Mind Medicine (MNMD) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MNMD SEC filings page.
This page shows Mind Medicine (MNMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Mind Medicine passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Mind Medicine reported a net loss of $183.8M while operations used $131.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Mind Medicine reported an operating loss of $166.3M against $5.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Mind Medicine reported -$77.1M in net income in Q1 2026. This represents a decrease of 230.2% from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
Cash & Balance Sheet
Mind Medicine held $262.5M in cash against $40.8M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Mind Medicine's ROE was -27.7% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 17.2 percentage points from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Capital Allocation
Mind Medicine invested $41.5M in research and development in Q1 2026. This represents an increase of 77.6% from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
MNMD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $41.5M+77.6% | N/A | $31.0M+80.2% | $29.8M+103.5% | $23.4M+99.5% | N/A | $17.2M+30.2% | $14.6M-0.9% |
| SG&A Expenses | $17.7M+101.5% | N/A | $14.7M+93.2% | $11.1M+13.1% | $8.8M-16.2% | N/A | $7.6M-9.6% | $9.8M-31.9% |
| Operating Income | -$59.2M-84.1% | N/A | -$45.7M-84.2% | -$40.9M-67.2% | -$32.2M-44.8% | N/A | -$24.8M-14.7% | -$24.5M+16.2% |
| Interest Expense | $1.2M+106.8% | N/A | $1.3M+75.2% | $2.3M+401.7% | $602K+38.7% | N/A | $727K+121.6% | $466K+505.2% |
| Net Income | -$77.1M-230.2% | N/A | -$67.3M-391.6% | -$42.7M-630.2% | -$23.3M+57.1% | N/A | -$13.7M+23.7% | -$5.9M+79.9% |
| EPS (Basic) | -$0.71-163.0% | N/A | -$0.78-333.3% | -$0.50-525.0% | -$0.27+76.3% | N/A | -$0.18+60.0% | -$0.08+89.5% |
| EPS (Diluted) | -$0.71 | N/A | -$0.78 | -$0.50 | -$0.35+69.3% | N/A | -$0.27 | -$0.26 |
| Diluted Shares (Avg) | 109M | N/A | 86M | 85M | 87M+82.0% | N/A | 80M | 75M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, EBITDA, Income Tax.
MNMD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $401.3M+45.8% | $440.1M+45.7% | $236.9M-25.9% | $265.1M-1.1% | $275.3M-0.1% | $302.2M+142.6% | $319.8M+125.9% | $268.1M+88.7% |
| Current Assets | $380.6M+71.7% | $419.3M+48.9% | $215.8M-27.9% | $189.1M-23.6% | $221.7M-13.2% | $281.6M+171.1% | $299.4M+149.3% | $247.7M+106.8% |
| Cash & Equivalents | $262.5M+216.8% | $257.8M-5.8% | $20.0M-93.2% | $33.4M-86.3% | $82.9M-67.2% | $273.7M+174.6% | $295.3M+150.9% | $243.1M+108.0% |
| Goodwill | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% | $19.9M0.0% |
| Total Liabilities | $122.4M+133.2% | $107.8M+77.5% | $106.3M+84.7% | $79.7M+20.6% | $52.5M-33.9% | $60.7M+30.8% | $57.6M+26.3% | $66.1M+83.0% |
| Current Liabilities | $81.1M+166.1% | $66.7M+71.7% | $65.4M+96.7% | $38.0M-9.3% | $30.5M-53.3% | $38.8M+20.5% | $33.3M+6.8% | $41.8M+19.2% |
| Non-Current Liabilities | $41.3M+87.6% | $41.1M+88.0% | $40.9M+68.3% | $41.7M+72.1% | $22.0M+55.1% | $21.9M+54.3% | $24.3M+68.6% | $24.3M+2344.7% |
| Long-Term Debt | $40.8M+85.0% | $40.6M+85.7% | $40.4M+66.1% | $41.2M+69.9% | $22.0M+55.3% | $21.9M+54.7% | $24.3M+72.8% | $24.3M |
| Total Equity | $278.8M+25.2% | $332.3M+37.6% | $130.6M-50.2% | $185.4M-8.2% | $222.8M+13.6% | $241.4M+209.0% | $262.2M+173.2% | $202.0M+90.7% |
| Retained Earnings | -$659.8M-56.3% | -$582.7M-46.1% | -$532.2M-46.2% | -$465.0M-32.7% | -$422.2M-22.5% | -$398.9M-37.4% | -$364.1M-36.7% | -$350.5M-41.1% |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments.
MNMD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.6M-44.9% | -$43.0M-69.5% | -$29.6M-72.0% | -$29.6M-48.1% | -$29.4M-77.2% | -$25.4M-23.3% | -$17.2M-3.4% | -$20.0M-44.4% |
| Stock-Based Compensation | $7.1M+108.2% | N/A | $5.8M+51.4% | $5.3M-3.3% | $3.4M-7.1% | N/A | $3.8M-9.1% | $5.4M+41.3% |
| Investing Cash Flow | $42.0M+125.9% | $35.0M | $15.4M | -$39.5M | -$162.5M | $0 | $0 | $0 |
| Financing Cash Flow | $5.3M+429.8% | $245.9M+6358.3% | $749K-98.9% | $19.6M+82.1% | $1.0M-99.4% | $3.8M+46.8% | $69.4M+298.6% | $10.8M+746.8% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
MNMD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -27.7%-17.2pp | N/A | -51.5%-46.3pp | -23.1%-20.2pp | -10.5%+17.3pp | N/A | -5.2%+13.5pp | -2.9%+24.6pp |
| Return on Assets | -19.2%-10.7pp | N/A | -28.4%-24.1pp | -16.1%-13.9pp | -8.5%+11.3pp | N/A | -4.3%+8.4pp | -2.2%+18.3pp |
| Current Ratio | 4.69-2.6x | 6.29-1.0x | 3.30-5.7x | 4.98-0.9x | 7.27+3.4x | 7.25+4.0x | 9.00+5.1x | 5.92+2.5x |
| Debt-to-Equity | 0.150.0x | 0.120.0x | 0.31+0.2x | 0.22+0.1x | 0.100.0x | 0.09-0.1x | 0.09-0.1x | 0.12-0.2x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Mind Medicine MNMD | FY2025 | N/A | -$183.8M | N/A | $1.5B | — |
| Gh Research Plc GHRS | FY2025 | N/A | -$48.3M | N/A | $1.9B | — |
| Tango Therapeutics Inc TNGX | FY2025 | $62.4M | -$101.6M | N/A | $3.8B | 65/100 |
| Kalvista Pharm KALV | FY2025 | N/A | -$183.4M | N/A | $1.4B | — |
| Gyre Therapeutics Inc GYRE | FY2025 | $116.6M | $9.9M | 8.5% | $727.4M | 39/100 |
| Vir Biotechnology, Inc. VIR | FY2025 | $68.6M | -$438.0M | N/A | $1.9B | 66/100 |
Where Mind Medicine Ranks
Frequently Asked Questions
Is Mind Medicine profitable?
No, Mind Medicine (MNMD) reported a net income of -$183.8M in fiscal year 2025.
How much debt does Mind Medicine have?
As of fiscal year 2025, Mind Medicine (MNMD) had $257.8M in cash and equivalents against $40.6M in long-term debt.
What is Mind Medicine's return on equity (ROE)?
Mind Medicine (MNMD) has a return on equity of -55.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Mind Medicine's operating cash flow?
Mind Medicine (MNMD) recorded an outflow of $131.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Mind Medicine's total assets?
Mind Medicine (MNMD) had $440.1M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Mind Medicine spend on research and development?
Mind Medicine (MNMD) invested $117.7M in research and development during fiscal year 2025.
What is Mind Medicine's current ratio?
Mind Medicine (MNMD) had a current ratio of 6.29 as of fiscal year 2025, which is generally considered healthy.
What is Mind Medicine's debt-to-equity ratio?
Mind Medicine (MNMD) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, 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 -41.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Mind Medicine's Piotroski F-Score?
Mind Medicine (MNMD) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $183.8M while operations used $131.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $166.3M against $5.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.