MIND MEDICINE (MINDMED) INC.  Management report and analysis of the financial situation and operating results.  (Form 10-Q) |  MarketScreener

MIND MEDICINE (MINDMED) INC. Management report and analysis of the financial situation and operating results. (Form 10-Q) | MarketScreener

The following discussion should be read in conjunction with the unaudited
condensed consolidated financial statements and notes thereto included elsewhere
in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q,
including the following sections, contains forward-looking statements. These
statements are subject to risks and uncertainties that could cause actual
results and events to differ materially from those expressed or implied by such
forward-looking statements. For a detailed discussion of these risks and
uncertainties, see Item 1A "Risk Factors" in our 2021 Annual Report and this
Quarterly Report. See also "Special Note Regarding Forward-Looking Statements."
We caution the reader not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as of the date of this
Quarterly Report. We undertake no obligation to update forward-looking
statements, which reflect events or circumstances occurring after the date of
this Quarterly Report.

Our U.S. GAAP accounting policies are referred to in Note 2 of the Condensed
Consolidated Financial Statements as well as the Consolidated Financial
Statements included in our 2021 Annual Report. All amounts are in United States
dollars, unless otherwise indicated. References to "CAD$" are to Canadian
dollars.

Insight


We are a clinical stage biopharmaceutical company developing novel products to
treat brain health disorders. Our mission is to be the global leader in the
development and delivery of treatments that unlock new opportunities to improve
patient outcomes. We are developing a pipeline of innovative product candidates,
with and without acute perceptual effects, targeting the serotonin, dopamine and
acetylcholine systems. This specifically includes pharmaceutically optimized
drug products derived from the psychedelic and empathogen drug classes including
LSD, R(-)-MDMA and zolunicant, or 18-MC, a congener of ibogaine.

We were incorporated under the laws of the Province of British Columbia. Our
wholly owned subsidiary, Mind Medicine, Inc. ("MindMed US") was incorporated in
Delaware. Prior to February 27, 2020, our operations were conducted through
MindMed US.

On February 26, 2021 the Company acquired 100% of the issued and outstanding
shares of HealthMode Inc. ("HealthMode"), a developer of technologies using
Artificial Intelligence (AI)-enabled digital measurement to increase the
precision and speed of clinical research and patient monitoring. The Company
plans to utilize these technologies in its clinical trials to enhance the
quality of the data that is collected during the Company's clinical trials.

Since inception, we have incurred losses while advancing the research and
development of our products and processes. Our net losses were $16.5 million and
$17.2 million for the three months ended September 30, 2022 and 2021,
respectively, and $51.9 million and $76.2 million, for the nine months ended
September 30, 2022 and 2021, respectively. As of September 30, 2022, we had an
accumulated deficit of $189.6 million and cash and cash equivalents of $154.5
million.

During the nine months ended September 30, 2022, we continued to enhance the
resources required to build our pipeline of opportunities. This included adding
personnel and contract resources and ramping up the nonclinical aspects of our
activities. In addition, considerable effort was directed towards employing a
successful financing strategy.

Research and Development Updates


Our MM-120 (LSD D-tartrate) Phase 2 studies in GAD and ADHD are ongoing with
topline results expected in late 2023. Over the near-term, we intend to
prioritize the clinical research program of MM-120 in psychiatric disorders, and
at the appropriate time in the future intend to continue to explore indications
in other disease areas such as chronic pain. For our MM-402 or R(-)-MDMA
program, we plan to initiate a Phase 1 clinical trial in 2023; we also started
an investigator-initiated trial of R(-)-MDMA in the third quarter of 2022. For
MM-110 (zolunicant HCl), we completed a Phase 1 study in late 2021, however, in
the third quarter of 2022, we determined that any further clinical development
of our MM-110 program will be subject to the pursuit of non-dilutive sources of
capital and collaborations with third parties. Our external collaborations and
early research and development activities have continued to progress, including
the conclusion of the initial collaboration between MindMed and Nextage
Therapeutics.

Impact of the COVID-19 pandemic


We continue to monitor the ongoing COVID-19 global pandemic, which has resulted
in travel and other restrictions to reduce the spread of the disease. To date,
we have not experienced any significant disruptions from the ongoing COVID-19
pandemic. All clinical and chemistry, manufacturing and control activities are
currently active.

The safety, health and well-being of all patients, medical staff and our internal and external teams is paramount and is our main objective. As the pandemic and resulting restrictions evolve in jurisdictions across the country, we recognize that the potential

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exists for other disruptions to our projected timelines. We are in close communication with our clinical teams and key suppliers and are prepared to take action should the pandemic worsen and impact our business in the future.

August 2022 Reverse Share Allocation


As previously disclosed on May 27, 2022, we received a letter from Nasdaq's
Listing Qualifications Department notifying us that we were not in compliance
with Nasdaq Listing Rule 5550(a)(2), as the minimum bid price for our listed
securities was less than $1 for the previous 30 consecutive business days. We
had a period of 180 calendar days, or until November 23, 2022, to regain
compliance with the rule referred to in this paragraph.

The Company's Board approved a reverse share split of the Company's Common
Shares on a 15-for-1 basis, which was effected on August 26, 2022 and which
brought the bid price of the Company's Common Shares above the minimum bid price
requirement under the Nasdaq Listing Rules. No fractional Common Shares were
issued as a result of the August Share Split. Each fractional Common Share
remaining upon the August Share Split that was less than 1/2 of a Common Share
was cancelled and each fractional Common Share that was at least 1/2 of a Common
Share was changed to one whole Common Share. The August Share Split affected all
Common Shares outstanding immediately prior to the effective time of the August
Share Split, as well as the number of Common Shares available under the
Company's stock option plan and equity incentive plan. In addition, the August
Share Split effected a reduction in the number of Common Shares issuable upon
exercise of stock options, vesting of Restricted Share Units and exercise of
warrants outstanding immediately prior to the effectiveness of the August Share
Split. All references to Common Shares, options to purchase Common Shares, share
data, per share data, and related information contained in this report have been
retrospectively adjusted to reflect the effect of the August Share Split for all
periods presented.

On September 13, 2022, following the completion of the August Share Split, the
Company received a notice from the Nasdaq Listing Qualifications Office
indicating that the Company had regained compliance with the minimum bid price
requirement under Nasdaq Listing Rule 5550(a)(2).

Components of operating results

Functionnary costs

Research and development


To date, our resources have focused primarily on the development of our MM-120,
MM-110 and MM-420 programs and the commencement of related clinical activities.
We have commenced clinical studies and have funded data and study acquisitions
and acquired the materials required to supply our studies.

Research and development costs represent a significant portion of our operating expenses. Research and development expenses primarily consist of direct and indirect costs incurred in the development of our product candidates, as follows:

payroll, consulting and benefits expenses;

license fees;

manufacturing costs to produce clinical trial materials;

clinical research costs associated with discovery, preclinical and clinical testing of our product candidates;

cost of data acquisition and studies;

allocated operating expenses, which include direct or allocated expenses for information technology and human resources; and

other costs.


We may also incur in-process research and development expense as we acquire or
in-license assets from other parties. Technology acquisitions are expensed or
capitalized based upon the asset achieving technological feasibility in
accordance with management's assessment regarding the ultimate recoverability of
the amounts paid and the potential for alternative future use. Acquired
in-process research and development costs that have no alternative future use
are immediately expensed.

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General and administrative


General and administrative expenses consist primarily of compensation costs,
including stock-based compensation, for executive management and administrative
employees, including finance and accounting, legal, human resources and other
offices supporting administrative functions, professional services fees,
insurance expenses and allocated expenses.

We expect our general and administrative expenses to increase substantially for
the foreseeable future as we continue to support our research and development
activities, grow our business and, if any of our product candidates receive
marketing approval, commercialization activities. We also expect to increase the
size of our administrative function and facility costs to support the growth of
our business.

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Operating results

Comparison of the three and nine month periods ended September 30, 2022 and 2021


The following tables summarize our results of operations for the periods
presented (in thousands):

                                  Three Months                                         Nine Months
                              Ended September 30,                                  Ended September 30,
                                                            $            %                                        $            %
                               2022          2021         Change      Change        2022          2021         Change       Change
Operating expenses:
Research and development    $    7,772     $   9,019     $ (1,247 )       (14 )% $   27,339     $  23,906     $   3,433          14 %
General and
administrative                   9,211         8,208        1,003          

12% 25,092 52,390 (27,298 ) (52 )% Total operating expenses 16,983 17,227 (244 ) (1 )% 52,431 76,296 (23,865 ) (31 )% Operating loss

           (16,983 )     (17,227 )        244          (1 )%    (52,431 )     (76,296 )      23,865         (31 )%
Other income/(expense):
Interest
income/(expense), net              360           (64 )        424           *           443          (220 )         663           *
Foreign exchange
gain/(loss), net                   138           (40 )        178           *            94            94             -           0 %
Other income                         -           135         (135 )      (100 )%          1           215          (214 )      (100 )%
Total other income                 498            31          467           *           538            89           449           *
Loss before income taxes       (16,485 )     (17,196 )        711          (4 )%    (51,893 )     (76,207 )      24,314         (32 )%
Income taxes                         -             -            -         100 %           -             -             -         100 %
Net loss                       (16,485 )   $ (17,196 )   $    711          (4 )%    (51,893 )   $ (76,207 )   $  24,314         (32 )%
Other comprehensive
gain/(loss):
(Loss)/gain on foreign
currency translation              (107 )        (383 )        276         

(72 )% (303 ) 380 (683 ) (180 )% Overall loss ($16,592) ($17,579) $987 (6)% ($52,196) ($75,827) $23,631 (31)%

* Represents a change greater than 300%

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Functionnary costs

Research and development (in thousands):


                               Three Months                                             Nine Months
                           Ended September 30,                                      Ended September 30,
                                                          $            %                                          $            %
                           2022            2021         Change       Change          2022           2021        Change       Change
External Costs
MM-120 research
program                 $    1,175       $   1,513         (338 )        (22 )%   $     5,249     $  2,305        2,944          128 %
MM-110 research
program                        208           1,599       (1,391 )        (87 )%         1,393        5,104       (3,711 )        (73 )%
External R&D
collaborations                 328             575         (247 )        (43 )%         1,607        2,292         (685 )        (30 )%
Preclinical and other
programs                     1,269           2,086         (817 )        (39 )%         4,639        5,376         (737 )        (14 )%
Total external costs         2,980           5,773       (2,793 )        (48 )%        12,888       15,077       (2,189 )        (15 )%
Internal Costs               4,792           3,246        1,546           48 %         14,451        8,829        5,622           64 %
Total research and
development expenses    $    7,772       $   9,019     $ (1,247 )        (14 )%   $    27,339     $ 23,906     $  3,433           14 %




Research and development expenses were $7.8 million for the three months ended
September 30, 2022, compared to $9.0 million for the three months ended
September 30, 2021, a decrease of $1.2 million. The decrease was primarily due
to a decrease of $1.4 million of external costs related to the MM-110 research
program and a $0.8 million decrease in preclinical activities. This decrease was
partially offset by an increase of internal personnel costs of $1.5 million as
we continue to expand our in-house research and development capabilities. For
the nine months ended September 30, 2022, research and development expenses were
$27.3 million, compared to $23.9 million for the nine months ended September 30,
2021, an increase of $3.4 million. The increase was primarily driven by an
increase of $5.6 million of internal personnel costs related to additional
research and development headcount and an increase of $2.9 million in external
costs related to the MM-120 research program. These increases were partially
offset by a decrease of external costs related to the MM-110 research program of
$3.7 million.

General and Administrative

General and administrative expenses were $9.2 million for the three months ended
September 30, 2022, compared to $8.2 million for the three months ended
September 30, 2021, an increase of $1.0 million. The increase was primarily
related to issuance costs related to the Company's 2022 USD Financing Warrants
that were issued as part of the Company's public equity offering which closed
during the quarter. For the nine months ended September 30, 2022, general and
administrative expenses were $25.1 million, compared to $52.4 million for the
nine months ended September 30, 2021, a decrease of $27.3 million. The decrease
was primarily due to a decrease of $26.4 million in non-cash stock-based
compensation expenses relating to the modification of stock option awards and
RSUs recorded during the nine months ended September 30, 2021.

Other income/(expenses)

Interest income/(expense), net


Interest income (expense), net increased by approximately $0.4 million and $0.7
million for the three and nine months ended September 30, 2022 compared to the
three and nine months ended September 30, 2021, respectively. This was primarily
due to our investment in cash equivalents during 2022.

Foreign exchange gain, net


Foreign exchange increased by a nominal amount for the three and nine months
ended September 30, 2022 compared to the three and nine months ended September
30, 2021.

Other Income/(Expense)

Other income decreased by a nominal amount for the three and nine months ended
September 30, 2022 compared to the three and nine months ended September 30,
2021, respectively, primarily due to a cessation of sales of branded
merchandise.

Cash and capital resources

Sources of liquidity

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Since our creation, we have financed our operations mainly by issuing shares. Our primary capital requirements are funds to support our scientific research and development activities, including staffing, manufacturing, preclinical studies, clinical trials, administrative costs and working capital.

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We have experienced operating losses and cash outflows from operations since
inception and will require ongoing financing to continue our research and
development activities and we have not earned any revenue or reached successful
commercialization of our products. Our future operations are dependent upon our
ability to finance our cash requirements which will allow us to continue our
research and development activities and the commercialization of our products.
There can be no assurance that we will be successful in continuing to finance
our operations.

On January 7, 2021, we completed a bought deal financing resulting in the
issuance of 1,395,333 units of the Company at a price per unit of CAD$66.00
($52.05) for gross proceeds of $72.6 million. Each unit comprised one Common
Share of the Company and one-half of one Common Share financing warrant (each
whole warrant, a "January Warrant"). Each January Warrant entitles the holder
thereof to purchase one Common Share at an exercise price of CAD$86.25 ($67.95)
until January 7, 2024. Also, in connection with this transaction, the Company
issued 83,720 compensation warrants to its underwriter.

On March 9, 2021, we completed a private placement bought deal financing
resulting in the issuance of 400,000 units of the Company at a price per unit of
CAD$48.75 ($38.55) for gross proceeds of $15.4 million. Each unit was comprised
of one Common Share of the Company and one-half of one Common Share financing
warrant (each whole warrant, a "March Warrant"). Each March Warrant entitles the
holder thereof to purchase one Common Share at an exercise price of CAD$66.00
($52.20) until March 9, 2024. Also, in connection with this transaction, the
Company issued 24,000 compensation warrants to its underwriter.

Our cash and cash equivalents and working capital at September 30, 2022 has been
$154.5 million and 130.5 million, respectively.

Shelf registration and installation in the market


On May 4, 2022, we filed the Registration Statement. Pursuant to the
Registration Statement, we may offer and sell securities having an aggregate
public offering price of up to $200.0 million. In connection with the filing of
the Registration Statement, we also entered into a sales agreement Sales Agents,
pursuant to which we may issue and sell Common Shares for an aggregate offering
price of up to $100.0 million under the ATM. Pursuant to the ATM, we will pay
the Sales Agents a commission rate equal to 3.0% of the gross proceeds from the
sale of any Common Shares. We are not obligated to make any sales of Common
Shares under the ATM. As of September 30, 2022 we sold 1,955,548 Common Shares
for net proceeds of $30.2 million under the ATM.


Public Offering of Common Shares and Warrants


On September 30, 2022, we closed an underwritten public offering of 7,058,823
Common Shares and 2022 USD Financing Warrants to purchase 7,058,823 Common
Shares at a combined offering price of $4.25, for gross proceeds of $30.0
million and net proceeds of $27.5 million after deducting underwriting discounts
and commissions and offering costs. Each 2022 USD Financing Warrant is
immediately exercisable for one Common Share at an initial exercise price of
$4.25 per Common Share, subject to certain adjustments and will expire on
September 30, 2027.

Future funding needs


To date, we have not generated any revenue. We do not expect to generate any
meaningful revenue unless and until we obtain regulatory approval of and
commercialize any of our product candidates, and we do not know when, or if at
all, that will occur. We will continue to require substantial additional capital
to develop our product candidates and fund operations for the foreseeable
future. Moreover, we expect our expenses to increase in connection with our
ongoing activities, particularly as we continue the development of and seek
regulatory approvals for our product candidates. Further, we are subject to all
the risks incident in the development of new pharmaceutical products, and we may
encounter unforeseen expenses, difficulties, complications, delays and other
unknown factors that may harm our business. Our expenses will increase if, and
as, we:

advancing our product candidates through preclinical and clinical development;

seek regulatory approvals for any product candidates that successfully complete clinical trials;

seek to discover and develop additional product candidates;

establish a sales, marketing, medical affairs and distribution infrastructure to
commercialize any product candidates for which we may obtain marketing approval
and intend to commercialize on our own or jointly; and

expand our operational, financial and management systems and increase personnel, including personnel to support our development, manufacturing and marketing efforts and our operations as a public company.

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We expect our current cash and cash equivalents will be sufficient to fund our
current 2022 and 2023 operating plan and will extend our cash runway into first
half of 2025. However, our forecast of the period of time through which our
financial resources will be adequate to support our operations is a
forward-looking statement that involves risks and uncertainties, and actual
results could vary materially. In order to complete the development of our
product candidates and to build the sales, marketing and distribution
infrastructure that we believe will be necessary to commercialize our product
candidates, if approved, we will require substantial additional funding. Until
we can generate a sufficient amount of revenue from the commercialization of our
product candidates, we may seek to raise any necessary additional capital
through the sale of equity, debt financings or other capital sources, which
could include income from collaborations, strategic partnerships or marketing,
distribution or licensing arrangements with third parties or from grants. To the
extent that we raise additional capital through the sale of equity or
convertible debt securities, the ownership interest of our shareholders will be
or could be diluted, and the terms of these securities may include liquidation
or other preferences that adversely affect the rights of our shareholders. Debt
financing and preferred equity financing, if available, may involve agreements
that include covenants limiting or restricting our ability to take specific
actions, including restricting our operations and limiting our ability to incur
liens, issue additional debt, pay dividends, repurchase our Common Shares, make
certain investments or engage in merger, consolidation, licensing or asset sale
transactions. If we raise funds through collaborations, strategic partnerships
and other similar arrangements with third parties, we may be required to grant
rights to develop and market product candidates that we would otherwise prefer
to develop and market ourselves. We may be unable to raise additional funds or
to enter into such agreements or arrangements on favorable terms, or at all. If
we are unable to raise additional funds when needed, we may be required to
delay, reduce or eliminate our product development or future commercialization
efforts. We have based our projections of operating capital requirements on our
current operating plan, which is based on several assumptions that may prove to
be incorrect and we may use all of our available capital resources sooner than
we expect. Because of the numerous risks and uncertainties associated with
research, development and commercialization of product candidates, we are unable
to estimate the exact amount and timing of our working capital requirements. Our
future funding requirements will depend on many factors, including:

the scope, progress, results and costs of researching and developing our product candidates and conducting preclinical studies and clinical trials;

the costs, timing and results of regulatory review of our product candidates;

costs of future activities, including product sales, medical affairs, marketing, manufacturing and distribution, for any of our product candidates for which we receive marketing authorization;

the costs of manufacturing commercial-grade products and sufficient inventory to support commercial launch;

revenue, if any, from the commercial sale of our products, if any of our product candidates receive marketing approval;

the cost and timing of hiring new employees to support our continued growth;

the costs of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending intellectual property claims;

the ability to establish and maintain collaborations on favorable terms, if at all;

the extent to which we acquire or license other product candidates and technologies; and

the timing, receipt, and amount of sales or milestone payments related to or royalties on our current or future product candidates, if any.

Cash Flows

                                                           Nine Months Ended September 30,
                                                             2022                   2021
Net cash used in operating activities                  $        (37,290 )     $        (37,991 )
Net cash used in investing activities                                 -                   (410 )
Net cash provided by financing activities                        58,635                 98,697
Foreign exchange impact on cash and cash equivalents               (365 )                5,529
Net increase in cash and cash equivalents              $         20,980       $         65,825



Cash flow from operating activities


Cash used in operating activities for the nine months ended September 30, 2022
was $37.3 million, which consisted of a net loss of $51.9 million, partially
offset by $16.3 million in non-cash charges and a net change of $1.6 million in
our net operating assets and

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liabilities. The non-cash charges consisted of share-based payments of $12.3
million, amortization of intangible assets of $2.4 million, and issuance costs
on liability classified warrants of $1.5 million.

Cash used in operating activities for the nine months ended September 30, 2021
was $38.0 million, which consisted of a net loss of $76.2 million, partially
offset by $40.2 million in non-cash charges and a net change of $2.0 million in
our net operating assets and liabilities. The non-cash charges primarily
consisted of share-based payments.

Cash flow from investing activities

Cash flows used in investing activities for the nine months ended September 30, 2021
has been $0.4 millionwhich consisted of cash paid for the acquisition of HealthMode, net of cash acquired.

Cash flow from financing activities


Cash provided by financing activities for the nine months ended September 30,
2022 was $58.6 million, which consisted of the net proceeds of $41.6 million
from the issuance of common shares, net of issuance costs, proceeds of $17.7
million from the issuance of warrants, the proceeds of $0.7 million from
exercise of warrants, and proceeds of $0.2 million from exercise of options,
partially offset by $1.2 million payment of warrant issuance costs and $0.4
million of withholding taxes paid on vested RSUs.

Cash provided by financing activities for the nine months ended September 30,
2021 was $98.7 million, which consisted of the net proceeds of $81.9 million
from the issuance of common shares and warrants, net of issuance costs, the
proceeds of $11.2 million from exercise of warrants, and proceeds of $5.6
million from exercise of options.

Significant Accounting Policies and Estimates


Our management's discussion and analysis of our financial condition and results
of operations is based on our unaudited interim condensed consolidated financial
statements as at September 30, 2022, which have been prepared in accordance with
United States generally accepted accounting principles, or U.S. GAAP and on a
basis consistent with those accounting principles followed by us and disclosed
in Note 2 to our most recent annual audited consolidated financial statements.
The preparation of these unaudited interim condensed consolidated financial
statements requires our management to make judgments and estimates that affect
the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements, as well as the
reported revenue generated and expenses incurred during the reporting periods.
Our estimates are based on our historical experience and on various other
factors that we believe are reasonable under the circumstances, the results of
which form the basis for making judgments about the carrying value of assets and
liabilities that are not readily apparent from other sources. Significant
estimates and judgments include, but are not limited to, research and
development tax credits recoverable, research and development expenses, and
share-based compensation. Accordingly, actual results may differ from these
judgments and estimates under different assumptions or conditions and any such
differences may be material. We believe that the accounting policies discussed
below are critical to understanding our historical and future performance, as
these policies relate to the more significant areas involving management's
judgments and estimates.

We anticipate that the COVID-19 pandemic will have an impact on the development
timelines of our clinical programs. Estimates and assumptions about future
events and their effects cannot be determined with certainty and therefore
require the exercise of judgment. As of the date of issuance of these financial
statements, we are not aware of any specific event or circumstance that would
require the update of our estimates, assumptions and judgments. These estimates
may change as new events occur and additional information is obtained and are
recognized in the condensed consolidated financial statements as soon as they
become known. Actual results could differ from those estimates and any such
differences may be material to our financial statements.

Other than as described under Note 2 of our unaudited interim condensed
consolidated financial statements, there have been no material changes to our
critical accounting policies from those described in "Management's Discussion
and Analysis of Financial Condition and Results of Operations," included in our
most recent annual consolidated financial statements.

Recent accounting pronouncements


See Note 2 to our unaudited financial statements located in "Part I - Financial
Information, Item 1. Financial Statements" in this Quarterly Report on Form 10-Q
for a description of recent accounting pronouncements applicable to our
financial statements.

Emerging Growth Company Status

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We are an "emerging growth company," as defined in the JOBS Act. Under the JOBS
Act, emerging growth companies can delay adopting new or revised accounting
standards issued subsequent to the enactment of the JOBS Act until such time as
those standards apply to private companies.

We have elected to use this extended transition period to enable us to comply
with new or revised accounting standards that have different effective dates for
public and private companies until the earlier of the date we (i) are no longer
an emerging growth company or (ii) affirmatively and irrevocably opt out of the
extended transition period provided in the JOBS Act. As a result, our financial
statements may not be comparable to companies that comply with new or revised
accounting pronouncements as of public company effective dates.

Fully diluted share capital

The number of common shares issued and outstanding on a fully converted basis at September 30, 2022 was the following:

                               Number of Common Share Equivalents
Common Shares                                           37,541,115
Stock Options                                            2,364,013
Restricted Share Units                                   1,082,669
Compensation Warrants                                      125,890
Financing Warrants                                       1,286,282
2022 USD Financing Warrants                              7,058,823
Total - September 30, 2022                              49,458,792




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