Pα+ Psychedelic Bulletin #170: Is MindMed Eyeing Depression? atai Approaches Phase 2 for DMT and R-MDMA Candidates; Compass’ Phase 3 Readout Timeline; European Psychiatrists Remain Open to Psychedelics

MindMed Tops Up Healthy Cash Balance with $75M Raise; Eyes Adding Depression to Pipeline?

Last Friday, MindMed announced a $75M public offering priced at $7.00 a share. The timing, right before the FDA’s decision on Lykos’ MDMA NDA became known, was perhaps not entirely coincidental, with the psychedelic drug development field anticipating a period of volatile investor sentiment following the negative verdict.

The raise comes on the back of a significant public offering earlier in the year, when the company capitalised on its FDA Breakthrough Therapy Designation announcement to raise $175m. (See FDA Hands MindMed’s LSD Candidate Breakthrough Therapy Designation in Generalised Anxiety Disorder.)

Shares in the company, which opened at $7.65 on Friday morning, quickly tumbled by nearly a dollar before settling around $7, the offering price, by day-end.

With a decent cash pile, which should see it into 2026, MindMed is in a relatively strong financial position. Given that it’s heading into a Phase 3 study of its LSD candidate (MM-120) for Generalised Anxiety Disorder (GAD), it will be grateful for this firepower (or, staying power).

Looking at the company’s latest Investor Presentation, we might also begin speculating which other programs the company might prioritise or draw greater attention to as it moves forward. We have seen its competitors like Compass Pathways, for example, draw greater focus on PTSD as a secondary indication for its COMP360 psilocybin candidate in recent months...