Definium Therapeutics, Inc.
DFTX · Medicinal Chemicals & Botanical Products · 109.1M shares · +37%/yr ↑ dilution · EDGAR filings ↗
Reference price $45.03 · est. market cap ~$4.9B — last insider sale, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Well-capitalized clinical-stage psychedelics developer with a de-risking positive Phase 2b in GAD but binary Phase 3 risk ahead.
Strengths
- Fortress balance sheet: $411M cash (95th pct), current ratio 6.3 (96th), low leverage
- Lead DT120 met its Phase 2b GAD primary with clean dose-response (100/200µg significant), FDA breakthrough designation, now in two Phase 3 trials
Risks
- No revenue, ROE -55% (9th pct), ongoing deep losses; pivotal GAD/MDD readouts not until 2026
- Controlled-substance/psychedelic regulatory and public-perception risk; a negative ADHD Phase 2 shows pipeline breadth is unproven
Notable findings
- No interest coverageInterest coverage -30.34 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +37%/yr over 3y (dilution, book value/share -14%)
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Strong balance sheetStrong balance sheet — $412M cash & investments
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 8 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$3M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-05-20 — PHASE3 · Major Depressive Disorder
Key metrics
Return on equity
-55.3%
Return on assets
-41.8%
ROIC
-35.2%
Debt / equity
0.1×
Interest coverage
-30.3×
Current ratio
6.3×
Tangible book value
$312M
Cash & investments
$412M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | Roberts Brandi | Sell | 3.0K | $45.03 |
| 2026-06-25 | Karlin Daniel | Sell | 10K | $45.03 |
| 2026-06-25 | Sullivan Mark | Sell | 13K | $45.03 |
| 2026-06-25 | Wiley Matthew T. | Sell | 2.9K | $45.03 |
| 2026-06-25 | Barrow Robert | Sell | 29K | $45.03 |
| 2026-06-22 | Karlin Daniel | Grant | 100K | — |
| 2026-06-22 | Sullivan Mark | Grant | 62K | — |
| 2026-06-22 | Roberts Brandi | Grant | 62K | — |
| 2026-06-22 | Barrow Robert | Grant | 375K | — |
| 2026-06-22 | Wiley Matthew T. | Grant | 62K | — |
| 2026-06-11 | Bruhn Suzanne Louise | Grant | 4.7K | — |
| 2026-06-11 | CRYSTAL ROGER | Grant | 4.7K | — |
| 2026-06-11 | GRYSKA DAVID W | Grant | 4.7K | — |
| 2026-06-11 | Vallone Carol A | Grant | 4.7K | — |
| 2026-06-11 | Krebs Andreas | Grant | 4.7K | — |
| 2026-06-11 | Adsett Roger | Grant | 3.6K | — |
| 2026-03-25 | Barrow Robert | Sell | 24K | $18.47 |
| 2026-03-25 | Sullivan Mark | Sell | 11K | $18.47 |
| 2026-03-25 | Karlin Daniel | Sell | 8.0K | $18.47 |
| 2026-02-03 | Roberts Brandi | Grant | 150K | — |
| 2026-02-03 | Sullivan Mark | Grant | 125K | — |
| 2026-02-03 | Wiley Matthew T. | Grant | 115K | — |
| 2026-02-03 | Karlin Daniel | Grant | 150K | — |
| 2026-02-03 | Barrow Robert | Grant | 320K | — |
| 2025-12-26 | Barrow Robert | Sell | 26K | $13.15 |
| 2025-12-26 | Karlin Daniel | Sell | 5.6K | $13.15 |
| 2025-12-26 | Sullivan Mark | Sell | 11K | $13.15 |
| 2025-09-25 | Karlin Daniel | Sell | 7.7K | $9.77 |
| 2025-09-25 | Sullivan Mark | Sell | 11K | $9.77 |
| 2025-09-25 | Barrow Robert | Sell | 26K | $9.77 |
| 2025-06-25 | Barrow Robert | Sell | 26K | $6.80 |
| 2025-06-25 | Karlin Daniel | Sell | 7.8K | $6.80 |
| 2025-06-25 | Sullivan Mark | Sell | 11K | $6.80 |
| 2025-03-25 | Barrow Robert | Sell | 21K | $6.74 |
| 2025-03-25 | Sullivan Mark | Sell | 6.6K | $6.74 |
| 2025-03-25 | Liao Carrie | Sell | 2.3K | $6.74 |
| 2025-03-25 | Karlin Daniel | Sell | 6.8K | $6.74 |
| 2025-03-12 | Barrow Robert | Grant | 350K | — |
| 2025-03-12 | Sullivan Mark | Grant | 150K | — |
| 2025-03-12 | Liao Carrie | Grant | 50K | — |
| 2025-03-12 | Karlin Daniel | Grant | 115K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07592689 ↗ | A Phase 3 Trial of DT120 for Major Depressive Disorder (Ascend) Major Depressive Disorder | PHASE3 | Recruiting | 2027-09-01 |
| NCT07303907 ↗ | A Phase 2A Trial of DT402 for Autism Spectrum Disorder Autism Spectrum Disorder, ASD | PHASE2 | Recruiting | 2027-08-01 |
| NCT06809595 ↗ | A Phase 3 Trial of MM120 for Generalized Anxiety Disorder (Panorama) Generalized Anxiety Disorder | PHASE3 | Active Not Recruiting | 2026-08-01 |
| NCT06741228 ↗ | A Phase 3 Trial of DT120 for Generalized Anxiety Disorder (Voyage) Generalized Anxiety Disorder | PHASE3 | Active Not Recruiting | 2026-07-01 |
| NCT06941844 ↗ | A Phase 3 Trial of DT120 for Major Depressive Disorder (Emerge) Major Depressive Disorder | PHASE3 | Active Not Recruiting | 2026-05-20 |
| NCT05200936 ↗ | Safety and Efficacy of Low Dose MM120 for ADHD Proof of Concept Trial ADHD, Attention Deficit Disorder | PHASE2 | Completed | 2023-11-06 |
| NCT05407064 ↗ | A Dose-Finding Study of MM120 (LSD D-Tartrate) for the Treatment of Anxiety Symptoms Anxiety Generalized | PHASE2 | Completed | 2023-10-06 |
| NCT04292197 ↗ | A Study to Assess 18-Methoxycoronaridine (18-MC HCl) in Healthy Volunteers Addiction | PHASE1 | Completed | 2021-12-13 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-24 | Material agreementOtherExhibits | filing ↗ |
| 2026-06-22 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-12 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-19 | OtherExhibits | filing ↗ |
| 2026-05-12 | OtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-22 | OtherExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-22 | 0001104659-26-077354 ↗ |
| 8-K | 2026-06-22 | 2026-06-22 | 0001104659-26-076091 ↗ |
| 8-K | 2026-06-12 | 2026-06-11 | 0001193125-26-269549 ↗ |
| 8-K | 2026-05-19 | 2026-05-19 | 0001193125-26-229657 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-218251 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211929 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211989 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001193125-26-170509 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076612 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076742 ↗ |
| 8-K | 2026-01-29 | 2026-01-28 | 0001193125-26-028186 ↗ |
| 8-K | 2026-01-12 | 2026-01-09 | 0001193125-26-009854 ↗ |