Value Investor
Start free

Definium Therapeutics

DFTX on Nasdaq. Definium Therapeutics develops psychedelic-based drugs for treating anxiety and depression in adults. Market value $4.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$35.62 a share, 240% above its 1-year low

Over the past year the price has ranged from $10.47 to $49.70.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/a0.180.090.12
Shares outstanding
0.04bn0.04bn0.07bn0.10bn0.13bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • Debt0.12× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 258% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $159 million, compared with a loss of $43 million a year ago.
  • 30% more shares than a year ago. Each share owns a bit less of the company.
  • It has $619 million more cash than debt. A year ago debt was $8 million more than cash.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$14m
December 2024-$35m
March 2025-$23m
June 2025-$43m
September 2025-$67m
December 2025-$50m
March 2026-$77m
June 2026-$159m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

3 long-term investors we follow own it, up from 2 last quarter. 360 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $7m, $7m of it under preset trading plans.

  • Karlin Daniel
    Chief Medical Officer, Director
    Sold
    under a preset trading plan
    Date
    25 September 2026
    Shares
    10,853
    Price
    $36.57
    Value
    $396,894
  • Barrow Robert
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    25 September 2026
    Shares
    31,550
    Price
    $36.57
    Value
    $1m
  • Wiley Matthew T.
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    25 September 2026
    Shares
    3,097
    Price
    $36.57
    Value
    $113,257
  • Sullivan Mark
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    25 September 2026
    Shares
    14,051
    Price
    $36.57
    Value
    $513,845
  • Roberts Brandi
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    25 September 2026
    Shares
    3,377
    Price
    $36.57
    Value
    $123,497
  • Barrow Robert
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    19,023
    Price
    $37.94
    Value
    $721,733
  • Sullivan Mark
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    25 June 2026
    Shares
    13,008
    Price
    $45.03
    Value
    $585,750
  • Karlin Daniel
    Chief Medical Officer
    Sold
    under a preset trading plan
    Date
    25 June 2026
    Shares
    10,035
    Price
    $45.03
    Value
    $451,876
  • Roberts Brandi
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    25 June 2026
    Shares
    3,013
    Price
    $45.03
    Value
    $135,675
  • Barrow Robert
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    25 June 2026
    Shares
    29,208
    Price
    $45.03
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 11 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.