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Definium Therapeutics, Inc.
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NASDAQ: DFTX Healthcare Pharma 🔎 Screen
🏹 Trader: | BRS 71 Forming View all →
$4.9B
Market Cap
—
P/E
—
PEG
-23.8%
ROCE
-64.1%
ROE
0.04
D/E
—
OPM
-25.0%
% from 52W High
95
α RS
🔍 DFTX is showing a sector-leadership setup because Sector RRG has Health Care in the Leading quadrant with the trail still weakening further, RS Rating is 95 (top decile vs market), and it's hugging the 21 EMA. Net: Broad signal stack, not a recommendation. ? RRG RS Rating Technicals
Sources
Health Care in Leading quadrant · RS Rating 95 · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for DFTX including FX impact
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📈 Price History
Ratio Health
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— Average
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By Category
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About

Definium Therapeutics, Inc., a clinical biopharmaceutical company, develops novel product candidates to treat brain health disorders. The company’s lead product candidates DT120, which is in phase 3 for the treatment of generalized anxiety disorder, major depressive disorder, and other brain health disorders; and DT402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase 2a clinical trials for the treatment of autism spectrum disorder. The company was formerly known as Mind Medicine (MindMed) Inc. and changed its name to Definium Therapeutics, Inc. in January 2026. Definium Therapeutics, Inc. is headquartered in New York, New York.

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📈 Growth Pattern
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⭐ Superinvestors Holding DFTX
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 175.5K $3.3M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Definium Therapeutics Q1 2026 net loss $77.1M, advancing three DT120 phase III readouts in 2026.
Revenue & Profitability
Net loss for Q1 2026 was $77.1 million, compared to $23.3 million in Q1 2025. Research and development expenses were $41.5 million (up from $23.4 million), and general and administrative expenses were $17.7 million (up from $8.8 million). The company ended Q1 2026 with $373.4 million in cash equivalents and investments, providing runway into 2028.
Outlook
Management cited significant unmet need in MDD, GAD, and PTSD, with an estimated 4.2 million U.S. adults who have cycled through two or more treatments without sustained benefit. They believe a 1% capture of the total addressable market could represent a $2 billion annual revenue opportunity. Growing awareness among clinicians and increasing integration of interventional psychiatry into practices are viewed as positive tailwinds.
Growth Drivers
Key growth levers include the upcoming phase III data readouts for DT120 in MDD (Emerge, Q2 2026) and GAD (Voyage and Panorama, Q3 2026). The company plans to expand into PTSD with the Haven study in 2027, and is advancing DT402 in ASD. Commercial strategy targets high-volume psychiatrists and psychiatric nurse practitioners who manage concentrated populations of treatment-resistant patients.
Balance Sheet & CapEx
Not discussed in this earnings call. R&D and G&A expense increases reflect deliberate investment in phase III execution, NDA preparation, market access priorities, and commercial preparedness.
Margins
Not discussed in this earnings call. The company is pre-revenue and currently reporting net losses, with no margin guidance provided.
Key Risks
Risks flagged include clinical trial success, regulatory approval processes, high placebo response rates (noted in phase II), monitoring requirements for patients (potentially requiring two monitors), and capacity constraints in clinics. Management also noted risks related to market conditions and difficulties associated with R&D and regulatory approval, as detailed in SEC filings.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Phase III results for DT120 ODT in MDD showed unprecedented efficacy and tolerability, with pivotal GAD data imminent. Strong financials, including $1.1B in cash, support ongoing R&D and commercial launch preparations, positioning the company for long-term growth.
Q1 2026 Q1 2026 2026-05-07
Late-stage clinical programs for DT120 ODT in MDD and GAD are progressing, with three pivotal phase III readouts expected in 2026. Q1 2026 saw increased R&D and G&A expenses, a net loss of $77.1 million, and a strong cash position of $373.4 million, supporting operations into 2028.
Q4 2025 Q4 2025 2026-02-26
Late-stage pipeline advanced with four pivotal phase III studies for DT120 ODT in GAD and MDD, strong financial position with $411.6 million in cash, and commercial readiness for potential launches. Three major data readouts are expected in 2026, supporting long-term growth.
Q3 2025 Q3 2025 2025-11-06
Advanced pivotal trials for MM120 in GAD and MDD and MM402 in ASD, with strong phase II/B results published in JAMA. Raised $258.9M, extending cash runway into 2028, and expect three key phase III readouts in 2026.
Q2 2025 Q2 2025 2025-07-31
Three pivotal phase III trials for MM120 ODT in GAD and MDD are progressing well, with top-line data expected in 2026. Cash reserves of $237.9 million support operations into 2027, and strategic hires and collaborations position the company for commercialization and long-term growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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