Clinical-stage biotech company Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) reported its financial results and updated on its programs pipeline of the third quarter ended September 30, 2022.

For the period, total cash was equivalent to $154.5 million -compared to $133.5 million as of December 31, 2021. Net cash used in operating activities was $37.3 million for the nine months ended September 30, 2022, compared to $38.0 million for the same period in 2021.

R&D expenses were $7.8 million for the three months ended September 30, 2022, compared to $9.0 million for the same period in 2021, a difference explained by a decrease of $1.4 million in external costs related to the MM-110 program and a $0.8 million decrease in preclinical activities. 

R&D expenses were $27.3 million for the nine months ended September 30, 2022, compared to $23.9 million for the same period in 2021, as internal personnel costs for additional R&D increased by $5.6 million and external costs of the MM-120 program increased by $2.9 million. 

G&A expenses for the three and nine …

Full story available on Benzinga.com