Start here if you're new
what it is
Definium Therapeutics is trying to turn psychedelic-inspired medicines into treatments for depression, anxiety, and autism.
how it gets paid
Last year Definium Therap made n/a in revenue.
what just happened
FY2024 EPS was -$1.54, better than 2023, but still a loss.
At a glance
B balance sheet — gets the job done, barely
-$1.54 fy2024 eps est
1.9 beta
~$2B market cap
small cap
xvary composite: 55/100 — below average
What they do
Definium Therapeutics is trying to turn psychedelic-inspired medicines into treatments for depression, anxiety, and autism.
DT120 is in Phase 3, which means the drug is in the last big human test before regulators decide. FDA breakthrough therapy designation means the agency gives it faster attention, not approval. You are betting on 2 named assets and 74 employees, so one good readout matters more than a big sales force.
How they make money
n/a
annual revenue
The products that matter
lead clinical candidate
DT120 Program
management flagged it on the q4 2025 call
management said it is making substantial investments here, inside a business still expected to generate $0 revenue in 2026.
capital intensive
late-stage trial portfolio
Phase 3 Pipeline
3 readouts expected in 2026
three Phase 3 trial results are expected in 2026. for a company losing $184M a year, those are not routine updates — they are valuation events.
binary catalysts
balance sheet support
Funding Capacity
$40M long-term debt
the modest $40M debt load helps, but it doesn't solve the core issue: a pre-revenue company still has to fund clinical work while carrying a $184M annual loss.
watch cash burn
Key numbers
$2B
market cap
Market cap means what the market pays for the whole company. You are paying $2B for two clinical bets.
1.9
beta
Beta means stock swing size versus the market. At 1.9, the shares move about twice as hard as the index.
$40M
debt
Long-term debt means money the company owes later. $40M is small next to a $2B market cap, but it still eats flexibility.
74
employees
Headcount means how many people are building the pipeline. Seventy-four people are carrying a $2B story.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $40M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for DFTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
FY2024 EPS was -$1.54, better than 2023, but still a loss.
Quarterly EPS was -$0.41 in Q4 2024. That was less bad than the -$1.14 loss in Q1 2024 and worse than the -$0.26 loss in Q2 2024.
-$1.54
fy eps
-$0.41
q4 eps
-$2.44
2023 eps
loss per share
FY2024 EPS improved to -$1.54 from -$2.44, but you still own a company that loses money.
source: quarterly EPS history, 2024
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the top risk is Phase 3 failure or delay across a pre-revenue pipeline.
high
phase 3 readouts fail or slip
three Phase 3 trial results are expected in 2026. with $0 revenue forecast, those studies are the asset base in practice.
bad data or a material delay would leave a $2B valuation leaning on a company with no commercial revenue.
high
cash burn forces new financing
the company lost $184M in FY2025 after losing $109M the year before. even with only $40M of long-term debt, clinical programs still need funding.
if capital has to be raised before the pipeline de-risks, existing shareholders likely fund it.
med
premium valuation without revenue
DFTX trades at 5.3x book value versus 4.9x for peers and 2.2x for the wider industry, while analysts still model $0 revenue for 2026.
if the market stops paying a premium for the pipeline, multiple compression can do damage even before trial data lands.
a $2B market cap, $0 revenue forecast, and $184M annual loss is not a normal operating profile — it is a bet that three Phase 3 trials arrive on time and work.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
the Phase 3 calendar
three late-stage readouts are expected in 2026. this is the schedule the whole valuation is pinned to.
valuation
whether 5.3x book keeps holding
that multiple already sits above the 4.9x peer average and well above the 2.2x industry average.
cash burn
losses after the jump to $184M
the annual loss widened by $75M from the prior year. if that trend continues, funding risk moves from background noise to headline risk.
street view
analyst enthusiasm versus operating reality
22 analysts cover the name and the average target is $37.27. that optimism only works if the trial calendar cooperates.
Analyst rankings
street coverage
22 analysts
in human-speak, this is not an ignored biotech. plenty of people are modeling the upside already.
average price target
$37.27
that sits far above the current $16.51 price. the quiet part: the street is underwriting successful data before the company has revenue.
what matters more than ranks
trial timing
analyst sentiment can support the story for a while. Phase 3 results decide whether the story survives.
source: institutional data
Institutional activity
institutional ownership data for DFTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive