How Do They Make Money?

MindMed is the first company I've researched that doesn't actually make money.

The company's annual report admits:

"We have never generated revenue and may never be profitable."

MindMed is a New York-based biopharmaceutical company (with offices in Vancouver, BC and Durham, NC). The company's goal is to be the global leader in developing treatments for brain health disorders via psychedelics.

The company's leading product candidates include:

• A proprietary form of LSD for treating anxiety and ADHD

• A proprietary form of MDMA for treating autism

• A congener of Ibogaine (on hold since December 2023 while waiting for capital) for treating opioid withdrawal

• Non-clinical, pre-clinical, human clinical trials and research partnerships (including partnership with Switzerland's UHB)

• Digital medicine projects "to help facilitate the adoption and scalability of our product candidates" (i.e. promote MindMed products online)

MindMed spent $93.87 million on operating expenses in 2023 and recorded a corresponding $93.87 million loss in operating income.

Despite the lack of income, MindMed has surged in the last few weeks: political changes in the US could lead to a more favorable regulatory environment for MindMed and other psychedelic companies. MindMed is up 25% over the last month.