Detailed financial statements for Definium Therapeutics, Inc. (DFTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Definium Therapeutics, Inc. operates as a clinical-stage biopharmaceutical firm dedicated to developing innovative therapeutic solutions for various brain health and neurological disorders. Its pipeline features key experimental drug candidates like MM120, which is currently undergoing Phase 3 clinical trials for generalized anxiety disorder (GAD) and attention deficit hyperactivity disorder (ADHD).
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At $35.68 (closing price, October 28, 2026), DFTX has negative trailing earnings (P/E not meaningful) and an ROE of -85.23%. Market capitalisation stands at $4.8B.
Balance sheet quality for DFTX: current ratio of 6.3. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $5,501 | $6,682 | $6,684 | 0 | 0 | 0 | $3.2M | $527,000 | 0 |
| Gross Profit | 0 | -$5,501 | -$6,682 | -$6,684 | 0 | 0 | 0 | -$3.2M | -$527,000 | 0 |
| Research & Development | 0 | 0 | 0 | 0 | $18.6M | $34.8M | $36.2M | $49.0M | $65.3M | $117.7M |
| Selling, General & Admin | $111,252 | $1.2M | $855,262 | $461,501 | $14.4M | $59.1M | $30.2M | $41.7M | $38.6M | $48.6M |
| Operating Expenses | $111,252 | $1.2M | $855,262 | $461,501 | $33.0M | $93.9M | $66.3M | $90.7M | $103.4M | $166.3M |
| Operating Income | -$111,250 | -$1.2M | -$861,940 | -$468,180 | -$33.0M | -$93.9M | -$66.3M | -$93.9M | -$103.9M | -$166.3M |
| EBITDA | -$111,250 | -$1.5M | -$851,262 | -$1.1M | -$33.2M | -$91.2M | -$52.1M | -$92.6M | -$105.9M | -$178.3M |
| Interest Expense | 0 | 0 | 0 | 0 | $164,000 | $359,000 | $1.5M | $920,000 | $2.3M | $5.5M |
| Pre-tax Income | -$179,900 | -$1.2M | -$857,944 | -$1.1M | -$33.9M | -$94.2M | -$56.8M | -$95.7M | -$108.7M | -$183.8M |
| Income Tax | 0 | -$2 | -$2 | -$4 | 0 | -$1.2M | 0 | 0 | 0 | 0 |
| Net Income | -$179,900 | -$1.2M | -$857,944 | -$1.1M | -$34.1M | -$93.0M | -$56.8M | -$95.7M | -$108.7M | -$183.8M |
| EPS | $-2.24 | $-4.85 | $-2.74 | $-2.94 | $-1.92 | $-3.40 | $-1.53 | $-2.44 | $-1.54 | $-2.06 |
| EPS (Diluted) | $-2.24 | $-4.85 | $-2.74 | $-2.94 | $-1.92 | $-3.40 | $-1.53 | $-2.44 | $-0.15 | $-2.06 |
| Shares Outstanding (Diluted) | 80,416 | 252,818 | 312,548 | 379,411 | 17.7 M | 27.4 M | 30.9 M | 39.2 M | 704.6 M | 89.3 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$45.7M | -$47.6M | -$59.2M | -$75.1M |
| EBITDA | -$66.0M | -$40.7M | -$75.2M | -$157.8M |
| Net Income | -$67.3M | -$50.4M | -$77.1M | -$159.0M |
| EPS | $-0.78 | $-0.51 | $-0.71 | $-1.44 |
| EPS (Diluted) | $-0.78 | $-0.50 | $-0.71 | $-1.44 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10,962 | $3,978 | $154,791 | $17,931 | $80.1M | $133.5M | $142.1M | $99.7M | $273.7M | $257.8M |
| Short-term Investments | $118,368 | $1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $153.8M |
| Receivables | $4,878 | $10,279 | $8,241 | $5,076 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | -$0 | 0 | $1 | -$0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $136,190 | $1.8M | $198,630 | $2.9M | $81.5M | $137.2M | $146.1M | $103.9M | $281.6M | $419.3M |
| Property, Plant & Equipment | 0 | $70,502 | $63,883 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $19.9M | $19.9M | $19.9M | $19.9M | $19.9M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $6.9M | $3.7M | $527,000 | 0 | 0 |
| Total Assets | $202,750 | $4.0M | $3.5M | $2.9M | $81.5M | $164.0M | $170.0M | $124.5M | $302.2M | $440.1M |
| Accounts Payable | 0 | 0 | 0 | 0 | $2.0M | $4.2M | $2.1M | $4.1M | $2.0M | $5.3M |
| Short-term Debt | 0 | $15,743 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $75,471 | $80,443 | $8,230 | $198,957 | $3.0M | $10.4M | $17.9M | $32.2M | $38.8M | $66.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $14.1M | $21.9M | 0 |
| Total Liabilities | $75,471 | $80,443 | $8,230 | $198,957 | $5.7M | $12.3M | $19.1M | $46.4M | $60.7M | $107.8M |
| Retained Earnings | -$499,707 | -$1.8M | -$2.6M | -$3.7M | -$44.6M | -$137.7M | -$194.5M | -$290.2M | -$398.9M | -$582.7M |
| Total Equity | $127,279 | $3.9M | $3.5M | $2.7M | $75.9M | $151.7M | $150.9M | $78.1M | $241.4M | $332.3M |
| Total Debt | 0 | $15,743 | 0 | 0 | 0 | 0 | $72,000 | $14.1M | $21.9M | 0 |
| Net Debt | -$129,331 | -$1.7M | -$154,791 | -$17,931 | -$80.1M | -$133.5M | -$142.1M | -$85.6M | -$251.9M | -$411.6M |
| Working Capital | $60,719 | $1.7M | $190,400 | $2.7M | $78.5M | $126.8M | $128.2M | $71.6M | $242.8M | $352.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$179,900 | -$1.2M | -$857,944 | -$1.1M | -$33.9M | -$93.0M | -$56.8M | -$95.7M | -$108.7M | -$183.8M |
| Depreciation & Amortization | 0 | $5,501 | $6,682 | $6,684 | $550,000 | $2.6M | $3.2M | $3.2M | $527,000 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $7.4M | $42.7M | $13.7M | $15.5M | $16.9M | $20.1M |
| Change in Working Capital | $62,619 | -$81,759 | -$20,464 | $207,826 | $2.1M | $1.9M | -$3.8M | $6.3M | -$3.3M | $9.4M |
| Operating Cash Flow | -$26,636 | -$665,984 | -$722,451 | -$208,119 | -$23.6M | -$45.8M | -$50.1M | -$64.4M | -$79.1M | -$131.6M |
| Capital Expenditure | -$30,098 | -$2.1M | -$1.0M | -$313,457 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$297,000 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$56,734 | -$2.8M | -$1.8M | -$521,576 | -$23.6M | -$45.8M | -$50.1M | -$64.4M | -$79.1M | -$131.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -581.9% | +30.1% | -30.1% | -2,956.2% | -172.8% | +39.0% | -68.6% | -13.5% | -69.1% | |
| EPS Growth (YoY) | -116.5% | +43.5% | -7.3% | +34.7% | -77.1% | +55.0% | -59.5% | +36.9% | -33.8% | |
| Shares Change (YoY) | +214.4% | +23.6% | +21.4% | +4,577.8% | +54.3% | +12.7% | +26.9% | +1,699.4% | -87.3% | |
| FCF Growth (YoY) | -4,862.7% | +37.3% | +70.5% | -4,424.2% | -94.2% | -9.4% | -28.4% | -22.9% | -66.3% | |
| Effective Tax Rate | -0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 1.2% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.71 | $-11.14 | $-5.65 | $-1.37 | $-1.33 | $-1.67 | $-1.62 | $-1.64 | $-0.11 | $-1.47 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 80,416 | 252,818 | 312,548 | 379,411 | 17.7 M | 27.4 M | 30.9 M | 39.2 M | 70.5 M | 89.3 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -85.23% |
| Return on Invested Capital | -23.81% |
| Return on Assets | -31.79% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 6.95 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 4.52 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.51 | -1.17 | -0.55 | -0.24 | -23.83 | -6.09 | -1.44 | -1.50 | -4.52 | -6.50 |
| P/B | 2.14 | 0.36 | 0.13 | 0.10 | 10.70 | 3.74 | 0.45 | 1.83 | 2.03 | 3.60 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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