Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) announced its annual 2020 financial results for the year ended December 31, 2020. At this time the company had no revenue to report. The net and comprehensive losses were $35.1 million for the year ending December 31, 2020.

Its total assets as of December 31, 2020, were $85.6 million, including $80.1 million in cash. MindMed said its net cash used in operating activities or its total cash burn was $24.2 million for the year ended December 31, 2020. The company’s current cash balance is $161 million or C$203 million. MindMed plans on using the funds to advance its portfolio and build out its technology division.

An earnings call will be held Thursday, April 1, 2021 at 10:00 am ET.

Since the year ended, MindMed closed on a bought deal in January 2021 resulting in proceeds of C$72 million. In February the company acquired HealthMode in a deal valued at $31 million. Health Mode is a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees based in Silicon Valley, New York City, Bratislava and Prague into its newly established digital medicine division, Albert. MindMed intends to establish Albert as a full-stack digital mental health platform, capable of launching and commercializing psychedelic-assisted therapies and medicines at scale for patients.

In March, Mindmed closed a private placement that generated proceeds of roughly $15 million. MindMed said the net proceeds will be used for further investment in Project Lucy (experiential LSD), the Microdose LSD Program, and Project Albert, which is now integrating MindMed’s most recent technology acquisition HealthMode to build a comprehensive mental health platform to deploy psychedelics medicines, and for general working capital purposes. The closing is expected to occur on or about March 9, 2021.