Definium Therapeutics, Inc. (DFTX)
NASDAQ:DFTX
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Definium Therapeutics
(NASDAQ:DFTX)
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Rating:58Neutral
Price Target:
$26.00
▲(14.64% Upside)
Action:Reiterated
Date:06/13/26
The score is held back primarily by weak financial performance (no revenue, widening losses, and heavy cash burn), partially offset by a debt-free balance sheet and substantial liquidity. Technicals are supportive with price above key moving averages and positive momentum indicators. Earnings-call commentary adds upside from near-term Phase III inflection points and runway into 2028, but elevated spending, clinical/placebo risk, and regulatory/commercial uncertainty cap the score.
Positive Factors
Strong liquidity / runway
A cash and investment position of $373.4M that management says funds operations into 2028 provides durable optionality to complete multiple Phase III readouts and invest in commercial preparedness. This reduces near-term financing pressure and gives time to validate clinical outcomes before major capital raises.
Negative Factors
Pre-revenue status with widening losses
The company remains pre-revenue with accelerating net losses (TTM roughly -$237.5M). Over the medium term this means operational viability is tied to trial success or fresh capital; persistent losses erode equity and increase the probability of dilutive financings if clinical or regulatory timelines slip.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity / runway
A cash and investment position of $373.4M that management says funds operations into 2028 provides durable optionality to complete multiple Phase III readouts and invest in commercial preparedness. This reduces near-term financing pressure and gives time to validate clinical outcomes before major capital raises.
Read all positive factors
Definium Therapeutics (DFTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.67B
Dividend YieldN/A
Average Volume (3M)1.92M
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue GrowthN/A
EPS Growth-164.79%
CountryUS
Employees74
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.50
Shares Outstanding109,066,780
10 Day Avg. Volume2,387,627
30 Day Avg. Volume1,915,679
Financial Highlights & Ratios
PEG Ratio-0.19
Price to Book (P/B)3.60
Price to Sales (P/S)0.00
P/FCF Ratio-9.09
Enterprise Value/Market Cap0.90
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-10.80
Forecast
1Y Price Target
$43.64Price Target Upside92.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-2.29
Revenue Forecast (FY)N/A
Definium Therapeutics Business Overview & Revenue Model
Company Description
Definium Therapeutics, Inc. operates as a clinical-stage biopharmaceutical firm dedicated to developing innovative therapeutic solutions for various brain health and neurological disorders. Its pipeline features key experimental drug candidates li...
Definium Therapeutics Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasizes strong clinical momentum (multiple Phase III programs with imminent topline readouts, Breakthrough Therapy designation in GAD, high statistical power in key studies), a clear commercialization plan and a solid cash position ($373.4M runway into 2028). These positives are tempered by materially higher operating expenses and a sizable YOY increase in net loss (driven by program investment and a non-cash warrant valuation change), design-related placebo risk from Phase II, and remaining regulatory and payer uncertainties that could affect timing and labeling. On balance, management’s message is forward-looking and execution-focused with meaningful near-term inflection points.Positive Updates
Late-Stage Clinical Progress — Multiple Phase III Readouts Imminent
DT120 ODT advancing with four ongoing Phase III studies across MDD, GAD (Breakthrough Therapy designation), and PTSD expansion planned (HAVEN in 2027). Enrollment complete or nearly complete: EMERGE (MDD) = 149 participants (enrollment complete), VOYAGE (GAD) = 214 (complete), PANORAMA (GAD) = exceeded updated target of 200 and expected to complete enrollment this month. Topline timing: EMERGE later this quarter; VOYAGE early Q3; PANORAMA late Q3.
Negative Updates
Significant Increase in Net Loss
Net loss for Q1 2026 of $77.1 million versus $23.3 million in Q1 2025 — an increase of $53.8 million (+230.9%). Management notes a non-cash impact of $20.0 million related to the mark-to-market change in the fair value of 2022 USD financing warrants driven by a share price increase.
Read all updates
Q1-2026 Updates
Positive
Negative
Late-Stage Clinical Progress — Multiple Phase III Readouts Imminent
DT120 ODT advancing with four ongoing Phase III studies across MDD, GAD (Breakthrough Therapy designation), and PTSD expansion planned (HAVEN in 2027). Enrollment complete or nearly complete: EMERGE (MDD) = 149 participants (enrollment complete), VOYAGE (GAD) = 214 (complete), PANORAMA (GAD) = exceeded updated target of 200 and expected to complete enrollment this month. Topline timing: EMERGE later this quarter; VOYAGE early Q3; PANORAMA late Q3.
Read all positive updates
Company Guidance
The company reiterated near-term clinical and financial guidance: three pivotal DT120 toplines are expected imminently—EMERGE (MDD, enrollment 149) later this quarter with a 6‑week primary endpoint, VOYAGE (GAD, enrollment 214) expected early Q3 and PANORAMA (GAD, >200 enrolled) expected late Q3 with 12‑week primaries—and a planned HAVEN PTSD study in 2027; VOYAGE and PANORAMA are now powered at ≥99% to detect a 5‑point placebo‑adjusted difference (EMERGE was powered at 80% with significance possible at ~3 points), the Phase III program targets durability of a single administration for at least 12 weeks (Part B follows patients up to one year and allows up to four additional open‑label treatments), Phase II showed 12‑week durability at 100 µg, and DT120 holds Breakthrough Therapy designation in GAD; financially Q1 2026 R&D was $41.5M (up $18.1M YoY, $15.2M of which was DT120), G&A $17.7M (up $8.9M YoY), net loss $77.1M (vs $23.3M), a $20.0M mark‑to‑market warrant impact tied to a share price rise from $13.39 to $18.90, cash and investments of $373.4M supporting runway into 2028, market sizing noted ~4.2M U.S. adults with ≥2 prior treatment failures and a 1% TAM capture modeled as ≈$2B annual revenue, operationally aiming for a 5–8 hour patient journey (vs 10–12 in Phase II) with a single in‑person monitor supported by remote backup, and a potential DEA scheduling acceleration that could shave roughly 90 days from post‑approval access.Definium Therapeutics Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | -527.00K | -3.16M | 0.00 | 0.00 |
| EBITDA | -222.35M | -178.31M | -105.87M | -92.57M | -52.12M | -91.22M |
| Net Income | -237.54M | -183.79M | -108.68M | -95.73M | -56.80M | -93.04M |
Balance Sheet | ||||||
| Total Assets | 401.29M | 440.10M | 302.15M | 124.54M | 169.99M | 164.00M |
| Cash, Cash Equivalents and Short-Term Investments | 373.42M | 411.59M | 273.74M | 99.70M | 142.14M | 133.54M |
| Total Debt | 0.00 | 0.00 | 21.85M | 14.13M | 72.00K | 0.00 |
| Total Liabilities | 122.44M | 107.77M | 60.70M | 46.41M | 19.08M | 12.34M |
| Stockholders Equity | 278.85M | 332.33M | 241.45M | 78.13M | 150.92M | 151.66M |
Cash Flow | ||||||
| Free Cash Flow | -143.69M | -131.56M | -79.13M | -64.36M | -50.14M | -45.82M |
| Operating Cash Flow | -143.69M | -131.56M | -79.13M | -64.36M | -50.14M | -45.82M |
| Investing Cash Flow | 55.40M | -151.61M | 0.00 | 0.00 | 0.00 | -297.00K |
| Financing Cash Flow | 272.32M | 267.27M | 253.20M | 21.85M | 59.05M | 98.82M |
Definium Therapeutics Technical Analysis
Positive
22.68
Price Trends
22.61
Positive
20.27
Positive
16.28
Positive
Market Momentum
0.61
Negative
58.53
Neutral
75.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DFTX, the sentiment is Positive. The current price of 22.68 is below the 20-day moving average (MA) of 23.64, above the 50-day MA of 22.61, and above the 200-day MA of 16.28, indicating a bullish trend. The MACD of 0.61 indicates Negative momentum. The RSI at 58.53 is Neutral, neither overbought nor oversold. The STOCH value of 75.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DFTX.
Definium Therapeutics Risk Analysis
Definium Therapeutics disclosed 75 risk factors in its most recent earnings report. Definium Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Definium Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $1.67B | -61.60 | 442.91% | ― | 107.73% | 82.33% | |
58 Neutral | $2.67B | -11.21 | -102.48% | ― | ― | -164.79% | |
56 Neutral | $3.22B | -28.67 | -21.04% | ― | ― | 13.79% | |
54 Neutral | $2.04B | -3.09 | -866.46% | ― | ― | 39.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.68B | -13.34 | -42.66% | ― | ― | -33.07% | |
46 Neutral | $1.37B | -11.14 | -563.89% | ― | 550.00% | -107.04% |
* Healthcare Sector Average
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Definium Therapeutics Corporate Events
Executive/Board ChangesShareholder Meetings
Definium Therapeutics Shareholders Approve All Annual Meeting Proposals
Positive
Jun 12, 2026
On June 11, 2026, Definium Therapeutics, Inc. held its Annual Meeting, where a quorum representing about 72% of its 109,066,783 outstanding common shares was present or represented by proxy, and shareholders voted on director elections, auditor ap...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Definium Highlights Late-Stage Psychedelic-Inspired Psychiatric Pipeline
Positive
May 19, 2026
On May 19, 2026, Definium Therapeutics, Inc. reported that it had updated its corporate presentation to highlight a late-stage pipeline centered on DT120 oral disintegrating tablet, its lead program in five Phase 3 studies across generalized anxie...
Business Operations and StrategyProduct-Related Announcements
Definium begins second Phase 3 trial for DT120
Positive
May 12, 2026
On May 12, 2026, Definium Therapeutics announced that it had dosed the first patient in Ascend, its second Phase 3 pivotal trial of DT120 Orally Disintegrating Tablet for major depressive disorder, a study that will enroll 175 U.S. participants an...
Business Operations and StrategyProduct-Related Announcements
Definium Highlights DT120 Phase 3 Progress in Depression, Anxiety
Positive
Apr 22, 2026
On April 22, 2026, Definium Therapeutics used its Investor and Analyst Day to spotlight clinical progress and a patient-centric commercial strategy for DT120 ODT in major depressive disorder and generalized anxiety disorder. The company emphasized...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.