| Mind Medicine (Nasdaq: MNMD) has been riding high on the psychedelic medicine wave. Often called MindMed, the company is developing novel therapies derived from psychedelic compounds to treat brain health disorders, with a focus on anxiety and addiction. Like cannabis-based medicine before it, psychedelic medicine has garnered quite a bit of attention, and the hype has pumped up MindMed's stock. As you can see in the chart, shares skyrocketed from their late 2023 lows of around $2.50 to a peak above $11.50 earlier this year - an incredibly fast 360% gain in under six months. The stock has since retreated to about $7.50, but it's still up significantly from its lows. The question is... has the stock's valuation gotten a bit too trippy? Let's run this biotech through The Value Meter to find out. MindMed's enterprise value-to-net asset value (EV/NAV) ratio of 5.78 is well below the average of 10.95 for companies with positive net assets. Not bad at first glance. The real red flag is MindMed's cash burn. The company has recorded negative free cash flow in each of the past four quarters. On average, it's burning through the equivalent of 15.32% of its net assets each quarter. While that's better than the 24.19% average for firms with similarly poor cash flow, it's still concerning. MindMed's latest financial results also paint a clear picture... | 
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