Bright Minds Biosciences (DRUG)
Develops selective serotonin agonists for epilepsy, PWS, and neuropsychiatric disorders.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 20, 2026 | Oppenheimer | Downgrade | Rating: — | |
| Jun 2, 2026 | H.C. Wainwright | Target | Target: $85 | Target: $145 |
| May 20, 2026 | Piper Sandler | Reiterate | Rating: —Target: — | Target: $220 |
| Feb 13, 2026 | Robert W. Baird | Target | Target: $142 | Target: $126 |
| Jan 7, 2026 | Robert W. Baird | Target | Target: — | Target: $142 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $218.6M · Total debt $46.6K · Total assets $220.4M · Shareholders' equity $218.6M
- Revenue
- $0
- Operating income
- −$8.3M
- Net income
- −$1.7M
Reported in CAD, converted at the latest exchange rate
No dividends on record.
| Institutions | ≈ 95.32% | 9.33M ADS | |
|---|---|---|---|
| 102 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 14.27% | 1.40M ADS | |
| 1 holder · as of Jul 2, 2026 | |||
| Strategic holders | 13.12% | 1.28M ADS | |
| 1 holder · as of May 15, 2026 | |||
| Adds to | 122.71% | ||
9.79M ADS as of Aug 29, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (7.64M in the company's Sep 23, 2026 report, 9.79M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 122.71%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Ian McDonaldInsider | 14.27% | 1.40M | filed Jul 2, 2026 |
Jupiter Topco LLCInstitution | 13.78% | 1.35M ADS | as of Jun 30, 2026 |
Janus Henderson Group PLCStrategic | 13.12% | 1.28M | filed May 15, 2026 |
Cormorant Asset Management, LPInstitution | 9.20% | 900,000 ADS | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.01% | 686,184 ADS | as of Jun 30, 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 |
- 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.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bright Minds Biosciences | $57.69 | −4.91% | $593.8M | — | — | — | — |
| Praxis Precision Medicines | $279.93 | −6.89% | $8.38B | — | — | — | — |
| Harmony Biosciences | $40.17 | −3.27% | $2.40B | 13.5 | 10.0 | 2.5 | +30.3% |
| Jazz Pharmaceuticals | $232.87 | −3.20% | $15.11B | 16.4 | 9.2 | 3.3 | +15.6% |
| Xenon Pharmaceuticals | $36.33 | −7.07% | $3.78B | — | — | — | — |
| Ovid Therapeutics | $2.45 | −11.41% | $515.1M | — | — | 325.4 | −88.3% |
| Median | 15.0 | 9.6 | 3.3 | +15.6% |