Recent News
Between late January and April 2026, multiple reports described adverse FDA communications surrounding relacorilant and subsequent investor actions: a January report cited FDA warnings about submitting the relacorilant application; March–April filings and notices flagged a complete response letter and several securities-class-action lead‑plaintiff deadline notices for April 21, 2026. Separate coverage noted continued discussion of Korlym-driven revenue trends and company guidance.
Technical Analysis
ADX / DI+ / DI-: ADX at 47.21 signals a very strong trend environment; DI+ shows a peak-and-reversal while DI- is decreasing. The DI+ peak-and-reversal constitutes a bearish directional turn even as the ADX denotes strong trend strength, implying the immediate directional bias favors downward pressure on price.
MACD: MACD at 1.16 and rising, with the MACD above its 0.37 signal line, registers bullish momentum and a recent bullish MACD cross. That upward momentum can sustain short-term rallies, but it conflicts with the DI+ peak-and-reversal, producing potential short-lived rebounds inside a larger corrective bias.
MRO (Momentum/Regression Oscillator): MRO at 0.09 sits marginally positive, indicating price trades slightly above WMDST’s target and thus carries weak downside pressure toward the target. The small magnitude limits the oscillator’s predictive weight but reinforces that upside runs lack robust momentum relative to valuation.
RSI: RSI at 48.15 and increasing remains near neutral, not overbought or oversold. Rising RSI supports near-term bounce potential, but neutral absolute value gives no confirmation for a sustained breakout above longer-term averages.
Price vs. Moving Averages & Bands: Price closed at $41.91, above the 20‑day ($39.68), 12‑day EMA ($40.30) and 50‑day ($37.57) but well below the 200‑day average ($62.64). Price sits near the upper Bollinger band (upper 1σ $43.01), which, combined with the DI+ reversal and modest MRO, suggests rallies may meet resistance near current levels and the $43–$46 band edge.
Fundamental Analysis
Profitability & Earnings: Operating income at $4,487,000 produces an operating (EBIT) margin of 2.22%. That EBIT margin sits above the industry peer mean (-0.89%) and above the industry peer median (0.21%). Reported EPS of $0.20 missed the estimate of $0.33, an EPS surprise of -39.39%.
Revenue & Growth: Total revenue reached $202,125,000 with year‑over‑year revenue growth of 6.40% and a trailing revenue decline quarter‑over‑quarter of -2.66%. Research and development expense totaled $64,856,000, supporting pipeline programs including relacorilant, miricorilant and dazucorilant.
Balance Sheet & Cash Flow: Cash and short‑term investments total $372,152,000 and operating cash flow equals $38,448,000; free cash flow measured $38,398,000, yielding a free cash flow yield of approximately 0.70%. Current and quick ratios of 2.92 and 2.85 respectively highlight strong near‑term liquidity while total debt remains minimal at $6,107,000 (debt‑to‑assets ~0.73%).
Valuation Metrics: Trailing P/E stands at 259.4 and forward P/E at 165.1; both sit well above the industry peer mean and the industry peer high. Price‑to‑book ratio equals 8.49, above the industry peer mean and median. Enterprise value totals $5,130,745,213 with an enterprise multiple of 1,032.55, reflecting heavy market capitalization relative to operating earnings. WMDST values the stock as over‑valued given the stretched multiples versus cash generation and analyst target dispersion (mean price target $22.81 versus today’s $41.91).
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-24 |
| NEXT REPORT DATE: | 2026-05-26 |
| CASH FLOW | Begin Period Cash Flow | $ 125.1 M |
| Operating Cash Flow | $ 38.4 M | |
| Capital Expenditures | $ -50.00 K | |
| Change In Working Capital | $ 9.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -4.64 M | |
| End Period Cash Flow | $ 120.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 202.1 M | |
| Forward Revenue | $ 88.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.5 M | |
| Depreciation | $ 482.0 K | |
| Depreciation and Amortization | $ 482.0 K | |
| Research and Development | $ 64.9 M | |
| Total Operating Expenses | $ 197.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 199.6 M | |
| EBITDA | $ 5.0 M | |
| EBIT | $ 4.5 M | |
| Operating Income | $ 4.5 M | |
| Interest Income | $ 5.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.4 M | |
| Income Before Tax | $ 9.9 M | |
| Tax Provision | $ -14.38 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 24.3 M | |
| Net Income From Continuing Operations | $ 24.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.33 | |
| EPS Actual | $ 0.20 | |
| EPS Difference | $ -0.13 | |
| EPS Surprise | -39.394 % | |
| Forward EPS | $ 0.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 836.7 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 647.8 M | |
| Total Current Assets | $ 485.5 M | |
| Cash and Short-Term Investments | $ 372.2 M | |
| Cash | $ 120.5 M | |
| Net Receivables | $ 59.8 M | |
| Inventory | $ 12.9 M | |
| Long-Term Investments | $ 16.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 40.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 166.1 M | |
| Net Debt | — | |
| Total Debt | $ 6.1 M | |
| Total Liabilities | $ 188.8 M | |
| EQUITY | ||
| Total Equity | $ 647.8 M | |
| Retained Earnings | $ 643.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.11 | |
| Shares Outstanding | 105.966 M | |
| Revenue Per-Share | $ 1.91 | |
| VALUATION | Market Capitalization | $ 5.5 B |
| Enterprise Value | $ 5.1 B | |
| Enterprise Multiple | 1032.551 | |
| Enterprise Multiple QoQ | 46.709 % | |
| Enterprise Multiple YoY | 349.81 % | |
| Enterprise Multiple IPRWA | CORT: 1032.551 high: 67.346 median: 47.169 mean: 12.115 low: -114.076 |
|
| EV/R | 25.384 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.292 | |
| Asset To Liability | 4.43 | |
| Debt To Capital | 0.009 | |
| Debt To Assets | 0.007 | |
| Debt To Assets QoQ | -5.44 % | |
| Debt To Assets YoY | -11.515 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.121 CORT: 0.007 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.009 | |
| Debt To Equity QoQ | -6.262 % | |
| Debt To Equity YoY | -7.64 % | |
| Debt To Equity IPRWA | high: 1.524 mean: 0.137 CORT: 0.009 median: 0.005 low: -0.957 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.485 | |
| Price To Book QoQ | -32.498 % | |
| Price To Book YoY | -8.191 % | |
| Price To Book IPRWA | high: 19.432 CORT: 8.485 median: 6.164 mean: 5.195 low: -10.511 |
|
| Price To Earnings (P/E) | 259.366 | |
| Price To Earnings QoQ | -45.079 % | |
| Price To Earnings YoY | 12.854 % | |
| Price To Earnings IPRWA | CORT: 259.366 high: 75.085 mean: -0.8 median: -16.894 low: -119.903 |
|
| PE/G Ratio | 10.375 | |
| Price To Sales (P/S) | 27.195 | |
| Price To Sales QoQ | -28.912 % | |
| Price To Sales YoY | -21.246 % | |
| Price To Sales IPRWA | high: 773.807 mean: 49.209 CORT: 27.195 median: 20.207 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 165.071 | |
| Forward PE/G | 6.603 | |
| Forward P/S | 51.944 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 21.126 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.243 | |
| Asset Turnover Ratio QoQ | -4.701 % | |
| Asset Turnover Ratio YoY | 8.754 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 CORT: 0.243 mean: 0.116 median: 0.109 low: -0.066 |
|
| Receivables Turnover | 3.124 | |
| Receivables Turnover Ratio QoQ | 0.941 % | |
| Receivables Turnover Ratio YoY | -2.375 % | |
| Receivables Turnover Ratio IPRWA | high: 7.397 CORT: 3.124 mean: 1.428 median: 1.333 low: -1.505 |
|
| Inventory Turnover | 0.202 | |
| Inventory Turnover Ratio QoQ | -45.925 % | |
| Inventory Turnover Ratio YoY | -30.139 % | |
| Inventory Turnover Ratio IPRWA | high: 2.663 mean: 0.585 median: 0.471 CORT: 0.202 low: 0.007 |
|
| Days Sales Outstanding (DSO) | 29.212 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -463.897 | |
| Cash Conversion Cycle Days QoQ | 12.138 % | |
| Cash Conversion Cycle Days YoY | 149.023 % | |
| Cash Conversion Cycle Days IPRWA | high: 974.716 mean: 192.26 median: 189.511 CORT: -463.897 low: -1689.26 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.633 | |
| CapEx To Revenue | -0.0 | |
| CapEx To Depreciation | -0.104 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 647.8 M | |
| Net Invested Capital | $ 647.8 M | |
| Invested Capital | $ 647.8 M | |
| Net Tangible Assets | $ 647.8 M | |
| Net Working Capital | $ 319.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.241 | |
| Current Ratio | 2.923 | |
| Current Ratio QoQ | -6.948 % | |
| Current Ratio YoY | -12.749 % | |
| Current Ratio IPRWA | high: 27.397 mean: 3.91 CORT: 2.923 median: 2.827 low: 0.027 |
|
| Quick Ratio | 2.846 | |
| Quick Ratio QoQ | -7.3 % | |
| Quick Ratio YoY | -12.766 % | |
| Quick Ratio IPRWA | high: 13.851 CORT: 2.846 mean: 2.759 median: 2.452 low: 0.078 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.229 | |
| Cost Of Debt | 45.391 % | |
| Interest Coverage Ratio | 1.253 | |
| Interest Coverage Ratio QoQ | -56.092 % | |
| Interest Coverage Ratio YoY | -82.238 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 40.665 median: 3.11 CORT: 1.253 low: -1571.333 |
|
| Operating Cash Flow Ratio | 0.241 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 743.441 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.584 % | |
| Revenue Growth | -2.655 % | |
| Revenue Growth QoQ | -139.084 % | |
| Revenue Growth YoY | 639.554 % | |
| Revenue Growth IPRWA | high: 443.939 % mean: 13.142 % median: 2.844 % CORT: -2.655 % low: -242.388 % |
|
| Earnings Growth | 25.0 % | |
| Earnings Growth QoQ | -155.769 % | |
| Earnings Growth YoY | -168.334 % | |
| Earnings Growth IPRWA | high: 178.788 % CORT: 25.0 % median: -14.286 % mean: -17.354 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | 98.741 % | |
| Gross Margin QoQ | 0.976 % | |
| Gross Margin YoY | 0.372 % | |
| Gross Margin IPRWA | high: 102.453 % CORT: 98.741 % mean: 78.715 % median: 78.702 % low: -14.773 % |
|
| EBIT Margin | 2.22 % | |
| EBIT Margin QoQ | -54.896 % | |
| EBIT Margin YoY | -84.016 % | |
| EBIT Margin IPRWA | high: 3501.566 % median: 21.25 % CORT: 2.22 % mean: -89.147 % low: -7602.597 % |
|
| Return On Sales (ROS) | 2.22 % | |
| Return On Sales QoQ | -54.896 % | |
| Return On Sales YoY | -84.016 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.297 % CORT: 2.22 % mean: -94.885 % low: -7602.597 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 38.4 M | |
| Free Cash Flow Yield | 0.699 % | |
| Free Cash Flow Yield QoQ | 1.895 % | |
| Free Cash Flow Yield YoY | -25.796 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % CORT: 0.699 % median: 0.303 % mean: 0.16 % low: -50.821 % |
|
| Free Cash Growth | -29.52 % | |
| Free Cash Growth QoQ | -222.221 % | |
| Free Cash Growth YoY | 63.745 % | |
| Free Cash Growth IPRWA | high: 177.21 % median: -24.462 % CORT: -29.52 % mean: -31.245 % low: -197.482 % |
|
| Free Cash To Net Income | 1.581 | |
| Cash Flow Margin | 19.835 % | |
| Cash Flow To Earnings | 1.651 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.926 % | |
| Return On Assets QoQ | 20.909 % | |
| Return On Assets YoY | -22.695 % | |
| Return On Assets IPRWA | high: 33.814 % CORT: 2.926 % median: 1.099 % mean: -2.738 % low: -59.608 % |
|
| Return On Capital Employed (ROCE) | 0.669 % | |
| Return On Equity (ROE) | 0.037 | |
| Return On Equity QoQ | 20.43 % | |
| Return On Equity YoY | -17.131 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.039 CORT: 0.037 mean: 0.001 low: -1.16 |
|
| DuPont ROE | 3.796 % | |
| Return On Invested Capital (ROIC) | 0.547 % | |
| Return On Invested Capital QoQ | -57.199 % | |
| Return On Invested Capital YoY | -108.471 % | |
| Return On Invested Capital IPRWA | high: 35.992 % median: 3.016 % CORT: 0.547 % mean: -0.135 % low: -58.737 % |
|