Mind Medicine at H.C. Wainwright: Strategic Advances in Neuropsychiatry

On Tuesday, 17 June 2025, Mind Medicine (NASDAQ:MNMD) presented at the H.C. Wainwright 6th Annual Neuro Perspectives Hybrid Conference. The company, led by CEO Rob Barrow, highlighted its strategic focus on advancing its lead candidate, MM120, through phase three trials. While promising data from phase two trials was shared, challenges such as FDA requirements and market differentiation were also discussed.

Key Takeaways

• MindMed is conducting three phase three trials for MM120, targeting general anxiety disorder (GAD) and major depressive disorder (MDD), with results expected in 2026.
• Phase two data showed significant remission rates, with about half of patients achieving remission for 12 weeks after a single dose.
• The company is financially robust, with a cash runway extending to 2027, following equity offerings that raised over $250 million.
• FDA engagement is ongoing, facilitated by breakthrough therapy designation for GAD, and includes addressing functional unblinding concerns.
• MindMed plans to commercialize MM120 as a standalone therapy, without adjunctive psychotherapy, to isolate the drug’s effects.

Financial Results

• Raised over $250 million in equity offerings last year
• Cash runway extends to 2027, providing capital flexibility

Operational Updates

• Enrolling patients in three phase three studies (two for GAD, one for MDD)
• Phase two data revealed that half of the patients were in remission for 12 weeks post-treatment
• A 100-microgram dose selected for phase three based on dose response studies
• High enthusiasm from patients and investigators in trials
• Adaptive sample size re-estimation implemented to maintain 90% statistical power

Future Outlook

• Phase three trial results anticipated in 2026
• Potential phase two efficacy trial for MM402 in autism spectrum disorder (ASD), though no timeline is set
• Continued FDA engagement under breakthrough therapy designation to expedite development
• Plans for commercialization include payer engagement and health economics research

Q&A Highlights

• FDA requested inclusion of a 50-microgram dose in one GAD study to address functional unblinding
• Blinded central raters are used to mitigate functional unblinding risks
• The Hamilton anxiety scale is the regulatory endpoint for GAD product approval
• MindMed envisions MM120 as a transformative product for GAD and MDD care

For more detailed insights, readers are invited to refer to the full transcript below.

Full transcript - H.C. Wainwright 6th Annual Neuro Perspectives Hybrid Conference:

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Everyone, and welcome to the sixth Annual HC Wainwright Neuroperspectives. Conference. My name is Patrick Trucchio. I’m a senior health care analyst at HC Wainwright. We have a robust agenda at the conference this year with more than 30 companies presenting with their sessions available on demand through the conference portal.

In addition, we’re expecting a full day of panels and fireside chats with world class KOLs on June 16 for the in person portion of the conference. With a broad CNS drug development focus across multiple indications from depression, epilepsy to Alzheimer’s disease, ALS, and featuring novel methods of drug delivery to the CNS, this is by far our strongest agenda ever. And with that, it’s my pleasure to introduce our next presenter, Rob Barrow, CEO of Mind Medicine. MindMed is a clinical stage neuropsychiatry company focused on transforming mental health treatment through next generation compounds, including psychedelics. Its lead candidate, MM120, a proprietary oral dissolving tablet formulation of LSD, is currently being evaluated in three active phase three trials across general anxiety disorder and major depressive disorder.

All the readouts are expected in 2026. So maybe, we’ll start with m m one twenty, just the phase three program strategy and execution, and perhaps you can begin with a high level overview of m m one twenty and your vision for its role in reshaping the GAD and MDD treatment landscape.

Rob Barrow, CEO, Mind Medicine: I will first thanks thanks so much for having us, Patrick. Yes. M m one twenty, as you mentioned, is is in three phase three studies, two in GAD and one in MDD at the moment and currently enrolling. Just building off of phase two data we, put out last year in 2024 where we showed about half of patients after a single dose were were in remission for twelve weeks. And this this high magnitude and durable clinical effect, that that we saw that that really has has shaped our thinking not only about our phase three program, but about how this could potentially treat fit it into the the treatment landscape.

You know, we’ve lived in a a world in neurotic illness and psychiatry for the last thirty years of symptom suppression, largely relegated to primary care with with SRIs. And this this field and this product, have emerged as something that represents a a really big leap forward, something that is is, we think, going to be transformational. The concept of a single administration that has a multi month durable effect and is also very rapid in terms of the the initial effects, something that that you know, certainly, as we talk to psychiatrists and patients and everyone in the field, is incredibly excited about that kind of potential. So as we think about the prospect in a in a phase three program, but also in a post approval world, the the concept of a rapid and durable single dose drug that has that kind of activity is is really attractive to us and something that we think has broad appeal in in both of these indications.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. Terrific. In all three phase three trials, the Voyage, Panorama, and EMERGE programs are now enrolling. What learnings from the phase two trial were most influential in shaping the pivotal program?

Rob Barrow, CEO, Mind Medicine: So, certainly, the the dose selection landing on a hundred microgram dose, we we did the comprehensive dose response study and supported taking the hundred microgram dose forward. That was a critical decision, and and some data has been incredibly valuable in in shaping our thinking. In terms of, the execution and and the trial design, obviously, we we worked with a number of sites or around 20 sites and 200 patients in the phase two study. Of course, operational learnings for for all of us, including at the site level. We we were able to streamline some aspects of the study and and, you know, I think, improve the efficiency with how we conduct these studies.

So everything from from operational efficiencies on through to, aspects of of the study design were informative from our phase two trial. I will say that by and large, we we put a lot of thought and a lot of engagement with regulators into to our approach to the phase two program and and really designed it with the phase three in mind. So while we have gained some efficiencies and some enhancements, by and large, it is is almost an identical study in GAD and a and a very similar study with only a a change in the population endpoint and MDD compared to what we did in phase two.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Can you talk about, the decision to include a fifty microgram dose in PANORAMA and why it wasn’t included in Voyage and EMERGE? Hello, everyone, and welcome to the sixth annual HC Wainwright Neuroperspectives Conference. My name is Patrick Trucchio. I’m a senior health journalist at HC Wainwright. We have a robust agenda at the conference this year with more than 30 companies presenting with their sessions available on demand through the conference portal.

In addition, we’re expecting a full day of panels and fireside chats with world class KOLs on June 16 for the in person portion of the conference. With a broad CNS drug development focus across multiple indications from depression, epilepsy, to Alzheimer’s disease, ALS, and featuring novel methods of drug delivery to the CNS, this is by far our strongest agenda ever. And with that, it’s my pleasure to introduce our next presenter, Rob Barrow, CEO of Mind Medicine. MindMed is a clinical stage neuropsychiatry company focused on transforming mental health treatment through next generation compounds, including psychedelics. Its lead candidate, MM120, a proprietary oral dissolving tablet formulation of LSD, is currently being evaluated in three active phase three trials across general anxiety disorder and major depressive disorder.

All the readouts are expected in 2026. So maybe, we’ll start with MM120, just the phase three program strategy and execution, and perhaps you could begin with a high level overview of m m one twenty and your vision for its role in reshaping the GAD and MDD treatment landscape.

Rob Barrow, CEO, Mind Medicine: I will first thanks so much for having us, Patrick. Yes. M m one twenty, as you mentioned, is is in three phase three studies, two in GAD and one in MDD at the moment and currently enrolling. Just building off of phase two data we, put out last year in 2024 where we showed about half of patients after a single dose were were in remission for twelve weeks. And this this high magnitude and durable clinical effect, that that we saw that that really has has shaped our thinking not only about our phase three program, but about how this could potentially treat fit it into the the treatment landscape.

Know, we’ve lived in a a world in neurotic illness and psychiatry for the last thirty years of symptom suppression largely, relegated to primary care with with SRIs. And this this field and this product, have emerged as something that represents a a really big leap forward, something that is is, we think, going to be transformational. The concept of a single administration that has a multi month durable effect and is also very rapid in terms of the the initial effects. Something that that you know, certainly, as we talk to psychiatrists and patients and everyone in the field, is incredibly excited with that kind of potential. So as we think about the prospect in a in a phase three program, but also in a post approval world, the the concept of a rapid and durable, single dose drug that has that kind of activity is is really attractive to us and something that we think has broad appeal in in both of these indications.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Alright. Terrific. And all three phase three trials, the VOYAGE, PANRAME, and EMERGE programs are now enrolling. What learnings from the phase two trial were most influential in shaping the pivotal program?

Rob Barrow, CEO, Mind Medicine: So, certainly, the the dose selection landing on a hundred microgram dose, we we did a comprehensive dose response study and supported taking the hundred microgram dose forward. That was a critical decision, and and some data has been incredibly valuable in in shaping our thinking. In terms of, the execution and and the trial design, obviously, we we worked with a number of sites or around 20 sites and 200 patients in the phase two study. Of course, operational learnings for for all of us, including at the site level. We we were able to streamline some aspects of the study and and, you know, I think improve the efficiency with how we conduct these studies.

So everything from from operational efficiencies on through to, aspects of of the study design were informative from our phase two trial. I will say that by and large, we we put a lot of thought and a lot of engagement with regulators into to our approach to the phase two program and and really designed it with the phase three in mind. So while we have gained some efficiencies and some, in enhancements, by and large, it is is almost an identical study in GAD and a and a very similar study with only a change in the population endpoint and MDD compared to what we did in phase two.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Can you talk about, the decision to include a fifty microgram dose in PANORAMA and why it wasn’t included in Voyage and Emerge?

Rob Barrow, CEO, Mind Medicine: Yeah. So the fifty microgram dose and this is not all that normal of a feature for for trials where we have demonstrated a dose. But this is, in part of a function of this topic that’s come up quite a bit in our field about functional unblinding, the the concept that patients who take a dose of of m one twenty can clearly perceive the acute effects of the drug. Hundred microgram dose of LSD very clearly feels like something. And, and, again, while this is very common in psychiatry generally, we always point to other g a drug GAD drugs like like Xanax.

You know? Milligrams of Xanax very clear clearly are are perceivable, and we know this in so many different realms of psychiatry. This is a common feature. But given the the qualitative aspects and the sort of significant dynamics of of the functional activity of of this drug and and its field of drugs, the FDA has has asked us to include a secondary control effectively. They asked us to do that in in one study in the GAD program, and that’s why we included it in only one.

In both of these studies, our comparison for statistical inferential tests is a 100 versus placebo. The point of including a lower dose or an intermediate dose control is only so that if a patient on the day of dosing feels the effect of something, of the drug, they won’t know whether it’s due to a what we’ve shown in phase two was not gonna get effective fifty microgram dose or whether it was due to a also perceivable full hundred microgram dose. And, therefore, they can’t make any sort of certainty or or extension that because I feel something, I’m going to feel better. At least that’s that’s conceptually why why we include it. But given the given the it’s it’s sort of one aspect of study design and something that is only included in one study.

Really, what it’s there for is arguments about robustness. We’re trying to show that in three different studies with three different study designs and three different allocation ratios, if we’re able to consistently show a strong and durable clinical effect, that would really make a strong case that that the drug effect is is real and that, you know, we can stand behind the safety and effectiveness of the product, hopefully.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. Great. And how does the adaptive sample size re estimation work, and how does it help maintain statistical power in the face of potential dropout or variance risk?

Rob Barrow, CEO, Mind Medicine: Yeah. So in in both Panorama and Voyage, when we get halfway through enrollment, we do a blinded sample size re estimation, and, we make assumptions at the outset of the study. So we have 90% power to detect a five point difference, assuming, a 15% dropout rate and a 10 unit standard deviation of our primary outcome measure. Those latter two assumptions, the dropout rate and the standard deviation variance, are what are called nuisance parameters. If you know, again, we make an assumption about them.

But if if those numbers are different than the the numbers we assumed, they don’t speak to the efficacy of the drug or how how much it separates from placebo. They just create variability. And so by doing a sample size re estimation, it it allows us to maintain that 90% power even if those those nuisance parameters are larger than we anticipated by compensating for that with an increased sample size. So, really, what it ultimately does is allow us to be quite efficient with how we think about designing the studies, keeping it on a a reasonably sized starting point, making sure that we don’t miss the mark in in terms of how we intended to power the study if there’s a surprise on on one of these random variables that that could influence the statistics.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. And how is patient and investigator enthusiasm compared between GAD and MDD, and are you seeing strong overlap among high performing sites?

Rob Barrow, CEO, Mind Medicine: Absolutely. Strong enthusiasm across the board. We’re we’re really encouraged not only in the conduct of these studies, but as we think about the the future beyond that given the the really strong enthusiasm that we’ve seen in both programs. We intentionally, wanted to have the MDD study up at at the same sites that we’re conducting our, excuse me, our our GAD program, for operational efficiencies. Again, these are very, very similar study designs.

And so, in GAD studies, we don’t include patients who are in a major depressive episode. So for patients that come in and these are highly comorbid conditions. So patients who come in who have a GAD diagnosis but happen to be in a major depressive episode, instead of of losing them and and having to, walk away, we’re able to say, okay. Well, you you aren’t eligible for the GAD study, but you may be eligible for our our MDD study. In that way, we get better better patient capture, better efficiency in terms of of enrollment at these these sites.

And we’ve, designed it that way out of the the theory that that would work. We’re really seeing that play out now, and I’ve been, again, really, really encouraged by the enthusiasm and how that’s translating into the conductivity studies.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. Great. So maybe just, some on efficacy, durability, and dosing. So m m one twenty produced placebo adjusted 7.7 seven point PAM a reduction week 12 in phase two b with effects observed early stage two. How are you thinking about replicating that early signal in phase three?

Rob Barrow, CEO, Mind Medicine: Yeah. We’re we’re we’re really excited by that magnitude of change. I think, even on an absolute basis, we had almost 22 improvement from baseline in that hundred microgram group, which was, at 7.71 is is a large improvement over an already large placebo response we saw in the phase two. So, obviously, different study designs, different allocation ratios, some features of the phase three study that, we we think very well could result in a lower placebo response in the pivotal program. But we’re certainly really encouraged by the magnitude of response we’ve both seen on a placebo adjusted in a a stand alone basis and are doing everything possible, of course, to get high quality data from this phase three program.

And I would would love to see, I think anywhere even close to that that magnitude of response in phase three would be would be incredibly, incredibly exciting and positive, especially given that effect is is more than double the the standard of care in terms of what we’ve we’ve seen from approved drugs and GAD.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. And what measures are in place to assess and define durability across the forty week open label extension in each study, and what will success look like?

Rob Barrow, CEO, Mind Medicine: Yeah. So durability is a, you know, is is a really, important concept here. Right? These are are treatments where we expect to have many months durability as as characterized by the week twelve primary endpoint in the phase three studies. Because of the nature of our study designs, the patients you know, in most open label extension studies, of a daily drug, for instance, at the time a patient enrolls in the open label extension, they start taking open label drug and therefore are effectively no longer randomized and no longer blinded.

A feature of our study is that even beyond part a, the twelve week randomized control period, a patient who doesn’t qualify for open label retreatment, so who would have a MA of of less than 16, they’re not unblinded. They they continue on in a blinded status until they take open label drug. And so we can look at durability in a few different ways. First of all, twelve weeks after a single treatment is more durability than we’ve seen with any approved product to to date. But we can look even beyond that for up to a year.

Some patients may well take a single dose in a randomized status, not need another dose for the remainder of of the year of the study. And in that case, we have a year of durability in a randomized controlled fashion. And so we can and look at, that on a a single dose basis out up to a year, and then we can also look at durability, on an open label basis. Once patients take open label drug, we’re gonna be looking at, know, the number of treatments, the interval between treatment, what happens upon retreatment, all the features that could be informative, to how we think about, you know, real real world use of the product if it should be approved.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. And you’ve emphasized that m n one twenty is a stand alone therapy without adjunctive psychotherapy. How do you see that influencing clinical adoption and scalability?

Rob Barrow, CEO, Mind Medicine: Well, one of the the critical components in terms of the development program is to isolate a variable. Right? We we wanted to study m n one twenty as a stand alone therapy not because we we think that, additional psychotherapy or additional psychosocial support is anything but good. You know, we hope that all patients have access to the best possible care, but what we need to demonstrate is that the drug has an effect as a drug. That is not restrictive in any way.

Really, what it does is it it opens up the possibility that clinicians in clinical practice, can utilize this as a tool in their toolkit. They can they can use it in as a stand alone therapy. They can use it for patients who may already be in psychotherapy or who newly are starting psychotherapy. So a whole wide range of of possibilities in terms of what real world patient care would look like. We, as as a sponsor, as a manufacturer, FDA, right, we we don’t dictate how physicians conduct medical practice.

We we try to develop drugs to to establish the safety and effectiveness. And so isolating that variable, doing very clean studies that answer that question, we think are really important from a scientific integrity standpoint, but also really important from a regulatory standpoint.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. And so just moving on to some regulatory strategy and functional unwinding questions. M m one twenty received breakthrough therapy designation for GAD. How has that shaped your engagement with the FDA throughout the design and execution of the phase three program?

Rob Barrow, CEO, Mind Medicine: We’ve, you know, we’ve been really fortunate with the breakthrough therapy designation. It is a program that allows for really constructive engagement with FDA. We try try to capitalize on that opportunity at every opportunity, every chance we get. And so we’ve continued to have a a strong, frequent dialogue with with the division, with the agency, you know, really working together and partnering on how to expedite development of of this program and and trying to make sure that we are as efficient as possible with the overall program. So FDA and we have a tremendous amount of respect for FDA and and the engagement we’ve had with them to date.

And under the breakthrough program, that’s only expanded and and accelerated how we’re thinking about approaching the regulatory process.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Can you walk us through the primary endpoints across Voyage, Panorama, and EMERGE and how they align with historical regulatory approvals in GAD and MDD?

Rob Barrow, CEO, Mind Medicine: Yes, sir. In Voyage and Panorama, obviously, Panorama, there’s three three arms. But in both studies, the primary endpoint is the change from baseline to week twelve in the Hamilton anxiety scale between the hundred microgram dose and placebo. In EMERGE, it’s very, very similar, which is the change between a hundred micrograms and placebo. But in that study, because it’s depression, we’re looking at the MADRS as the the outcome measure and at a six week primary endpoint, which is consistent with a long history of of FDA guidance and and regulatory approvals.

The Hamilton anxiety scale and GAD is the the regulatory endpoint that has been used to approve all of the products that that are currently on the market for GAD. It is a well established gold standard in in GAD clinical trials, and a twelve week endpoint is is really longer than than many approved products. I mean, they’re approved products that are approved based on, only around four weeks of of clinical activity And so, to to again, to show the kind of durability that we were able to in phase two, if we’re able to replicate that in the phase three program, we’re we’re using the standard endpoints at standard time points and are are hopefully gonna be able to demonstrate really rapid and durable clinical effect for for months after a single treatment.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: So we we’ve already talked a little bit about functional unblinding. How do you anticipate the FDA will evaluate functional unblinding? And we’ve talked about, you know, the the use of the fifty microdose arm, but I’m wondering also about how blinded, central raters help also mitigate that risk.

Rob Barrow, CEO, Mind Medicine: Yeah. So, you know, the blinded central raters, of course, the potential biases in the clinical trial can come many different forms and many different places. And so, because of the nature of the the functional effects of m m one twenty, we try to separate the adjudication of the outcome measure from anyone who is on-site and could be unblinded functionally. We did this in the phase two program. We’re get into phase three, so we use blinded centralized raters who are blind not only in the treatment assigned, but also visit numbers.

They don’t know if it’s a patient’s first visit in the study before they’ve received drug or if it’s twelve weeks after a high dose of of m m one twenty. That a lot gives us additional confidence. And what we showed in phase two is that while patients were clearly functionally unblinded, they could clearly tell at any dose, that they were they’re receiving a a dose of drug. The central raters in that study were not that they stayed blinded and were not able to guess, with any any degree of accuracy, and most were were just said they were uncertain whether a patient had received drug or placebo. And so it gives us additional integrity in the study design, additional controls against, I guess, potential functional blinding in in the program.

We’ve had a great dialogue with FDA, across the board, including with respect to functional blinding. You know, we’ve we’ve aligned around the primary endpoints in our study being the hundred microgram versus, placebo. And and, again, that fifty microgram dose there as a control arm, is there as a sort of methodological control, A fundamental reality about, statistics and and logic is that, you can’t learn anything about group c or group a by looking at group b. So a fifty microgram group just doesn’t tell us anything about what’s happening with placebo or or the drug that we’re trying the dose of drug we’re trying to get approved. And so, it it’s there.

It’s a control, but it really doesn’t influence our primary assess assessments of vaccine anyway.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. And so maybe a few now on commercialization and market differentiation. First, just how are you thinking about payer engagement, step therapy requirements, and whether additional health economics or real world evidence will be necessary for market access?

Rob Barrow, CEO, Mind Medicine: Yeah. We we’ve already had, really constructive dialogue with payers, and and we’ll continue that as we progress through through the development program. You know, like with most new products, they’re typically our our prior authorization requirements and it tends not to be a first line therapy right out of the gates at least. And so we we certainly are are making plans for for whatever those engagements may hold and wherever we we may end up. We are also we have an incredible, health economics research team, and, they’re continuing to to generate that evidence even today and and put out publications and posters to in that regard.

So JAD has been sort of a dormant overlooked condition for a long time in large part because the drugs that were being developed don’t work particularly well, against JAD symptoms. And so trying to make sure everyone fully appreciates the magnitude of of the the problem and and the disease burden and all of the challenges that are associated with with pay for patients who who live with JAD is something that’s really, important to us, and we’re gonna continue to build that that body of evidence as we progress, closer and closer, hopefully, to to approval.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: What infrastructure is needed to support m m one twenty administration, and how do you plan to leverage the interventional psychiatry model to use adoption?

Rob Barrow, CEO, Mind Medicine: Yeah. It’s it’s it’s a great question. Yeah. I think there’s been probably an overestimation from from observers of the field in terms of the kind of infrastructure and even the kind of infrastructure investment that would be required. Based on the data we we’ve generated to date, we’re not seeing physiological risk emerge.

We we certainly, anticipate that patients are gonna need to be in an observed clinical setting by a health care practitioner. But, the the kind of infrastructure that has already adopted adapted to to uptake other interventional psych, treatments, putting things like TMS, Spravato, ketamine. These these locations could very well be appropriate locations as could many others. And so while the the interventional psychiatry model that exists and has grown pretty rapidly over the last several years is a a great starting point. We think the opportunity based on the dynamics of our our product and the way it could be delivered could open up even even more opportunities that are that are broader than that.

And we’re certainly engaged with many types of of providers, including interventional psychiatry providers and and networks that have have shown a a huge degree of of engagement and and a definite desire, for new products like like m m one twenty. So, engaging strongly, and they’re gonna continue to as we progress.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. Great. So just moving on into m m four zero two. You recently completed a phase one single setting dose study for m m four zero two. What were the key learnings in terms of tolerability, pharmacokinetics, and pharmacodynamics, and what are the next development steps for m m four zero two?

Should we expect a phase two efficacy trial in autism spectrum disorder to start in 2026?

Rob Barrow, CEO, Mind Medicine: So we had base phase one study was was quite informative. Obviously, with phase one studies, we’re we’re looking to find a dose and show that it is is well tolerated enough to to be progressed forward. We got great definition of the PK and PD in that study, and has informed how we think about dose selection and and where we go next with, with that program. You know, our our the next steps, you know, obviously, we wanna progress at some point into the study of patients, and we haven’t given exact timelines around that, but have have continued progress with that program. And, while while right now with the pivotal programs ongoing in JD and in MDD for for 01/20, you know, I think a lot of a lot of attention has been paid to that program externally.

We’re certainly, progressing not only for our two, but but also looking, another earlier opportunities in our pipeline for, for potential progression. So we’re really excited about that program. And as we progress and get closer to, being able to offer clarity, we’ll be able to to share a lot more about what comes next in terms of study design and timing.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: So with the cash runway that runs to 2027 and the amended agreement with K two Health Ventures, how are you thinking about capital flexibility and optionality heading into the key data events, particularly in 2026?

Rob Barrow, CEO, Mind Medicine: Yeah. We’ve been really fortunate to have strong, support from not only, equity investors and and raised a little over $250,000,000 last year, in in equity offerings. But k two have been great partners with us in in allowing us to have that flexibility, have that optionality, and and to make sure that we’re in the best possible financial position as we’re progressing and as if we’re getting closer and closer to pivotal data to maximize that optionality and be in the best possible position, for for every outcome is is exactly what we wanna be as a company. So, we we feel very fortunate again to be in such a a strong position today, and we’re gonna continue that, in that position of strength, hopefully, for very long into the future.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Finally, what what do think investors are missing about the MyMed story?

Rob Barrow, CEO, Mind Medicine: Well, certainly, we see an incredibly expansive opportunity, even if we’re just talking about m one twenty, our our late stage program our programs and and JD and MDD, you know, when we go out and engage payers, when we engage patients, when we engage providers, we certainly believe all of the ingredients are there for are are really transformational kind of product that that changes, essentially way even ways in the standards of care and and ways JD and and MDD are are cared for. And so, I think that the magnitude surely, is something new. Right? This is something that is not following the standard SSRI model that that has been the dominant model of the last thirty or so years. And so as with anything new, I think there can often be a missing of the the scale of the opportunity and and a misunderstanding about some of the the complexities.

There’s undoubtedly a lot of work to be done, but we we think that work is very achievable and, should hopefully position us for for a really impactful product that that changes the lives of many, many patients. And so I think the the scale of what we can achieve is is, something that we are incredibly optimistic about. And, I think everyone over time, if we’re able to to generate the kind of data we have and have the kind of success that we hope hope to have, everyone will will come to fully appreciate just how how impactful this this product hopefully can be.

Patrick Trucchio, Senior Health Care Analyst, HC Wainwright: Right. Terrific. Well, it’s a very exciting time for MyMed, and we truly appreciate your time today, Rob, and thank you to MyMedisin team for attending the conference, and thank you to everyone for attending our conference. Have a great rest of your day and a great rest of your conference.

Rob Barrow, CEO, Mind Medicine: Thanks much.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.