Mind Medicine reiterates guidance for its cash runway

The company reiterates its guidance for its cash runway, which is expected to fund the current operating plan into the first half of 2025. The company is positioned for key MM-120 Phase 2b data readout in GAD and Phase 2a data readout in ADHD in late 2023. The company expects to initiate first clinical trial of MM-402 in 2023. "Following a year of continued strong execution, our progress in 2022 has set the stage for a meaningful 2023, a year in which we plan to further elucidate the potential of our MM-120 product candidate in generalized anxiety disorder and initiate the first clinical trial for our MM-402 program," stated Rob Barrow, CEO. "Our focus remains on advancing and unlocking the value of our proprietary product candidates, which we believe have the potential to deliver new, life-changing therapies to people living with brain health disorders. There are several key milestones over the next twelve months that can be used to measure our progress. This year we expect key data readouts from our Phase 2b study of MM-120 for the treatment of generalized anxiety disorder, as well as from our Phase 2a proof-of-concept trial of repeated low-dose MM-120 in attention-deficit/hyperactivity disorder. Additionally, we expect to initiate the first clinical trial of MM-402 later in the year. Importantly, we believe our strong financial position provides us with the ability to fund our programs well beyond these key milestones and into the first half of 2025."