DFTX: Definitive Data From Definium: Delivers Best-Case MDD Efficacy Data, See Continued Upside Potential

Research evidence excerpt

DFTX: Definitive Data From Definium: Delivers Best-Case MDD Efficacy Data, See Continued Upside Potential

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Nevin Varghese, Ph.D. (Analyst)

Kevin Meli, Ph.D. (Senior Associate)

June 22, 2026

Definium Therapeutics Inc

Definitive Data From Definium: Delivers Best-Case MDD Efficacy Data, See Continued

Upside Potential

NASDAQ: DFTX | USD 24.48 | Outperform | Speculative Risk | Price Target USD 36.00

Sentiment: Positive

This morning, DFTX announced that the Ph.III EMERGE trial for DT120-ODT in MDD handily met its primary endpoint of

improvement from baseline in MADRS at week 6, as well as all secondary endpoints.

Most notably, the placebo-adjusted delta was at the high end of expectations, in our view, with a pbo-adjusted change of -8.1

points at week 6 and durable responses to week 12 (-7.3 pbo-adjusted); we believe the investor bogey was a 3.5-4 point delta,

and this MADRS delta outperformed antidepressive effects seen with DT120-ODT in Ph.II GAD (6.4pt pbo-adjusted; expectation

had been for some potential ph.II to ph.III erosion though our recent doc checks suggested efficacy could be at least comparable).

We had viewed efficacy of this magnitude as the most bullish case (had est. 65% upside). Efficacy onset was rapid (14pt delta at

week 1) and sustained through at least week 12 (8pt delta).

Notably, no new safety signals were identified, including no increases in suicidal ideation/behavior - the key uncertainty in an

MDD indication. Average time to meeting criteria for discharge was ~6 hours, in line with expectations, and we believe - based on

extensive checks - very operationally manageable in real-world practice. We have est.