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  "notes": "Uses a narrative structure to contrast past promises with current lack of results.",
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      "text": "MindMed has spent a projected $14M on the digital medicine program and analysts do not expect it to generate revenue until at least 2026.",
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      "text": "Over two years later, digital medicine failed to produce any revenue and none of MindMed’s professed partners have emerged.",
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      "text": "In February of 2021, MindMed acquired Healthmode Inc. (“Healthmode”) for approximately $33M to create a digital medicine division. Karlin was CEO of Healthmode.",
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      "text": "The Company announced partnerships with Novartis, the National Institute of Health, Merck, and Bioxcel Therapeutics, claiming that these “new partnerships ... [will] lead to near-term revenue.”",
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      "text": "Source: Company SEDAR Filings, Company SEC Filings, MindMed Investor Presentations. See [13]",
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