# Definium Therapeutics, Inc. (DFTX)

> Source: Nexqual · https://nexqual.com/DFTX · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Definium Therapeutics, Inc. (DFTX), nexqual.com/DFTX" · informational, not investment advice.

**Price:** USD 38.1 (+2.75% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 37.08 · day 36.79–38.43 · 52w 10.47–49.7 · market cap $5.12B · NMS

## Key facts
- Analysts: Buy (mean 1.74 on a 1–5 scale) (19 analysts), mean target USD 72.56 (range 55–91).
- Total return with dividends: 1Y +195.1% vs S&P 500 +13.6%; 5Y +0.8% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.56, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$93.9M | -$66.3M | -$93.9M | -$104M | -$166M | -$228M |
| Net income | -$93.0M | -$56.8M | -$95.7M | -$109M | -$184M | -$354M |
| EPS (diluted) | -$3.40 | -$1.84 | -$2.44 | -$1.54 | -$2.06 | — |
| Cash + short-term investments | $134M | $142M | $99.7M | $274M | $412M | — |
| Total debt | — | — | $14.1M | $21.9M | $40.6M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 5.6x · Earnings yield -6.91% · Net cash $1.05B · EV $4.07B

## Analysts
Consensus Buy (mean 1.74 on a 1–5 scale), 19 analysts; mean target USD 72.56 (low 55, high 91).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | JP Morgan | Initiated | Overweight | $84 |
| 2026-09-15 | Canaccord Genuity | Target raised | Buy | $64 → $78 |
| 2026-09-15 | Baird | Target raised | Outperform | $75 → $79 |
| 2026-09-14 | HC Wainwright & Co. | Reiterated | Buy | $70 |
| 2026-09-14 | Needham | Reiterated | Buy | $66 |
| 2026-09-11 | RBC Capital | Reiterated | Outperform | $66 |
| 2026-08-18 | B of A Securities | Initiated | Buy | $75 |
| 2026-08-14 | Maxim Group | Target raised | Buy | $50 → $55 |
| 2026-08-13 | Jones Trading | Target raised | Buy | $74 → $90 |
| 2026-08-13 | Canaccord Genuity | Target raised | Buy | $58 → $64 |
| 2026-08-13 | RBC Capital | Target raised | Outperform | $57 → $66 |
| 2026-08-13 | Wells Fargo | Target raised | Overweight | $68 → $72 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +195.1% | +0.8% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +196.2% | +0.2% |
| Volatility (annualized) | 71.7% | 83.1% |
| Max drawdown | -33.8% (Jul 2026→Oct 2026) | -94.9% (Nov 2021→Dec 2022) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/DFTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DFTX's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1813814/000119312526076742/dftx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | K2 HealthVentures | "On April 18, 2025 (the "Effective Date"), we entered into the First Amendment to the Loan Agreement with K2HV (as amended, the "Amended Loan Agreement")." |
| Partner | Leerink Partners | "On March 7, 2024, we entered into an underwriting agreement with Leerink Partners LLC and Cantor Fitzgerald & Co., as representatives of the underwriters named therein, in connection with the issuance and sale by us in a…" |
| Partner | Evercore Inc. (EVR) | "On August 9, 2024, we entered into an underwriting agreement with Leerink Partners LLC and Evercore Group L.L.C., as representatives of the several underwriters named therein, in connection with an offering of (i) our co…" |
| Partner | Ankura Trust Company | "On August 11, 2023, we entered into the Loan Agreement with K2HV as administrative agent and Canadian collateral agent for lenders thereunder, and Ankura Trust Company, LLC, as collateral trustee for the Lenders, providi…" |

## Company outlook (8-K filed 2026-08-06)

- "Panorama results anticipated September 2026 Approximately $1.1 billion in cash, cash equivalents, and investments as of June 30, 2026 Conference call scheduled today at 4:30 p.m."
- "Topline data anticipated the week of August 10, 2026. ▪ Completed enrollment of Phase 3 Panorama study (GAD) with 245 participants randomized 2:1:2 to receive DT120 ODT 100 µg, DT120 ODT 50 µg control, or placebo."
- "Topline data anticipated in September 2026. ▪ Initiated enrollment of Phase 3 Ascend study (MDD)."
- "The trial is expected to enroll approximately 165 participants randomized 2:1:2 to receive DT120 ODT 100 µg, DT120 ODT 50 µg control, or placebo."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.56 | $-0.52 | −$0.04 | $0 | 14 |
| Next quarter (ends 2026-12-31) | $-0.53 | $-0.44 | −$0.09 | $0 | 14 |
| Current fiscal year (ends 2026-12-31) | $-3.19 | $-2.21 | −$0.98 | $0 | 15 |
| Next fiscal year (ends 2027-12-31) | $-1.94 | $-1.48 | −$0.46 | $29.3M | 14 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$1.44 | −$0.55 | Miss −161.8% | — |
| — | Quarter ended Mar 31, 2026 | −$0.71 | −$0.49 | Miss −44.9% | — |
| — | Quarter ended Dec 31, 2025 | −$0.50 | −$0.49 | Miss −2.0% | — |
| — | Quarter ended Sep 30, 2025 | −$0.78 | −$0.50 | Miss −56.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-14 | 8-K | Regulation FD disclosure; Other material event — “On September 14, 2026, the Company posted a presentation discussing the Panorama topline data (the "Presentation") to its website. A copy of the Presentation is attached as Exhibit 99.2 hereto, and is incorporated by reference into this Item 8.01.” | https://www.sec.gov/Archives/edgar/data/1813814/000110465926107275/0001104659-26-107275-index.htm |
| 2026-09-08 | 8-K | Other material event — “On September 8, 2026, Definium Therapeutics, Inc. (the "Company") issued a press release (the "Press Release") announcing that the U.S. Food and Drug Administration has granted breakthrough designation to the Company's DT120 ODT program for the treatment of major depressive disorder. A copy of the Press Release is attached as Exhibit 99.1 hereto, and is incorporated by reference herein.” | https://www.sec.gov/Archives/edgar/data/1813814/000119312526384403/0001193125-26-384403-index.htm |
| 2026-08-14 | Schedule 13G/A | Commodore Capital LP, Commodore Capital Master LP: 1.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1813814/000183194226000034/0001831942-26-000034-index.htm |
| 2026-08-14 | Schedule 13G/A | DRIEHAUS CAPITAL MANAGEMENT LLC: 5.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1813814/000093820626000039/0000938206-26-000039-index.htm |
| 2026-08-12 | 8-K | Regulation FD disclosure; Other material event — “On August 12, 2026, the Company posted a presentation discussing the Voyage topline data (the "Presentation") to its website. A copy of the Presentation is attached as Exhibit 99.2 hereto, and is incorporated by reference into this Item 8.01.” | https://www.sec.gov/Archives/edgar/data/1813814/000110465926094528/0001104659-26-094528-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1813814/000119312526338066/0001193125-26-338066-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1813814/000119312526338006/0001193125-26-338006-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.