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DATE

Thursday, July 31, 2025, at 4:30 p.m. ET

CALL PARTICIPANTS

  • Chief Executive Officer — Robert Barrow
  • Chief Medical Officer — Dr. Daniel Karlin
  • Chief Financial Officer — Brandy Roberts
  • Chief Commercial Officer — Matt Wiley

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TAKEAWAYS

  • Lead Asset Progress-- Three pivotal phase 3 trials (VOYAGE and PANORAMA in generalized anxiety disorder (GAD), EMERGE in major depressive disorder (MDD)) are actively enrolling and on track for top-line readouts in 2026.
  • Clinical Differentiation-- Phase 2b data for MM120 showed an effect size of 0.81 in the 100 microgram cohort for generalized anxiety disorder (GAD), with 48% achieving remission at week 12 in the 100 microgram cohort, more than double historical benchmarks for standard treatments in GAD.
  • Enrollment Efficiency-- Trial design enables GAD- and MDD-screened patients to be efficiently routed to appropriate studies, supporting strong enrollment and patient retention across programs.
  • Study Designs-- GAD trials use a two-part structure with a 12-week double-blind period followed by a 40-week open-label extension; both use the change in Hamilton Anxiety Scale (HAM-A) from baseline to week 12 as the primary endpoint and are powered to detect a five-point difference, and the Voyage and Panorama studies are powered to 90%.
  • Financial Position-- Cash, cash equivalents, and investments totaled $237.9 million as of Q2 2025, which management believes is sufficient to fund operations into 2027 and twelve months beyond the first phase 3 MM120 ODT top-line data readout in GAD.
  • Operating Expenses-- Research and development expenses were $29.8 million for 2025 (GAAP), mainly related to increased MM120 ODT program investment and personnel, with a $1 million decrease in MM402 program expenses offsetting increases.
  • Commercial Preparation-- The company has intensified targeting and positioning efforts for MM120’s potential launch, including proprietary targeting of high-volume GAD clinics and market conditioning activities.
  • Leadership Addition-- Brandy Roberts, newly hired CFO, brings over 25 years of sector experience, including IPO and M&A expertise, and is expected to strengthen financial strategy during a critical growth phase.
  • Regulatory Status-- MM120 has FDA breakthrough therapy designation, providing engagement opportunities with the agency and eligibility for regulatory acceleration.
  • Strategic Corporate Actions-- The company amended its debt agreement with K2 to add financial flexibility as it continues to scale pivotal trials.

SUMMARY

Mind Medicine(MNMD 1.52%) is advancing three pivotal phase 3 trials for MM120 ODT across GAD and MDD, with enrollment proceeding and top-line results targeted for 2026. MM120’s prior phase 2b results in generalized anxiety disorder demonstrated a significant clinical effect (effect size of 0.81 in the 100 microgram cohort) and high remission rates, with 48% of participants achieving remission at week 12 in the 100 microgram cohort, supporting the selection of endpoints and powering in ongoing studies. Adaptive trial designs with interim blinded analyses allow for sample size increases to preserve statistical rigor, and integrated strategies enable efficient patient flow and site utilization. Management stated that cash, cash equivalents, and investments as of June 30, 2025, are expected to be sufficient to fund operations into 2027 and at least twelve months beyond the first phase 3 MM120 ODT top-line data readout in GAD, confirming the projected operational funding horizon. Operational focus has shifted toward commercial readiness, with a leadership team expanded to support future growth. MM120 holds FDA breakthrough designation, and preparatory regulatory engagement is ongoing in anticipation of future NDA activities.

  • CEO Barrow said, "We remain focused on advancing our pivotal trials with urgency ... top-line readouts for each of these trials [are] anticipated in 2026," clarifying management’s time frame for potential clinical catalysts.
  • Chief Medical Officer Karlin highlighted, "Our phase three studies are well aligned with FDA guidance. Further, these studies have been designed to demonstrate stand-alone drug effect," underscoring regulatory engagement and study design intentions.
  • Chief Financial Officer Roberts stated, "our cash, cash equivalents, and investments as of June 30, 2025, will be sufficient to fund our operations into 2027 and at least twelve months beyond our first phase three top-line data readout for MM120 ODT in GAD," confirming the projected operational funding horizon.
  • Chief Commercial Officer Wiley detailed, "so now we know where our patients are and where the clinicians who manage them are as well," describing data-driven commercial launch preparations.

INDUSTRY GLOSSARY

  • ODT (Orally Disintegrating Tablet): A tablet formulation designed to dissolve on the tongue without the need for water, supporting ease of administration in clinical and real-world settings.
  • HAM-A (Hamilton Anxiety Scale): A clinician-administered scale commonly used to measure the severity of anxiety symptoms, serving as the primary endpoint in GAD trials.
  • MADRS (Montgomery Depression Rating Scale): A standardized questionnaire used to assess the severity of depressive episodes, serving as the primary endpoint in MDD trials.
  • Open-Label Extension (OLE): A trial component allowing participants to receive the investigational drug after the double-blind phase to collect long-term efficacy and safety data in a less-controlled setting.
  • Breakthrough Therapy Designation: A U.S. FDA program granting expedited development and review of drugs that may offer substantial improvement over existing treatments for serious conditions.

Full Conference Call Transcript

Robert Barrow, our Chief Executive Officer. He will be joined by Dr. Daniel Karlin, our Chief Medical Officer, and Brandy Roberts, our Chief Financial Officer. After our prepared remarks, we will open the call for Q&A, and Matt Wiley, our Chief Commercial Officer, will also be available for questions. An audio recording and webcast replay for today's conference call will also be available online as detailed in the press release announcement for this call. During today's call, we will be making certain forward-looking statements, including, without limitation, statements about the potential safety, efficacy, and regulatory and clinical progress of our product candidates, our anticipated cash runway, and future expectations, plans, partnerships, and prospects.

These statements are subject to various risks, such as changes in market conditions and difficulties associated with research and development and regulatory approval processes. These and other risk factors are described in the filings made with the SEC and the applicable Canadian securities regulators, including our annual report on Form 10-Ks and our Form 10-Q filed today. Forward-looking statements are based on the assumptions, opinions, and estimates of management at the date the statements are made, including the nonoccurrence of the risks and uncertainties that are described in the filings made with the SEC and the applicable Canadian securities regulators or other significant events occurring outside of Mind Medicine (MindMed) Inc.'s normal course of business.

You are cautioned not to place undue reliance on these forward-looking statements, which are made as of today, 07/31/2025. Mind Medicine (MindMed) Inc. disclaims any obligation to update such statements even if management views change except as required by law. With that, let me turn the call over to Robert Barrow.

Robert Barrow: Thank you, Stephanie. Thank you, everyone, for joining our call today. I'm very pleased with our overall performance and execution through the first half of the year. We are currently on track with enrollment with our three pivotal phase three trials for our lead asset, MM120 ODT, which is being evaluated in patients with generalized anxiety disorder or GAD, and major depressive disorder or MDD, the two most common psychiatric disorders in the US. We took a strategic approach in selecting GAD and MDD as the initial indications for MM120 ODT driven by the unmet medical need, clinical development feasibility, as well as the large commercial opportunity.

Targeting both indications potentially provides us with the broadest label possible and enables us to reach a wider patient population. In the US, more than sixty million people live with GAD or MDD, and notably, more than fifty percent of patients with GAD also suffer from MDD. This creates a meaningful opportunity to address both conditions with a single therapeutic approach, particularly considering the limitations of current treatments. We believe MM120 ODT has the potential to offer a differentiated, novel, best-in-class treatment option for these patient populations.

MM120 was granted breakthrough therapy designations from the FDA based on the results of our phase 2b trial in GAD, which showed an effect size of 0.81 in the hundred microgram cohort, more than double that of standard treatments. As a reminder, a single dose of one hundred twenty demonstrated strong clinical remission rates with forty-eight percent of participants in the hundred microgram cohort achieving remission at week twelve. Our phase three trials were thoughtfully designed to build on the strong foundation of these successful phase 2b results while also positioning MM120 ODT for real-world implementation.

A key advantage of our approach is the efficient single-visit treatment model, which we believe aligns with existing reimbursement pathways and supports full session coverage. This approach not only streamlines delivery but also reduces the administrative burden on sites where MM120 ODT may be delivered. The commercial opportunity for MM120 ODT is significant, supported by strong provider interest. Our market research shows that seventy-eight percent of interventional psychiatric providers believe the availability of psychedelic therapies will transform the treatment landscape for GAD and MDD. We remain focused on advancing our pivotal trials with urgency. Across all three studies, Voyage and Panorama in GAD, EMERGE in MDD, enrollment trends remain strong with continued enthusiasm and engagement from clinical sites.

As our pivotal trials continue to progress, we are actively laying the groundwork for commercial readiness. This includes building our organization and making strategic hires to support both near-term execution and long-term growth, ensuring we are well-positioned to capitalize on the opportunity ahead. We are incredibly excited about the leadership we have been able to bring to the company, including most recently our new CFO, Brandy Roberts, who joined our team last month. Brandy brings over twenty-five years of life sciences financial leadership experience and is uniquely positioned to lead our financial strategy during this critical growth phase.

Most recently at Longboard Pharmaceuticals, she successfully led the company through its IPO and multiple financings, culminating in a $2.6 billion acquisition by Lundbeck. Her proven track record of scaling operations, supporting clinical development, and managing strategic investor relations adds tremendous value to our organization. On behalf of Mind Medicine (MindMed) Inc., I'd like to welcome Brandy to our team. In summary, with three of our pivotal phase three trials well underway and top-line readouts for each of these trials anticipated in 2026, we are anticipating a catalyst-rich year as we progress MM120. With that, I'll turn the call over to Daniel Karlin for an update on our clinical programs.

Daniel Karlin: Thank you, Rob. As you mentioned, we continue to be very encouraged with the enrollment trends we are seeing for our pivotal phase three studies. Starting with our GAD studies, Voyage and Panorama, we remain on track and continue to expect top-line readout from Voyage in 2026, and Panorama in 2026. As a reminder, each study consists of two parts, Part A, a twelve-week randomized double-blind placebo-controlled parallel group period, assessing the efficacy and safety of MM120 ODT versus placebo, and Part B, a forty-week extension period with opportunities for open-label treatment designed to provide important long-term data on the durability and response patterns with MM120 ODT.

In VOYAGE, we are targeting enrollment of approximately 200 participants who are being randomized one to one to receive MM120 ODT one hundred micrograms or placebo while in Panorama, we are targeting enrollment of approximately 250 participants who are being randomized two to one to two to receive MM120 ODT hundred micrograms fifty micrograms or placebo. We modeled these phase three studies after our successful phase 2b study of MM120 in GAD. The primary outcome measure is the Hamilton Anxiety Scale or HAM-A, which was the outcome measure used in our phase 2b study and with the outcome measure used for the approval of currently available GAD therapy.

In our phase three studies, the primary endpoint is the HAM-A change from baseline to week 12. In our phase 2b trial, we observed an almost eight-point HAM-A improvement for MM120 over placebo at week 12. We designed the phase three trials to have 90% power to detect a five-point improvement over placebo based on certain statistical assumptions. To ensure our actual statistical power is maintained, we are using an adaptive design in our GAD phase three studies which includes an interim blinded sample size re-estimation that allows for increased enrollment of up to 50% in each trial if necessary.

This approach helps to adjust for any unexpected variability and nuisance parameters, specifically dropout rates and pooled variants of HAM-A response, maintaining statistical power and enhancing the interpretability of our results if needed. Just like our GAD program, our MDD program will consist of two pivotal clinical studies. Our first study, EMERGE, is comprised of two parts. Part A, a twelve-week randomized double-blind placebo-controlled parallel group period assessing the efficacy and safety of a single dose of MM120 ODT versus placebo. And Part B, a forty-week extension period during which participants will be eligible for open-label treatment with MM120 ODT subject to meeting eligibility requirements.

In EMERGE, we are targeting enrollment of at least 140 with a primary diagnosis of MDD randomized one to one to receive MM120 ODT one hundred milligrams or placebo. The primary endpoint is the change from baseline in Montgomery Depression Rating Scale or MADRS at week six between the groups. We continue to anticipate top-line data from EMERGE in 2026. In conclusion, our MM120 clinical development program is well-positioned for success. The FDA's breakthrough designation underscores the potential of this innovative therapy. We continue to have productive engagement with the FDA and appreciate the division's collaboration and responsiveness. Our phase three studies are well aligned with FDA guidance. Further, these studies have been designed to demonstrate stand-alone drug effect.

To increase our chance of clinical success, these trials closely mirror our positive phase 2b study, which demonstrated substantial improvement over current therapies. With that, I'm happy to introduce Brandy to discuss our second quarter financial results.

Brandy Roberts: Thanks, Dan, and thanks, Rob, for the warm welcome and introduction. I'm thrilled to be here with you today having joined Mind Medicine (MindMed) Inc. at such an exciting time. The opportunity to work with an experienced and passionate management team, especially with their deep drug development expertise, was a huge draw. Additionally, the chance to make a meaningful impact on mental health, an area with significant unmet need, really resonated with me. I'm excited to bring my experience to support our path to commercialization, which includes potential billion-dollar market opportunities. I will also be focused on enhancing our investor communications and leading our financing strategy to ensure we are well-capitalized to execute our priorities and create long-term shareholder value.

As Rob and Dan mentioned, I'm also pleased that we are conducting our Phase III studies with remarkable efficiency, which is a testament to the thoughtful and strategic approach taken by our team. From a financial perspective, I want to underscore the significance of this efficiency. By optimizing our study designs and regulatory pathway, we are not only maximizing the potential for clinical success but also ensuring the thoughtful use of our resources. This approach enables us to allocate capital in a way that drives value for our shareholders. I'm confident that our strategic and fiscally responsible approach will enable us to deliver sustainable growth for years to come. Now to review our financial results for the quarter ended 06/30/2025.

We ended the quarter with cash, cash equivalents, and investments totaling $237.9 million. Just a reminder that when looking at our balance sheet, this total comes from three line items: cash and cash equivalents, short-term investments, and long-term investments. Based on our current operating plan and anticipated R&D milestones, we believe that our cash, cash equivalents, and investments as of June 30, 2025, will be sufficient to fund our operations into 2027 and at least twelve months beyond our first phase three top-line data readout for MM120 ODT in GAD. Research and development expenses were $29.8 million for 2025, compared to $14.6 million for 2024, an increase of $15.2 million.

The net increase was primarily related to increases of $14.5 million related to our MM120 ODT program, $1.5 million in internal personnel costs as a result of increased headcount, and $200,000 related to preclinical activities offset by a decrease of $1 million in MM402 program expenses based on the timing of studies. We anticipate that our R&D expenses will continue to ramp up for the remainder of 2025 due to the costs associated with running three pivotal Phase III studies. General and administrative expenses were $11.1 million for the second quarter of 2025, compared to $9.8 million for 2024, an increase of $1.3 million.

This increase was primarily related to personnel costs as a result of increased headcount to support corporate growth and prepare for commercialization. With that, I'll now turn it back over to Rob for our closing remarks.

Robert Barrow: Thanks, Brandy, and it's great to have you on board. In closing, 2025 is a critical year of execution, and I'm extremely proud of how our team is delivering. Our three ongoing pivotal trials remain on track with strong clinical site engagement underscoring both the significant unmet need and the transformative potential of MM120 ODT. We have built a high-caliber leadership team with the expertise to execute our strategy and drive long-term shareholder value. With 2026 expected to be a catalyst-rich year, we remain confident in our ability to deliver on our mission of bringing a differentiated, best-in-class novel treatment option to the millions of patients who desperately need it. Thank you for joining us on the call today.

We are now happy to answer your questions.

Operator: Thank you. At this time, we will conduct a question and answer session. As a reminder, to ask a question, you will need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please standby while we compile the Q&A roster. Our first question comes from the line of Mark Goodman with Lee Lyric. The floor is yours.

Mark Goodman: Hey. How are you guys? Robert, there's been a lot of data that's come out by other psychedelic companies. I was just curious about your thoughts on what you've seen so far and how you think about that just relative to your programs.

Robert Barrow: Yeah. Thanks so much for the question, Mark. Yeah. It's an exciting time for the field, and certainly, as we get into 2026, it's an especially exciting time. We have the three pivotal readouts from GAD and MDD next year. One of the things we've been really excited about with our data from phase two and, obviously, it would be great to see replicate as we progress is the magnitude and the significance of the change that we've been able to demonstrate that is also durable for many months. And that's something we haven't yet seen from any other drug in the class or any other program so far.

And so we've been, you know, I think as we've engaged with physicians, payers, and everyone, we've been particularly excited by the reception of those data and by the promise of a drug that has such a significant impact and such a durable impact on patients and one that we again, hope to continue to show strong evidence of efficacy and safety in pivotal study. So, certainly, again, excited for the field, excited about our programs, especially as we get into phase three readout next year.

Operator: Thank you for your question. One moment, please. Our next question comes from Pete Stavonopoulos from Cantor. The floor is yours.

Pete Stavonopoulos: Yeah. Hi, Rob and team. Congratulations on the progress. Brandy, nice to hear you, and congratulations on your new position. For the Voyager and Panorama studies, you just discussed the powering assumptions and the assumed dropout rate or study discontinuation rates. For the phase 2b, I believe there was a 25% dropout rate. Can you expand on steps you're taking to drive better retention? And how much of that is attributed to the OLE design or higher probability of active treatment?

Robert Barrow: Yeah. Thanks so much for the question, Pete. I'll cover the first part of that and then turn it over to Dan. The power assumptions are consistent across both Voyage and Panorama, which is we assumed 90% power to detect a five-point difference between those. And it's important to note that while a power analysis is incredibly important, we also look at the minimum clinical difference that would need to be observed to get a statistically positive outcome, and that by nature of the maths, is almost always lower than the powering assumptions.

And so, while we're powered for a five-point delta at 90%, that assumes a 10 unit standard deviation of 15% dropout rate we certainly would anticipate that, we wouldn't necessarily need to see a five difference between groups to get a statistically positive outcome. Turn it over to Dan and talk about retention and how we're thinking about that in phase three.

Daniel Karlin: Yeah. Thanks, Rob, and thanks, Pete. I think you actually identified exactly features of the study that are gonna control that dropout rate and obviously having more folks in an active treatment arm you know, less dropout, but you identify. I think what we look at is the absolute key feature particularly for folks who aren't feeling better after their first blinded dose, is that knowing if they hang in there for that full twelve-week observation period that we will provide the opportunity for open-label treatment is a real encouragement for people to stick around for the entire double-blind period.

So we're optimistic about that dropout rate and optimistic about the ability to provide those open-label treatments during the extension phase.

Pete Stavonopoulos: Thank you. And then one more question, if you don't mind. I guess assuming positive Phase III data and MM120 is approved, what do you expect from real-world usage commercialization? And, what I'm sort of asking is how are the phase threes and the OLE designed to sort of generate real-world treatment patterns?

Daniel Karlin: Yeah. I'll send that over to Dan as well. Yeah. That's another really exciting part of the extension phase is that as we've said before, the extension phase gets us the ability to watch long term. So over that full year of observation and even beyond, what the effect of the double-blind treatment is. For folks who do progress to the extension phase and then are able to get open-label treatment, we intentionally set a limit of four treatments per year, thinking that is more than folks would need because we don't want to limit those data. So we want to actually get at exactly as you say real-world treatment patterns.

So given the availability of those open-label with a threshold that's below the threshold for enrollment, the threshold set for retreatment being right at the threshold for mild to medium illness. And what we think we'll see in the extension phase is very much what we expect to see in the real world. So that given that threshold treatment, given the fact that it's open-label, given the fact that we have the clinical trial sites closely engaged with patients, we think that we'll be able to establish the range of treatment patterns that are to be anticipated in real-world treatment and be able to describe those as we come out of that study in results of the extension phase.

Pete Stavonopoulos: Alright. Thank you. Helpful, and congratulations once again.

Operator: Thank you for your question. Our next question comes from Brian Abrahams with RBC Capital Markets. The floor is yours.

Brian Abrahams: Hi there. Good afternoon. Thanks for taking my questions. Congrats on the continued progress, and congrats to Brandy on the role. Questions for me. I guess, first, just kind of thinking about the enrollment trends for the VOYAGE study. It sounds like those are going quite well. And just sort of wondering if you're kinda at the point where more than 50% of the trial has enrolled and an interim analysis would be taken to determine whether you'd expand sample sizes.

And then secondly, I'm curious about the degree of commercial preparatory work that you might start to do at this point and what your sense is from just operationally the study the execution of the studies, what the key areas you're gonna need to focus on or want to focus on first within the launch with respect to site education and awareness?

Robert Barrow: Yeah. Thanks so much, Brian. To your first question, we have not given exact numerical updates on enrollment. As a reminder to everyone, the interim analysis would be conducted after about half of the patients have completed twelve weeks of the study, but we've yet to give a precise update on numbers and certainly are excited to get through that milestone and get through to data. In terms of the second question, I'll turn it over to Matt Wiley as well. For our chief commercial officer to answer.

Matt Wiley: Yeah. Thanks for the question, Brian. And so, you know, as we have spent the last several months working through a number of key strategic elements of the plan, first and foremost, the market access, we want to understand the different pathways to reimbursement. We're anchoring our market access strategy into practice economics. We want to make sure that clinicians not only have access to the drug, but it's not a loss-making opportunity for them. So we've spent a lot of time examining the industry progress, the different paths that are used in interventional psychiatry. We've also spent quite a bit of time breaking down the targeting methodology for GAD.

We want to ensure that we're targeting those facilities out of the gate that have the highest volume of GAD patients, those that are probably most appropriate for MM120, right at launch. So we've gone through that process. We've built out a targeting apparatus that we think is pretty tight. And so now we know where our patients are and where the clinicians who manage them are as well. So that's where we've been focused. And over the last month or two, we've really zeroed in on our product positioning. And we're working on our messaging platforms and market conditioning efforts as well.

So as we move through our process over the next several months, we'll have more to update on our premarket conditioning activities. And also more on our market entry strategy.

Brian Abrahams: It makes a lot of sense. Thanks so much.

Operator: Alright. Thank you for your questions. Our next question comes from Arabella at H. C. Wainwright. The floor is yours. Arabella, the floor is yours. We're just gonna continue on. One moment, please. Our next question comes from Jay Olson of Oppenheimer. The floor is yours.

Jay Olson: Oh, hey, guys. Congrats on the progress, and thanks for taking the questions. Can you just talk about your expectations for the durability of efficacy beyond twelve weeks and when do you expect us to see that longer-term efficacy data?

Robert Barrow: Yes. Thanks so much for the question, Jay. You know, in phase two and the highest quality data we have to go on, we didn't continue observing patients formally in a structured manner beyond twelve weeks. And so we certainly also didn't see a trend where there was a loss of separation or a trend back towards baseline for patients who received a hundred micrograms. And so if those trends were to replicate, they would certainly suggest that durability could last beyond a twelve-week period.

We do have some evidence from prior studies from collaborators who have conducted prior studies to suggest that, in anxiety disorders, the effects can be quite long-lasting, and in the event, and not uniformly distributed either, of course, where sometimes a second administration can have even further prolonged extension of that durability. So it would be premature to make assumptions about exactly where those data would fall out, but we're certainly very eager to get to those data as we progress in the studies. We haven't given specific guidance around when those data will be made available, but again, we're certainly very, very excited to get those data and share those as they become available.

Jay Olson: Okay. Great. Thank you. And if maybe I could ask one follow-up. Assuming that your phase three study results confirm the initial observations from Phase two, what would you expect the dosing interval to be in terms of the number of doses per year in a real-world setting?

Daniel Karlin: Yeah. It's a great question, Jay. And, obviously, we were working in a somewhat speculative space there. But as Rob pointed out, we did not see a loss of efficacy in folks who had a strong response to a single dose in phase two, and we expect that will be the case for many folks in the phase three as well and, of course, in the real world.

So what we anticipate for the use of this drug is not so much predictive intervals where we can prespecify for any individual, though you're likely to need to take this every six months or every year, but we expect that different people will have different response patterns, and those response patterns will range from the best possible response, someone who takes a dose and goes into remission and has a sustained period of remission such that if they ever were to need a subsequent dose, we can almost think of that as a new development of the disorder all the way through on the other end folks who do need some sort of regular redosing now given that we were seeing efficacy out twelve weeks in phase two and that very likely proceeded longer, that interval could be six months.

It could be a year. It could be three months in some cases. But unlike daily drugs today or unlike other drugs that have a requirement for a prespecified interval because they lose efficacy either when off drug or shortly after taking drug. We think real-world treatment patterns will be quite a bit more variable with our drug.

Jay Olson: Great. Super helpful. Thanks for taking the questions.

Operator: Thank you for your question. Our next question comes from Elias Kajouras from Canaccord. The floor is yours.

Elias Kajouras: Hi. This is Elias on for Sumant. Thank you for taking the question. I was just thinking about with your discussions with the FDA, have you can you provide any color on what may be the design of the second phase three MDD study would look like? Are you gonna be required to use the fifty microgram dose as you had to do in your GAD studies as well?

Robert Barrow: Yeah. Thanks for the question. We haven't yet disclosed the design of that study, and we've continued to have a lot of progress with both the GAD and MDD programs. Obviously, there's been a historical discussion around expectancy and functional blinding and different approaches to try to mitigate that in these studies. We always refer back to the reality that every drug and psychiatrist deals with functional unblinding. It just so happens that this is based on the qualitative nature, kind of the first time that programs are widely being asked to go an extra mile to try to control for and look at this.

But, we certainly see some utility in the inclusion of a dose such as that, which is, of course, why we included it in our second GAD study. But, you know, when the time comes and we're in a position we were able to share the study design, we'll certainly also want to be sharing and talking through the rationale for any of the choices we've made in terms of how the second study is designed and then how we're executing.

Elias Kajouras: Awesome. Thank you.

Operator: Thank you for your question. Our next question comes from Patrick Trujillo from H.C. Wainwright. The floor is yours.

Luis: Hello, everyone. This is Luis in for Patrick. Thank you so much for taking our questions, and welcome Brandy to the team. I would like to ask a little bit about the strategic collaborations that you've already established with interventional psychiatry treatment centers. You mentioned that you have grown your partnerships and that your payer discussions and reimbursement strategy is aligned, along with the deployments of your treatments in this network of centers. Can you give any updates with respect to the services specifically monitoring time, and time in the clinic?

Robert Barrow: Thank you so much. Yes. Thanks for the question. You know, one of the elements of our phase three program is to, as we approach development, is to really try to have a prespecified and a thoughtful approach to understand all the dynamics of treatment, whether it be real-world like redosing in the extension phase of the study or the dynamics of a single administration of the drug. And so we are monitoring that and have a structured way of doing so that we've talked through and presented with the FDA in prior discussions.

And so defining that timeline and what it is for individual patients and on average and various summary statistics you can come up with that could be suggestive of how long patients need to stay in a clinic. It's something we're very focused on, and so they're thinking about as we analyze the data from the phase three study. So, as we engage in that and have additional clarity, we can offer we can certainly be in a position to share that at some point in the future.

Luis: And reimbursement, any updates on how it would fit the current Medicare plans?

Robert Barrow: Yeah. It's premature to talk specifically about reimbursement. We have continued to have strong engagement with payers and feel confident in our approach going forward, but, certainly, premature today to say anything precise around the dollars of reimbursement.

Luis: Great. Thank you, and congratulations on your progress.

Operator: Thank you for your question. Our next question comes from Chris Chen from Baird. The floor is yours.

Chris Chen: Thank you for taking my question. I just had one on enrollment. I know you've previously talked about the synergies between the GAD trials in EMERGE such that if a patient is screened for GAD, but turns out, you know, they're diagnosed with MDD, they roll into the MDD trial. Can you just confirm that? And if so, can you comment on whether some of the sites are seeing this happening?

Robert Barrow: Yeah. Thanks so much for the question, Chris. That was our intent in designing the studies and running them in parallel and making sure that we have as much efficiency in the conduct across both of the indications. And as the studies have progressed, we've seen that play out exactly as we had hoped where we're getting nice retention. And for patients who do have a depressive episode, we have an easy path to move them into a depression program. That ultimately emerges in the screening process.

Chris Chen: Great. And then I did have one more follow-up. Just in terms of the treatment visit itself, can you kinda add a little more color if there is a healthcare provider in the room the whole time during that dosing? And if so, what guardrails are in place to avoid crossing that line between providing psychotherapy versus just assisting the patient? Thank you.

Daniel Karlin: Yeah. Thanks, Chris. That's a great question, and there is a provider in the room. There's also always another person watching the conduct in the room. And we're very explicit on what folks are allowed to do in that room and where their focus needs to be, and their focus is on assistance and for the most part, engaging with the participant. Most of the time, we're in the room. They're engaging with their own internal process and the monitor is doing just that monitoring. So, through that process of training and monitoring of the conduct in the room, we stay on the side of monitoring and away from psychotherapy.

Chris Chen: Great. Thank you, and congrats again on the progress.

Operator: Thank you for your question. Our next question comes from Rudy Lee from Sheridan. The floor is yours.

Rudy Lee: Thanks for taking my question. Congrats on progress, and welcome to the team, Brandy. So it's good to hear that the timeline for the twelve-week primary readout was confirmed. But could you remind us what additional data are required by the FDA and what will be the rate-limiting steps for filing NDA for GAD? Thanks.

Robert Barrow: Yes. Thanks so much for the question, Rudy. Certainly, the studies have been designed such that the primary endpoints at twelve weeks and the double-blind placebo-controlled parallel group portion of the study, Part A of both the VOYAGE and PANORAMA are studies we expect to have completed before we potentially move forward with an NDA. So, all eyes are on that top-line readout, which would drive the path forward from there.

Rudy Lee: Cool. I do have a quick follow-up because you mentioned that you are exploring additional programs, including potentially an external collaboration to expand the pipeline. So can you provide additional color on your overall strategy? Like, what kind of product or indication that you're looking at?

Robert Barrow: Yes. It's a great question. We're incredibly excited about all that we have in our pipeline, with three pivotal studies ongoing, of course, a lot of focus gets put on those studies, and certainly MM120 is an asset. One of the best-known drugs in the entire class and one so far, it seems as, you know, provided some really standout activity in our phase 2b program.

But there is certainly much more that our team is working on and that we're capable of bringing forward into the future and as you look at the landscape, and we feel incredibly confident in the organization we've built and the team's ability to execute and the scope of what we think we can accomplish long term to really drive meaningful change for patients and meaningful shareholder value is something that we are always focused on. So certainly, stay tuned because we're excited about MM120. We're excited about everything else we're doing as well, and excited to share that as time progresses.

Rudy Lee: Cool. Very helpful. Thank you.

Operator: Thank you for that question. Our next question comes from Michael Oakenwitch from Maxim Group. The floor is yours.

Michael Oakenwitch: Hey, guys. Thanks so much for taking my questions today. I guess just to kick things off, I'd like to see if you could talk a little bit about your IP position and strategy and how important that this might be in the context of any discussions with potential partners or pharma. And I bring this up now because I'm sure you saw the report from a few days ago regarding Gilgamesh and AbbVie.

Robert Barrow: Yeah. Thanks for the question, Michael. Yeah. We're really confident in our IP strategy, and with the patents we've been granted and continue to file and the team we've been working with for many years to advance our approach and make sure that we're filing applications on real meaningful innovations and delivering a product that is targeted to be optimized for patients, and that is also something we can protect and that continues to play out. We continue to progress with our IP strategy and filing. We feel very comfortable with that position and are also comfortable that anyone looking at it would feel similarly.

Michael Oakenwitch: Alright. Thank you. And then we have seen a lot of enthusiasm behind psychedelics come out of FDA. Even earlier today, COMPASS mentioned that it's exploring opportunities for an accelerated pathway. Is this something that could make sense for Mind Medicine (MindMed) Inc., or is it a bit of a different situation with your two phase three readouts being so close together? And generalized anxiety versus treatment-resistant depression.

Robert Barrow: Well, certainly, we have breakthrough therapy designation which already offers some avenues for, of course, greater engagement, but also opportunities for acceleration. So it's always something we're looking to do is be as efficient and execute and deliver on time and then expedite the path from there. So we're certainly exploring all avenues and all options to do that. You know, the timing of the readouts we've we also feel it's important to provide robust evidence and a comprehensive program that would stand up to any degree of scrutiny at any point in time under any review timelines.

And so we're eager to get to our readouts next year and having, you know, both pivotal readouts in the same calendar year gives us an opportunity to be thinking the strongest possible position with the GAD program.

Michael Oakenwitch: Alright. Thank you very much, and congrats on all the progress you're making.

Operator: Thank you. Thank you for your question. Our last question comes from Sumant Kulkarni from Canaccord. The floor is yours.

Sumant Kulkarni: Good afternoon. Thanks for taking my question. I'd like to welcome Brandy with a question. How are you thinking about the appropriateness of the financial resources that are available given so many pivotal trials are running right now at Mind Medicine (MindMed) Inc.?

Brandy Roberts: Yeah. Thanks so much, Sumant. It's great to have joined the team. This is such an exciting time for the company. I mean, I think when you look at that, I'm really impressed with how we've put our phase threes together so that there are efficiencies built in there like we've just talked about. With being able to use sites that are enrolling in our GAD and our MDD studies. So I think that's really helpful.

I also think we've been really prudent as we've grown, and we will continue to do that and really analyzing when we need to add resources and making sure that those are all responsible in terms of the timelines that we're adding people and adding activities to it. So I think that's been really our focus. You know, I will say that we really do like to make sure that we have flexibility as well, this quarter, we did amend our debt agreement with K2, and so that provides us with additional flexibility, if we need to. And there are things that we think would enhance our programs.

But, you know, as we stated in the call, we are very comfortable with our cash position and guidance getting into 2027 and twelve months post our top-line GAD readout. And so feel like we're in a good position to execute and are looking forward to next year.

Sumant Kulkarni: I'll squeeze a commercial question in. Nowadays, investors seem to be kinda jumping to a conclusion on the perceived fact that less time in the clinic is potentially always better when it comes to psychedelic therapeutics. How are you thinking about your MM120 in the context of that kind of thinking?

Robert Barrow: Yeah. Thanks, Sumant. I'll take this one. You know, we remain incredibly convicted about both the activity and the dynamics of MM120 in relation to both approved products and the potential there, but also in the broader field of drugs with similar mechanisms of action. I think, you know, it tends to be an easy assumption to fall back on what is already being done. But like any real meaningful innovation, those precedents and assumptions have only so or can only serve anyone so far. And so we, again, remain in all of our discussions and all of our planning and as we think about the landscape, we're incredibly encouraged by those discussions and by the dynamics of MM120.

I think there's some other dynamics as we progress and share more about commercial strategy. You can also highlight some dynamics, but, certainly, the SPRAVATO model is one that exists. It emerged in response to the availability of a treatment, which in SPRAVATO, that is, which we're now again, if phase two data or something we can replicate, we feel really confident about being able to stand out in the field in terms of the kind of magnitude and durability of response that we've seen so far.

So as we think about every dynamic from that practice economic as Matt alluded to earlier, to patient and provider preferences and the desire to make sure that if a patient is gonna have such a durable effect that their providers have the opportunity to navigate that with them and really support them throughout their overall care journey, not just the administration of our product. Again, we feel really, really good about the dynamics of our program and our product, and are eager to show the world how that plays out over a long term.

Sumant Kulkarni: That's very helpful. Thanks.

Operator: Thank you for that question. There are no further questions, so this does conclude the question and answer session. At this time, I'd like to thank you for your participation in today's conference. This does conclude the program. And you may now disconnect.