Mind Medicine Financials
This page shows Mind Medicine (MNMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Mind Medicine passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Mind Medicine generates $0.73 in operating cash flow (-$79.1M OCF vs -$108.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Mind Medicine earns $-45.5 in operating income for every $1 of interest expense (-$103.9M vs $2.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Mind Medicine reported -$108.7M in net income in fiscal year 2024. This represents a decrease of 13.5% from the prior year.
Mind Medicine earned $-1.54 per diluted share (EPS) in fiscal year 2024. This represents an increase of 36.9% from the prior year.
Mind Medicine held $273.7M in cash against $21.9M in long-term debt as of fiscal year 2024.
Mind Medicine had 75M shares outstanding in fiscal year 2024. This represents an increase of 81.7% from the prior year.
Mind Medicine invested $65.3M in research and development in fiscal year 2024. This represents an increase of 25.3% from the prior year.
MNMD Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $31.0M+3.9% | $29.8M+27.6% | $23.4M | N/A | $13.2M-10.7% | $14.8M+17.3% | $12.6M | N/A |
| SG&A Expenses | $14.7M+32.4% | $11.1M+26.0% | $8.8M | N/A | $8.4M-41.6% | $14.4M+74.4% | $8.3M | N/A |
| Operating Income | -$45.7M-11.7% | -$40.9M-27.2% | -$32.2M | N/A | -$21.6M+25.9% | -$29.2M-39.9% | -$20.9M | N/A |
| Interest Expense | $1.3M-45.5% | $2.3M+288.4% | $602K | N/A | $328K+326.0% | $77K+1.3% | $76K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$67.3M-57.4% | -$42.7M-83.1% | -$23.3M | N/A | -$17.9M+38.5% | -$29.1M-17.4% | -$24.8M | N/A |
| EPS (Diluted) | $-0.78-56.0% | $-0.50-42.9% | $-0.35 | N/A | $-0.45+40.8% | $-0.76-16.9% | $-0.65 | N/A |
MNMD Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $236.9M-10.6% | $265.1M-3.7% | $275.3M+121.1% | $124.5M-12.0% | $141.6M-0.4% | $142.1M-8.6% | $155.5M-8.5% | $170.0M |
| Current Assets | $215.8M+14.1% | $189.1M-14.7% | $221.7M+113.4% | $103.9M-13.5% | $120.1M+0.2% | $119.8M-9.5% | $132.4M-9.3% | $146.1M |
| Cash & Equivalents | $20.0M-40.2% | $33.4M-59.7% | $82.9M-16.9% | $99.7M-15.3% | $117.7M+0.7% | $116.9M-9.7% | $129.4M-9.0% | $142.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M |
| Total Liabilities | $106.3M+33.4% | $79.7M+51.7% | $52.5M+13.2% | $46.4M+1.8% | $45.6M+26.2% | $36.1M+43.4% | $25.2M+32.0% | $19.1M |
| Current Liabilities | $65.4M+72.3% | $38.0M+24.5% | $30.5M-5.5% | $32.2M+3.5% | $31.2M-11.3% | $35.1M+45.8% | $24.1M+34.7% | $17.9M |
| Long-Term Debt | $40.4M-2.0% | $41.2M+86.9% | $22.0M+56.0% | $14.1M+0.4% | $14.1M | N/A | N/A | N/A |
| Total Equity | $130.6M-29.6% | $185.4M-16.8% | $222.8M+185.2% | $78.1M-18.6% | $96.0M-9.4% | $106.0M-18.7% | $130.3M-13.6% | $150.9M |
| Retained Earnings | -$532.2M-14.5% | -$465.0M-10.1% | -$422.2M-45.5% | -$290.2M-9.0% | -$266.3M-7.2% | -$248.4M-13.3% | -$219.3M-12.8% | -$194.5M |
MNMD Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.6M+0.1% | -$29.6M-0.6% | -$29.4M-43.1% | -$20.6M-23.7% | -$16.6M-20.1% | -$13.8M-3.9% | -$13.3M-3.8% | -$12.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $15.4M+139.0% | -$39.5M+75.7% | -$162.5M | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $749K-96.2% | $19.6M+1861.1% | $1.0M-61.4% | $2.6M-85.1% | $17.4M+1265.6% | $1.3M+118.5% | $583K+40.1% | $416K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MNMD Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -28.4%-12.3pp | -16.1%-7.6pp | -8.5% | N/A | -12.7%+7.8pp | -20.5%-4.5pp | -16.0% | N/A |
| Current Ratio | 3.30-1.7 | 4.98-2.3 | 7.27+4.1 | 3.22-0.6 | 3.85+0.4 | 3.41-2.1 | 5.50-2.7 | 8.16 |
| Debt-to-Equity | 0.31+0.1 | 0.22+0.1 | 0.10-0.1 | 0.18+0.0 | 0.15-0.2 | 0.34+0.1 | 0.19+0.1 | 0.13 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Mind Medicine profitable?
No, Mind Medicine (MNMD) reported a net income of -$108.7M in fiscal year 2024.
What is Mind Medicine's earnings per share (EPS)?
Mind Medicine (MNMD) reported diluted earnings per share of $-1.54 for fiscal year 2024. This represents a 36.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Mind Medicine have?
As of fiscal year 2024, Mind Medicine (MNMD) had $273.7M in cash and equivalents against $21.9M in long-term debt.
What is Mind Medicine's operating cash flow?
Mind Medicine (MNMD) generated -$79.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Mind Medicine's total assets?
Mind Medicine (MNMD) had $302.2M in total assets as of fiscal year 2024, including both current and long-term assets.
How much does Mind Medicine spend on research and development?
Mind Medicine (MNMD) invested $65.3M in research and development during fiscal year 2024.
How many shares does Mind Medicine have outstanding?
Mind Medicine (MNMD) had 75M shares outstanding as of fiscal year 2024.
What is Mind Medicine's current ratio?
Mind Medicine (MNMD) had a current ratio of 7.25 as of fiscal year 2024, which is generally considered healthy.
What is Mind Medicine's debt-to-equity ratio?
Mind Medicine (MNMD) had a debt-to-equity ratio of 0.09 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mind Medicine's return on assets (ROA)?
Mind Medicine (MNMD) had a return on assets of -36.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Mind Medicine's cash runway?
Based on fiscal year 2024 data, Mind Medicine (MNMD) had $273.7M in cash against an annual operating cash burn of $79.1M. This gives an estimated cash runway of approximately 42 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Mind Medicine's Piotroski F-Score?
Mind Medicine (MNMD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mind Medicine's earnings high quality?
Mind Medicine (MNMD) has an earnings quality ratio of 0.73x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mind Medicine cover its interest payments?
Mind Medicine (MNMD) has an interest coverage ratio of -45.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.