Psychedelic LSD Succeeds in MDD - Add'l Upside on Phase III Anxiety Data in Q3

Research evidence excerpt

Psychedelic LSD Succeeds in MDD - Add'l Upside on Phase III Anxiety Data in Q3

USA | Pharmaceuticals

Definium Therapeutics EquityJuneResearch24, 2026

TARGET | ESTIMATE CHANGEPsychedelic LSD Succeeds in MDD - Add'l

RATING BUYUpside on Phase III Anxiety Data in Q3

PRICE $36.18^

We raise our PT to $65 (from $35), as a single dose of DT120 (oral LSD)

PRICE TARGET | % TO PT $65.00 ($35.00) | +80%

safely produces rapid, robust and durable efficacy in a pivotal Phase III MDD

52W HIGH-LOW $39.16 - $6.40

depression study (Emerge), boosting our PoS to 75%+ (up from 30-40%). We

think the stock setup remains favorable and expect momentum to build ahead FLOAT (%) | ADV MM (USD) 79.3% | 97.58

of two pivotal Phase III GAD anxiety datasets in early/late-Q3:26 (another MARKET CAP $4.7B

+50-75% move). We are already 70-75%+ confident DT120 will produce TICKER DFTX ^Prior trading day's closing price unless otherwise

profound efficacy in GAD. noted.

** See our initial take here and see inside for full detaills. ** FY (Dec) CHANGE TO JEFe JEF vs CONS

Big Picture: DT120 is an oral disintegrating tablet (ODT) of LSD for both generalized anxiety disorder 2026 2027 2026 2027

(GAD) and major depression (MDD). In our view, a single DT120 dose has produced one of the most REV NA NA NA NA

profound Phase II/III datasets in both indications. Assuming $1.5B+ peak sales per indication x 3x EPS +6% +9% NA NA

multiple = $9B+ valuation combined (unadjusted), suggesting meaningful upside (vs $4.7B cap).

We foresee the Street to entertain a higher peak sales oppty to GAD (and MDD) if the two (+) Phase 2026 ($) Q1A Q2 Q3 Q4 FY

III GAD datasets do reconfirm profound efficacy in early-Q3 (Voyage) and late-Q3 (Panorama), EPS (0.71) (0.56) (0.46) (0.40) (2.09)

implying even more upside.