PSIL - Pressures mounting on psychedelic therapy focused MindMed down 46% YTD

This year hasn't been easy for MindMed (NASDAQ:MNMD), which has faced its shares of struggles and is down 46% year to date. A week ago, the FDA placed a clinical hold on its IND submission necessary to begin a phase 2b trial of LSD for generalized anxiety disorder. On the positive side, on Dec. 17, MindMed initiated a phase 2a trial of LSD for adult ADHD. The company is also testing 18-MC, a non-hallucinogenic molecule based on the psychedelic substance ibogaine, for opioid withdrawal. That candidate is in phase 2a. CEO Robert Barrow, who was appointed to that position on a permanent basis earlier this month, has his work cut out for him. The company's losses are increasing. In its Q3 2021 earnings, its year-over-year loss more than doubled. With a 9.65% share, MindMed is the third largest holding in the AdvisorShares Psychedelics ETF (NYSEARCA:PSIL).

For further details see:

Pressures mounting on psychedelic therapy focused MindMed, down 46% YTD