Recent News
Nov 6, 2025 — Company announced submission of a New Drug Application for bitopertin in erythropoietic protoporphyria (NDA submission date Sept 29, 2025) and receipt of an FDA Commissioner’s National Priority Voucher to shorten review timing. Dec 6, 2025 — Presented positive initial RALLY‑MF Phase 2 data for DISC‑0974 at ASH showing meaningful anemia responses across cohorts. Jan 7, 2026 — Management scheduled participation at the J.P. Morgan Healthcare Conference; Jan 12, 2026 — corporate leadership appointments and an update on 2026 business objectives.
Technical Analysis
ADX at 23.9 signals an emerging directional environment; this strength reading anchors the thesis that recent technical moves carry actionable conviction for near‑term momentum.
Directional indicators show offsetting pressures: DI+ registered a peak‑and‑reversal, a bearish directional signal, while DI‑ declined, a bullish directional signal. The combination implies offsetting directional forces rather than a single dominant trend and argues for selective, catalyst‑driven moves tied to upcoming regulatory/news flow.
MACD sits at -0.64 with the MACD line above the signal line (-1.47), and the MACD reading increased — a bullish momentum development that supports continuation of recent upward price impulses tied to fundamental catalysts.
MRO measures -0.61 (negative) and has been increasing; price sits below the model target, indicating potential upward pressure if fundamentals validate near‑term catalysts.
RSI at 49.98 and rising places momentum near neutral‑to‑constructive territory; the indicator supports the potential for further gains without signaling immediate overbought conditions.
Price sits above the 200‑day average ($66.90) and the 20‑day average ($77.35) but marginally below the 50‑day average ($83.47); the 12‑day EMA trend increasing and a close above the 1x Bollinger upper band suggest short‑term extension while the superTrend lower at $72.07 provides an actionable technical reference for pattern integrity.
Fundamental Analysis
Report dated 2025‑11‑06 (period ending 2025‑09‑30) shows continued operating losses consistent with a clinical‑stage R&D profile: EBIT $‑61,302,000; EBITDA $‑61,215,000; net loss $‑62,321,000. EPS actual equaled $‑1.77 versus an estimate of $‑1.46, an EPS shortfall of $‑0.31 (‑21.23%).
Cash and liquid resources provide a strong liquidity cushion: $615,920,000 in cash and short‑term investments as of 2025‑09‑30, with a cash ratio of 23.03 and a current ratio of 23.45. Free cash flow remained negative at $‑47,825,000; free cash to net income converted at 76.74%.
R&D investment continued as the primary expense driver with $50,334,000 in research and development spending during the period, consistent with active development across bitopertin, DISC‑0974, DISC‑3405 and preclinical DISC‑0998.
Profitability and returns remain negative: return on assets ‑9.62% and return on equity ‑10.87%, reflecting pre‑revenue commercialization stage. Earnings growth showed a QoQ decline of 78.10% and a YoY decline of 188.47% (reported metrics), underscoring elevated near‑term expense profiles tied to clinical execution.
Valuation multiples indicate a divergence versus peers: price‑to‑book at 4.36 lies below the industry peer mean (approximately 6.90) and the industry peer median (approximately 6.06). PE and forward PE remain negative (PE ≈ ‑40.33, forward PE ≈ ‑44.86) consistent with expected negative earnings near term. PEG ratio at ‑3.35 also reflects negative near‑term earnings growth expectations versus the industry peer mean (~0.52).
WMDST values the stock as under‑valued given the firm’s cash runway, pipeline derisking events (NDA submission and ASH data), and current market capitalization of $2,499,140,197 relative to enterprise value of $1,914,197,197. The balance of negative near‑term cash burn and progressing regulatory cadence frames valuation upside conditional on successful review and additional clinical readouts.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 127.6 M |
| Operating Cash Flow | $ -61.32 M | |
| Capital Expenditures | $ -26.00 K | |
| Change In Working Capital | $ 6.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 13.3 M | |
| End Period Cash Flow | $ 140.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 87.0 K | |
| Depreciation and Amortization | $ 87.0 K | |
| Research and Development | $ 50.3 M | |
| Total Operating Expenses | $ 67.7 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -61.22 M | |
| EBIT | $ -61.30 M | |
| Operating Income | $ -67.70 M | |
| Interest Income | $ 6.4 M | |
| Interest Expense | $ 917.0 K | |
| Net Interest Income | $ 5.5 M | |
| Income Before Tax | $ -62.22 M | |
| Tax Provision | $ 102.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -62.32 M | |
| Net Income From Continuing Operations | $ -62.32 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.46 | |
| EPS Actual | $ -1.77 | |
| EPS Difference | $ -0.31 | |
| EPS Surprise | -21.233 % | |
| Forward EPS | $ -1.65 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 630.5 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 573.4 M | |
| Total Current Assets | $ 627.2 M | |
| Cash and Short-Term Investments | $ 615.9 M | |
| Cash | $ 140.7 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 840.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 7.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 26.7 M | |
| Net Debt | — | |
| Total Debt | $ 31.0 M | |
| Total Liabilities | $ 57.1 M | |
| EQUITY | ||
| Total Equity | $ 573.4 M | |
| Retained Earnings | $ -449.65 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 16.38 | |
| Shares Outstanding | 35.007 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 2.5 B |
| Enterprise Value | $ 1.9 B | |
| Enterprise Multiple | -31.27 | |
| Enterprise Multiple QoQ | 26.197 % | |
| Enterprise Multiple YoY | 2.02 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 28.451 mean: 8.746 IRON: -31.27 low: -81.962 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.1 | |
| Asset To Liability | 11.048 | |
| Debt To Capital | 0.051 | |
| Debt To Assets | 0.049 | |
| Debt To Assets QoQ | 5.679 % | |
| Debt To Assets YoY | 32653.333 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.24 median: 0.181 IRON: 0.049 low: 0.0 |
|
| Debt To Equity | 0.054 | |
| Debt To Equity QoQ | 7.289 % | |
| Debt To Equity YoY | 33662.5 % | |
| Debt To Equity IPRWA | high: 1.461 mean: 0.342 median: 0.106 IRON: 0.054 low: -0.897 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.359 | |
| Price To Book QoQ | 36.431 % | |
| Price To Book YoY | 36.519 % | |
| Price To Book IPRWA | high: 16.86 mean: 6.899 median: 6.057 IRON: 4.359 low: -8.555 |
|
| Price To Earnings (P/E) | -40.334 | |
| Price To Earnings QoQ | 16.747 % | |
| Price To Earnings YoY | -28.524 % | |
| Price To Earnings IPRWA | high: 56.753 median: 30.96 mean: 4.747 IRON: -40.334 low: -93.179 |
|
| PE/G Ratio | -3.354 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -44.858 | |
| Forward PE/G | -3.73 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 520.898 median: 189.366 mean: 166.152 IRON: 0 low: -314.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -0.299 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 602.3 M | |
| Net Invested Capital | $ 602.3 M | |
| Invested Capital | $ 602.3 M | |
| Net Tangible Assets | $ 573.4 M | |
| Net Working Capital | $ 600.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 23.03 | |
| Current Ratio | 23.451 | |
| Current Ratio QoQ | -26.96 % | |
| Current Ratio YoY | 21.131 % | |
| Current Ratio IPRWA | high: 25.502 IRON: 23.451 mean: 4.007 median: 2.865 low: 0.02 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.506 | |
| Cost Of Debt | 2.341 % | |
| Interest Coverage Ratio | -66.851 | |
| Interest Coverage Ratio QoQ | 12.064 % | |
| Interest Coverage Ratio YoY | 386.689 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 37.893 median: 6.583 IRON: -66.851 low: -1337.523 |
|
| Operating Cash Flow Ratio | -2.293 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.203 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 12.025 % | |
| Earnings Growth QoQ | -78.097 % | |
| Earnings Growth YoY | -188.471 % | |
| Earnings Growth IPRWA | high: 162.5 % IRON: 12.025 % median: -6.312 % mean: -8.574 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -47.83 M | |
| Free Cash Flow Yield | -1.914 % | |
| Free Cash Flow Yield QoQ | -21.686 % | |
| Free Cash Flow Yield YoY | 64.858 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 1.086 % mean: 0.604 % IRON: -1.914 % low: -57.887 % |
|
| Free Cash Growth | -0.269 % | |
| Free Cash Growth QoQ | -101.983 % | |
| Free Cash Growth YoY | -102.109 % | |
| Free Cash Growth IPRWA | high: 204.738 % median: 22.832 % mean: 22.524 % IRON: -0.269 % low: -206.871 % |
|
| Free Cash To Net Income | 0.767 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.984 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -9.621 % | |
| Return On Assets QoQ | 19.664 % | |
| Return On Assets YoY | 81.837 % | |
| Return On Assets IPRWA | high: 30.5 % median: 2.42 % mean: -1.358 % IRON: -9.621 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | -10.154 % | |
| Return On Equity (ROE) | -0.109 | |
| Return On Equity QoQ | 20.834 % | |
| Return On Equity YoY | 91.221 % | |
| Return On Equity IPRWA | high: 0.948 median: 0.047 mean: 0.013 IRON: -0.109 low: -1.385 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -8.04 % | |
| Return On Invested Capital QoQ | 20.522 % | |
| Return On Invested Capital YoY | -250.929 % | |
| Return On Invested Capital IPRWA | high: 31.965 % median: 5.759 % mean: 0.972 % IRON: -8.04 % low: -73.241 % |
|