Persistent negative free cash flow, which reached an outflow of $72.5 million in 2025Q4, underscores a total reliance on external capital to sustain clinical development.
| Cash from Operations | -143.69M | -131.56M | -79.13M | -64.36M | -50.14M | -45.82M | -23.6M | -208.12K | -722.45K | -665.98K | -26.64K | -46.56K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -230.22% | -66.26% | -22.94% | -28.37% | -9.42% | -94.19% | -11238.22% | 71.19% | -8.48% | -2400.32% | 42.79% | - |
| Net Income | -237.54M | -183.79M | -108.68M | -95.73M | -56.8M | -93.04M | -33.94M | -1.12M | -857.94K | -1.23M | -179.9K | -92.66K |
| Depreciation & Amortization | 631K | 0 | 527K | 3.16M | 3.18M | 2.62M | 0 | 6.68K | 6.68K | 5.5K | 0 | 0 |
| Stock-Based Compensation | 29.62M | 20.1M | 16.91M | 15.49M | 13.71M | 42.72M | 7.41M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -2.02M | 0 | -1.16M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 46.45M | 22.7M | 15.45M | 8.46M | -6.45M | 1.16M | 873K | 703.52K | 160.96K | 652.92K | 95.11K | 41.44K |
| Working Capital Changes | 17.16M | 9.44M | -3.34M | 6.28M | -3.78M | 1.88M | 2.06M | 207.83K | -20.46K | -81.76K | 62.62K | 4.76K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | -13K | 3.02K | 1.68K | -4.91K | -4.46K | -98 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 13K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.77M | 3.34M | -2.13M | 2.02M | -2.06M | 1.28M | 544K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 55.4M | -151.61M | 0 | 0 | 0 | -297K | 0 | -213.15K | 541.34K | -3.67M | 32.83K | 41.86K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -313.46K | -1.04M | -2.15M | -30.1K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -297K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 20.89M | 0 | 0 | 0 | 0 | 0 | 0 | 100.3K | 0 | 30.44K | 0 | 0 |
| Cash from Financing | 272.32M | 267.27M | 253.2M | 21.85M | 59.05M | 98.82M | 96.7M | 288.36K | 312.05K | 4.35M | -331 | 0 |
| Debt Issued (Net) | 20.1M | 19.55M | 10.86M | 14.16M | 0 | 0 | 0 | 0 | -15.45K | 14.95K | 0 | 0 |
| Equity Issued (Net) | 251.79M | 247.72M | 250M | 7.53M | 42.3M | 81.92M | 71.99M | 288.36K | 327.5K | 4.34M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 440.88K | 0 | -7.66M | 163K | 16.75M | 16.9M | 24.71M | 0 | 0 | 0 | -331 | 0 |
| Net Change in Cash | 179.66M | -15.9M | 174.04M | -42.44M | 8.6M | 53.45M | 73.39M | -136.86K | 150.81K | -6.98K | 5.86K | -4.7K |
| Free Cash Flow | -174.34M | -131.56M | -79.13M | -64.36M | -50.14M | -45.82M | -23.6M | -521.58K | -1.77M | -2.82M | -56.73K | -46.56K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -89.6% | -66.26% | -22.94% | -28.37% | -9.42% | -94.19% | -4424.17% | 70.47% | 37.27% | -4862.73% | -21.85% | - |
| FCF per Share | -1.60 | -1.47 | -0.11 | -1.64 | -1.62 | -1.67 | -1.33 | -1.37 | -5.65 | -11.14 | -0.71 | -0.59 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.72x | 0.73x | 0.67x | 0.88x | 0.49x | 0.69x | 0.19x | 0.84x | 0.54x | 0.15x | 0.50x |
| Interest Paid | 4.04M | 0 | 2.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in quarterly financial statements, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios fluctuating between 0.31 and 3.41, suggesting that accounting losses are frequently decoupled from the actual cash outflows required to sustain the firm's clinical development pipeline.
The significant variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's true liquidity requirements. Investors should note that the persistent gap between these figures is largely driven by non-cash adjustments and the timing of R&D-related cash outlays, which obscures the underlying operational efficiency of the business.
Based on the provided cash flow data, MindMed exhibits a consistent pattern of negative free cash flow, with quarterly outflows reaching as high as $72.5 million in 2025Q4, underscoring the company's total reliance on external capital to fund its ongoing Phase 3 clinical trial initiatives.
The trajectory of cash depletion appears to be accelerating in line with the advancement of the MM-120 program. This trend suggests that the company's cash runway is highly sensitive to the pace of patient recruitment and trial site expansion, necessitating constant monitoring of the firm's liquidity position.
According to recent SEC filings, stock-based compensation has consistently added back to the cash flow statement, peaking at $11.4 million in 2025Q4, which effectively masks the true magnitude of the operational burn rate by shifting compensation costs away from cash-based outflows.
While stock-based compensation is a standard practice in the biotechnology sector, its consistent presence suggests that the reported operating cash flow figures may understate the true economic cost of talent retention. Analysts should adjust for these non-cash items to better understand the actual cash-based operational requirements of the firm.
As evidenced by the quarterly cash flow data, working capital changes have swung from a $5.4 million inflow in 2026Q1 to a $4.5 million outflow in 2025Q4, reflecting the inherent unpredictability of managing clinical trial-related payables and accruals in a pre-revenue environment.
The erratic nature of these working capital shifts suggests that the company's cash position is subject to timing differences in vendor payments and clinical site obligations. This volatility warrants further investigation into the company's accounts payable management and the potential for future liquidity crunches if trial costs escalate unexpectedly.
Quick answers to the most common questions about buying MNMD stock.
Mind Medicine (MindMed) Inc. (MNMD) generated $-131.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mind Medicine (MindMed) Inc. (MNMD) reported negative free cash flow of $131.6M in 2025, indicating capital requirements exceeded cash from operations.
Mind Medicine (MindMed) Inc. (MNMD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.