Definium Therapeutics, Inc.

Listed Company

DFTXCIK 0001813814NasdaqEmerging GrowthMedicinal Chemicals & Botanical ProductsA1CAFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-183.79M

Total Assets

$440.10M

Equity

$332.33M

Shares Out

99.70M

Op. Cash Flow

$-131.56M

Business

Mind Medicine (MindMed) Inc. is a late-stage clinical biopharmaceutical company developing pharmaceutically optimized product candidates to treat brain health disorders. It primarily develops psychedelic- and empathogen-derived small-molecule therapies, including lead candidates MM120 (lysergide D‑tartrate) for generalized anxiety disorder and major depressive disorder, and MM402 (R(-)-MDMA) for autism spectrum disorder. Its operations include clinical development, R&D collaborations, intellectual property management, and outsourced manufacturing through CDMOs. MindMed conducts trials and pursues regulatory approvals in the United States, the UK, the EU and other international markets, with commercialization and distribution to be achieved through regulatory pathways and partnerships.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	118	65	52	36	35
General and administrative	49	39	42	30	59
Total operating expenses	166	104	94	66	94
Loss from operations	−166	−104	−94	−66	−94
Interest income	11	12	6	—	—
Interest expense	−5	−2	−920,000	—	—
Foreign exchange loss, net	−131,000	−638,000	157,000	195,000	−86,000
Change in fair value of 2022 USD Financing Warrants	−23	−16	−7	8	—
Gain on extinguishment of contribution payable	0	3	0	—	—
Total other expense, net	−17	−5	−2	10	−339,000
Net loss	−184	−109	−96	−57	−93
Unrealized gain on investments	330,000	—	—	—	—
Gain/(loss) on foreign currency translation	−64,000	476,000	−284,000	−419,000	762,000
Comprehensive loss	−184	−108	−96	−57	−92
Net loss per common share, basic	−2.06	−1.54	−2.44	−1.84	−3.4
Net loss per common share, diluted	−2.06	−1.54	−2.44	−1.84	−3.4
Weighted-average common shares, basic	89	70	39	31	27
Weighted-average common shares, diluted	89	70	39	31	27

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	258	274	100	142	134
Short-term investments	154	0	—	—	—
Prepaid and other current assets	8	8	4	4	4
Total current assets	419	282	104	146	137
Goodwill	20	20	20	20	20
Other non-current assets	862,000	613,000	224,000	331,000	—
Total assets	440	302	125	170	164
Accounts payable	5	2	4	2	4
Accrued expenses	20	13	12	6	6
2022 USD Financing Warrants	41	24	16	10	—
Total current liabilities	67	39	32	18	10
Credit facility, long-term	41	22	14	—	—
Other non-current liabilities	496,000	—	32,000	1	2
Total liabilities	108	61	46	19	12
Commitments and contingencies (Note 11)	—	—	—	—	—
Common shares, no par value, unlimited authorized as of December 31, 2025 and 2024, respectively; 98,776,265 and 75,100,763 issued and outstanding as of December 31, 2025 and 2024, respectively	—	—	0	—	—
Additional paid-in capital	914	640	368	345	288
Accumulated other comprehensive income	1	819,000	343,000	627,000	1
Accumulated deficit	−583	−399	−290	−194	−138
Total shareholders' equity	332	241	78	151	152
Total liabilities and shareholders' equity	440	302	125	170	164

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−184	−109	−96	−57	−93
Stock-based compensation	20	17	15	14	43
"Change in fair value on directors' deferred share units (""DDSU"")"	1	761,000	—	—	—
Amortization of intangible assets	0	527,000	3	3	3
Accretion of discounts and premiums on investments, net	−2	0	—	—	—
Unrealized foreign exchange	0	506,000	−363,000	−148,000	—
Other non-cash adjustments	230,000	787,000	56,000	43,000	—
Prepaid and other current assets	152,000	−4	39,000	−260,000	−2
Other noncurrent assets	30,000	48,000	51,000	−180,000	—
Accounts payable	3	−2	2	−2	1
Accrued expenses	6	3	5	−416,000	5
Other liabilities, long-term	−40,000	−32,000	−1	−870,000	—
Net cash used in operating activities	−132	−79	−64	−50	−46
Purchases of investments	−268	0	—	—	—
Maturity of investments	117	0	—	—	—
Net cash used in investing activities	−152	0	—	—	−297,000
Proceeds from equity offerings	259	250	—	—	—
Payment of equity offering costs	−16	−16	0	—	—
Proceeds from credit facility	42	10	15	—	—
Repayment of credit facility	−22	0	—	—	—
Payment of credit facility issuance costs	−447,000	−128,000	−844,000	—	—
Proceeds from the 2022 ATM net of issuance costs	0	984,000	8	42	82
Payment of deferred financing fees related to 2024 ATM	0	−499,000	0	—	—
Proceeds from exercise of 2022 USD Financing Warrants	4	8	114,000	708,000	11
Proceeds from exercise of options	625,000	716,000	49,000	206,000	6
Proceeds from issuance of common shares under ESPP	412,000	0	—	—	—
Withholding taxes paid on vested RSUs	0	−54,000	0	−407,000	—
Net cash provided by financing activities	267	253	22	59	99
Effect of exchange rate changes on cash	−7,000	−30,000	79,000	−309,000	742,000
Net increase/(decrease) in cash and cash equivalents	−16	174	−42	9	53
Cash paid for interest and final payment for credit facility	5	2	534,000	—	—
Conversion of 2022 USD Financing Warrants to common shares upon exercise of warrants	6	8	64,000	—	—
Issuance of common shares upon conversion of term loan principal	1	3	—	—	—
Lease liabilities arising from obtaining right-of-use assets	586,000	0	—	—	—
Amortization of deferred financing costs for 2024 ATM	250,000	0	—	—	—
Offering issuance costs in accrued liabilities	92,000	0	—	—	—
Reclass of Deferred Financing Fees to Additional Paid-In Capital	0	332,000	—	—	—

Filings

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