aibioMind Medicine (now Definium Therapeutics) grants new CFO inducement awards
Tickers DFTX
MindMed named Brandi L. Roberts chief financial officer effective June 2, 2025, with inducement awards of an option on 500,000 shares and 125,000 performance share units. The awards sit outside the company's equity plans, and the lead drug's pivotal trials have not yet reported.
Key facts
- Company
- Definium Therapeutics, Inc. (NASDAQ: DFTX)
- News type
- Listings
- Primary source
- Definium Therapeutics, Inc. 8-K (2025-05-27)
Mind Medicine (MindMed) Inc. said on May 27, 2025 that Brandi L. Roberts will become its Chief Financial Officer, effective June 2, 2025. The announcement is Exhibit 99.1 to a Form 8-K. The release says she will oversee financial strategy, capital planning, accounting, investor relations and information technology. It ties that work to the company's plans for MM120 orally disintegrating tablet, its lead candidate for generalized anxiety disorder and major depressive disorder. The release lists the common shares under the symbol MNMD and does not use the name Definium Therapeutics.
Her background
The release describes Roberts as a certified public accountant with more than 25 years of financial leadership in life sciences. It says she was most recently chief financial officer and executive vice president of Longboard Pharmaceuticals, which it says went through an initial public offering, several financings and a $2.6 billion acquisition by Lundbeck in 2024. Earlier chief financial officer roles included Lineage Cell Therapeutics, REVA Medical and Mast Therapeutics. Those are the company's own descriptions of her career, and the release offers no independent verification.
Rob Barrow, the chief executive, said in the release that her experience would help the company as it moves toward the potential commercialization of MM120 ODT. The release describes that stage as still ahead.
The inducement awards
On June 2, 2025, the company will grant Roberts an option to buy 500,000 common shares and 125,000 performance share units, assuming target performance. The option's exercise price equals the closing price on May 30, 2025, the last trading day before the grant. It vests over four years, with 25% on the first anniversary and the remaining 75% in 36 equal monthly installments after that, subject to her continued employment.
The PSUs vest on the third anniversary of the grant date. The release says earned PSUs can range from 0%-200% of the target number, based on performance metrics measured at the end of a three-year performance period. It does not list those metrics. The company says the awards are a material inducement for her to join, that its Compensation Committee approved them on May 21, 2025 under Rule 5635(c)(4) of The NASDAQ Stock Market LLC, and that they were granted outside the company's equity incentive plans.
If the option is exercised or the PSUs are earned, the company will issue common shares. The release does not give the company's share count, so the size of that dilution cannot be read from the filing.
The business she joins
The company's annual report describes MM120 as a proprietary, pharmaceutically optimized form of lysergide D-tartrate. Its Phase 2b trial in generalized anxiety disorder met the primary endpoint, with dose-dependent improvements on the Hamilton Anxiety Rating Scale compared with placebo at Week 4. The report says the FDA granted breakthrough designation for the program in March 2024.
The pivotal program has not reported. The Voyage and Panorama Phase 3 trials are expected to report Part A results in the first half of 2026 and the second half of 2026. The report says both trials are subject to ongoing regulatory review, which could change the trial design. The adaptive design allows a sample size increase of up to 50% in each trial, and an MDD trial, Emerge, is expected to report Part A results in the second half of 2026.
The annual report also describes MM402, a form of R(-)-MDMA, whose first clinical trial in adult healthy volunteers was completed in October 2024. It describes that study as characterizing tolerability, pharmacokinetics and pharmacodynamics, and it gives no efficacy results.
What the filing leaves out
Neither the release nor the business section of the annual report gives a cash balance, a net loss or a cash runway, so they do not show how the company will fund the trial readouts it expects in 2026. The release's own risk list names a history of negative cash flows, incurrence of future losses and the availability of additional capital. It also cites possible decisions by the Drug Enforcement Administration and states on rescheduling product candidates that contain Schedule I controlled substances, which must happen before they may be legally marketed in the U.S.