MindMed Q2 2025 net loss widens to $42.7M; cash $237.9M; Phase 3 trials on track

Definium Therapeutics, Inc.

2025-Q2 EPS reported -$0.81 vs consensus -$0.37 ▼ miss (-117.9%)

Net loss of $42.7M in Q2 2025 vs $5.9M in Q2 2024, driven by higher R&D and warrant fair value changes.
Cash, cash equivalents and investments totaled $237.9M as of June 30, 2025, sufficient into 2027.
R&D expenses rose to $29.8M from $14.6M YoY, primarily due to MM120 ODT program advancement.
Phase 3 Voyage (GAD) topline data expected 1H 2026; Panorama (GAD) and Emerge (MDD) data in 2H 2026.
Appointed Brandi L. Roberts as CFO, bringing over 25 years of life sciences financial leadership.

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