Definium Therapeutics, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Clinical evidence
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).
Funding
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).
Earnings position
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).
Single-molecule dependence
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).
Dilution
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).
Regulatory path
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).
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at DFTX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 9.00 $ to 48.50 $ · Last price: 38.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Definium Therapeutics, Inc. DFTX | 5.1 | – | 0.0 | – | 0.0 | – | 304.2 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 57.0 | 20.7 | 7.3 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | – | 0 | 0 | -2.24 | 0 | 0 | 0 |
| 2017 | – | -1 | -1 | -4.85 | -1 | 4 | 4 |
| 2018 | – | -1 | -1 | -2.75 | -1 | 4 | 4 |
| 2019 | – | 0 | -1 | -2.94 | 0 | 3 | 3 |
| 2020 | – | -33 | -34 | -1.92 | -24 | 76 | 82 |
| 2021 | 0 | -94 | -93 | -3.40 | -46 | 152 | 164 |
| 2022 | 0 | -66 | -57 | -1.84 | -50 | 151 | 170 |
| 2023 | 0 | -94 | -96 | -2.44 | -64 | 78 | 125 |
| 2024 | 0 | -104 | -109 | -0.15 | -79 | 241 | 302 |
| 2025 | 0 | -166 | -184 | -2.06 | -132 | 332 | 440 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 | -0.50 | – | 0 | – | – | -42 | -42 |
| 2026: Q1 | -0.71 | – | 0 | – | – | -43 | -43 |
| 2026: Q2 | -1.44 | -188.00 | – | – | – | -53 | -53 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 28 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Ameet Rai: Daily Liquidity
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Near 52-Week High
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- Qullamaggie: Top Gainers 1M
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Risk & Weakness
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
Outlook
Analysts & Price Target
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -3.16 | -3.59 – -2.93 | 0 | -53.5% | 14 |
| 12/31/2027 | -1.88 | -4.16 – 0.05 | 31 | 40.7% | 13 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In 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
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -58.8%
- ROCE > 15% -44.5%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Karlin Daniel | Chief Medical Officer | Other | 200,000 | 0.00 | – |
| Sep 14, 2026 | Wiley Matthew T. | Chief Commercial Officer | Other | 125,000 | 0.00 | – |
| Sep 14, 2026 | Sullivan Mark | Chief Legal Officer | Other | 125,000 | 0.00 | – |
| Sep 14, 2026 | Roberts Brandi | Chief Financial Officer | Other | 125,000 | 0.00 | – |
| Sep 14, 2026 | Barrow Robert | Chief Executive Officer | Other | 750,000 | 0.00 | – |
| Sep 3, 2026 | Barrow Robert | Chief Executive Officer | Sell | 19,023 | 37.94 | 721,733 |
| Sep 2, 2026 | Barrow Robert | Chief Executive Officer | Other | 40,000 | 0.00 | – |
| Aug 12, 2026 | Barrow Robert | Chief Executive Officer | Other | 375,000 | 0.00 | – |
| Aug 12, 2026 | Karlin Daniel | Chief Medical Officer | Other | 100,000 | 0.00 | – |
| Aug 12, 2026 | Sullivan Mark | Chief Legal Officer | Other | 62,500 | 0.00 | – |
The company
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
- Address
- One World Trade Center, 10007 New York, United States
- Phone
- 212 220 6633
- Website
- definiumtx.com
- IPO Date
- 07/11/2022
- ISIN
- CA24477V1058
- Stock Split
- 1:15 on 08/29/2022
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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/14/2026 Definium Therapeutics, Inc. (DFTX): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 09/08/2026 Definium Therapeutics, Inc. (DFTX): Other Events; Financial Statements and Exhibits SEC ↗
- 08/12/2026 Definium Therapeutics, Inc. (DFTX): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 08/06/2026 Definium Therapeutics, Inc. (DFTX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.