Company / R&D Expense
Mind Medicine (MindMed) Inc. R&D Expense History
FY2019-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$117.7M
FY2025
5-year range
$34.8M / $117.7M
FY2021-FY2025
Trend
+80.2%
vs FY2024
Sector context
#126 of 210
Health Care
What the data says
At $118M, Mind Medicine (MindMed) Inc.'s r&d expense ranks #126 of 210 in the Health Care sector. R&D Expense has increased for 6 consecutive years, from $8M in FY2019 to $118M in FY2025.
Based on SEC 10-K filings.
$118M in FY2025 with a 5-year CAGR of +44.6%.
Improved from $52M to $118M over the past 2 years.
Health Care sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +48.2%
- 5-Year CAGR
- +44.6%
- 10-Year CAGR
- -
Sector benchmark
#126 of 210 in Health CareTop 60% of 210This company $117.7M Sector average $644.1M
▼
-81.7% below sector average
Key checks
Key Insights
- Mind Medicine (MindMed) Inc.'s r&d expense has grown for 6 consecutive years.
- 5-year CAGR of +44.6%, indicating consistent growth.
- In FY2025, r&d expense increased 80.2% year-over-year.
- Ranks #126 out of 210 companies in the Health Care sector.
Company context
Key Data Points
- Low Piotroski F-Score: 1/9 (multiple financial health concerns)
- Altman Z-Score 0.70 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $117.7M | +80.2% |
| FY2024 | $65.3M | +25.3% |
| FY2023 | $52.1M | +44.1% |
| FY2022 | $36.2M | +4.0% |
| FY2021 | $34.8M | +86.7% |
| FY2020 | $18.6M | +146.8% |
| FY2019 | $7.5M | - |
As of FY2025 · SEC 10-K · Updated Feb 28, 2026