MNMD - Earnings call transcript Q2 2022 | Mind Medicine (MindMed) Inc.

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Operator

Good afternoon and welcome to the Mind Medicine Second Quarter 2022 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host Robert Barrow, Chief Executive Officer and Director at Mind Medicine. Mr. your begin may you conference. Barrow,

Robert Barrow

and Thank MindMed call. everyone. to afternoon quarter you, XXXX conference operator second update financial Welcome corporate good results and

with market be MindMed’s results for June is Securities the Commission. in release Form the the The a XX-Q Media we the filed our available release of XX, section quarterly and of on press financial our ended results. and Exchange XXXX Following with our reporting today Investors close, website will issued quarter and summary press report

me Schond Joining Wernli, Greenway, Chief Financial Medical Dr. on President Daniel Chief Executive Halperin Miri our Officer. today’s call our Karlin, is Officer, our and Dr.

financial XXXX provide During overview and on and results the followed quarter update review business for June ended by of course the I Q&A. XX, will an our will today’s, Schond

let call, conference actual those began, Forward-Looking by during I Statements. we may such will me expressed differ remind that Company’s making materially from Forward-Looking indicated results you this For and/or be Statements.

risks, of our Commission. filings the begin please to description our strategy. For annual with Exchange I will corporate Securities Today, update quarterly with on and and an refer

business program assessment, Education, focus approach programs Anxiety program represents assets, near-term quarter, the and all Disorder Based advancing cost Generalized Attention our During for of ibogaine. to from that We generate Psychiatric a these for near-term the Disorder the feedback are data is our of a that specifically Phase was second our and spectrum Spectrum withdrawal previously are R&D to is Phase we congener priorities and dialogue strategy. development a strategic on a Autism have controlled XXX we MM-XXX effective healthy to MM-XXX We and the In program FDA. and Disorder. volunteers. this overall top probability positive Hyperactivity opioid review programs resources goal resources the and line undertook in placebo our our and the our We MM-XXX Deficit X on X were believe trial from advancing highest on enhanced of reaffirming pipeline and which key of MM-XXX course program, we shareholders. this of quarter announced our our focusing in stated subject initiated ongoing study of non-hallucinogenic reflect programs our value a

Xa from the Following Phase a initiating in which to feedback productive as this duration. Xa participants the U.S. and Characterization treat the requested adequate required an to received MM-XXX. C necessary Additional be they the our we be information to Type plan with That with proposed We what will and trial agency, we meeting, of would dose agree now believe Phase clinical be Preclinical agency trial prior in

interest capital developments, on would recent with for we we for have the required Given are reallocating that program from seek be other address these on internal a would X and based to third-parties these resources probability program and hurdles cost are or development near-term candidates our undertaking non-critical value this to that to and MM-XXX. believe revisit In generate we efforts non-dilutive higher our of our to sources collaborations depending parallel, Phase clinical time shareholders. product

for stage meaningful cash extend resources We resources are research allocation and will programs, our highest are other Again, into decisions that further XXXX. these of to our we also reducing early runway reallocated development the believe priority and programs. be

capabilities our a strategy these to as to highest We for has MM-XXX and possible, fastest-to-market execute the resources expeditiously and and MM-XXX. team continue as programs progress priority believe

including with of for Generalized treatment disorders proprietary with MM-XXX being and placebo. psychiatric anxiety, significant at durable the MM-XXX. effects its diethylamide, then context of XXX statistically pharmaceutically developed these in The a rapid, State-Trait Let tolerated the STAI-G beneficial drug The the background and me now of form our with significant optimized study is a or safely well subjects and provide for LSD some acid in disorders, symptoms compared beginning and London’s lysergic micrograms dose Inventory, LSD Anxiety ADHD. is or initiated In and resulted Disorder, was after significant clinically Basel of and and or Disorder, significant trial results X from treatment demonstrated clinical in GAD, XX controlled potential baseline top collaborators Symposium. the mitigate Phase results of May Deficit at reductions patients anxiety treatment PSYCH a to depression. placebo anxiety University between presented of or investigator Anxiety from analysis, Global Hospital of to our and LSD line Attention Hyperactivity decisions strong improvement XX-weeks

these the psychedelics, in study market. dose by with and our program development late remain clinical data is and for the development our MM-XXX to LSD to CNS patient enthusiasm on our Based in XXXX. in clinical top expected for are for decades further GAD strong. science quarter participation encouraged our our of therapeutic potential and evidence extensive our path in reinforce and first that during depression of clinical clinical the of are results of and program expertise We fastest our positive trials plan anxiety line and team’s Xb Dosed Optimization and track which the we the development support third And represents drugs, and Phase on from confident enthusiasm the GAD. specifically this effects we Investigator strategy MM-XXX

of demonstrate the to highly minimize in program. of best-in-class development remains motivated lag stages most program the manner team this efficient execution and time between to possible development our Our execute development to

As generating up in placebo. a demonstrate designed XXX MM-XXX of of received MM-XXX single after of a five administration enroll this micrograms administration to clinical single a this treatment The beginning for regulatory arms. continue and to or The goal of on up deliver further initiation we the potential MM-XXX. as body is growing up to of builds is GAD it MM-XXX as across I to therapeutic the a evidence who and Xb required the cost participants to and objectives trial for development advance underscores represents milestone, a to anxiety clinical trial and studies reminder, symptoms program, XX-weeks approval the XXX primary of possible. data our just Phase reduction effectively as that on support of MM-XXX our efficiently clinical major believe our of

with top-line Xa to ADHD Phase study Our late remain on of XXXX. results MM-XXX continues progress to track in and enrollment, deliver we in

therapeutic broad to of believe that MM-XXX. continue We in potential

we the its being Although such effects. that the pro social or others, of by as treatment health Autism advance psychiatric MM-XXX to preclinical behavior explore range to developmental disorders, turn restricted are R-MDMA therapeutic and interaction, disease over intend which to we of the disorders. research time disorder interests. communication and the other repetitive program, pro evidence reinforce social continued means chronic literature for or clinical providing areas, is developed MDMA continue exhibits in and we novel their core of appropriate activity Preclinical of is and atypical prioritizing symptoms near-term, in of characterized strengthening patterns scientific the data, a models. acute of to social for approaches studies now future MM-XXX to-date with our compelling and potential and MM-XXX a and enantiomer have synthetic the among seek Spectrum Disorder, ASD, would as wide to which R-MDMA to pain I like patients of brain indications

dopaminergic is will to activity SN it safety racemic While exhibit it tolerability MDMA and the reduced profile favorable suggested a or compared antimer.

we dosing studies compared a R-MDMA and be stimulant MDMA standard reduced has been shown activity to maintain to and regimen. process Additionally, the have to believe in preclinical potential to effects with they administered

expect a We sponsored phase to XXXX. R-MDMA one clinical in trial commence of

In RS our and volunteers and X to expect in recite Basel, trial third of of collaboration a addition with comparative MDMA we and to Phase pharmacodynamics the quarter Hospital University XXXX. pharmacokinetics initiate healthy

the activities our Additionally, early Nextage between and conclusion and development research to collaborations continued of initial MindMed in Therapeutic. has collaboration including the external progress,

While reducing will to self pipeline. drug will funding early Session non that completion our Under therapeutic with allocation to product are strategically resources early to is I explore facilitate advancement of platform have diluted during will continue programs, clinical our MSMS products, a we our platform, collaboration the meaningful we R&D has medicine of drive turn and now our stage aligned broad we digital and sensory to collection these the which to program, consciousness-altering MindMed advance session. of or candidates. to data and studies System development potential to and our data Monitoring continued diverse access our evaluate

by foundation for may use implementation the reminder, also clinical platform by our a developed unregulated Precision for and sessions program, currently Under provides beta development that suite to in Anxiety and treatment using ADDAPT use include advance study during research application. of products continued of clinicians of Diagnoses medications. we a platform our invitation with technological for regulated newly and consciousness-altering private enrolling Psychiatry that is the As patients have the that a MSMS or a is the product a Digital mobile

the Finally, under QPEPS are Psychotherapy Scale at of Events and program. Processes or Quantifying

research represent completed next development data With team ASD, path analysis the a Overall, and core the execution demonstrate study XX-months. to our XX-months period clinical of milestones efficient focus readouts will product We fastest our and into and an cost then efficient the that with in programs. We an to our market. driving collection our to psychiatric value represent stage development on to our study, capital these best-in-class And effective clinical approach excited products enhanced stage. to bring operational our disorders, plans poised anticipated bringing R&D most and extremely gain entering program and have we are ahead. efficiencies believe we the interim and these of is data is the candidates we about MM-XXX our the in late lean advancements significant believe MM-XXX

our product and side, invaluable products bring in year, directors, welcome contribution and two we Bruhn members of Halperin of developing several Crystal Miri the a management look valuable Roger independent Wernli Miri and Board, in and On a new will our Board are role the MindMed behalf to an Roger mix Greenway, for serves Company’s the turn integrity, of major the from organizational direction, the to of valuable new Sciences position to public we Dr. board driving independent innovative execution coming Their of who inflection service we and our her and essential Life and connection today, forward of discuss wish she results. and as on their Company’s and as the call executive Dr. experience the she initiatives. these strategic Member. think over points to Sue of market. Miri fundraising success. role has the bringing member a as across Board a we Schond addition will Schond. and key through as president, of advance immediate and her all R&D with role CFO played be her independence In now in and key leadership as development of continues as Directors. the Directors Suzanne I announced retired will pleased both company experience financial advancement efforts both team. our to Dr. On Board leadership

Schond Greenway

And Rob. Thanks, for thank us joining today. all you

The now compared period in external our second of XXXX. decrease loss to restricted We million, the XXXX option R-MDMA XXXX. comprehensive million in external in The quarter study, for second of quarter period to $XX.X the for the of were for million the General XXXX MM-XXX the and XX-MC the units. for XXXX. compared million development of primarily related at $X.X for to XX, the additional same million June $X.X and to compared due and turn primarily compensation due program the administrative expenses XXXX. financial of and second $XX.X from for quarter related of to based second completion for million related stock $XX.X XXXX, commencement to to million costs of was quarter Research increase by million, offset ended were will expenses results the the awards and The in non-cash was of stock quarter to $X.X the decrease was our a was second and costs same $XX.X stock study modification expenses net $X.X to XXXX.

the in for $XX.X net XX, Our million compared XXXX, same for ended the to in cash $XX period June used operating was XXXX. activities million six-months

and December were XXXX, at million XX, our $XXX.X compared cash June cash to million, equivalents $XXX.X XX, XXXX. of As

XX-months expenses. XXXX, of to our is development operating cash into And equivalents goal budget. above how prudent well believe our be cash we cash our requirements with key to in current and manage that on beyond is which and continue will our Our milestone to be and cash runway XXXX meet sufficient our our we based

comments. close on price trading to with who To expected back August the is mention the closing a intended providing Directors us the on month, potential to XX, reverse share Rob. adjusted reverse turn August begin NASDAQ Finally, in the minimum of effect on by NEO the of I important The future of some common split for corporate bid of reverse will after several requirement. XXXX approved XXXX. achieve the the at I share Company’s Board considering to objectives Exchanges XX and for shares. ratio business the share address one enable to split is XX, expected wanted NASDAQ basis when over greater and the take flexibility Rob, market open to will that and split business a and split to earlier planning needs call to provide

Robert Barrow

Thank Schond. you

have our development strategy at decisions progress on to believe team plan. by but that who as MindMed and the highly efficiency. some With we success here focus we was As quarter equally drive a made across talented continued second increased have this steady execute committed and our and I pipeline, important, demonstrated, marked key corporate will

through ADHD, are advancing pharmacodynamics X in UHB, comparative of XXXX. the MDMA healthy Phase for commencing and and and And in clinical initiating trial and a priorities quarter volunteers and MM-XXX our healthy near-term volunteers ongoing trial clear, XXXX. trials of with with collaboration Our the third RS MM-XXX racemic our in pharmacokinetics X GAD clinical Phase

our FCM, are will be Nevertheless, to the are the us because from their letter MM issuing of FCM letter. we and are they shareholders. That we with Unfortunately, was about if to earlier not that open dialogue note chose aware feedback disappointing before receptive issued we FCM in a always engaging to by want I today directly to Finally, Holding. interested. contact constructive views

call. are questions discussed we thank you their today not we quarter being going Therefore, business that reviewing to that, that all the our still do I and like to we this We ask progress the and take letter trying would any here again and your to With be second are to updates happy address on will for of today. questions.

Operator

have a go Charles We from Duncan Please Instructions] Cantor [Operator question with ahead. Fitzgerald.

Your now line is open.

Charles Duncan

dose are on see wondering be patient. primarily review. a couple plan team if the plan provide Rob the that the congratulations to sense MindMed initiate GAD will then Schond the and joining clinical not? I course or near-term? of I’m Hi guess, not of of study, of number can you give or you bit And that the to first patients over with the to the LSD strategic on GAD you you And little progress you I Group. completion XXX. and the But us enrolling had those sites in bit a study whether congrats a of could experienced questions nice more on that that on to of little color Rob,

Robert Barrow

Yes, for Charles. much the thanks so question

the and for across as indication. GAD, on arm XXX are five entire MM-XXX In study. patients this we conducting trial you clinical parallel design know an a clinical we And terms of have

the sites studies anticipate by each in get their online DEA many substance sites of have activate We are clinical But that requirements very applications near-term. the given sites and with feverishly U.S. by target sites. on working together the And enrolling clinical those state many the a the some research and substances background to line jurisdiction been controlled anticipate getting the in and in sites to XX number near-term, to in one we controlled get as here using at of our by local office. schedule the can we vary very of of of sites,

Charles Duncan

the missed size, I And words if you Okay. determine enrolled correctly, that total XXX have study. would heard it I the then size? think used sample that. us you in to to be But did sample hear I final up let what patients could the know may

Robert Barrow

sample end is the patients and study variance on possible those Obviously, patients. patients minus study. are there target that full XXX the few numbers, based of is anticipate a is The but some we the plus enrolling Yes. enrollment, final that targeting simply XXX size or in to

Operator

the of Please ahead. go is next Piros Capital Our from Partners. with question Elemer line ROTH

is line now open. Your

Elemer Piros

they the as question is Rob, them any saw of are may so yet? hi. we they one anticipated Yes, be website listed XX just clinicaltrials.gov. the speak listing one are on system I on a Is with that there Is just delay there site. not in or on on the coming more?

Robert Barrow

online no when coming delay, posted are of trials.gov. on There those just sites are matter is sites Absolutely. a and is it all clinical

Elemer Piros

please you wouldn’t your directly on What elaborate decision MM-XXX in you not could And decision, precipitated decision a that that brought or if Okay. stage. bit little invest mind? this just what also to at

Robert Barrow

and other time a We in decided see the the at this in product Phase at moving and program. the of had requirements Absolutely, of opportunities FDA. that FDA, program announced, previously as to But as program discussions was were exploring with support X dose productive programs. forward and I adequate order that evaluated time course additional we in be intent will the into that allocated into in therefore we to engagement and of needed an a bring do mentioned, value research this we potential were opioid Based appropriate those on on the future a non-clinical and Phase be to to time to we in program forward discussions, clear that jurisdictions. number cost X that subject needed to with pursue our to advancing duration those it we withdrawal treatment

Operator

Patrick ahead. H.C. next Please question go Our with is Wainwright. Trucchio from

now is line open. Your

Patrick Trucchio

Good Thanks. afternoon.

could in the questions and as trial? the guess What going a would Phase act Xb remind you perceptual this with dose me. of trial. are low us in a to LSD I dose the LSD sub Just be are just be for a this first one doses that phase, of if control to evaluated in follow-up couple or the expected

Robert Barrow

so Patrick. much, thanks Yes,

are doses a levels administration placebo after to we micrograms, correspond addition micrograms, So acute LSD. of Those the perceptual testing, LSD. activity of micrograms, micrograms XX are different to in XX of XXX XXX and

us studies of paralysis the between things enable do each the dose great hoc comparisons will levels. those of that post One about to

dose effects with the the been durability things the explored range. terms this dose across responsiveness we of inadequately of One of is in and feel both psychedelics acutely has

certainly micrograms, will of or prolonged the impart the looking to looking also such we benefit. XXX to these between doses. to differences or be comparison determine potential So of we milligrams, functional in of as either unblinding are XX compared at microgram dose at response, between those the me, there rapid XXX or will terms XX all But excuse microgram, dose doses be if clinical the goes placebo

Patrick Trucchio

this Phase to to is what in that to like of kind be in an And you would or the what Xb then a kind would looking need to confidence trial. generated this beyond safety the we about forward would perspective you tolerability there you see of anything to Can for would trial? and you are safety normally that see side, as and move Phase well, there to from or X? Xb give program efficacy Phase be And need requests from any on talk regulators

Robert Barrow

in we attention you literature. as X from would there stand I history there Phase about largely terms and what There Do clinical of both In is from molecule research the that aligned observations development. part ordinary any a second the repeating second are that is We are obviously expect with part is of question, the with believe. where trial. unique there. historical is, certainly your or not LSD, they are safety And nothing studying endpoints, CNS any the special mind and safety you the active in of But question? would out there points pay particularly of

Patrick Trucchio

what Would you’re just the response as to a you terms outcome or give to what from as looking the would of move Phase was to for on kind similar want looking demonstrated see Phase you for be of forward kind of primary to of as or forward improvements move that this kind here kind of UHB efficacy in X? X? you kind endpoint, as trial kind the well in and of confidence dose clear program Just what well would of safety

Robert Barrow

see specific to We getting of move a the to doses guidance off compared response we’d doses any for top or from the and on would a placebo. or have and not would forward. expect to anticipate what anticipated Certainly, cut from we dose want

response are UHB on we a historical try be outcomes certainly we and that clinically this and achieved are a that on from significant forward we study. and shooting clinical are in And always Based results path the So and those result. will we for to from to looking the have certainly obviously, statistically is and literature, based study. data analyze confident to quite outcome the going study

Operator

Manochehry Our Eight Capital. is Sepehr ahead. go question Please with next from

Your line is now open.

Sepehr Manochehry

on focus. I for question just last been give insight in couple first as us picked patients I guys arm. up the that kind where happening two arms, the in it your with months My bit that XX that. Do started what have of cadence visibility program have has some and into a Phase a like is Xa that think I this new enrollment as guess is there per on MM-XXX understand you little of and you December, is

Robert Barrow

guide into are clinical for while believe property on have next everything of readout and plan, now, later Yes, we remain second enrollment study. of progress, at the way the half and in typically that progressed certainly of enrollment they but to XXXX in for track a any studies our year. has is don’t figures part stage that to We that please track on this announce the along according

Sepehr Manochehry

like dosing give was lead insight now informative is that distinguishing past us if and startup into started what like of the patience, has study, time for of this on to from before that can phase in kind and just is up dose that before kind right GAD which the you the is I one? and dosing, that So ramp study,

Robert Barrow

design, Yes, they in are patient different population. different quite study

approach said in of we it. them dosing ongoing. his terms study actively we That is to So how patients is and somewhat discrete

Sepehr Manochehry

Well, of see do some sight reduction Can forward co-development is talk guys to government to gotten Research and, hear efforts. looking line I of out that whether Institute I of reduction and non the programs or funded about have Okay. is believe great kind align funding, with has you insight into opportunities partnerships and obviously, you dilutive the have that great us cost it cost it’s When you grants? or Health understand, National kind that? program. on you of touch MM-XXX of

Robert Barrow

our we we explore that are to have going chart are a program. And we of for we advancing capital. will with, forward as us. sources certainly we options open in path we one keep them are be those be exploring that to exploring Yes, but continue all we that non open to progress to today aren’t will position say to diluted We to here. And

Operator

with Charles Fitzgerald. from And we question have a follow-up Duncan Cantor

Charles Duncan

to Rob, and as from for learn on ask call back can looking I to color far. bit that, a the mentioned I’m behind thanks that being and little well think able and wondering I terms receive R haven’t then at us IP XXX that also in wondering I guess as S what you program study? on study it, you anticipate about then much of wanted I’m provide this so if Hi you talked a you we of about Intrigued taking with the follow-up.

Robert Barrow

so much, Charles. thanks Yes,

potential We are there the about symptoms available very program the therapies Autism in Disorder. the excited are as you core no of this of treatment know, and Spectrum

for would this first-in-class approval successful the position really of And program. a represent so, in this ultimate

be It the will terms you mixture. as they study study PK compare In MD&A of is between that PD said, of racemic this and soon. enhancements very the starting two

observe of what particularly prosocial But so antemer. aren’t the more psychedelics serotonergic the such subjectively things and interested effects. serotonergic with MD&A and as to LSD, patients is we observing drug. on experiences is in obviously on perceptual not a the activity are functionally One the drug

carryover ongoing confidence believe move is a autism us the normal While that may that be to give we is effects defined would have certainly ASD disorder the population. in volunteers in present would the that that healthy in forward DSM, effects

So R-MDMA of understanding very we a subjective the session. in on and keen our pharmacodynamic are certainly effects treatment

intellectual In confident filed in patent protection. terms and approach clients. published, will be further And as across both applications our where will with and entire about we talk property, property We and patents continue see certainly and to we our non-patent the have we strategic them feel quite portfolio. are prosecuted intellectual file those of happy become to further

Charles Duncan

be ASD a studies assume First neurodevelopmental I can rare that conducting And consider have that Okay. then even or you adults those any will in prominent adults? disorders which younger stretch. in people? and to plans you do symptom in is suppose I a is

Robert Barrow

is childhood. and this anticipate in that research in but developmental is a early disease program clinical to is adults, do begin we certainly our As diagnosed

rare as We are And certainly would longer we moving prominence Autism there adult well supported our explore certainly some any or symptoms a every so the of point. of we that data in any development program anticipate indications path over So that the into charted keep have if as take pediatric with term, itself, where ultimately. if align these of open we the of Disorder diseases. or pediatric subtypes would to the minds part opportunity at rare to of diseases the Spectrum

Charles Duncan

for good. Thanks follow-up. the Okay, very taking

Robert Barrow

Absolutely. Thanks so much.

Operator

will turn Q&A the that call MindMed’s the the believe portion concludes questions I Barrow CEO have back now I we call. Rob That of remarks. today. is the all to for time Rob. over And for closing

Robert Barrow

afternoon. joined who thank you and us operator you, Thank this everyone

people investors study conclude call. along MindMed we team, would entire including also our families. thank way, the today’s I the Before supportive and participants to have their the who been like into many our

Operator

please We your you That today. for concludes disconnect line. for you that participation the asked call thank your

Mind Medicine (MNMD) 12 Aug 222022 Q2 Earnings call transcript