Bright Minds Biosciences
Develops selective serotonin agonists for epilepsy, PWS, and neuropsychiatric disorders.
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Profile
Develops investigational serotonin-receptor agonists, led by BMB-101 for absence seizures and developmental epileptic encephalopathies. The business has no approved products or commercial revenue, so progress depends on clinical execution, regulatory review, external service providers, and capital access.
Develops a selective serotonin-receptor agonist pipeline for neurological and psychiatric disorders. BMB-101 is the lead 5-HT2C program for absence seizures and developmental epileptic encephalopathies, with additional work planned in Prader-Willi Syndrome. BMB-105 is tied to the PWS program, while BMB-201 and BMB-202 remain earlier programs.
Works from a small internal team, with U.S. headquarters in Chicago and Canadian incorporation. The model relies on outside clinical sites, contract research organizations, and service providers, including clinical development activity beyond Canada and the United States.
Emphasizes receptor selectivity, especially avoiding 5-HT2B activity, as the core scientific identity. Commercial outcomes depend on trial enrollment, regulator review, manufacturing arrangements, intellectual property protection, and continued access to development capital.
Company facts
Key statistics
Year to date −12.6% · Average volume (30d) 172.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 20, 2026 | Oppenheimer | Downgrade | Perform | ||
| Jun 2, 2026 | H.C. Wainwright | Target | $85 | $145 | |
| May 20, 2026 | Piper Sandler | Reiterate | Overweight | $220 | |
| Feb 13, 2026 | Robert W. Baird | Target | $142 | $126 | |
| Jan 7, 2026 | Robert W. Baird | Target | $142 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 17, 2026Q3 FY26 | −$1.22 | −$0.17 | +86.1% | — | — | — | +3.98% |
| Aug 14, 2026Q3 FY26 | −$1.28 | −$0.17 | +86.8% | — | — | — | +3.98% |
| Aug 13, 2026Q3 FY26 | −$1.28 | −$0.17 | +86.8% | — | — | — | −2.00% |
| May 20, 2026Q2 FY26 | −$1.17 | −$0.80 | +31.6% | — | — | — | +0.56% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | −$14.5K | −$14.4K | |
| Operating income | −$2.4M | −$2.4M | −$4.1M | −$5.0M | −$11.2M | −$8.4M | |
| Net income | −$2.1M | −$3.8M | −$2.9M | −$5.4M | −$7.6M | −$1.8M | |
| Diluted EPS | −$0.45 | −$0.53 | −$0.29 | −$0.70 | −$0.81 | −$0.19 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $221.8M · Total debt $47.3K · Total assets $223.6M · Shareholders' equity $221.8M
Dividends
No dividends on record.
Ownership
Shares outstanding 9.79M · Float 6.11M · 62.4% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ian McDonald | 1.40M | 13.70% | 13D | Jul 2, 2026 |
| Janus Henderson Group PLC | 1.28M | 13.10% | 13G | May 15, 2026 |
| Cormorant Asset Management, LP | 950.0K | 9.71% | 13G | Apr 30, 2026 |
| Cormorant Global Healthcare GP, LLC | 850.0K | 18.79% | 13G | Oct 22, 2024 |
| BlackRock, Inc. | 621.9K | 6.35% | 13F | May 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 28, 2026 | Cormorant Asset Management, LP | other: Former 10% Owner | −109,331 | $89.50 |
Peers
- Praxis Precision Medicines
Registrational DEE programs challenge BMB-101's seizure focus.
- Harmony Biosciences
Late-stage serotonin epilepsy franchise in Dravet and LGS.
- Jazz Pharmaceuticals
Approved rare-epilepsy cannabinoid franchise overlaps DEE care.
- Xenon Pharmaceuticals
Late-stage epilepsy pipeline with azetukalner and ion channels.
- Ovid Therapeutics
Clinical-stage seizure pipeline across FOS, TSC, and infantile spasms.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bright Minds Biosciences | $72.81 | −0.15% | $712.6M | — | — | — | — |
| Praxis Precision Medicines | $344.75 | −0.11% | $9.61B | — | — | — | — |
| Harmony Biosciences | $39.21 | −0.03% | $2.27B | 12.7 | 10.1 | 2.4 | +30.3% |
| Jazz Pharmaceuticals | $244.54 | +0.02% | $15.36B | 16.7 | 9.7 | 3.3 | +15.6% |
| Xenon Pharmaceuticals | $59.99 | 0.00% | $5.80B | — | — | — | — |
| Ovid Therapeutics | $2.81 | 0.00% | $522.6M | — | — | 330.1 | −88.3% |
| Median | 14.7 | 9.9 | 3.3 | +15.6% |