Definium Therapeutics, Inc. DFTX
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. We are developing a pipeline of innovative product candidates targeting neurotransmitter pathways that play key roles in brain health disorders. This specifically includes pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes including DT120 (previously referred to as MM120), and DT402 (previously referred to as MM402), our lead product candidates.
Our first lead product candidate, DT120 ODT, is a proprietary, pharmaceutically optimized form of lysergide D-tartrate that we are developing for the treatment of adults with generalized anxiety disorder and major depressive disorder. In December 2023, we announced positive topline results from our Phase 2b clinical trial of DT120 for the treatment of GAD. The trial met its primary endpoint, with DT120 demonstrating statistically significant and clinically meaningful dose-dependent improvements on the Hamilton Anxiety Rating Scale ("HAM-A") compared to placebo at Week 4. In March 2024, we announced that the U.S. Food and Drug Administration ("FDA") granted breakthrough designation to our DT120 program for the treatment of GAD. We also announced in March 2024 that our Phase 2b clinical trial of DT120 in GAD met its key secondary endpoint, and 12-week topline data demonstrated clinically and statistically significant durability of activity observed through Week 12. In September 2025, we announced that the full results from our Phase 2b clinical trial of DT120 in GAD had been published in the Journal of the American Medical Association.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| R&D | $117.7M | $65.3M | $52.1M | $36.2M | $34.8M | $18.6M | — | — |
| SG&A | $48.6M | $38.6M | $41.7M | $30.2M | $59.1M | $14.4M | — | — |
| Total operating expenses | $166.3M | $103.9M | $93.9M | $66.3M | $93.9M | $33.0M | — | — |
| Operating income | -$166.3M | -$103.9M | -$93.9M | -$66.3M | -$93.9M | -$33.0M | — | — |
| Interest expense | $5.5M | $2.3M | $920.0K | $1.5M | $359.0K | $164.0K | — | — |
| Pre-tax income | -$183.8M | -$108.7M | -$95.7M | -$56.8M | -$94.2M | -$33.9M | -$10.7M | — |
| Income tax | $0 | — | — | — | $1.2M | — | — | — |
| Net income | -$183.8M | -$108.7M | -$95.7M | -$56.8M | -$93.0M | -$33.9M | — | — |
| EPS, basic | -2.06 | -1.54 | -2.44 | -1.84 | -3.40 | — | — | — |
| EPS, diluted | -2.06 | -1.54 | -2.44 | -1.84 | -3.40 | -0.13 | — | — |
| Shares, diluted (wtd. avg.) | 89.3M | 70.5M | 39.2M | 30.9M | 27.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $257.8M | $273.7M | $99.7M | $142.1M | $133.5M | $80.1M | — | — |
| Short-term investments | $153.8M | $0 | — | — | — | — | — | — |
| Total current assets | $419.3M | $281.6M | $103.9M | $146.1M | $137.2M | $81.5M | — | — |
| Goodwill | $19.9M | $19.9M | $19.9M | $19.9M | $19.9M | $0 | — | — |
| Other intangibles | — | $0 | $527.0K | $3.7M | $6.9M | — | — | — |
| Total assets | $440.1M | $302.2M | $124.5M | $170.0M | $164.0M | $81.5M | — | — |
| Accounts payable | $5.3M | $2.0M | $4.1M | $2.1M | $4.2M | $2.0M | — | — |
| Total current liabilities | $66.7M | $38.8M | $32.2M | $17.9M | $10.4M | $3.0M | — | — |
| Long-term debt | $40.6M | $21.9M | $14.1M | — | — | — | — | — |
| Total liabilities | $107.8M | $60.7M | $46.4M | $19.1M | $12.3M | $5.7M | — | — |
| Retained earnings | -$582.7M | -$398.9M | -$290.2M | -$194.5M | -$137.7M | -$44.6M | — | — |
| Total equity | $332.3M | $241.4M | $78.1M | $150.9M | $151.7M | $75.9M | $4.8M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$131.6M | -$79.1M | -$64.4M | -$50.1M | -$45.8M | -$23.6M | — | — |
| Investing cash flow | -$151.6M | $0 | — | — | -$297.0K | — | — | — |
| Financing cash flow | $267.3M | $253.2M | $21.8M | $59.1M | $98.8M | $96.7M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-076742.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | — | -$33.9M | -$93.0M | -$56.8M | -$95.7M | -$108.7M | -$183.8M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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