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Side-by-side financial comparison of Mind Medicine (MindMed) Inc. (DFTX) and Hyperliquid Strategies Inc (PURR). Click either name above to swap in a different company.
Mind Medicine (MindMed) Inc. is the larger business by last-quarter revenue ($906.0K vs $500.0K, roughly 1.8× Hyperliquid Strategies Inc). Mind Medicine (MindMed) Inc. runs the higher net margin — -2634.0% vs -60892.6%, a 58258.6% gap on every dollar of revenue.
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.
DFTX vs PURR — Head-to-Head
Income Statement — Q4 FY2023 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $906.0K | $500.0K |
| Net Profit | $-23.9M | $-304.5M |
| Gross Margin | — | — |
| Operating Margin | -2450.8% | -57509.2% |
| Net Margin | -2634.0% | -60892.6% |
| Revenue YoY | -16.1% | — |
| Net Profit YoY | -386.7% | — |
| EPS (diluted) | $-0.58 | $-7.43 |
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 | — | $500.0K | ||
| Q4 23 | $906.0K | — | ||
| Q3 23 | $1.2M | — | ||
| Q2 23 | $1.3M | — | ||
| Q1 23 | $1.3M | — | ||
| Q4 22 | $1.1M | — | ||
| Q3 22 | $360.0K | — | ||
| Q1 22 | $-27.0K | — |
| Q4 25 | — | $-304.5M | ||
| Q4 23 | $-23.9M | — | ||
| Q3 23 | $-17.9M | — | ||
| Q2 23 | $-29.1M | — | ||
| Q1 23 | $-24.8M | — | ||
| Q4 22 | $-4.9M | — | ||
| Q3 22 | $-16.5M | — | ||
| Q1 22 | $-18.5M | — |
| Q4 25 | — | -57509.2% | ||
| Q4 23 | -2450.8% | — | ||
| Q3 23 | -1858.6% | — | ||
| Q2 23 | -2226.1% | — | ||
| Q1 23 | -1624.8% | — | ||
| Q4 22 | -1287.0% | — | ||
| Q3 22 | -4717.5% | — | ||
| Q1 22 | 68537.0% | — |
| Q4 25 | — | -60892.6% | ||
| Q4 23 | -2634.0% | — | ||
| Q3 23 | -1541.1% | — | ||
| Q2 23 | -2222.0% | — | ||
| Q1 23 | -1932.6% | — | ||
| Q4 22 | -454.0% | — | ||
| Q3 22 | -4579.2% | — | ||
| Q1 22 | 68337.0% | — |
| Q4 25 | — | $-7.43 | ||
| Q4 23 | $-0.58 | — | ||
| Q3 23 | $-0.45 | — | ||
| Q2 23 | $-0.76 | — | ||
| Q1 23 | $-0.65 | — | ||
| Q4 22 | $-0.02 | — | ||
| Q3 22 | $-0.56 | — | ||
| Q1 22 | $-0.66 | — |
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 | $281.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $78.1M | $589.8M |
| Total Assets | $124.5M | $616.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $281.9M | ||
| Q4 23 | $99.7M | — | ||
| Q3 23 | $117.7M | — | ||
| Q2 23 | $116.9M | — | ||
| Q1 23 | $129.4M | — | ||
| Q4 22 | $142.1M | — | ||
| Q3 22 | $154.5M | — | ||
| Q1 22 | $120.5M | — |
| Q4 25 | — | $589.8M | ||
| Q4 23 | $78.1M | — | ||
| Q3 23 | $96.0M | — | ||
| Q2 23 | $106.0M | — | ||
| Q1 23 | $130.3M | — | ||
| Q4 22 | $150.9M | — | ||
| Q3 22 | $153.6M | — | ||
| Q1 22 | $136.8M | — |
| Q4 25 | — | $616.6M | ||
| Q4 23 | $124.5M | — | ||
| Q3 23 | $141.6M | — | ||
| Q2 23 | $142.1M | — | ||
| Q1 23 | $155.5M | — | ||
| Q4 22 | $170.0M | — | ||
| Q3 22 | $180.9M | — | ||
| Q1 22 | $149.2M | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q4 23 | $-20.6M | — | ||
| Q3 23 | $-16.6M | — | ||
| Q2 23 | $-13.8M | — | ||
| Q1 23 | $-13.3M | — | ||
| Q4 22 | $-12.8M | — | ||
| Q3 22 | $-9.3M | — | ||
| Q1 22 | $-12.9M | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
