The company remains entirely pre-revenue, with operating losses widening to $59.2 million in 2026Q1 as R&D intensity continues to accelerate.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 527K | 3.16M | 3.22M | 0 | 0 | 6.68K | 6.68K | 5.5K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | -527K | -3.16M | -3.22M | 0 | 0 | -6.68K | -6.68K | -5.5K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | 83.33% | 1.89% | - | - | 100% | -0.03% | -21.46% | - | - | - |
| Operating Expenses | 193.37M | 166.31M | 103.39M | 90.7M | 66.33M | 93.85M | 33.03M | 461.5K | 855.26K | 1.23M | 111.25K | 94.55K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 57.58M | 48.64M | 38.62M | 41.74M | 30.16M | 59.06M | 14.4M | 461.5K | 855.26K | 1.23M | 111.25K | 94.55K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 135.79M | 117.67M | 65.3M | 48.96M | 36.17M | 34.79M | 18.63M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -527K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -193.37M | -166.31M | -103.92M | -93.87M | -66.33M | -93.85M | -33.03M | -468.18K | -861.94K | -1.24M | -111.25K | -94.55K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -60.04% | -10.71% | -41.51% | 29.33% | -184.15% | -6954.98% | 45.68% | 30.21% | -1010.23% | -17.66% | - |
| EBITDA | -191.11M | -178.31M | -103.39M | -90.7M | -63.15M | -91.24M | -32.82M | -461.5K | -855.26K | -1.23M | -111.25K | -94.55K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -154.22% | -72.47% | -13.99% | -43.63% | 30.78% | -177.96% | -7012.45% | 46.04% | 30.45% | -1005.28% | -17.66% | - |
| D&A (Non-Cash Add-back) | 6.75K | 0 | 527K | 3.16M | 3.18M | 2.62M | 206.3K | 6.68K | 6.68K | 5.5K | 0 | 0 |
| EBIT | -211.44M | -178.31M | -106.4M | -95.73M | -66.33M | -93.85M | -33.77M | -1.12M | -857.94K | -1.51M | -179.9K | -92.66K |
| Net Interest Income | 2.52M | 5.48M | 9.28M | 4.66M | 0 | -359K | -164K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11.98M | 10.96M | 11.56M | 5.58M | 1.5M | 0 | 0 | 0 | 4K | 8.4K | 1.2K | 1.9K |
| Interest Expense | 9.47M | 5.48M | 2.28M | 920K | 1.5M | 359K | 164K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -44.17M | -17.48M | -4.76M | -1.87M | 9.54M | -339K | -907K | -647.63K | 4K | 8.4K | -68.65K | 1.89K |
| Pretax Income | -237.54M | -183.79M | -108.68M | -95.73M | -56.8M | -94.19M | -33.94M | -1.12M | -857.94K | -1.23M | -179.9K | -92.66K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -1.16M | 0 | -4 | -2 | -2 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 1.23% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -237.54M | -183.79M | -108.68M | -95.73M | -56.8M | -93.04M | -34.1M | -1.12M | -857.94K | -1.23M | -179.9K | -92.66K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -206.01% | -69.12% | -13.52% | -68.55% | 38.95% | -172.82% | -2956.18% | -30.06% | 30.06% | -581.9% | -94.16% | - |
| Net Income (Continuing) | -237.54M | -183.79M | -108.68M | -95.73M | -56.8M | -93.04M | -33.94M | -1.12M | -857.94K | -1.23M | -179.9K | -92.66K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.18 | -2.06 | -0.15 | -2.44 | -1.84 | -3.40 | -1.92 | -2.94 | -2.74 | -4.85 | -2.24 | -1.17 |
| EPS Growth % | -167.34% | -1273.33% | 93.85% | -32.61% | 45.88% | -77.08% | 34.69% | -7.3% | 43.51% | -116.52% | -91.45% | - |
| EPS (Basic) | - | -2.06 | -1.54 | -2.44 | -1.84 | -3.40 | -1.92 | -2.94 | -2.74 | -4.85 | -2.24 | -1.17 |
| Diluted Shares Outstanding | 108.79M | 89.33M | 704.61M | 39.16M | 30.86M | 27.38M | 17.75M | 379.41K | 312.55K | 252.82K | 80.42K | 79K |
| Basic Shares Outstanding | 108.79M | 89.33M | 70.46M | 39.16M | 30.86M | 27.38M | 17.75M | 379.41K | 312.55K | 252.82K | 80.42K | 79K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by recent financial disclosures, MNMD's quarterly research and development spending has surged to $41.5 million in 2026Q1, reflecting a clear acceleration in clinical trial activity that necessitates close monitoring of the company's overall capital allocation efficiency as it advances its lead MM-120 candidate.
The consistent quarter-over-quarter increase in R&D costs suggests that the company is aggressively scaling its Phase 3 trial infrastructure. Investors should interpret this rising cost base as a necessary, albeit capital-intensive, requirement to meet regulatory milestones, though it simultaneously heightens the financial pressure on the firm's existing cash reserves.
Based on the reported income statements, MNMD's operating losses have widened significantly to $59.2 million in 2026Q1, demonstrating that the company's current operational structure is entirely dependent on external financing rather than internal revenue generation to sustain its ongoing clinical development and administrative overhead requirements.
The lack of revenue combined with rising SG&A and R&D expenses indicates that the company is currently in a phase of maximum operational leverage, where every dollar spent is directed toward future potential rather than current profitability. This trend suggests that the firm's valuation will remain highly sensitive to clinical data readouts rather than traditional operating margin improvements.
According to the provided financial data, MNMD consistently records stock-based compensation, with a peak of $11.4 million in 2025Q4, which serves to mask the true cash-based operational burn rate while simultaneously increasing the dilutive pressure on existing shareholders during this critical pre-revenue development phase.
The reliance on equity-based incentives suggests management is attempting to preserve cash for clinical trials, yet this practice complicates the assessment of true economic costs. Analysts should carefully adjust for these non-cash charges to better understand the actual cash runway available before the company requires further capital market access.
As evidenced by the progression from $11.2 million in R&D spending during 2024Q1 to $41.5 million in 2026Q1, the rapid expansion of the company's cost structure warrants skepticism regarding whether current capital levels can support the full duration of Phase 3 trials without further dilutive financing.
While the recent $175 million capital raise provides a temporary buffer, the trajectory of the burn rate suggests that the company may face significant liquidity constraints if clinical timelines are extended or if regulatory requirements for REMS protocols prove more costly than anticipated. Investors should monitor the relationship between trial enrollment velocity and the remaining cash runway.
Quick answers to the most common questions about buying MNMD stock.
For fiscal year 2025, Mind Medicine (MindMed) Inc. (MNMD) reported total revenue of $0.0M.
Mind Medicine (MindMed) Inc. (MNMD) reported a net loss of $183.8M for the fiscal year ending 2025.