10-K · February 26, 2026
Definium Therapeutics (formerly MindMed) is a clinical-stage biopharmaceutical company advancing DT120 (lysergide ODT) through Phase 3 trials for GAD and MDD and developing DT402 (R(-)-MDMA) for ASD. The 10-K highlights…
Earnings analysis · 10-Q
DFTX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Definium Therapeutics reported a substantially increased net loss of $77.1 million for Q1 2026, marking a 231% increase compared to $23.3 million in the same period last year. The company did not generate any revenue…
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Definium Therapeutics reported a substantially increased net loss of $77.1 million for Q1 2026, marking a 231% increase compared to $23.3 million in the same period last year. The company did not generate any revenue this quarter, which aligns with its ongoing reliance on external funding to support its extensive R&D programs in clinical trials. Management anticipates a robust cash position will sustain operations through 2028, despite escalating operating losses and expenses.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.71
What stood out
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Significant Increase in Net Loss
Net loss rose to $77.1 million in Q1 2026 from $23.3 million in Q1 2025, a 231% increase.
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R&D Expenses Surge
Research and development expenses increased by 78% year-over-year, from $23.4 million to $41.5 million.
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Liquidity Improvement
Cash, cash equivalents and investments stood at $373.4 million as of March 31, 2026, sufficient to fund operations until 2028.
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Operational Cash Flow Decline
Operating cash flow worsened to $(42.6) million in Q1 2026 from $(29.4) million in Q1 2025.
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Increase in G&A Expenses
General and administrative expenses doubled to $17.7 million, compared to $8.8 million the previous year.
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Interest Income Growth
Interest income grew to $3.5 million, up from $2.4 million in the same quarter last year.
What to watch
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Continued Operational Losses
Net loss of $77.1 million highlights ongoing operational challenges with no revenue generation.
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High Cash Burn Rate
Cash used in operating activities increased to $42.6 million in Q1 2026, which raises concerns about financial sustainability.
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Dependence on Future Funding
The company has not generated revenue and is reliant on external financing which could dilute shareholders.
Management's outlook
Management expects sufficient cash flow to fund operations into 2028.
Earlier filings 4
10-Q · July 31, 2025
MindMed reported sharply higher R&D spend and widening operating losses in Q2 2025. R&D expense rose to $29.8M (Q2 2025) from $14.6M (Q2 2024), driving total operating expense of $40.9M vs $24.5M a year earlier and a Q2…
10-Q · May 8, 2024
MindMed reported a materially stronger liquidity position following an equity raise but materially wider GAAP loss in Q1 2024. Cash and cash equivalents increased to $252,332k (from $99,704k at 12/31/23) largely from…
10-K · February 28, 2024
Mind Medicine (MindMed) reported positive Phase 2b topline results for lead candidate MM120 in GAD (statistically significant, dose-dependent improvement) and is preparing for regulatory interactions and Phase 3…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.