Recent News
On Feb 18, 2026 the company released full-year 2025 financial results and a corporate update outlining progress across Phase 3 programs and plans for an early Alzheimer’s trial in 2026. The company reported operational advances in late 2025, including initiation of the RUBENS trial in December 2025 and ongoing PREVAIL enrollment, while regulatory activity includes EMA validation and an approval decision expected in the second half of 2026.
Technical Analysis
ADX at 12.86 indicates no established trend; directional movement readings add nuance: DI+ shows a peak-and-reversal (bearish), while DI- shows a dip-and-reversal (bearish), together signaling recent loss of directional conviction and a bias toward sellers in the short run.
MACD sits at 0.39 with a signal line at 0.25, placing MACD above the signal line (bullish crossover), but the MACD trend reads peak-and-reversal, which signals fading bullish momentum despite the recent crossover.
MRO equals 28.62 and shows a dip-and-reversal; because MRO stands positive, price sits above target and faces downward pressure, implying a higher probability of mean reversion toward fair-value levels.
RSI at 51.4 with a peak-and-reversal indicates momentum turning lower from a neutral midpoint, reducing the scope for immediate momentum-driven upside.
Price behavior versus averages: the close at $35.46 stands approximately 22.2% above the 200-day average ($29.02) and roughly 0.9% above the 20-day average ($35.13), with the 12-day EMA showing a peak-and-reversal—short-term strength near the upper Bollinger band (upper 1σ $35.80) but signs of an inflection point.
Support and resistance context: SuperTrend lower support sits at $32.65 while consensus price target mean rests at $39.04; subdued ADX and mixed momentum suggest a range-bound, volatility-compressed setup unless a clear catalyst arrives.
Fundamental Analysis
Revenue measures remain minimal: total revenue equals $32,000 with YoY revenue growth of 61.785% but QoQ revenue change of -7.514%, reflecting very low reported sales against an R&D-heavy development profile (R&D $38,594,000). Operating income (EBIT) registers at -$65,980,000; net income equals -$74,923,000 for the period.
Margins show deep negatives: EBIT margin at -2,061.875% versus an industry peer mean of 0.158% and an industry peer median of 0.27184%, driven by near-zero revenues and sizable R&D spend; operating margin mirrors EBIT margin at -2,061.875% with strong QoQ improvement of 12.012% and YoY improvement of 234.666% but remains deeply negative in absolute terms.
Per-share and valuation ratios present mixed signals: EPS actual at -$0.53 missed the estimate of -$0.37 by -$0.16 (an EPS surprise of -43.24%). Price-to-book at 5.68 sits above the industry peer mean of 4.85 and slightly below the industry peer median of 6.16. Price-to-earnings shows a negative PE of -64.06 and forward PE of -103.60, reflecting negative earnings and expected continued losses.
Liquidity and balance-sheet strength stand out: cash equals $490,002,000 and cash and short-term investments total $636,241,000; current ratio equals 7.876 and cash ratio equals 7.417, providing substantial runway relative to present burn (operating cash flow -$69,525,000; free cash flow -$40,975,000). Debt remains negligible with total debt of $202,000 and debt-to-assets of 0.00026.
Market pricing implies expectations for future revenue: market capitalization $3,883,837,670 versus forward revenue of $4,102 produces an outsized PS ratio (current PS ~121,369), reflecting near-term revenue immateriality relative to market valuation and investor anticipation of successful commercialization of obicetrapib.
Valuation view: WMDST values the stock as over-valued, driven by large market capitalization against minimal current revenue and ongoing losses; the strong cash position supports clinical execution but does not, by itself, justify current market pricing without positive regulatory or outcomes readouts.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-18 |
| NEXT REPORT DATE: | 2026-05-20 |
| CASH FLOW | Begin Period Cash Flow | $ 539.7 M |
| Operating Cash Flow | $ -69.53 M | |
| Capital Expenditures | $ -100.00 K | |
| Change In Working Capital | $ 4.6 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -48.39 M | |
| End Period Cash Flow | $ 491.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 32.0 K | |
| Forward Revenue | $ 4.1 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 59.0 K | |
| Depreciation and Amortization | $ 59.0 K | |
| Research and Development | $ 38.6 M | |
| Total Operating Expenses | $ 66.0 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -65.92 M | |
| EBIT | $ -65.98 M | |
| Operating Income | $ -65.98 M | |
| Interest Income | $ 6.5 M | |
| Interest Expense | — | |
| Net Interest Income | $ 6.5 M | |
| Income Before Tax | $ -74.92 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -74.92 M | |
| Net Income From Continuing Operations | $ -74.92 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.37 | |
| EPS Actual | $ -0.53 | |
| EPS Difference | $ -0.16 | |
| EPS Surprise | -43.243 % | |
| Forward EPS | $ -0.34 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 769.3 M | |
| Intangible Assets | $ 407.0 K | |
| Net Tangible Assets | $ 683.0 M | |
| Total Current Assets | $ 675.7 M | |
| Cash and Short-Term Investments | $ 636.2 M | |
| Cash | $ 490.0 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 9.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 85.8 M | |
| Net Debt | — | |
| Total Debt | $ 202.0 K | |
| Total Liabilities | $ 85.9 M | |
| EQUITY | ||
| Total Equity | $ 683.4 M | |
| Retained Earnings | $ -762.39 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.97 | |
| Shares Outstanding | 114.399 M | |
| Revenue Per-Share | $ 0.00 | |
| VALUATION | Market Capitalization | $ 3.9 B |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | -49.268 | |
| Enterprise Multiple QoQ | -1.725 % | |
| Enterprise Multiple YoY | 272.316 % | |
| Enterprise Multiple IPRWA | high: 162.224 median: 67.346 mean: 61.526 NAMS: -49.268 low: -151.104 |
|
| EV/R | 101493.708 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.126 | |
| Asset To Liability | 8.96 | |
| Debt To Capital | 0.0 | |
| Debt To Assets | 0.0 | |
| Debt To Assets QoQ | -23.529 % | |
| Debt To Assets YoY | -50.0 % | |
| Debt To Assets IPRWA | high: 0.848 median: 0.422 mean: 0.327 NAMS: 0.0 low: 0.0 |
|
| Debt To Equity | 0.0 | |
| Debt To Equity QoQ | -18.919 % | |
| Debt To Equity YoY | -49.153 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.578 median: 0.211 NAMS: 0.0 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.683 | |
| Price To Book QoQ | 19.445 % | |
| Price To Book YoY | 86.211 % | |
| Price To Book IPRWA | high: 10.898 median: 6.164 NAMS: 5.683 mean: 4.852 low: -6.726 |
|
| Price To Earnings (P/E) | -64.056 | |
| Price To Earnings QoQ | 10.92 % | |
| Price To Earnings YoY | 178.474 % | |
| Price To Earnings IPRWA | high: 150.686 mean: 78.327 median: -3.648 NAMS: -64.056 low: -196.849 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 121369.927 | |
| Price To Sales QoQ | 1119.326 % | |
| Price To Sales YoY | 66954.46 % | |
| Price To Sales IPRWA | NAMS: 121369.927 high: 292.611 mean: 27.89 median: 20.207 low: 1.382 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -103.597 | |
| Forward PE/G | — | |
| Forward P/S | 946815.619 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.216 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.0 | |
| Asset Turnover Ratio QoQ | -100.0 % | |
| Asset Turnover Ratio YoY | -100.0 % | |
| Asset Turnover Ratio IPRWA | high: 0.317 median: 0.126 mean: 0.126 low: 0.0 NAMS: 0.0 |
|
| 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) | 0.0 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 mean: 237.323 median: 192.562 NAMS: 0.0 low: -463.897 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.0 | |
| CapEx To Revenue | -3.125 | |
| CapEx To Depreciation | -1.695 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 683.4 M | |
| Net Invested Capital | $ 683.4 M | |
| Invested Capital | $ 683.4 M | |
| Net Tangible Assets | $ 683.0 M | |
| Net Working Capital | $ 589.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 7.417 | |
| Current Ratio | 7.876 | |
| Current Ratio QoQ | -37.326 % | |
| Current Ratio YoY | -2.464 % | |
| Current Ratio IPRWA | high: 30.664 NAMS: 7.876 mean: 3.358 median: 2.477 low: 0.427 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.003 | |
| Cost Of Debt | 485.043 % | |
| Interest Coverage Ratio | -58.132 | |
| Interest Coverage Ratio QoQ | 19.653 % | |
| Interest Coverage Ratio YoY | -40.954 % | |
| Interest Coverage Ratio IPRWA | high: 404.333 mean: 73.297 median: 4.779 NAMS: -58.132 low: -376.787 |
|
| Operating Cash Flow Ratio | -0.81 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.18 % | |
| Revenue Growth | -90.805 % | |
| Revenue Growth QoQ | -7.514 % | |
| Revenue Growth YoY | 61.785 % | |
| Revenue Growth IPRWA | high: 71.991 % mean: 2.994 % median: 2.084 % NAMS: -90.805 % low: -100.0 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 70.37 % NAMS: 0.0 % median: -30.806 % mean: -32.461 % low: -170.677 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -206187.5 % | |
| EBIT Margin QoQ | 1201.221 % | |
| EBIT Margin YoY | 23466.602 % | |
| EBIT Margin IPRWA | high: 72.362 % median: 27.184 % mean: 15.808 % low: -1117.39 % NAMS: -206187.5 % |
|
| Return On Sales (ROS) | -206187.5 % | |
| Return On Sales QoQ | 1201.221 % | |
| Return On Sales YoY | 23466.602 % | |
| Return On Sales IPRWA | high: 62.442 % median: 27.569 % mean: 17.85 % low: -1121.296 % NAMS: -206187.5 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -40.98 M | |
| Free Cash Flow Yield | -1.055 % | |
| Free Cash Flow Yield QoQ | 11.404 % | |
| Free Cash Flow Yield YoY | -34.917 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % mean: 0.853 % median: 0.544 % NAMS: -1.055 % low: -27.145 % |
|
| Free Cash Growth | 24.882 % | |
| Free Cash Growth QoQ | -289.881 % | |
| Free Cash Growth YoY | -87.436 % | |
| Free Cash Growth IPRWA | high: 124.18 % NAMS: 24.882 % mean: -45.819 % median: -55.183 % low: -163.887 % |
|
| Free Cash To Net Income | 0.547 | |
| Cash Flow Margin | -217268.75 % | |
| Cash Flow To Earnings | 0.928 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -9.632 % | |
| Return On Assets QoQ | 7.117 % | |
| Return On Assets YoY | -31.881 % | |
| Return On Assets IPRWA | high: 4.717 % median: 2.092 % mean: 1.284 % NAMS: -9.632 % low: -41.648 % |
|
| Return On Capital Employed (ROCE) | -9.653 % | |
| Return On Equity (ROE) | -0.11 | |
| Return On Equity QoQ | 10.849 % | |
| Return On Equity YoY | -9.91 % | |
| Return On Equity IPRWA | high: 0.448 median: 0.096 mean: 0.085 NAMS: -0.11 low: -0.822 |
|
| DuPont ROE | 0.0 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |