Definium Therapeutics FY2025 cash $411.6M; Phase 3 MDD trial fully enrolled, topline late Q2 2026

Definium Therapeutics, Inc.

2025-FY EPS reported -$2.06 vs consensus -$0.50 ▼ miss (-314.2%)

Cash, cash equivalents and investments of $411.6M as of Dec 31, 2025, up from $273.7M in 2024; expected to fund operations into 2028.
Phase 3 MDD trial Emerge fully enrolled (149 patients); topline data anticipated late 2Q 2026.
Phase 3 GAD trial Voyage ~80% enrolled, no sample size increase needed; topline early 3Q 2026.
Phase 3 GAD trial Panorama enrollment on track; topline 2H 2026. Sample size re-estimation update on April 22 Investor Day.
Completed $259M equity financing in Q4 2025; appointed new CFO, CCO, and board member Roger Adsett.

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