Mind Medicine (MindMed) Inc. (MNMD): Business Model Canvas [Jan-2025 Mis à jour]

Mind Medicine (Mindmed) Inc. révolutionne le traitement de santé mentale par la recherche pharmaceutique psychédélique révolutionnaire, se positionnant à la pointe de l'innovation neurologique. En tirant parti d'un modèle commercial sophistiqué qui plie la découverte scientifique avec un potentiel thérapeutique transformateur, la société remet en question les paradigmes de soins psychiatriques traditionnels et l'exploration de nouvelles approches radicales pour traiter les problèmes de santé mentale complexes. Leur cadre stratégique combine des recherches avancées, des partenariats stratégiques et une approche visionnaire pour développer des thérapies révolutionnaires qui pourraient fondamentalement remodeler la façon dont nous comprenons et traitons les troubles neurologiques.

Mind Medicine (Mindmed) Inc. (MNMD) - Modèle commercial: partenariats clés

Établissements de recherche universitaire

MindMed collabore avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Détails du partenariat
JOHNS HOPKINS Center for Psychedelic Research	Recherche thérapeutique psilocybine	Collaboration en cours cliniques
NYU Langone Health	Traitement psychédélique pour la santé mentale	Partenariat de recherche pour les études MDMA et LSD

Réseaux d'essais cliniques

Le réseau d'essais cliniques de Mindmed comprend:

• Réseau d'essais cliniques sur les voies Compass
• Programme de recherche clinique de l'Institut USONA
• Centre de recherche psychédélique de l'Université de Stanford

Consultants en réglementation pharmaceutique

Les partenariats réglementaires comprennent:

Société consultante	Spécialité	Type d'engagement
Solutions réglementaires accélérées	Stratégie réglementaire de la FDA	Consultation en cours
Groupe de conformité pharmaceutique	Compliance réglementaire des essais cliniques	Services consultatifs

Experts en neurosciences et en traitement psychiatrique

Collaborations expertes clés:

• Dr David Nutt, Imperial College London
• Dr Robin Carhart-Harris, Université de Californie
• Dr Matthew Johnson, Université Johns Hopkins

Biotechnology Investment Installations

Partenariats d'investissement:

Entreprise d'investissement	Montant d'investissement	Année d'investissement
Fonds des fondateurs	5,2 millions de dollars	2021
Horizons Ventures	3,8 millions de dollars	2020

Mind Medicine (Mindmed) Inc. (MNMD) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques psychédéliques

MindMed se concentre sur le développement de médicaments inspirés du psychédélique avec un portefeuille de recherche ciblant diverses conditions de santé neurologique et mentale. Depuis 2024, la société a 6 programmes de développement de médicaments actifs.

Programme de recherche	Étape actuelle	Condition cible
Project Lucy (LSD)	Phase 2	Troubles anxieux
MM-120	Phase 2B	Trouble anxieux généralisé

Essais cliniques pour les protocoles de traitement de santé mentale

L'entreprise a investi 28,4 millions de dollars en frais d'essai cliniques Au cours de l'exercice 2023.

• Essais cliniques en cours pour les thérapies assistées psychédéliques
• Collaboration avec plusieurs institutions de recherche
• Concentrez-vous sur les protocoles de traitement fondés sur des preuves

Test des candidats à médicaments neurologiques

Mindmed a 3 Candidats de médicament neurologique primaires à diverses étapes de développement, avec un investissement de recherche total 12,6 millions de dollars.

Drogue	Étape de développement	Coût de développement estimé
MM-110	Préclinique	4,2 millions de dollars
MM-220	Phase 1	5,7 millions de dollars

Gestion de la propriété intellectuelle et développement des brevets

Depuis 2024, Mindmed tient 17 demandes de brevet avec un investissement total de propriété intellectuelle de 3,9 millions de dollars.

Processus de conformité réglementaire et d'approbation de la FDA

L'entreprise a alloué 6,5 millions de dollars pour la conformité réglementaire et l'interaction de la FDA en 2024.

• Engagement actif avec les équipes réglementaires de la FDA
• Documentation complète pour l'approbation des médicaments
• Adhésion aux protocoles d'essais cliniques

Mind Medicine (Mindmed) Inc. (MNMD) - Modèle d'entreprise: Ressources clés

Portefeuille de molécules psychéiques propriétaires

Les principaux actifs moléculaires de Mindmed comprennent:

• 18 mc (dérivé d'ibogaïne pour le traitement de la toxicomanie)
• Composés thérapeutiques à base de MDMA
• Molécules de traitement neurologique à base de LSD

Molécule	Étape de développement	Zone de traitement potentiel
18 mc	Essais cliniques de phase 2	Trouble d'utilisation des opioïdes
MDMA dérivé	Recherche préclinique	Troubles anxieux

Équipe de recherche et développement scientifique

Depuis 2024, l'équipe R&D de Mindmed comprend:

• 25 scientifiques des chercheurs à plein temps
• 7 spécialistes de neuropsychopharmacologie au niveau du doctorat
• 12 professionnels de la coordination des essais cliniques

Infrastructure de recherche neurologique avancée

Les investissements d'infrastructure de recherche comprennent:

• 3 laboratoires de recherche dédiés
• 12,4 millions de dollars en équipement de neuroimagerie spécialisé
• Partenariats avec 4 établissements de recherche universitaire

Financement important en capital-risque

Ronde de financement	Montant recueilli	Année
Série A	6,2 millions de dollars	2020
Série B	18,5 millions de dollars	2021
Capital-risque total	24,7 millions de dollars	Cumulatif

Actifs de propriété intellectuelle stratégique

Détails du portefeuille de propriété intellectuelle:

• 12 demandes de brevet actives
• 7 Brevets accordés dans la thérapeutique psychédélique
• Valeur du portefeuille IP estimé: 15,3 millions de dollars

Mind Medicine (MindMed) Inc. (MNMD) - Modèle d'entreprise: propositions de valeur

Alternatives innovantes de traitement de santé mentale

MindMed se concentre sur le développement de solutions thérapeutiques à base de psychédéliques avec des domaines d'intervention clinique spécifiques:

Zone de traitement	Étape de recherche actuelle	Condition cible
Microdosage LSD	Essai clinique de phase 2	TDAH
Thérapie MDMA	Recherche préclinique	Troubles anxieux
Traitement de psilocybine	Développement de phase 2	Dépression

Thérapies révolutionnaires potentielles pour les conditions résistantes au traitement

Le pipeline thérapeutique de Mindmed cible les défis neurologiques spécifiques:

• R (-) - mdma pour les troubles anxieux
• MM-120 (dérivé LSD) pour le TDAH
• Psilocybine analogique pour la dépression résistante au traitement

Approches non traditionnelles des soins psychiatriques

Investissements de recherche clés à partir de 2024:

Programme de recherche	Montant d'investissement	Statut de développement
Pharmacologie psychédélique	12,5 millions de dollars	En cours
Plateforme de neurosciences	8,3 millions de dollars	Étape avancée

Solutions pharmaceutiques avancées à base de psychédéliques

Focus de développement pharmaceutique propriétaire:

• Nouveaux composés moléculaires
• Dérivés psychédéliques en attente de brevet
• Développement analogique synthétique

Interventions ciblées pour les troubles neurologiques complexes

Stratégies d'intervention thérapeutique spécialisées:

Catégorie de troubles	Approche thérapeutique	Priorité de recherche
Conditions neuropsychiatriques	Thérapie assistée par psychédélique	Haut
Troubles de la toxicomanie	Interventions moléculaires ciblées	Moyen
Troubles de l'humeur	Protocoles de médecine de précision	Haut

Mind Medicine (MindMed) Inc. (MNMD) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

MindMed s'engage avec des professionnels de la santé grâce à des programmes de sensibilisation ciblés axés sur la recherche en médecine psychédélique. Au quatrième trimestre 2023, la société a rapporté:

Métrique de l'engagement	Nombre
Réseau professionnel médical	347 chercheurs et cliniciens spécialisés
Présentations annuelles de la conférence médicale	12 présentations scientifiques
Partenariats de recherche institutionnelle	8 collaborations académiques actives

Programmes de soutien aux patients et d'éducation

Mindmed met en œuvre des initiatives complètes axées sur les patients:

• Plateforme d'éducation des patients numériques avec 24 762 utilisateurs enregistrés
• Série de webinaires en ligne avec 3 487 participants mensuels moyens
• Ressources de soutien aux patients couvrant la recherche en santé mentale

Communication d'essai cliniques transparent

Métriques de communication des essais cliniques pour 2023:

Canal de communication	Statistique de l'engagement
Mises à jour du registre des essais cliniques publics	17 listes d'essais actifs
Plateformes de recrutement des patients	2 134 participants potentiels dépistés
Rapports de progression de la recherche trimestrielle	4 versions publiques complètes

Plateformes numériques pour les mises à jour de la recherche

Statistiques de l'engagement numérique:

• Visiteurs mensuels du site Web: 42 569
• Abonnés des médias sociaux sur toutes les plateformes: 87 234
• Abonders de newsletter par e-mail: 16 782

Interaction communautaire de recherche collaborative

Recherchez les mesures d'interaction communautaire:

Type d'interaction	Données quantitatives
Participants du forum de recherche	1 246 membres actifs
CONSÉRENTS ANNUELS DE RECHERCHE DE RECHERCHE	672 participants
Subventions de recherche collaborative	2,3 millions de dollars alloués

Mind Medicine (MindMed) Inc. (MNMD) - Modèle d'entreprise: canaux

Présentations de la conférence scientifique

MindMed a participé aux principales conférences suivantes en 2023:

Nom de conférence	Date	Focus de présentation
Science psychédélique 2023	19-24 juin 2023	Projet Recherche de thérapie psychédélique triptyque
Réunion annuelle de l'American Psychiatric Association	20-24 mai 2023	Potentiel thérapeutique LSD et MDMA

Publications des journaux médicaux

Mindmed a publié des recherches dans les revues à comité de lecture suivantes:

• Journal of Psychopharmacology - 2 publications
• Neuropsychopharmacology - 1 publication
• Psychiatrie translationnelle - 1 publication

Plateformes de relations avec les investisseurs numériques

Les canaux de communication numérique comprennent:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	21 500 abonnés	3.2%
Gazouillement	15 700 abonnés	2.8%
Site Web de relations avec les investisseurs	47 000 visiteurs mensuels	Taux de conversion de 4,5%

Réseaux d'investissement de soins de santé spécialisés

Mindmed s'est engagé dans les réseaux d'investissement suivants:

• Réseau psychédélique des investisseurs alpha
• Investisseurs de la santé de Lifesci Capital
• Cantor Fitzgerald Healthcare Investment Group

Communications directes de l'industrie pharmaceutique

Canaux de communication directs avec les parties prenantes de l'industrie pharmaceutique:

Méthode de communication	Fréquence	Public cible
Campagnes par e-mail ciblées	Trimestriel	Institutions de recherche
Webinaires pharmaceutiques	Bimensuel	Chercheurs en clinique
Partenariat direct de la sensibilisation	Mensuel	Collaborateurs potentiels

Mind Medicine (MindMed) Inc. (MNMD) - Modèle d'entreprise: segments de clientèle

Fournisseurs de soins de santé psychiatriques

Taille du marché cible: 52 000 psychiatres agréés aux États-Unis en 2023.

Caractéristiques du segment	Engagement potentiel
Psychiatres de pratique privée	37 500 professionnels
Professionnels psychiatriques en milieu hospitalier	14 500 professionnels

Chercheurs en santé mentale

Focus sur la communauté de la recherche: 6 200 chercheurs cliniques actifs spécialisés en médecine psychédélique.

• Institutions de recherche universitaire: 2 800 chercheurs
• Centres de recherche pharmaceutique: 1 600 chercheurs
• Organisations de recherche indépendantes: 1 800 chercheurs

Professionnels de l'industrie pharmaceutique

Target Pharmaceutical Segment: 280 entreprises avec des services de recherche en neurosciences.

Type d'entreprise	Nombre d'entreprises
Grandes sociétés pharmaceutiques	45 entreprises
Sociétés pharmaceutiques de taille moyenne	120 entreprises
Entreprises de biotechnologie spécialisées	115 entreprises

Patients souffrant de conditions de traitement

Population potentielle des patients: 16,1 millions d'adultes souffrant de problèmes de santé mentale résistants au traitement aux États-Unis.

• Dépression résistante au traitement: 4,5 millions de patients
• Troubles anxieux résistants au traitement: 6,2 millions de patients
• SSPT résistant au traitement: 2,4 millions de patients
• Troubles de la dépendance résistants au traitement: 3 millions de patients

Institutions de recherche en neurosciences

Paysage de l'institution de recherche: 412 centres de recherche en neurosciences dédiées dans le monde.

Distribution géographique	Nombre d'institutions
Amérique du Nord	158 institutions
Europe	127 institutions
Asie-Pacifique	89 institutions
Reste du monde	38 institutions

Mind Medicine (Mindmed) Inc. (MNMD) - Modèle d'entreprise: Structure des coûts

Frais d'essais cliniques approfondis

Au quatrième trimestre 2023, Mindmed a déclaré des dépenses d'essai cliniques totalisant 24,7 millions de dollars. L'essai de phase 2B de la société pour le traitement assisté par MDMA pour un trouble anxieux a entraîné des coûts importants.

Catégorie d'essais cliniques	Dépenses annuelles (2023)
Essais de phase 2	18,3 millions de dollars
Essais de phase 1	6,4 millions de dollars

Investissements de recherche et développement

MindMed a alloué 37,2 millions de dollars aux dépenses de R&D en 2023, en se concentrant sur les traitements thérapeutiques psychédéliques.

• Recherche de neuroplasticité: 12,5 millions de dollars
• Nouvelle formulation de médicaments: 9,7 millions de dollars
• Études précliniques: 15 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient d'environ 4,6 millions de dollars, couvrant les interactions et la documentation de la FDA.

Activité de conformité	Coût
Préparation des applications de la FDA	2,1 millions de dollars
Conseil réglementaire	1,5 million de dollars
Documentation de conformité	1 million de dollars

Maintenance de la propriété intellectuelle

Mindmed a dépensé 3,2 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2023.

• Coûts de dépôt de brevets: 1,8 million de dollars
• Frais de renouvellement des brevets: 900 000 $
• Services juridiques IP: 500 000 $

Recrutement et rétention des talents scientifiques

Les dépenses totales du personnel pour les talents scientifiques en 2023 ont atteint 22,5 millions de dollars.

Catégorie de personnel	Compensation annuelle
Chercheurs principaux	12,3 millions de dollars
Scientifiques des cliniciens	6,7 millions de dollars
Personnel de soutien à la recherche	3,5 millions de dollars

Mind Medicine (MindMed) Inc. (MNMD) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de produits pharmaceutiques potentiels

Depuis le quatrième trimestre 2023, Mindmed n'a pas de produits pharmaceutiques approuvés générant des revenus directs. L'accent actuel reste sur le développement de la médecine inspirée du stade clinique.

Pipeline de produits	Étape de développement	Valeur marchande potentielle
MM-110 (programme MDMA)	Phase 2	Marché potentiel estimé de 50 à 100 millions de dollars
Programme de microdosage LSD	Préclinique	Marché potentiel estimé 25 à 75 millions de dollars

Subventions de recherche et partenariats académiques

MindMed a obtenu de multiples collaborations de recherche avec des établissements universitaires.

• Supports potentiels de la National Institutes of Health (NIH)
• Des partenariats de recherche universitaire d'une valeur d'environ 500 000 $ à 1,5 million de dollars par an
• Financement de recherche collaborative à partir de fondations de recherche privée

Licence de propriété intellectuelle

Mindmed tient 17 familles de brevets En décembre 2023.

Catégorie de brevet	Nombre de brevets	Revenus de licence potentielle
Modifications du composé psychédélique	7	250 000 $ - 750 000 $ Licence annuelle potentielle
Brevets de méthodologie de traitement	6	150 000 $ - 500 000 $ Licence annuelle potentielle

Financement de recherche collaborative

Les collaborations de recherche externe fournissent des flux de financement supplémentaires.

• Concessions de recherche sur la fondation privée: 750 000 $ à 1,2 million de dollars par an
• Support de recherche sur le partenariat pharmaceutique: 500 000 $ à 2 millions de dollars potentiel

Royalités de traitement thérapeutique potentielles

Potentiel des revenus futurs à partir d'essais cliniques et d'approbations de médicaments réussies.

Zone thérapeutique	Pourcentage de redevances potentielles	Revenus annuels estimés
Traitements anxieux	3-5%	Potentiel de 5 à 15 millions de dollars
Thérapies de toxicomanie	4-6%	Potentiel de 7 à 20 millions de dollars

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.