Psychedelics based medicine manufacturing company Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (MMED.NE) may have seen its stock decline by as much as 1% during the course of the past week, however, it was a different story during after-hours trading on Friday.
During after-hours trading, the stock soared by as much as 8% and that might have been triggered by the announcement of the company’s financial results for the first quarter. Mind Medicine announced that it had total assets worth $201 million at the end of the quarter that ended on March 31, 2021.
It should be noted that out of the total assets, the cash component made up $160 million. On the other hand, the cash burn for the quarter came in at $10 million. Last but not the least; Mind Medicine suffered a net loss of as much as $14 million for the quarter. However, the company also provided key updates about its business operations and that might have been another reason behind the rally.
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