Mindset Pharma Inc (CSE:MSET, OTCQB:MSSTF) has reported its full-year 2021 financial results showing the psychedelics firm ended the year with a cash balance of $6.6 million.
In a statement, the Toronto-based company told shareholders that it is “well capitalized” to execute on its growth plans.
Mindset is focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs, having synthesized and screened over 100 compounds to date.
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For its fiscal year 2021, Mindset recorded a net loss of $11.7 million.
Commenting on the 2021 fiscal year, which ended June 30, 2021, CEO James Lanthier told investors that the firm has made “tremendous progress”, advancing its library of next-generation psychedelic compounds.
Lanthier also highlighted the group’s state-of-the-art processes for evaluating novel psychedelic drug candidates, which the CEO said would prove to be valuable for the wider psychedelics industry.
“The preclinical results from our compounds have meaningful clinical implications,” Lanthier said.
Preclinical results have demonstrated improved safety and efficacy across Mindset’s four families of next-generation compounds when compared to their reference drugs, as well as a range of anticipated durations of action. In June, Mindset selected psilocybin-based analog MSP-1014 as its lead clinical candidate and later announced it would be pursuing treatment-resistant depression and end-of-life cancer angst as initial indications.
“Mindset’s next-generation psychedelic drug candidates can potentially offer a more scalable, safer and more convenient treatment for clinic-based mental health therapy programs due to optimization in duration, efficacy and safety,” Lanthier said. “Our robust pipeline means that we have multiple ‘shots on goal’ to achieve a positive clinical outcome for patients.”
The CEO added that the firm has identified four differentiated families of compounds and sees opportunities to expand further.
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