Definium Therapeutics: De-Risked Late-Stage Neuropsychiatric Pipeline Positions 2026 as Catalyst-Rich Year Supporting Buy Rating and $32 Target

LifeSci Capital analyst Francois Brisebois has reiterated their bullish stance on MNMD stock, giving a Buy rating yesterday.

Francois Brisebois has given his Buy rating due to a combination of factors tied to Definium Therapeutics’ (formerly Mind Medicine) late-stage clinical pipeline and upcoming catalysts. He highlights that both Phase 3 trials of DT120 ODT in generalized anxiety disorder (Voyage and Panorama) are advancing as planned, with key 12-week topline data expected in the second and latter half of 2026. The designs of these studies closely mirror the prior Phase 2b trial, where the 100 µg dose produced a robust and statistically significant improvement on the HAM-A scale versus placebo at 12 weeks, leading him to view these GAD programs as relatively de-risked.

Brisebois also points to the Phase 3 Emerge study in major depressive disorder, which remains on schedule for a mid-2026 data readout, and to the planned initiation of a second Phase 3 MDD trial (Ascend) in the same timeframe, both supported by encouraging Phase 2b outcomes in patients with comorbid depression. He notes additional potential upside from DT402 in autism spectrum disorder, with early efficacy data anticipated from an ongoing Phase 2 trial in 2026, even though this program is not yet factored into his valuation. Combined with the company’s rebranding and focused execution on its late-stage programs, as well as a projected cash runway of about two years, he sees 2026 as catalyst-rich and supports an Outperform/Buy rating and a $32 price target.

In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $28.00 price target.