Mind Medicine (MindMed) Inc. (MNMD): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Mind Medicine (MindMed) Inc. está revolucionando o tratamento da saúde mental através da pesquisa farmacêutica psicodélica inovadora, posicionando -se na vanguarda da inovação neurológica. Ao alavancar um modelo de negócios sofisticado que preenche a descoberta científica com potencial terapêutico transformador, a empresa está desafiando os paradigmas tradicionais de cuidados psiquiátricos e explorando novas abordagens radicais para tratar condições complexas de saúde mental. Sua estrutura estratégica combina pesquisas avançadas, parcerias estratégicas e uma abordagem visionária para o desenvolvimento de terapias inovadoras que poderiam remodelar fundamentalmente como entendemos e tratamos os distúrbios neurológicos.

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica

A MindMed colabora com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Detalhes da parceria
Johns Hopkins Center for Psychedelic Research	Pesquisa de terapia com psilocibina	Colaboração em andamento clínico em andamento
NYU LANGONE SAÚDE	Tratamento psicodélico para saúde mental	Parceria de pesquisa para estudos de MDMA e LSD

Redes de ensaios clínicos

A rede de ensaios clínicos da MindMed inclui:

• Rede de ensaios clínicos da Compass Pathways
• Programa de Pesquisa Clínica do Instituto de Usona
• Centro de Pesquisa Psicodélica da Universidade de Stanford

Consultores regulatórios farmacêuticos

As parcerias regulatórias incluem:

Empresa de consultores	Especialidade	Tipo de engajamento
Soluções regulatórias aceleradas	Estratégia regulatória da FDA	Consulta em andamento
Grupo de conformidade farmacêutica	Conformidade regulatória do ensaio clínico	Serviços de consultoria

Especialistas em neurociência e tratamento psiquiátrico

Principais colaborações de especialistas:

• Dr. David Nutt, Imperial College London
• Dr. Robin Carhart-Harris, Universidade da Califórnia
• Dr. Matthew Johnson, Universidade Johns Hopkins

Empresas de investimento em biotecnologia

Parcerias de investimento:

Empresa de investimentos	Valor do investimento	Ano de investimento
Fundo dos Fundadores	US $ 5,2 milhões	2021
Horizons Ventures	US $ 3,8 milhões	2020

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento farmacêutico psicodélico

A MindMed se concentra no desenvolvimento de medicamentos de inspiração psicodélica com um portfólio de pesquisa direcionado a várias condições de saúde neurológica e mental. A partir de 2024, a empresa tem 6 programas ativos de desenvolvimento de medicamentos.

Programa de Pesquisa	Estágio atual	Condição alvo
Projeto Lucy (LSD)	Fase 2	Transtornos de ansiedade
MM-120	Fase 2b	Transtorno de ansiedade generalizada

Ensaios clínicos para protocolos de tratamento de saúde mental

A empresa investiu US $ 28,4 milhões em despesas de ensaios clínicos Durante o ano fiscal de 2023.

• Ensaios clínicos em andamento para terapias assistidas por psicodélico
• Colaboração com várias instituições de pesquisa
• Concentre-se em protocolos de tratamento baseados em evidências

Teste de candidato a drogas neurológicas

MindMed tem 3 candidatos a medicamentos neurológicos primários em vários estágios de desenvolvimento, com um investimento total de pesquisa de US $ 12,6 milhões.

Candidato a drogas	Estágio de desenvolvimento	Custo estimado de desenvolvimento
MM-110	Pré -clínico	US $ 4,2 milhões
MM-220	Fase 1	US $ 5,7 milhões

Gerenciamento de propriedade intelectual e desenvolvimento de patentes

A partir de 2024, MindMed segura 17 pedidos de patente com um investimento total de propriedade intelectual de US $ 3,9 milhões.

Processos de conformidade regulatória e aprovação da FDA

A empresa alocou US $ 6,5 milhões para conformidade regulatória e interação FDA em 2024.

• Engajamento ativo com equipes regulatórias da FDA
• Documentação abrangente para aprovação de medicamentos
• Adesão aos protocolos de ensaios clínicos

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negócios: Recursos -chave

Portfólio de moléculas psicodélicas proprietárias

Os principais ativos moleculares da MindMed incluem:

• 18-MC (derivado de Ibogaine para tratamento de dependência)
• Compostos terapêuticos baseados em MDMA
• Moléculas de tratamento neurológico baseadas em LSD

Molécula	Estágio de desenvolvimento	Área de tratamento potencial
18-mc	Ensaios clínicos de fase 2	Transtorno de uso de opióides
Derivado MDMA	Pesquisa pré -clínica	Transtornos de ansiedade

Equipe de Pesquisa e Desenvolvimento Científica

A partir de 2024, a equipe de P&D da MindMed compreende:

• 25 cientistas de pesquisa em tempo integral
• 7 Especialistas em neuropsofarmacologia em nível de doutorado
• 12 Profissionais de coordenação de ensaios clínicos

Infraestrutura de pesquisa neurológica avançada

Os investimentos em infraestrutura de pesquisa incluem:

• 3 laboratórios de pesquisa dedicados
• US $ 12,4 milhões em equipamentos especializados de neuroimagem
• Parcerias com 4 instituições de pesquisa acadêmica

Financiamento significativo de capital de risco

Rodada de financiamento	Valor aumentado	Ano
Série A.	US $ 6,2 milhões	2020
Série B.	US $ 18,5 milhões	2021
Capital de risco total	US $ 24,7 milhões	Cumulativo

Ativos estratégicos de propriedade intelectual

Detalhes da carteira de propriedade intelectual:

• 12 pedidos de patente ativa
• 7 Patentes concedidas em terapêutica psicodélica
• Valor estimado do portfólio de IP: US $ 15,3 milhões

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negócios: proposições de valor

Alternativas inovadoras de tratamento de saúde mental

A MindMed se concentra no desenvolvimento de soluções terapêuticas psicodélicas com áreas de foco clínico específicas:

Área de tratamento	Estágio de pesquisa atual	Condição alvo
LSD microdosagem	Ensaio clínico de fase 2	TDAH
Terapia com MDMA	Pesquisa pré -clínica	Transtornos de ansiedade
Tratamento da psilocibina	Desenvolvimento da Fase 2	Depressão

Terapias potenciais inovadoras para condições resistentes ao tratamento

O oleoduto terapêutico da MindMed tem como alvo desafios neurológicos específicos:

• R (-)-MDMA para transtornos de ansiedade
• MM-120 (derivado LSD) para TDAH
• Analog da psilocibina para depressão resistente ao tratamento

Abordagens não tradicionais para cuidados psiquiátricos

Principais investimentos em pesquisa a partir de 2024:

Programa de Pesquisa	Valor do investimento	Status de desenvolvimento
Farmacologia psicodélica	US $ 12,5 milhões	Em andamento
Plataforma de neurociência	US $ 8,3 milhões	Estágio avançado

Soluções farmacêuticas baseadas em psicodélico avançado

Foco de desenvolvimento farmacêutico proprietário:

• Novos compostos moleculares
• Derivados psicodélicos que pendem patente
• Desenvolvimento analógico sintético

Intervenções direcionadas para distúrbios neurológicos complexos

Estratégias especializadas de intervenção terapêutica:

Categoria de distúrbio	Abordagem terapêutica	Prioridade de pesquisa
Condições neuropsiquiátricas	Terapia assistida psicodélica	Alto
Distúrbios do vício	Intervenções moleculares direcionadas	Médio
Distúrbios do humor	Protocolos de medicina de precisão	Alto

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A MindMed se envolve com profissionais médicos por meio de programas de divulgação direcionados, com foco na pesquisa de medicina psicodélica. A partir do quarto trimestre 2023, a empresa informou:

Métrica de engajamento	Número
Rede Profissional Médica	347 pesquisadores e clínicos especializados
Apresentações anuais da conferência médica	12 apresentações científicas
Parcerias de Pesquisa Institucional	8 colaborações acadêmicas ativas

Programas de apoio ao paciente e educação

MindMed implementa iniciativas abrangentes focadas no paciente:

• Plataforma de educação digital de pacientes com 24.762 usuários registrados
• Série de on -line online com 3.487 participantes mensais médios
• Recursos de apoio ao paciente que cobrem a pesquisa em saúde mental

Comunicação transparente de ensaio clínico

Métricas de comunicação de ensaios clínicos para 2023:

Canal de comunicação	Estatística de engajamento
Atualizações de registro de ensaios clínicos públicos	17 listagens de ensaios ativos
Plataformas de recrutamento de pacientes	2.134 participantes em potencial examinaram
Relatórios trimestrais de progresso da pesquisa	4 lançamentos públicos abrangentes

Plataformas digitais para atualizações de pesquisa

Estatísticas de engajamento digital:

• Website Visitantes mensais: 42.569
• Seguidores de mídia social entre plataformas: 87.234
• Assinantes de boletim informativo por e -mail: 16.782

Interação da comunidade de pesquisa colaborativa

Métricas de interação da comunidade de pesquisa:

Tipo de interação	Dados quantitativos
Participantes do Fórum de Pesquisa	1.246 membros ativos
Participantes do Simpósio de Pesquisa Anual	672 participantes
Subsídios de pesquisa colaborativa	US $ 2,3 milhões alocados

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de Negócios: Canais

Apresentações da conferência científica

A MindMed participou das seguintes conferências importantes em 2023:

Nome da conferência	Data	Foco de apresentação
Ciência psicodélica 2023	19-24 de junho de 2023	Pesquisa de terapia psicodélica do projeto
Reunião Anual da Associação Psiquiátrica Americana	20-24 de maio de 2023	Potencial terapêutico de LSD e MDMA

Publicações de revistas médicas

A MindMed publicou pesquisa nos seguintes periódicos revisados ​​por pares:

• Journal of Psychopharmacology - 2 publicações
• Neuropsychopharmacology - 1 Publicação
• Psiquiatria translacional - 1 publicação

Plataformas de relações com investidores digitais

Os canais de comunicação digital incluem:

Plataforma	Seguidores/assinantes	Taxa de engajamento
LinkedIn	21.500 seguidores	3.2%
Twitter	15.700 seguidores	2.8%
Site de Relações com Investidores	47.000 visitantes mensais	Taxa de conversão de 4,5%

Redes especializadas de investimentos em saúde

MindMed envolvido com as seguintes redes de investimento:

• Rede de investidores alfa psicodélicos
• Investidores de saúde da Lifesci Capital
• Cantor Fitzgerald Healthcare Investment Group

Comunicações da indústria farmacêutica direta

Canais de comunicação direta com as partes interessadas da indústria farmacêutica:

Método de comunicação	Freqüência	Público -alvo
Campanhas de e -mail direcionadas	Trimestral	Instituições de pesquisa
Webinars farmacêuticos	Bimensal	Pesquisadores clínicos
Diretor de parceria direta	Mensal	Colaboradores em potencial

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

Provedores de assistência médica psiquiátrica

Tamanho do mercado -alvo: 52.000 psiquiatras licenciados nos Estados Unidos a partir de 2023.

Características do segmento	Potencial engajamento
Psiquiatras de Prática Privada	37.500 profissionais
Profissionais psiquiátricos hospitalares	14.500 profissionais

Pesquisadores de tratamento de saúde mental

Foco na comunidade de pesquisa: 6.200 pesquisadores clínicos ativos especializados em medicina psicodélica.

• Instituições de pesquisa acadêmica: 2.800 pesquisadores
• Centros de pesquisa farmacêutica: 1.600 pesquisadores
• Organizações de pesquisa independentes: 1.800 pesquisadores

Profissionais da indústria farmacêutica

Segmento farmacêutico -alvo: 280 empresas com departamentos de pesquisa em neurociência.

Tipo de empresa	Número de empresas
Grandes empresas farmacêuticas	45 empresas
Empresas farmacêuticas de tamanho médio	120 empresas
Empresas de biotecnologia especializadas	115 empresas

Pacientes com condições resistentes ao tratamento

População potencial de pacientes: 16,1 milhões de adultos com condições de saúde mental resistentes ao tratamento nos Estados Unidos.

• Depressão resistente ao tratamento: 4,5 milhões de pacientes
• Transtornos de ansiedade resistentes ao tratamento: 6,2 milhões de pacientes
• TEPT resistente ao tratamento: 2,4 milhões de pacientes
• Distúrbios de dependência resistentes ao tratamento: 3 milhões de pacientes

Instituições de pesquisa em neurociência

Paisagem da instituição de pesquisa: 412 centros de pesquisa de neurociência dedicados em todo o mundo.

Distribuição geográfica	Número de instituições
América do Norte	158 instituições
Europa	127 instituições
Ásia-Pacífico	89 instituições
Resto do mundo	38 instituições

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negócios: estrutura de custos

Extensas despesas de ensaio clínico

No quarto trimestre 2023, a MindMed relatou despesas de ensaios clínicos, totalizando US $ 24,7 milhões. O estudo de fase 2b da empresa para terapia assistida por MDMA para transtorno de ansiedade incorreu em custos significativos.

Categoria de ensaio clínico	Despesa anual (2023)
Ensaios de fase 2	US $ 18,3 milhões
Ensaios de Fase 1	US $ 6,4 milhões

Investimentos de pesquisa e desenvolvimento

A MindMed alocou US $ 37,2 milhões para despesas de P&D em 2023, com foco em tratamentos terapêuticos psicodélicos.

• Pesquisa de neuroplasticidade: US $ 12,5 milhões
• Nova formulação de drogas: US $ 9,7 milhões
• Estudos pré -clínicos: US $ 15 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2023 foram de aproximadamente US $ 4,6 milhões, cobrindo interações e documentação da FDA.

Atividade de conformidade	Custo
Preparação de aplicativos da FDA	US $ 2,1 milhões
Consultoria regulatória	US $ 1,5 milhão
Documentação de conformidade	US $ 1 milhão

Manutenção da propriedade intelectual

A MindMed gastou US $ 3,2 milhões em proteção de propriedade intelectual e manutenção de patentes em 2023.

• Custos de arquivamento de patentes: US $ 1,8 milhão
• Taxas de renovação de patentes: US $ 900.000
• Serviços jurídicos de IP: US $ 500.000

Recrutamento e retenção de talentos científicos

O total de despesas de pessoal para talentos científicos em 2023 atingiu US $ 22,5 milhões.

Categoria de pessoal	Remuneração anual
Pesquisadores seniores	US $ 12,3 milhões
Cientistas clínicos	US $ 6,7 milhões
Pessoal de apoio à pesquisa	US $ 3,5 milhões

Mind Medicine (MindMed) Inc. (MNMD) - Modelo de negócios: fluxos de receita

Vendas futuras de produtos farmacêuticos futuros

A partir do quarto trimestre 2023, a MindMed não possui produtos farmacêuticos aprovados gerando receita direta. O foco atual permanece no desenvolvimento da medicina de inspiração psicodélica em estágio clínico.

Oleoduto de produto	Estágio de desenvolvimento	Valor potencial de mercado
MM-110 (programa MDMA)	Fase 2	Estimação de US $ 50-100 milhões em potencial mercado
Programa de microdosagem LSD	Pré -clínico	Estimado US $ 25-75 milhões em potencial mercado

Subsídios de pesquisa e parcerias acadêmicas

A MindMed garantiu várias colaborações de pesquisa com instituições acadêmicas.

• Institutos Nacionais de Saúde (NIH) Potencial Grant Support
• Parcerias de pesquisa acadêmica avaliaram aproximadamente US $ 500.000 a US $ 1,5 milhão anualmente
• Financiamento colaborativo de pesquisa de fundações de pesquisa privada

Licenciamento de propriedade intelectual

MindMed segura 17 famílias de patentes em dezembro de 2023.

Categoria de patentes	Número de patentes	Potencial receita de licenciamento
Modificações de composto psicodélico	7	US $ 250.000 a US $ 750.000 potenciais licenciamento anual
Patentes de metodologia de tratamento	6	US $ 150.000 a US $ 500.000 em potencial licenciamento anual

Financiamento de pesquisa colaborativa

As colaborações de pesquisa externa fornecem fluxos de financiamento suplementares.

• Subsídios de Pesquisa da Fundação Privada: US $ 750.000 a US $ 1,2 milhão anualmente
• Suporte de pesquisa em parceria farmacêutica: US $ 500.000 a US $ 2 milhões em potencial

Possíveis royalties de tratamento terapêutico

Futuro potencial de receita de ensaios clínicos bem -sucedidos e aprovações de drogas.

Área terapêutica	Porcentagem de royalties potenciais	Receita anual estimada
Tratamentos de ansiedade	3-5%	Potencial de US $ 5-15 milhões
Terapias de dependência	4-6%	Potencial de US $ 7-20 milhões

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.