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Mind Medicine Inc. (NASDAQ: MNMD) said in its earnings release that it has started dosing patients in two final-stage clinical trials for its LSD-based treatment aimed at generalized anxiety disorder.

The company, which develops treatments for mental health disorders, disclosed in its year-end financial results that it raised approximately $250 million last year, significantly beefing its position.

“2024 was a year of significant progress for MindMed,” CEO Rob Barrow said in a statement. “The positive data from our MM120 Phase 2b study in GAD helped secure breakthrough therapy designation from the FDA and led to the expansion of our pipeline into major depressive disorder.”

The company reported $273.7 million in cash as of Dec. 31, 2024, versus $99.7 million at the end of 2023. The funding’s expected to sustain operations into 2027, extending at least a year beyond when the company expects initial results from its anxiety disorder treatment trials.

MindMed’s lead drug candidate is an orally dissolving tablet form of LSD that’s shown promising results in earlier studies. The company noted that the formulation offers better absorption and fewer stomach-related side effects than traditional methods.

The company began its Voyage study in late 2024, which will enroll about 200 participants in the U.S. Results are expected in the first half of 2026. A second trial called Panorama began in early 2025 and will include approximately 250 participants in the U.S. and Europe.

Research spending increased to $21.8 million for the fourth quarter of 2024, up from $11.5 million in the same period of 2023, which the company attributed mainly to costs for its late-stage clinical trials.

MindMed reported a net loss of $34.7 million for the fourth quarter and $108.7 million for the full year.

The company is also expanding its research to include major depression. MindMed plans to begin a trial called Emerge in the first half of 2025, with results expected in late 2026.

Additionally, MindMed completed early testing of a different compound derived from MDMA that it’s developing for autism spectrum disorder, with further studies planned.

The company’s market position was boosted by its addition to the Nasdaq Biotechnology Index in November 2024 and the Russell 2000 and Russell 3000 Indexes earlier in the year.