DRUG Stock — Bright Minds Biosciences Inc.: Cash, EV, Pipeline

Share price

$60.98

Market cap

$601.5M

Cash

$59.5M

Enterprise value

$542.0M

Balance sheet

Cash	$59.5M
Debt	$0.0M
Net cash	$59.5M
Enterprise value	$542.0M
Basic shares	9.9M shares
Fully diluted shares	9.7M shares
Fully diluted market cap	$590.4M
Cash per share	$6.04

Cash figures as of 2025-09-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Dec 13, 2026 - Jan 24, 2027	BMB-101	Phase 2	Prader-Willi Syndrome	—

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

BMB-101

Phase 2 · Active Modality: selective 5-HT2C agonist (biased agonism; novel scaffold from structure-based drug design)

Target 5-HT2C receptor

Partnerships NIH Epilepsy Therapy Screening Program (ETSP) collaboration (epilepsy); confidential collaboration in Belgium (Dravet zebrafish/mouse models); UIC exclusive license (Apr 2021, 5-HT2C IP family)

Indications

Drug-resistant epilepsies (Developmental and Epileptic Encephalopathies, Absence epilepsies) (Phase 2)

Status note Lead program; completed Phase 1; Phase 2 trials initiated in 2024. Note: filing is a 20-F for FY2024 (period end Sep 30, 2024, filed Dec 31, 2024); statuses reflect late 2024.

BMB-201 / BMB-202

Preclinical · Active Modality: selective 5-HT2A agonists

Target 5-HT2A receptor

Partnerships NIH Preclinical Screening Platform for Pain (PSPP) collaboration

Indications

Neuropsychiatry and neurology indications (Preclinical)

Status note Undergoing IND-enabling studies.

Per-asset detail extracted from the 20-F filed 2024-12-31. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	BMB-101
Lead indication	Prader-Willi Syndrome
Lead phase	Phase 2
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07266324	Phase 2	Not yet recruiting	Sponsor	Bright Minds Biosciences Pty Ltd	—	Prader-Willi Syndrome	—
NCT06401538	Phase 2	Recruiting	Sponsor	Bright Minds Biosciences Pty Ltd	—	Absence Epilepsy; Jeavons Syndrome; Dravet Syndrome	—

Sponsor-matched active trials from ClinicalTrials.gov (2 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 2 active trials for Bright Minds Biosciences Pty Ltd on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Braidwell LP	483,822	-55,886	1.26%	2026-08-14
OrbiMed Advisors	93,000	+53,000	0.12%	2026-08-14
Ikarian Capital	88,951	-77,696	1.02%	2026-08-14
ADAR1 Capital Management	30,300	-3,600	0.10%	2026-08-14

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

DRUG — Bright Minds Biosciences Inc.