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Side-by-side financial comparison of Mind Medicine (MindMed) Inc. (DFTX) and Niagen Bioscience, Inc. (NAGE). Click either name above to swap in a different company.
Niagen Bioscience, Inc. is the larger business by last-quarter revenue ($33.8M vs $906.0K, roughly 37.3× Mind Medicine (MindMed) Inc.). Niagen Bioscience, Inc. runs the higher net margin — 12.2% vs -2634.0%, a 2646.2% gap on every dollar of revenue. On growth, Niagen Bioscience, Inc. posted the faster year-over-year revenue change (16.2% vs -16.1%).
Definium Therapeutics, Inc., formerly known as MindMed, is a New York-based biotechnology company that is currently developing clinical and therapeutic applications for psychedelic and, more broadly, psychoplastogenic drugs.
Niagen Bioscience, formerly ChromaDex, is a bioscience сompany based in Los Angeles, California founded in 1999. The company operates in multiple sectors including reference standards, dietary supplements, and ingredient technology. Niagen Bioscience is publicly traded on the NASDAQ.
DFTX vs NAGE — Head-to-Head
Income Statement — Q4 2023 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $906.0K | $33.8M |
| Net Profit | $-23.9M | $4.1M |
| Gross Margin | — | 64.1% |
| Operating Margin | -2450.8% | 12.1% |
| Net Margin | -2634.0% | 12.2% |
| Revenue YoY | -16.1% | 16.2% |
| Net Profit YoY | -386.7% | -42.4% |
| EPS (diluted) | $-0.58 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $33.8M | ||
| Q3 25 | — | $34.0M | ||
| Q2 25 | — | $31.1M | ||
| Q1 25 | — | $30.5M | ||
| Q4 24 | — | $29.1M | ||
| Q3 24 | — | $25.6M | ||
| Q2 24 | — | $22.7M | ||
| Q1 24 | — | $22.2M |
| Q4 25 | — | $4.1M | ||
| Q3 25 | — | $4.6M | ||
| Q2 25 | — | $3.6M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | — | $7.2M | ||
| Q3 24 | — | $1.9M | ||
| Q2 24 | — | $-15.0K | ||
| Q1 24 | — | $-492.0K |
| Q4 25 | — | 64.1% | ||
| Q3 25 | — | 64.5% | ||
| Q2 25 | — | 65.0% | ||
| Q1 25 | — | 63.4% | ||
| Q4 24 | — | 62.5% | ||
| Q3 24 | — | 63.5% | ||
| Q2 24 | — | 60.2% | ||
| Q1 24 | — | 60.7% |
| Q4 25 | — | 12.1% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 15.7% | ||
| Q4 24 | — | 24.4% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | -1.1% | ||
| Q1 24 | — | -3.3% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | 13.5% | ||
| Q2 25 | — | 11.6% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | -0.1% | ||
| Q1 24 | — | -2.2% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $0.04 | ||
| Q1 25 | — | $0.06 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $0.02 | ||
| Q2 24 | — | $0.00 | ||
| Q1 24 | — | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $99.7M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $78.1M | $76.5M |
| Total Assets | $124.5M | $106.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $64.1M | ||
| Q2 25 | — | $60.3M | ||
| Q1 25 | — | $55.5M | ||
| Q4 24 | — | $44.5M | ||
| Q3 24 | — | $32.2M | ||
| Q2 24 | — | $27.7M | ||
| Q1 24 | — | $27.4M |
| Q4 25 | — | $76.5M | ||
| Q3 25 | — | $70.7M | ||
| Q2 25 | — | $64.2M | ||
| Q1 25 | — | $55.3M | ||
| Q4 24 | — | $46.1M | ||
| Q3 24 | — | $34.4M | ||
| Q2 24 | — | $30.7M | ||
| Q1 24 | — | $29.0M |
| Q4 25 | — | $106.4M | ||
| Q3 25 | — | $98.1M | ||
| Q2 25 | — | $91.5M | ||
| Q1 25 | — | $81.3M | ||
| Q4 24 | — | $68.3M | ||
| Q3 24 | — | $56.5M | ||
| Q2 24 | — | $54.0M | ||
| Q1 24 | — | $54.1M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-20.6M | $679.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.16× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $679.0K | ||
| Q3 25 | — | $3.7M | ||
| Q2 25 | — | $1.3M | ||
| Q1 25 | — | $7.9M | ||
| Q4 24 | — | $8.6M | ||
| Q3 24 | — | $3.5M | ||
| Q2 24 | — | $-264.0K | ||
| Q1 24 | — | $295.0K |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DFTX
Segment breakdown not available.
NAGE
| TRUNIAGEN Consumer Product | $27.5M | 81% |
| Ingredients Segment | $5.7M | 17% |
| Other | $694.0K | 2% |
