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Definium Therapeutics

DFTX Lead: Phase 3 ★ Read the deep dive → 10 Biotech Distilled articles ↓ 38 filings & releases ↓ Cash $655M (Jun 30, 2026) ↓ 10 verdicts ↓ 4 timing quotes ↓
Neurology Small Molecule

Market cap $4.47B 134.4M shares (10-Q, Jul 30, 2026) × $33.27 close Nov 6, 2026

Most recent annual filing: 2026-02-15

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. DT402 R-MDMA interim2026DT402 R-MDMA interim, 2026, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Capital (as filed)

Cash
$655M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$429M Jun 30, 2026
Operating cash flow
−$52.8M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$1.10B cash, runway 2030 per the update of Sep 14, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (10)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (10 calls)

Every verdict Biotech Distilled has published on Definium Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-14 Speculative buy core Definium Therapeutics, formerly MindMed (DFTX, formerly MNMD): Scientific Deep Dive for DT120 and Pipeline Products Strong Phase 2b data, secured cash runway into 2028, and asymmetric upside heading into three 2026 Phase 3 readouts justify a speculative long sized for a potential 50-70% loss.
  2. 2026-02-28 Hold UPDATE: Definium (DFTX) Q4 Financial Update Thesis tracking perfectly with cash secure, institutional base holding, and first catalyst shifted to the more lucrative MDD indication; maintain position into upcoming readouts.
  3. 2026-04-27 Buy core UPDATE: Definium (DFTX) - The DEA Cloud Lifts and the Stats Get Sharper Executive Order materially de-risks DEA rescheduling overhang and Panorama SSRE results show statistical power of 99% with a much lower bar to win, making the risk/reward more favorable and warranting an upgrade to core accumulate.
  4. 2026-05-08 Buy core UPDATE: Definium (DFTX) - The Pre-Readout Setup Locks In, PTSD Joins the Party Cash intact, catalyst calendar tighter with three pivotal readouts in five months, and PTSD expansion signals internal confidence; maintain accumulate stance ahead of the Emerge MDD readout.
  5. 2026-06-22 Hold UPDATE: Definium (DFTX) - Emerge Hits, And They Hit the Market Emerge Phase 3 MDD pivotal hit with an 8.1-point placebo-adjusted MADRS delta validating the clinical thesis, but after a 110% run the asymmetric setup has become more symmetric; trim a portion to take cost basis off the table and hold core into Voyage and Panorama.
  6. 2026-06-24 Hold UPDATE: Definium (DFTX) - The Raise Got Upsized, And The Greenshoe Cleared Same-Day $805M gross raise at $34/share with same-day greenshoe exercise removes all financing overhang through NDA and launch; maintain trim-to-core stance with two binary readouts still ahead.
  7. 2026-08-07 Buy core UPDATE: Definium (DFTX) - Voyage Lands Next Week, And They Quietly Bought Out Their Royalty All financial objections retired with $1.1B cash, runway into 2030, and zero royalty leakage after Liechti Lab license buyout; Voyage binary lands within a week with a strong prior from Emerge's d=0.83 replication.
  8. 2026-08-13 Buy core UPDATE: Definium (DFTX) - Voyage Hits, And the Stock Sells Off Anyway Voyage delivered an exact Phase 2b replication (d=0.81) confirming the GAD signal; the 7.3% selloff is profit-taking not a science verdict, and holding core into Panorama's active-control readout in September remains defensible.
  9. 2026-09-08 Buy core UPDATE: Definium (DFTX) - A Second Breakthrough, And a Stock That Keeps Bleeding Second FDA Breakthrough Therapy designation in MDD confirms franchise engagement and compresses the NDA timeline; the 10.7% drift on zero bad news is positioning ahead of Panorama, not a science repricing.
  10. 2026-09-15 Hold UPDATE: Definium (DFTX) - Panorama Hits, And the Unblinding Elephant Finally Gets Answered Panorama's active-controlled design answered the functional unblinding objection with a clear dose-response gradient, closing the clinical thesis; the binding constraint is now commercial execution and DEA rescheduling, making this a different trade than the original speculative clinical bet.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (4 quotes from 4 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (38)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

5 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)