Recent News
On February 26, 2026 the company announced a Phase 3 barzolvolimab milestone that prompted a notable intraday rally. On February 9, 2026 management confirmed planned presentations and investor conference participation through the spring. On March 12, 2026 new Phase 2 and open-label extension data for barzolvolimab in chronic inducible urticaria appeared at the AAAAI meeting, showing rapid clinical improvements on initial and repeat dosing.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 26.2 indicates a strong trend environment while DI+ at 27.01 declines and DI- shows a dip-and-reversal; together these readings imply recent directional strength with emerging downside pressure that could pressure the premium valuation.
MACD: MACD sits at 1.02 and trends downward below its signal line at 1.06, indicating bearish momentum despite recent price strength; this reduces the probability that momentum will sustain current premium pricing in the near term.
MRO (Momentum/Regression Oscillator): MRO reads 35.31 and is increasing, which implies price sits above WMDST’s target and elevates the likelihood of mean reversion toward valuation levels.
RSI: RSI at 54.45 with a peak-and-reversal pattern signals momentum peaked and has begun to retrace, supporting a near-term consolidation or pullback bias even as the stock trades above short- and medium-term averages.
Price vs. Moving Averages and Bands: Price closed at $30.03, above the 20-day average ($29.87), 50-day average ($26.70), and 200-day average ($24.87), and sits near the 1x upper Bollinger band ($30.73). That positioning underpins the current premium but also limits immediate upside and increases vulnerability to momentum deterioration.
Ichimoku & Support: Tenkan-Sen at $29.95 and Kijun-Sen at $27.22 lie below price, aligning short-term trend support with the super-trend lower level at $27.87; a break below these reference points would materially weaken the technical case for holding premium valuation.
Fundamental Analysis
Profitability: Operating income stands at -$87,153,000 and EBIT at -$87,153,000, producing an EBIT margin of -720.27% while EBIT margin improved year-over-year by 14.11 percentage points relative to the prior period; this margin sits far below the industry peer mean of -0.28% and industry peer median of 0.22%.
Revenue and top-line dynamics: Reported total revenue for the period equals $121,000 with revenue down 17.57% quarter-over-quarter but up 32.05% year-over-year; the absolute revenue base remains minimal relative to market capitalization, inflating price-to-sales ratios.
Valuation multiples: P/B registers at 3.18 while the price-to-earnings measures remain negative (PE ratio -20.64) consistent with losses; price-to-sales stands at 13,848.32 and forward price-to-sales at 57,181.49, both well above the industry peer mean of 40.65 and median of 20.21, which underpins WMDST’s assessment that the current valuation classifies the stock as over-valued.
Liquidity and capital structure: Cash and short-term investments total $518,573,000 with cash of $28,871,000 and a cash ratio of 10.17 and current ratio of 10.49, reflecting ample near-term liquidity. Total debt remains minimal at $2,336,000 and debt-to-assets equals 0.40%, indicating a conservative balance sheet that supports continued R&D spending.
Cash flow and R&D investment: Operating cash flow and free cash flow remain negative at -$63,940,000 and -$65,221,000 respectively, while research and development expense totals $75,333,000; sustained negative cash flow ties funding needs to either continued cash reserves or financing activity.
Earnings metrics and guidance context: GAAP EPS for the period equals -$1.22 versus an estimate of -$1.00, producing an EPS surprise of -22.0% relative to the estimate; forward EPS remains negative. These figures, combined with elevated enterprise value and negative margins, reinforce the over-valued designation by WMDST.
Valuation conclusion: WMDST values the stock as over-valued based on extremely high price-to-sales multiples, negative operating margins, and persistent negative cash flow despite a strong cash position and low leverage; clinical progress represents the primary value driver that could materially alter this assessment if it converts to durable commercial potential.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-25 |
| NEXT REPORT DATE: | 2026-05-27 |
| CASH FLOW | Begin Period Cash Flow | $ 36.0 M |
| Operating Cash Flow | $ -63.94 M | |
| Capital Expenditures | $ -1.28 M | |
| Change In Working Capital | $ 8.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -7.17 M | |
| End Period Cash Flow | $ 28.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 121.0 K | |
| Forward Revenue | $ 29.3 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 816.0 K | |
| Depreciation and Amortization | $ 816.0 K | |
| Research and Development | $ 75.3 M | |
| Total Operating Expenses | $ 87.3 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -86.34 M | |
| EBIT | $ -87.15 M | |
| Operating Income | $ -87.15 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -81.32 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -81.32 M | |
| Net Income From Continuing Operations | $ -81.32 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.00 | |
| EPS Actual | $ -1.22 | |
| EPS Difference | $ -0.22 | |
| EPS Surprise | -22.0 % | |
| Forward EPS | $ -1.18 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 583.0 M | |
| Intangible Assets | $ 27.2 M | |
| Net Tangible Assets | $ 500.0 M | |
| Total Current Assets | $ 534.7 M | |
| Cash and Short-Term Investments | $ 518.6 M | |
| Cash | $ 28.9 M | |
| Net Receivables | $ 2.0 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 51.0 M | |
| Net Debt | — | |
| Total Debt | $ 2.3 M | |
| Total Liabilities | $ 55.8 M | |
| EQUITY | ||
| Total Equity | $ 527.2 M | |
| Retained Earnings | $ -1.81 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.92 | |
| Shares Outstanding | 66.549 M | |
| Revenue Per-Share | $ 0.00 | |
| VALUATION | Market Capitalization | $ 1.7 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | -13.429 | |
| Enterprise Multiple QoQ | -8.87 % | |
| Enterprise Multiple YoY | -19.417 % | |
| Enterprise Multiple IPRWA | high: 102.834 median: 58.093 mean: 22.902 CLDX: -13.429 low: -145.027 |
|
| EV/R | 9581.896 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.106 | |
| Asset To Liability | 10.444 | |
| Debt To Capital | 0.004 | |
| Debt To Assets | 0.004 | |
| Debt To Assets QoQ | -0.743 % | |
| Debt To Assets YoY | -16.632 % | |
| Debt To Assets IPRWA | high: 0.934 mean: 0.254 median: 0.191 CLDX: 0.004 low: 0.0 |
|
| Debt To Equity | 0.004 | |
| Debt To Equity QoQ | 1.142 % | |
| Debt To Equity YoY | -13.137 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.398 median: 0.109 CLDX: 0.004 low: -1.035 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.179 | |
| Price To Book QoQ | 15.041 % | |
| Price To Book YoY | 44.65 % | |
| Price To Book IPRWA | high: 20.409 mean: 7.941 median: 6.164 CLDX: 3.179 low: -10.511 |
|
| Price To Earnings (P/E) | -20.639 | |
| Price To Earnings QoQ | -16.223 % | |
| Price To Earnings YoY | -40.749 % | |
| Price To Earnings IPRWA | high: 105.518 median: 53.472 mean: 15.661 CLDX: -20.639 low: -145.713 |
|
| PE/G Ratio | -0.993 | |
| Price To Sales (P/S) | 13848.317 | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | 891.277 % | |
| Price To Sales IPRWA | CLDX: 13848.317 high: 438.506 mean: 40.653 median: 20.207 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -22.006 | |
| Forward PE/G | -1.058 | |
| Forward P/S | 57181.491 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.0 | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | -86.207 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 mean: 0.117 median: 0.109 CLDX: 0.0 low: -0.066 |
|
| Receivables Turnover | 0.115 | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | -92.408 % | |
| Receivables Turnover Ratio IPRWA | high: 5.263 mean: 1.429 median: 1.333 CLDX: 0.115 low: -1.505 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 793.724 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 793.724 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 CLDX: 793.724 mean: 198.705 median: 192.562 low: -928.365 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.0 | |
| CapEx To Revenue | -10.587 | |
| CapEx To Depreciation | -1.57 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 527.2 M | |
| Net Invested Capital | $ 527.2 M | |
| Invested Capital | $ 527.2 M | |
| Net Tangible Assets | $ 500.0 M | |
| Net Working Capital | $ 483.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 10.17 | |
| Current Ratio | 10.485 | |
| Current Ratio QoQ | -19.382 % | |
| Current Ratio YoY | -44.565 % | |
| Current Ratio IPRWA | high: 30.664 CLDX: 10.485 mean: 5.471 median: 2.901 low: 0.35 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.027 | |
| Cost Of Debt | 125.479 % | |
| Interest Coverage Ratio | -28.023 | |
| Interest Coverage Ratio QoQ | 18.387 % | |
| Interest Coverage Ratio YoY | 55.555 % | |
| Interest Coverage Ratio IPRWA | high: 404.333 mean: 39.978 median: 3.319 CLDX: -28.023 low: -696.975 |
|
| Operating Cash Flow Ratio | -1.677 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -10.094 % | |
| Revenue Growth | -83.425 % | |
| Revenue Growth QoQ | -1756.573 % | |
| Revenue Growth YoY | 32.048 % | |
| Revenue Growth IPRWA | high: 280.972 % mean: 13.198 % median: 3.233 % CLDX: -83.425 % low: -200.0 % |
|
| Earnings Growth | 20.792 % | |
| Earnings Growth QoQ | 10.455 % | |
| Earnings Growth YoY | 90.107 % | |
| Earnings Growth IPRWA | high: 203.846 % CLDX: 20.792 % mean: -21.179 % median: -28.395 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -72027.273 % | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | 1410.558 % | |
| EBIT Margin IPRWA | high: 1116.376 % median: 21.964 % mean: -27.871 % low: -2169.55 % CLDX: -72027.273 % |
|
| Return On Sales (ROS) | -72027.273 % | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | 1410.558 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.569 % mean: -28.614 % low: -2536.231 % CLDX: -72027.273 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -65.22 M | |
| Free Cash Flow Yield | -3.892 % | |
| Free Cash Flow Yield QoQ | 31.132 % | |
| Free Cash Flow Yield YoY | 92.292 % | |
| Free Cash Flow Yield IPRWA | high: 19.179 % mean: 0.331 % median: 0.303 % CLDX: -3.892 % low: -30.203 % |
|
| Free Cash Growth | 32.92 % | |
| Free Cash Growth QoQ | 239.697 % | |
| Free Cash Growth YoY | -181.22 % | |
| Free Cash Growth IPRWA | high: 205.565 % CLDX: 32.92 % median: -24.801 % mean: -28.08 % low: -220.947 % |
|
| Free Cash To Net Income | 0.802 | |
| Cash Flow Margin | -70671.901 % | |
| Cash Flow To Earnings | 1.052 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -13.207 % | |
| Return On Assets QoQ | 32.07 % | |
| Return On Assets YoY | 126.535 % | |
| Return On Assets IPRWA | high: 27.866 % median: 1.475 % mean: -1.853 % CLDX: -13.207 % low: -47.9 % |
|
| Return On Capital Employed (ROCE) | -16.382 % | |
| Return On Equity (ROE) | -0.154 | |
| Return On Equity QoQ | 37.662 % | |
| Return On Equity YoY | 144.686 % | |
| Return On Equity IPRWA | high: 0.657 median: 0.055 mean: 0.017 CLDX: -0.154 low: -0.879 |
|
| DuPont ROE | -14.705 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |