MindMed completed a public offering of 18,375,000 common shares at $12.25 per share, raising $225 million in gross proceeds.
The proceeds will be used to fund the Phase 3 trials of MM120 for generalized anxiety disorder and major depressive disorder, support working capital, and general corporate purposes. The company also plans to use the funds to maintain its cash runway through 2027.
As of December 31, 2024, MindMed had $273.7 million in cash and cash equivalents, and as of September 30, 2025, $209.1 million, which the company said would fund operations into 2027. The new capital raise increases the cash position to over $434 million, extending the runway.
CEO Rob Barrow said the company is "making significant progress toward the launch of MM120" and that the funding will accelerate the completion of the Phase 3 programs and support future commercialization plans.
MindMed has previously raised $30 million in September 2022 and $75 million in August 2024. The company received FDA breakthrough therapy designation for MM120 in GAD and is conducting Phase 3 trials (Voyage, Panorama, and Emerge) with topline data expected in 2026.
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