Bright Minds Biosciences Inc.
DRUGHealthcare|Biotechnology|US
$23.00
+2.30 (+11.11%)
DCF Value
$8.39
Tangible Book / Share
$31.35
Cash / Share
$31.35
Financials
Financial Snapshot
Market Cap
$226.9M
Enterprise Value
-$51.5M
Revenue (TTM)
$0.00
Net Income (TTM)
-$24.7M
Cash & Investments
$308.3M
Net Cash
$308.3M
Free Cash Flow (TTM)
-$25.0M
Operating CF (TTM)
-$25.0M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$308.3M
Quarterly Burn
$6.2M
Monthly Burn
$2.1M
Est. Runway
~49.3 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $80.0K | $799.9K | $19.8M | $11.6M | $6.7M | $5.7M | $82.9M | $308.3M | |
| Operating Cash Flow | -$42.0K | -$288.4K | -$7.3M | -$13.6M | -$7.0M | -$1.9M | -$8.7M | -$25.0M | |
| Free Cash Flow | -$42.0K | -$288.4K | -$7.3M | -$13.6M | -$7.0M | -$1.9M | -$8.7M | -$25.0M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$4.18 | |
| Financing Cash Flow | $122.0K | $1.0M | $26.1M | $5.2M | $2.2M | $810.6K | $85.6M | $277.0M |
R&D Spending
R&D (TTM)
$33.2M
R&D Intensity
—
R&D Growth vs Prior
+199.6%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $126.0K | $354.9K | $6.3M | $12.2M | $5.0M | $1.2M | $11.1M | $33.2M | |
| SG&A | $110.1K | $120.1K | $2.3M | $2.6M | $2.2M | $1.4M | $2.6M | $6.3M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $40.1K | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$40.1K | |
| R&D | $126.0K | $354.9K | $6.3M | $12.2M | $5.0M | $1.2M | $11.1M | $33.2M | |
| SG&A | $110.1K | $120.1K | $2.3M | $2.6M | $2.2M | $1.4M | $2.6M | $6.3M | |
| Operating Income | -$236.2K | -$474.9K | -$8.6M | -$15.0M | -$7.4M | -$2.8M | -$13.9M | -$39.9M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $9.8K | |
| Pretax Income | -$236.2K | -$480.4K | -$8.7M | -$15.0M | -$7.4M | -$2.8M | -$12.2M | -$24.7M | |
| Net Income | -$236.2K | -$480.4K | -$8.7M | -$15.0M | -$7.4M | -$2.8M | -$12.2M | -$24.7M | |
| EPS (Diluted) | -0.06 | -0.38 | -4.74 | -6.15 | -1.98 | -0.65 | -1.78 | -2.76 | |
| EBITDA | $0.00 | $0.00 | -$27.6K | -$15.0M | -$7.3M | -$2.7M | -$12.2M | -$33.9M | |
| Shares Out. (M) | 1.28 | 1.28 | 1.79 | 2.47 | 3.72 | 4.31 | 6.88 | 9.83 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $80.0K | $799.9K | $19.8M | $11.6M | $6.7M | $5.7M | $82.9M | $308.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $172.8K | |
| Total Current Assets | $80.0K | $878.2K | $20.0M | $11.9M | $6.8M | $6.0M | $84.3M | $310.8M | |
| Total Assets | $164.0K | $880.2K | $20.0M | $12.1M | $6.9M | $6.1M | $84.4M | $310.8M | |
| Total Current Liabilities | $36.7K | $150.9K | $638.6K | $1.5M | $280.9K | $528.7K | $2.3M | $2.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $36.7K | $150.9K | $638.6K | $1.5M | $280.9K | $568.3K | $2.4M | $2.5M | |
| Stockholders' Equity | $127.3K | $729.3K | $19.4M | $10.5M | $6.6M | $5.5M | $82.0M | $308.3M | |
| Retained Earnings | -$78.7K | -$559.1K | -$9.2M | -$24.2M | -$31.5M | -$34.3M | -$46.6M | -$67.1M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.0K | -$288.4K | -$7.3M | -$13.6M | -$7.0M | -$1.9M | -$8.7M | -$25.0M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$4.18 | |
| Free Cash Flow | -$42.0K | -$288.4K | -$7.3M | -$13.6M | -$7.0M | -$1.9M | -$8.7M | -$25.0M | |
| Investing Cash Flow | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $122.0K | $1.0M | $26.1M | $5.2M | $2.2M | $810.6K | $85.6M | $277.0M | |
| Issuance of Stock | $122.0K | $1.0M | $27.7M | $4.0M | $1.2M | $900.3K | $86.0M | $277.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$7.2K | -$86.1K | -$89.7K | -$100.2K | -$52.1K | |
| Stock Based Comp. | $0.00 | $161.3K | $880.6K | $875.1K | $1.2M | $839.8K | $3.2M | $2.4M | |
| Net Change in Cash | $80.0K | $719.9K | $19.0M | -$8.1M | -$4.9M | -$1.0M | $77.2M | $249.5M |
Dilution Tracker
Shares outstanding grew 437.1% over 5 years — significant dilution
Shares Outstanding
10M
5-Year Share Growth
+437.1%
Stock Issuance (TTM)
$277.9M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.28 | 1.28 | 1.79 | 2.47 | 3.72 | 4.31 | 6.88 | 9.83 | |
| Change vs Prior % | — | 0.0% | 40.1% | 37.6% | 50.6% | 15.9% | 59.6% | 42.9% | |
| Stock Issuance | $122.0K | $1.0M | $27.7M | $4.0M | $1.2M | $900.3K | $86.0M | $277.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $161.3K | $880.6K | $875.1K | $1.2M | $839.8K | $3.2M | $2.4M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| ROE % | -185.6% | -65.9% | -44.6% | -141.9% | -111.7% | -50.6% | -14.9% | -12.6% | |
| ROA % | -144.0% | -54.6% | -43.2% | -123.8% | -107.2% | -45.9% | -14.5% | -8.0% | |
| ROIC % | -185.6% | -65.1% | -44.4% | -140.2% | -110.7% | -49.9% | -17.0% | -12.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -101.1% | -1715.7% | -73.7% | 50.7% | 61.8% | -393.8% | |
| Net Income | 0.0% | -103.4% | -1700.8% | -73.0% | 50.7% | 62.0% | -336.5% | |
| EPS (Diluted) | 0.0% | -517.9% | -1147.4% | -29.7% | 67.8% | 67.2% | -173.8% | |
| Operating Cash Flow | 0.0% | -586.5% | -2438.0% | -85.6% | 48.3% | 73.7% | -369.8% | |
| Free Cash Flow | 0.0% | -586.5% | -2438.0% | -85.6% | 48.3% | 73.7% | -369.8% | |
| R&D Expense | 0.0% | 181.6% | 1679.3% | 92.9% | -59.0% | -76.4% | 839.4% | |
| SG&A Expense | 0.0% | 9.0% | 1823.1% | 10.5% | -13.8% | -34.3% | 77.5% | |
| Total Assets | 0.0% | 436.8% | 2176.8% | -39.7% | -43.1% | -11.3% | 1282.9% | |
| Book Value / Share | 0.0% | 473.1% | 1798.3% | -60.5% | -58.4% | -27.6% | 828.6% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -47.4% | 61.7% | 5.7% | |
| Diluted Shares | 0.0% | 0.0% | 40.1% | 37.6% | 50.6% | 15.9% | 59.6% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.83
10Y Low / Med / High1.22 / 4.19 / 359.75
EV/EBITDA1.30
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$8.39
Tangible Book / Share
$31.35
Net Current Assets / Share
$31.24
Graham Net-Net
$31.18
Cash / Share
$31.35
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -581.27 | -94.61 | -9.55 | -1.38 | -1.10 | -2.43 | -47.44 | -8.97 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 359.75 | 63.14 | 4.19 | 1.99 | 1.22 | 1.23 | 7.08 | 0.83 | |
| EV/EBITDA | 0.00 | 0.00 | -2224.03 | -0.64 | -0.19 | -0.45 | -40.98 | 1.30 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
75.93
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $26.5M | $0.00 | $0.00 |
| Net Income | -$64.3M | -$65.5M | -$58.3M |
| EPS | $-8.74 | $-10.60 | $-8.48 |
| # Analysts (EPS) | 6 | 6 | 2 |