Mind Medicine MindMed : Investor Presentation - MM120 for Generalized Anxiety Disorder Conference Call and Webcast

MM120 for

Generalized Anxiety Disorder (GAD)

Phase 2b Full Topline Data

ODT PK Bridging Study

Breakthrough Therapy Designation

March 2024

Disclaimer

This presentation (the "Presentation") has been prepared by Mind Medicine (MindMed) Inc. ("MindMed", the "Company", "we", "our" or "us) solely for informational purposes. None of MindMed, its affiliates or any of their respective employees, directors, officers, contractors, advisors,

members, successors, representatives or agents makes any representation or warranty as to the accuracy or completeness of any information contained in this Presentation and shall have no liability for any representations (expressed or implied) contained in, or for any omissions from, this Presentation. This Presentation does not constitute an offering of, or a solicitation of an offer to purchase, securities of MindMed and under no circumstances is it to be construed as a prospectus or advertisement or public offering of securities. Any trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of MindMed. Any amounts are in USD unless otherwise noted. MindMed's securities have not been approved or disapproved by the Securities and Exchange Commission (the "SEC") or by any state, provincial or other securities regulatory authority, nor has the SEC or any state, provincial or other securities regulatory authority passed on the accuracy or adequacy of this Presentation. Any representation to the contrary is a criminal offense.

Cautionary Note Regarding Forward-Looking Statements

This Presentation contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking

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statements that certain actions, events, results or conditions "may", "could", "would", "might" or "will" be taken, occur or be achieved, and similar references to future periods. Except for statements of historical fact, examples of forward-looking statements include, among others, statements pertaining to: the development and commercialization of any medicine or treatment, or the efficacy of either of the foregoing, the success and timing of our development activities; the success and timing of our planned clinical trials; our ability to meet the milestones set forth herein; the likelihood of success of any clinical trials or of obtaining FDA or other regulatory approvals; our cash runway funding operations through key clinical readouts and into 2026; the likelihood of obtaining patents or the efficacy of such patents once granted and the potential for the markets that MindMed is anticipating to access.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions as of the date of this Presentation. While MindMed considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties that are difficult to predict and many of which are outside of MindMed's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to raise capital to complete its plans and fund its studies; the medical and commercial viability of the contemplated medicines and treatments being developed; MindMed's history of negative cash flows; MindMed's limited operating history; incurrence of future losses; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to throughout the "Risk Factors" sections of MindMed's most recently filed Annual Report on Form 10-K filed with the SEC and in other filings we make in the future with the SEC and the securities regulatory authorities in all provinces and territories of Canada, available under the Company's profile on SEDAR at www.sedar.com.

Any forward-looking statement made by MindMed in this Presentation is based only on information currently available to the Company and speaks only as of the date on which it is made. MindMed undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Cautionary Note Regarding Regulatory Matters

The United States federal government regulates drugs through the Controlled Substances Act. MM120 is a proprietary, pharmaceutically optimized form of lysergide D-tartrate and MM402, or R(-)-MDMA, is our proprietary form of the R-enantiomer of MDMA (3,4- methylenedioxymethamphetamine). Lysergide and MDMA are Schedule I substances under the Controlled Substances Act. While the Company is focused on programs using psychedelic or hallucinogenic compounds and non-hallucinogenic derivatives of these compounds, including in its MM120, MM402 and other product candidates, the Company does not have any direct or indirect involvement with the illegal selling, production or distribution of any substances in the jurisdictions in which it operates. The Company is a neuro-pharmaceutical drug development company and does not deal with psychedelic or hallucinogenic substances except within laboratory and clinical trial settings conducted within approved regulatory frameworks. The Company's products will not be commercialized prior to applicable regulatory approval, which will only be granted if clinical evidence of safety and efficacy for the intended uses is successfully developed.

Market and Industry Data

This Presentation includes market and industry data that has been obtained from third party sources, including industry publications. MindMed believes that the industry data is accurate and that the estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, MindMed has not independently verified any of the data from third party sources referred to in this Presentation or ascertained the underlying economic assumptions relied upon by such sources. References in this Presentation to research reports or to articlesand publications should be not construed as depicting the complete findings of the entire referenced report or article. MindMed does not make any representation as to the accuracy of such information.

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Today's Agenda

	Topic	Speaker
		Rob Barrow
	Introductory Remarks	Chief Executive Officer, MindMed
	KOL Perspective on Unmet Need in	Rakesh Jain, MD, MPH
	Clinical Professor of Psychiatry and Behavioral Sciences, Texas Tech University
	Generalized Anxiety Disorder (GAD) &
	School of Medicine - Permian Basin
	Phase 2b Trial Results
	Summary of Full Topline Results from Phase 2b	Daniel R Karlin, MD, MA
	Chief Medical Officer, MindMed
	Trial of MM120 in GAD
		Francois Lilienthal, MD, MBA
	Commercial Opportunity	Chief Commercial Officer, MindMed
		Rob Barrow
	Summary Comments for MM120 Development Plan	Chief Executive Officer, MindMed
	Closing Remarks and Questions & Answers (Q&A)	All Presenters

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Introductory Remarks

Robert Barrow

Chief Executive Officer

We Aim To Be A Global Leader In Brain Health

Pipeline	Management
Diversified pipeline of clinical	Expertise in drug development
programs targeting	and commercialization
significant unmet medical needs

Research	Expected Runway
Leveraging decades of preclinical and clinical	Expected cash runway through key
research with promising results in Phase 2b	clinical readouts and into 2026*

Market Protection Strategies

IP and R&D strategies intended to maximize market exclusivity and protection

*The company's cash and cash equivalents of $99.7 million as of December 31, 2023 and committed credit facility are expected to fund operations into 2026.

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Experienced Leadership with a Proven Track Record

Strong Experience in

Brain Health Innovation1

1. Includes

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MM120 Has the Potential to Address a Large Unmet Need in GAD

Opportunity in Generalized Anxiety Disorder (GAD)

• GAD is the 2nd most common mental disorder among adults1, yet there are limited treatment options
• Symptoms may be debilitating and treatment inefficacy leads to incomplete remission and intolerable side effects.

Potential Best-in-Class

Therapy with Novel MOA

Large Market

Opportunity

Significant Need

for New Treatments

~20 million US adults with GAD1	13 million	6.5 million do not respond to
77% moderate to severe2	receive treatment1	first-line treatment3

SSRI/SNRIs1: 50% failure rate with often undesirable side effects

Benzodiazepines: addiction, tolerance risk; generally used in short-term

Buspirone4: poor efficacy

Antipsychotics: short- and long-term risks; poorly tolerated

1. Mental and Substance Use Disorders Prevalence Study (MDPSU): Findings Report 2023.
2. Kessler RC, Chiu WT, Demler O et al. Prevalence, Severity, and Comorbidity of 12-monthDSM-IV Disorders in the National Comorbidity Survey-Replication. 2005 Arch Gen Psychiatry; 62(6): 617-627.

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1. Ansara, Management of Treatment-Resistant Generalized Anxiety Disorder, Ment Health Clin 2020 Nov; 10(6) 326-334) United States Census Bureau, company calculations.
2. Garakani A, et al., (2020) Pharmacotherapy of Anxiety Disorders: Current and Emerging Treatment Options. Front. Psychiatry 11:595584. doi: 10.3389/fpsyt.2020.595584

MindMed Research & Development Pipeline

Product Candidate

Psychiatry Programs

Indication

Preclinical

Phase 1

Phase 2

Phase 3

Registration

MM120	Generalized Anxiety
(Lysergide D-tartrate)	Disorder (GAD)1

Additional Psychiatric

Indication2

MM402	Autism Spectrum
(R(-)-MDMA)	Disorder (ASD)1

Early Research & Collaborations

IITs

Various1

(UHB collaboration)

Early Research

(Mindshift collaboration)	Various

1. Full trial details and clinicaltrials.gov links available at mindmed.co/clinical-digital-trials/
2. Study in exploration and/or planning stage.

LSD: lysergide; MDMA: 3,4-methylenedioxymethamphetamine. IIT: Investigator Initiated Trial (results are not anticipated to be used in our applications for regulatory approval); UHB: University Hospital Basel

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Key Highlights of MM120 Program Updates

Positive 12-Week Durability in Phase 2b Trial of GAD1

• Primary and secondary endpoints met with statistical significance

• 7.7-pointimprovement over placebo (d=0.81; p=0.003)
• 48% clinical remission rate at Week 12

Breakthrough Therapy Designation

• Recognizes preliminary evidence of substantial improvement over SOC

• FDA organizational commitment and efficient development support

Enhanced Product Profile of MM120 ODTs

• Results from PK bridging study demonstrate differentiated profile
• Rapid absorption, better bioavailability & greater therapeutic AUC

Commercial Model & Strategy for Scalable Launch

• Broad recognition of burden and unmet need in GAD
• Enthusiasm for MM120 as potential game-changer

Market Protection Strategies and IP Portfolio

• IP-drivenR&D strategies to maximize market protection potential
• Advancing IP portfolio with recent and near-term key grants

1. Source: Study MMED008 internal study documents and calculations.
2. Source:https://www.fda.gov/patients/fast-track-breakthrough-therapy-accelerated-approval-priority-review/breakthrough-therapy

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Results for MM120 in GAD Delivered on Target Product Profile after Single Dose with Significant Improvement in All Endpoints1,2

Fast Acting

1.8-point reduction in CGI-S within 24 hours (p<0.0001)

Durable Activity

21.9-point improvement in HAM-A at Week 12 (p=0.003) represents further improvement from Week 4

Response / Remission

48% of participants in remission at Week 123

Limited Side Effect Burden

Favorable tolerability profile with most AEs limited to dosing day

Scalability, Access & Value

Results achieved with no additional therapy

1. Source: Study MMED008 internal study documents and calculations. 100 µg dose group.
2. Represents all analyzed secondary endpoints in week 12 topline analysis, including HAM-A,CGI-S and MADRS.
3. p-valuesnot calculated for remission rates between groups.

CGI-S: Clinical Global Impressions- Severity; HAM-A: Hamilton Anxiety Scale.

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