Mind Medicine MindMed : Investor Presentation - MM-120 for Generalized Anxiety Disorder Results Call

MM-120 for

Generalized Anxiety Disorder (GAD)

Phase 2b Topline Data

December 2023

Disclaimer

This presentation (the "Presentation") has been prepared by Mind Medicine (MindMed) Inc. ("MindMed" or the "Company") solely for informational purposes. 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.

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 statements can often, but not always, be identified by words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", will", "projects", or "believes" or variations (including negative variations) of such words and phrases, or 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 anticipated timing and results of the Company's 12-week data for their MM-120 Phase 2b study in Generalized Anxiety Disorder ("GAD"), the safety or efficacy of MM-120 in GAD or any other indications, expectations regarding a Phase 3 trial for MM-120, the development and commercialization of any product candidate or treatment, or the safety or 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; 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: MindMed's 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; lack of revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny in connection with a controlled substance in approval processes; 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 Securities and Exchange Commission ("SEC"), Quarterly Report on Form 10-Q for the periods ended September 30, 2023 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.

This presentation include preliminary clinical data from MindMed's Phase 2b clinical trial evaluating MM-120 in GAD. These preliminary data remain subject to audit and verification procedures that may result in the final data being materially different from the preliminary data included herein. As a result, data should be viewed with caution until the final data are available.

Cautionary Note Regarding Regulatory Matters

The United States federal government regulates drugs through the Controlled Substances Act. MM-120 is a proprietary, pharmaceutically optimized form of lysergide D-tartrate. Lysergide is a Schedule I substance 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 MM-120 and MM-402 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 articles and 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

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MM-120

LSD D-tartrate

Summary of Phase 2b GAD Trial Results

for Generalized Anxiety Disorder (GAD)

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MM-120 | 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/SNRIs3: 50% failure rate with often undesirable side effects

Benzodiazepines: addiction, tolerance risk; generally used in short-termBuspirone4: poor efficacy

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

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

MOA - Mechanism of Action; SSRI - Selective serotonin reuptake inhibitor; SNRI - Serotonin and norepinephrine reuptake inhibitor

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Summary of Topline Phase 2b Results1

• Met the primary endpoint with statistical significance; MCP-Mod analysis results support dose-response relationship for MM-120 in GAD
• Large observed effect size of d=0.88 at 100 µg dose level is more than double the standard of care2,3
• Statistically and clinically significant 21.3-point improvement in HAM-A score through week 4 with maximum observed activity at 100 µg dose level (p=0.001)2

1. Rapid and durable clinical activity with no loss of effect through the observation period

1. 78% clinical response rate through the observation period4

• 1. Clinically and statistically significant improvements on all analyzed secondary endpoints through the observation period5
• MM-120was well-tolerated with no related serious adverse events
• 1. Mostly transient, mild-to-moderate adverse events (occurring on dosing day) consistent with drug class and prior studies

1. No drug-related serious adverse event (SAE) or suicide-related safety signal6

• Data supports advancement into Phase 3 development for GAD

1. Source: Study MMED008 internal study documents and calculations.
2. Based on 100 µg dose group; HAM-A scores based on ANCOVA LS Mean. Effect size based on post hoc calculation by study statistician using LS Mean change between group and pooled standard deviation of ending HAM-A scores across groups.
3. Examination of baseline group assignment for all of the studies (20 studies utilizing the HAM-A (Hamilton Anxiety Scale) and 1 study using the PARS (Pediatric Anxiety Scale) for the primary outcome measurement. Source: RB Hidalgo, J Psychopharmacol. 2007 Nov;21(8):864-72.
4. Response defined as >50% improvement from baseline in HAM-A score
5. Represents all analyzed secondary endpoints at all timepoints through the week 4 topline analysis, including HAM-A,CGI-S and MADRS.
6. Suicidality assessment based on reported adverse events.

MCP-Mod - Multiple Comparisons Procedure - Modelling, μg - microgram; HAM-A - Hamilton Anxiety scale

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Large Observed Effect Size is Over Double the Standard of Care1

Reported Effect Size1 in Generalized Anxiety Disorder		Key Highlights of Phase 2b Results

MM-120 100 µg	2								0.88	▶ Maximum observed effect size of
								0.88 is more than double the
MM-120 200 µg2							0.64			standard of care2,3
											▶ Rapid and durable clinical response
Benzodiazapines4				0.38
							after single administration	3
SSRIs4					0.36
								▶ Clinical activity demonstrated with
											no psychotherapeutic intervention
Buspirone4				0.17
	0	0.2	0.4	0.6	0.8

p-values not displayed

1. Source: Study MMED008 internal study documents and calculations.
2. HAM-Ascores based on ANCOVA LS Mean. in Study MMED008. Effect size based on post hoc calculation using LS Mean change between group and pooled standard deviation of week 4 HAM-A scores between groups.
3. Based on 100 µg dose group.
4. Source: RB Hidalgo, J Psychopharmacol. 2007 Nov;21(8):864-72.

μg - microgram; HAM-A - Hamilton Anxiety scale; SSRI - Selective serotonin reuptake inhibitor;

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MM-120

LSD D-tartrate

Phase 2b GAD Trial Key Design Elements

for Generalized Anxiety Disorder (GAD)

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Phase 2b Trial Design Overview1

• Standard GAD study design with endpoints that have supported registration for approved drugs
• Randomized, double-blind,placebo-controlled,12-week trial

1. Single administration of MM-120 or placebo

1. No psychotherapeutic intervention

1. Trial design closely aligned with subsequently issued FDA 2023 Draft Guidance

• 1. Patients washed out of anxiety pharmacotherapy prior to randomization
• Enrolled 198 patients with GAD
• Five-armdose optimization design with 1:1:1:1:1 randomization
• Primary endpoint: change in Hamilton Anxiety Scale (HAM-A) at week 4
• 1. Assessed by central rater blinded to treatment assignment and visit number

1. Source: Study MMED008 internal study documents and calculations.
2. FDA 2023 Draft Guidance: Psychedelic Drugs: Considerations for Clinical Investigations. FDA - U.S. Food and Drug Administration

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Phase 2b Trial Design Overview1

PSYCHIATRY | MM-120 (LSD D-tartrate)| Indication: GAD | PHASE 2b

					198 participants total (actual)
Week	-5 to -1	1	2	4	8	12
	Screening	Dose			Follow-Up

MM-120 200 µg

MM-120 100 µg

MM-120 50 µg

MM-120 25 µg

Placebo

Randomize	Primary Endpoint	Secondary Endpoints
	(HAM-A)	(HAM-A)

A Phase 2b Dose Optimization Study of a Single Dose of MM-120 in Generalized Anxiety Disorder

KEY ENTRY CRITERIA

• Men and Women
• Ages 18-74
• Diagnosis of GAD
• HAM-A≥ 20

ADDITIONAL ENDPOINTS

•	MADRS	•	EQ-5D-5L
•	CGI-S / I	•	PSQI
•	PGI-S / C	•	ASEX

• SDS

1. Source: Study MMED008 internal study documents.

μg: microgram; HAM-A: Hamilton Anxiety Rating Scale; MADRS: Montgomery-Asberg Depression Rating Scale; CGI-S: Clinical Global Impressions - Severity; PGI-S: Patient Global Impression -

Severity; SDS: Sheehan Disability Scale; EQ-5D-5L:EuroQol-5 Dimension; PSQI: Pittsburgh Sleep Quality Index; ASEX: Arizona Sexual Experiences Scale

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