Mind Medicine (MindMed) Inc.
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
| Six Months Ended June 30, | |||
|---|---|---|---|
| (in thousands) · 2025 · 2024 | |||
| Cash flows from operating activities | |||
| Net loss | $(66,092) | $(60,254) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation | 8,679 | 9,119 | |
| Change in fair value on directors' deferred share units ("DDSU") | 152 | 579 | |
| Amortization of intangible assets | — | 527 | |
| Change in fair value of the 2022 USD Financing Warrants | (4,771) | 19,448 | |
| Gain on extinguishment of contribution payable | — | (2,541) | |
| Accretion of discounts and premiums on investments, net | (2,422) | — | |
| Unrealized foreign exchange | 1 | 510 | |
| Other non-cash adjustments | (193) | 152 | |
| Changes in operating assets and liabilities: | |||
| Prepaid and other current assets | 1,736 | (1,019) | |
| Other noncurrent assets | 2 | 90 | |
| Accounts payable | 2,206 | (1,453) | |
| Accrued expenses | 1,679 | (1,713) | |
| Other liabilities, long-term | 5 | (32) | |
| Net cash used in operating activities | (59,018) | (36,587) | |
| Cash flows from investing activities | |||
| Purchases of investments | (235,746) | — | |
| Maturity of investments | 33,750 | — | |
| Net cash used in investing activities | (201,996) | — | |
| Cash flows from financing activities | |||
| Proceeds from credit facility | 42,000 | (1) | 10,000 |
| Repayment of credit facility | (22,000) | (1) | — |
| Payment of credit facility issuance costs | (447) | (128) | |
| Proceeds from the Offering and Private Placement | — | 175,000 | |
| Payment of issuance costs from the Offering and Private Placement | — | (10,807) | |
| Proceeds from the 2022 ATM net of issuance costs | — | 984 | |
| Payment of deferred financing fees related to 2024 ATM | — | (30) | |
| Proceeds from exercise of 2022 USD Financing Warrants | 579 | 4,431 | |
| Proceeds from exercise of options | 334 | 639 | |
| Proceeds from issuance of common shares under ESPP | 186 | — | |
| Withholding taxes paid on vested RSUs | — | (54) | |
| Net cash provided by financing activities | 20,652 | 180,035 | |
| Effect of exchange rate changes on cash | 13 | (20) | |
| Net (decrease)/increase in cash and cash equivalents | (240,349) | 143,428 | |
| Cash and cash equivalents, beginning of period | 273,741 | 99,704 | |
| Cash and cash equivalents, end of period | $33,392 | $243,132 | |
(1)
As discussed in Note 11, Credit Facility, the Amended Loan Agreement (as defined herein) executed on April 18, 2025 was accounted for as a modification. The Company used the proceeds from the Amended Loan Agreement to repay the outstanding amounts under the Loan Agreement from K2 HealthVentures LLC.
Condensed Consolidated Statements of Cash Flows (continued)
| Six Months Ended June 30, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Supplemental Cash Flow Information | ||
| Cash paid for interest and final payment for credit facility | $3,187 | $873 |
| Supplemental Noncash Disclosures | ||
| Conversion of 2022 USD Financing Warrants to common shares upon exercise of warrants | 295 | 5,244 |
| Lease liabilities arising from obtaining right-of-use assets | 586 | — |
| Withholding taxes payable on option exercises | 17 | — |
| Unpaid issuance costs for the Offering and Private Placement | — | 253 |
| Deferred financing fees related to 2024 ATM included in accrued expenses | — | 400 |
| Reclass of deferred financing fees to additional paid-in capital | — | 332 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.