Definium Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) · 2025 · 2024 | |||
| Cash flows from operating activities | |||
| Net loss | $(183,793) | $(108,679) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation | 20,096 | 16,913 | |
| Change in fair value on directors' deferred share units ("DDSU") | 1,460 | 761 | |
| Amortization of intangible assets | — | 527 | |
| Change in fair value of the 2022 USD Financing Warrants | 22,831 | 15,941 | |
| Gain on extinguishment of contribution payable | — | (2,541) | |
| Accretion of discounts and premiums on investments, net | (1,821) | — | |
| Unrealized foreign exchange | — | 506 | |
| Other non-cash adjustments | 230 | 787 | |
| Changes in operating assets and liabilities: | |||
| Prepaid and other current assets | 152 | (4,337) | |
| Other noncurrent assets | 30 | 48 | |
| Accounts payable | 3,337 | (2,126) | |
| Accrued expenses | 5,958 | 3,103 | |
| Other liabilities, long-term | (40) | (32) | |
| Net cash used in operating activities | (131,560) | (79,129) | |
| Cash flows from investing activities | |||
| Purchases of investments | (268,356) | — | |
| Maturity of investments | 116,750 | — | |
| Net cash used in investing activities | (151,606) | — | |
| Cash flows from financing activities | |||
| Proceeds from equity offerings | 258,858 | 249,999 | |
| Payment of equity offering costs | (15,946) | (16,090) | |
| Proceeds from credit facility | 42,000 | (1) | 10,000 |
| Repayment of credit facility | (22,000) | (1) | — |
| Payment of credit facility issuance costs | (447) | (128) | |
| Proceeds from the 2022 ATM net of issuance costs | — | 984 | |
| Payment of deferred financing fees related to 2024 ATM | — | (499) | |
| Proceeds from exercise of 2022 USD Financing Warrants | 3,767 | 8,268 | |
| Proceeds from exercise of options | 625 | 716 | |
| Proceeds from issuance of common shares under ESPP | 412 | — | |
| Withholding taxes paid on vested RSUs | — | (54) | |
| Net cash provided by financing activities | 267,269 | 253,196 | |
| Effect of exchange rate changes on cash | (7) | (30) | |
| Net (decrease)/increase in cash and cash equivalents | (15,904) | 174,037 | |
| Cash and cash equivalents, beginning of period | 273,741 | 99,704 | |
| Cash and cash equivalents, end of period | $257,837 | $273,741 | |
(1)
As discussed in Note 12, Credit Facility, the Amended Loan Agreement (as defined herein) with K2 HealthVentures LLC executed on April 18, 2025 was accounted for as a modification. The Company used the proceeds from the Amended Loan Agreement to repay the outstanding amounts under the Loan Agreement (as defined herein) from K2 HealthVentures LLC.
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Supplemental Cash Flow Information | ||
| Cash paid for interest and final payment for credit facility | $5,338 | $2,224 |
| Supplemental Noncash Disclosures | ||
| Conversion of 2022 USD Financing Warrants to common shares upon exercise of warrants | 5,936 | 8,407 |
| Issuance of common shares upon conversion of term loan principal | 1,000 | 3,000 |
| Lease liabilities arising from obtaining right-of-use assets | 586 | — |
| Amortization of deferred financing costs for 2024 ATM | 250 | — |
| Offering issuance costs in accrued liabilities | 92 | — |
| Reclass of deferred financing fees to additional paid-in capital | — | 332 |
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