Recent News
On December 23, 2025 the U.S. Food and Drug Administration approved AQVESME™ (mitapivat) for anemia in adults with alpha- or beta-thalassemia; the approval includes a REMS program requiring scheduled liver monitoring. Media coverage in early January 2026 reiterated the therapy’s status as the first oral option for thalassemia in adults and discussed availability and access.
Technical Analysis
ADX at 12.94 signals no established trend; directional strength remains weak, implying price moves may follow short-term triggers rather than a persistent directional trend.
DI+ sits at 25.76 with a dip-and-reversal pattern, and DI− at 19.81 with a peak-and-reversal pattern; together these DI readings present a bullish directional tilt, though the low ADX tempers conviction.
MACD equals 0.28, trends increasing, and sits above its signal line at −0.04; that cross above the signal line signals bullish momentum and supports near-term upside potential versus the current valuation.
MRO equals −9.07 (negative), indicating price currently sits below the model target and therefore exhibits potential upside pressure toward that target; the recent MRO peak-and-reversal suggests a shift from earlier overpricing pressure into a phase that favors mean reversion higher.
RSI at 51.34 and rising conveys neutral-to-mild bullish momentum rather than overbought conditions, consistent with price trading above the 20-day and 50-day averages (20-day = $28.03; 50-day = $27.56) but below the 200-day average ($34.06), placing the 200-day and ichimoku Senkou B (~$34.12) in the near-term resistance band.
Fundamental Analysis
Revenue dynamics show full-year momentum: YoY revenue growth equals 179.29% and sequential revenue growth measures near 15.13% QoQ, reflecting early commercial scale from mitapivat therapies alongside a small revenue base ($19.967M total revenue). Gross margin at 90.59% indicates very high product-level margins, while operating (EBIT) margin of −6.09% reflects heavy R&D and SG&A investment during the commercial scale-up.
Profitability trends tightened QoQ and YoY: EBIT margin contracted roughly 32.89% QoQ and about 47.75% YoY, driven by elevated operating expenses tied to launch preparation and clinical programs. Net loss totaled −$108.039M for the period reported, and operating cash flow remained negative at −$96.213M, while free cash flow equaled −$97.333M.
Liquidity and balance-sheet strength support execution: cash and short-term investments equal $854.425M and total cash reported in recent company filings and releases supports launch activities; current ratio equals 11.46 and quick ratio equals 11.06, reflecting a large working-capital cushion versus current liabilities. Debt measures stay minimal (total debt $40.207M; debt-to-equity ~0.0337), preserving flexibility to fund clinical programs.
Market multiples and valuation signals present divergence: price-to-book stands at 1.45, below the industry peer mean of 4.11 for P/B; price-to-sales at 86.56 sits above the industry peer mean of 27.28, driven by a small revenue base against market capitalization. Enterprise value-to-revenue (EVR) equals 45.78, highlighting that market-implied revenue multiples remain elevated given current revenue scale. WMDST values the stock as under-valued based on internal models that weigh launch potential against execution and safety risk. (Recent company financial disclosures and the AQVESME approval provide the revenue and cash context cited here.)
Operational indicators: R&D expense remains high ($88.056M), supporting pipeline assets (AG‑946, AG‑181, AG‑236) and late-stage mitapivat programs. EPS actual equals −$1.85 versus an estimate of −$1.94, producing an EPS surprise of +4.64%, which slightly narrows market uncertainty around near-term per‑share losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 92.7 M |
| Operating Cash Flow | $ -96.21 M | |
| Capital Expenditures | $ -1.12 M | |
| Change In Working Capital | $ -4.59 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -3.58 M | |
| End Period Cash Flow | $ 89.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 20.0 M | |
| Forward Revenue | $ 3.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.9 M | |
| Depreciation | $ 1.3 M | |
| Depreciation and Amortization | $ 1.3 M | |
| Research and Development | $ 88.1 M | |
| Total Operating Expenses | $ 141.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 18.1 M | |
| EBITDA | $ -120.31 M | |
| EBIT | $ -121.58 M | |
| Operating Income | $ -121.58 M | |
| Interest Income | $ 12.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 12.4 M | |
| Income Before Tax | $ -109.06 M | |
| Tax Provision | $ -1.02 M | |
| Tax Rate | 0.932 % | |
| Net Income | $ -108.04 M | |
| Net Income From Continuing Operations | $ -108.04 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.94 | |
| EPS Actual | $ -1.85 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 4.639 % | |
| Forward EPS | $ -1.24 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 942.1 M | |
| Cash and Short-Term Investments | $ 854.4 M | |
| Cash | $ 89.1 M | |
| Net Receivables | $ 10.6 M | |
| Inventory | $ 32.9 M | |
| Long-Term Investments | $ 3.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 18.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 82.2 M | |
| Net Debt | — | |
| Total Debt | $ 40.2 M | |
| Total Liabilities | $ 104.1 M | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -561.71 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.41 | |
| Shares Outstanding | 58.449 M | |
| Revenue Per-Share | $ 0.34 | |
| VALUATION | Market Capitalization | $ 1.7 B |
| Enterprise Value | $ 914.0 M | |
| Enterprise Multiple | -7.597 | |
| Enterprise Multiple QoQ | -36.556 % | |
| Enterprise Multiple YoY | -31.512 % | |
| Enterprise Multiple IPRWA | high: 162.224 mean: 73.998 median: 67.346 AGIO: -7.597 low: -95.791 |
|
| EV/R | 45.777 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.087 | |
| Asset To Liability | 12.46 | |
| Debt To Capital | 0.033 | |
| Debt To Assets | 0.031 | |
| Debt To Assets QoQ | -3.518 % | |
| Debt To Assets YoY | -9.545 % | |
| Debt To Assets IPRWA | high: 0.669 mean: 0.299 median: 0.223 AGIO: 0.031 low: 0.0 |
|
| Debt To Equity | 0.034 | |
| Debt To Equity QoQ | -2.77 % | |
| Debt To Equity YoY | -8.87 % | |
| Debt To Equity IPRWA | high: 1.382 mean: 0.189 median: 0.109 AGIO: 0.034 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.449 | |
| Price To Book QoQ | -18.809 % | |
| Price To Book YoY | 1.066 % | |
| Price To Book IPRWA | high: 10.898 mean: 4.106 median: 3.768 AGIO: 1.449 low: -2.368 |
|
| Price To Earnings (P/E) | -15.983 | |
| Price To Earnings QoQ | -27.638 % | |
| Price To Earnings YoY | -40.437 % | |
| Price To Earnings IPRWA | high: 74.171 mean: 30.852 median: -4.38 AGIO: -15.983 low: -87.801 |
|
| PE/G Ratio | -4.064 | |
| Price To Sales (P/S) | 86.555 | |
| Price To Sales QoQ | -51.346 % | |
| Price To Sales YoY | -57.948 % | |
| Price To Sales IPRWA | high: 292.611 AGIO: 86.555 mean: 27.284 median: 19.775 low: 1.382 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -24.235 | |
| Forward PE/G | -6.162 | |
| Forward P/S | 478.993 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.073 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.015 | |
| Asset Turnover Ratio QoQ | 64.967 % | |
| Asset Turnover Ratio YoY | 139.614 % | |
| Asset Turnover Ratio IPRWA | high: 0.317 mean: 0.121 median: 0.109 AGIO: 0.015 low: 0.0 |
|
| Receivables Turnover | 2.559 | |
| Receivables Turnover Ratio QoQ | -0.515 % | |
| Receivables Turnover Ratio YoY | -13.825 % | |
| Receivables Turnover Ratio IPRWA | high: 3.754 AGIO: 2.559 mean: 1.21 median: 1.093 low: 0.431 |
|
| Inventory Turnover | 0.058 | |
| Inventory Turnover Ratio QoQ | 8.352 % | |
| Inventory Turnover Ratio YoY | 24.083 % | |
| Inventory Turnover Ratio IPRWA | high: 3.387 mean: 0.701 median: 0.473 AGIO: 0.058 low: 0.032 |
|
| Days Sales Outstanding (DSO) | 35.66 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 770.606 | |
| Cash Conversion Cycle Days QoQ | 5.997 % | |
| Cash Conversion Cycle Days YoY | -36.377 % | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 AGIO: 770.606 mean: 278.278 median: 192.562 low: -322.549 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.023 | |
| CapEx To Revenue | -0.056 | |
| CapEx To Depreciation | -0.885 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 859.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 10.394 | |
| Current Ratio | 11.46 | |
| Current Ratio QoQ | -17.077 % | |
| Current Ratio YoY | -3.685 % | |
| Current Ratio IPRWA | high: 30.664 AGIO: 11.46 mean: 3.583 median: 2.762 low: 0.427 |
|
| Quick Ratio | 11.059 | |
| Quick Ratio QoQ | -17.414 % | |
| Quick Ratio YoY | -4.314 % | |
| Quick Ratio IPRWA | AGIO: 11.059 high: 7.351 median: 2.464 mean: 2.025 low: 0.401 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.334 | |
| Cost Of Debt | 0.023 % | |
| Interest Coverage Ratio | -12157.8 | |
| Interest Coverage Ratio QoQ | 4.029 % | |
| Interest Coverage Ratio YoY | -2.766 % | |
| Interest Coverage Ratio IPRWA | high: 404.333 mean: 104.22 median: 3.319 low: -696.975 AGIO: -12157.8 |
|
| Operating Cash Flow Ratio | -1.392 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1030.109 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -6.385 % | |
| Revenue Growth | 55.023 % | |
| Revenue Growth QoQ | 1512.632 % | |
| Revenue Growth YoY | 179.29 % | |
| Revenue Growth IPRWA | high: 71.991 % AGIO: 55.023 % median: 3.233 % mean: 2.581 % low: -83.784 % |
|
| Earnings Growth | 3.933 % | |
| Earnings Growth QoQ | -150.605 % | |
| Earnings Growth YoY | -109.712 % | |
| Earnings Growth IPRWA | high: 70.37 % AGIO: 3.933 % mean: -34.058 % median: -56.897 % low: -110.41 % |
|
| MARGINS | ||
| Gross Margin | 90.589 % | |
| Gross Margin QoQ | 4.168 % | |
| Gross Margin YoY | 2.642 % | |
| Gross Margin IPRWA | high: 96.25 % AGIO: 90.589 % median: 78.262 % mean: 78.132 % low: 5.09 % |
|
| EBIT Margin | -608.895 % | |
| EBIT Margin QoQ | -32.894 % | |
| EBIT Margin YoY | -47.748 % | |
| EBIT Margin IPRWA | high: 72.362 % median: 26.478 % mean: 22.948 % AGIO: -608.895 % low: -1117.39 % |
|
| Return On Sales (ROS) | -608.895 % | |
| Return On Sales QoQ | -32.894 % | |
| Return On Sales YoY | -47.748 % | |
| Return On Sales IPRWA | high: 62.442 % median: 27.569 % mean: 21.711 % AGIO: -608.895 % low: -1121.296 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -97.33 M | |
| Free Cash Flow Yield | -5.632 % | |
| Free Cash Flow Yield QoQ | 43.857 % | |
| Free Cash Flow Yield YoY | -7.262 % | |
| Free Cash Flow Yield IPRWA | high: 13.755 % mean: 0.616 % median: 0.544 % AGIO: -5.632 % low: -39.679 % |
|
| Free Cash Growth | 8.502 % | |
| Free Cash Growth QoQ | 338.247 % | |
| Free Cash Growth YoY | -85.462 % | |
| Free Cash Growth IPRWA | high: 124.18 % AGIO: 8.502 % mean: -55.104 % median: -69.41 % low: -77.378 % |
|
| Free Cash To Net Income | 0.901 | |
| Cash Flow Margin | -572.97 % | |
| Cash Flow To Earnings | 1.059 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -8.054 % | |
| Return On Assets QoQ | 11.228 % | |
| Return On Assets YoY | 44.156 % | |
| Return On Assets IPRWA | high: 4.717 % mean: 1.594 % median: 1.475 % AGIO: -8.054 % low: -54.511 % |
|
| Return On Capital Employed (ROCE) | -10.006 % | |
| Return On Equity (ROE) | -0.091 | |
| Return On Equity QoQ | 12.443 % | |
| Return On Equity YoY | 44.556 % | |
| Return On Equity IPRWA | high: 0.448 mean: 0.091 median: 0.064 AGIO: -0.091 low: -0.822 |
|
| DuPont ROE | -8.719 % | |
| Return On Invested Capital (ROIC) | -10.095 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -173.767 % | |
| Return On Invested Capital IPRWA | high: 12.77 % mean: 3.997 % median: 3.016 % AGIO: -10.095 % low: -50.412 % |
|