Restore Mind Medicine
Poor Capital Allocation
Clinical trial & core drug spend
31%
2020
$51M
Executive
compensation
13%
2022
$20M
Core drug
R&D spend
From FY2020 to FY2022,
MindMed's cash spending on
clinical trials and core drugs
has dropped from 31% to 13%.
MindMed's executive and
director compensation has
been $51M (31.8%) in
FY2021 and FY2022 versus
$20M spent on core drug
R&D (12.7%).
Source: Company SEDAR Filings, Company SEC Filings. See [13]
45%
G&A spend
MindMed
36%
Peer Group
MindMed's spending on
G&A is 45% versus its peer
group which spent 36%.
Notably, Seelos Therapeutics has only $12.2M in G&A
while spending $60M in R&D.
To justify these allocations, MindMed cherry-picks data to
falsely claim that "relative to [Compass Pathways], less of [our
spending is] allocated to SG&A."
But, in FY2022, MindMed spend 45% on G&A versus
Compass Pathways who spent 41%.
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