Mind Medicine (MindMed) Inc. (MNMD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Mind Medicine (MindMed) Inc. está revolucionando el tratamiento de salud mental a través de la innovadora investigación farmacéutica psicodélica, posicionándose a la vanguardia de la innovación neurológica. Al aprovechar un modelo de negocio sofisticado que une el descubrimiento científico con potencial terapéutico transformador, la compañía está desafiando los paradigmas tradicionales de atención psiquiátrica y explorando nuevos enfoques radicales para tratar afecciones de salud mental complejas. Su marco estratégico combina investigación avanzada, asociaciones estratégicas y un enfoque visionario para desarrollar terapias innovadoras que podrían remodelar fundamentalmente cómo entendemos y tratamos los trastornos neurológicos.

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocios: asociaciones clave

Instituciones de investigación académica

Mindmed colabora con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Detalles de la asociación
Centro Johns Hopkins para la investigación psicodélica	Investigación de terapia con psilocibina	Colaboración en ensayos clínicos en curso
Nyu Langone Health	Tratamiento psicodélico para la salud mental	Asociación de investigación para estudios MDMA y LSD

Redes de ensayos clínicos

La red de ensayos clínicos de Mindmed incluye:

• Red de ensayos clínicos de las rutas de brújula
• Programa de investigación clínica del Instituto Usona
• Centro de investigación psicodélica de la Universidad de Stanford

Consultores reguladores farmacéuticos

Las asociaciones regulatorias incluyen:

Consultor	Especialidad	Tipo de compromiso
Soluciones regulatorias aceleradas	Estrategia regulatoria de la FDA	Consulta continua
Grupo de cumplimiento farmacéutico	Cumplimiento regulatorio de ensayos clínicos	Servicios de asesoramiento

Expertos en neurociencia y tratamiento psiquiátrico

Colaboraciones de expertos clave:

• Dr. David Nutt, Imperial College London
• Dr. Robin Carhart-Harris, Universidad de California
• Dr. Matthew Johnson, Universidad Johns Hopkins

Empresas de inversión de biotecnología

Asociaciones de inversión:

Firma de inversión	Monto de la inversión	Año de inversión
Fondo de Fundadores	$ 5.2 millones	2021
Horizons Ventures	$ 3.8 millones	2020

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico psicodélico

MindMed se centra en el desarrollo de medicamentos inspirados en psicodélicos con una cartera de investigación dirigida a diversas afecciones de salud neurológica y mental. A partir de 2024, la compañía tiene 6 programas activos de desarrollo de medicamentos.

Programa de investigación	Etapa actual	Condición objetivo
Proyecto Lucy (LSD)	Fase 2	Trastornos de ansiedad
Mm-120	Fase 2B	Trastorno de ansiedad generalizada

Ensayos clínicos para protocolos de tratamiento de salud mental

La compañía ha invertido $ 28.4 millones en gastos de ensayos clínicos Durante el año fiscal 2023.

• Ensayos clínicos en curso para terapias asistidas por psicodélico
• Colaboración con múltiples instituciones de investigación
• Centrarse en los protocolos de tratamiento basados ​​en evidencia

Prueba de candidatos de drogas neurológicas

Mindmed tiene 3 candidatos de drogas neurológicas primarias en varias etapas de desarrollo, con una inversión de investigación total de $ 12.6 millones.

Candidato a la droga	Etapa de desarrollo	Costo de desarrollo estimado
Mm-110	Preclínico	$ 4.2 millones
Mm-220	Fase 1	$ 5.7 millones

Gestión de propiedades intelectuales y desarrollo de patentes

A partir de 2024, MindMed tiene 17 solicitudes de patentes con una inversión de propiedad intelectual total de $ 3.9 millones.

Procesos de cumplimiento regulatorio y de aprobación de la FDA

La compañía ha asignado $ 6.5 millones para cumplimiento regulatorio e interacción de la FDA en 2024.

• Compromiso activo con equipos reguladores de la FDA
• Documentación integral para la aprobación de drogas
• Adherencia a los protocolos de ensayos clínicos

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocios: recursos clave

Cartera de moléculas psicodélicas patentadas

Los activos moleculares clave de Mindmed incluyen:

• 18-MC (derivado de ibogaína para el tratamiento de adicciones)
• Compuestos terapéuticos con sede en MDMA
• Moléculas de tratamiento neurológico basado en LSD

Molécula	Etapa de desarrollo	Área de tratamiento potencial
18-MC	Ensayos clínicos de fase 2	Trastorno por uso de opioides
Derivado de MDMA	Investigación preclínica	Trastornos de ansiedad

Equipo de Investigación y Desarrollo Científico

A partir de 2024, el equipo de I + D de Mindmed comprende:

• 25 científicos de investigación a tiempo completo
• 7 especialistas en neuropsicofarmacología a nivel de doctorado
• 12 profesionales de coordinación de ensayos clínicos

Infraestructura de investigación neurológica avanzada

Las inversiones de infraestructura de investigación incluyen:

• 3 laboratorios de investigación dedicados
• $ 12.4 millones en equipos de neuroimagen especializados
• Asociaciones con 4 instituciones de investigación académica

Financiación significativa de capital de riesgo

Ronda de financiación	Cantidad recaudada	Año
Serie A	$ 6.2 millones	2020
Serie B	$ 18.5 millones	2021
Capital de riesgo total	$ 24.7 millones	Acumulativo

Activos estratégicos de propiedad intelectual

Detalles de la cartera de propiedad intelectual:

• 12 solicitudes de patentes activas
• 7 patentes otorgadas en terapéutica psicodélica
• Valor estimado de la cartera de IP: $ 15.3 millones

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocio: propuestas de valor

Alternativas innovadoras de tratamiento de salud mental

MindMed se centra en el desarrollo de soluciones terapéuticas basadas en psicodélica con áreas de enfoque clínico específicas:

Área de tratamiento	Etapa de investigación actual	Condición objetivo
LSD MicroDosis	Ensayo clínico de fase 2	TDAH
Terapia MDMA	Investigación preclínica	Trastornos de ansiedad
Tratamiento de psilocibina	Desarrollo de la fase 2	Depresión

Posibles terapias innovadoras para afecciones resistentes al tratamiento

La tubería terapéutica de Mindmed se dirige a desafíos neurológicos específicos:

• R (-)-MDMA para trastornos de ansiedad
• MM-120 (derivado LSD) para TDAH
• Análogo de psilocibina para la depresión resistente al tratamiento

Enfoques no tradicionales para el cuidado psiquiátrico

Inversiones clave de investigación a partir de 2024:

Programa de investigación	Monto de la inversión	Estado de desarrollo
Farmacología psicodélica	$ 12.5 millones	En curso
Plataforma de neurociencia	$ 8.3 millones	Etapa avanzada

Soluciones farmacéuticas avanzadas basadas en psicodélicas

Enfoque de desarrollo farmacéutico patentado:

• Nuevos compuestos moleculares
• Derivados psicodélicos pendientes de patente
• Desarrollo analógico sintético

Intervenciones dirigidas para trastornos neurológicos complejos

Estrategias de intervención terapéutica especializada:

Categoría de desorden	Enfoque terapéutico	Prioridad de investigación
Condiciones neuropsiquiátricas	Terapia psicodélica	Alto
Trastornos de adicción	Intervenciones moleculares dirigidas	Medio
Trastornos del estado de ánimo	Protocolos de medicina de precisión	Alto

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos

MindMed se involucra con profesionales médicos a través de programas de divulgación específicos que se centran en la investigación de la medicina psicodélica. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico de compromiso	Número
Red médica profesional	347 investigadores y médicos especializados
Presentaciones anuales de la conferencia médica	12 presentaciones científicas
Asociaciones de investigación institucional	8 colaboraciones académicas activas

Programas de apoyo y educación del paciente

MindMed implementa iniciativas integrales centradas en el paciente:

• Plataforma de educación de pacientes digitales con 24,762 usuarios registrados
• Serie de seminarios web en línea con 3.487 participantes mensuales promedio
• Recursos de apoyo al paciente que cubren la investigación de salud mental

Comunicación de ensayos clínicos transparentes

Métricas de comunicación de ensayos clínicos para 2023:

Canal de comunicación	Estadística de compromiso
Actualizaciones de registro de ensayos clínicos públicos	17 listados de prueba activos
Plataformas de reclutamiento de pacientes	2,134 participantes potenciales proyectados
Informes de progreso de investigación trimestral	4 Lanzamientos públicos completos

Plataformas digitales para actualizaciones de investigación

Estadísticas de compromiso digital:

• Sitio web Visitantes mensuales: 42,569
• Seguidores de redes sociales en todas las plataformas: 87,234
• Envíe el boletín de correo electrónico suscriptores: 16,782

Interacción de la comunidad de investigación colaborativa

Investigación de métricas de interacción comunitaria:

Tipo de interacción	Datos cuantitativos
Participantes del foro de investigación	1.246 miembros activos
Asistentes anuales al simposio de investigación	672 participantes
Subvenciones de investigación colaborativa	$ 2.3 millones asignados

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocios: canales

Presentaciones de conferencias científicas

MindMed participó en las siguientes conferencias clave en 2023:

Nombre de conferencia	Fecha	Enfoque de presentación
Ciencia psicodélica 2023	19-24 de junio de 2023	Proyecto de investigación de terapia psicodélica tríptica
Reunión anual de la Asociación Americana de Asociación Psiquiátrica	20-24 de mayo de 2023	Potencial terapéutico LSD y MDMA

Publicaciones de la revista médica

Investigación publicada de Mindmed en las siguientes revistas revisadas por pares:

• Journal of Psychopharmacology - 2 Publicaciones
• Neuropsychopharmacology - 1 publicación
• Psiquiatría traslacional - 1 publicación

Plataformas de relaciones con inversores digitales

Los canales de comunicación digital incluyen:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	21,500 seguidores	3.2%
Gorjeo	15,700 seguidores	2.8%
Sitio web de relaciones con los inversores	47,000 visitantes mensuales	Tasa de conversión de 4.5%

Redes especializadas de inversión en salud

Mindmed comprometido con las siguientes redes de inversión:

• Red de inversionistas alfoDélicos
• Lifesci Capital Healthcare Investors
• Cantor Fitzgerald Healthcare Investment Group

Comunicaciones directas de la industria farmacéutica

Canales de comunicación directa con partes interesadas de la industria farmacéutica:

Método de comunicación	Frecuencia	Público objetivo
Campañas de correo electrónico dirigidas	Trimestral	Instituciones de investigación
Seminarios web farmacéuticos	Bimensual	Investigadores clínicos
Alcance de la asociación directa	Mensual	Colaboradores potenciales

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocio: segmentos de clientes

Proveedores de atención médica psiquiátrica

Tamaño del mercado objetivo: 52,000 psiquiatras con licencia en los Estados Unidos a partir de 2023.

Características de segmento	Compromiso potencial
Psiquiatras de práctica privada	37,500 profesionales
Profesionales psiquiátricos en el hospital	14,500 profesionales

Investigadores de tratamiento de salud mental

Investigación de la comunidad Enfoque: 6.200 investigadores clínicos activos que se especializan en medicina psicodélica.

• Instituciones de investigación académica: 2.800 investigadores
• Centros de investigación farmacéutica: 1.600 investigadores
• Organizaciones de investigación independientes: 1.800 investigadores

Profesionales de la industria farmacéutica

Segmento farmacéutico objetivo: 280 empresas con departamentos de investigación de neurociencia.

Tipo de empresa	Número de empresas
Grandes corporaciones farmacéuticas	45 empresas
Compañías farmacéuticas de tamaño mediano	120 empresas
Empresas de biotecnología especializadas	115 empresas

Pacientes con afecciones resistentes al tratamiento

Popular población de pacientes: 16,1 millones de adultos con afecciones de salud mental resistentes al tratamiento en los Estados Unidos.

• Depresión resistente al tratamiento: 4.5 millones de pacientes
• Trastornos de ansiedad resistentes al tratamiento: 6.2 millones de pacientes
• TEPT resistente al tratamiento: 2.4 millones de pacientes
• Trastornos de adicción resistente al tratamiento: 3 millones de pacientes

Instituciones de investigación de neurociencia

Institución de investigación panorama: 412 Centros de investigación de neurociencia dedicados a nivel mundial.

Distribución geográfica	Número de instituciones
América del norte	158 instituciones
Europa	127 instituciones
Asia-Pacífico	89 instituciones
Resto del mundo	38 instituciones

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocio: Estructura de costos

Extensos gastos de ensayos clínicos

A partir del cuarto trimestre de 2023, Mindmed informó que los gastos de ensayos clínicos por un total de $ 24.7 millones. El ensayo de fase 2B de la compañía para la terapia asistida por MDMA para el trastorno de ansiedad incurrió en costos significativos.

Categoría de ensayo clínico	Gasto anual (2023)
Pruebas de fase 2	$ 18.3 millones
Pruebas de fase 1	$ 6.4 millones

Inversiones de investigación y desarrollo

MindMed asignó $ 37.2 millones a los gastos de I + D en 2023, centrándose en tratamientos terapéuticos basados ​​en psicodélicos.

• Investigación de neuroplasticidad: $ 12.5 millones
• Formulación novedosa de drogas: $ 9.7 millones
• Estudios preclínicos: $ 15 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de aproximadamente $ 4.6 millones, que cubren las interacciones y la documentación de la FDA.

Actividad de cumplimiento	Costo
Preparación de la aplicación de la FDA	$ 2.1 millones
Consultoría regulatoria	$ 1.5 millones
Documentación de cumplimiento	$ 1 millón

Mantenimiento de la propiedad intelectual

MindMed gastó $ 3.2 millones en protección de propiedad intelectual y mantenimiento de patentes en 2023.

• Costos de presentación de patentes: $ 1.8 millones
• Tarifas de renovación de patentes: $ 900,000
• IP Legal Services: $ 500,000

Reclutamiento y retención de talento científico

Los gastos totales de personal para el talento científico en 2023 alcanzaron los $ 22.5 millones.

Categoría de personal	Compensación anual
Investigadores de alto nivel	$ 12.3 millones
Científicos clínicos	$ 6.7 millones
Personal de apoyo de investigación	$ 3.5 millones

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negocios: flujos de ingresos

Venta potencial de productos farmacéuticos futuros

A partir del cuarto trimestre de 2023, MindMed no tiene productos farmacéuticos aprobados que generan ingresos directos. El enfoque actual permanece en el desarrollo de la medicina inspirada en la etapa clínica de la etapa clínica.

Tubería de productos	Etapa de desarrollo	Valor de mercado potencial
MM-110 (programa MDMA)	Fase 2	Mercado potencial estimado de $ 50-100 millones
Programa de microdososis LSD	Preclínico	Mercado potencial estimado de $ 25-75 millones

Subvenciones de investigación y asociaciones académicas

MindMed ha asegurado múltiples colaboraciones de investigación con instituciones académicas.

• Institutos Nacionales de Salud (NIH) Potencial de apoyo de subvención
• Las asociaciones de investigación académica valoraron aproximadamente $ 500,000- $ 1.5 millones anuales
• Financiación de la investigación colaborativa de cimientos de investigación privada

Licencia de propiedad intelectual

Mindmed sostiene 17 familias de patentes a diciembre de 2023.

Categoría de patente	Número de patentes	Ingresos potenciales de licencia
Modificaciones de compuestos psicodélicos	7	$ 250,000- $ 750,000 posibles licencias anuales
Patentes de metodología de tratamiento	6	$ 150,000- $ 500,000 posibles licencias anuales

Financiación de la investigación colaborativa

Las colaboraciones de investigación externas proporcionan flujos de financiación suplementarios.

• Subvenciones de investigación de la Fundación Privada: $ 750,000- $ 1.2 millones anuales
• Soporte de investigación de asociación farmacéutica: $ 500,000- $ 2 millones de potencial

Royalias potenciales de tratamiento terapéutico

Potencial de ingresos futuros de ensayos clínicos exitosos y aprobaciones de medicamentos.

Área terapéutica	Porcentaje de regalías potencial	Ingresos anuales estimados
Tratamientos de ansiedad	3-5%	$ 5-15 millones de potencial
Terapias de adicción	4-6%	$ 7-20 millones de potencial

Mind Medicine (MindMed) Inc. (MNMD) - Canvas Business Model: Value Propositions

You're looking at the core promise Mind Medicine (MindMed) Inc. is bringing to the table for patients and prescribers in the central nervous system space. It really boils down to a potential paradigm shift in how we treat major psychiatric conditions.

The primary value proposition centers on MM-120 Orally Disintegrating Tablet (ODT) being a single-dose, rapid-acting treatment for Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD). This contrasts sharply with the current standard, considering the last new FDA approval for GAD was back in 2007.

The clinical data from the Phase 2b GAD study (MMED008) provides the foundation for this claim. The 100 microgram cohort showed compelling, sustained efficacy after just one administration in a monitored setting, without any added psychotherapeutic intervention.

Here's the quick math on that Phase 2b data for the optimal 100 µg dose:

Metric	Value	Context
Clinical Remission Rate (Week 12)	48%	Sustained from Week 4
Clinical Response Rate (Week 12)	65%	Sustained from Week 4
Effect Size (HAM-A vs. Placebo at Week 12)	0.81	Compared to placebo improvement of -14.2
HAM-A Improvement vs. Placebo (Week 4)	7.6-point greater reduction	Primary endpoint met

This level of efficacy in a single dose is what drove the U.S. Food and Drug Administration (FDA) to grant MM-120 Breakthrough Therapy Designation for GAD. Honestly, that designation alone signals the FDA sees a substantial potential improvement over existing options, especially since 50% of GAD patients fail first-line treatments.

The mechanism of action is novel in this context, targeting brain health disorders with a compound that acts as a partial agonist at human serotonin-2A (5-HT2A) receptors. This approach is being leveraged across a significant market burden, as Mind Medicine (MindMed) Inc. is advancing three pivotal Phase 3 trials:

• Voyage (GAD): Topline data anticipated in 1H 2026.
• Panorama (GAD): Topline data anticipated in 2H 2026.
• Emerge (MDD): Topline data anticipated in 2H 2026.

To support this late-stage development, the company reported a cash position of $209.1 million as of September 30, 2025, which, combined with net proceeds of $242.8 million from an October 2025 financing, is expected to fund operations into 2028. Research and development expenses for Q3 2025 were $31.0 million. Finance: draft 2026 R&D budget by end of Q4 2025.

Mind Medicine (MindMed) Inc. (MNMD) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your relationships with the key groups driving your clinical narrative-investigators, participants, and the capital markets-are everything right now. Here's the breakdown of Mind Medicine (MindMed) Inc.'s customer-facing statistical reality as of late 2025.

High-touch engagement with clinical investigators and trial participants

The core relationship is with the sites and the individuals enrolled in the pivotal Phase 3 programs for MM120 ODT. Enrollment is actively being managed across three key trials, with specific participant targets and data readout timelines defining the engagement cadence.

Mind Medicine (MindMed) Inc. is advancing its lead asset, MM120 ODT, through three pivotal Phase 3 studies. The company reported that enrollment across all three trials remains on track as of November 2025. The company is also planning to initiate a second Phase 3 registrational study in Major Depressive Disorder (MDD), named Ascend, in $\text{mid-2026}$, which is expected to enroll approximately $\text{175 participants}$.

Here are the specifics on the current clinical trial relationships:

• Voyage Phase 3 study (GAD): Expected to enroll approximately $\text{200 participants}$ in the U.S.
• Panorama Phase 3 study (GAD): Expected to enroll approximately $\text{250 participants}$ in the U.S. and Europe.
• Emerge Phase 3 study (MDD): Enrollment has progressed faster than expected, with approximately $\text{140 participants}$ planned.
• Phase 2b GAD study (prior data): Involved $\text{198 adults}$ with moderate-to-severe GAD.
• MM402 for ASD: A Phase 2a study is planned to initiate in the $\text{fourth quarter of 2025}$.

The relationship with investigators is critical for maintaining enrollment momentum and data quality across these complex studies. For instance, the Panorama study utilizes a $\text{2:1:2}$ randomization scheme for its $\text{100 µg}$ dose, $\text{50 µg}$ control, or placebo arms. The company is targeting topline data readouts for the initial $\text{12-week}$ periods in $\text{2026}$: $\text{Voyage}$ in the $\text{first half of 2026}$, and $\text{Emerge}$ and $\text{Panorama}$ in the $\text{second half of 2026}$.

Investor Relations (IR) for capital raising and market communication

The relationship with the investment community is characterized by active capital management to support the late-stage pipeline. Mind Medicine (MindMed) Inc. recently executed a significant financing event to extend its runway.

The gross proceeds from the underwritten public offering that closed on $\text{October 31, 2025}$, were approximately $\text{\$259 million}$, after the underwriters exercised their option in full. The offering price per common share was $\text{\$12.25}$. This influx strengthened the balance sheet; cash, cash equivalents, and investments stood at $\text{\$209.1 million}$ as of $\text{September 30, 2025}$, and the company believes the combined funds are sufficient to fund operations into $\text{2028}$. The market shows strong interest, reflected in a $\text{1-year}$ total shareholder return of $\text{118\%}$ as of late $\text{2025}$. The company's Price-to-Book ratio was $\text{5.5x}$ at a last close price of $\text{\$13.39}$.

Management actively engages with this segment through scheduled events. For example, the management team participated in several investor conferences in $\text{September 2025}$, including the Cantor Global Healthcare Conference and the H.C. Wainwright Annual Global Investment Conference. The Head of Investor Relations is Gitanjali Jain, VP.

The financial health and capital structure are key discussion points:

Metric	Value as of Late 2025	Date/Context
Gross Proceeds from Oct 2025 Offering	$\text{\$258.9 million}$	October 2025
Net Proceeds from Oct 2025 Offering	$\text{\$242.8 million}$	October 2025
Cash, Cash Equivalents, Investments	$\text{\$209.1 million}$	September 30, 2025
Price-to-Book Ratio	$\text{5.5x}$	Late 2025
1-Year Total Shareholder Return	$\text{118\%}$	Late 2025

Future direct relationship with prescribing psychiatrists and specialists

Mind Medicine (MindMed) Inc. is preparing for a commercial relationship by drawing on precedents in the market. The company is drawing parallels to the launch of intranasal esketamine ($\text{Spravato}$) to enhance its commercialization strategy. A prior survey in $\text{February 2024}$ polled $\text{50}$ providers who recommended, referred, or prescribed $\text{Spravato}$ treatment. This indicates a focus on understanding the prescribing behavior of specialists who are already engaged with novel, regulated psychiatric treatments.

Scientific engagement via publications (e.g., JAMA) and conferences

Scientific validation forms the basis of credibility with investigators and future prescribers. The company achieved a major milestone when the Journal of the American Medical Association ($\text{JAMA}$) published full results from the Phase $\text{2b}$ study of $\text{MM120}$ in $\text{GAD}$ on $\text{September 4, 2025}$. This study involved $\text{198 adults}$ and established the $\text{100 µg}$ dose as optimal.

Further scientific engagement occurred at industry events. Mind Medicine (MindMed) Inc. presented retrospective study results at Psych Congress $\text{2025}$, analyzing data from more than $\text{75,000 respondents}$ from the $\text{2022}$ National Health and Wellness Survey. Additionally, management presented at the Stifel $\text{2025}$ Healthcare Conference on $\text{November 12, 2025}$.

Key scientific engagement metrics:

• $\text{JAMA}$ publication date for Phase $\text{2b}$ GAD data: $\text{September 4, 2025}$.
• Phase $\text{2b}$ GAD study participants: $\text{198 adults}$.
• Retrospective study data source: $\text{2022}$ National Health and Wellness Survey ($\text{>75,000}$ respondents).
• Conference presentation: Stifel $\text{2025}$ Healthcare Conference ($\text{November 12, 2025}$).

Finance: draft $\text{13-week}$ cash view by Friday.

Mind Medicine (MindMed) Inc. (MNMD) - Canvas Business Model: Channels

You're looking at how Mind Medicine (MindMed) Inc. (MNMD) gets its product development, capital, and eventual commercial offering in front of the right people. For a late-stage clinical company, the channels are heavily weighted toward research partners and the financial markets right now.

Clinical trial sites and research institutions for current drug delivery

Mind Medicine (MindMed) Inc. relies on a network of clinical trial sites and research institutions to advance its lead candidates, MM120 ODT and MM402. Enrollment momentum is reported across all three pivotal Phase 3 trials for MM120 ODT, which is being evaluated for Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD).

The company's execution is tied directly to the enrollment pace at these sites. For instance, the Panorama study, one of the GAD trials, is expected to enroll approximately 250 participants across the U.S. and Europe. The Phase 3 Emerge study for MDD is expected to enroll 140 participants.

Trial Program	Indication	Phase	Geographic Scope Mentioned	Anticipated Topline Data (Part A)
Voyage (MM120-300)	GAD	Phase 3	U.S.	1H 2026
Panorama (MM120-301)	GAD	Phase 3	U.S. and Europe	2H 2026
Emerge (MM120-310)	MDD	Phase 3	Not specified for enrollment sites	2H 2026
MM402 Study	ASD	Phase 2a	Not specified	Initiation in Q4 2025

Investor roadshows and financial news outlets for capital access

Access to capital is a critical channel for funding the late-stage clinical work. Mind Medicine (MindMed) Inc. recently bolstered its balance sheet significantly. In October 2025, the company completed an underwritten public offering resulting in gross proceeds of approximately $258.9 million. The net proceeds, after discounts and expenses, were about $242.8 million.

This financing event, reported across financial news outlets, followed a period where the company maintained a strong cash position. As of September 30, 2025, Mind Medicine (MindMed) Inc. reported cash, cash equivalents, and investments totaling $209.1 million. This capital is intended to fund research and development and support operations into 2028. The company's price-to-book ratio was reported at 4.63 or 5.5x depending on the report date, which is substantially higher than the US pharmaceuticals industry average of 2.3x.

Future specialty pharmacy and closed-distribution networks for commercial product

While commercial launch is contingent on regulatory approval, Mind Medicine (MindMed) Inc. is preparing its go-to-market channels. The appointment of Matt Wiley as Chief Commercial Officer in Q1 2025 signals a focus on global commercial strategy and execution, including specialty product launches in CNS disorders.

The market perception channel is also active, with company research indicating that 78% of interventional psychiatric providers expect psychedelic therapies to transform GAD and MDD treatment. For a specialized product, distribution will likely involve limited or exclusive networks, as seen in the broader market where 34% of specialty drugs have exclusive networks as of January 2025.

• Appointed Chief Commercial Officer in Q1 2025.
• Commercial team is aligning payer strategies and facility targeting based on high-volume GAD clinics.
• Market research suggests 78% of relevant providers anticipate transformation from these therapies.

Scientific and medical journals for data dissemination

Dissemination of clinical data through peer-reviewed scientific and medical journals is a key channel for establishing credibility with prescribers and regulators. Mind Medicine (MindMed) Inc. published full study results from its randomized, placebo-controlled Phase 2b trial of MM120 in GAD in JAMA. This publication serves as a primary channel to communicate efficacy and safety data to the broader medical community.

The company anticipates multiple topline data readouts in 2026, which will necessitate further journal submissions and presentations at scientific meetings. For example, the Phase 2b results for MM120 in GAD showed a 48% remission rate at Week 12 for the 100-microgram cohort.

Mind Medicine (MindMed) Inc. (MNMD) - Canvas Business Model: Customer Segments

You're looking at the core patient groups Mind Medicine (MindMed) Inc. is targeting with its late-stage assets, primarily MM120 ODT. These are not just abstract numbers; they represent the scale of the unmet need the company is trying to address.

Patients with moderate to severe Generalized Anxiety Disorder (GAD)

Mind Medicine (MindMed) Inc. is advancing MM120 ODT through pivotal Phase 3 trials for GAD, which has the U.S. Food and Drug Administration (FDA) Breakthrough Therapy designation for this indication. The company's management has stated a commitment to delivering innovation for the over 50 million people in the U.S. living with GAD or MDD as of May 2025. A retrospective study using 2022 National Health and Wellness Survey data projected that the GAD-only cohort among U.S. adults was approximately 31.87 million.

Patients with Major Depressive Disorder (MDD) not helped by current therapies

The pipeline also targets MDD patients via the Phase 3 EMERGE study. This segment heavily overlaps with treatment-resistant depression (TRD). It is estimated that at least 30% of persons with MDD meet the FDA/EMA definition of TRD, which is an inadequate response to a minimum of two antidepressants. One analysis estimated the 12-month prevalence of TRD among US adults with medication-treated MDD to be 30.9%, representing 2.8 million adults. Another 2025 study characterized 13.92% of the depression population as TRD. Furthermore, data presented at Psych Congress 2025 showed that among respondents reporting GAD symptoms, 65% also reported MDD symptoms.

Institutional and retail investors funding drug development

As a clinical-stage, pre-revenue biopharmaceutical company, Mind Medicine (MindMed) Inc. relies on capital markets to fund its research and development. The company recently bolstered its balance sheet significantly. Here's a look at the financial position as of late 2025, following a major equity raise:

Metric	Value as of Late 2025
Gross Proceeds from October 2025 Offering	Approximately $258.9 million
Estimated Net Proceeds from October 2025 Offering	Approximately $242.8 million
Cash, Cash Equivalents, and Investments (End of Q3 2025)	$209.1 million
Cash Runway Projection (Post-Offering)	Sufficient to fund operations into 2028
Institutional Owners/Funds (Prior Filing Data)	305 institutions/funds holding shares

The market sentiment reflects this funding event, with the 1-year total shareholder return standing at 118% leading up to the October 2025 raise. Still, the Price-to-Book ratio was noted at 5.5x, substantially higher than the US pharmaceuticals industry average of 2.3x.

Prescribing psychiatrists and mental health specialists (future)

This segment represents the future commercial customer base, the prescribers who will ultimately recommend MM120 ODT upon potential regulatory approval. Mind Medicine (MindMed) Inc. has been actively preparing for this by building out its commercial strategy. Market research cited by the company suggests that 78% of interventional psychiatric providers expect psychedelic therapies to transform GAD and MDD treatment. The company is zeroing in on where these clinicians are located to align payer strategies and facility targeting.

• Total US adults projected with GAD or MDD symptoms (combined cohort): 60.04 million
• Total US adults projected with GAD symptoms only: 31.87 million
• Anticipated Phase 3 data readouts for MM120 ODT: 1H 2026 (Voyage/GAD) and 2H 2026 (Panorama/GAD and Emerge/MDD)

Finance: draft 13-week cash view by Friday.

Mind Medicine (MindMed) Inc. (MNMD) - Canvas Business Model: Cost Structure

You're looking at the spending side of Mind Medicine (MindMed) Inc.'s operations as of late 2025. For a pre-revenue, late-stage clinical company, the cost structure is almost entirely driven by pipeline advancement and getting ready for potential market entry. The burn rate reflects the commitment to getting MM-120 through pivotal trials.

The most significant cost component is definitely Research & Development (R&D) expenses, which are high because of the ongoing work on the MM-120 Phase 3 program for Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD). This is where the bulk of the cash is going right now to generate the data needed for regulatory submissions.

We can see the intensity of this spending clearly in the third quarter results. Here's the quick math on the operating expenses for the period ending September 30, 2025:

Expense Category	Q3 2025 Amount (USD Millions)	Q3 2024 Amount (USD Millions)	Year-over-Year Change (USD Millions)
Research & Development (R&D)	$31.0 million	$17.2 million	+$13.8 million
General & Administrative (G&A)	$14.7 million	$7.6 million	+$7.1 million

The R&D increase of $13.8 million year-over-year was largely due to increases of $11.7 million in MM120 program expenses, plus $2.5 million in internal personnel costs reflecting expanded research and development capabilities. What this estimate hides is the non-cash impact; the net loss was also magnified by a non-cash loss from the change in fair value of warrants, which hit $22.55 million in the quarter.

General and Administrative (G&A) costs also saw a substantial jump, rising to $14.7 million from $7.6 million the year prior. This reflects more than just overhead; it's strategic spending.

The drivers for that G&A increase include:

• Personnel-related expenses increasing by $3.0 million.
• Commercial preparedness related expenses rising by $2.0 million.
• Corporate affairs expenses increasing by $1.6 million.

This G&A ramp signals Mind Medicine (MindMed) Inc. is actively building out the infrastructure needed for a potential commercial launch, even while still deep in Phase 3 trials. It's a forward-looking cost structure, defintely.

Finance: draft 13-week cash view by Friday.

Mind Medicine (MindMed) Inc. (MNMD) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Mind Medicine (MindMed) Inc. (MNMD) as of late 2025. For a late-stage clinical biopharma like Mind Medicine (MindMed) Inc., the revenue stream section of the Business Model Canvas is currently all about capital preservation and financing the path to potential commercialization. Honestly, it's a very common profile for a company at this stage.

The current reality is that Mind Medicine (MindMed) Inc. is pre-revenue. For the third quarter ended September 30, 2025, the company reported $0.0 million in revenue, which is exactly what you'd expect from a firm focused entirely on clinical development rather than product sales.

To fund the heavy R&D spend-like the $31.0 million in R&D expenses reported for Q3 2025-the primary revenue source is external financing, specifically equity raises. The most significant recent event was the underwritten public offering that closed on October 31, 2025. This financing was substantial, bringing in estimated $242.8 million in net proceeds after accounting for underwriting discounts and expenses. This capital infusion is key; when combined with the $209.1 million in cash, cash equivalents, and investments held as of September 30, 2025, management projects sufficient funding to sustain operations well into 2028.

Here's a quick look at the funding position as of the last reported quarter and the recent raise:

Metric	Amount	Date/Context
Commercial Revenue (Q3 2025)	$0.0 million	Quarter Ended September 30, 2025
Cash, Cash Equivalents, Investments	$209.1 million	As of September 30, 2025
Net Proceeds from October 2025 Offering	$242.8 million	Closed October 31, 2025
Projected Cash Runway	Into 2028	Based on Sept 30, 2025 cash plus net proceeds

The structure of Mind Medicine (MindMed) Inc.'s future revenue streams is entirely dependent on clinical success. You need to watch the pipeline milestones, as these are the triggers for any future cash flow.

Potential future revenue streams are:

• Anticipated sales revenue from approved MM-120 Orally Disintegrating Tablet (ODT) drug product for Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD).
• Milestone payments contingent on achieving specific clinical or regulatory targets for MM-120 or other pipeline assets like MM402 for Autism Spectrum Disorder (ASD).
• Potential upfront payments or royalties from future licensing agreements or collaborations for its therapeutic candidates.

The near-term focus for revenue generation is the MM-120 Phase 3 data readouts, which are targeted for 2026. If those readouts are positive, that sets the stage for the first true commercial revenue stream. If onboarding takes 14+ days, churn risk rises-though that's more for a commercial product, the principle of execution timing applies to clinical readouts too.