DFTXNASDAQPhase 3

Definium Therapeutics

DT120 · LSD (lysergide d-tartrate) · Generalized Anxiety Disorder

Company Overview

Definium Therapeutics (formerly MindMed, rebranded January 2026) is a clinical-stage biopharmaceutical company developing psychedelic-inspired therapies. Their lead program DT120 (formerly MM120), a pharmaceutical-grade d-tartrate salt of LSD delivered as an orally disintegrating tablet, holds FDA Breakthrough Therapy Designation for Generalized Anxiety Disorder. On June 22, 2026 the Emerge Phase 3 study in Major Depressive Disorder reported positive topline data — meeting its primary endpoint with a placebo-adjusted MADRS reduction of −8.1 points at Week 6 (p<0.0001) — the first-ever positive Phase 3 for an LSD-based therapy. The GAD program readouts follow: Voyage topline is expected early Q3 2026 and Panorama late Q3 2026. A second MDD pivotal (Ascend) dosed its first patient in May 2026, and a PTSD study (Haven) is planned for 2027. With ~$373M in cash, Definium is one of the best-capitalized companies in the psychedelic space.

Pipeline

Drug / Compound	Stage	Indication	Status / Notes
DT120 LSD d-tartrate (lysergide d-tartrate)	Phase 3	Generalized Anxiety Disorder	Enrolling Complete — Voyage & Panorama readouts pending FDA Breakthrough Therapy Designation. Phase 2b published in JAMA October 2025. Voyage (n=214) enrollment complete, topline expected early Q3 2026; Panorama topline expected late Q3 2026.
DT120 LSD d-tartrate (lysergide d-tartrate)	Phase 3	Major Depressive Disorder	Phase 3 Positive Topline (Emerge) — June 22, 2026 Emerge Phase 3 met its primary and all key secondary endpoints: placebo-adjusted MADRS −8.1 at Week 6 (p<0.0001), −14.2 at Week 1; well tolerated, no suicidality signal. First positive Phase 3 for an LSD-based therapy.
DT120 LSD d-tartrate (lysergide d-tartrate)	Phase 3	Major Depressive Disorder	Enrolling — Ascend trial (first patient dosed May 2026) Ascend is the second MDD Phase 3 study; first patient dosed May 12, 2026.
DT402 R-MDMA (rectus enantiomer of MDMA)	Phase 2a	Autism Spectrum Disorder	Phase 2a — Active R-MDMA isolates the prosocial effects with potentially fewer cardiovascular risks. Advanced from Phase 1 (safety established) to Phase 2a for ASD.

Key Financials

Cash Position: $373.4M
Burn Rate: ~$20-40M/quarter
Last Reported: Q1 2026

Financial data is approximate. Always verify with official SEC filings.

Upcoming Catalysts

Early Q3 2026
Voyage Phase 3 topline readout for DT120 in Generalized Anxiety Disorder (imminent)
Clinical
Late Q3 2026
Panorama Phase 3 topline readout for DT120 in Generalized Anxiety Disorder
Clinical
June 2026
Emerge Phase 3 (MDD) reported positive topline — met primary + all key secondary endpoints
Clinical

External Links

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Disclaimer: This page is for informational purposes only and does not constitute investment, medical, or financial advice. Pipeline status, financial figures, and catalyst dates are approximate and based on publicly available information as of 2026-07-21. Always consult official company filings and a qualified financial advisor before making investment decisions.

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