DFTX Stock — Definium Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a late-stage clinical biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to forge a new era of psychiatry by applying scientific rigor to psychedelics, with the goal of developing accessible treatments that unlock healing at scale.

Source: 10-K FY2025 via SEC EDGAR

Share price

$33.27

Market cap

$4,470.4M

Cash

$1,083.9M

Enterprise value

$3,423.0M

Balance sheet

Cash	$1,083.9M
Debt	$36.5M
Net cash	$1,047.4M
Enterprise value	$3,423.0M
Basic shares	134.4M shares
Fully diluted shares	151.7M shares
Fully diluted market cap	$5,046.6M
Cash per share	$8.07
Quarterly burn	$52.8M
Cash runway	20.5 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

134.4M

Pre-funded warrants

0.0M

Options

6.6M

RSUs

7.9M

Warrants

2.6M

Converts

0.2M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

151.7M

Cap table as of 2026-06-30.

Price history

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Next catalyst

DT120 · Est. Apr 1, 2027 · half midpoint · guided in 8 wks

Recently reported

DT120 Phase 3 Positive · 2026-09-14

Panorama (MM120-301) · Generalized Anxiety Disorder

Source release →

DT120 Phase 3 Positive · 2026-09-08

Source release →

DT120 Phase 3 Positive · 2026-08-12

Voyage · Generalized Anxiety Disorder

Source release →

DT120 Phase 3 Positive · 2026-06-22

Emerge · Major Depressive Disorder

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	DT120 Panorama Phase 3 in generalized anxiety disorder	Phase 3	generalized anxiety disorder	1H 2027
Oct 13 - Nov 24 in 11 mo	DT120	Phase 3	Major Depressive Disorder	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

DT120

Phase 3 · Active Modality: small molecule (orally disintegrating tablet)

Aliases formerly MM120

Partnerships Catalent (exclusive license to Zydis ODT technology, August 2023); University Hospital Basel Liechti Lab License Agreement terminated (no further milestones or royalties owed; non-exclusive fully paid-up license retained)

Indications

Generalized anxiety disorder (GAD) (Phase 3)
Major depressive disorder (MDD) (Phase 3)
Posttraumatic stress disorder (PTSD) (Stage not disclosed)

Catalysts

— September 2026
— 2027

Status note Phase 2b GAD results announced December 2023; full results published in JAMA September 2025. FDA Breakthrough Designation for GAD (March 2024); UK MHRA Innovation Passport under ILAP for GAD (December 2024). Emerge Phase 3 in MDD topline Part A reported June 2026; Ascend Phase 3 in MDD first patient dosed May 2026. Planned Phase 3 program for PTSD (Haven study) expected to initiate in 2027.

DT402

Phase 2 · Active Modality: small molecule

Aliases R(-)-MDMA, formerly MM402

Indications

Autism spectrum disorder (ASD) (Phase 2)

Status note Phase 2a trial in ASD initiated fourth quarter 2025.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	DT120
Lead indication	Major Depressive Disorder
Lead phase	Phase 3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07592689	Phase 3	Recruiting	Sponsor	DFTX	—	Major Depressive Disorder	1H 2027 Est. Apr 1, 2027 · half midpoint
NCT06941844	Phase 3	Active, not recruiting	Sponsor	DFTX	—	Major Depressive Disorder	1H 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
NCT06741228	Phase 3	Active, not recruiting	Sponsor	DFTX	—	Generalized Anxiety Disorder	1H 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
NCT06809595	Phase 3	Active, not recruiting	Sponsor	DFTX	—	Generalized Anxiety Disorder	—
NCT07303907	Phase 2	Recruiting	Sponsor	DFTX	—	Autism Spectrum Disorder; ASD	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Definium Therapeutics US, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	7,188,888	+2,188,888	3.04%	2026-08-14
RA Capital Management	1,500,000	+1,500,000	0.61%	2026-08-14
Boxer Capital	998,500	+400,000	3.54%	2026-08-14
Great Point Partners	425,000	+425,000	4.71%	2026-08-14
Cormorant Asset Management	400,000	+400,000	0.96%	2026-08-14
RTW Investments	400,000	+100,000	0.16%	2026-08-14
OrbiMed Advisors	365,400	-438,600	0.33%	2026-08-14
Logos Global Management	80,000	+80,000	0.16%	2026-08-14
Ikarian Capital	0	-58,803	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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DFTX — Definium Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

DFTX — Definium Therapeutics Inc.