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  "notes": "Uses urgency-based framing to justify activist intervention.",
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      "text": "This is why we took the extraordinary step to nominate four director candidates.",
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      "text": "Now, sell-side analysts project that MindMed will run out of cash in the second half of 2024.",
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      "text": "Analysts estimate that MindMed will have a cash burn of $154M in FY2023, FY2024 versus $142M in cash at the start of 2023.",
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      "text": "We fear that there will be no next year: If MindMed does not have substantive immediate change, MindMed will enter a spiral of dilution in 2024 as it struggles to raise funding.",
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      "text": "Surprisingly, MindMed continues to claim that their current cash is sufficient to last until mid-2025.",
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      "text": "FCM has been raising the alarm since August 2022 when there was time to work together. Time has run out.",
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      "text": "Source: Company SEC Filings. MindMed Press Releases. See [9]",
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