Restore Mind Medicine
MindMed's Purported Reasons
MindMed has developed two rationales for why the September Financing was needed:
1. To increase MindMed's institutional ownership:
In reality, many of the institutions who joined MindMed through the offering have since sold.
ā Notably, CVI Investments who was a 13G filer following the financing sold all of their 1M shares,
many of them within just a few days.
Institutional ownership of MindMed grew slightly from 13.2% in 2021 to 14.2%.
2. To bring MindMed's runway from the first half of 2024 to first half of 2025
(a narrative that MindMed continues to portray):
Unfortunately, analysts are projecting that MindMed will run out of cash by end of 2024.
O
MindMed's capital raise was a failure at best by their own metrics.
Source: Company SEC Filings, MindMed Press Releases, MindMed Earnings Calls. See [9], [16]
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