Definium Therapeutics Inc.
DFTX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for DFTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · DFTX
Definium Therapeutics Inc. (DFTX) is a clinical-stage biopharmaceutical company developing pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes, with lead candidates DT120 and DT402.
Key risk: No approved products or revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$5.51B
Cash Runway
60.5 moLead Asset
dt120 (Phase 3)
Next Catalyst
Phase3_Topline · Nov 1, 2026Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 8 clinical trials · 5 catalysts for Definium Therapeutics Inc..
Similar companies
Definium Therapeutics Inc. (DFTX) is a clinical-stage biopharmaceutical company developing pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes, with lead candidates DT120 and DT402.
- Lead product candidates include DT120 (psychedelic-derived) and DT402 (empathogen-derived) [sec_mda · as of 2026-08-06].
- Cash and equivalents of $655.3M as of 2026-06-30, with management believing this is sufficient to fund operations into 2030 [sec].
- Net loss of $159.0M for the six months ended June 30, 2026 [sec].
- Accumulated deficit of $818.8M as of June 30, 2026 [sec_mda · as of 2026-08-06].
- Shareholders' equity of $332.3M and total debt of $36.5M as of 2026-06-30 [sec].
What works
- Cash runway extended into 2030 based on current operating plan, providing a long development horizon [sec_mda · as of 2026-08-06].
- Focus on psychedelic and empathogen drug classes, which are emerging therapeutic areas with potential for novel treatments [sec_mda · as of 2026-08-06].
- Multiple Phase 3 topline readouts scheduled from late 2026 through 2028, indicating a maturing pipeline [catalyst].
What to weigh
- No approved products or revenue; the company has an accumulated deficit of $818.8M and continues to incur significant net losses [sec_mda · as of 2026-08-06].
- Substantial additional capital will be required to complete development and commercialization, with no assurance of future financing [sec_mda · as of 2026-08-06].
- The company faces all risks inherent in drug development, including regulatory approval uncertainty, clinical trial delays, and unforeseen expenses [sec_mda · as of 2026-08-06].
- Net loss of $159.0M in the first half of 2026, with expenses expected to increase as trials advance [sec].
From the filings
Quoted directly from source documents.
The company's mission and lead candidates
“with the goal of developing accessible treatments that unlock healing at scale. This specifically includes pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes, including DT120 and DT402, respectively, the Company's lead product candidates.”
SEC MD&A · August 6, 2026
Cash runway into 2030
“Based on our current operating plan and anticipated milestones, we believe that our cash, cash equivalents and investments as of June 30, 2026 will be sufficient to fund our operations into 2030.”
SEC MD&A · August 6, 2026
Accumulated deficit
“As of June 30, 2026, the Company had an accumulated deficit of $ 818.8 million.”
SEC MD&A · August 6, 2026
Need for additional capital
“We will continue to require additional capital to develop our product candidates and to fund operations for the foreseeable future.”
SEC MD&A · August 6, 2026
Catalyst timeline
- 2026-11-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-blind, Placebo-controlled, 12-Week Study (Part A) With a — First Phase 3 topline readout for DT120; will provide pivotal efficacy and safety data.
- 2026-12-31 · Phase2_Topline · dt402 — Phase 2 Readout: dt402 — Phase 2 readout for DT402; will inform proof-of-concept and further development plans.
- 2027-02-01 · Phase3_Topline — Phase 3 Topline: A Phase 3 Multicenter, Randomized, Double-blind, Placebo-controlled, 12-Week Study (Part A) With a 4 — Additional Phase 3 topline readout for DT120; may confirm earlier results.
- 2027-05-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-blind, Placebo-controlled, 12-Week Study (Part A) With a — Another Phase 3 topline readout for DT120; further data point for regulatory submission.
- 2028-06-01 · Phase3_Topline — Phase 3 Topline: A Phase 3 Multicenter, Randomized, Double-blind, Placebo-controlled, 12-Week Study (Part A) With a 4 — Final scheduled Phase 3 topline readout; could support potential NDA filing.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — The company has no commercial products and has never generated revenue from product sales [sec_mda · as of 2026-08-06].
- Need for future financing — Substantial additional capital required; no assurance of obtaining financing on acceptable terms [sec_mda · as of 2026-08-06].
- Clinical and regulatory uncertainty — Drug development involves risks of delays, failures, and unforeseen expenses; regulatory approval is uncertain [sec_mda · as of 2026-08-06].
- Significant accumulated losses — Accumulated deficit of $818.8M as of June 30, 2026, with ongoing net losses [sec_mda · as of 2026-08-06].
What to watch
- Phase 3 topline results for DT120 expected November 1, 2026 [catalyst].
- Phase 2 readout for DT402 expected December 31, 2026 [catalyst].
- Additional Phase 3 topline readouts scheduled in 2027 and 2028 [catalyst].
- Cash burn rate and any future financing or partnership announcements [sec_mda · as of 2026-08-06].
Sources: SEC MD&A · Generated August 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
60.5 months
D/E 0.21 · 0% dilution
Lead: Phase 3
4 candidates
5 upcoming, next in ~63d
0 buys · 8 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
248
Total value held
$1.41B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 8,480,230 | $160.3M |
| driehaus capital management llc | 5,911,889 | $111.7M |
| janus henderson group plc | 3,592,483 | $67.9M |
| deep track capital, lp | 3,000,000 | $56.7M |
| geode capital management, llc | 2,495,399 | $47.2M |
| state street corp | 2,471,873 | $46.7M |
| vanguard capital management llc | 2,193,956 | $41.5M |
| commodore capital lp | 2,000,000 | $37.8M |
| fmr llc | 1,809,610 | $34.2M |
| trails edge capital partners, lp | 1,738,110 | $32.9M |
Showing top 10 of 248 institutional holders of Definium Therapeutics Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 8.6%
- Days to cover
- 4.6
- Shares short
- 9,356,720
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
DFTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Definium Therapeutics Inc.?
Definium Therapeutics Inc. (DFTX) is a clinical-stage biopharmaceutical company developing pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes, with lead candidates DT120 and DT402.
What is Definium Therapeutics Inc.'s lead drug candidate?
Definium Therapeutics Inc.'s most advanced tracked candidate is dt120 (Phase 3) for Generalized Anxiety Disorder; Major Depressive Disorder.
What is Definium Therapeutics Inc.'s next catalyst?
Definium Therapeutics Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-blind, Placebo-controlled, 12-Week Study (Part A) With a " — expected November 1, 2026.
Who is the CEO of Definium Therapeutics Inc.?
Mr. Robert Barrow is the chief executive officer of Definium Therapeutics Inc. (DFTX).
Where is Definium Therapeutics Inc. headquartered?
Definium Therapeutics Inc. (DFTX) is headquartered in New York, NY, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.