• A Canopy Growth or Tilray, but for prescription psychedelic drugs targeting mental health.
• An early-stage Moderna or BioNTech, but developing psychedelic-inspired medicines for mental health.

• MM-120 (lysergide D-tartrate): An investigational drug currently in Phase 2b clinical trials for Generalized Anxiety Disorder (GAD).
• MM-402: A pre-clinical drug candidate being developed for conditions such as autism spectrum disorder (ASD) and other neuropsychiatric indications.

Mind Medicine (MNMD) - Major Customers

Mind Medicine (MNMD) is a clinical-stage biopharmaceutical company focused on the development of psychedelic-inspired medicines for mental health conditions. As of its current stage, the company is primarily engaged in research and development, including conducting clinical trials, and does not have any commercial products on the market.

Therefore, MNMD does not currently generate revenue from product sales and does not have "major customers" in the traditional sense of selling to other companies or individuals.

Because Mind Medicine is a pre-revenue, clinical-stage company, it does not currently sell products or services to other companies or to individuals. Consequently, the conditions for listing major customer names (for B2B sales) or describing customer categories (for B2C sales) are not met at this time.

Robert Barrow, Chief Executive Officer and Board Director

Mr. Barrow is an accomplished pharmaceutical executive and clinical pharmacologist with over a decade of experience leading drug development programs. He joined MindMed as Chief Development Officer in January 2021 and was named CEO in June 2021. Previously, he served as Director of Drug Development & Discovery at Usona Institute, overseeing preclinical, clinical, and regulatory development, and launching a Phase 2 clinical program for psilocybin that received Breakthrough Therapy Designation. Mr. Barrow was also the Chief Operating Officer of Olatec Therapeutics, LLC, a private clinical-stage biopharmaceutical company. He founded Jasper Biopharmaceutical Advisors in December 2018 and continues to serve as a Principal. He has advised various pharmaceutical organizations, from startups to Fortune 500 companies.

Brandi L. Roberts, Chief Financial Officer

Ms. Roberts was appointed Chief Financial Officer, effective June 2, 2025. She brings over 25 years of financial leadership experience in the life sciences industry. Most recently, she served as CFO and Executive Vice President of Longboard Pharmaceuticals, where she played a key role in the company's IPO, multiple financings, and its $2.6 billion acquisition by Lundbeck in 2024. Her prior experience includes CFO roles at Lineage Cell Therapeutics, REVA Medical, and Mast Therapeutics, as well as senior finance positions at Alphatec Spine, Inc., Artes Medical, Inc., Stratagene Corporation, and Pfizer, Inc.

Dr. Daniel R. Karlin, Chief Medical Officer

Dr. Karlin joined MindMed as Chief Medical Officer in February 2021, following MindMed's acquisition of HealthMode, a company he co-founded and led as CEO. Prior to HealthMode, he built and led clinical, informatics, and regulatory strategy for Pfizer's Digital Medicine and Innovation Research Lab, and also served as Global Clinical Lead for psychiatry clinical compounds at Pfizer. Dr. Karlin was also the founder and Chief Medical Officer at Column Health, an addiction treatment startup.

Key risks to Mind Medicine (MNMD) include:

1. Regulatory Challenges and Approval Uncertainty: Mind Medicine faces significant hurdles in obtaining regulatory approval and market access for its psychedelic-based therapies. The approval process for these treatments is still evolving and subject to heightened scrutiny, as evidenced by the FDA's rejection of MDMA-assisted PTSD therapy from another company due to concerns about study design. Delays in DEA rescheduling of Schedule I compounds for medical use could hinder patient access and market entry, and securing payer coverage for such therapies presents additional challenges.
2. Clinical Trial Risk: As a clinical-stage biopharmaceutical company, Mind Medicine's success is heavily dependent on the positive outcomes of its clinical trials. There is a risk that Phase 3 data could be disappointing, lead to FDA holds, or reveal unforeseen side effects or complications from psychedelic treatments, which would significantly impact the company's valuation and future prospects.
3. Financial Risk and Need for Additional Capital: Mind Medicine currently operates without revenue-generating products and incurs substantial losses due to its extensive research and development activities. The company has a history of negative cash flows, and despite recent capital raises, larger-than-expected losses and a high burn rate could necessitate securing significant additional funding to sustain operations and advance its pipeline to commercialization.

The clear emerging threat to Mind Medicine (MNMD) is the rapid acceleration of state-level decriminalization and regulated access models for psychedelic substances. Jurisdictions such as Oregon (with Measure 109 for psilocybin) and Colorado (Prop 122) have already established frameworks that allow for the therapeutic use of psychedelics outside of the traditional pharmaceutical drug development and prescription pathways. This trend threatens to commoditize the very compounds (like psilocybin, LSD, or MDMA) that MindMed is investing heavily to develop into proprietary, FDA-approved pharmaceutical drugs.

If these substances become legally accessible through alternative channels—such as licensed facilitators, retreat centers, or even personal cultivation—it could undermine the traditional pharmaceutical business model. Patients and healthcare systems may opt for potentially cheaper and less restrictive non-pharmaceutical options, reducing demand for MindMed's expensive, proprietary versions. This could make it difficult for MNMD to justify premium pricing, gain market share, and secure robust patent protection for what could become widely available, de-facto generic compounds, thereby disrupting its core strategy in a manner analogous to how Netflix disrupted Blockbuster by offering a different, more accessible model for content consumption.

Mind Medicine (MNMD) is a clinical-stage biopharmaceutical company focused on developing psychedelic compounds for psychiatric and neurological therapies. Its main product candidates are MM-120 and MM-402.

• MM-120 (LSD D-tartrate): This compound is being developed for Generalized Anxiety Disorder (GAD) and Major Depressive Disorder (MDD).
  • For Major Depressive Disorder (MDD), the global treatment market is projected to reach $14.96 billion by 2032.
• MM-402 (R(-)-MDMA): This proprietary form of R(-)-MDMA is being developed for the treatment of core symptoms of Autism Spectrum Disorder (ASD).

The addressable market size for Generalized Anxiety Disorder (GAD) and Autism Spectrum Disorder (ASD) for Mind Medicine's products is not explicitly provided in the search results.

For Mind Medicine (symbol: MNMD), the expected drivers of future revenue growth over the next 2-3 years are primarily tied to the successful advancement and commercialization of its pipeline products, as the company is currently pre-revenue.

1. Successful Commercialization of MM120 for Generalized Anxiety Disorder (GAD): Mind Medicine's lead product candidate, MM120 (lysergide D-tartrate) in an orally disintegrating tablet (ODT) formulation, is currently in Phase 3 clinical trials for Generalized Anxiety Disorder (GAD). Topline data from the pivotal Voyage study is anticipated in the first half of 2026, and from the Panorama study in the second half of 2026. The MM120 ODT has received a Breakthrough Therapy Designation from the FDA for GAD and an Innovation Passport from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA), which is expected to accelerate its market access. Positive outcomes from these trials and subsequent regulatory approvals would be the primary driver of initial product revenue.
2. Successful Commercialization of MM120 for Major Depressive Disorder (MDD): Beyond GAD, Mind Medicine is also advancing MM120 ODT into Phase 3 studies for Major Depressive Disorder (MDD) with the Emerge study. Enrollment for the Emerge study has progressed faster than anticipated, with topline results now expected by mid-2026. The company plans to initiate a second Phase 3 study for MM120 in MDD, named Ascend, in mid-2026. Successful development and regulatory approval in this large market could significantly contribute to revenue growth.
3. Advancement and Potential Commercialization of MM402 for Autism Spectrum Disorder (ASD): Mind Medicine is developing MM402, a proprietary form of R(-)-MDMA, for the treatment of Autism Spectrum Disorder (ASD). The company plans to initiate a Phase 2a study for MM402 in ASD by the end of 2025. Progress in this program represents a pipeline expansion and a potential future revenue stream, further diversifying the company's therapeutic offerings.
4. Strategic Partnerships and Licensing Agreements: As a clinical-stage biopharmaceutical company, Mind Medicine's future revenue opportunities are also expected to be unlocked through potential partnerships or licensing agreements. The company has been active in securing funding through equity offerings to support its research and development. Successful clinical milestones and regulatory approvals for its drug candidates could lead to lucrative collaborations with larger pharmaceutical companies for commercialization, particularly as the company aims to reduce administrative barriers for adoption and ensure providers are appropriately compensated for their services.