Funding profile · Neuropsychiatry

Mindstate Design Labs

One Form D, filed three weeks after the company started dosing humans, is the entire SEC record. It reports more money than the seed round the press has been quoting since 2022.

$12.70MSold at filing on the only Form D, Nov 2024
$15.10MOffered in that round, leaving $2.41M unsold
43Investors in the offering, about $295,300 each
$11.5MSeed reported in 2022, with no Form D on record

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Summer 2021 Y Combinator, Summer 2021 batch Not disclosed Y Combinator YC data
2022 Seed $11.5M Y Combinator, Initialized Capital, Negev Capital, Day One Ventures; angels including Max Hodak and Apoorva Mehta Reported
Nov 2024 Equity offering, Rule 506(b) $15,103,934 offered; $12,698,587 sold at filing 43, not named Form D
Sep 2025 Backer list restated in the results release Not disclosed Y Combinator, Initialized Capital, Metaplanet, Day One Ventures, and angels including the founders of OpenAI, Neuralink, Instacart, Coinbase and Twitch Company release
Through Sep 2026 Federal grants None found No NIH or NSF award matches the company Not found

What the filings show

Mindstate Design Labs, Inc. · Form D · filed Nov 26, 2024

First sale
Nov 8, 2024
Offered
$15,103,934 equity
Sold
$12,698,587 · $2,405,347 remaining
Investors
43 · average about $295,300
Exemption
Rule 506(b)
Related persons
Dillan DiNardo (executive officer, director); Thomas Ray (director); Rand Hindi (director)
Issuer
Delaware corporation, year of incorporation 2020 · South San Francisco, CA · revenue range: Decline to Disclose
Sales compensation
None reported · $0 of proceeds to officers or directors
Filing
SEC EDGAR, CIK 0002046478, accession 0002046478-24-000001

Reading the filings

  1. The money landed three days before the first dose.First sale is recorded as November 8, 2024. The Phase 1 single ascending dose study started November 11, 2024 and was posted to ClinicalTrials.gov on November 22. The raise was closed around the start of dosing, not after a readout.
  2. Checks average about $295,300.$12,698,587 divided by 43 investors. That is too large for a friends-and-family list and too small for 43 institutional leads, which fits a mix of a few funds and a long angel tail, consistent with the named backer list.
  3. The reported seed left no Form D.The $11.5 million reported in 2022 has no Regulation D notice. This CIK was created for the 2024 filing and holds nothing before it. Offerings made under Section 4(a)(2) file no Form D, so the absence does not mean the money is not real, only that the SEC record starts in 2024.
  4. The larger round was never announced.Coverage from Fierce Biotech in March 2024 through the Evening Standard in October 2025 still describes the company by its $11.5 million seed. The September 2025 results release names investors and adds Metaplanet to the list, but gives no figure. The only number for the 2024 round is the one in the filing.
  5. About 16 percent of the offering was still open.$2,405,347 of $15,103,934 was unsold at filing. No amendment has been filed in the 22 months since, so the final size of that round is unconfirmed on the record.
  6. The board on the filing is three people, two of them founders.Dillan DiNardo and Thomas Ray are the co-founders. Rand Hindi is listed as a director on the Form D while the company website lists him under advisors. Graeme Bell was announced as an independent director in December 2025, after the filing.
  7. The incorporation year predates the founding date.The Form D reports a Delaware corporation formed in 2020. Y Combinator and the company both date the founding to 2021.

Commercial signals

Signal Detail Source type
Revenue The Form D reports revenue range as Decline to Disclose. No product, partnership or licensing revenue has been announced. Public record
Regulatory No approval or clearance of any product. The company said in Sep 2024 that it had clearance from the FDA and the European Medicines Agency to run Phase 1; the registered trial ran at one Dutch site. Company-stated
Clinical NCT06702332, Phase 1, completed Jul 11, 2025, 47 participants, one site. No results posted to the registry and no second trial registered as of Sep 22, 2026. Public record
Scheduling risk 5-MeO-MiPT is unscheduled federally in the United States. DEA proposed Schedule I placement on Jan 14, 2022 and withdrew on Jul 22, 2022, saying it would seek a fresh HHS evaluation. Florida schedules it. Rescheduling would raise the cost of every subsequent trial. Public record
Non-dilutive funding No NIH or NSF award matches the company. Not found
Team Seven people per Y Combinator. CSO Rob Silva previously ran global development at MindMed. Graeme Bell, formerly CFO at Intellia, Anacor, Tmunity and Valo Health, joined the board in Dec 2025. Company-stated

What to watch

  • A Form D for any round after November 2024. It is due within 15 days of the first sale.
  • An amended Form D that would settle whether the 2024 offering closed at $15.1 million or stopped at $12.7 million.
  • A registered trial for the fixed dose combination announced in September 2025. Nothing has appeared on ClinicalTrials.gov.
  • A first figure for total capital raised. The company has never published one.
  • Any DEA action reopening the 2022 scheduling proposal.

The Mindstate Design Labs story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Bristle Health: Shared investor: Initialized. A saliva test that sequences the whole oral microbiome and sells the answer to consumers and to dental practices
  • Stellar Sleep: Shared investor: Initialized. A subscription app delivering the psychology sleep clinicians use, built by two people who could not get an appointment
  • Bodyport: Shared investor: Initialized. A bathroom scale that reads hemodynamic signals through bare feet
  • Glass Health: Shared investor: Initialized. An AI tool that reads a one paragraph patient summary and returns a ranked differential diagnosis, now sold alongside an ambient scribe

Sources

  1. Public recordForm D, Mindstate Design Labs, Inc., accession 0002046478-24-000001SEC · Nov 26, 2024
  2. Public recordEDGAR company filing index, CIK 0002046478SEC · accessed Sep 22, 2026
  3. Public recordClinicalTrials.gov NCT06702332 and sponsor searchNational Library of Medicine · Sep 22, 2026
  4. Public recordFederal Register scheduling notice covering 5-MeO-MiPTDEA · Jan 14, 2022
  5. IndependentMindstate looks to test first AI-derived psychedelic on humansFierce Biotech · Mar 13, 2024
  6. IndependentMindstate Uses AI to Design Next-Gen PsychedelicsLucid News · Sep 20, 2024
  7. IndependentA Startup Used AI to Make a Psychedelic Without the TripWIRED · Sep 24, 2025
  8. IndependentA start-up has created a psychedelic that won’t scare patientsEvening Standard · Oct 2, 2025
  9. IndependentInside the Challenge to DEA’s Proposed Tryptamine SchedulingPsychedelic Alpha · Jul 29, 2022
  10. CompanyTopline MSD-001 trial results and lead fixed dose combination programMindstate Design Labs · Sep 24, 2025
  11. CompanyAppointment of Graeme Bell to Board of DirectorsMindstate Design Labs · Dec 2025
  12. CompanyCompany profile, batch and team sizeY Combinator · accessed Sep 22, 2026

Compiled from SEC, DEA and ClinicalTrials.gov public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Mindstate Design Labs. This page is not an offer to sell or a recommendation to buy any security.