A Pivotal Inflection Point: Preview of DT120 Ph3 MDD and GAD Readout

Research evidence excerpt

A Pivotal Inflection Point: Preview of DT120 Ph3 MDD and GAD Readout

Biotechnology - Neuroscience

CNS - Market Overweight

DEFINIUM THERAPEUTICS, INC. (DFTX) June 11, 2026

A Pivotal Inflection Point: Preview of DT120 Ph3 MDD and Rating:

GAD Readout Outperform

Price:

$23.24

The Wolfe Byte Price Target:

DFTX remains our top pick in the psychedelic space for 2026, with three Ph3 $25

% Upside:readouts imminent - We expect positive outcomes from all 3 Ph3 studies to move 6.7%

the stock up significantly from current levels.

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We beleive Emerge is the most important readout of the three pivotal Ph3 studies: Company Information

Emerge (MDD) in late 2Q26, Voyage/Panorama (GAD) in early/late 3Q26. Emerge 52-Week Range $6 - $25

will be the first POC study for DT120 in MDD, which should help confirm its large Market Cap. (M) $2,535

109.1 Out. (MM)effect size and long duration, positioning DT120 as a potentially best-in-class drug Shares Avg. Value Traded (MM) $44.53

for both MDD and GAD with a broad and favorable label. SI% of Float 9.0%

Dividend Yield 0.0%

Investors are looking for 4pts of delta on the primary endpoint of MADRS at Week

6 (as management guided to) with high expectations, while we beleive it has a 26

good chance to beat the bar despite naturally high risk in MDD: 2422

18 ●Emerge is 80% powered for a 5pt delta, plus 1:1 randomization to lower pbo

effect (no low dose control) - Pbo is a low bar for psychedelics. 1614

●Ph2b subgroup data showed a 6.4pt delta in MADRS at Week 12, indirect 1210

evidence in GAD patients who have co-morbid MDD symptoms. 86

●UHB Basel Ph2 provides more data to support LSD's strong effect in MDD. Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26