MindMed Q3 cash $209M, raises $242.8M; MM120 Phase 3 GAD/MDD readouts on track for 2026

Definium Therapeutics, Inc.

2025-Q3 EPS reported -$1.56 vs consensus -$0.51 ▼ miss (-205.1%)

Cash, cash equivalents and investments of $209.1M at Sept 30, 2025; net proceeds of $242.8M from Oct 31 offering extend runway into 2028.
R&D expenses $31.0M in Q3 2025 vs $17.2M in Q3 2024, driven by MM120 program costs.
Phase 3 Voyage (GAD) topline data expected 1H 2026; Panorama (GAD) 2H 2026.
Phase 3 Emerge (MDD) topline data accelerated to mid-2026 (from 2H 2026); Ascend (MDD) to initiate mid-2026.
Phase 2a of MM402 for ASD to start Q4 2025; MM120 Phase 2b published in JAMA.

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