DFTX Stock Climbs As High As 12% On ‘Unprecedented’ Anxiety Data For LSD-Based Drug

• CEO Rob Barrow said the results confirmed “unprecedented efficacy” and raised confidence in a potential best-in-class profile.
• Panorama is Definium’s third positive late-stage readout for DT120 and its second in anxiety, after Voyage in August.
• A meeting with the U.S. Food and Drug Administration (FDA) is planned for late 2026, with a filing seeking approval targeted for the first half of 2027.

Shares of Definium Therapeutics (DFTX) opened as high as 12% on Monday before paring gains after the company reported a second late-stage win for its single-dose anxiety treatment DT120, lifting a stock already up sharply this year.

At the time of writing, DFTX stock was trading 5% higher.

What Did The Trial Show

The company said that the Panorama trial of DT120, a fast-dissolving tablet form of the psychedelic drug lysergide, or LSD, met its main goal in adults with generalized anxiety disorder. Panorama enrolled 245 adults across about 32 sites. Patients received one 100-microgram dose, a smaller 50-microgram dose, or placebo, then were followed for 12 weeks.

On the standard Hamilton anxiety scale, the 100-microgram group improved by 9.8 points at week 12, versus 4.7 points for placebo — a 5.1-point advantage that was highly statistically significant. The company said benefits appeared as early as the second day and held through the study. More patients on the higher dose saw a meaningful drop in symptoms or reached mild anxiety or remission. The lower dose helped, but less so.

CEO Rob Barrow said the results confirmed “unprecedented efficacy” and raised confidence in a potential best-in-class profile.

Safety Profile

DT120 is designed to dissolve on the tongue. Patients were monitored for several hours after dosing; most were ready to leave after about six hours. The drug was generally well tolerated, the firm said. Side effects were mostly mild or moderate and clustered on dosing day — visual changes, nausea, and headache. There were no drug-related serious events and no signal of suicidality. Dropout rates were similar to placebo.

Pipeline And Next Steps

Panorama is Definium’s third positive late-stage readout for DT120 and its second in anxiety, after Voyage in August. The same program already succeeded in major depression in June. The drug has FDA Breakthrough Therapy status in both anxiety and depression.

The company, formerly MindMed, is also developing DT120 in PTSD and other brain-health conditions and has a separate candidate, DT402, in early trials for autism. The company plans a meeting with the U.S. Food and Drug Administration in late 2026, with a filing seeking approval targeted for the first half of 2027. Bank of America expects DT120 to touch $13 billion in nominal peak sales across anxiety and depression by 2041.

Psychedelic medicine has moved from fringe research, thanks to growing big pharma interest and support from the Trump administration. Eli Lilly’s deal for AtaiBeckley, AbbVie’s Gilgamesh purchase, and Otsuka’s Transcend acquisition all closed in the past year. Trump also signed an executive order directing agencies to speed psychedelic treatments for serious mental illness in April.

How Did DFTX Retail Traders React?

On Stocktwits, retail sentiment around DFTX stock jumped from ‘bearish’ to ‘extremely bullish’ over the past 24 hours, while message volume rose from ‘low’ to ‘extremely high’ levels.

A Stocktwits user voiced optimism about FDA approval for the drug.

Another user compared DFTX with rival psychedelic drug developer Compass Pathways and noted that CMPS is cheaper, though DFTX has a larger pipeline.

DFTX has gained about 200% year-to-date. 

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