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MNMD logoMind Medicine (MindMed) Inc.(MNMD)Earnings, Financials & Key Ratios

MNMD•NASDAQ
$20.69
$2.04B mkt cap·Price updated May 1, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryNeuroscience and Psychiatry Therapies
AboutMind Medicine (MindMed) Inc., a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder, as well as for the treatment of chronic pain; and MM-110, an a3ß4 nicotinic cholinergic receptor antagonist that has completed phase 1 for the treatment of opioid withdrawal. It also develops MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine for the treatment of core symptoms of autism spectrum disorder. The company is headquartered in Vancouver, Canada.Show more
  • Revenue$0
  • EBITDA-$166M-60.9%
  • Net Income-$184M-69.1%
  • EPS (Diluted)-2.06-1273.3%
  • ROE-64.06%+5.8%
  • ROIC-389.48%
Technical→

MNMD Key Insights

Mind Medicine (MindMed) Inc. (MNMD) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 94 (top 6%)
  • ✓Share count reduced 87.3% through buybacks
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MNMD Price & Volume

Mind Medicine (MindMed) Inc. (MNMD) stock price & volume — 10-year historical chart

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MNMD Growth Metrics

Mind Medicine (MindMed) Inc. (MNMD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-69.12%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-13.8%

Return on Capital

10 Years-54.58%
5 Years-62.35%
3 Years-62.5%
Last Year-52.24%

MNMD Recent Earnings

Mind Medicine (MindMed) Inc. (MNMD) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)
Q2 2026Latest
Mar 5, 2026
EPS
$0.51
Est $0.48
-6.3%
Revenue
—
Q1 2026
Feb 26, 2026
EPS
$0.56
Est $0.48
-16.7%
Revenue
—
Q4 2025
Nov 6, 2025
EPS
$0.78
Est $0.52
-50.0%
Revenue
—
Q3 2025
Jul 31, 2025
EPS
$0.50
Est $0.38
-31.6%
Revenue
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 5, 2026
$0.51vs $0.48-6.3%
—
Q1 2026Feb 26, 2026
$0.56vs $0.48-16.7%
—
Q4 2025Nov 6, 2025
$0.78vs $0.52-50.0%
—
Q3 2025Jul 31, 2025
$0.50vs $0.38-31.6%
—
Based on last 12 quarters of dataView full earnings history →

MNMD Peer Comparison

Mind Medicine (MindMed) Inc. (MNMD) competitors in Neuroscience and Psychiatry Therapies — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CMPS logoCMPSCOMPASS Pathways plcDirect Competitor895.52M9.32-3.03-335.93%
ATAI logoATAIAtai Beckley N.VDirect Competitor961.75M4.00-4.30-1.91%-51.09%-96.43%0.21
CYBN logoCYBNCybin Inc.Direct Competitor303.86M6.09-13.66-81%
MGRX logoMGRXMangoceuticals, Inc.Direct Competitor5.21M0.32-0.07-15.81%-42.45%-114.63%0.02
SILO logoSILOSilo Pharma, Inc.Product Competitor2.02M0.45-0.38-70.41%-101.36%
LWAY logoLWAYLifeway Foods, Inc.Product Competitor405.93M26.6529.9413.74%6.52%17.25%0.00
ENVB logoENVBEnveric Biosciences, Inc.Product Competitor145.84K3.48-0.02-281.6%
JAZZ logoJAZZJazz Pharmaceuticals plcSupply Chain13.32B212.26-36.354.88%0.66%0.71%9.74%1.26

Compare MNMD vs Peers

Mind Medicine (MindMed) Inc. (MNMD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CMPS

Most directly comparable listed peer for MNMD.

Scale Benchmark

vs JAZZ

Larger-name benchmark to compare MNMD against a more recognizable public peer.

Peer Set

Compare Top 5

vs CMPS, ATAI, CYBN, MGRX

MNMD Income Statement

Mind Medicine (MindMed) Inc. (MNMD) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemAug'17Aug'18Aug'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue000000000
Revenue Growth %---------
Cost of Goods Sold5.5K6.68K6.68K003.22M3.16M527K0
COGS % of Revenue---------
Gross Profit
-5.5K▲ 0%
-6.68K▼ 21.5%
-6.68K▼ 0.0%
0▲ 100.0%
0▲ 0%
-3.22M▲ 0%
-3.16M▲ 1.9%
-527K▲ 83.3%
0▲ 100.0%
Gross Margin %---------
Gross Profit Growth %--21.46%-0.03%100%--1.89%83.33%100%
Operating Expenses1.23M855.26K461.5K33.03M93.85M66.33M90.7M103.39M166.31M
OpEx % of Revenue---------
Selling, General & Admin1.23M855.26K461.5K14.4M59.06M30.16M41.74M38.62M48.64M
SG&A % of Revenue---------
Research & Development00018.63M34.79M36.17M48.96M65.3M117.67M
R&D % of Revenue---------
Other Operating Expenses0000000-527K0
Operating Income
-1.24M▲ 0%
-861.94K▲ 30.2%
-468.18K▲ 45.7%
-33.03M▼ 6955.0%
-93.85M▼ 184.1%
-66.33M▲ 29.3%
-93.87M▼ 41.5%
-103.92M▼ 10.7%
-166.31M▼ 60.0%
Operating Margin %---------
Operating Income Growth %-1010.23%30.21%45.68%-6954.98%-184.15%29.33%-41.51%-10.71%-60.04%
EBITDA-1.23M-855.26K-461.5K-32.82M-91.24M-63.15M-90.7M-103.39M-166.31M
EBITDA Margin %---------
EBITDA Growth %-1005.28%30.45%46.04%-7012.45%-177.96%30.78%-43.63%-13.99%-60.86%
D&A (Non-Cash Add-back)5.5K6.68K6.68K206.3K2.62M3.18M3.16M527K0
EBIT-1.51M-857.94K-1.12M-33.77M-93.85M-66.33M-95.73M-106.4M0
Net Interest Income000-164K-359K04.66M9.28M0
Interest Income8.4K4K0001.5M5.58M11.56M10.96M
Interest Expense000164K359K1.5M920K2.28M-5.48M
Other Income/Expense8.4K4K-647.63K-907K-339K9.54M-1.87M-4.76M-17.48M
Pretax Income
-1.23M▲ 0%
-857.94K▲ 30.1%
-1.12M▼ 30.1%
-33.94M▼ 2941.5%
-94.19M▼ 177.6%
-56.8M▲ 39.7%
-95.73M▼ 68.6%
-108.68M▼ 13.5%
-183.79M▼ 69.1%
Pretax Margin %---------
Income Tax-2-2-40-1.16M0000
Effective Tax Rate %0%0%0%0%1.23%0%0%0%0%
Net Income
-1.23M▲ 0%
-857.94K▲ 30.1%
-1.12M▼ 30.1%
-34.1M▼ 2956.2%
-93.04M▼ 172.8%
-56.8M▲ 39.0%
-95.73M▼ 68.6%
-108.68M▼ 13.5%
-183.79M▼ 69.1%
Net Margin %---------
Net Income Growth %-581.9%30.06%-30.06%-2956.18%-172.82%38.95%-68.55%-13.52%-69.12%
Net Income (Continuing)-1.23M-857.94K-1.12M-33.94M-93.04M-56.8M-95.73M-108.68M-183.79M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-4.85▲ 0%
-2.74▲ 43.5%
-2.94▼ 7.3%
-1.92▲ 34.7%
-3.40▼ 77.1%
-1.84▲ 45.9%
-2.44▼ 32.6%
-0.15▲ 93.9%
-2.06▼ 1273.3%
EPS Growth %-116.52%43.51%-7.3%34.69%-77.08%45.88%-32.61%93.85%-1273.33%
EPS (Basic)-4.85-2.74-2.94-1.92-3.40-1.84-2.44-1.54-2.06
Diluted Shares Outstanding252.82K312.55K379.41K17.75M27.38M30.86M39.16M704.61M89.33M
Basic Shares Outstanding252.82K312.55K379.41K17.75M27.38M30.86M39.16M70.46M89.33M
Dividend Payout Ratio---------

MNMD Balance Sheet

Mind Medicine (MindMed) Inc. (MNMD) balance sheet — assets, liabilities & shareholders' equity

Line itemAug'17Aug'18Aug'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets1.77M198.63K2.94M81.52M137.22M146.06M103.87M281.62M419.32M
Cash & Short-Term Investments1.69M154.79K17.93K80.09M133.54M142.14M99.7M273.74M411.59M
Cash Only3.98K154.79K17.93K80.09M133.54M142.14M99.7M273.74M257.84M
Short-Term Investments1.69M0000000153.76M
Accounts Receivable10.28K8.24K5.08K000000
Days Sales Outstanding---------
Inventory010000000
Days Inventory Outstanding-0.05-------
Other Current Assets002.91M0004.17M7.88M7.73M
Total Non-Current Assets2.26M3.33M0026.79M23.94M20.67M20.53M20.78M
Property, Plant & Equipment70.5K63.88K0000000
Fixed Asset Turnover---------
Goodwill000019.92M19.92M19.92M19.92M19.92M
Intangible Assets00006.87M3.69M527K00
Long-Term Investments69.99K136K0000000
Other Non-Current Assets2.12M3.13M000331K224K613K862K
Total Assets
4.03M▲ 0%
3.53M▼ 12.3%
2.94M▼ 16.9%
81.52M▲ 2675.7%
164M▲ 101.2%
169.99M▲ 3.7%
124.54M▼ 26.7%
302.15M▲ 142.6%
440.1M▲ 45.7%
Asset Turnover---------
Asset Growth %1886.43%-12.28%-16.87%2675.66%101.18%3.65%-26.74%142.61%45.66%
Total Current Liabilities80.44K8.23K198.96K3.01M10.41M17.89M32.25M38.85M66.7M
Accounts Payable0002.02M4.18M2.11M4.14M2.01M5.35M
Days Payables Outstanding-----239.07477.431.39K-
Short-Term Debt15.74K00000000
Deferred Revenue (Current)000000000
Other Current Liabilities64.7K8.23K198.96K-462K2.29M13.03M20.74M30.41M66.7M
Current Ratio22.03x24.14x14.76x27.10x13.18x8.16x3.22x7.25x6.29x
Quick Ratio22.03x24.14x14.76x27.10x13.18x8.16x3.22x7.25x6.29x
Cash Conversion Cycle---------
Total Non-Current Liabilities0002.64M1.93M1.18M14.16M21.85M41.08M
Long-Term Debt00000014.13M21.85M0
Capital Lease Obligations000000000
Deferred Tax Liabilities000000000
Other Non-Current Liabilities0002.64M1.93M1.18M32K041.08M
Total Liabilities80.44K8.23K198.96K5.65M12.34M19.08M46.41M60.7M107.77M
Total Debt15.74K000072K14.13M21.85M0
Net Debt11.77K-154.79K-17.93K-80.09M-133.54M-142.07M-85.58M-251.89M-257.84M
Debt / Equity0.00x----0.00x0.18x0.09x-
Debt / EBITDA---------
Net Debt / EBITDA---------
Interest Coverage----201.40x-261.43x-44.37x-102.03x-45.52x-
Total Equity
3.95M▲ 0%
3.52M▼ 10.7%
2.74M▼ 22.3%
75.87M▲ 2671.0%
151.66M▲ 99.9%
150.92M▼ 0.5%
78.13M▼ 48.2%
241.45M▲ 209.0%
332.33M▲ 37.6%
Equity Growth %3001.1%-10.7%-22.32%2670.96%99.91%-0.49%-48.23%209.02%37.64%
Book Value per Share15.6111.287.224.275.544.892.000.343.72
Total Shareholders' Equity3.95M3.52M2.74M75.87M151.66M150.92M78.13M241.45M332.33M
Common Stock5.16M5.32M5.56M000000
Retained Earnings-1.81M-2.59M-3.65M-44.64M-137.67M-194.47M-290.2M-398.88M-582.67M
Treasury Stock000000000
Accumulated OCI-41.38K19.14K34.69K284K1.05M627K343K819K1.08M
Minority Interest000000000

MNMD Cash Flow Statement

Mind Medicine (MindMed) Inc. (MNMD) cash flow — operating, investing & free cash flow history

Line itemAug'17Aug'18Aug'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-665.98K-722.45K-208.12K-23.6M-45.82M-50.14M-64.36M-79.13M-131.56M
Operating CF Margin %---------
Operating CF Growth %-2400.32%-8.48%71.19%-11238.22%-94.19%-9.42%-28.37%-22.94%-66.26%
Net Income-1.23M-857.94K-1.12M-33.94M-93.04M-56.8M-95.73M-108.68M-183.79M
Depreciation & Amortization5.5K6.68K6.68K02.62M3.18M3.16M527K0
Stock-Based Compensation0007.41M42.72M13.71M15.49M16.91M20.1M
Deferred Taxes0000-1.16M0-2.02M00
Other Non-Cash Items652.92K160.96K703.52K873K1.16M-6.45M8.46M15.45M32.14M
Working Capital Changes-81.76K-20.46K207.83K2.06M1.88M-3.78M6.28M-3.34M0
Change in Receivables-4.91K1.68K3.02K-13K00000
Change in Inventory00013K00000
Change in Payables000544K1.28M-2.06M2.02M-2.13M3.34M
Cash from Investing-3.67M541.34K-213.15K0-297K000-151.61M
Capital Expenditures-2.15M-1.04M-313.46K000000
CapEx % of Revenue---------
Acquisitions0000-297K0000
Investments---------
Other Investing30.44K0100.3K000000
Cash from Financing4.35M312.05K288.36K96.7M98.82M59.05M21.85M253.2M267.27M
Debt Issued (Net)14.95K-15.45K000014.16M10.86M0
Equity Issued (Net)1000K327.5K288.36K1000K1000K1000K1000K1000K0
Dividends Paid000000000
Share Repurchases000000000
Other Financing00024.71M16.9M16.75M163K-7.66M267.27M
Net Change in Cash
-6.98K▲ 0%
150.81K▲ 2259.4%
-136.86K▼ 190.7%
73.39M▲ 53724.9%
53.45M▼ 27.2%
8.6M▼ 83.9%
-42.44M▼ 593.3%
174.04M▲ 510.1%
-15.9M▼ 109.1%
Free Cash Flow
-2.82M▲ 0%
-1.77M▲ 37.3%
-521.58K▲ 70.5%
-23.6M▼ 4424.2%
-45.82M▼ 94.2%
-50.14M▼ 9.4%
-64.36M▼ 28.4%
-79.13M▼ 22.9%
-131.56M▼ 66.3%
FCF Margin %---------
FCF Growth %-4862.73%37.27%70.47%-4424.17%-94.19%-9.42%-28.37%-22.94%-66.26%
FCF per Share-11.14-5.65-1.37-1.33-1.67-1.62-1.64-0.11-1.47
FCF Conversion (FCF/Net Income)0.54x0.84x0.19x0.69x0.49x0.88x0.67x0.73x0.72x
Interest Paid00000002.22M0
Taxes Paid000000000

MNMD Key Ratios

Mind Medicine (MindMed) Inc. (MNMD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-87.45%-60.22%-22.96%-35.63%-86.76%-81.78%-37.54%-83.59%-68.01%-64.06%
Return on Invested Capital (ROIC)-42.15%-45.46%-17.64%-11.53%--1012.89%-368.89%-10014.15%--389.48%
Debt / Equity-0.00x----0.00x0.18x0.09x-
Interest Coverage-----201.40x-261.43x-44.37x-102.03x-45.52x-
FCF Conversion0.15x0.54x0.84x0.19x0.69x0.49x0.88x0.67x0.73x0.72x

MNMD SEC Filings & Documents

Mind Medicine (MindMed) Inc. (MNMD) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 26, 2026·SEC

Material company update

Jan 29, 2026·SEC

Material company update

Jan 12, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 26, 2026·SEC

FY 2025

Mar 6, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 8, 2025·SEC

MNMD Frequently Asked Questions

Mind Medicine (MindMed) Inc. (MNMD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Mind Medicine (MindMed) Inc. (MNMD) grew revenue by 0.0% over the past year. Growth has been modest.

Mind Medicine (MindMed) Inc. (MNMD) reported a net loss of $183.8M for fiscal year 2025.

Dividend & Returns

Mind Medicine (MindMed) Inc. (MNMD) has a return on equity (ROE) of -64.1%. Negative ROE indicates the company is unprofitable.

Mind Medicine (MindMed) Inc. (MNMD) had negative free cash flow of $161.1M in fiscal year 2025, likely due to heavy capital investments.

Explore More MNMD

Mind Medicine (MindMed) Inc. (MNMD) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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