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Side-by-side financial comparison of Mind Medicine (MindMed) Inc. (DFTX) and TMC the metals Co Inc. (TMC). Click either name above to swap in a different company.
TMC the metals Co Inc. is the larger business by last-quarter revenue ($1.3M vs $906.0K, roughly 1.4× Mind Medicine (MindMed) Inc.). Mind Medicine (MindMed) Inc. runs the higher net margin — -2634.0% vs -3136.5%, a 502.5% gap on every dollar of revenue. On growth, TMC the metals Co Inc. posted the faster year-over-year revenue change (2425.5% 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.
The Metals Company, formerly DeepGreen Metals, is a Canadian deep sea mining exploration company. The company focuses on the mining of polymetallic nodules in the Clarion Clipperton Zone of the Pacific.
DFTX vs TMC — Head-to-Head
Income Statement — Q4 FY2023 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $906.0K | $1.3M |
| Net Profit | $-23.9M | $-40.4M |
| Gross Margin | — | — |
| Operating Margin | -2450.8% | -3470.9% |
| Net Margin | -2634.0% | -3136.5% |
| Revenue YoY | -16.1% | 2425.5% |
| Net Profit YoY | -386.7% | -151.5% |
| EPS (diluted) | $-0.58 | $0.11 |
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 | — | $1.3M | ||
| Q3 25 | — | $1.3M | ||
| Q4 23 | $906.0K | $205.0K | ||
| Q3 23 | $1.2M | $319.0K | ||
| Q2 23 | $1.3M | — | ||
| Q1 23 | $1.3M | $454.0K | ||
| Q4 22 | $1.1M | $567.0K | ||
| Q3 22 | $360.0K | $352.0K |
| Q4 25 | — | $-40.4M | ||
| Q3 25 | — | $-184.5M | ||
| Q4 23 | $-23.9M | $-33.5M | ||
| Q3 23 | $-17.9M | $-12.5M | ||
| Q2 23 | $-29.1M | — | ||
| Q1 23 | $-24.8M | $-13.7M | ||
| Q4 22 | $-4.9M | $-109.6M | ||
| Q3 22 | $-16.5M | $-27.9M |
| Q4 25 | — | -3470.9% | ||
| Q3 25 | — | -4134.4% | ||
| Q4 23 | -2450.8% | -16223.9% | ||
| Q3 23 | -1858.6% | -3924.1% | ||
| Q2 23 | -2226.1% | — | ||
| Q1 23 | -1624.8% | -2947.8% | ||
| Q4 22 | -1287.0% | -19625.2% | ||
| Q3 22 | -4717.5% | -8127.0% |
| Q4 25 | — | -3136.5% | ||
| Q3 25 | — | -13780.2% | ||
| Q4 23 | -2634.0% | -16321.5% | ||
| Q3 23 | -1541.1% | -3908.2% | ||
| Q2 23 | -2222.0% | — | ||
| Q1 23 | -1932.6% | -3028.2% | ||
| Q4 22 | -454.0% | -19324.3% | ||
| Q3 22 | -4579.2% | -7924.4% |
| Q4 25 | — | $0.11 | ||
| Q3 25 | — | $0.46 | ||
| Q4 23 | $-0.58 | $0.12 | ||
| Q3 23 | $-0.45 | $0.04 | ||
| Q2 23 | $-0.76 | — | ||
| Q1 23 | $-0.65 | $0.05 | ||
| Q4 22 | $-0.02 | $0.45 | ||
| Q3 22 | $-0.56 | $0.12 |
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 | $117.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $78.1M | $-33.4M |
| Total Assets | $124.5M | $181.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $117.6M | ||
| Q3 25 | — | $115.6M | ||
| Q4 23 | $99.7M | $6.8M | ||
| Q3 23 | $117.7M | $22.5M | ||
| Q2 23 | $116.9M | — | ||
| Q1 23 | $129.4M | $28.4M | ||
| Q4 22 | $142.1M | $46.9M | ||
| Q3 22 | $154.5M | $66.9M |
| Q4 25 | — | $-33.4M | ||
| Q3 25 | — | $-40.6M | ||
| Q4 23 | $78.1M | $10.9M | ||
| Q3 23 | $96.0M | $41.6M | ||
| Q2 23 | $106.0M | — | ||
| Q1 23 | $130.3M | $41.8M | ||
| Q4 22 | $150.9M | $41.5M | ||
| Q3 22 | $153.6M | $79.1M |
| Q4 25 | — | $181.6M | ||
| Q3 25 | — | $175.6M | ||
| Q4 23 | $124.5M | $68.9M | ||
| Q3 23 | $141.6M | $87.8M | ||
| Q2 23 | $142.1M | — | ||
| Q1 23 | $155.5M | $85.5M | ||
| Q4 22 | $170.0M | $94.8M | ||
| Q3 22 | $180.9M | $117.2M |
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 | $-11.4M |
| Free Cash FlowOCF − Capex | — | $-11.5M |
| FCF MarginFCF / Revenue | — | -889.8% |
| Capex IntensityCapex / Revenue | — | 8.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-11.4M | ||
| Q3 25 | — | $-11.5M | ||
| Q4 23 | $-20.6M | $-15.2M | ||
| Q3 23 | $-16.6M | $-12.5M | ||
| Q2 23 | $-13.8M | — | ||
| Q1 23 | $-13.3M | $-23.5M | ||
| Q4 22 | $-12.8M | $-19.8M | ||
| Q3 22 | $-9.3M | $-8.6M |
| Q4 25 | — | $-11.5M | ||
| Q3 25 | — | $-11.5M | ||
| Q4 23 | — | — | ||
| Q3 23 | — | $-12.6M | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q4 22 | — | — | ||
| Q3 22 | — | — |
| Q4 25 | — | -889.8% | ||
| Q3 25 | — | -859.4% | ||
| Q4 23 | — | — | ||
| Q3 23 | — | -3951.4% | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q4 22 | — | — | ||
| Q3 22 | — | — |
| Q4 25 | — | 8.2% | ||
| Q3 25 | — | 1.5% | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 31.3% | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q4 22 | — | — | ||
| Q3 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
