Seeking Alpha • Apr 17

Definium: 'Strong Buy' Maintained On Several Anticipated 2026 Milestones

Summary Definium Therapeutics, Inc. is maintained at a Strong Buy due to imminent 2026 catalysts and robust late-stage pipeline progress. DFTX expects three pivotal data readouts in 2026 from phase 3 trials of DT120 ODT for GAD and MDD, plus phase 2a data for DT402 in ASD. DT402 targets a large unmet need in adult ASD, leveraging a differentiated R(-)-MDMA profile with prior phase 1 safety validation. With $411.6M cash and no near-term funding needs, DFTX is well-positioned to execute through multiple clinical milestones into 2028. Read the full article on Seeking Alpha

Seeking Alpha • Apr 21

Mind Medicine: Initiating Hold Rating Due To Regulatory Challenges

Summary Initiating coverage on Mind Medicine with a Hold rating due to regulatory uncertainties around rescheduling Schedule I compounds for medical use. Despite strong cash resources and promising Phase 3 trials, regulatory delays could hinder MNMD's patient access and market entry. The global GAD, MDD, and ASD markets present significant growth opportunities, but MM120 faces competition and unique safety and scheduling issues. Positive Phase 3 outcomes could drive regulatory progress, but until FDA and DEA clear rescheduling, broad patient access and reimbursement remain uncertain. Read the full article on Seeking Alpha

Seeking Alpha • Jan 29

MindMed's LSD Anxiety Drug: Revisiting, Rethinking, But Maintaining My 'Hold' Call

Summary Mind Medicine (MindMed) Inc.'s stock has surged over 160% since my October 2022 “Hold” call, driven by positive Phase 2b data for MM120 in treating GAD. Despite financial stability and promising Phase 3 trials, significant hurdles remain, including DEA rescheduling of LSD and FDA approval challenges. The company faces issues with patenting naturally occurring substances and potential reluctance from insurers and physicians to adopt psychedelic therapies. While MindMed shows progress, I remain cautious due to regulatory and commercial obstacles, maintaining my “Hold” rating on MNMD amidst ongoing uncertainties. Read the full article on Seeking Alpha

Seeking Alpha • Nov 04

Mind Medicine: Two Pathways Created From One Pipeline Clinical Candidate

Summary Mind Medicine (MindMed) Inc. is advancing MM-120 for GAD with two phase 3 trials, VOYAGE and PANORAMA, starting in late 2024 and early 2025. MM-120 is also being tested for MDD in the phase 3 EMERGE study, starting in the first half of 2025, with data expected in late 2026. The company has secured funding through 2027, following a public offering, and burns approximately $24.5 million in cash per quarter. Investors should watch for key milestones in 2026 and consider risks related to trial outcomes and regulatory approval for MM-120 and MM-402. Read the full article on Seeking Alpha

Seeking Alpha • Aug 15

Psychedelic Stocks: Focus On Their Cash

Summary Jason Najum covers the psychedelic space and contextualizes recent news around the FDA, MDMA, PTSD, and Lykos Therapeutics. Why it may be a blessing in disguise for Cybin, COMPASS Pathways, and MindMed despite setbacks. Major players in the psychedelic medicine space are well-funded, moving into Phase 3 trials, with potential for significant milestones in the near future. Read the full article on Seeking Alpha

Seeking Alpha • Jun 05

MindMed: Despite MDMA Setback, Still Hope In Light Of Differentiating Factors

Summary Mind Medicine's (MindMed) results from phase 1 investigator-initiated trial, using MM-402 for the treatment of patients with Autism Spectrum Disorder, expected Q2 of 2024. The primary endpoint of the phase 2b MMED008 study met with statistical significance of HAM-A score over a 4-week period; Patients were given MM-120 to treat GAD. The global Generalized Anxiety Disorder treatment market is expected to reach $4.26 billion by 2033. MindMed has a backup candidate in its pipeline, MM-402, which still uses MDMA targeting for disorders, but with an improved safety profile; this would be MDMA types R[-]-MDMA, S[+]-MDMA and R/S-MDMA. Read the full article on Seeking Alpha

Seeking Alpha • Apr 04

Mind Medicine: GAD Program Success Continues With BTD And Positive Treatment Data

Summary Mind Medicine (MindMed) Inc. achieved positive results from phase 2b MMED008 study using MM-120 for the treatment of patients with generalized anxiety disorder. End-of-phase 2 meeting with the FDA for MM-120 program for GAD 1st half of 2024 and phase 3 trial initiation expected 2nd half of 2024. The global generalized anxiety disorder treatment market is expected to reach $4.26 billion by 2033. MM-402 is being advanced in a phase 1 study for the treatment of patients with ASD with results expected 1st half of 2024; The global autism spectrum disorder market could grow to $3.42 billion by 2030. Read the full article on Seeking Alpha

Seeking Alpha • Feb 02

Mind Medicine: Positive MM-120 Data Leads To Other 2024 Catalysts

Summary Primary endpoint met of HAM-A scores at week 4 met in phase 2b MMED008 study, when Generalized Anxiety Disorder patients were given MM-120. 12-week HAM-A results from phase 2b MMED008 study in GAD to be released end of Q1 of 2024 with full data set at upcoming medical meeting in 2024. End of phase 2 meeting with FDA to discuss advancement of MM-120 for GAD expected in the 1st half of 2024; Phase 3 trial initiation expected 2nd half of 2024. The generalized anxiety disorder market size is estimated to reach $8.1 billion by 2027. Read the full article on Seeking Alpha

Analysis Article • May 23

Mind Medicine (MindMed) (NASDAQ:MNMD) Is In A Good Position To Deliver On Growth Plans

Just because a business does not make any money, does not mean that the stock will go down. For example, although...

Analysis Article • Feb 07

We're Hopeful That Mind Medicine (MindMed) (NASDAQ:MNMD) Will Use Its Cash Wisely

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...

Seeking Alpha • Oct 19

MindMed: Not The Horse To Back If You're Looking To Buy Psychedelics

Summary MindMed is one of a handful of listed companies developing psychedelic drugs to treat depressive conditions. The company has two Phase 2 trials ongoing of the lead candidate - a formulation of LSD in GAD and ADHD. Results are expected in late 2023. A Phase 1 trial initiation for an MDMA based therapy in Autism Spectrum Disorder has also been promised. Some shareholders have turned on management, accusing it of lacking a coherent strategy. The company recently completed a reverse stock split to avoid delisting. Psychedelic drug developers face significant issues trying to get their drugs approved as they are controlled substances. Progress is being made, but it looks as though the market is passing on MindMed. Investment Overview I last covered MindMed (MNMD), a company developing "pharmaceutically optimized drug products derived from the psychedelic and empathogen drug classes", for Seeking Alpha back in July. In my last note, I discussed some of the difficulties facing drug developers working with psychedelic drugs - which include, besides MindMed, listed companies such as Compass Pathways (CMPS), Bright Minds Biosciences (DRUG), Atai Life Sciences (ATAI), Cybin Inc. (CYBN), and GH Research (GHRS). The biggest stumbling block is the fact that psychedelic substances such as LSD and MDMA - the substances behind MindMed's two lead products, MM-120, and MM-402 - are listed by the US' Drug Enforcement Agency ("DEA") as "controlled substances", and fall into the "Schedule 1" category. Schedule 1 drugs are defined as follows: Schedule I substances by definition have a high potential for abuse, have no currently "accepted medical use" in the United States, lack accepted safety for use under medical supervision, and may not be prescribed, marketed or sold in the United States. That means that additional permissions to work with the drugs must be sought and obtained, and also that before LSD or MDMA could be marketed for commercial medical use they would have to be rescheduled, which requires the approval of both the DEA and FDA. Another major issue is that it is hard to obtain patents for drugs like LSD, MDMA, or Psilocybin. According to an article from Harvard Law Review, there are several reasons for this. Psychedelics, for example, are "products of nature that should remain affordable and widely available". These drugs have also been used by indigenous communities for generations. Another objection is that awarding patents to a handful of companies may restrict or stifle innovation, and restrict access to therapies. Further adding to the difficulties is the fact that, although scientists worked with psychedelics in the '50s and '60s, they became banned substances in the '70s as a result of President Nixon's War on Drugs. In short, psychedelics is a tricky landscape to navigate, but it hasn't stopped the above companies from attempting to prove their usefulness and trying to secure patents for their use (under certain prescribed conditions such as at a designated clinic under the supervision of a trained psychotherapist), and secure approval for commercial medical use. Share price performance of selected companies developing psychedelic drugs. (TradingView) As we can see above, however, over the past year the falling share prices of these companies illustrates the difficulty of the mountainous task faced and the market's fading belief that it can be scaled successfully. MindMed's share price has been the hardest hit. As I predicted they might be in my previous note, MindMed was forced to complete a 1-15 reverse stock split at the end of August in order to regain compliance with Nasdaq listing laws (which require share prices to trade >$1) although the share price has sunk from a price of $15 post split, to just $3 at the time of writing. With the stock price currently so cheap, despite the headwinds listed above, is there still a case for investing in the company? In this post, I'll examine recent progress in some more detail and speculate about whether there may be a case for an upside. Market Overview The use of psychedelics to treat depressive diseases certainly has its advocates and has always done so historically - in 21 studies prior to 1974, LSD use led to a 95% reduction in symptoms in a patient population of 512 patients with anxiety, depression, and neurotic illnesses, according to data shared in a recent MindMed investor presentation. The hard part has been winning mainstream approval for the use of psychedelics to treat mainstream conditions, although there are signs that may be changing. The FDA has designated MDMA and Psilocybin as "Breakthrough Therapies - in 2017 and 2018 respectively - there are several non-profit organisations promoting their medical use and some representation within government. Sports personalities - such as ice-hockey player Daniel Carcillo, who has founded a psilocybin startup, and NFL star Aaron Rodgers, who has spoken about using Ayahuasca to improve his performances -have helped to spread the message. Psilocybin and Ayahuasca are also seen as a potential solution to the mental health crisis amongst veterans, illustrated by the emergence of the Heroic Hearts Project, which runs Ayahuasca retreats and is working with Imperial College London to study Psilocybin as a means of treating head trauma and post traumatic stress disorder ("PTSD"). The market for psychedelic drugs has been estimated to be ~$3.2bn, rising to $6.3bn by 2026 as their value becomes increasingly recognised for treatment of different types of depressive treatments, such as bi-polar, suicidal ideation, drug and alcohol dependence, and anxiety. Johnson & Johnson's (JNJ) nasal spray Spravato - chemically similar to the party drug ketamine - was approved for commercialisation in 2019, although JNJ has not been sharing sales figures and the market has apparently been sceptical. Relmada's depression candidate REL-1017 - which has a similar mechanism of action to Spravato - failed to meet endpoints in a pivotal study last week. To summarise, treating depressive disorders is big business for Big Pharmas - Eli Lilly's (LLY) Zyprexa, indicated for schizophrenia is a >$400m per annum seller, and AbbVie's (ABBV) Vraylar earned revenues of >$1.7bn in 2021 for example - and for smaller commercial-stage biotechs - Vanda Pharmaceuticals (VNDA) Fanapt, and Intra-Cellular's (ITCI) Caplyta, both generate >$100m revenues per annum. If psychedelic drug developers could find a way to prove its drugs work, win an FDA approval, and have the drug reclassified from Schedule 1 to Schedule 2 (or 3, 4, or 5) there is a market ready to exploit, given that, despite their ability to drive sales, most approved depressive condition drugs have a very limited clinical benefit - the bar for approval is therefore set low. Pharmas have generally been uninterested in developing psychedelic drugs since they are difficult to obtain patents for, meaning the return on investment is much lower, but companies such as MindMed and Compass Pathways are finding creative ways to patent the overall treatment experience, rather than the drug itself, although many of MindMed's 26 pending US applications are in traditional areas such as compositions of matter, methods of treatment, as well as diagnostic devices and analytics related to psychedelics. MindMed's Potential Path To Approval On its Q222 earnings call, MindMed advised analysts that after a review of its pipeline assets it had decided to focus resources specifically on just two assets - MM120 - LSD D-tartrate - and MM402 - MDMA. That means that development of MM-110 - Zolunicant hydrochloride, a derivative of ibogaine - indicated for opioid withdrawal - has been halted for the time being. MM-110 had returned positive data from a Phase 1 placebo controlled study of 108 healthy volunteers, but the FDA subsequently requested additional preclinical characterisation of the drug, which must be completed before a Phase 2a study can begin. MM120 - a proprietary pharmaceutically optimized form of lysergic acid diethylamide ("LSD") - is being developed for both Generalized Anxiety Disorder ("GAD") and Attention Deficit Hyperactivity Disorder ("ADHD"). In GAD, a Phase 2b study has been initiated which uses doses of 25mg, 50mg, 100mg, and 200mg over a 4-week period, with follow-ups at 8 and 12 weeks. Enrollment target is 200 patients, and primary endpoint is the Hamilton Anxiety Rating Scale (HAM-A), with secondary endpoints being other depression rating scales such as the Montgomery-Åsberg Depression Rating Scale ("MADRS"). In ADHD the dose level will be 20mg q3d over a 6-week period, with a follow up at 10 weeks. The Primary Endpoint will be Adult ADHD Investigator Symptom Rating Scale ("AISRS"). Results from each trial are not expected until late 2023, however, presumably due to the difficulty of enrolling patients. The conditions of administration are almost as important as the drug itself, with continual monitoring of the patients through pre-treatment, treatment, and post-treatment, plus professional psychological support if necessary, remote monitoring, and monitored sessions. In collaboration with the University Hospital Basel, MindMed has been carrying out a Phase 2, placebo controlled, investigator initiated clinical trial of LSD and the treatment of anxiety disorders at London's PSYCH Symposium. On the Q222 earnings call, MindMed management reported that: The study drug was well tolerated and then a dose of 200 micrograms resulted in significant and strong reductions of Global State-Trait Anxiety Inventory, or STAI-G 16-weeks after treatment in the between subjects analysis, with a statistically significant improvement from baseline compared to placebo. This is important because it shows that LSD can have a positive effect and suggests that the two ongoing clinical trials can deliver the required results to make a push for FDA authorisation a genuine possibility. Compass Pathways has also returned positive data from a Phase 2 trial of its psilocybin formulation, using a similar "monitored sessions" approach, even providing music, soft furnishings and a psychologist on hand at all times. In summary, MindMed ought to have a good chance of success in these trials, but in the meantime, the company must deal with more severe headwinds that threaten to overwhelm the company. On the MM-402 front, management discusses some positive preclinical data on its last earnings call, and adds that: In addition to our collaboration with University Hospital Basel, we expect to initiate a comparative Phase 1 pharmacokinetics and pharmacodynamics trial of RS and recite MDMA and healthy volunteers in the third quarter of 2022. Objections to MindMed's Approach From Former CMO So far in this post, we have dealt mainly with the positive aspects of MindMed's business - and actually, there is a further positive in the fact that management says it has a cash runway that ought to last until 2025, taking in the clinical readouts in the GAD and ADHD studies with MM-120. What, then is the reason for the rapidly declining share price? Most of all, in my view, it relates to two things - the market's lack of belief that the FDA - or overseas governments - will permit psychedelic drugs to be approved and rescheduled, and the market's lack of faith in MindMed's management.

Seeking Alpha • Sep 27

MindMed announces proposed public offering of common shares

Mind Medicine (MiniMed) (NASDAQ:MNMD) said it expects to offer and sell common shares along with warrants in an underwritten public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering, the company said. RBC Capital Markets and Cantor are acting as lead joint book-running managers for the offering.

Snowflake Score
Valuation	2/6
Future Growth	2/6
Past Performance	0/6
Financial Health	5/6
Dividends	0/6

Historical stock prices
Current Share Price	US$21.40
52 Week High	US$26.25
52 Week Low	US$6.16
Beta	2.38
1 Month Change	-0.60%
3 Month Change	23.20%
1 Year Change	231.78%
3 Year Change	577.22%
5 Year Change	-56.90%
Change since IPO	145.72%

	DFTX	US Pharmaceuticals	US Market
7D	-1.6%	-1.5%	2.6%
1Y	231.8%	30.4%	26.2%

DFTX volatility
DFTX Average Weekly Movement	7.4%
Pharmaceuticals Industry Average Movement	9.9%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.1%
10% least volatile stocks in US Market	3.2%

DFTX fundamental statistics
Market cap	US$2.40b
Earnings (TTM)	-US$237.54m
Revenue (TTM)	n/a

DFTX income statement (TTM)
Revenue	US$0
Cost of Revenue	US$0
Gross Profit	US$0
Other Expenses	US$237.54m
Earnings	-US$237.54m

Earnings per share (EPS)	-2.18
Gross Margin	0.00%
Net Profit Margin	0.00%
Debt/Equity Ratio	14.6%

Data	Last Updated (UTC time)
Company Analysis	2026/05/11 10:19
End of Day Share Price	2026/05/11 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Joel Beatty	Baird
null null	Baird
Christopher Chen	Baird

Definium Therapeutics (DFTX) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

Pivotal Phase III Readouts And Breakthrough Status Will Redefine Psychedelic Psychiatry Potential

Phase III Psychedelic Readouts And Breakthrough Status Will Reshape Anxiety And Depression Treatment

Psychedelic Trial Setbacks And Costly REMS Model Will Test This Long Term Opportunity

Top Analyst Narratives

Pivotal Phase III Readouts And Breakthrough Status Will Redefine Psychedelic Psychiatry Potential

Phase III Psychedelic Readouts And Breakthrough Status Will Reshape Anxiety And Depression Treatment

Psychedelic Trial Setbacks And Costly REMS Model Will Test This Long Term Opportunity

Definium Therapeutics, Inc. Competitors

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Nektar Therapeutics

Tarsus Pharmaceuticals

Price History & Performance

Recent News & Updates

Definium Therapeutics Awaits Three Pivotal Phase III Results for DT120 ODT in 2026

Price target increased by 7.8% to US$39.53

Definium Therapeutics, Inc., Annual General Meeting, Jun 11, 2026

Definium Therapeutics Highlights Clinical Advancements And Commercial Strategy For DT120 ODT

Definium: 'Strong Buy' Maintained On Several Anticipated 2026 Milestones

Phase III Psychedelic Readouts And Breakthrough Status Will Reshape Anxiety And Depression Treatment

Recent updates

Definium Therapeutics Awaits Three Pivotal Phase III Results for DT120 ODT in 2026

Price target increased by 7.8% to US$39.53

Definium Therapeutics, Inc., Annual General Meeting, Jun 11, 2026

Definium Therapeutics Highlights Clinical Advancements And Commercial Strategy For DT120 ODT

Definium: 'Strong Buy' Maintained On Several Anticipated 2026 Milestones

Phase III Psychedelic Readouts And Breakthrough Status Will Reshape Anxiety And Depression Treatment

CEO & Director notifies of intention to sell stock

Pivotal Phase III Readouts And Breakthrough Status Will Redefine Psychedelic Psychiatry Potential

Psychedelic Trial Setbacks And Costly REMS Model Will Test This Long Term Opportunity

Price target increased by 8.9% to US$34.14

New minor risk - Profitability

Forecast to breakeven in 2028

Definium Therapeutics, Inc. to Report Q4, 2025 Results on Feb 26, 2026

Price target increased by 11% to US$31.75

Definium Therapeutics Appoints Roger Adsett to Board of Directors, Effective from January 29, 2025

Deinium Therapeutics, Inc. Announces Topline Data from Three Phase 3 Studies Evaluating Dt120 Orally Disintegrating Tablet (ODT) for GAD and MDD

CEO & Director notifies of intention to sell stock

Price target increased by 12% to US$28.67

New major risk - Shareholder dilution

Mind Medicine (MindMed) Inc. to Report Q3, 2025 Results on Nov 06, 2025

Mind Medicine (MindMed) Inc. has completed a Follow-on Equity Offering in the amount of $225.09375 million.

CEO & Director notifies of intention to sell stock

Mind Medicine (MindMed) Inc. Presents Results from a Cross-Border Retrospective Study of More Than 75,000 Respondents from the 2022 National Health and Wellness Survey at the Psych Congress 2025

Mind Medicine (MindMed) Inc. Announces Full Results from the Company's Positive Phase 2B Study of MM120 (Lysergide D-Tartrate, LSD) in Generalized Anxiety Disorder

Mind Medicine (MindMed) Inc. to Report Q2, 2025 Results on Jul 31, 2025

CEO & Director notifies of intention to sell stock

Mind Medicine (MindMed) Inc. Appoints Brandi L. Roberts as Chief Financial Officer, Effective June 2, 2025

Mind Medicine (MindMed) Inc., Annual General Meeting, Jun 12, 2025

Mind Medicine (MindMed) Inc. to Report Q1, 2025 Results on May 08, 2025

Mind Medicine: Initiating Hold Rating Due To Regulatory Challenges

Mind Medicine (MindMed) Inc. Announces First Patient Dosed in Phase 3 Emerge Study of Mm120 in Major Depressive Disorder

Mindmed Appoints Matt Wiley as Chief Commercial Officer

Mind Medicine (MindMed) Inc. to Report Q4, 2024 Results on Mar 06, 2025

Mindmed Announces First Patient Dosed in Panorama, the Second Pivotal Phase 3 Study of Mm120 in Generalized Anxiety Disorder

MindMed's LSD Anxiety Drug: Revisiting, Rethinking, But Maintaining My 'Hold' Call

Mind Medicine Inc. Terminates Employment of Miri Halperin Wernli, Executive President, Effective February 28, 2025

Mind Medicine (MindMed) Inc. Announces First Patient Dosed in Phase 3 Voyage Study of Mm120 in Generalized Anxiety Disorder

Mind Medicine (Mindmed) Inc. Presents Encore Data from Its Phase 2B Study of MM120

Mind Medicine (MindMed) Inc. Appoints Gregg Pratt, Ph.D. as Chief Regulatory and Quality Assurance Officer

New minor risk - Share price stability

Mind Medicine: Two Pathways Created From One Pipeline Clinical Candidate

CEO & Director notifies of intention to sell stock

Price target increased by 9.3% to US$26.50

Executive President exercised options and sold US$81k worth of stock

Mind Medicine (Mindmed) Inc. Presents Phase 2B Study of Mm120 for Generalized Anxiety Disorder (Gad) At American Psychiatric Association

Psychedelic Stocks: Focus On Their Cash

Mind Medicine (MindMed) Inc. has completed a Follow-on Equity Offering in the amount of $74.998573 million.

Mind Medicine (MindMed) Inc. has filed a Follow-on Equity Offering.

Mind Medicine (MindMed) Inc. to Report Q2, 2024 Results on Aug 13, 2024

Mindmed Appoints Stephanie Fagan as Chief Corporate Affairs Officer

Mind Medicine (MindMed) Inc. Announces Issuance of New Patent for MM120 Orally Disintegrating Tablet (ODT)

Mind Medicine (MindMed) Inc.(NasdaqGS:MNMD) dropped from Russell 3000E Value Index

Mind Medicine (MindMed) Inc Announces Constructive End-of-Phase 2 Meeting with U.S. FDA for MM120 in Generalized Anxiety Disorder (GAD)

MindMed: Despite MDMA Setback, Still Hope In Light Of Differentiating Factors

Mind Medicine (MindMed) Inc., Annual General Meeting, Jun 10, 2024