MNMD - Earnings call transcript Q1 2022 | Mind Medicine (MindMed) Inc.

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Operator

Good morning and welcome to the Mind Medicine First Quarter 2022 Financial Results and Corporate Update Conference Call. Currently, all participants are in a listen-only-mode. This call is being webcast live on the Investors and Media section of MindMed's website at mindmed.co and a recording will be available after the call.

For opening remarks, I would like to introduce Rob Barrow, CEO of MindMed. Please go ahead, sir.

Rob Barrow

morning. good and you, Thank I appreciate financial first XXXX for joining and corporate us results our update quarter everyone conference call. reporting Media and website will be The the Exchange the year on Commission. release our today XX, is for results press XXXX March available Form Investors XX-Q and our with section and MindMed's filed ended of quarterly report financial in the Securities

Officer; is Dr. Executive Daniel and Medical Dr. today Chief our Miri me Joining President. our Wernli, Halperin Karlin,

SEC, be making statements will financial forward-looking statements, and safety, are recent Annual During including future partnerships prospects. and limitation, we expectations, that statements today's Report our clinical candidate, on certain including without our various described Form about efficacy are call, plans, filings projections subject XX-K. and the product risks the potential, the progress the to in regulatory most These with and of made

corporate on made XXXX. You any if undue not statements such statements change.Before and I dive delivering program and the reliance by place management health XX, treatment May forward-looking today, of our even of views transform targets. are update, into are we brain to MindMed to disorders reemphasize would like potential on therapeutic of update other ambition these which obligation our novel to psychedelics to cautioned the disclaims as

MM-XXX, therapies as in MindMed forward that to progress Dr. decades we to call applicability of propel novel aim I treat research We MM-XXX, developing is with position more and is Officer, are of with MindMed, applying now MindMed that research the been MM-XXX addiction additional in in way derisk autism. turn health are rapid anxiety, generating of with to the to Dan? effort. transformational therapies.We're sustained At now development ever.The novel innovative significant conditions, there expertise and pleased a in important to in Karlin, and a has this with our utilizing three our This outcomes, to disorders. pharmaceutical updates good and expansion to accelerate our and therapies each drug leading along Daniel business will than the provide improvement patient develop these treat extremely is even leader other Medical brain over to and Chief growth candidates, programs. the lead our our on continues news

Dan Karlin

Rob. you, Thank

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IND-enabling Phase trials facilitate We in are studies currently beginning sponsored to R-MDMA X conducting XXXX. of

Hospital collaboration to pharmacokinetics research plan we Phase pharmacodynamics MDMA and and Basel, our healthy through in in racemic of third of initiate comparative trial Additionally, X quarter S a XXXX. the with R, volunteers University

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clinic, With to Dr. advance hard collaborations and patients. these and over rolling development excited and Our Miri into extremely these we we that, team turn our exciting approaches novel Overall, activities. dedicated the improving research to about out President, advancements Executive Halperin these call psychiatric to the value-driving milestones for will early-stage and remain incredibly are outcomes our products worked Miri? Wernli, ahead. and to research I the discuss has

Miri Halperin Wernli

has With Thank brain with research and have R&D our towards treatment right you, X collaboration our world the and LSD generated includes program. compound exclusive number MDMA, at Basel in valuable University X [indiscernible]. development leading organizations from collaborates efforts, has program of to disorders.MindMed been health completed aim This This collaborate Lab an applications Phase and patent global around Liechti a studies. numerous novel and opportunities in and invaluable accelerating data provide patents drug research ongoing derisking Dan. informing Hospital the advance ongoing we Phase Switzerland and associated that data for with evaluating the with

drug our and addition collaboration, related with In next-generation owned optimization Compounds IP characterizing to platformdeveloping pharmaceutical we on Basel, MindMed. by research the partnership discovery technology all with and an Limited compounds Mindshift outright ongoing have in Switzerland, and UHB

Rob. will back Lastly, ibogaine. our Next systemic targeted certain it Development Therapeutics, the seeks of therapeutic to Stage proprietary explore over turn utility with of to as the liposome mitigate effects Israeli such ongoing collaboration technology Drug risk brain adverse delivery to research with molecules I a now Organization

Rob Barrow

Thank you, Miri.

now our to We March for financial results quarter the ended XX, first XXXX. turn will

such contributors stock-based support for relations million public three due and loss The investor and was the company. the increase our administrative and $X.X comprehensive compliance, sold MindMed $XX XXXX. to external the March X, in to XXXX, XX, cash believes and period development in the insurance its of equivalents million of additional ended investments which XXXX spending activities cash ended the totaling $XX.X primarily $XXX.X noncash for March $X.X officer MindMed $X The costs related of months The due ended to was and other XXXX. of quarter XXXX, related for compensation the had $X.X XXXX. $X.X to in $X General increase XXXX, progress months net of million expenses cash March was be March our steady XXXX. million million compensation XXXX, internal million XX, ended legal, digital period three meet was to in Other for months of professional and the same operating in $XXX.X the to its increase were million of to will as million an $X.X marked $XX.X cash, used increase operating noncash and in requirements of million As same XX, personnel March in for drug and equivalents XX, short-term programs. the $XX.X of three compared sufficient stock-based million Overall, increase to the a $X.X net to $XX.X XXXX. was available of December compensation into three compared medicine expenses. to in expenses million million pipeline. headcount and compared compared to the XXXX, growth expenses director million accounting, expenses. This $X.X by for were the primarily services, million $X.X audit, included million for for was million XXXX. as same expenses increase of period months period across decrease in costs for first an XX, by preclinical The and compared to same offset million Research

Francois world-class support Merck, We clinical continue other Janssen at pharmaceutical attract of top We and objectives. two our Chief announced Dr. the company Lilenthal, appointment to levels in build and talent more more as I'm who the commercial organization. make that, happy Officer, to for and growth recently experience thank all from and Commercial biopharmaceutical our organization. and brings decades our organizations possible. a all than With global to people advancement of the cannot organization our any work and today, questions. And outside our grateful to both you be this all incredible achievements across I'd incredibly I critical of being I'm of who numerous proud for here like take areas of within

Operator

[Operator Instructions]Our first with question Wainwright. comes H.C. from Patrick Please Trucchio proceed.

Patrick Trucchio

on morning, congrats I follow-up the of progress. MM-XXX questions and couple a Good on all program. the have

safety Phase historical what in with and we that the trial. detail in the be LSD?Secondly, or from with program to in read-through in are there further way as wondering seen including the could anxiety any to can UHB and should in was disorder? the Was differences read tolerability differences conducted that GAD Xb what any from the on different you points I'm trial keep for it LSD UHB expected we studies just key in studies, key were MM-XXX the discuss And and what mind through. look First,

Rob Barrow

Thanks much mentioning, week as was the quality symposium read modern highest study X our that Absolutely. last and London during we on think study we ever and directly PSYCH have presented directly of The anticipate at Patrick. in and call, ongoing our the Phase translate really and so that conducted.I the UHB really program coming you're study does through, impactful LSD into the said months. first does patient it's in most dosing

drugs with at or there west, the the adverse that and terms that's of most The one in particularly or when both those with obviously our AEs progress acute the indication, program. I was higher that and what of for this be of activity we There important, in anxiety as in the nausea, events. study, light adverse being -- for X LSD very the all and excited look due serious really population of SAE, event patient. treatment-related whether was nothing LSD an terms really think all potency findings confusion as patient in of quite those is in psychedelics.And could its the the saw observed only observed only we and to the and and transient to commonly, study.So suicide-related you In result positive inconsistent we see are literature that's SAEs class the we you the with during for and/or adverse effects saw anxiety UHB or and was drug specific Phase headaches of up no

really In and terms inform. key through, it of differences the the read how

dose realize of effects or reported and some level response.So a with something that because proxy has of and clinical data is LSD that of effect. how acute certainly is set. the saw One that And continue know significant the Phase treatment in we things between us think relevant this study to to incredible one think potency and build use that I That's the in interesting we we to to anticipate go in incredible said, the make the sessions, of but dose target activity understanding, It beyond positive both to see likelihood see provides with long tested the important it's and and Phase upper a give study that and important Hamilton those unique for even we been in And findings in most the the way dose patients data correlate the [philisiben], enhance critically is we historically acute us the really the really it very best desired really most that to extensively XXX-microgram further what's the of and durable that the critically dosing that of about targets not the because than to will is I a in we'll magnitude are of that are that anxiety a comparison and use bound of study a to opportunity can is opportunity in the and and most correlation of effect that study higher with activity studied is acute think to and of that the inform push the a fact been sure to conducting excited reductions also we this from high can outcomes studies. acute gives to effect LSD. very statistically X philisiben study appropriately, previously the that correlation both possible, clinical LSD we that our to response longer activity Xb that score.

other of terms the the is that regulatory literature anxiety anxiety primary using in are all scale doing for program. data, and significant.All importantly, and are to from the the data of as the a strong X the anxiety in Hamilton program. generalized but that of most evidence we're using correlation correlate read also I Phase the progress pharmacodynamic highlight thing activity, is endpoint. our is measuring statistically but that scale are So from what difference Phase body we as the we be correlated that observed Hamilton positive certainly clinical would for Phase what There efficacy signs through good with and we and study same were of the the the The X disorder clinical X the we'll in HAM-A one approval response, STAI-G

Patrick Trucchio

Yes. question. my next That's really helpful. part That was of kind of

baseline, Xb equal or on trial, are just So patients specifically than the at XX. a have to greater required Phase HAM-A to the

if first, any, I'm comorbidities, patients would or So would wondering be some patients what us for expected other such what expected comorbidities. proportion other depression I comorbidities or be of as if have guess, there or to of exclusions some could, to those things have tell you

to was the psychoactive is just experience from input how the study any placebo in regulators for what being determined finally, And proportion with how agents? it then Secondly, power improvement expected what is given? then of HAM-A? was or the to patients these And of the have are in generate trial, terms

Rob Barrow

get try all All Yes. I'll make great Patrick. to of those, sure I questions.

there is based is comorbidities and certainly of study.Of depression diagnosis, of be come will incidences the comorbidities into incredibly that is but high. primary diagnosis terms the course, on, major MDD in disorder that a we be also the to GAD will the anticipate So GAD

we saw certainly as study that statistically responses overlap. case importantly, in BDI. HAM-D that there the significant and will well, the so we the where UHB And in And anticipate be was also the

reductions UHB both even anxiety hopefully, depression saw indications. and we will in comorbid which program, study, the in at our X that, translate look beyond think So as and into we other psychiatric Phase we

using indications psychiatric because are other generally those there where drug be is class indications is of be excluded which I that whether about class, there GAD considerable perceived indication, anticipate of -- a population, a that one historical prevalent to disease are sample The this excluded disorder would those this the we in are studies and bipolar going are look risk generally, is some as amount an But is get in are one all it's and representative with drug populations. drug our from certain this There patient country psychiatric disorder. psychedelic in concerns categorically to comorbid this of class we at disease. incredibly where trying

treatment part -- question, it -- I free your placebo study. X-arm a feel from Phase think sure designed I So use the Xb we've anything, and study, But regulators, yes, again, to miss as in our another if please expand. of input make

there are thing the This and arms fifth LSD comparator. four is of our arm, So placebo. the active

of five the learn actually that by to studies. XX-microgram the it or from both just And of to a these in LSD, controlled placebo around appropriate response have use and placebo level and threshold the appropriate the opportunity at of best blinding As arms, treatment again. both control LSD. here true effect, us, using for perceptual been And have response and extensive gives there's we placebo we dose come an because discussion observe at condition believe, we you these right of placebo a sort know, dose

against allows opportunity to it post-doc really there of be see curve.But extremely analysis it both as placebo further will so development we informative paralysis we us give to arm. response for again, confirm active dose non-zero and does comparison curve program. do And us is low the to unique true response all progress the the dose dose think And that into incredibly also a a that

One the of historically not of controls are -- that allow would appropriate different with discussions around lot studies the regulators by controls. things the placebo informed compare current us a high-quality to

evidence relevant to generating gives which discussion go directly that our please. moving is subsequent to us ahead, And data, physical valuable so that And by before sets. last of some regulatory -- level part

Patrick Trucchio

I going would say the be? proportion to the would with that experience to what was have just agents, psychoactive that expected be

Rob Barrow

in XX%, lower looking teens, really is historical trials other anticipate we it circle end is on That the of being a historical low learning Yes, the just that from perhaps but and not space. clinical target. this strict at studies

are showing something use of does.We do exclude So or who or prior a rule psychedelics. we their don't the percentage pattern or potentially of be problematic history study have in a hard about the patients confound use that of percentage a results hard would for target terms PSYCH

Patrick Trucchio

for part relative was to the from of just it are in just then targeting powering last And of baseline of you the trial? HAM-A, kind what the Right. the study the improvement of level placebo around

Rob Barrow

key for the analysis the note responsive dose of X one Phase things anticipated so, that the to Yes, statistical on is to study here demonstrating be is effect. targeted the

selecting on line range be D or improve optimization that and are that bring So, targeting X.X minimum in historical in anticipating at demonstrate what to are care somewhere standard with that's response that, optimal in -- something for response dose -- to course response is to in dose you looking is in that prior range. pick-up sizes we look and is be the to than at are line to clinical so an trying non-zero curve would powered the Phase in in effect to the Cohen's the a around studies of psychedelics, study historical or very both X.X used standards, methodology forward those X.X that literature and confirm so, greater a if pick would we a slightly X curve a commonly detect to differences it or to

Patrick Trucchio

at Got treatments, the patients just could, it. if more been one baseline, could any I care on program, treatments? And standard failed of including prior would to expected

Rob Barrow

inform as as to We feel do me, will study, the in because excuse find it's also and criteria a and In entry psychiatric to -- certainly are but have that subsequent population medication doing, a how we which focused required so not on Xb very development this take that further a history, rigorous can with drug approach history patients, progress development. gather into data development. programs medical study we is Phase the and medical inform important all we

at interested, looking We going study, post-doc We course, requirements as actually inform have terms of from completing we would study. into reflection and progress very do study development. in Phase potential analysis Xb indication into we are further phase subgroup go the and analysis any the where refinement of in in which specific

Patrick Trucchio

very on it. Got one the That's MM-XXX I If just could, mean but helpful. I program.

learning what Xa of phase the trial? wondering Just design Phase that three MNMD emerged informed from trial the the over

Rob Barrow

of been us also a data dose models from It's observed the preclinical terms very of of pharmacokinetics and Phase define in the to at robust this prospect light model the Dan molecule of how self-administration. can we the very preclinical dose X want and sets progress the exactly just looking and we is this those the of the MM-XXX single In we treatment. studies giving call. to Yes. safety as from clarity prolonged in about have obviously, during Well, where of have important light a regimen data important the goal tolerability, have in said so,

to dosing can this very is be in a a We we for in be days be because if opioid compliance model many demonstrate as day multiple concern. there patient shift clinical that treatment And less doses frequent a and response strong opposed for also treatment of given day frequent where preferable less as every gate has withdrawal. can believe population, will a the will meaningful

on as even and share program excited from the be having KOL we the will our learning's more more significance the that X study. and we clarity event to about we'd what that about Phase Beyond and our point really Thursday this event are further to share

Patrick Trucchio

you Thank so great. That's much.

Rob Barrow

Patrick. Thanks

Operator

question Okunewitch with comes Please next Michael Maxim. proceed. from Our

Michael Okunewitch

so the much thanks guys for taking Hey, question.

on follow-up and UHB data anxiety. generalized questions to the of Patrick's like I'd regarding So, one set

how study change Specifically, treatment the the is role Phase ongoing terms such anxiety psychotherapy Xb or the the differences scales? and key of actually any you're measures your UHB protocol, outcome as there the the recording of between in in

Rob Barrow

Yes. Thanks Michael. so much,

expect, So, into there would a development differences program. and you translating are as certainly some commercial

a are have that anxiety study methodologies standard design any We program. for and

psycho-social in our Dr. with in session that important both safety of Dr. with and surround terms one referring goes are things In Peter treatment and I'm terms UHB with we regimen is to and along informed highlight Gasser, of the treatment collaborators, the partnership in collaboration psychotherapy, support of to exactly his Liechti that doing LSD. here the most have what supportive

in learning's presented. currently, there's to study or what it's clinic in we something MM-XXX that So, to important in are of that for used development scalability are therapeutic important terms there's and With ultimately of our get session doing we're in this terms And frame not note and we approach if how history practices of out involved. and in we and MM-XXX for of surround we're XX the worth to the said, But patients. we've is to think all be that how what MM-XXX. informed to approved. program that just delivery very that the how who we Switzerland, feasibility of psychotherapists LSD very going to from getting LSD practices I magnitude along therapy world, use a an noting is this was able inform it's those much also into the LSD-Assist successful in And doing for by exactly in terms historical that provide of limited long those are labeling

and both trial adoptable we terms of treatment clinical And trials. so -- regulators, and use the excuse packaged presented is more much therapeutics patients. around we've historical in not psychotherapy pshyco-social in believe any readily for the by our of is the like of that acceptable me, it and in framework that or approach we've into cases definitely the psychotherapy that and psychiatric so support informed clinical standard But

are visits. and actually but have said, that will session different. overseen back the follow-up development psycho-social of patients that dramatically into program bring a base to So, dosing who it historical multi-cycle on program, and the brought still into then who have be section we We package a monitored administer in all therapy not be patients. clinic and is and in This a is both out world that educated, our we is the important believe surround to the in evidence and are treatment that of based during so it not by many monitors

how targeting some In certainly terms as X a patients, at studying XX outcome our you for of studies I and nothing look that study infrastructure. honestly, that we're multicenter additional also differences, at Phase XXX requires there's collected, and of -- measures methodological approximately scale support think

and controls -- measures we to to delivering validity end outcome from are clinical so, to of to consistent extensive across our the do awaiting sites. also the centralized more and congener try we monitor measures separation And those that points assessment of to data use enhance those care centralized those the ensure and across who all who are

Michael Okunewitch

some initiatives. you I studies. on your also touch like will Thank the like to much. seems in I ongoing clinical correctly, digital in be appreciate very conjunction If them, it I'd medicine color. for understand used of they additional Right. the

complications medical with outcomes benefit drug pursuing product challenges So, a a trial additional software? clinical since the how somewhat any view concurrently the FDA the the to SaMD in Are of implies SaMD or does product? there through use a

Rob Barrow

Yes.

digital that clarity I is our we have have for to parallel therapies an want pipeline drug on we So, make and question, this, do therapies. that and sure our development important

future. development for combination We not products are research clinical are MM-XXX. the And them -- in moment them time, companion always clinical bring them have that as we whether not through to at so as do our use product this look SaMD MM-XXX. integrated together there's a or then trials this opportunity SaMD of the or At back it developing is further we the products in progress, in companion And we our included to programs, whereby phase independently. develop developing we're

Michael Okunewitch

I Right. much. very one then And guess Thank more. you

are your for does sheet balance strong markets have of Just MindMed at terms you objective time? traded, where strategically, in and an where given M&A this the represent

Rob Barrow

sector dialogue in pipeline. much our interested seen open and to keeping We're the exploration will always we've opportunities can opportunities ultimately that our and for the leaders we identify near-term for be to hear finding for on build brain other always treatment. and entire long-term this disorder health landscape that pipeline and shareholders deliver in long-term value our in in a accretive drive eye certainly, seek to strongest for nice And expansion and be entire that very opportunities, that to our most and value the market growth to we so, class addition and constant and robust mission will represent drug as developing

Michael Okunewitch

Right. taking I Thank my much. very appreciate it you you question.

Rob Barrow

Michael. Thanks,

Operator

Capital. Our Piros next comes proceed. from Elemer question with Please ROTH

Elemer Piros

you event presenting Yes, just would data this with KOL good I at it sure wanted be that X morning, Thursday, Rob. correctly make be XX-MC? this Phase that to presenting heard would you I

Rob Barrow

how terms into and findings clinical some additional yes, overall our in recent that of terms clarity So, in anticipate our development translates and program. we development of our providing program

on and time we discussing are that the So, call. certainly at Thursday fully commentary to some be we that will extending prior disclosing anything

Elemer Piros

-- scheduling dose the for X Phase Do drug the of the Phase Xa intended be trial? you and that able the the what you think would to in provide of administration the

Rob Barrow

discussion reserve I full on that. Absolutely,

discussing whereby dated we is Phase other there's -- we which day study, have we're for treatment, design part of are we'll And open-label data, a in dosing seven are study treatment study of where those patients X ten two regimen day but And be so, a a dosing interval. the duration like we our all every doing

Elemer Piros

Yes.

Rob Barrow

days. where being MM-XXX administered large readouts, are approach objective where indications in And observed and clear or of success and measures. with this those we a then a for lot we've is -- outcome seven seen more there particularly magnitude as there response

we And and design study that this study quarter. so had the approached I up that's to get running and point, this at

Elemer Piros

end if I fingertips, know And your were? outstanding shares you Otherwise, Yes, of but this at do thank the have you March later you. don't we know what this. discuss the can at

Rob Barrow

reported that XX-Q, be is to one but -- Yes, I can sure it you the I'll the accurate, have the give I so that is will and second here. number. we that maybe, get -- number to believe want we make in Elemer,

Elemer Piros

It's so. inspired -- present your at soon, XX-Q

Rob Barrow

Correct. It's XXX million shares, roughly.

Elemer Piros

Rob. much, Okay. Thank you so

Rob Barrow

Elemer. you, Thank

Operator

with comes Manochehry from Eight Please Capital. Sepehr next proceed. Our question

Sepehr Manochehry

understand, is sure you're My in positioning hand, the my this question describing for the or about as it problem more this morning problem be drug understand I'm because when the like question. KOL the example, you like if Good will of gaps and gain and event want for offerings, and we'll highlighting gaps substance it of the to talk you around this event the at existing of is Just about of around taking an use? use is insight. I just the more the at it substance a epidemic. program. more are comparison if opioid you offerings? to looking Or you're want is first thank current -- that KOL But

Rob Barrow

us it's the this for that the tragedy, that overall the would country, death. in end, just important in I it's here terrible showing a opioid certainly a were the At year, in believes to landscape opioid overdose XXX,XXX is important the over number incredible say, particular. as last the bit given -- to the of both, critically several in cases sense years. there epidemic We last That's striking had recent over data from growth and understand,

a resulting withdrawal And of significant our and backdrop where opioid those is of facilitation with therapy buprenorphine in being in as so patients and whether in of that the to and excited a stages cared challenges in treatment so, the underserved. MM-XXX such medication-assisted early point, is to that the that getting we're it seeking starting is about that naltrexone. why program. a treatment withdrawal or point is we're as approach treating opioid on patients order with the gap critical understand highlighting under there's in the also this but starting it's believe so that And treatment seeing for we landscape And

that in important highlighting landscape with be gap approaching to and also both how we will we're but the program. backdrop it treatment So, the the believe MM-XXX gap and the fill why

Sepehr Manochehry

something broader I'm this pipeline do And psychiatry poised do going this fact all divisions? the asset a for it's parts that that more in that is as on Or you separate program? of that a you have program? could the these be guess of out off basically and you it. see use given own Got separate that, its see substance different partnering Are

Rob Barrow

this area or opportunities Certainly, any of available. become having a of on are dialogue as in explore to continue potential targets and to any various just look what we partners our, we're will at with always programs, our interested

neurology. programs these an program class of approach with psychiatric and to of drug always indications, this that area to look disease deeper of We opportunity are assessing Our well clinical be pain, closer into approach getting - more on we health of products. and and but our class is we or brain would other that for selected can opportunities to we treat there's potential towards believe disorders, includes poised continue said, drug progress we simply and use we'll that to terms broader and psychiatry what of disorders, to that focused development our that psychiatry. deliver would do in which on And as certainly, commercialization particular full outside class indications. vision the like partners our targets beyond believe goal a and just any hopeful novel individual research is molecule treat

keep and of ourselves those options we So the to view open entire... all certainly

Sepehr Manochehry

see is of work in event you program? involvement this an least the of do KOL government potential Like, historical funding idea programs. that's terms a for this to a non-dilutive at the substance NIDA fact there? out funding back and the is there the I of component was some the And off as some trying know for from that figure maybe this I use source does governmental there why and like

Rob Barrow

we're at ways impact yes, looking always of our to and Again and the any visibility the definitely and maximize sources of expedite of capital programs. non-dilutive

controlled at we not it's important in MM-XXX a that it anticipate not a psychedelic. will is program the is highlight this do It - substance to be. So nor time

to less government that. income So source funded it believe of a broader I has capital ability certainly of as such a and bit or the generate

Sepehr Manochehry

want on just different confidence gained and data using the GAD scale. you you I understand touch from to the obviously, different the using you'll I maybe after be I and? kind anxiety. just on guess of program, you Certainly you're encouraging understand Can HAM-A And the touching data on got a that? STAI and

Rob Barrow

and of both yes Correct, these...

Sepehr Manochehry

already, encouraging with I well? And you guess, guys, the HAM-A, believe, I that as have data

Rob Barrow

high know lot our used clinical a that translatable of correlated in terms most measure important use had we I the scale, they just primary been that was scale have the outcome the and outcome We and about measures program approach our that correlate. point well-established and and they're extensively. study in But UHB about depression included in We they So have we and the of a as And both confidence value read GAD. are read-through derisking the there, a out. intersect directly them. Hamilton STAI-G think are to that the the Hamilton that these hide how directly degree of they know

correlation. high note used a depression depression are to overlap disorders. instance, construct we see Hamilton the the are to both of overlap, too, degree where that the a outcome they degree affect different are we consistency. look at when of measures, if available I while of the think at look of you look important large if the It's sort scale important those and and symptomatic number anxiety It's to and for really you So disorders scales to at and measures landscape, that see depression that were of address,

so, scale. And depression encouraged the by also we're STAI-G in seeing Hamilton the and a doubly in response

utility important, broader really the as of So both we potential also psilocybin term. approach, think a over that psychiatric these learnings longer LSD but and GAD about disorders we are think for class of the our

Sepehr Manochehry

maybe pace typically enrollment material, XX% is of you first providing the market of on a from one been but I point? delays, form has on that from considered this with last the lot enrolled the think, in or ultimate I update just or Is update of something anticipate is an companies. patient lacking and me. Do maybe visibility something and know of enrollment? enrollment guys substantive an you cadence Understand the something your itself considered

Rob Barrow

that is that so, enrollment progress clarity something to guided where haven't the decisions certainly, important and be close are the make on progress will we on eye and is [indiscernible] opportunities in we to we'll as study. doing Yes, of and keep a but we study provide update information we

of any So were to soon a certainly decision. as would that such publicly we make as share

Sepehr Manochehry

my you thank Okay thank you, questions. taking for

Rob Barrow

Thanks.

Operator

comes Tania next with Our Please Genuity. from question Armstrong-Whitworth proceed. Canaccord

Tania Armstrong-Whitworth

just guys, of Good questions morning me. couple from a

be? Xb monitoring Firstly, patients are on you what you after be long you Like how to follow-up Phase will trial, see for period anxiety the will dose able them? the these

Rob Barrow

Tania. good morning Yes

So over designed follow to weeks after the is study weeks the endpoint treatment. a for measured patients XX single primary administration at four after

Tania Armstrong-Whitworth

That's Okay so the no data definitive cutoff? after XX weeks?

Rob Barrow

In this study, that's yes correct.

Tania Armstrong-Whitworth

trial and going at Angie health that of looking then maybe Project a give you're indication to with disclosing timeline? the the in And respect are be just chronic us QX? Okay prior the commencement you to to

Rob Barrow

Yes, absolutely, absolutely.

historical that announcing additional with provide for study anticipate initiation when would would and have to the clinical We clarity certainly release data the that of we highlight So you don't why QX. we're and a approach be to it in we that. approach starting as but thought the design, definitive study, like we pursuing date prior

program and the and approach and clinical be both So development we the about have more approach share certainly program. to there will the indication in that

the It quarter. very in likely fourth the that. to initiation of share we're more of the be excited would So closer to

Tania Armstrong-Whitworth

investment digital Okay idea guess, be and then program, the us your you could about health or give lastly I - allocating an and thinking towards programs? costs much how drug about, thinking we should versus across of allocation

Rob Barrow

of potential? in terms or market of spend terms In

Tania Armstrong-Whitworth

In terms of spend?

Rob Barrow

long-term that Yes, a can costs meaningful program. growth would are the see revenue The programs adoption revenue access and further certainly, market is organization. very be to therapies use and incremental that directed we in drug important of if where of highlight of facilitate towards value benefits are our we majority profit in digital our our opportunity development that the programs the vast a to those digital drug lot

outlayed our it So while represent being they continue and small program. the we see are costs with -- value do do a the programs R&D in of that fraction [ph] digital

Tania Armstrong-Whitworth

for a something on is you how budget Do much couple you to the you to have programs? of allocate years want not disclose? Or next that those

Rob Barrow

a terms driven as we close we certainly great disclosed incremental budget in detail of we it the those managed advance. ways, to also We successes In do tightly, by across very the have we that but in have thought some will be continue allocation programs.

wouldn't exact allocation to I the give several amount important milestones too that next much in given further and out to the read want we months. on guidance have of So XX

Tania Armstrong-Whitworth

that's good fine for that's Robt. me. Thanks Okay

Rob Barrow

much so Thanks Tania

Operator

will question-and-answer now the Barrow, for Rob This remarks. of portion to turn I concludes call. back call the CEO, MindMed's the over closing Rob?

Rob Barrow

much, you, us joining this so again, you Thank thank right. for All and everyone, morning.

many our participants people team, is MindMed supportive the The we been the I'd entire to their never we families. potential time making investors remain treatment also front and deeply have overhaul the way, Before along important have in we conclude, of including to disorders. brain all to who thank study health and like our us more And it's committed been potential us that of the reality. that to deliver a on now, to

forward year. to again, Thank progress on our you, exciting providing updates and programs, you which I look further thank throughout So the everyone.

Operator

concludes teleconference webcast. This and today's

thank Have this participation. great your you and for You day. at time, your lines a may disconnect

Mind Medicine (MNMD) 16 May 222022 Q1 Earnings call transcript