SCHEDULE: Deep Track Capital Boosts MindMed Stake to 6.87%

Deep Track Capital and its affiliates have reported a 6.87% beneficial ownership stake in Mind Medicine (MindMed) Inc., including 4 million pre-funded warrants.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively beneficially own 5,500,000 common shares of Mind Medicine (MindMed) Inc.
• This represents 6.87% of the company's common stock.
• The ownership calculation is based on 80,087,943 shares, which includes 76,087,943 common shares outstanding as of July 24, 2025, and 4,000,000 common shares convertible from pre-funded warrants.
• The 4,000,000 pre-funded warrants are subject to a 9.99% maximum percentage exercise limitation, preventing the holder from beneficially owning more than 9.99% of outstanding common stock after exercise.
• The securities were not acquired or held for the purpose of changing or influencing the control of the issuer, except for activities related to a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The filing indicates a significant and continued institutional investment in Mind Medicine (MindMed) Inc. by a specialized biotechnology fund, which is generally a positive signal of investor confidence. The purpose statement also clarifies that the stake is not for control, which can reduce uncertainty.

Positives

• A significant institutional investor, Deep Track Capital, maintains a substantial stake, indicating continued confidence in Mind Medicine (MindMed) Inc.
• The holding includes 4,000,000 pre-funded warrants, which provides flexibility for future conversion into common stock.

Negatives

• NA

Risks

• The beneficial ownership includes 4,000,000 Pre-Funded Warrants, which are subject to a 9.99% Maximum Percentage exercise limitation, potentially restricting the immediate full conversion of these warrants if it would exceed the threshold.

Future Outlook

NA

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing indicates continued institutional interest in Mind Medicine (MindMed) Inc., a company operating in the biotechnology sector, specifically in areas potentially related to mental health or neurological disorders, given its name. The investment by Deep Track Capital, a biotechnology-focused fund, aligns with specialized investment trends in the life sciences.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional holder can provide a level of confidence or validation for other investors. The presence of pre-funded warrants could lead to future dilution if exercised, though the 9.99% limitation mitigates immediate large-scale dilution.
• Company Management: Awareness of a significant institutional holder may influence strategic decisions, though the filing explicitly states the holding is not for control purposes.

Next Steps

• NA

Key Dates

Recommendation

The filing is a routine disclosure of beneficial ownership by an institutional investor. While the significant stake by Deep Track Capital indicates confidence, the filing itself does not provide new operational or financial data to warrant a 'buy' or 'sell' recommendation. It confirms an existing substantial position, suggesting a 'hold' for current investors and a neutral stance for potential new investors until further operational updates are available.

Keywords

Mind Medicine, MindMed, Deep Track Capital, Deep Track Biotechnology Master Fund, David Kroin, Schedule 13G, Beneficial Ownership, Common Shares, Pre-Funded Warrants, Biotechnology, Pharmaceuticals