	$ 0
Issued, weighted average exercise price | $ / shares	4.25
Exercised, weighted average exercise price | $ / shares	0
Expired, weighted average exercise price | $ / shares	0
Ending balance, weighted average exercise price | $ / shares	$ 4.25

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 27, 2020	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted | $ / shares					$ 13.38
Aggregated fair value of options vested				$ 7,300
Number of shares, vested | shares				58,012
Stock-based compensation expense recognized		$ 4,286	$ 4,105	$ 12,331		$ 38,373
Accrued expenses		7,467		7,467	$ 7,467		$ 6,230
Unrecognized stock-based compensation expense related to unvested options granted		19,000		$ 19,000	19,000
Weighted average period for recognition of unvested options granted				2 years 10 months 24 days
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized		2,862	$ 2,039	$ 7,123		$ 33,540
Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized		2,300		6,200
Fair market value of vested shares				3,600
Unrecognized stock-based compensation expense related to unvested options granted		20,500		$ 20,500	20,500
Weighted average period for recognition of unvested options granted				2 years 10 months 24 days
Directors' Deferred Share Unit Plan | General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses		100		$ 100	$ 100
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized		$ 2,000		$ 6,000
MindMed Stock Option Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	15%
Vesting rights, description				The plan was approved by the shareholders as part of the Arrangement and is authorized to issue 15% of the Company's outstanding Common Shares under the terms of the plan.

Stock-based compensation - Sche

Stock-based compensation - Schedule of Fair Value Assumptions of Options (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	91.76%	60.60%	91.76%	60.60%
Expected volatility, maximum	96.04%	99.40%	97.92%	102.90%
Risk-free rate, minimum	2.65%	0.04%	1.79%	0.02%
Risk-free rate, maximum	2.98%	0.75%	2.98%	0.75%
Expected dividend yield	0%	0%	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share price	$ 12.60	$ 8.25	$ 12.60	$ 0.30
Expected life	5 months 24 days	3 months 18 days	2 years 6 months	3 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share price	$ 14.25	$ 61.8	$ 25.65	$ 61.80
Expected life	6 years 1 month 6 days	4 years 6 months	6 years 1 month 6 days	4 years 6 months

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 CAD ($) $ / shares shares	Dec. 31, 2021 CAD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options, outstanding | shares	1,539,511
Number of options, issued | shares	959,608
Number of options, exercised | shares	(38,276)
Number of options, forfeited | shares	(47,422)
Number of options, expired | shares	(49,408)
Number of options, outstanding | shares	2,364,013	1,539,511
Number of options, vested and exercisable | shares	659,738
Weighted average exercise price, outstanding | $ / shares	$ 27.91
Weighted average exercise price, issued | $ / shares	19.45
Weighted average exercise price, exercised | $ / shares	6.58
Weighted average exercise price, forfeited | $ / shares	38.54
Weighted average exercise price, expired | $ / shares	45.44
Weighted average exercise price, outstanding | $ / shares	24.24	$ 27.91
Weighted average exercise price, vested and exercisable | $ / shares	$ 24.79
Weighted average remaining contractual life (Years), outstanding	4 years 3 months 18 days	3 years 9 months 18 days
Weighted average remaining contractual life (Years), vested and exercisable	3 years 6 months
Aggregate intrinsic value, outstanding | $	$ 13,610,348
Aggregate intrinsic value, exercised | $	539,481
Aggregate intrinsic value, outstanding | $	9,770	$ 13,610,348
Aggregate intrinsic value, vested and exercisable | $	$ 4,478

Stock-based Compensation - Sc_3

Stock-based Compensation - Schedule of Restricted Share Units (Details) - Restricted Share Units	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, beginning balance | shares	644,481
Number of shares, granted | shares	748,883
Number of shares, vested and unissued | shares	(285,242)
Number of shares, cancelled | shares	(25,453)
Number of shares, ending balance | shares	1,082,669
Weighted average grant date fair value, beginning balance | $ / shares	$ 45.11
Weighted average grant date fair value, granted | $ / shares	19.10
Weighted average grant date fair value, vested and unissued | $ / shares	38.80
Weighted average grant date fair value, cancelled | $ / shares	53.65
Weighted average grant date fair value, ending balance | $ / shares	$ 28.75

Stock-based Compensation - Sc_4

Stock-based Compensation - Schedule of Directors' Deferred Share Unit Plan (Details) - Directors' Deferred Share Unit Plan	9 Months Ended
	Sep. 30, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, beginning balance	30,417
Number of shares, granted	208,081
Number of shares, settled	0
Number of shares, cancelled	(24,699)
Number of shares, ending balance	213,799

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,286	$ 4,105	$ 12,331	$ 38,373
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,424	2,066	5,208	4,833
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,862	$ 2,039	$ 7,123	$ 33,540

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Tax rate	0%	0%	0%	0%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2022	Sep. 30, 2022
Other commitment		$ 33.4
Lease payment	$ 0.2
Right-of-use asset	0.2
Lease liability	$ 0.2
NC
Operating lease term	3 years

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions [Abstract]
Related party expenses	$ 0		$ 0
Nominal legal fees		$ 400,000		$ 400,000