Restore Mind Medicine
ISS Excuses Destructive,
Dilutive Financing
0.15
0.1
0.05
0
-0.05
-0.1
-0.15
-0.2
-0.25
Relmada Announces Failed
Phase III Study
♡
Sept 28
2022
ISS 'Sectoral Trends'
MindMed Declines
50% From Sept 27
Oct 12 Oct 15
2022 2022
Peer Median
MindMed Return
Oct 31
2022
ISS' report has attempted to justify the near 50% downturn following the
announcement of the financing by calling it sectoral trends pointing to
MindMed's peer group declining 6.3% two weeks later. This decline occurred
after MindMed's peer, Relmada, announced that its Phase III study failed to
attain statistically significant results.
The report leaves out that MindMed fell 7% during that same period two weeks
later.
The probability that the initial decline was a result of sectoral trends is less than
one in eighty five quadrillion. This was calculated using structural vector auto-
regression and forecast error variance decomposition methods.
Source: Company SEC Filings. Pricing from Refinitiv and Pitchbook. Recovery defined based on closing price. See ISS Report.
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