Mind Medicine (MNMD) Stock Sees Quick Recovery: What’s The Next Plan?

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.

Mind Medicine (MNMD) Stock Sees Quick Recovery: What’s The Next Plan?

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.

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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.

Alex Krakowsky

Editor in Chief. Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life