Mind Medicine (MNMD) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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	true
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	98-1582438
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	212
Local Phone Number	220-6633
Entity Common Stock, Shares Outstanding		72,144,970

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 243,132	$ 99,704
Prepaid and other current assets	4,561	4,168
Total current assets	247,693	103,872
Goodwill	19,918	19,918
Intangible assets, net		527
Other non-current assets	534	224
Total assets	268,145	124,541
Current liabilities:
Accounts payable	2,936	4,136
Accrued expenses	8,231	11,634
2022 USD Financing Warrants	30,680	16,476
Total current liabilities	41,847	32,246
Credit facility, long-term	24,251	14,129
Other liabilities, long-term		32
Total liabilities	66,098	46,407
Commitments and contingencies (Note 9)
Shareholders' Equity:
Common shares, no par value, unlimited authorized as of June 30, 2024 and December 31, 2023; 72,075,076 and 41,101,303 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	551,668	367,991
Accumulated other comprehensive income	833	343
Accumulated deficit	(350,454)	(290,200)
Total shareholders' equity	202,047	78,134
Total liabilities and shareholders' equity	$ 268,145	$ 124,541

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	72,075,076	41,101,303
Common stock, shares outstanding	72,075,076	41,101,303

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 14,645	$ 14,777	$ 26,350	$ 27,375
General and administrative	9,813	14,407	20,312	22,670
Total operating expenses	24,458	29,184	46,662	50,045
Loss from operations	(24,458)	(29,184)	(46,662)	(50,045)
Other income/(expense):
Interest income	3,116	1,388	4,772	2,748
Interest expense	(466)	(77)	(900)	(153)
Foreign exchange gain/(loss), net	(32)	247	(557)	195
Change in fair value of 2022 USD Financing Warrants	13,445	(1,504)	(19,448)	(6,690)
Gain on extinguishment of contribution payable	2,541		2,541
Total other income/(expense), net	18,604	54	(13,592)	(3,900)
Net loss	(5,854)	(29,130)	(60,254)	(53,945)
Other comprehensive loss
Gain/(loss) on foreign currency translation	(3)	(279)	490	(265)
Comprehensive loss	$ (5,857)	$ (29,409)	$ (59,764)	$ (54,210)
Net loss per common share, basic	$ (0.08)	$ (0.76)	$ (1.01)	$ (1.41)
Net loss per common share, diluted	$ (0.26)	$ (0.76)	$ (1.01)	$ (1.41)
Weighted-average common shares, basic	71,912,323	38,576,394	59,886,540	38,329,919
Weighted-average common shares, diluted	75,304,101	38,576,394	59,886,540	38,329,919

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	2022 USD Financing Warrants	Common Stock	Common Stock 2022 USD Financing Warrants	Additional Paid-In Capital	Additional Paid-In Capital 2022 USD Financing Warrants	Accumulated OCI	Accumulated Deficit
Balance at Dec. 31, 2022	$ 150,917				$ 344,758		$ 627	$ (194,468)
Balance, Shares at Dec. 31, 2022			37,979,136
Issuance of common shares, net of share issuance costs	1,857				1,857
Issuance of common shares, net of share issuance costs, Shares			601,898
Settlement of restricted share unit awards			226,125
Stock-based compensation expense	7,408				7,408
Net loss and Comprehensive loss	(54,210)						(265)	(53,945)
Balance at Jun. 30, 2023	105,972				354,023		362	(248,413)
Balance, Shares at Jun. 30, 2023			38,807,159
Balance at Mar. 31, 2023	130,344				348,986		641	(219,283)
Balance, Shares at Mar. 31, 2023			38,290,111
Issuance of common shares, net of share issuance costs	1,274				1,274
Issuance of common shares, net of share issuance costs, Shares			403,785
Settlement of restricted share unit awards			113,263
Stock-based compensation expense	3,763				3,763
Net loss and Comprehensive loss	(29,409)						(279)	(29,130)
Balance at Jun. 30, 2023	105,972				354,023		362	(248,413)
Balance, Shares at Jun. 30, 2023			38,807,159
Balance at Dec. 31, 2023	78,134				367,991		343	(290,200)
Balance, Shares at Dec. 31, 2023			41,101,303
Issuance of common shares, net of share issuance costs	164,298				164,298
Issuance of common shares, net of share issuance costs, Shares			29,338,553
Issuance of common shares upon settlement of restricted share unit awards, net of shares withheld for tax	(54)				(54)
Issuance of common shares upon settlement of restricted share unit awards, net of shares withheld for tax, Shares			444,802
Exercise of warrants		$ 9,675				$ 9,675
Exercise of warrants, Shares				1,042,523
Stock-based compensation expense	9,119				9,119
Exercise of stock options	$ 639				639
Exercise of stock options, Shares	147,895		147,895
Net loss and Comprehensive loss	$ (59,764)						490	(60,254)
Balance at Jun. 30, 2024	202,047				551,668		833	(350,454)
Balance, Shares at Jun. 30, 2024			72,075,076
Balance at Mar. 31, 2024	196,059				539,823		836	(344,600)
Balance, Shares at Mar. 31, 2024			71,163,720
Issuance of common shares upon settlement of restricted share unit awards, net of shares withheld for tax, Shares			239,834
Exercise of warrants		$ 6,306				$ 6,306
Exercise of warrants, Shares				642,523
Stock-based compensation expense	5,430				5,430
Exercise of stock options	109				109
Exercise of stock options, Shares			28,999
Net loss and Comprehensive loss	(5,857)						(3)	(5,854)
Balance at Jun. 30, 2024	$ 202,047				$ 551,668		$ 833	$ (350,454)
Balance, Shares at Jun. 30, 2024			72,075,076

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss			$ (60,254)	$ (53,945)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	$ 5,228	$ 3,842	9,698	7,592
Amortization of intangible assets	0	800	527	1,581
Change in fair value of 2022 USD Financing Warrants	(13,445)	1,504	19,448	6,690
Gain on extinguishment of contribution payable	(2,541)		(2,541)
Unrealized foreign exchange			510	(337)
Other non-cash adjustments			152	28
Changes in operating assets and liabilities:
Prepaid and other current assets			(1,019)	1,017
Other noncurrent assets			90	35
Accounts payable			(1,453)	6,466
Accrued expenses			(1,713)	3,889
Other liabilities, long-term			(32)	(192)
Net cash used in operating activities			(36,587)	(27,176)
Cash flows from financing activities
Proceeds from the March Offering and Private Placement			175,000
Payment of issuance costs from the March Offering and Private Placement			(10,807)
Proceeds from credit facility			10,000
Payment of credit facility issuance costs			(128)
Proceeds from the 2022 ATM net of issuance costs			984	1,857
Payment of deferred financing fees related to 2024 ATM			(30)
Proceeds from exercise of 2022 USD Financing Warrants			4,431
Proceeds from exercise of options			639
Withholding taxes paid on vested RSUs			(54)
Net cash provided by financing activities			180,035	1,857
Effect of exchange rate changes on cash			(20)	72
Net increase/(decrease) in cash and cash equivalents			143,428	(25,247)
Cash, beginning of period			99,704	142,142
Cash, end of period	$ 243,132	$ 116,895	243,132	$ 116,895
Supplemental Cash Flow Information
Cash paid for interest			873
Supplemental Noncash Disclosures
Conversion of 2022 USD Financing Warrants to common shares upon exercise of warrants			5,244
Unpaid issuance costs for the March Offering and Private Placement			253
Deferred financing fees related to 2024 ATM included in accrued expenses			400
Reclass of deferred financing fees related to 2022 ATM to additional paid-in capital			$ 332

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,854)	$ (29,130)	$ (60,254)	$ (53,945)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2024
Nature Of Operations [Abstract]
Description of the Business	1. DESCRIPTION OF THE BUSINESS Mind Medicine (MindMed) Inc. (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. MindMed US was incorporated on May 30, 2019. MindMed is a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders. The Company’s mission is to be the global leader in the development and delivery of treatments for brain health disorders 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 neurotransmitter pathways that play key roles in brain health disorders. This specifically includes pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes, including MM120 and MM402, the Company’s lead product candidates. As of June 30, 2024, the Company had an accumulated deficit of $ 350.5 million. Through June 30, 2024, the Company’s financial support has primarily been provided by proceeds from the issuance of its common shares, no par value per share (“Common Shares”), and warrants to purchase Common Shares, and the Company’s credit facility. 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 unaudited 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. 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 unaudited condensed consolidated financial statements may not be comparable to companies that comply with public company Financial Accounting Standards Board (“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 the first sale of its common equity securities under an effective Securities Act of 1933 registration statement or such earlier time that it is no longer an emerging growth company. In the opinion of management, these unaudited interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of our financial position and results of operations and cash flows for the periods presented.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, 2023, which are included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 28, 2024 (the “2023 Annual Report”). The Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2023 and 2022, included in the 2023 Annual Report. Since the date of those financial statements, there have been no changes to the Company's significant accounting policies. The accompanying unaudited 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 and as amended by Accounting Standards Updates of 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 unaudited condensed consolidated financial statements. Foreign Currency Prior to April 1, 2024, the Company’s functional currency was the Canadian dollar (“CAD”). Translation gains and losses from the application of the U.S. dollar (“USD”) as the reporting currency during the period that the Canadian dollar was the functional currency were included as part of cumulative currency translation adjustment, which is reported as a component of shareholders’ equity as accumulated other comprehensive income. Following the Company’s voluntary delisting from Cboe Canada in April 2024, the Company reassessed its functional currency and determined that, as of April 1, 2024, its functional currency had changed from the CAD to the USD. The Company analysis included various factors, including: the Company’s cash flows and expenses denominated primarily in USD, and the primary market for the Company’s Common Shares trading in USD. The change in functional currency was accounted for prospectively from April 1, 2024, and the unaudited condensed consolidated financial statements prior to and including the period ended March 31, 2024 were not restated for the change in functional currency. For periods commencing April 1, 2024, monetary assets and liabilities denominated in currencies other than USD are remeasured at period-end using the period-end exchange rate. Opening balances related to non-monetary assets and liabilities are based on prior period translated amounts, and non-monetary assets acquired, and non-monetary liabilities incurred after April 1, 2024, are translated at the approximate exchange rate prevailing at the date of the transaction. Income and expense accounts are translated at the average rates in effect during the fiscal year . Foreign exchange gains and losses are included in the unaudited condensed consolidated statements of operations and comprehensive loss. 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. As of June 30, 2024, the Company’s cash equivalents consisted of U.S. government money market funds at a high-credit quality and federally insured financial institution. The Company’s accounts, at times, may exceed federally insured limits. The Company had cash equivalents of $ 242.4 million as of June 30, 2024, and $ 96.7 million as of December 31, 2023. Net Loss per Share For the three month period ended June 30, 2024, the Company determined that the 2022 USD Financing Warrants had a dilutive impact to the calculation of net loss per share. As a result, the Company calculated diluted net loss per common share for the three months ended June 30, 2024 as follows: Three Months 2024 Numerator: Net loss attributable to common shareholders, basic $ ( 5,854 ) Change in fair value of 2022 USD Financing Warrants ( 13,445 ) Net loss attributable to common shareholders, diluted $ ( 19,299 ) Denominator: Weighted-average shares used in computing net loss per share attributable 71,912,323 Incremental shares from 2022 USD Financing Warrants 3,391,778 Weighted-average shares used in computing net loss per share attributable 75,304,101 The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Six Months 2024 2023 2024 2023 Options issued and outstanding under stock option plan 3,532,174 2,301,688 3,532,174 2,301,688 Restricted Share Units 1,740,809 2,780,467 1,740,809 2,780,467 CAD Compensation Warrants — 125,890 — 125,890 CAD Financing Warrants — 1,286,282 — 1,286,282 Conversion Shares 997,506 — 997,506 — 2022 USD Financing Warrants — 7,058,823 5,989,300 7,058,823 Total 6,270,489 13,553,150 12,259,789 13,553,150 Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by 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 November 2023, the FASB issued ASU 2023-07, Segment Reporting (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company does not expect implementation of the new guidance to have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09"). ASU 2023-09 requires annual disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and a disaggregation of income taxes paid, net of refunds. ASU 2023-09 also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for the annual reporting periods in fiscal years beginning after December 31, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively. Retrospective adoption is permitted. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	3. 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 June 30, 2024 and December 31, 2023 (in thousands), 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. June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 242,431 $ — $ — $ 242,431 Financial liabilities: Directors' Deferred Share Unit Liability $ 966 $ — $ — $ 966 2022 USD Financing Warrant Liability $ — $ — $ 30,680 $ 30,680 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 96,682 $ — $ — $ 96,682 Financial liabilities: Directors' Deferred Share Unit Liability $ 387 $ — $ — $ 387 2022 USD Financing Warrant Liability $ — $ — $ 16,476 $ 16,476 There were no transfers into or out of Level 1, Level 2, or Level 3 during the six months ended June 30, 2024 and the year ended December 31, 2023. The fair value of the warrant liability is measured at fair value on a recurring basis. The warrants to purchase 7,058,823 Common Shares issued in our underwritten public offering that closed on September 30, 2022 (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: As of June 30, 2024 As of December 31, 2023 Share price $ 7.21 $ 3.66 Expected volatility 89.00 % 94.72 % Risk-free rate 4.50 % 3.87 % Expected life 3.25 years 3.75 years

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	4. GOODWILL AND INTANGIBLE ASSETS, NET Goodwill During t he six months ended June 30, 2024, 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 six months ended June 30, 2024 and 2023, respectively. Intangible assets, net As of December 31, 2023, the Company’s developed technology intangible assets had a gross carrying value of $ 9.5 million, accumulated amortization of $ 9.0 million, and a net carrying value of $ 0.5 million. The Company's developed technology intangible assets were fully amortized as of March 31, 2024. Amortization expense included in research and development expense was $ 0.5 million and $ 1.6 million for the six months ended June 30, 2024 and 2023, respectively, and $ 0 and $ 0.8 million for the three and six months ended June 30, 2024 and 2023, respectively.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	5. ACCRUED EXPENSES At June 30, 2024 and December 31, 2023, accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued compensation $ 2,757 $ 4,139 Accrued clinical and manufacturing costs 2,374 1,884 Professional services 1,449 2,022 Directors' Deferred Share Unit Liability 966 387 Other accruals 685 361 Contribution payable - 2,841 Total accrued expenses $ 8,231 $ 11,634 In June 2024, the Company made a lump sum payment of $ 0.3 million in full satisfaction of its remaining obligations of the contribution payable liability. As a result, both parties were subsequently released from any further commitments from the agreement. The difference between the fair value of the lump sum payment of $ 0.3 million, and the carrying value of the contribution payable prior to the settlement of $ 2.8 million, resulted in a gain on extinguishment of $ 2.5 million recognized by the Company in the unaudited condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2024.

Shareholders_ Equity

Shareholders’ Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Shareholders’ Equity	6. SHAREHOLDERS’ EQUITY Common Shares The Company is authorized to issue an unlimited number of Common Shares, which have no par value. As of June 30, 2024, the Company had 72,075,076 Common Shares issued and outstanding. At-The-Market Facilities 2022 ATM On May 4, 2022, the Company filed a shelf registration statement on Form S-3 (the “Registration Statement”). In connection with the filing of the Registration Statement, the Company also entered into a sales agreement (the “Prior Sales Agreement”) with Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. as sales agents (together, the “Prior 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 “2022 ATM”). Pursuant to the 2022 ATM, the Company paid the Prior Agents a commission rate equal to 3.0 % of the gross proceeds from the sale of any Common Shares. The Company was not obligated to make any sales of its Common Shares under the 2022 ATM. During the six months ended June 30, 2024, the Company sold 171,886 Common Shares for net proceeds of $ 0.7 million under the 2022 ATM. As of March 7, 2024, the Company had raised an aggregate of $ 40.9 million under the 2022 ATM and had the remaining availability of $ 59.1 million. On March 7, 2024, the Company announced that it had delivered written notice to the Prior Agents that it was suspending and terminating the 2022 ATM prospectus, dated May 16, 2022. On May 28, 2024, the Company delivered written notice to the Prior Agents that it was terminating the Prior Sales Agreement. 2024 ATM On June 28, 2024, the Company filed a shelf registration statement on Form S-3 (the “2024 Registration Statement”), as well as an accompanying prospectus supplement (“New ATM Prospectus”). In connection with the filing of the 2024 Registration Statement and the New ATM Prospectus, the Company entered into a Sales Agreement (the "Sales Agreement") with Leerink Partners LLC (the “Agent”) pursuant to which the Company may issue and sell from time to time Common Shares for an aggregate offering price of up to $ 150.0 million in accordance with the New ATM Prospectus under an at-the-market offering program (the "2024 ATM"). Pursuant to the 2024 ATM, the Company will pay the Sales Agent a commission rate of up 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 2024 ATM. The Company has not sold any of its Common Shares under the 2024 ATM as of June 30, 2024. The March Offering and Private Placement On March 7, 2024, the Company entered into an underwriting agreement with Leerink Partners LLC and Cantor Fitzgerald & Co., as representatives of the underwriters named therein, in connection with the issuance and sale by the Company in an underwritten offering (the “March Offering”) of 16,666,667 Common Shares (the “Offering Shares”), at an offering price of $ 6.00 per Offering Share, less underwriting discounts and commissions. The net proceeds to the Company from the March Offering were $ 93.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. Also on March 7, 2024, the Company entered into a securities purchase agreement with certain investors, pursuant to which the investors agreed to purchase, and the Company agreed to sell 12,500,000 Common Shares (the “Private Placement Shares”), at a price of $ 6.00 per Private Placement Share, in a private placement transaction (the “Private Placement”). The net proceeds to the Company from the Private Placement were $ 70.1 million, after deducting fees and expenses payable by the Company. The Company intends to use the net proceeds from the March Offering and the Private Placement for (i) the research and development of the Company’s product candidates and (ii) working capital and general corporate purposes. The March Offering and the Private Placement closed on March 11, 2024.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	7. WARRANTS CAD Financing Warrants and CAD Compensation Warrants B etween 2020 through 2021, in conjunction with equity offerings, the Company issued units at varying prices per unit in CAD, with each unit comprised of one Common Share and one-half of one Common Share financing warrant (each whole warrant, a “CAD Financing Warrant”). The Company also issued compensation warrants to its underwriters (the “CAD Compensation Warrants”). All CAD Financing Warrants and the CAD Compensation Warrants expired as of March 9, 2024 . 2022 USD Financing Warrants On September 30, 2022, the Company closed an underwritten public offering of 7,058,823 Common Shares and accompanying 2022 USD Financing Warrants to purchase 7,058,823 Common Shares. 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 . The below table represents the activity associated with the Company's 2022 USD Financing Warrants for the six months ended June 30, 2024: 2022 USD Financing Balance at December 31, 2023 7,031,823 Exercised ( 1,042,523 ) Expired — Balance at June 30, 2024 5,989,300 Under the guidance in ASC 815-40, the Company's 2022 USD Financing Warrants do not meet the criteria for equity treatment. Therefore, the Company accounts for the 2022 USD Financing Warrants as liabilities and recognized them at fair value upon issuance and adjusts them to fair value at the end of each reporting period. Any change in fair value is recognized on the condensed consolidated statements of operations and comprehensive loss. The below table summarizes the activity of the outstanding liability for the 2022 USD Financing Warrants for the six months ended June 30, 2024 (in thousands): As of June 30, 2024 Balance at December 31, 2023 $ 16,476 Warrant exercise ( 5,244 ) Change in fair value of the warrant liability 19,448 Balance at June 30, 2024 $ 30,680

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	8. STOCK-BASED COMPENSATION Stock Incentive Plan Effective March 7, 2023, the Company amended the definitions of “Fair Market Value” and “Market Value” under the MindMed Stock Option Plan (the “Stock Option Plan”) and the Performance and Restricted Share Unit Plan (the “RSU Plan”), respectively, to be based upon the closing price of the Company's Common Shares as traded on the Nasdaq Stock Market on the last trading day on which Common Shares traded prior to the day on which an equity award is granted (the “Amendments”). This change is only applicable for equity compensation awards granted subsequent to the Amendments. Accordingly, stock options granted after March 7, 2023 ("USD Options") are denominated in USD, and the grant date fair value of restricted share units granted after March 7, 2023 ("USD RSUs") is denominated in USD. The fair value of both USD Options and USD RSUs is based upon the closing price of the Company's Common Shares as traded on the Nasdaq Stock Market. As of June 30, 2024, in conjunction with the voluntary Cboe Canada delisting on April 1, 2024, all of the Company's Common Shares are only traded on the Nasdaq Stock Market. All equity awards have their exercise prices denominated in USD based upon the USD value on the day on which the equity award was granted. Stock Options On February 27, 2020, the Company adopted the Stock Option 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 Stock Option Plan sets out the framework for determining eligibility as well as the terms of any stock-based compensation granted. The Stock Option Plan was approved by the shareholders as part of the terms of an arrangement agreement (the “Arrangement”) entered into by the Company on October 15, 2019 in connection with the completion of its reverse acquisition, which completed on February 27, 2020. The Company is authorized to issue 15 % of the Company’s outstanding Common Shares under the terms of the Stock Option Plan, together with Common Shares that are issuable pursuant to outstanding awards or grants under any other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares, including the RSU Plan. The following table summarizes the Company’s stock option activity: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options outstanding at December 31, 2023 2,161,734 $ 18.67 — $ — Issued 1,788,780 5.08 — — Exercised ( 147,895 ) 4.39 — — Forfeited ( 253,044 ) 7.00 — — Expired ( 17,401 ) 14.55 — — Options outstanding at June 30, 2024 3,532,174 $ 13.25 6.2 $ 4,858,410 Options vested and exercisable at June 30, 2024 1,524,669 $ 19.73 3.5 $ 1,387,487 The expense recognized related to options was $ 2.7 million and $ 1.6 million for the three months ended June 30, 2024 and 2023, respectively, and $ 4.3 m illion and $ 3.3 million for the six months ended June 30, 2024 and 2023, respectively . Restricted Share Units The Company adopted the 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 RSU Plan sets out the framework for determining eligibility as well as the terms of any stock-based compensation granted. The RSU 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 Balance at December 31, 2023 2,288,726 $ 7.20 Granted 156,800 7.45 Vested and issued ( 445,032 ) 9.75 Cancelled ( 259,685 ) 5.36 Balance at June 30, 2024 1,740,809 $ 6.84 The expense recognized related to RSUs was $ 2.7 million and $ 2.1 million for the three months ended June 30, 2024 and 2023, respectively, and $ 4.8 m illion and $ 4.1 million for the six months ended June 30, 2024 and 2023, respectively . 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 deferred share units (“DDSUs”) which are cash settled awards. Effective June 8, 2023, the Company amended the definition of “Fair Market Value” under the DDSU Plan to be based upon the volume weighted average trading price of the Company’s Common Shares as traded on the Nasdaq Stock Market for the five business days on which Common Shares are traded on Nasdaq immediately preceding the applicable date. This change is only applicable for DDSUs granted subsequent to June 8, 2023. Accordingly, DDSUs granted after June 8, 2023 are denominated in USD. 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 Nasdaq Stock Market for the five business days immediately preceding the valuation date. The DDSUs generally vest ratably over twelve months after grant and are settled within 90 days of the date the director ceases service to the Company. For the six months ended June 30, 2024, stock-based compensation expense of $ 0.6 million was recognized relating to the revaluation of the vested DDSUs, recorded in general and administrative expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. The Company recognized a decrease of stock-based compensation expense of $ 0.2 million relating to the revaluation of the vested DDSUs for the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company did no t issue any additional DDSUs. There were 133,745 DDSUs vested as of June 30, 2024. The liability associated with the outstanding vested DDSU’s wa s $ 1.0 million as of June 30, 2024, and was recorded to accrued expenses in the accompanying unaudited condensed consolidated balance sheets. Employee Share Purchase Plan On April 16, 2024, the Company’s Board of Directors approved the Mind Medicine (MindMed) Inc. Employee Share Purchase Plan (the “ESPP”), subject to its approval by the Company’s shareholders. On June 10, 2024, the Company's shareholders approved the ESPP at the Company’s 2024 Annual General and Special Meeting of Shareholders. A total of 750,000 Common Shares were reserved for future issuance under the ESPP. As of June 30, 2024, no Common Shares had been issued pursuant to the ESPP. Stock-based Compensation Expense Stock-based compensation expense for all equity arrangements for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ 2,182 $ 1,769 $ 3,637 $ 3,579 General and administrative 3,046 2,073 6,061 4,013 Total share-based compensation expense $ 5,228 $ 3,842 $ 9,698 $ 7,592 As of June 30, 2024, there was approximately $ 12.1 million of total unrecognized stock-based compensation expense, related to unvested options granted to employees under the Stock Option Plan that is expected to be recognized over a weighted average period of 2 . 4 years. As of June 30, 2024, there was approximately $ 11.1 million of total unrecognized stock-based compensation expense, related to RSUs granted to employees under the RSU Plan that is expected to be recognized over a weighted average period of 2.4 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. COMMITMENTS AND CONTINGENCIES As of June 30, 2024, the Company had obligations to make future payments, representing significant research and development contracts and other commitments that are known and committed in the amount of approximately $ 48.0 million. Most of these agreements are cancelable by the Company with notice. These commitments include agreements related to the conduct of the Company's 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 unaudited condensed consolidated financial statements with respect to these indemnification obligations.

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Credit Facility	10. CREDIT FACILITY O n August 11, 2023 (the “Closing Date”), the Company and certain of its subsidiaries party thereto, as co-borrowers (together with the Company, the “Borrowers”) entered into a Loan and Security Agreement (the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”), as administrative agent and Canadian collateral agent for lenders thereunder (K2HV, together with any other lender from time to time, the "Lenders"), and Ankura Trust Company, LLC, as collateral trustee for the Lenders. The Loan Agreement provides for up to an aggregate principal amount of $ 50.0 million in term loans (the “Term Loan”) consisting of a first tranche term loan of $ 15.0 million funded on the Closing Date, subsequent tranches of term loans totaling $ 20.0 million to be funded upon the achievement of certain time-based, clinical and regulatory milestones, and an additional tranche term loan of up to $ 15.0 million upon the Company’s request, subject to review by the Lenders of certain information from the Company and discretionary approval by the Lenders. On the Closing Date, the Company paid a facility fee of $ 0.3 million to K2HV. The second milestone-based tranche of $ 10.0 million was achieved and funded in the second quarter of 2024. The Term Loan matures on August 1, 2027 , and the obligations of the Company under the Loan Agreement are secured by substantially all of the assets of the Company, excluding intellectual property. The Term Loan bears a variable interest rate equal to the greater of (i) 10.95 % and (ii) the sum of (a) the prime rate as reported in The Wall Street Journal plus (b) 2.95 %. The Company may prepay, at its option, all, but not less than all, of the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being prepaid of the Term Loan, subject to certain prepayment notice requirements; provided that such prepayment notice may be conditioned upon the effectiveness of a refinancing or any other transaction, in which case such prepayment notice may be revoked by the Company. Principal payments were postponed from March 2025 to March 2026 as the interest only extension event per the Loan Agreement was met. The Lenders may elect at any time following the Closing Date and prior to the full repayment of the Term Loan to convert any portion of the principal amount of the term loans then outstanding, up to an aggregate principal amount of $ 4.0 million, into the Company’s Common Shares (the “Conversion Shares”), at a conversion price equal to $ 4.01 per Conversion Share, subject to certain limitations. The embedded conversion option qualifies for a scope exception from derivative accounting because it is both indexed to the Company’s own shares and meets the conditions for equity classification. As of June 30, 2024, the Company estimated the fair value of the Conversion Shares to be $ 5.2 million using the Black-Scholes option pricing model. The Loan Agreement contains customary representations and warranties and affirmative and negative covenants, including covenants that limit or restrict the Company's ability to, among other things: dispose of assets; make changes to the Company's business, management, ownership or business locations; merge or consolidate; incur additional indebtedness, encumbrances or liens; pay dividends or other distributions or repurchase equity; make investments; and enter into certain transactions with affiliates, in each case subject to certain exceptions. The Company is in compliance with the Loan Agreement as of June 30, 2024. T he Company recorded $ 0.5 million and $ 0.9 million in interest expense for the three and six months ended June 30, 2024, respectively. F uture expected repayments of principal amount due on the credit facility as of June 30, 2024 are as follows (in thousands): Remainder of 2024 $ - 2025 - 2026 13,346 2027 11,654 Total principal repayments $ 25,000 Unamortized debt issuance costs ( 749 ) Total credit facility, non-current, net $ 24,251 As of June 30, 2024, the Company estimated the fair value of the credit facility to be $ 26.2 million, assuming the full $ 4.0 million of principal is converted into Conversion Shares.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	11. SUBSEQUENT EVENTS On August 9, 2024, the Company entered into an underwriting agreement with Leerink Partners LLC and Evercore Group L.L.C., as representatives of the several underwriters named therein, in connection with an underwritten public offering (the “August Offering”) of (i) 9,285,511 Common Shares (the “Shares”), and (ii) to certain investors, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 1,428,775 Common Shares. The offering price for the Shares was $ 7.00 per share, less underwriting discounts and commissions. The offering price for the Pre-Funded Warrants was $ 6.999 per Pre-Funded Warrant, which represents the per share public offering price for the Shares less a $ 0.001 per share exercise price for each such Pre-Funded Warrant. The net proceeds to the Company from the August Offering are expected to be approximately $ 70.0 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The August Offering closed on August 12, 2024. The Company intends to use the net proceeds from the August Offering to fund the research and development of its product candidates and for working capital and general corporate purposes. The Pre-Funded Warrants are exercisable at any time after the date of issuance. The exercise price and the number of Pre-Funded Warrant Shares are subject to appropriate adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting the Common Shares as well as upon any distribution of assets, including cash, securities or other property, to the Company’s shareholders. The Pre-Funded Warrants will not expire and are exercisable in cash or by means of a cashless exercise. A holder of Pre-Funded Warrants may not exercise such Pre-Funded Warrants if the aggregate number of Common Shares beneficially owned by such holder, together with its affiliates, would exceed more than 4.99 % or 9.99 % (at the initial election of the holder) of the number of Common Shares outstanding following such exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants. A holder of Pre-Funded Warrants may increase or decrease this percentage not in excess of 19.99 % by providing at least 61 days’ prior notice to the Company.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023, which are included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 28, 2024 (the “2023 Annual Report”). The Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2023 and 2022, included in the 2023 Annual Report. Since the date of those financial statements, there have been no changes to the Company's significant accounting policies. The accompanying unaudited 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 and as amended by Accounting Standards Updates of 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 unaudited condensed consolidated financial statements.
Foreign Currency	Foreign Currency Prior to April 1, 2024, the Company’s functional currency was the Canadian dollar (“CAD”). Translation gains and losses from the application of the U.S. dollar (“USD”) as the reporting currency during the period that the Canadian dollar was the functional currency were included as part of cumulative currency translation adjustment, which is reported as a component of shareholders’ equity as accumulated other comprehensive income. Following the Company’s voluntary delisting from Cboe Canada in April 2024, the Company reassessed its functional currency and determined that, as of April 1, 2024, its functional currency had changed from the CAD to the USD. The Company analysis included various factors, including: the Company’s cash flows and expenses denominated primarily in USD, and the primary market for the Company’s Common Shares trading in USD. The change in functional currency was accounted for prospectively from April 1, 2024, and the unaudited condensed consolidated financial statements prior to and including the period ended March 31, 2024 were not restated for the change in functional currency. For periods commencing April 1, 2024, monetary assets and liabilities denominated in currencies other than USD are remeasured at period-end using the period-end exchange rate. Opening balances related to non-monetary assets and liabilities are based on prior period translated amounts, and non-monetary assets acquired, and non-monetary liabilities incurred after April 1, 2024, are translated at the approximate exchange rate prevailing at the date of the transaction. Income and expense accounts are translated at the average rates in effect during the fiscal year . Foreign exchange gains and losses are included in the unaudited condensed consolidated statements of operations and comprehensive loss.
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. As of June 30, 2024, the Company’s cash equivalents consisted of U.S. government money market funds at a high-credit quality and federally insured financial institution. The Company’s accounts, at times, may exceed federally insured limits. The Company had cash equivalents of $ 242.4 million as of June 30, 2024, and $ 96.7 million as of December 31, 2023.
Net Loss per Share	Net Loss per Share For the three month period ended June 30, 2024, the Company determined that the 2022 USD Financing Warrants had a dilutive impact to the calculation of net loss per share. As a result, the Company calculated diluted net loss per common share for the three months ended June 30, 2024 as follows: Three Months 2024 Numerator: Net loss attributable to common shareholders, basic $ ( 5,854 ) Change in fair value of 2022 USD Financing Warrants ( 13,445 ) Net loss attributable to common shareholders, diluted $ ( 19,299 ) Denominator: Weighted-average shares used in computing net loss per share attributable 71,912,323 Incremental shares from 2022 USD Financing Warrants 3,391,778 Weighted-average shares used in computing net loss per share attributable 75,304,101 The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Six Months 2024 2023 2024 2023 Options issued and outstanding under stock option plan 3,532,174 2,301,688 3,532,174 2,301,688 Restricted Share Units 1,740,809 2,780,467 1,740,809 2,780,467 CAD Compensation Warrants — 125,890 — 125,890 CAD Financing Warrants — 1,286,282 — 1,286,282 Conversion Shares 997,506 — 997,506 — 2022 USD Financing Warrants — 7,058,823 5,989,300 7,058,823 Total 6,270,489 13,553,150 12,259,789 13,553,150
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by 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 November 2023, the FASB issued ASU 2023-07, Segment Reporting (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company does not expect implementation of the new guidance to have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09"). ASU 2023-09 requires annual disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and a disaggregation of income taxes paid, net of refunds. ASU 2023-09 also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for the annual reporting periods in fiscal years beginning after December 31, 2024. Early adoption is permitted. ASU 2023-09 should be applied prospectively. Retrospective adoption is permitted. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	For the three month period ended June 30, 2024, the Company determined that the 2022 USD Financing Warrants had a dilutive impact to the calculation of net loss per share. As a result, the Company calculated diluted net loss per common share for the three months ended June 30, 2024 as follows: Three Months 2024 Numerator: Net loss attributable to common shareholders, basic $ ( 5,854 ) Change in fair value of 2022 USD Financing Warrants ( 13,445 ) Net loss attributable to common shareholders, diluted $ ( 19,299 ) Denominator: Weighted-average shares used in computing net loss per share attributable 71,912,323 Incremental shares from 2022 USD Financing Warrants 3,391,778 Weighted-average shares used in computing net loss per share attributable 75,304,101
Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share due to Anti-dilutive Effect	The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Six Months 2024 2023 2024 2023 Options issued and outstanding under stock option plan 3,532,174 2,301,688 3,532,174 2,301,688 Restricted Share Units 1,740,809 2,780,467 1,740,809 2,780,467 CAD Compensation Warrants — 125,890 — 125,890 CAD Financing Warrants — 1,286,282 — 1,286,282 Conversion Shares 997,506 — 997,506 — 2022 USD Financing Warrants — 7,058,823 5,989,300 7,058,823 Total 6,270,489 13,553,150 12,259,789 13,553,150

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (in thousands), 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. June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 242,431 $ — $ — $ 242,431 Financial liabilities: Directors' Deferred Share Unit Liability $ 966 $ — $ — $ 966 2022 USD Financing Warrant Liability $ — $ — $ 30,680 $ 30,680 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 96,682 $ — $ — $ 96,682 Financial liabilities: Directors' Deferred Share Unit Liability $ 387 $ — $ — $ 387 2022 USD Financing Warrant Liability $ — $ — $ 16,476 $ 16,476

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses	At June 30, 2024 and December 31, 2023, accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued compensation $ 2,757 $ 4,139 Accrued clinical and manufacturing costs 2,374 1,884 Professional services 1,449 2,022 Directors' Deferred Share Unit Liability 966 387 Other accruals 685 361 Contribution payable - 2,841 Total accrued expenses $ 8,231 $ 11,634 In June 2024, the Company made a lump sum payment of $ 0.3 million in full satisfaction of its remaining obligations of the contribution payable liability. As a result, both parties were subsequently released from any further commitments from the agreement. The difference between the fair value of the lump sum payment of $ 0.3 million, and the carrying value of the contribution payable prior to the settlement of $ 2.8 million, resulted in a gain on extinguishment of $ 2.5 million recognized by the Company in the unaudited condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2024.

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Schedule of Financing Warrants	The below table represents the activity associated with the Company's 2022 USD Financing Warrants for the six months ended June 30, 2024: 2022 USD Financing Balance at December 31, 2023 7,031,823 Exercised ( 1,042,523 ) Expired — Balance at June 30, 2024 5,989,300
Summary of Activity of Outstanding Warrant Liability	The below table summarizes the activity of the outstanding liability for the 2022 USD Financing Warrants for the six months ended June 30, 2024 (in thousands): As of June 30, 2024 Balance at December 31, 2023 $ 16,476 Warrant exercise ( 5,244 ) Change in fair value of the warrant liability 19,448 Balance at June 30, 2024 $ 30,680

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes the Company’s stock option activity: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options outstanding at December 31, 2023 2,161,734 $ 18.67 — $ — Issued 1,788,780 5.08 — — Exercised ( 147,895 ) 4.39 — — Forfeited ( 253,044 ) 7.00 — — Expired ( 17,401 ) 14.55 — — Options outstanding at June 30, 2024 3,532,174 $ 13.25 6.2 $ 4,858,410 Options vested and exercisable at June 30, 2024 1,524,669 $ 19.73 3.5 $ 1,387,487
Schedule of Restricted Share Units	The Company adopted the 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 RSU Plan sets out the framework for determining eligibility as well as the terms of any stock-based compensation granted. The RSU 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 Balance at December 31, 2023 2,288,726 $ 7.20 Granted 156,800 7.45 Vested and issued ( 445,032 ) 9.75 Cancelled ( 259,685 ) 5.36 Balance at June 30, 2024 1,740,809 $ 6.84
Summary of Stock-based Compensation Expense	Stock-based compensation expense for all equity arrangements for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ 2,182 $ 1,769 $ 3,637 $ 3,579 General and administrative 3,046 2,073 6,061 4,013 Total share-based compensation expense $ 5,228 $ 3,842 $ 9,698 $ 7,592

Credit Facility (Tables)

Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Future Expected Repayments of Principal Amount Due on Credit Facility	F uture expected repayments of principal amount due on the credit facility as of June 30, 2024 are as follows (in thousands): Remainder of 2024 $ - 2025 - 2026 13,346 2027 11,654 Total principal repayments $ 25,000 Unamortized debt issuance costs ( 749 ) Total credit facility, non-current, net $ 24,251

Description of the Business - A

Description of the Business - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (350,454)	$ (290,200)

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash equivalents	$ 242.4	$ 96.7

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Diluted net loss per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common shareholders, basic	$ (5,854)
Change in fair value of 2022 USD Financing Warrants	(13,445)	$ 1,504	$ 19,448	$ 6,690
Net loss attributable to common shareholders, diluted	$ (19,299)
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic	71,912,323	38,576,394	59,886,540	38,329,919
Incremental shares from 2022 USD Financing Warrants	3,391,778
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted	75,304,101	38,576,394	59,886,540	38,329,919

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share due to Anti-dilutive Effect (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share	6,270,489	13,553,150	12,259,789	13,553,150
Options issued and outstanding under stock option plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share	3,532,174	2,301,688	3,532,174	2,301,688
Restricted Share Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share	1,740,809	2,780,467	1,740,809	2,780,467
CAD Compensation Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share		125,890		125,890
CAD Financing Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share		1,286,282		1,286,282
Conversion Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share	997,506		997,506
2022 USD Financing Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share		7,058,823	5,989,300	7,058,823

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Assets, Fair Value Disclosure [Abstract]
Cash equivalents	$ 242,431	$ 96,682
Directors' Deferred Share Unit Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	966	387
2022 USD Financing Warrant Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	30,680	16,476
Level 1
Financial Assets, Fair Value Disclosure [Abstract]
Cash equivalents	242,431	96,682
Level 1 | Directors' Deferred Share Unit Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	966	387
Level 3 | 2022 USD Financing Warrant Liability
Financial Liabilities Fair Value Disclosure [Abstract]
Financial liabilities	$ 30,680	$ 16,476

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Common Stock, Shares, Issued	72,075,076	41,101,303
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
2022 USD Financing Warrant Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Common Stock, Shares, Issued			7,058,823

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) - 2022 USD Financing Warrant Liability - Level 3 - Recurring	Jun. 30, 2024	Dec. 31, 2023
Share price
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0721	0.0366
Expected volatility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.89	0.9472
Risk-free rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.045	0.0387
Expected life
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected life	3 years 3 months	3 years 9 months

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired during period			$ 0
Impairment charges of goodwill	$ 0			$ 0
Amortization of Intangible Assets	0	$ 800,000	$ 527,000	1,581,000
Indication of impairment of goodwill and long-lived assets	$ 0			$ 0
Development Technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying Value					$ 9,500,000
Intangible assets, accumulated amortization					9,000,000
Intangible assets, net carrying value					$ 500,000

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 2,757	$ 4,139
Accrued clinical and manufacturing costs	2,374	1,884
Professional services	1,449	2,022
Directors' Deferred Share Unit Liability	966	387
Other accruals	685	361
Contribution payable		2,841
Total accrued expenses	$ 8,231	$ 11,634

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued clinical and manufacturing costs	$ 2,374	$ 2,374	$ 2,374	$ 1,884
Contribution payable liability			300
Contribution payable				$ 2,841
Payments on contribution payable liability	$ 300
Gain on extinguishment of contribution payable		$ 2,541	$ 2,541

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	6 Months Ended
	Jun. 28, 2024	Mar. 07, 2024	May 04, 2022	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, no par value					$ 0
Number of shares issued and outstanding					72,075,076
Common stock, shares issued					72,075,076		41,101,303
2022 ATM
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common shares, net of share issuance costs, Shares					171,886
Proceeds from issuance of share capital, net of issuance costs					$ 0.7
Sale of securities aggregate public offering price		$ 40.9	$ 100
Sale of securities remaining availablility		$ 59.1
Percentage of gross proceeds from sales of common shares payable as sales agent commission rate			3%
2024 ATM
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale of securities aggregate public offering price	$ 150
Percentage of gross proceeds from sales of common shares payable as sales agent commission rate	3%
Underwritten Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued		16,666,667
Proceeds from issuance of share capital, net of issuance costs		$ 93.5
Share issued price per share		$ 6
Private Placement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share issued price per share		$ 6
Sale of shares		12,500,000
Net proceeds from private placement		$ 70.1
Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common shares, net of share issuance costs, Shares				403,785	29,338,553	601,898

Warrants - Additional Informati

Warrants - Additional Information (Details) - $ / shares	Sep. 30, 2022	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Common Stock, Shares, Issued		72,075,076	41,101,303
Common share and warrant public offering expire date	Sep. 30, 2027
2022 USD Financing Warrant Liability
Class of Warrant or Right [Line Items]
Common Stock, Shares, Issued	7,058,823
Common Share and Warrant Public Offering
Class of Warrant or Right [Line Items]
Common shares at an initial excercise price	$ 4.25
Underwritten Public Offering
Class of Warrant or Right [Line Items]
Common Stock, Shares, Issued	7,058,823
CAD Financing and Compensation Warrants
Class of Warrant or Right [Line Items]
Warrants expiration date		Mar. 09, 2024

Warrants - Schedule of Financin

Warrants - Schedule of Financing Warrants (Details) - 2022 USD Financing Warrant Liability	6 Months Ended
	Jun. 30, 2024 shares
Class of Warrant or Right [Line Items]
Balance at December 31, 2023	7,031,823
Exercised, shares	(1,042,523)
Expired, shares	0
Balance at June 30, 2024	5,989,300

Warrants - Summary of Activity

Warrants - Summary of Activity of Outstanding Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Warrant or Right [Line Items]
Change in fair value of the warrant liability	$ (13,445)	$ 1,504	$ 19,448	$ 6,690
2022 USD Financing Warrant Liability
Class of Warrant or Right [Line Items]
Balance at December 31, 2023			16,476
Warrant exercise			(5,244)
Change in fair value of the warrant liability			19,448
Balance at June 30, 2023	$ 30,680		$ 30,680

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 27, 2024	Feb. 27, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 10, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, vested					133,745
Stock-based compensation expense recognized			$ 5,228	$ 3,842	$ 9,698	$ 7,592
Accrued expenses			8,231		8,231			$ 11,634
Unrecognized stock-based compensation expense related to unvested options granted			$ 12,100		$ 12,100
Weighted average period for recognition of unvested options granted					2 years 4 months 24 days
Number of shares, issued					0
Common Stock, Shares, Issued			72,075,076		72,075,076			41,101,303
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized			$ 3,046	2,073	$ 6,061	4,013
Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized			2,700	2,100	4,800	4,100
Unrecognized stock-based compensation expense related to unvested options granted			11,100		$ 11,100
Weighted average period for recognition of unvested options granted					2 years 4 months 24 days
Directors' Deferred Share Unit Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized			200		$ 600
Directors' Deferred Share Unit Plan | General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses			1,000		1,000
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized			$ 2,700	$ 1,600	$ 4,300	$ 3,300
Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance							750,000
Common Stock, Shares, Issued			0		0
MindMed Stock Option Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	15%
Vesting rights, description		The Stock Option Plan was approved by the shareholders as part of the terms of an arrangement agreement (the “Arrangement”) entered into by the Company on October 15, 2019 in connection with the completion of its reverse acquisition, which completed on February 27, 2020. The Company is authorized to issue 15% of the Company’s outstanding Common Shares under the terms of the Stock Option Plan, together with Common Shares that are issuable pursuant to outstanding awards or grants under any other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares, including the RSU Plan.

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Number of options, outstanding	2,161,734
Number of options, issued	1,788,780
Number of options, exercised	(147,895)
Number of options, forfeited	(253,044)
Number of options, expired	(17,401)
Number of options, outstanding	3,532,174
Number of options, vested and exercisable	1,524,669
Weighted average exercise price, outstanding	$ 18.67
Weighted average exercise price, issued	5.08
Weighted average exercise price, exercised	4.39
Weighted average exercise price, forfeited	7
Weighted average exercise price, expired	14.55
Weighted average exercise price, outstanding	13.25
Weighted average exercise price, vested and exercisable	$ 19.73
Weighted average remaining contractual life (Years), outstanding	6 years 2 months 12 days
Weighted average remaining contractual life (Years), vested and exercisable	3 years 6 months
Aggregate intrinsic value, outstanding	$ 4,858,410
Aggregate intrinsic value, vested and exercisable	$ 1,387,487

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Restricted Share Units (Details) - Restricted Share Units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, beginning balance | shares	2,288,726
Number of shares, granted | shares	156,800
Number of shares, vested and issued | shares	(445,032)
Number of shares, cancelled | shares	(259,685)
Number of shares, ending balance | shares	1,740,809
Weighted average grant date fair value, beginning balance | $ / shares	$ 7.2
Weighted average grant date fair value, granted | $ / shares	7.45
Weighted average grant date fair value, vested and issued | $ / shares	9.75
Weighted average grant date fair value, cancelled | $ / shares	5.36
Weighted average grant date fair value, ending balance | $ / shares	$ 6.84

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 5,228	$ 3,842	$ 9,698	$ 7,592
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	2,182	1,769	3,637	3,579
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 3,046	$ 2,073	$ 6,061	$ 4,013

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other Commitment	$ 48

Credit Facility - Additional In

Credit Facility - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Aug. 11, 2023	Jun. 30, 2024	Jun. 30, 2024
Line of Credit Facility [Line Items]
Payment of facility fee			$ 128
Description of the interest rate			The Term Loan bears a variable interest rate equal to the greater of (i) 10.95% and (ii) the sum of (a) the prime rate as reported in The Wall Street Journal plus (b) 2.95%.
Interest expense		$ 500	$ 900
Term Loan | Loan and Security Agreement | K2HV
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 50,000
Payment of facility fee	$ 300
Debt Instrument, Maturity Date	Aug. 01, 2027
Conversion price per share	$ 4.01
Fair value of conversion shares			5,200
Fair value of credit facility		26,200	26,200
Term Loan | Loan and Security Agreement | K2HV | Prime Rate
Line of Credit Facility [Line Items]
Term Loan bears a variable interest rate	2.95%
Term Loan | Loan and Security Agreement | K2HV | Maximum
Line of Credit Facility [Line Items]
Debt instrument convertible, conversion feature principal	$ 4,000		4,000
Term Loan | Loan and Security Agreement | K2HV | Minimum
Line of Credit Facility [Line Items]
Debt instrument interest rate	10.95%
Term Loan | First Tranche Term Loan | Loan and Security Agreement | K2HV
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 15,000
Term Loan | Subsequent Tranche Term Loan | Loan and Security Agreement | K2HV
Line of Credit Facility [Line Items]
Aggregate principal amount	20,000
Term Loan | Additional Tranche Term Loan | Loan and Security Agreement | K2HV
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 15,000
Term Loan | Second Milestone Based Tranche Term Loan | Loan and Security Agreement | K2HV
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 10,000	$ 10,000

Credit Facility - Schedule of F

Credit Facility - Schedule of Future Expected Repayments of Principal Amount Due on Credit Facility (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2026	$ 13,346
2027	11,654
Total principal repayments	25,000
Unamortized debt issuance costs	(749)
Total credit facility, non-current, net	$ 24,251

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 09, 2024	Jun. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, shares issued		72,075,076	41,101,303
Subsequent Event | Maximum
Subsequent Event [Line Items]
Aggregate number of common shares owned by holder percentage	9.99%
Percentage of increase or decrease of ownership by pre-funded warrants holder	19.99%
Subsequent Event | Minimum
Subsequent Event [Line Items]
Aggregate number of common shares owned by holder percentage	4.99%
Subsequent Event | PreFunded Warrants
Subsequent Event [Line Items]
Common stock, shares issued	1,428,775
Warrant exercise price	$ 6.999
Subsequent Event | PreFunded Warrants | Maximum
Subsequent Event [Line Items]
Shares issued, price per share	$ 0.001
Subsequent Event | Underwritten Public Offering
Subsequent Event [Line Items]
Common stock, shares issued	9,285,511
Share issued price per share	$ 7
Proceeds from issuance of share capital, net of issuance costs	$ 70