Definium net loss more than doubled to $159 million in Q2 FY26

• Definium Therapeutics posted a Q2 net loss of $159 million versus $42.7 million a year earlier, driven by an $86.2 million non-cash warrant liability revaluation.
• R&D expense rose to $48.7 million from $29.8 million, while G&A climbed to $26.4 million from $11.1 million.
• Cash, cash equivalents and investments totaled about $1.1 billion at June 30, up from $411.6 million at Dec. 31, 2025; cash runway seen into 2030.
• Completed a public offering raising $805 million in gross proceeds; net proceeds were about $757.9 million.
• Reported positive Phase 3 Emerge topline results in MDD; Phase 3 Voyage GAD data due the week of Aug. 10, with Panorama GAD data expected in September.

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