MNMD

MKT CAP:$2B

Mind Medicine (MindMed) Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇨🇦 Canada·NASDAQ

Healthcare·Biotechnology·🇨🇦·NASDAQ

Stock Price

$23.18+$9.54 (+69.94%)

Apr 20, 2026

Company Details

Mind Medicine (MindMed) Inc., a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for th...

CEO

Robert Barrow

IPO Date

Nov 15, 2016

Website

www.mindmed.co

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$184M

EPS (Diluted)

-$2.05

Free Cash Flow

-$161M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$0EPS -$2.06

Q4 2025

Feb 26, 2026

$0EPS -$0.50

Q3 2025

Nov 6, 2025

$0EPS -$0.78

Q2 2025

Jul 31, 2025

$0EPS -$0.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$19M
Q2 22	$0	$0	-$17M
Q3 22	$0	$0	-$17M
Q4 22	$0	$0	-$14M
Q1 23	$0	$0	-$21M
Q2 23	$0	$0	-$29M
Q3 23	$0	$0	-$22M
Q4 23	$0	$0	-$22M
Q1 24	$0	-$527.0K	-$22M
Q2 24	$0	$0	-$24M
Q3 24	$0	$0	-$25M
Q4 24	$0	$0	-$32M
Q1 25	$0	$0	-$32M
Q2 25	$0	$0	-$41M
Q3 25	$0	$0	-$46M
Q4 25	$0	$0	-$48M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$13M	-$13M
Q2 22	-$15M	-$15M
Q3 22	-$9M	-$9M
Q4 22	-$13M	-$13M
Q1 23	-$13M	-$13M
Q2 23	-$14M	-$14M
Q3 23	-$17M	-$17M
Q4 23	-$21M	-$21M
Q1 24	-$17M	-$17M
Q2 24	-$20M	-$20M
Q3 24	-$17M	-$17M
Q4 24	-$25M	-$25M
Q1 25	-$29M	-$29M
Q2 25	-$30M	-$30M
Q3 25	-$30M	-$30M
Q4 25	-$73M	-$73M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+147.3%
Q2 22	—	-48.7%
Q3 22	—	-62.4%
Q4 22	—	-19.3%
Q1 23	—	+12.7%
Q2 23	—	+72.2%
Q3 23	—	+27.3%
Q4 23	—	+59.7%
Q1 24	—	+6.4%
Q2 24	—	-16.2%
Q3 24	—	+14.7%
Q4 24	—	+46.2%
Q1 25	—	+44.8%
Q2 25	—	+67.2%
Q3 25	—	+84.2%
Q4 25	—	+46.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	—
Q2 22	$4M	—
Q3 22	$4M	—
Q4 22	$1M	—
Q1 23	$4M	—
Q2 23	$4M	—
Q3 23	$4M	—
Q4 23	$4M	—
Q1 24	$4M	—
Q2 24	$5M	—
Q3 24	$4M	—
Q4 24	$3M	—
Q1 25	$3M	—
Q2 25	$5M	—
Q3 25	$6M	—
Q4 25	$11M	—

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$10M	$8M
Q2 22	$9M	$8M
Q3 22	$8M	$9M
Q4 22	$9M	$5M
Q1 23	$13M	$8M
Q2 23	$15M	$14M
Q3 23	$13M	$8M
Q4 23	$12M	$11M
Q1 24	$11M	$10M
Q2 24	$15M	$10M
Q3 24	$17M	$8M
Q4 24	$22M	$11M
Q1 25	$23M	$9M
Q2 25	$30M	$11M
Q3 25	$31M	$15M
Q4 25	$34M	$14M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$120M	$0	$120M
Q2 22	$106M	$0	$106M
Q3 22	$155M	$0	$155M
Q4 22	$142M	$0	$142M
Q1 23	$129M	$0	$129M
Q2 23	$117M	$0	$117M
Q3 23	$118M	$0	$118M
Q4 23	$100M	$0	$100M
Q1 24	$252M	$0	$252M
Q2 24	$243M	$0	$243M
Q3 24	$295M	$0	$295M
Q4 24	$274M	$0	$274M
Q1 25	$83M	$130M	$212M
Q2 25	$33M	$150M	$183M
Q3 25	$20M	$189M	$209M
Q4 25	$258M	$154M	$412M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	28M	+0.5%	+50.2%
Q2 22	28M	+0.3%	+8.9%
Q3 22	29M	+3.7%	+7.0%
Q4 22	38M	+29.6%	+35.6%
Q1 23	38M	+0.3%	+35.3%
Q2 23	39M	+1.3%	+36.6%
Q3 23	40M	+3.0%	+35.6%
Q4 23	40M	+1.4%	+6.1%
Q1 24	48M	+18.8%	+25.7%
Q2 24	72M	+50.3%	+86.4%
Q3 24	80M	+11.6%	+102.0%
Q4 24	84M	+4.6%	+108.4%
Q1 25	87M	+3.8%	+82.0%
Q2 25	85M	-2.0%	+18.7%
Q3 25	86M	+0.6%	+7.0%
Q4 25	89M	+4.0%	+6.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	41
Q2 22	$0	41
Q3 22	$0	41
Q4 22	$0	48
Q1 23	$0	48
Q2 23	$0	48
Q3 23	$0	48
Q4 23	$0	57
Q1 24	$0	57
Q2 24	$0	57
Q3 24	$0	57
Q4 24	$0	74
Q1 25	$0	74
Q2 25	$0	74
Q3 25	$0	74
Q4 25	$0	105

Revenue / Employee