Mind Medicine (MindMed) Inc. Q1 FY2025 earnings call

• Acknowledged May as mental health awareness month, aligning with the company's mission to transform brain health disorder treatment. • MM120's pivotal Phase 3 trials (Voyage, Panorama for GAD; Emerge for MDD) are actively enrolling. Voyage and Panorama expect top line data in first half and second half of 2026 respectively, with Emerge's data in second half of 2026. • Welcomed new Chief Commercial Officer Matt Wiley, who has over 25 years of experience in commercializing innovative therapies. • Financials: Research and development expenses increased to $23.4 million in Q1 2025 from $11.7 million in Q1 2024, primarily due to MM120 program expenses. General and administrative expenses decreased to $8.8 million in Q1 2025 from $10.5 million in Q1 2024, mainly due to stock-based compensation expense.

No specific product segment financial performance with revenue contribution % detailed in the transcript.

• MM120's pivotal Phase 3 trials are on track with enrollment progressing. • Anticipates reporting top line data from Voyage in the first half of 2026, Panorama in the second half of 2026, and Emerge in the second half of 2026. • Cash, cash equivalents and investments totaled $245.5 million as of March 31, 2025, expected to fund operations into 2027.

• Changes in market conditions. • Difficulties associated with research and development and regulatory approval processes. • Risks described in filings with the SEC and applicable Canadian securities regulators, including annual report on Form 10-K and Form 10-Q.

Q: Regarding the MDD trial, whether still need to assess low dose of 5 microgram and therapeutic effective dose in MDD compared to GAD?

A: In MDD study, not using intermediate dose now, but reasonable to think may use similar blinding control in future. Using 100-microgram active arm in MDD as in GAD Phase IIb shows high efficacy against depression cluster symptoms.

Q: Learnings from GAD epidemiology, treatment patterns, provider engagement and regulatory perspectives on low dose?

A: Learned about finding and recruiting GAD patients, broader awareness of GAD. Regarding low dose, included 50-microgram dose level to aid in confounding but focused on 100 micrograms vs placebo.

Q: Engagement with FDA during leadership change?

A: Engagement has stayed strong, FDA has been an incredible partner with timely responses on correspondence.

Q: Steps to limit enrolling professional patients and monitor safety risk in trials?

A: Strict patient selection with third-party rater confirmatory interview, use Columbia Suicide Severity Rating Scale for suicidality monitoring.

Q: Plan to release interim data and next steps for MM402?

A: Focused on executing studies, no anticipation of releasing unblinded interim data this year. Completed Phase 1 study for MM402, will share details on its development next.

Q: Commercial planning related to market dynamics of GAD and MDD, leveraging Spravato?

A: Confident in commercial planning for GAD and MDD with large unmet needs. Spravato is a proof point, but confident in MM120's data and positioning.

Q: Prior experience with commercializing scheduled products and challenges with LSD?

A: Experience with REMS operations applicable. Need to reframe scientifically for LSD in commercializing MM120.

Q: Patient targeting in MDD and GAD, seeking approval in both indications?

A: Targeting work ongoing, expect clarity in second half of year. Providers accustomed to diagnosing distinct entities, having label covering both GAD and MDD makes MM120 go-to regardless of presentation.