Recent News
On March 25, 2026 the FDA approved relacorilant (to be marketed as Lifyorli™) in combination with nab‑paclitaxel for platinum‑resistant ovarian cancer. On January 30, 2026 reporting surfaced that the FDA had earlier warned the company against submitting an application for relacorilant in another indication. A corporate release on January 22, 2026 provided audited 2025 results and a corporate update; separate notices in February and March 2026 announced investor class action litigation related to disclosures about regulatory interactions.
Technical Analysis
ADX: ADX at 50.76 signals a very strong trend; that strength supports continuation of the recent approval‑driven directional move and increases the likelihood of sustained volatility tied to commercial milestones.
DI+/DI-: DI+ at 41.95 registered a dip & reversal (bullish) while DI‑ at 12.48 is decreasing (bullish), reinforcing directional conviction favoring the upside established after the regulatory news.
MACD: MACD at 1.92 is increasing and sits above the signal line at 1.27, indicating accelerating bullish momentum that aligns with the approval‑linked price move.
MRO: MRO at 3.2 is positive, indicating the current price sits above the model target and therefore carries technical potential for a corrective pullback toward valuation levels determined by WMDST.
RSI and Momentum: RSI at 53.31 is increasing and sits in a neutral‑to‑modest bullish range, suggesting momentum has room to extend but not yet overbought; short‑term EMAs confirm upward pressure, with the 12‑day EMA rising above the 26‑day EMA.
Price vs. Averages & Other Breadth: Last close $46.34 sits above the 50‑day average ($38.03) and the 20‑day average ($42.91) but below the 200‑day average ($61.79), a configuration that supports near‑term strength while the longer‑term trend remains unresolved. Ichimoku conversion and base lines sit near $42–$41, offering technical support; the super trend lower at $41.17 provides an additional near‑term support reference.
Fundamental Analysis
Profitability & Margins: EBIT equals $4,487,000, yielding an EBIT margin of 2.22%. That EBIT margin sits above the industry peer mean (‑88.60%) and above the industry peer median (21.25%). Operating margin also equals 2.22%, down QoQ by 54.90% and down YoY by 84.02%, reflecting margin compression from investment spending tied to the product transition.
Revenue & Growth: Total revenue reached $202,125,000. Reported revenue growth year‑over‑year stands at 639.55% and revenue growth quarter‑over‑quarter at ‑139.08%; the YoY figure reflects a large base change and the QoQ decline indicates short‑term variability in product mix and timing effects tied to commercialization activities.
Earnings & Cash Flow: Reported EPS came in at $0.20 versus an estimate of $0.33, an EPS surprise of ‑39.39%. EBITDA equals $4,969,000 and free cash flow equals $38,398,000, producing a free cash flow yield of 0.70%. Operating cash flow stands at $38,448,000 and free cash flow to net income at 158.10%, indicating cash conversion outpaced accounting earnings.
Balance Sheet & Liquidity: Cash and short‑term investments total $372,152,000 and cash alone equals $120,495,000. Current ratio equals 2.92 and cash ratio equals 2.24, reflecting ample near‑term liquidity to fund commercialization and ongoing trials. Total debt remains minimal at $6,107,000, yielding debt‑to‑assets of 0.73% and debt‑to‑EBITDA of 1.23x.
Valuation Context: Market capitalization approximates $5,496,790,213 while enterprise value measures $5,130,745,213 and EVR equals 25.38. Reported P/E equals 259.37 and forward P/E equals 165.07; price‑to‑book equals 8.49, each signaling rich multiples. WMDST values the stock as over‑valued. Price target consensus shows a mean of $25.34 with a high of $81.44 and a low of $18.79, indicating wide analyst dispersion around the company’s risk/reward profile.
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: 44.062 mean: 12.324 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: 0.122 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: 5.169 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: 74.171 mean: -0.945 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: 48.932 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: 0.115 median: 0.106 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: 1.438 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: 0.583 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: 192.493 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: 3.911 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: 2.748 median: 2.452 low: 0.069 |
|
| 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: 40.469 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: 13.126 % median: 3.233 % CORT: -2.655 % low: -242.388 % |
|
| Earnings Growth | 25.0 % | |
| Earnings Growth QoQ | -155.769 % | |
| Earnings Growth YoY | -168.334 % | |
| Earnings Growth IPRWA | high: 204.0 % CORT: 25.0 % median: -14.286 % mean: -17.115 % 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 % median: 78.702 % mean: 78.432 % low: -63.166 % |
|
| 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: -88.603 % 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: -98.925 % 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: 0.175 % low: -51.848 % |
|
| 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: -24.526 % CORT: -29.52 % mean: -32.89 % low: -201.25 % |
|
| 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: -2.725 % low: -65.985 % |
|
| 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 CORT: 0.037 median: 0.035 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: 50.944 % median: 3.016 % CORT: 0.547 % mean: -0.125 % low: -58.737 % |
|