MindMed dips after $225 mln stock deal

Definium Therapeutics

30/10/2025 12:19

** Mind Medicine's MNMD.O shares down 3.2% premarket at $12.50 after $225 mln overnight follow-on priced

** New York City-based co late Weds sold ~18.4 mln shares at $12.25, 5.1% discount to last sale

** Co plans to use net offering proceeds to fund R&D of its product candidates, for working capital and other purposes, and potential investments or acquisitions

** MNMD's first lead candidate, MM120, being developed to treat generalized anxiety disorder (GAD) and major depressive disorder (MDD); its second lead candidate, MM402, being developed to treat autism spectrum disorder (ASD)

** Co has about 76 mln shares outstanding

** Jefferies, Leerink Partners and Evercore are joint bookrunners for offering

** Through Weds close, stock up 85% YTD

** All 12 analysts covering MNMD are bullish and their median PT is $21, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))