Are there any lock‑up or resale restrictions associated with the granted shares that could affect short‑term liquidity?

Short‑term liquidity impact: The announcement only details the issuance of options (425,450 shares) and performance‑share units (34,500 PSUs) to newly hired non‑executive staff. In typical Nasdaq‑listed biotech firms, such inducement grants are subject to standard vesting schedules (often 12‑24 months) and resale‑restriction clauses that prohibit the award‑ees from selling any vested shares for a prescribed period (e.g., 90‑180 days after vesting). Because the grants have not yet vested, there is no immediate supply of shares to the market and therefore no immediate dilution of the free‑float. The only potential short‑term liquidity effect would be the future dilution risk once the options are exercised and the PSUs vest, which could add up to ~0.6 % of the current float (≈460 k shares) and may modestly increase the share supply over the next 12‑24 months.

Trading implications: For now, the market should treat this as a non‑dilutive event in the short term; the shares tied to the grants are effectively locked up. Consequently, any immediate price move is more likely to reflect the broader market sentiment toward MindMed’s pipeline, upcoming data releases, or broader biotech sentiment rather than this grant. Traders can focus on technical levels—e.g., if MNMD is trading near a key support (≈$2.10) with modest volume, the lack of near‑term share supply suggests that a breakout on positive news would likely be unimpeded. However, be mindful of the future dilution window; a sizable option exercise or PSU vesting after a positive catalyst could trigger a modest downward pressure as new shares become available. Position sizing and stop‑losses should accommodate a potential modest increase in supply around the 12‑month‑post‑grant period.