Restore Mind Medicine

The Unnecessary Phase llb is Also Delayed 000 00 ooo 00 MindMed first announced plans for the Phase Ilb in August 2020. MindMed set the start date of Q3 2021 with expected topline results by the "end of 2023." Despite the trial starting in August 2022, MindMed STILL maintains the study will meet the "end of 2023" deadline. After we pressed MindMed to release enrollment data, MindMed stated it had completed approximately 50% enrollment after nine months into an eleven-month study. To remain on track, MindMed will have to enroll another 100 patients in the next ten weeks or 40 patients per month. In the last 30 days, MindMed claims they enrolled 25 patients, meaning that MindMed will need to increase enrollment by 60%. MindMed claims that enrollment will miraculously accelerate during the summer. This claim refuses to acknowledge the practical realities of summer enrollment. Experience has shown that patients and staff do not readily commit to a 12-week obligation during the summer holidays. Enrollment will likely pick up from Labor Day until late November when it will slow as the winter holiday season begins. As such, we believe that MindMed will finish enrollment in January. After completing enrollment, top-line results will likely come out in May or June, based on MindMed's historical record of analyzing top-line results. Source: Company SEC Filings, Company SEDAR Filings, MindMed Press Releases, Clinical trials.gov 35

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