Definium Therapeutics (DFTX)
NASDAQ:DFTX
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Definium Therapeutics
(NASDAQ:DFTX)
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Rating:60Neutral
Price Target:
$22.50
▲(5.04% Upside)
Action:ReiteratedDate:02/28/26
The score is driven by a mixed fundamental setup: strong balance sheet/cash runway and encouraging late-stage trial momentum from the earnings call support the outlook, while the lack of revenue, widening losses, and accelerating cash burn materially constrain the financial performance score. Technicals are supportive with an established uptrend, but valuation is difficult to justify using standard metrics given negative earnings and no dividend.
Positive Factors
Cash runway
A reported $411.6M in cash and investments and management guidance of runway into 2028 gives the company multi-year funding to complete pivotal Phase III programs and regulatory work. This reduces near-term refinancing pressure and supports executing clinical and commercial plans through key 2026 catalysts.
Negative Factors
Pre-revenue with widening losses
The company remains pre‑revenue while losses widened materially year‑over‑year, reflecting development costs; persistent negative earnings mean the business must rely on capital markets or partnerships to fund operations until products reach market, creating execution and dilution risk for shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash runway
A reported $411.6M in cash and investments and management guidance of runway into 2028 gives the company multi-year funding to complete pivotal Phase III programs and regulatory work. This reduces near-term refinancing pressure and supports executing clinical and commercial plans through key 2026 catalysts.
Read all positive factors
Definium Therapeutics (DFTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.14B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)―
Beta (1Y)1.71
Revenue GrowthN/A
EPS Growth0.69%
CountryUS
Employees74
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.51
Shares Outstanding99,698,130
10 Day Avg. Volume1,740,047
30 Day Avg. Volume1,711,836
Financial Highlights & Ratios
PEG Ratio-0.19
Price to Book (P/B)3.60
Price to Sales (P/S)0.00
P/FCF Ratio-9.09
Enterprise Value/Market Cap0.88
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-11.12
Forecast
1Y Price Target
$38.25Price Target Upside78.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-1.94
Revenue Forecast (FY)N/A
Definium Therapeutics Business Overview & Revenue Model
Company Description
Definium Therapeutics, Inc. is a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company’s lead product candidates include MM120, which is in phase 3 for the treatment of generalized anxiety d...
Definium Therapeutics Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call emphasized clear operational and clinical progress: multiple pivotal trials on track with strong enrollment, a favorable blinded SSRE in Voyage that suggests high statistical power, supportive Phase II efficacy data (published in JAMA), an expanded commercial and leadership team, and a strengthened balance sheet with cash runway into 2028. These positives are tempered by substantial y/y expense increases and a larger net loss, dependence on upcoming pivotal results and regulatory interactions, and the absence of disclosed long-term open-label durability data to date. Overall, the company appears well-capitalized and operationally prepared entering a data-rich 2026, but material clinical and regulatory outcomes remain pending.Positive Updates
Late-Stage Pipeline Momentum and Upcoming Catalysts
Three Phase III readouts expected in 2026. Emerge (first pivotal MDD) is fully enrolled with top-line data expected in late Q2 2026. Voyage (GAD) is ~80% enrolled with top-line expected in early Q3 2026. Panorama (second GAD) is rapidly progressing with top-line expected in H2 2026. Ascend (second MDD) has site activation completed and first dosing anticipated by early Q2 2026.
Negative Updates
Substantial Year-over-Year Expense Increases
R&D expenses rose to $117.7M in 2025 from $65.3M in 2024, an increase of $52.4M (+80.2%), driven primarily by higher DT120 program spend (+$44.7M) and internal personnel costs (+$9.3M). General and administrative expenses increased to $48.6M from $38.6M (+$10.0M, +25.9%).
Read all updates
Q4-2025 Updates
Positive
Negative
Late-Stage Pipeline Momentum and Upcoming Catalysts
Three Phase III readouts expected in 2026. Emerge (first pivotal MDD) is fully enrolled with top-line data expected in late Q2 2026. Voyage (GAD) is ~80% enrolled with top-line expected in early Q3 2026. Panorama (second GAD) is rapidly progressing with top-line expected in H2 2026. Ascend (second MDD) has site activation completed and first dosing anticipated by early Q2 2026.
Read all positive updates
Company Guidance
The company guided to a data‑rich 2026, with 3 pivotal Phase III readouts expected this year: Emerge (MDD) is fully enrolled with topline data anticipated in late Q2; Ascend (second MDD) expects first dosing in early Q2 and targets ~175 participants randomized 2:1:2 (100 µg / 50 µg / placebo); Voyage (GAD) is ~80% enrolled (target ~200 randomized 1:1) with topline expected in early Q3 and its blinded sample‑size re‑estimation complete (first 100 completers showed a model SD of 6.7 vs an assumed 10 and a non‑evaluable rate of 10% vs an assumed 15%, implying >99% power to detect a 5‑point HAM‑A difference and a minimum detectable difference <2 points); Panorama (GAD) targets ~250 randomized 2:1:2 with topline in H2 2026 and an update to be provided at the April 22 Analyst Day. Phase III design: MDD primary endpoint is change in MADRS at week 6 (80% power to detect a 5‑point difference for 100 µg vs placebo); GAD primary endpoint is change in HAM‑A at week 12 (90% power to detect a 5‑point difference). They reiterated Phase IIb benchmarks (placebo‑adjusted improvements of 7.7 HAM‑A and 6.4 MADRS at week 12, absolute reductions of 21.9 HAM‑A and 18.7 MADRS with 48% remission and 65% response) and said ongoing FDA engagement under Breakthrough Therapy supports an efficient NDA path subject to positive readouts. Financial guidance: 2025 R&D $117.7M and G&A $48.6M, net loss $183.8M, cash, cash equivalents and investments $411.6M (projected runway into 2028).Definium Therapeutics Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -527.00K | -3.16M | 0.00 | 0.00 |
| EBITDA | -178.31M | -105.87M | -92.57M | -63.15M | -91.24M |
| Net Income | -183.79M | -108.68M | -95.73M | -56.80M | -93.04M |
Balance Sheet | |||||
| Total Assets | 440.10M | 302.15M | 124.54M | 169.99M | 164.00M |
| Cash, Cash Equivalents and Short-Term Investments | 411.59M | 273.74M | 99.70M | 142.14M | 133.54M |
| Total Debt | 0.00 | 21.85M | 14.13M | 72.00K | 0.00 |
| Total Liabilities | 107.77M | 60.70M | 46.41M | 19.08M | 12.34M |
| Stockholders Equity | 332.33M | 241.45M | 78.13M | 150.92M | 151.66M |
Cash Flow | |||||
| Free Cash Flow | -131.56M | -79.13M | -64.36M | -50.14M | -45.82M |
| Operating Cash Flow | -131.56M | -79.13M | -64.36M | -50.14M | -45.82M |
| Investing Cash Flow | -151.61M | 0.00 | 0.00 | 0.00 | -297.00K |
| Financing Cash Flow | 267.27M | 253.20M | 21.85M | 59.05M | 98.82M |
Definium Therapeutics Technical Analysis
Positive
21.42
Price Trends
18.00
Positive
15.66
Positive
12.91
Positive
Market Momentum
0.90
Negative
68.57
Neutral
88.16
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DFTX, the sentiment is Positive. The current price of 21.42 is above the 20-day moving average (MA) of 18.97, above the 50-day MA of 18.00, and above the 200-day MA of 12.91, indicating a bullish trend. The MACD of 0.90 indicates Negative momentum. The RSI at 68.57 is Neutral, neither overbought nor oversold. The STOCH value of 88.16 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DFTX.
Definium Therapeutics Risk Analysis
Definium Therapeutics disclosed 75 risk factors in its most recent earnings report. Definium Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may plan to grow and develop our business through in-license agreements, acquisitions of or investment in new or complementary businesses, product candidates or technologies, and the failure to manage these license agreements, acquisitions or investments, or the failure to integrate them with our existing business, could have a material adverse effect on us. Q4, 2025
2.
We may develop or license intellectual property for which development was funded or otherwise assisted by, the U.S. government and/or government agencies, such as the National Institutes of Health, for development of our technology and product candidates. Failure to meet our own obligations to future licensors or upstream licensors, including such government agencies, may result in the loss of our rights to such intellectual property, which could harm our business. Q4, 2025
3.
bodies may require additional data, including with respect to abuse potential of our product candidates, before allowing us to commence a clinical trial or before approving any future marketing application we may submit. Q4, 2025
Definium Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $2.14B | -6.51 | -84.39% | ― | ― | 0.69% | |
56 Neutral | $2.73B | -8.42 | -24.22% | ― | ― | 3.18% | |
55 Neutral | $1.98B | -13.06 | -34.75% | ― | ― | -17.01% | |
53 Neutral | $1.97B | -101.81 | 1813.84% | ― | 196.42% | 53.92% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $1.11B | ― | -269.56% | ― | ― | ― | |
44 Neutral | $1.41B | -1.64 | -688.89% | ― | ― | 18.76% |
* Healthcare Sector Average
DFTX
Definium Therapeutics
21.53
15.98
287.93%
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35.26
26.83
318.27%
BHVN
Biohaven Ltd.
9.17
-9.34
-50.46%
INBX
Inhibrx Biosciences Inc
75.27
63.39
533.59%
Definium Therapeutics Corporate Events
Executive/Board Changes
Definium Therapeutics Expands Board, Appoints New Director
Neutral
Jan 29, 2026
On January 28, 2026, Definium Therapeutics, Inc. expanded its board of directors from six to seven members and appointed Roger Adsett to the newly created seat, with his term effective January 29, 2026 and running until the company’s 2026 an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.