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The report attempted to excuse the Board's decision to complete the financing by citing MindMed's statements that the cash runway improved to 2025. However, as noted in our presentation, sell-side analysts are now projecting that MindMed will not have sufficient cash to last through 2024. Further, MindMed's share price declined almost immediately following the announcement of the destructive offering in after-hours trading. The report conflates MindMed's cash raising through its at-the-money offering with its destructive financing in an apparent attempt to paint a better picture. ISS' own chart on the issue is misleading as its estimates project MindMed's runway at twice what management predicts. 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This was calculated using structural vector auto-regression and forecast error variance decomposition methods.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:48:59.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e5e19b5-d1cf-4192-99bc-e22d26d03f70", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.48, "x": 0.48, "y": 0.52 }, "kind": "paragraph", "text": "The report leaves out that MindMed fell 7% during that same period two weeks later.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:48:59.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d648f7a4-3dc1-4a7b-bcb8-801f346f4a9f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Company SEC Filings. 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ISS further hangs its hat on the Greenleaf report without acknowledging our various arguments about why the Phase IIb is flawed.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:49:00.282+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86a33819-0900-482a-a619-7f43133ef989", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.48, "x": 0.47, "y": 0.23 }, "kind": "list", "text": "ISS Accepts That NEO’s Met Corporate Goals\nReality:\n- Ignores that many of MindMed’s goals were simply following the law or were unmet.\n- Ignores that NEO compensation does not have any real performance requirements.\n- Ignores that the primary reason for executive compensation going down was due to share price decline.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:49:00.282+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a2484cf-5109-4c0d-94c7-861493602292", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Company’s SEC Filings, Company SEDI Filings, Data From Refinitiv, Clinicaltrials.gov. 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null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:49:04.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74151ba8-ec17-42ca-b792-c43200b968af", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Greenleaf did not talk to FCM or ask for supporting materials which resulted in a seriously deficient report predicated on strawman arguments and misrepresentation of our plans.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet 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