Mind Medicine (MindMed) Inc. (MNMD) Stock Analysis
DELISTED 2026
What happened to Mind Medicine (MindMed) Inc. (MNMD) stock?
Mind Medicine (MindMed) Inc. (MNMD) no longer trades on public markets. It was delisted in January 2026. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Mind Medicine (MindMed) Inc. (MNMD) trades at $20.69. Mind Medicine (MindMed) Inc. is a clinical-stage biopharmaceutical company focused on developing novel treatments for brain health disorders. Their pipeline targets psychiatry, addiction, pain, and neurology. Market cap: $1.56B, Sector: Healthcare.
Last analyzed: May 5, 2026Analyst Coverage for MNMD: MNMD does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates MNMD against Healthcare peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
MNMD: 1/2 scored disciplines lean bearish. Dominant signal: Seth Klarman bearish.
How is this calculated? →Mind Medicine (MindMed) Inc. (MNMD) Healthcare & Pipeline Overview
Mind Medicine (MindMed) Inc. is a clinical-stage biopharmaceutical company developing novel products for brain health disorders, including treatments for psychiatry, addiction, pain, and neurology. Their focus on innovative therapies and clinical-stage pipeline positions them within the evolving biotechnology landscape.
What Is the Investment Thesis for MNMD?
Mind Medicine (MindMed) Inc. presents a compelling investment thesis based on its innovative pipeline targeting significant unmet needs in brain health. The company's lead candidate, MM-120, is in Phase 2 trials for generalized anxiety disorder, ADHD, and chronic pain, representing a substantial market opportunity. Positive clinical data from these trials could serve as a significant catalyst for stock appreciation. Furthermore, the development of MM-110 for opioid withdrawal and MM-402 for autism spectrum disorder diversifies the company's portfolio and mitigates risk. However, the company's success is contingent on positive clinical trial outcomes, regulatory approvals, and successful commercialization. With a market cap of $1.56B and a beta of 2.62, MindMed offers high-growth potential but also carries significant risk inherent in clinical-stage biopharmaceutical companies. Investors should carefully consider the company's financial position and the competitive landscape before investing.
Based on FMP financials and quantitative analysis
MNMD Key Highlights
MindMed is a clinical-stage biopharmaceutical company focused on developing novel products for brain health disorders.
- MM-120, the lead candidate, is in Phase 2 clinical trials for the treatment of generalized anxiety disorder, attention deficit hyperactivity disorder, and chronic pain.
- MM-110 has completed Phase 1 trials for the treatment of opioid withdrawal.
- MM-402 is being developed for the treatment of core symptoms of autism spectrum disorder.
- The company is headquartered in Vancouver, Canada, and employs 74 people.
Who Are MNMD's Competitors?
MNMD is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ANAB AnaptysBio, Inc. | $57.36 | +1.19% | $1.70B | 38 |
| TNGX Tango Therapeutics, Inc. | $23.51 | -6.71% | $3.83B | — |
| INVA Innoviva, Inc. | $21.13 | +0.62% | $1.56B | 93 |
| ETON Eton Pharmaceuticals, Inc. | $59.91 | -2.55% | $1.64B | 98 |
| LBRX LB Pharmaceuticals Inc | $47.23 | -3.49% | $1.35B | 73 |
| MGTX MeiraGTx Holdings plc | $14.19 | -2.42% | $1.31B | 73 |
| VCEL Vericel Corporation | $42.11 | -3.35% | $2.16B | 93 |
| HRMY Harmony Biosciences Holdings, Inc. | $38.27 | +0.52% | $2.22B | 98 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are MNMD's Key Strengths?
Innovative pipeline targeting unmet needs in brain health.
- Clinical-stage development with multiple drug candidates.
- Experienced management team with expertise in drug development.
- Strong intellectual property portfolio.
What Are MNMD's Weaknesses?
High cash burn rate associated with clinical trials.
- Dependence on successful clinical trial outcomes.
- Regulatory risks associated with drug approval process.
- Limited commercialization experience.
What Could Drive MNMD Stock Higher?
MNMD catalyst: Data readout from Phase 2 clinical trials of MM-120 for generalized anxiety disorder in Q4 2026.
- Initiation of Phase 2 clinical trials of MM-120 for attention deficit hyperactivity disorder in Q3 2026.
- Enrollment of patients in clinical trials for MM-110 for opioid withdrawal.
- Development of MM-402 for autism spectrum disorder.
What Are the Key Risks for MNMD?
Weak fundamentals — a Piotroski F-Score of 3/9 flags soft profitability, leverage or efficiency.
- Failure to obtain positive results in clinical trials.
- Delays in regulatory approval process.
- Competition from other pharmaceutical companies.
- High cash burn rate associated with clinical trials and research and development.
- Dependence on key personnel and strategic partnerships.
What Are the Growth Opportunities for MNMD?
- Expansion of MM-120 into new indications: MM-120, currently in Phase 2 trials, has the potential to be expanded into other indications beyond generalized anxiety disorder, ADHD, and chronic pain. Exploring its efficacy in treating other psychiatric disorders could significantly increase its market potential. Timeline for expansion is dependent on Phase 2 results and subsequent clinical trials.
- Advancement of MM-110 through clinical trials: MM-110, designed to treat opioid withdrawal, addresses a critical need in the context of the ongoing opioid crisis. Successful completion of further clinical trials and regulatory approval could position MindMed as a key player in addiction treatment. The market for opioid addiction treatment is substantial, driven by the high prevalence of opioid use disorder. The timeline for commercialization depends on the progress of clinical trials and regulatory approvals.
- Development of MM-402 for autism spectrum disorder: MM-402 targets the core symptoms of autism spectrum disorder, an area with limited treatment options. Positive clinical trial results could lead to a breakthrough therapy for individuals with autism. The market for autism treatments is growing, driven by increased awareness and diagnosis. The timeline for commercialization depends on the progress of clinical trials and regulatory approvals.
- Strategic partnerships and collaborations: MindMed can leverage strategic partnerships and collaborations to accelerate the development and commercialization of its therapies. Partnering with larger pharmaceutical companies or research institutions can provide access to resources, expertise, and funding. These collaborations can expedite the clinical trial process and increase the likelihood of regulatory approval. The impact of these partnerships would be ongoing and could significantly enhance MindMed's competitive position.
- Geographic expansion into new markets: MindMed can expand its geographic reach by entering new markets outside of North America. Expanding into Europe or Asia could provide access to a larger patient population and increase revenue potential. This expansion would require regulatory approvals in each new market and may involve establishing local partnerships. The timeline for geographic expansion depends on regulatory considerations and market analysis.
What Threats Does MNMD Face?
- Competition from other pharmaceutical companies.
- Failure to obtain regulatory approval for drug candidates.
- Unfavorable clinical trial results.
- Changes in healthcare regulations.
What Are MNMD's Competitive Advantages?
- Patented drug candidates provide exclusivity and protect market share.
- Clinical trial data demonstrating efficacy creates a competitive advantage.
- Regulatory approvals create barriers to entry for competitors.
- Strong relationships with key opinion leaders in the medical community.
What Does MNMD Do?
Mind Medicine (MindMed) Inc., headquartered in Vancouver, Canada, is a clinical-stage biopharmaceutical company dedicated to discovering, developing, and deploying novel products to address brain health disorders. The company focuses on areas with significant unmet needs, including psychiatry, addiction, pain, and neurology. MindMed's approach involves rigorous scientific research and clinical trials to develop innovative therapies. Their pipeline includes several drug candidates in various stages of development. MM-120 is currently in Phase 2 clinical trials for the treatment of generalized anxiety disorder, attention deficit hyperactivity disorder, and chronic pain. MM-110, an a3ß4 nicotinic cholinergic receptor antagonist, has completed Phase 1 trials for the treatment of opioid withdrawal. MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, is being developed for the treatment of core symptoms of autism spectrum disorder. MindMed's commitment to advancing the field of brain health is reflected in its diverse pipeline and focus on addressing complex and challenging conditions. The company's strategy involves strategic partnerships and collaborations to accelerate the development and commercialization of its therapies.
What Products and Services Does MNMD Offer?
- Develops novel products to treat brain health disorders.
- Focuses on psychiatry, addiction, pain, and neurology.
- Conducts clinical trials to evaluate the safety and efficacy of its drug candidates.
- Seeks regulatory approval for its therapies from agencies like the FDA.
- Commercializes its approved therapies through partnerships or its own sales force.
- Engages in research and development to discover new drug candidates.
- Collaborates with research institutions and other pharmaceutical companies.
How Does MNMD Make Money?
- Develops and patents novel pharmaceutical products.
- Conducts clinical trials to demonstrate safety and efficacy.
- Seeks regulatory approval from health authorities.
- Commercializes approved products through sales and marketing efforts.
What Industry Does MNMD Operate In?
The biotechnology industry is characterized by high innovation, long development cycles, and significant regulatory hurdles. Companies like Mind Medicine (MindMed) Inc. operate in a competitive landscape with other pharmaceutical and biotechnology firms developing treatments for brain health disorders. The market for mental health treatments is substantial and growing, driven by increasing awareness and diagnosis of conditions like anxiety, depression, and addiction. The success of companies in this sector depends on their ability to develop effective therapies, navigate the regulatory approval process, and secure market access. The biotechnology industry is also subject to significant market volatility, influenced by clinical trial results, regulatory decisions, and competitive dynamics.
Who Are MNMD's Key Customers?
- Patients suffering from brain health disorders.
- Healthcare providers who prescribe medications.
- Hospitals and clinics that administer treatments.
- Pharmacies that dispense medications.
Company Profile
Mind Medicine (MindMed) Inc. operates in the Biotechnology industry within the Healthcare sector. It is headquartered in Vancouver, CA. The company is led by CEO Robert Barrow. MNMD has traded publicly since 2016.
How Mind Medicine (MindMed) Inc. Is Valued
Mind Medicine (MindMed) Inc. carries a market capitalization of $1.56B, placing it in the small-cap category.
Key Financial Metrics
Return on assets is -59.2%, showing how much profit it generates from its asset base. Its free cash flow yield is -3.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 4.69 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -4.9%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
Mind Medicine (MindMed) Inc.'s Piotroski F-Score is 3/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of 4.08 places it in the safe zone, indicating low near-term bankruptcy risk.
Forward Outlook
Wall Street analysts project Mind Medicine (MindMed) Inc. revenue of about $16.7M for fiscal 2026, with EPS near $-3.01. The estimate reflects 11 contributing analysts.
MNMD Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the company's direction and future growth prospects.
- Community sentiment has shifted positively, with increased discussions about MindMed's innovative approaches to mental health treatments.
- Recent partnerships and collaborations have bolstered the company's credibility and market presence.
- The growing interest in psychedelics for therapeutic use aligns with broader societal trends, positioning MindMed favorably in an emerging market.
Bear Case
- Concerns linger regarding regulatory hurdles that could delay product approvals and market entry.
- Community discussions reflect skepticism about the long-term viability of psychedelic-based therapies amid competition.
- Recent volatility in stock performance has led to uncertainty among investors, impacting market perception.
- Some analysts question the company's ability to maintain momentum without significant clinical trial successes in the near term.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
MNMD Latest News
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Earnings Scheduled For November 6, 2025
benzinga · Nov 6, 2025
Leadership: Robert Barrow
CEO
Robert Barrow serves as the CEO of Mind Medicine (MindMed) Inc. He has extensive experience in the pharmaceutical industry, with a background in drug development and commercialization. Prior to joining MindMed, he held leadership positions at various biotechnology companies, where he oversaw clinical trials, regulatory submissions, and market launches. Barrow holds advanced degrees in pharmacology and business administration, providing him with a strong foundation in both the scientific and business aspects of the pharmaceutical industry. His expertise in navigating the complex regulatory landscape and driving innovation makes him well-suited to lead MindMed.
Track Record: Under Robert Barrow's leadership, MindMed has advanced its clinical pipeline, including the progression of MM-120 into Phase 2 trials. He has also overseen strategic partnerships and collaborations to accelerate the development of the company's therapies. Barrow has focused on building a strong team and fostering a culture of innovation within the organization. His leadership has been instrumental in securing funding and advancing MindMed's mission to develop novel treatments for brain health disorders.
Common Questions About MNMD (Healthcare)
What happened to Mind Medicine (MindMed) Inc. (MNMD) stock?
Mind Medicine (MindMed) Inc. (MNMD) no longer trades on public markets. It was delisted in January 2026. The figures below are historical and are not a current quote.
Can I still buy MNMD shares?
No. MNMD stopped trading on public markets in January 2026, so the shares are not available through a broker. Anything you see quoted for MNMD elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before MNMD stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to Mind Medicine (MindMed) Inc.. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does Mind Medicine (MindMed) Inc. do?
Mind Medicine (MindMed) Inc. is a clinical-stage biopharmaceutical company focused on developing novel products to treat brain health disorders. The company's pipeline includes treatments for psychiatry, addiction, pain, and neurology. Their lead candidate, MM-120, is in Phase 2 clinical trials for generalized anxiety disorder, ADHD, and chronic pain.
What do analysts say about MNMD stock?
Analyst coverage of Mind Medicine (MindMed) Inc. typically focuses on the company's clinical pipeline and the potential market opportunities for its drug candidates. Valuation metrics often consider the potential peak sales of MM-120 and other pipeline assets, discounted by the probability of success and time to market.
What are the main risks for MNMD?
The main risks for Mind Medicine (MindMed) Inc. include the inherent uncertainties associated with clinical-stage biopharmaceutical companies. These risks include the potential for clinical trial failures, delays in regulatory approval, competition from other companies, and the need for significant capital to fund research and development.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on available data and may be subject to change.
- Clinical trial outcomes are inherently uncertain.