Definium Therapeutics, Inc. (DFTX)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
For a research-stage company the substance here is unusually solid: $373.4 million in cash, cash equivalents and investments as of March 31, 2026, which the company itself says funds operations "into 2028", plus roughly $758 million net from the June 2026 offering — against $42.6 million of quarterly cash used in operations that reaches well beyond four quarters. Shareholders' equity stood at $278.8 million on the same date, compliance with the credit facility covenants was confirmed, and no going-concern warning appears in any of the filings we read. What is open is precisely the question everything here hangs on: not a dollar of revenue has been booked since inception in 2010, and three of the four pivotal trials have no data yet — Voyage was guided to early third quarter 2026, Panorama to the second half of 2026 and Ascend to 2027. Emerge met all of its endpoints on June 22, 2026, but a trial success applies only to the trial in which it was achieved. A company whose outcome rests on individual readouts therefore carries no threat to its substance, but no proven quality either — hence yellow. The decision is yours.
symbol.quality_note
Definium Therapeutics ranks fourth in our one-week top performers scanner (U.S. selection, 28 hits, data as of July 25, 2026). Until January 2026 the company was called MindMed. We read the annual report (10-K) for 2025, the quarterly report as of March 31, 2026 and every current report filed through June 26, 2026. The result: the Phase 3 Emerge study met all of its endpoints on June 22, 2026, three days later roughly $805 million in gross proceeds arrived — and revenue since inception is zero. Buy this stock and what you are buying is three trial readouts nobody has seen yet.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at DFTX since then.
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Appears in These Scanners
This stock currently matches 28 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 43.50 $ — 88% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralIn den sechs ausgewerteten SEC-Berichten kommt KI nur einmal als allgemeine Cybersicherheits-Floskel vor; Definium Therapeutics entwickelt Arzneimittelkandidaten und erzielt weder Umsatz mit KI noch nennt es KI als konkretes Geschaeftsrisiko oder als operatives Werkzeug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-03-06 · 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-07-31 · 10-Q 2025-05-08
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 28.4% above the current price.
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.41 | – | 0 | – | – | -25 | -25 |
| 2025: Q1 | -0.27 | – | 0 | – | – | -29 | -29 |
| 2025: Q2 | -0.50 | – | 0 | – | – | -30 | -30 |
| 2025: Q3 | -0.78 | – | 0 | – | – | -30 | -30 |
| 2025: Q4 | -0.56 | – | 0 | – | – | -42 | -42 |
| 2026: Q1 | -0.71 | – | 0 | – | – | -43 | -43 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The pivotal Emerge study met its primary and all key secondary endpoints on June 22, 2026: an 8.1-point MADRS difference versus placebo at week 6 at p below 0.0001, a response rate of 35 versus 7 percent and remission of 24 versus 3 percent (424B5 dated June 24, 2026).
Roughly $758 million net from the June 2026 offering on top of $373.4 million as of March 31, 2026; against $42.6 million of quarterly cash burn that is a very long runway (10-Q as of March 31, 2026; 8-K dated June 24, 2026).
No revenue since inception in 2010; a net loss of $183.8 million in 2025 after $108.7 million in 2024, an accumulated deficit of $659.8 million as of March 31, 2026, and a quarterly loss that more than tripled within a year (10-K 2025; 10-Q as of March 31, 2026).
Three of the four pivotal DT120 ODT trials have no results yet — Voyage was guided to early third quarter 2026, Panorama to the second half of 2026 and Ascend to 2027. The second programme, DT402, is only in Phase 2a (10-K 2025).
Shares outstanding went from 98,776,265 (December 31, 2025) to roughly 132.7 million after the June offering; add roughly 26.2 million securities in the dilution shadow as of March 31, 2026 and 5.0 million plan shares approved on June 11, 2026 (424B5 dated June 24, 2026; 8-K dated June 12, 2026).
Breakthrough therapy designation from the FDA in anxiety since March 2024, but lysergide remains a Schedule I controlled substance: after approval the DEA and individual states would have to reschedule it. The company also names functional unblinding as a risk to regulatory acceptability (10-K 2025).
Definium Therapeutics — MindMed until January 2026 — delivered in a pivotal trial for the first time in sixteen years on June 22, 2026 and raised roughly $805 million in gross proceeds three days later. The company is therefore better funded than it has ever been. At the same time, a market value of roughly $5.7 billion (data as of July 25, 2026) faces not one dollar of revenue, the accumulated deficit stands at $659.8 million, and three of the four pivotal trials have no results. Four out of every five dollars in the price are expectation. Not investment advice.
- DFTX reached our research list at rank 4 in our in-house stock scanner for the strongest one-week performers (U.S. selection, 28 hits, RS rating 98, data as of July 25, 2026); the scanner lists are recalculated daily.
- Identity verified against EDGAR: Definium Therapeutics, Inc., CIK 0001813814, Nasdaq Global Select Market. The submissions index lists Mind Medicine (MindMed) Inc. as a former name from June 8, 2020 to January 12, 2026. No successor CIK, U.S. domestic filer on Forms 10-K and 10-Q, fiscal year ending December 31.
- Easy to confuse: price and filing history before January 2026 run under the old ticker MNMD. Search only for DFTX and you will miss the first five and a half years of this company on the public market.
- No takeover, take-private or merger: all filings through June 26, 2026 were reviewed; there is no Form 25, no Form 15 and no Form 8-K disclosure under Item 2.01.
- Price and market value figures carry the data date July 25, 2026 (closing price of July 24, 2026: $43.17) and were cross-checked against 132,743,254 shares — 109,066,783 as of April 30, 2026 per the quarterly report cover page plus 23,676,471 new shares from the June 2026 offering.
About the Company
Definium Therapeutics, Inc., ein klinisches biopharmazeutisches Unternehmen, entwickelt neuartige Produktkandidaten zur Behandlung von Hirngesundheitsstörungen.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 105 |
| Headquarters | New York, NY |
| Website | definiumtx.com |
| IPO Date | 11. Jul 2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert Barrow | CEO & Director | 1989 |
| Brandi L. Roberts CPA, M.B.A. | Chief Financial Officer | 1974 |
| Daniel Rollings Karlin M.A., M.D. | Chief Medical Officer | 1980 |
| Scott M. Freeman M.D. | Co-Founder & Clinical Advisor | 1957 |
| Leonard Latchman | Co-Founder | – |
| Peter Mack | Senior Vice President of Pharmaceutical Development & Operations | – |
| Gitanjali Jain Ogawa | VP & Head of Investor Relations | – |
| Mark R. Sullivan J.D. | Chief Legal Officer & Corporate Secretary | 1971 |
| Beth Calitri | Vice President of Corporate Communications | – |
| Stephanie Fagan M.S. | Chief Corporate Affairs Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.