DFTX Definium Therapeutics, Inc. - Common Shares
NASDAQ · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026DFTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Aug. 29, 2022 | 1-for-15 | Reverse |
About Definium Therapeutics, Inc. - Common Shares Company overview from Wikipedia
Definium Therapeutics, Inc., formerly known as MindMed, is a New York-based biotechnology company that is currently developing clinical and therapeutic applications for psychedelic and, more broadly, psychoplastogenic drugs.
History
MindMed was founded in May 2019 by Stephen Hurst and Jamon Rahn.
MindMed initially focused on developing treatments for opioid withdrawal and opioid use disorder with 18-MC, a non-hallucinogenic molecule based on the psychoactive alkaloid ibogaine. In June 2019, it acquired the 18-MC drug development program, previously funded by the National Institute on Drug Abuse, and in September began to prepare 18-MC for a Phase I FDA clinical trial to enable further clinical trials targeting opioid withdrawal and opioid use disorder.
MindMed was the first psychedelic pharmaceutical company to go public, listing on the Canadian NEO Exchange in March of 2020 through a reverse takeover with the Canadian gold mining company Broadway Gold Mining. It began trading on the Nasdaq as MNMD in April 2021 after being approved for an uplisting from the OTC Markets.
In a press release on June 9, 2021 MindMed announced that Jamon Rahn was stepping down both as the CEO and as a director on the board, to be replaced by then CDO Robert Barrow.
On February 26, 2021, MindMed closed its acquisition of digital health startup HealthMode. In connection with the acquisition, Daniel Karlin MD, CEO of HealthMode, was appointed to the position of CMO of the company.
On August 25, 2022, the first patient was dosed in a phase 2b trial for treatment of MM120 (now DT120) in generalized anxiety disorder (GAD). The study would go on to recruit 198 participants. The majority of trial participants experienced statistically significant improvements in their GAD scores, leading to the approval of multiple phase three human trials.
On January 12, 2026, MindMed rebranded to Definium Therapeutics.
Research
In March 2020, MindMed announced that it had partnered with NYU Langone to launch a clinical training program to train psychiatrists in psychedelic therapies and research to advance and deploy psychedelic medicines. The company committed $5 million to establish the center, which will also explore 18-MC and the use of drugs, including psilocybin-assisted therapy for alcohol use disorder.
In April 2020, the company entered into a long-term partnership with University Hospital Basel's Liechti Lab, gaining rights to more than ten years of the lab's data related to LSD, MDMA, and other psychedelic substances. The development of a novel compound designed to shorten the duration or stop an LSD experience that would allow LSD to be more widely used in a therapeutic environment was subsequently announced. Later that year a clinical trial studying the effects of DMT, the primary psychoactive ingredient in ayahuasca, and clinical trials combining MDMA and LSD were announced. A study to better understand and compare the altered states of consciousness induced by psilocybin and LSD began in August 2020,
and in October a Phase 1 study at the Liechti Lab on the acute dose dependent effects of LSD was completed. The results of the study were published by the American College of Neuropsychopharmacology in the journal Neuropsychopharmacology. In September 2021, further results were presented by Matthias Liechti, head of the Liechti Lab, at the INSIGHT Conference in Berlin. The results included the first clinical evidence on the comparative effects of LSD and psilocybin, stating 100mcg of LSD produced the same acute perceptual effects as a dose of 20 mg of psilocybin in healthy volunteers. Additionally, psilocybin taken after administering antidepressants for two weeks prior, was deemed safe, as well as reduced anxiety and blood pressure without hindering the psychedelic experience.
In December 2020, MindMed entered into an investigator-sponsored study agreement with Maastricht University in the Netherlands. The university provided facilities and personnel for a Phase 1 study to evaluate the effects of two low doses of LSD on mood, sleep and neuroplasticity.
In March 2024, the FDA granted breakthrough therapy designation to MindMed's form of LSD (MM120; now DT120) for the treatment of generalized anxiety disorder. This decision was influenced by a drug trial in which approximately half of the participants experienced significant relief from their symptoms. Positive results in clinical trials against general depression symptoms and generalized anxiety disorder were reported in 2026.
=== Ongoing clinical trials ===
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | DFTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -18.2 | · | · | · | |
| P/S | 897.1 | · | · | · | |
| P/B (MRQ) | 5.5 | · | · | · | |
| EV / EBITDA | -20.0 | · | · | · | |
| Price / Cash Flow | -28.1 | · | · | · | |
| EV / Revenue | 807.0 | · | · | · | |
| Price / Tangible Book | 11.8 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | DFTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -49.5%5Y avg ≈-55.1% | ≈-55.1% | · | · | |
| ROE | -71.0%5Y avg ≈-64.1% | ≈-64.1% | · | · | |
| ROIC | -44.6% | · | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | DFTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.05Y avg ≈0.1 | ≈0.1 | · | · | |
| Current Ratio (MRQ) | 6.95Y avg ≈7.6 | ≈7.6 | · | · | |
| Quick Ratio | 6.25Y avg ≈7.4 | ≈7.4 | · | · | |
| Long-Term Debt / Equity (MRQ) | 0.05Y avg ≈0.1 | ≈0.1 | · | · | |
| Interest Coverage | -30.3 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | DFTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 212.0% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $-1.44 | $-0.56 | -158.2% |
| March 31, 2026 | May 7, 2026 | $-0.71 | $-0.50 | -41.4% |
| Dec. 31, 2025 | $-0.50 | $-0.50 | -0.52% | |
| Sept. 30, 2025 | $-0.78 | $-0.51 | -52.6% | |
| June 30, 2025 | $-0.50 | $-0.37 | -34.5% | |
| March 31, 2025 | $-0.27 | $-0.37 | 27.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| R&D Expense | $118M | $65M | $52M | $36M | $35M | $19M | |
| SG&A Expense | $49M | $39M | $42M | $30M | $59M | $14M | |
| Operating Expenses | $166M | $104M | $94M | $66M | $94M | $33M | |
| Operating Income | $-166M | $-104M | $-94M | $-66M | $-94M | $-33M | |
| Interest Expense | $5M | $2M | $920.0K | · | · | · | |
| Other Non-op | $-17M | $-5M | $-2M | $10M | $-339.0K | $-907.0K | |
| Pretax Income | $-184M | $-109M | $-96M | $-57M | $-94M | $-34M | |
| Income Tax | $0 | · | · | · | $-1M | · | |
| Net Income | $-184M | $-109M | $-96M | $-57M | $-93M | $-34M | |
| EPS (Basic) | $-2.06 | $-1.54 | $-2.44 | $-1.84 | $-3.40 | · | |
| EPS (Diluted) | $-2.06 | $-1.54 | $-2.44 | $-1.84 | $-3.40 | · | |
| Shares (Basic) | 89,327,608 | 70,461,067 | 39,157,420 | 30,857,463 | 27,377,082 | · | |
| Shares (Diluted) | 89,327,608 | 70,461,067 | 39,157,420 | 30,857,463 | 27,377,082 | · | |
| EBITDA | $-166M | $-104M | $-94M | $-66M | $-94M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $258M | $274M | $100M | $142M | $134M | $80M | |
| Short-term Investments | $154M | $0 | · | · | · | · | |
| Prepaid Expense | $8M | $8M | $4M | $4M | $4M | $1M | |
| Current Assets | $419M | $282M | $104M | $146M | $137M | $82M | |
| Goodwill | $20M | $20M | $20M | $20M | $20M | $0 | |
| Intangibles | · | $0 | $527.0K | $4M | $7M | · | |
| Other Non-current Assets | $862.0K | $613.0K | $224.0K | $331.0K | · | · | |
| Total Assets | $440M | $302M | $125M | $170M | $164M | $82M | |
| Accounts Payable | $5M | $2M | $4M | $2M | $4M | $2M | |
| Accrued Liabilities | $20M | $13M | $12M | $6M | $6M | $986.0K | |
| Current Liabilities | $67M | $39M | $32M | $18M | $10M | $3M | |
| Other Non-current Liabilities | $496.0K | · | $32.0K | $1M | $2M | · | |
| Total Liabilities | $108M | $61M | $46M | $19M | $12M | $6M | |
| Total Debt | $41M | $22M | $14M | · | · | · | |
| Common Stock | · | · | $0 | · | · | · | |
| Retained Earnings | $-583M | $-399M | $-290M | $-194M | $-138M | $-45M | |
| AOCI | $1M | $819.0K | $343.0K | $627.0K | $1M | $284.0K | |
| Stockholders' Equity | $332M | $241M | $78M | $151M | $152M | $76M | |
| Liabilities + Equity | $440M | $302M | $125M | $170M | $164M | $82M | |
| Shares Outstanding | 98,776,265 | 75,100,763 | 41,101,303 | 37,979,136 | 28,126,414 | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Deferred Tax | · | · | · | · | $-1M | · | |
| Amort. of Intangibles | $0 | $527.0K | $3M | $3M | $3M | $0 | |
| Operating Cash Flow | $-132M | $-79M | $-64M | $-50M | $-46M | $-24M | |
| Investing Cash Flow | $-152M | $0 | · | · | $-297.0K | · | |
| Stock Issued | $0 | $984.0K | $8M | $42M | $82M | $72M | |
| Net Stock Activity | $0 | $984.0K | $8M | $42M | $82M | · | |
| Financing Cash Flow | $267M | $253M | $22M | $59M | $99M | $97M | |
| Net Change in Cash | $-16M | $174M | $-42M | $9M | $53M | $73M | |
| Taxes Paid | $0 | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | -2012.6% | -4436.9% | 26143.2% | · | |
| Net Margin | · | · | -2052.6% | -3799.1% | 25915.3% | · | |
| Pretax Margin | · | · | -2052.6% | -3799.1% | 26237.6% | · | |
| EBITDA Margin | · | · | -2012.6% | -4436.9% | 26143.2% | · | |
| ROA | -49.5% | -50.9% | -65.0% | -34.0% | -75.8% | · | |
| ROE | -71.0% | -43.2% | -110.0% | -37.3% | -58.9% | · | |
| ROIC | -44.6% | · | · | · | -61.1% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 6.3 | 7.2 | 3.2 | 8.2 | 13.2 | · | |
| Quick Ratio | 6.2 | 7.0 | 3.1 | 7.9 | 12.8 | · | |
| Debt / Equity | 0.1 | 0.1 | 0.2 | · | · | · | |
| LT Debt / Equity | 0.1 | 0.1 | 0.2 | · | · | · | |
| Interest Coverage | -30.3 | -45.5 | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | 0.0 | 0.0 | -0.0 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $3.36 | $3.21 | $1.90 | $3.97 | · | · | |
| Revenue / Share | · | · | $0.12 | $0.05 | · | · | |
| Cash Flow / Share | $-1.47 | $-1.12 | $-1.64 | $-1.62 | · | · | |
| Cash / Share | $2.61 | $3.65 | $2.43 | $3.74 | · | · | |
| EPS (TTM) | $-2.06 | $-1.54 | $-2.44 | $-1.84 | $-3.40 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | 212.0% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $4M | $4M | $5M | $1M | $-359.0K | · | |
| Net Income TTM | $-184M | $-109M | $-96M | $-57M | $-93M | · | |
| Market Cap | $1.32B | $523M | · | · | · | · | |
| Enterprise Value | $952M | $271M | · | · | · | · | |
| P/E | -6.5 | -4.5 | · | · | · | · | |
| P/S | 321.2 | 126.9 | · | · | · | · | |
| P/B | 4.0 | 2.2 | · | · | · | · | |
| P / Tangible Book | 4.2 | 2.4 | · | · | · | · | |
| P / Cash Flow | -10.1 | -6.6 | · | · | · | · | |
| EV / EBITDA | -5.7 | -2.6 | · | · | · | · | |
| EV / Revenue | 231.1 | 65.8 | · | · | · | · | |
| Earnings Yield | -15.4% | -22.1% | · | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $49M | $41M | $34M | $31M | $30M | $23M | $22M | $17M | $15M | $12M | $12M | $13M | $15M | $13M | $9M | $8M | |
| SG&A Expense | $26M | $18M | $14M | $15M | $11M | $9M | $11M | $8M | $10M | $10M | $11M | $8M | $14M | $8M | $5M | $9M | |
| Operating Expenses | $75M | $59M | $48M | $46M | $41M | $32M | $32M | $25M | $24M | $22M | $22M | $22M | $29M | $21M | $14M | $17M | |
| Operating Income | $-75M | $-59M | $-48M | $-46M | $-41M | $-32M | $-32M | $-25M | $-24M | $-22M | $-22M | $-22M | $-29M | $-21M | $-14M | $-17M | |
| Interest Expense | $1M | $1M | $1M | $1M | $2M | $602.0K | $656.0K | $727.0K | $466.0K | $434.0K | $439.0K | $328.0K | $77.0K | $76.0K | · | · | |
| Other Non-op | $-84M | $-18M | $-3M | $-22M | $-2M | $9M | $-2M | $11M | $19M | $-32M | $-2M | $4M | $54.0K | $-4M | $9M | $498.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-5M | $-16M | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Net Income | $-159M | $-77M | $-50M | $-67M | $-43M | $-23M | $-35M | $-14M | $-6M | $-54M | $-24M | $-18M | $-29M | $-25M | $-5M | $-16M | |
| EPS (Basic) | $-1.44 | $-0.71 | $-0.51 | $-0.78 | $-0.50 | $-0.27 | $-0.14 | $-0.18 | $-0.08 | $-1.14 | $-0.58 | $-0.45 | $-0.76 | $-0.65 | $-0.02 | $-0.56 | |
| EPS (Diluted) | $-1.44 | $-0.71 | $-0.43 | $-0.78 | $-0.50 | $-0.35 | $0.13 | $-0.27 | $-0.26 | $-1.14 | $-0.58 | $-0.45 | $-0.76 | $-0.65 | $-0.02 | $-0.56 | |
| Shares (Basic) | 110,684,720 | 108,790,941 | · | 85,885,516 | 85,347,677 | 85,067,855 | · | 77,909,441 | 71,912,323 | 47,860,757 | · | 39,720,007 | 38,576,394 | 38,077,251 | · | 29,296,333 | |
| Shares (Diluted) | 110,684,720 | 108,790,941 | · | 85,885,516 | 85,347,677 | 87,091,461 | · | 80,238,688 | 75,304,101 | 47,860,757 | · | 39,720,007 | 38,576,394 | 38,077,251 | · | 29,296,333 | |
| EBITDA | $-75M | $-59M | · | $-46M | $-41M | $-32M | · | $-25M | $-24M | $-22M | · | $-22M | $-29M | $-21M | · | $-17M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $655M | $263M | $258M | $20M | $33M | $83M | $274M | $295M | $243M | $252M | $100M | $118M | $117M | $129M | $142M | $155M | |
| Short-term Investments | $429M | $111M | $154M | $189M | $150M | $130M | $0 | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $8M | $7M | $8M | $7M | $6M | $9M | $8M | $4M | $5M | $3M | $4M | $2M | $3M | $3M | $4M | $2M | |
| Current Assets | $1.09B | $381M | $419M | $216M | $189M | $222M | $282M | $299M | $248M | $255M | $104M | $120M | $120M | $132M | $146M | $157M | |
| Goodwill | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | $527.0K | $1M | $2M | $3M | $4M | $4M | |
| Other Non-current Assets | $880.0K | $812.0K | $862.0K | $1M | $1M | $606.0K | $613.0K | $493.0K | $534.0K | $144.0K | $224.0K | $229.0K | $268.0K | $300.0K | $331.0K | · | |
| Total Assets | $1.11B | $401M | $440M | $237M | $265M | $275M | $302M | $320M | $268M | $276M | $125M | $142M | $142M | $156M | $170M | $181M | |
| Accounts Payable | $7M | $7M | $5M | $8M | $4M | $2M | $2M | $2M | $3M | $8M | $4M | $8M | $9M | $2M | $2M | $824.0K | |
| Accrued Liabilities | $37M | $25M | $20M | $19M | $15M | $11M | $13M | $9M | $8M | $10M | $12M | $10M | $10M | $7M | $6M | $7M | |
| Current Liabilities | $157M | $81M | $67M | $65M | $38M | $30M | $39M | $33M | $42M | $65M | $32M | $31M | $35M | $24M | $18M | $26M | |
| Other Non-current Liabilities | $549.0K | $559.0K | $496.0K | $519.0K | $543.0K | · | · | · | · | $15.0K | $32.0K | $349.0K | $992.0K | $1M | $1M | $1M | |
| Total Liabilities | $194M | $122M | $108M | $106M | $80M | $53M | $61M | $58M | $66M | $79M | $46M | $46M | $36M | $25M | $19M | $27M | |
| Total Debt | $36M | $41M | · | $40M | $41M | $22M | · | $24M | $24M | $14M | · | $14M | · | · | · | · | |
| Common Stock | · | · | · | · | · | · | · | $0 | $0 | · | $0 | · | · | · | · | · | |
| Retained Earnings | $-819M | $-660M | $-583M | $-532M | $-465M | $-422M | $-399M | $-364M | $-350M | $-345M | $-290M | $-266M | $-248M | $-219M | $-194M | $-190M | |
| AOCI | $417.0K | $824.0K | $1M | $1M | $807.0K | $802.0K | $819.0K | $821.0K | $833.0K | $836.0K | $343.0K | $777.0K | $362.0K | $641.0K | $627.0K | $743.0K | |
| Stockholders' Equity | $919M | $279M | $332M | $131M | $185M | $223M | $241M | $262M | $202M | $196M | $78M | $96M | $106M | $130M | $151M | $154M | |
| Liabilities + Equity | $1.11B | $401M | $440M | $237M | $265M | $275M | $302M | $320M | $268M | $276M | $125M | $142M | $142M | $156M | $170M | $181M | |
| Shares Outstanding | 134,365,950 | 104,044,508 | 98,776,265 | 76,774,057 | 75,803,251 | 75,511,375 | 75,100,763 | 81,590,491 | 72,075,076 | 71,163,720 | 41,101,303 | 40,094,708 | 38,807,159 | 38,290,111 | 37,979,136 | 37,541,115 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amort. of Intangibles | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $527.0K | $771.0K | $800.0K | $800.0K | $791.0K | $800.0K | $800.0K | |
| Operating Cash Flow | $-53M | $-43M | $-43M | $-30M | $-30M | $-29M | $-25M | $-17M | $-20M | $-17M | $-21M | $-17M | $-14M | $-13M | $-13M | $-9M | |
| Investing Cash Flow | $-317M | $42M | $35M | $15M | $-40M | $-162M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Stock Issued | · | · | $0 | $0 | · | · | $0 | $0 | · | · | $3M | $3M | $1M | $583.0K | $730.0K | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $583.0K | · | · | |
| Financing Cash Flow | $762M | $5M | $246M | $749.0K | $20M | $1M | $4M | $69M | $11M | $169M | $3M | $17M | $1M | $583.0K | $416.0K | $58M | |
| Net Change in Cash | $393M | $5M | $238M | $-13M | $-49M | $-191M | $-22M | $52M | $-9M | $153M | $-18M | $804.0K | $-13M | $-13M | $-12M | $49M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | · | · | · | -1858.6% | -2226.1% | -1624.8% | · | -4717.5% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | -1541.1% | -2222.0% | -1932.6% | · | -4579.2% | |
| Pretax Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -4579.2% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | -1858.6% | -2226.1% | -1624.8% | · | -4717.5% | |
| ROA | -23.1% | -22.8% | · | -24.2% | -16.0% | -8.5% | · | -5.9% | -2.9% | -25.2% | · | -11.1% | -21.1% | -16.3% | · | -18.2% | |
| ROE | -28.8% | -30.7% | · | -34.2% | -22.1% | -11.2% | · | -7.6% | -3.8% | -33.3% | · | -14.4% | -25.3% | -18.6% | · | -21.5% | |
| ROIC | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -11.1% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.9 | 4.7 | · | 3.3 | 5.0 | 7.3 | · | 9.0 | 5.9 | 3.9 | · | 3.9 | 3.4 | 5.5 | · | 6.0 | |
| Quick Ratio | 6.9 | 4.6 | · | 3.2 | 4.8 | 7.0 | · | 8.9 | 5.8 | 3.9 | · | 3.8 | 3.3 | 5.4 | · | 5.9 | |
| Debt / Equity | 0.0 | 0.1 | · | 0.3 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | · | · | · | · | |
| LT Debt / Equity | 0.0 | 0.1 | · | 0.3 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | · | · | · | · | |
| Interest Coverage | -60.9 | -47.6 | · | -35.8 | -17.5 | -53.4 | · | -34.1 | -52.5 | -51.2 | · | · | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $6.84 | $2.68 | · | $1.70 | $2.45 | $2.95 | · | $3.21 | $2.80 | $2.75 | · | $2.39 | $2.73 | $3.40 | · | $4.09 | |
| Revenue / Share | · | · | · | · | · | · | · | · | · | · | · | $0.03 | $0.03 | $0.03 | · | $0.01 | |
| Cash Flow / Share | · | $-0.39 | · | · | · | $-0.34 | · | · | · | $-0.35 | · | · | · | $-0.35 | · | · | |
| Cash / Share | $4.88 | $2.52 | · | $0.26 | $0.44 | $1.10 | · | $3.62 | $3.37 | $3.55 | · | $2.94 | $3.01 | $3.38 | · | $4.12 | |
| EPS (TTM) | $-3.36 | $-2.42 | · | $-1.50 | $-0.99 | $-0.75 | · | $-2.25 | $-2.43 | $-2.93 | · | $-1.88 | $-1.99 | $-1.83 | · | $-2.41 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5M | $5M | · | $5M | $5M | $5M | · | $5M | $5M | $5M | · | $5M | $4M | $3M | · | $276.0K | |
| Net Income TTM | $-354M | $-238M | · | $-168M | $-115M | $-78M | · | $-98M | $-102M | $-125M | · | $-77M | $-75M | $-63M | · | $-69M | |
| Market Cap | $6.32B | $1.97B | · | $905M | $492M | $442M | · | $464M | $520M | $669M | · | · | · | · | · | · | |
| Enterprise Value | $5.27B | $1.63B | · | $736M | $350M | $251M | · | $193M | $301M | $431M | · | · | · | · | · | · | |
| P/E | -14.0 | -7.8 | · | -7.9 | -6.6 | -7.8 | · | -2.5 | -3.0 | -3.2 | · | · | · | · | · | · | |
| P/S | 1306.4 | 406.5 | · | 187.1 | 101.7 | 91.3 | · | 96.0 | 107.4 | 138.3 | · | · | · | · | · | · | |
| P/B | 6.9 | 7.1 | · | 6.9 | 2.7 | 2.0 | · | 1.8 | 2.6 | 3.4 | · | · | · | · | · | · | |
| P / Tangible Book | 7.0 | 7.6 | · | 8.2 | 3.0 | 2.2 | · | 1.9 | 2.9 | 3.8 | · | · | · | · | · | · | |
| P / Cash Flow | · | -46.1 | · | · | · | -15.0 | · | · | · | -40.3 | · | · | · | · | · | · | |
| EV / Revenue | 1089.9 | 337.7 | · | 152.2 | 72.4 | 52.0 | · | 39.9 | 62.2 | 89.0 | · | · | · | · | · | · | |
| Earnings Yield | -7.1% | -12.8% | · | -12.7% | -15.2% | -12.8% | · | -39.5% | -33.7% | -31.2% | · | · | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Operating Margin % | · | · | -2012.6% | -4436.9% | 26143.2% |
| Net Income | $-184M | $-109M | $-96M | $-57M | $-93M |
| Diluted EPS | $-2.06 | $-1.54 | $-2.44 | $-1.84 | $-3.40 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | 0.2 | · | · |
| Current Ratio | 6.3 | 7.2 | 3.2 | 8.2 | 13.2 |
| Quick Ratio | 6.2 | 7.0 | 3.1 | 7.9 | 12.8 |
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 389 filers · $5.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 163 | 28 | 120 | 65 | · |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $528,392,511 | 11,232,834 | 10.30% | Shares |
| Avoro Capital Advisors LLC | $338,165,292 | 7,188,888 | 6.59% | Shares |
| Driehaus Capital Management LLC | $322,001,783 | 6,845,276 | 6.28% | Shares |
| Capital World Investors | $252,497,690 | 5,367,723 | 4.92% | Shares |
| FMR LLC | $223,577,402 | 4,752,921 | 4.36% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $171,482,802 | 3,644,813 | 3.34% | Shares |
| STATE STREET CORP | $144,195,946 | 3,065,390 | 2.81% | Shares |
| Capital International Investors | $139,398,806 | 2,963,410 | 2.72% | Shares |
| Octagon Capital Advisors LP | $138,768,000 | 2,950,000 | 2.71% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $138,755,487 | 2,949,734 | 2.71% | Shares |
| Deep Track Capital, LP | $129,360,000 | 2,750,000 | 2.52% | Shares |
| Commodore Capital LP | $94,080,000 | 2,000,000 | 1.83% | Shares |
| GOLDMAN SACHS GROUP INC | $84,712,079 | 1,800,852 | 1.65% | Shares |
| CITADEL ADVISORS LLC | $79,431,133 | 1,688,587 | 1.55% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $77,541,959 | 1,648,426 | 1.51% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $70,560,000 | 1,500,000 | 1.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $69,922,796 | 1,486,454 | 1.36% | Shares |
| JANUS HENDERSON GROUP PLC | $67,226,955 | 3,556,041 | 1.31% | Shares |
| Siren, L.L.C. | $66,772,951 | 1,419,493 | 1.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $65,216,256 | 1,386,400 | 1.27% | Call option |
| MARSHALL WACE, LLP | $61,102,420 | 1,298,946 | 1.19% | Shares |
| NORTHERN TRUST CORP | $55,000,956 | 1,169,238 | 1.07% | Shares |
| AMERIPRISE FINANCIAL INC | $54,018,997 | 1,148,363 | 1.05% | Shares |
| Nuveen, LLC | $51,993,971 | 1,105,314 | 1.01% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $50,971,415 | 1,083,576 | 0.99% | Shares |
| Woodline Partners LP | $47,211,273 | 1,003,641 | 0.92% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $47,040,000 | 1,000,000 | 0.92% | Shares |
| Boxer Capital Management, LLC | $46,969,440 | 998,500 | 0.92% | Shares |
| TWO SIGMA INVESTMENTS, LP | $43,362,319 | 921,818 | 0.85% | Shares |
| Balyasny Asset Management L.P. | $42,217,365 | 897,478 | 0.82% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $38,934,679 | 827,693 | 0.76% | Shares |
| Holocene Advisors, LP | $37,470,841 | 796,574 | 0.73% | Shares |
| AWM Investment Company, Inc. | $36,916,992 | 784,800 | 0.72% | Shares |
| Bank of New York Mellon Corp | $36,562,821 | 777,271 | 0.71% | Shares |
| Polar Capital Holdings Plc | $36,561,981 | 777,253 | 0.71% | Shares |
| ALLIANCEBERNSTEIN L.P. | $34,082,124 | 1,803,287 | 0.66% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $33,398,400 | 710,000 | 0.65% | Shares |
| NEUBERGER BERMAN GROUP LLC | $32,341,834 | 687,539 | 0.63% | Shares |
| Qube Research & Technologies Ltd | $32,123,663 | 682,901 | 0.63% | Shares |
| Candriam S.C.A. | $28,874,744 | 614,425 | 0.56% | Shares |
| ArrowMark Colorado Holdings LLC | $26,533,806 | 564,069 | 0.52% | Shares |
| Catalio Capital Management, LP | $26,468,091 | 562,672 | 0.52% | Shares |
| Blackstone Inc. | $26,418,228 | 561,612 | 0.52% | Shares |
| Integral Health Asset Management, LLC | $25,872,000 | 550,000 | 0.50% | Shares |
| BAMCO INC /NY/ | $24,465,880 | 520,108 | 0.48% | Shares |
| UBS Group AG | $23,494,928 | 499,467 | 0.46% | Shares |
| FRANKLIN RESOURCES INC | $22,871,742 | 486,219 | 0.45% | Shares |
| Point72 Asset Management, L.P. | $22,766,419 | 483,980 | 0.44% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $22,155,840 | 471,000 | 0.43% | Put option |
| Ensign Peak Advisors, Inc | $21,925,626 | 466,106 | 0.43% | Shares |
Company insiders 16 insiders · 9 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Robert Barrow | Chief Executive Officer | Sept. 25, 2026 S | 2,213,090 | 0 | 5 | $-3,981,146 |
| Brandi Roberts | Chief Financial Officer | Sept. 25, 2026 S | 394,528 | 0 | 2 | $-259,172 |
| Schond L. Greenway | Chief Financial Officer | March 25, 2024 F | 211,057 | 0 | 0 | $0 |
| Miri Halperin Wernli | Executive President | Aug. 21, 2024 M | 202,405 | 0 | 0 | $0 |
| Dan Karlin | Chief Medical Officer | Sept. 25, 2026 S | 792,846 | 0 | 4 | $-1,070,502 |
| Matthew T. Wiley | Chief Commercial Officer | Sept. 25, 2026 S | 359,036 | 0 | 2 | $-242,358 |
| Mark Sullivan | Chief Legal Officer | Sept. 25, 2026 S | 494,228 | 0 | 4 | $-1,445,540 |
| Carrie Liao | Chief Accounting Officer | March 25, 2025 S | 144,923 | 0 | 0 | $0 |
| Cynthia W. Hu | Chief Legal Officer&Secretary | March 24, 2022 A | 1,200,000 | 0 | 0 | $0 |
| Andreas Krebs | Director | Sept. 18, 2026 M | 21,402 | 0 | 0 | $0 |
| Carol A Vallone | Director | Sept. 18, 2026 M | 22,296 | 0 | 0 | $0 |
| Roger Adsett | Director | June 11, 2026 A | 3,555 | 0 | 0 | $0 |
| Roger Crystal | Director | June 11, 2026 A | 24,289 | 0 | 0 | $0 |
| Suzanne Louise Bruhn | Director | June 11, 2026 A | 24,289 | 0 | 0 | $0 |
| David W Gryska | Director | June 11, 2026 A | 19,900 | 0 | 0 | $0 |
| Brigid Makes | Director | June 1, 2022 A | 158,706 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 22 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 2.13% | 10,109 NS | July 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 1.18% | 12,558 NS | July 31, 2026 | N-PORT |
| IHE · iShares Trust | 1.12% | 479,902 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.36% | 139,235 SH | Aug. 19, 2026 | Daily |
| IBB · iShares Trust | 0.36% | 974,814 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.34% | 9,504 SH | Oct. 2, 2026 | Daily |
| IWO · iShares Trust | 0.32% | 1,221,670 SH | Sept. 11, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.31% | 90,473 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.20% | 86,461 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.19% | 748,959 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.18% | 62,307 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.16% | 3,329,545 SH | Sept. 11, 2026 | Daily |
| ESML · iShares Trust | 0.10% | 73,991 SH | Sept. 11, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.08% | 331,180 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.07% | 1,486,454 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.07% | 52,257 NS | July 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.06% | 103,206 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.04% | 6,834 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 17,940 SH | Oct. 2, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 10,703 SH | Aug. 19, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 34,866 SH | Sept. 10, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 161,931 SH | Sept. 11, 2026 | Daily |
DFTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
17 analysts · 2026-10-04Mean target $71.65 +91.6%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DFTX | $1.32B | -6.5 | 212.0% | · | -71.0% | · |
| BLTE | $6.29B | -69.2 | · | · | -16.9% | · |
| AMRX | · | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | · |
| MANE | · | · | · | · | 82.6% | · |
| EWTX | $2.64B | -15.2 | · | · | -30.2% | · |
| INDV | · | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| AMLX | $1.33B | -7.9 | -77.1% | · | -61.2% | · |
| LLY | · | 46.8 | 44.7% | 31.7% | 101.2% | · |
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