Psychedelics Stock MindMed Stumbles On 2020 Results

A psychedelic medicine biotech company, Mind Medicine Inc. (NEO: MMED) (OTCQB: MMEDF) (DE: MMQ), released full-year 2020 financial results Tuesday. 

MindMed posted a net and comprehensive loss of $35.1 million for the year ended Dec. 31, 2020.

Its total assets at the end of the reporting period were $85.6 million, counting $80.1 million in cash.

The company used $24.2 million of net cash in operating activities in 2020.

Its cash balance as of Tuesday hovers at $161 million, which the company said it plans to use to improve its portfolio and develop its technology sector.

MindMed will hold an earnings call Thursday, April 1.

MindMed's Recent Activities

In February, the company entered into the "Psychedelic 2.0" space via a collaboration with MindShift Compounds AG, a Swiss startup working in the development of second-generation psychedelic molecules.

It also acquired the artificial intelligence medicine companyHealthMode in a $32.5-million stock-and cash-deal. Health Mode is a digital medicine and therapeutics startup that uses artificial intelligence-equipped digital measurement to improve the precision and speed of clinical research and patient monitoring.

In March, MindMed closed a CA$19.5 million ($15.4 million) bought deal private placement offering, increasing its cash on hand to CA $162 million. 

At the time of writing, MindMed shares were trading 4.87% lower at $2.27 per share.