Definium Therapeutics, Inc. (DFTX)
Market Price (9/30/2026): $38.21 | Market Cap: $4.2 BilSector: Health Care | Industry: Biotechnology
Definium Therapeutics, Inc. (DFTX)
Market Price (9/30/2026): $38.21Market Cap: $4.2 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -228 Mil Stock price has recently run up significantly6M Rtn6 month market price return is 102%, 12M Rtn12 month market price return is 183% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% Key risksDFTX key risks include [1] an overwhelming dependence on the successful clinical trial outcome and regulatory approval of its lead candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -228 Mil |
| Stock price has recently run up significantly6M Rtn6 month market price return is 102%, 12M Rtn12 month market price return is 183% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% |
| Key risksDFTX key risks include [1] an overwhelming dependence on the successful clinical trial outcome and regulatory approval of its lead candidate, Show more. |
Qualitative Assessment
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Definium Therapeutics, Inc. (DFTX) stock has gained about 60% since 5/31/2026 because of the following key factors:
1. Positive Phase 3 Emerge trial results for DT120 ODT in Major Depressive Disorder (MDD). On June 22, 2026, Definium Therapeutics announced that its Phase 3 Emerge study of DT120 ODT, an LSD-based orally disintegrating tablet, met its primary endpoint with high statistical significance (p<0.0001) in treating MDD. The study demonstrated an 8.1-point placebo-adjusted improvement on the Montgomery–Åsberg Depression Rating Scale (MADRS) at Week 6, marking the first positive Phase 3 result for an LSD-based therapy. This announcement led to an approximate 55% surge in the stock price during premarket trading.
2. Positive Phase 3 Voyage and Panorama trial results for DT120 ODT in Generalized Anxiety Disorder (GAD). In fiscal Q3 2026, Definium Therapeutics reported positive topline data from two pivotal Phase 3 studies for DT120 ODT in GAD. The Voyage study, reported on August 12, 2026, met its primary endpoint, showing a placebo-adjusted difference of -5.4 points in Hamilton Anxiety Rating Scale (HAM-A) score at Week 12 (p<0.0001). This was followed by the Panorama study, announced on September 14, 2026, which also successfully met its primary and all key secondary endpoints. These consistent positive results further de-risked the DT120 program and expanded its potential market.
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Definium Therapeutics, Inc. (DFTX) stock has gained about 60% since 5/31/2026 because of the following key factors:
1. Positive Phase 3 Emerge trial results for DT120 ODT in Major Depressive Disorder (MDD). On June 22, 2026, Definium Therapeutics announced that its Phase 3 Emerge study of DT120 ODT, an LSD-based orally disintegrating tablet, met its primary endpoint with high statistical significance (p<0.0001) in treating MDD. The study demonstrated an 8.1-point placebo-adjusted improvement on the Montgomery–Åsberg Depression Rating Scale (MADRS) at Week 6, marking the first positive Phase 3 result for an LSD-based therapy. This announcement led to an approximate 55% surge in the stock price during premarket trading.
2. Positive Phase 3 Voyage and Panorama trial results for DT120 ODT in Generalized Anxiety Disorder (GAD). In fiscal Q3 2026, Definium Therapeutics reported positive topline data from two pivotal Phase 3 studies for DT120 ODT in GAD. The Voyage study, reported on August 12, 2026, met its primary endpoint, showing a placebo-adjusted difference of -5.4 points in Hamilton Anxiety Rating Scale (HAM-A) score at Week 12 (p<0.0001). This was followed by the Panorama study, announced on September 14, 2026, which also successfully met its primary and all key secondary endpoints. These consistent positive results further de-risked the DT120 program and expanded its potential market.
3. FDA Breakthrough Therapy Designation and clear regulatory pathway. DT120 ODT holds FDA Breakthrough Therapy Designation for GAD. This designation, coupled with the multiple positive Phase 3 trial results in both MDD and GAD, positions Definium Therapeutics for an expedited New Drug Application (NDA) filing in the first half of fiscal 2027, signaling a clear and accelerated path toward potential commercialization.
4. Strong analyst sentiment and increased price targets. Following the series of positive clinical trial data, several Wall Street analysts reiterated "Buy" or "Outperform" ratings and significantly raised their price targets for DFTX. For instance, Canaccord increased its price target from $38 to $60 on June 22, 2026, and JonesTrading raised its target from $74.00 to $90.00 on August 13, 2026. As of September 28, 2026, the company had a consensus "Buy" rating from 21 analysts, with an average price target of $64.88, suggesting a forecasted upside of 68.90% from the $38.41 price on that date.
5. Robust cash position ensuring operational runway. As of the end of fiscal Q1 2026 (March 31, 2026), Definium Therapeutics reported a strong financial standing with $373.4 million in cash, cash equivalents, and investments. Management stated that this capital is sufficient to fund operations through multiple anticipated clinical readouts and into fiscal 2028, providing crucial financial stability for ongoing drug development and future commercialization preparations.
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Stock Movement Drivers
Fundamental Drivers
The 58.0% change in DFTX stock from 5/31/2026 to 9/29/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.19 | 38.21 | 58.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 109 | 111 | -1.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/29/2026| Return | Correlation | |
|---|---|---|
| DFTX | 58.0% | |
| Market (SPY) | 1.3% | 7.8% |
| Sector (XLV) | 14.7% | 11.3% |
Fundamental Drivers
The 119.0% change in DFTX stock from 2/28/2026 to 9/29/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.45 | 38.21 | 119.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 101 | 111 | -8.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/29/2026| Return | Correlation | |
|---|---|---|
| DFTX | 119.0% | |
| Market (SPY) | 12.0% | 14.2% |
| Sector (XLV) | 7.5% | 17.8% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/29/2026| Return | Correlation | |
|---|---|---|
| DFTX | ||
| Market (SPY) | 19.8% | 13.7% |
| Sector (XLV) | 26.4% | 15.2% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/29/2026| Return | Correlation | |
|---|---|---|
| DFTX | ||
| Market (SPY) | 76.1% | 13.7% |
| Sector (XLV) | 34.8% | 15.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DFTX Return | - | - | - | - | - | 184% | 184% |
| Peers Return | -27% | 23% | -5% | 2% | 81% | 32% | 107% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| DFTX Win Rate | - | - | - | - | - | 67% | |
| Peers Win Rate | 45% | 56% | 48% | 50% | 62% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| DFTX Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -47% | -44% | -39% | -37% | -38% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ATAI, AXSM, NBIX, ALKS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/29/2026 (YTD)
How Low Can It Go
DFTX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
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DFTX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Definium Therapeutics, Inc. (DFTX)
Mind Medicine (MindMed) Inc. is a clinical-stage biopharmaceutical company focused on developing innovative treatments for a range of brain health disorders. The company's efforts are directed towards addressing conditions within psychiatry, addiction, pain management, and neurology.
Its product pipeline includes several key candidates. MM-120 is currently in Phase 2 clinical trials, being investigated for the treatment of generalized anxiety disorder, attention deficit hyperactivity disorder, and chronic pain. MM-110, an a3ß4 nicotinic cholinergic receptor antagonist, has completed Phase 1 trials for its potential application in treating opioid withdrawal. Additionally, the company is developing MM-402, an R-enantiomer of 3,4-methylenedioxymethamphetamine, aimed at alleviating the core symptoms of autism spectrum disorder.
MindMed's primary customers are patients suffering from these complex brain health conditions. The company's developments target the broad healthcare market, aiming to provide novel therapeutic solutions within the fields of mental health, addiction medicine, and neurology.
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Robert Barrow Chief Executive Officer and Board Director
Robert Barrow was appointed Chief Executive Officer of Definium Therapeutics (formerly MindMed) in June 2021. Prior to his appointment as CEO, he served as the company's Chief Development Officer. Definium Therapeutics, under its former name MindMed, was initially a venture capital-backed company that went public in March 2020 via a reverse takeover on the Canadian NEO Exchange, and later uplisted to Nasdaq in April 2021.
Brandi Roberts, CPA Chief Financial Officer
Brandi Roberts serves as the Chief Financial Officer of Definium Therapeutics.
Daniel R. Karlin, MD, MA Chief Medical Officer
Daniel R. Karlin is the Chief Medical Officer of Definium Therapeutics. He joined the company in this role in connection with the acquisition of HealthMode, where he had served as CEO.
Stephanie Fagan, MS Chief Corporate Affairs Officer
Stephanie Fagan serves as the Chief Corporate Affairs Officer of Definium Therapeutics.
Mark Sullivan, JD Chief Legal Officer and Corporate Secretary
Mark Sullivan is the Chief Legal Officer and Corporate Secretary of Definium Therapeutics.
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The most significant risk is the **risk of clinical trial failure and the uncertainty of regulatory approval** for its drug candidates. Definium Therapeutics is heavily invested in the success of its lead product candidates, DT120 (in Phase 3 for generalized anxiety disorder and major depressive disorder) and DT402 (in Phase 2a for autism spectrum disorder). Despite DT120 receiving FDA Breakthrough Therapy Designation for generalized anxiety disorder, there is no guarantee that these trials will be successful or that the company will secure the necessary regulatory approvals for commercialization. Failure at any stage of clinical development would severely impact the company's future prospects and financial viability.
A second key risk pertains to **regulatory and market acceptance challenges specific to psychedelic-inspired therapeutics**. Definium Therapeutics' approach involves applying scientific rigor to psychedelic-inspired compounds for psychiatric and neurological disorders. This nascent field may encounter unique regulatory hurdles, potentially leading to a longer or more complex approval process compared to traditional pharmaceuticals. Furthermore, even if approved, these novel treatments may face challenges in gaining widespread acceptance from the medical community, overcoming public perception biases, and securing favorable reimbursement policies from insurers.
Finally, the company faces **intellectual property risk**. As a biopharmaceutical company developing novel compounds, Definium Therapeutics' long-term value and competitive position are highly dependent on its ability to obtain, maintain, and defend robust patent protection for its drug candidates and proprietary technologies. Any challenges to its intellectual property, or an inability to secure strong patent portfolios, could undermine its market exclusivity and expose it to competition.
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The addressable markets for Mind Medicine (MindMed) Inc.'s main products are as follows:
- MM-120 for Generalized Anxiety Disorder (GAD):
- The global generalized anxiety disorder treatment market was valued at approximately USD 11.93 billion in 2024 and is predicted to grow to around USD 17.32 billion by 2034.
- Another estimate places the global market at USD 2.14 billion in 2025, expected to reach USD 5.06 billion by 2035.
- In 2023, the Generalized Anxiety Disorder market size in the 7 Major Markets (7MM, which includes the United States, EU4, and the United Kingdom, and Japan) reached approximately USD 1,560 million.
- The United States market for GAD treatment was nearly USD 1,019 million in 2023, representing nearly 65% of the 7MM market.
- MM-120 for Attention Deficit Hyperactivity Disorder (ADHD):
- The global attention deficit hyperactivity disorder (ADHD) therapeutics market size is estimated at US$ 25.05 billion in 2024 and is forecasted to reach US$ 45.51 billion by 2034.
- Another report indicates the ADHD market reached USD 9.6 billion in 2023 and is expected to reach USD 13.6 billion by 2034.
- The ADHD therapeutics market value across eight major markets (the US, the UK, France, Germany, Spain, Italy, Japan, and Canada) was projected to rise from $6.9 billion in 2013 to $9.9 billion by 2020.
- North America is expected to contribute 40% of the market's growth for ADHD drugs.
- MM-120 for Chronic Pain:
- The global chronic pain treatment market was valued at USD 78.0 billion in 2024, projected to reach USD 83.4 billion in 2025 and USD 155.2 billion by 2035.
- Another source valued the global chronic pain treatment market at USD 90.72 billion in 2024 and anticipates it will reach USD 152.42 billion by 2032.
- North America accounted for the largest market share at 45% in 2024, with over USD 40 billion in chronic pain treatment utilization.
- North America is forecasted to hold the largest market share at 40.8% in 2025.
- MM-110 for Opioid Withdrawal:
- The global Opioid Withdrawal Treatment Market is estimated to be valued at USD 1.91 billion in 2026, and projected to reach USD 4.33 billion by 2035.
- The opioid addiction treatment market will be worth $2.4 billion in eight major world markets by 2033.
- The market size for opioid withdrawal syndrome in the 7MM (United States, EU4, and the United Kingdom, and Japan) reached approximately USD 1.3 billion in 2022.
- The United States market for opioid withdrawal treatment was projected at USD 0.61 billion in 2025.
- North America leads the global opioid withdrawal treatment market with approximately 50% share.
- MM-402 for Autism Spectrum Disorder (ASD):
- The global autism spectrum disorder treatment market size was estimated at USD 2.16 billion in 2024 and is projected to reach USD 3.95 billion by 2033.
- Another source indicates the global autism spectrum disorder treatment market was valued at USD 2.35 billion in 2024 and is predicted to increase to approximately USD 4.22 billion by 2034.
- North America held the largest share of 42.73% of the global market in 2024.
- The U.S. autism spectrum disorder treatment market size was exhibited at USD 1.00 billion in 2024 and is projected to be worth around USD 1.84 billion by 2034.
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Definium Therapeutics, Inc. (DFTX) has several key drivers expected to fuel its future revenue growth over the next 2-3 years, primarily centered around the advancement and potential commercialization of its pipeline of novel therapeutics for brain health disorders.
- Successful Commercialization of DT120 for Generalized Anxiety Disorder (GAD): The most significant driver is the potential approval and launch of DT120 (formerly MM-120), an orally disintegrating tablet formulation, for Generalized Anxiety Disorder. This lead product candidate is currently in Phase 3 clinical trials, with topline data from the Voyage study anticipated in the first half of 2026 and the Panorama study in the second half of 2026. DT120 has received FDA Breakthrough Therapy Designation for GAD, which could expedite its development and regulatory review process. Analysts project substantial peak U.S. sales for MM120, with potential revenue reaching $2.29 billion by 2031 in the multi-billion-dollar GAD market.
- Expansion of DT120 into Major Depressive Disorder (MDD): Beyond GAD, DT120 is also being evaluated in Phase 3 trials for Major Depressive Disorder, representing a significant additional market opportunity. A successful outcome in these trials and subsequent regulatory approval would considerably broaden the potential patient population and revenue stream for DT120.
- Advancement of DT402 for Autism Spectrum Disorder (ASD): The company's pipeline includes DT402 (formerly MM-402), an R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in Phase 2a clinical trials for the treatment of core symptoms of autism spectrum disorder. Positive clinical trial results and progression to later stages of development could open up another significant revenue pathway in a distinct therapeutic area.
- Progression of MM-110 for Opioid Withdrawal: The company is also developing MM-110, an a3ß4 nicotinic cholinergic receptor antagonist, which has completed Phase 1 for the treatment of opioid withdrawal. Successful further development and potential commercialization of MM-110 would address another critical area of unmet medical need and contribute to revenue growth.
- Strategic Preparedness for Commercial Launch: Definium Therapeutics is actively advancing its commercial and operational readiness to support a care model and prepare for the potential launch of DT120 ODT, if approved and marketed. This proactive approach to market entry and infrastructure development is crucial for maximizing revenue generation upon product approval.
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Share Repurchases
No significant share repurchases were identified for Definium Therapeutics, Inc. (formerly Mind Medicine (MindMed) Inc.) within the last 3-5 years.
Share Issuance
- The company completed a public offering in November 2025, raising approximately $259 million, with net proceeds of $242.8 million.
- In March 2024, Definium Therapeutics (then Mind Medicine) entered into private placement agreements for 12,500,000 common shares at $6 per share, generating gross proceeds of $75 million.
- Shares outstanding significantly increased from 27 million in fiscal year 2021 to 89 million in fiscal year 2025.
Inbound Investments
- Definium Therapeutics (formerly Mind Medicine) received approximately $259 million through a public offering in November 2025.
- In March 2024, the company secured $75 million in funding from Deep Track Capital, LP, and Commodore Capital through a private placement.
- MindMed has raised funding over nine rounds since November 2019, including post-IPO rounds in March 2021 and August 2023.
Outbound Investments
MindMed acquired HealthMode in October 2020.
Capital Expenditures
- Research and development (R&D) expenditures represent the primary focus of capital deployment, with annual R&D expenses increasing from $34.79 million in FY 2021 to $117.67 million in FY 2025.
- The company invested $31.0 million in research and development during Q3 2025.
- Traditional capital expenditures (property, plant, and equipment) have been reported as minimal or not applicable.
Peer Outperformance in Biotechnology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.3% | 44.8% | 91.5% | CAH 400% · MCK 344% · COR 172% |
| Health Care Services | 20 | 18.5% | 36.2% | 5.7% | HIMS 281% · RDNT 141% · DGX 76% |
| Managed Health Care | 8 | 32.0% | -7.4% | 4.7% | OSCR 71% · HQY 35% · ELV 13% |
| Health Care Facilities | 24 | 2.4% | 7.6% | -3.3% | THC 288% · NHC 263% · ENSG 137% |
| Health Care Equipment | 50 | -2.4% | -1.0% | -15.1% | POCI 10575% · UFPT 382% · GKOS 229% |
| Pharmaceuticals | 62 | -7.7% | -0.5% | -28.8% | LQDA 2461% · INDV 1157% · ETON 1074% |
| Health Care Supplies | 12 | 27.5% | -7.6% | -37.1% | LNTH 288% · HAE 50% · MMSI 22% |
| Life Sciences Tools & Services | 109 | -1.0% | -16.8% | -66.5% | SNWV 1835% · NTRA 272% · MEDP 229% |
| Health Care Technology | 21 | -33.1% | -53.9% | -76.9% | SPOK 69% · HSTM 6% · VEEV -3% |
| Biotechnology ← | 363 | -10.5% | -24.8% | -78.3% | CELZ 1279% · DNTH 1097% · ELVN 1040% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 90.66 |
| Mkt Cap | 8.2 |
| Rev LTM | 1,222 |
| Op Inc LTM | -20 |
| FCF LTM | 75 |
| FCF 3Y Avg | 114 |
| CFO LTM | 90 |
| CFO 3Y Avg | 134 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 34.4% |
| Rev Chg 3Y Avg | 26.5% |
| Rev Chg Q | 39.5% |
| QoQ Delta Rev Chg LTM | 8.8% |
| Op Inc Chg LTM | -24.7% |
| Op Inc Chg 3Y Avg | -11.9% |
| Op Mgn LTM | 8.6% |
| Op Mgn 3Y Avg | 17.7% |
| QoQ Delta Op Mgn LTM | -1.9% |
| CFO/Rev LTM | 15.1% |
| CFO/Rev 3Y Avg | 24.7% |
| FCF/Rev LTM | 13.3% |
| FCF/Rev 3Y Avg | 22.3% |
Segment Financials
Operating Income by Segment| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Research and development of the Company’s neurological drug development platform | -166 | -104 | -94 |
| Total | -166 | -104 | -94 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Research and development of the Company’s neurological drug development platform | -184 | -109 | -96 |
| Total | -184 | -109 | -96 |
| $ Mil | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| Research and development of the Company’s neurological drug development platform | 125 | 170 | 164 | 82 |
| Total | 125 | 170 | 164 | 82 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.37 | 1.40 | 0.58 | 0.91 | -1.02 | 0.37 |
| Up Beta | -0.84 | 1.29 | 0.82 | 1.47 | -0.41 | 0.61 |
| Down Beta | -3.39 | -0.57 | 2.17 | 1.74 | 0.07 | 0.52 |
| Up Capture | 57% | 147% | 135% | 153% | 110% | 10% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 34 | 69 | 89 | 89 |
| Down Capture | 328% | 250% | -137% | -55% | -36% | -20% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 21 | 29 | 57 | 73 | 73 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFTX | |
|---|---|---|---|---|
| DFTX | 184.0% | 83.3% | 2.03 | - |
| Sector ETF (XLV) | 27.7% | 16.0% | 1.33 | 15.2% |
| Equity (SPY) | 16.5% | 13.0% | 0.90 | 13.7% |
| Gold (GLD) | 10.5% | 29.6% | 0.34 | 5.7% |
| Commodities (DBC) | 40.5% | 20.8% | 1.52 | -16.2% |
| Real Estate (VNQ) | 3.2% | 13.6% | -0.02 | 12.4% |
| Bitcoin (BTCUSD) | -24.6% | 44.7% | -0.50 | 8.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFTX | |
|---|---|---|---|---|
| DFTX | 23.1% | 83.3% | 2.03 | - |
| Sector ETF (XLV) | 7.0% | 15.2% | 0.27 | 15.2% |
| Equity (SPY) | 13.5% | 17.2% | 0.60 | 13.7% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | 5.7% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | -16.2% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 12.4% |
| Bitcoin (BTCUSD) | 15.3% | 52.4% | 0.46 | 8.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFTX | |
|---|---|---|---|---|
| DFTX | 11.0% | 83.3% | 2.03 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 15.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 13.7% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 5.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -16.2% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 12.4% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 8.8% |
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SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/28/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 6-K |
| 06/30/2021 | 08/13/2021 | 6-K |
| 03/31/2021 | 05/14/2021 | 6-K |
Recent Forward Guidance
Updated 9/28/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2030 Cash Runway | Reported | |||||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | |||||||
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | Affirmed | Guidance: 0 for 2028 | |||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | |||||||
Insider Activity
Updated 9/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Karlin, Daniel | Chief Medical Officer | Direct | Sell | 9292026 | 36.57 | 10,853 | 396,894 | 28,994,378 | Form |
| 2 | Barrow, Robert | Chief Executive Officer | Direct | Sell | 9292026 | 36.57 | 31,550 | 1,153,784 | 80,932,701 | Form |
| 3 | Wiley, Matthew T | Chief Commercial Officer | Direct | Sell | 9292026 | 36.57 | 3,097 | 113,257 | 13,129,947 | Form |
| 4 | Sullivan, Mark | Chief Legal Officer | Direct | Sell | 9292026 | 36.57 | 14,051 | 513,845 | 18,073,918 | Form |
| 5 | Roberts, Brandi | Chief Financial Officer | Direct | Sell | 9292026 | 36.57 | 3,377 | 123,497 | 14,427,889 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Karlin, Daniel | Chief Medical Officer | Direct | Sell | 9292026 | 36.57 | 10,853 | 396,894 | 28,994,378 | Form |
| 2 | Barrow, Robert | Chief Executive Officer | Direct | Sell | 9292026 | 36.57 | 31,550 | 1,153,784 | 80,932,701 | Form |
| 3 | Wiley, Matthew T | Chief Commercial Officer | Direct | Sell | 9292026 | 36.57 | 3,097 | 113,257 | 13,129,947 | Form |
| 4 | Sullivan, Mark | Chief Legal Officer | Direct | Sell | 9292026 | 36.57 | 14,051 | 513,845 | 18,073,918 | Form |
| 5 | Roberts, Brandi | Chief Financial Officer | Direct | Sell | 9292026 | 36.57 | 3,377 | 123,497 | 14,427,889 | Form |
| 6 | Barrow, Robert | Chief Executive Officer | Direct | Sell | 9042026 | 37.94 | 19,023 | 721,733 | 56,706,642 | Form |
| 7 | Sullivan, Mark | Chief Legal Officer | Direct | Sell | 6262026 | 45.03 | 13,008 | 585,750 | 14,435,312 | Form |
| 8 | Roberts, Brandi | Chief Financial Officer | Direct | Sell | 6262026 | 45.03 | 3,013 | 135,675 | 9,433,200 | Form |
| 9 | Barrow, Robert | Chief Executive Officer | Direct | Sell | 6262026 | 45.03 | 29,208 | 1,315,236 | 49,454,017 | Form |
| 10 | Karlin, Daniel | Chief Medical Officer | Direct | Sell | 6262026 | 45.03 | 10,035 | 451,876 | 22,662,788 | Form |
| 11 | Wiley, Matthew T | Chief Commercial Officer | Direct | Sell | 6262026 | 45.03 | 2,867 | 129,101 | 7,863,724 | Form |
| 12 | Karlin, Daniel | Chief Medical Officer | Direct | Sell | 3262026 | 18.47 | 8,018 | 148,092 | 7,633,965 | Form |
| 13 | Sullivan, Mark | Chief Legal Officer | Direct | Sell | 3262026 | 18.47 | 10,702 | 197,666 | 5,006,829 | Form |
| 14 | Barrow, Robert | Chief Executive Officer | Direct | Sell | 3262026 | 18.47 | 24,431 | 451,241 | 13,897,825 | Form |
| 15 | Karlin, Daniel | Chief Medical Officer | Direct | Sell | 12292025 | 13.15 | 5,600 | 73,623 | 5,587,761 | Form |
| 16 | Barrow, Robert | Chief Executive Officer | Direct | Sell | 12292025 | 13.15 | 25,791 | 339,072 | 10,234,559 | Form |
| 17 | Sullivan, Mark | Chief Legal Officer | Direct | Sell | 12292025 | 13.15 | 11,276 | 148,244 | 3,714,998 | Form |
| 18 | Sullivan, Mark | Chief Legal Officer | Direct | Sell | 9262025 | 9.77 | 11,278 | 110,186 | 2,870,934 | Form |
| 19 | Barrow, Robert | Chief Executive Officer | Direct | Sell | 9262025 | 9.77 | 25,797 | 252,037 | 7,857,698 | Form |
| 20 | Karlin, Daniel | Chief Medical Officer | Direct | Sell | 9262025 | 9.77 | 7,704 | 75,268 | 4,207,206 | Form |
Investor Activity (13F)
Updated Sep 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Trails Edge Capital Partners, LP | $32.9 Mil | 7.7% | 26 | New | 13F |
| Octagon Capital Advisors LP | $46.1 Mil | 5.1% | 29 | New | 13F |
| Catalio Capital Management, LP | $19.6 Mil | 4.1% | 41 | New | 13F |
| Commodore Capital LP | $37.8 Mil | 2.2% | 36 | New | 13F |
| Patient Square Capital LP | $6.3 Mil | 1.1% | 29 | New | 13F |
| Tri Locum Partners LP | $7.0 Mil | 1.0% | 17 | New | 13F |
| Avoro Capital Advisors LLC | $94.5 Mil | 0.9% | 30 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Avoro Capital Advisors LLC | $94.5 Mil | 0.9% | 30 | New | 13F |
| Octagon Capital Advisors LP | $46.1 Mil | 5.1% | 29 | New | 13F |
| Commodore Capital LP | $37.8 Mil | 2.2% | 36 | New | 13F |
| Trails Edge Capital Partners, LP | $32.9 Mil | 7.7% | 26 | New | 13F |
| Catalio Capital Management, LP | $19.6 Mil | 4.1% | 41 | New | 13F |
| Tri Locum Partners LP | $7.0 Mil | 1.0% | 17 | New | 13F |
| Patient Square Capital LP | $6.3 Mil | 1.1% | 29 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Avoro Capital Advisors LLC | $94.5 Mil | 0.9% | 30 | New | 13F |
| Octagon Capital Advisors LP | $46.1 Mil | 5.1% | 29 | New | 13F |
| Commodore Capital LP | $37.8 Mil | 2.2% | 36 | New | 13F |
| Trails Edge Capital Partners, LP | $32.9 Mil | 7.7% | 26 | New | 13F |
| Catalio Capital Management, LP | $19.6 Mil | 4.1% | 41 | New | 13F |
| Tri Locum Partners LP | $7.0 Mil | 1.0% | 17 | New | 13F |
| Patient Square Capital LP | $6.3 Mil | 1.1% | 29 | New | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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