$DFTX

Definium Therapeutics, Inc.

CIK:0001813814|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 48,665	$ 29,809	$ 90,149	$ 53,166
General and administrative	26,412	11,094	44,148	19,896
Total operating expenses	75,077	40,903	134,297	73,062
Loss from operations	(75,077)	(40,903)	(134,297)	(73,062)
Other income/(expense):
Interest income	3,587	2,774	7,044	5,207
Interest expense	(1,233)	(2,338)	(2,478)	(2,940)
Foreign exchange loss, net	(32)	(49)	(76)	(68)
Change in fair value of 2022 USD Financing Warrants	(86,231)	(2,228)	(106,277)	4,771
Total other income/(expense)	(83,909)	(1,841)	(101,787)	6,970
Net loss	(158,986)	(42,744)	(236,084)	(66,092)
Other comprehensive loss
Unrealized gain/(loss) on investments	(406)	36	(668)	46
Loss on foreign currency translation	(1)	(31)	0	(58)
Comprehensive loss	$ (159,393)	$ (42,739)	$ (236,752)	$ (66,104)
Net loss per common share, basic	$ (1.44)	$ (0.5)	$ (2.15)	$ (0.78)
Net loss per common share, diluted	$ (1.44)	$ (0.5)	$ (2.15)	$ (0.81)
Weighted-average common shares, basic	110,684,720	85,347,677	109,743,062	85,208,539
Weighted-average common shares, diluted	110,684,720	85,347,677	109,743,062	87,099,006

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (236,084)	$ (66,092)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	16,771	8,679
Change in fair value on directors' deferred share units ("DDSU")	6,243	152
Change in fair value of 2022 USD Financing Warrants	106,277	(4,771)
Accretion of discount on investments, net	(773)	(2,422)
Unrealized foreign exchange	(11)	1
Other non-cash adjustments	436	(193)
Changes in operating assets and liabilities:
Prepaid and other current assets	321	1,736
Other noncurrent assets	(15)	2
Accounts payable	1,618	2,206
Accrued expenses	9,847	1,679
Other liabilities, long-term	(39)	5
Net cash used in operating activities	(95,409)	(59,018)
Cash flows from investing activities
Purchases of investments	(355,738)	(235,746)
Maturity of investments	81,000	33,750
Net cash used in investing activities	(274,738)	(201,996)
Cash flows from financing activities
Proceeds from equity offerings	805,000	0
Payment of equity offering costs	(46,418)	0
Proceeds from credit facility	0	42,000
Repayment of credit facility	0	(22,000)
Payment of credit facility issuance costs	0	(447)
Proceeds from exercise of pre-funded warrants	9	0
Proceeds from exercise of 2022 USD Financing Warrants	6,652	579
Proceeds from exercise of options	2,056	334
Proceeds from issuance of common shares under ESPP	276	186
Net cash provided by financing activities	767,575	20,652
Effect of exchange rate changes on cash	2	13
Net increase/(decrease) in cash and cash equivalents	397,430	(240,349)
Cash and cash equivalents, beginning of period	257,837	273,741
Cash and cash equivalents, end of period	655,267	33,392
Supplemental Cash Flow Information
Cash paid for interest and final payment for credit facility	2,122	3,187
Supplemental Noncash Disclosures
Conversion of 2022 USD Financing Warrants to common shares upon exercise of warrants	34,165	295
Issuance of common shares upon conversion of term loan principal	4,500	0
Equity offering costs in prepaids and other current assets, net	148	0
Lease liabilities arising from obtaining right-of-use assets	135	586
Amortization of deferred financing costs	82	0
Proceeds from exercise of 2022 USD Financing Warrants in prepaid and other current assets	28	0
Withholding taxes payable on option exercises	$ 0	$ 17

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 655,267	$ 257,837
Short-term investments	428,612	153,756
Prepaid and other current assets	8,222	7,727
Total current assets	1,092,101	419,320
Goodwill	19,918	19,918
Other non-current assets	880	862
Total assets	1,112,899	440,100
Current liabilities:
Accounts payable	6,965	5,347
Accrued expenses	37,222	20,446
2022 USD Financing Warrants	113,017	40,905
Total current liabilities	157,204	66,698
Credit facility, long-term	36,467	40,579
Other non-current liabilities	549	496
Total liabilities	194,220	107,773
Commitments and contingencies (Note 10)
Shareholders' Equity:
Common shares, no par value, unlimited authorized as of June 30, 2026 and December 31, 2025; 134,365,950 and 98,776,265 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital	1,737,018	913,914
Accumulated other comprehensive income	417	1,085
Accumulated deficit	(818,756)	(582,672)
Total shareholders' equity	918,679	332,327
Total liabilities and shareholders' equity	$ 1,112,899	$ 440,100