Recent News
Jan. 26, 2026 reports indicated talks with a large pharmaceutical acquirer collapsed, triggering renewed scrutiny of strategic alternatives and deal expectations. Apr. 13, 2026 headlines claimed a Phase‑3 pancreatic cancer readout showed substantial benefit versus chemotherapy, drawing attention to potential regulatory and commercial implications. Patient‑advocacy discussion circulated in early April about expanded‑access requests for the lead candidate and supply/enrollment constraints.
Technical Analysis
Directional strength: ADX at 38.07 signals a strong trend; DI+ at 45.05 increasing while DI‑ at 12.62 decreasing produces a bullish directional profile that supports the immediate upside bias and aligns with momentum indicators.
MACD and signal: MACD reads 11.22 with an increasing MACD_trend and a MACD signal line at 5.72, placing MACD above its signal line — a bullish momentum confirmation that implies continuation of recent price strength into the near term.
Momentum/Regression Oscillator (MRO): MRO at 39.76 and rising indicates price sits above the model target, implying potential for mean reversion; this raises the chance of short‑term pullbacks even as momentum remains constructive.
RSI: RSI at 61.16 and increasing indicates bullish momentum without immediate overbought extremity, supporting a continuation bias while leaving room before classic overbought thresholds.
Price versus moving averages and bands: Close at $146.23 trades well above the 200‑day average of $71.73 and above the 50‑day average of $104.09, signaling long‑term and medium‑term bullish alignment; price nears the upper 1‑sigma Bollinger band ($147.11), reinforcing upside momentum but also highlighting proximity to resistance where consolidation could occur.
Volatility and volume context: 42‑day beta sits at 2.03 and 52‑week beta at 1.05, reflecting elevated short‑term sensitivity. Daily volume (3,331,862) sits below the 10‑day average (5,356,092) yet above the 200‑day average (2,601,037), consistent with episodic liquidity spikes around news flow and clinical catalysts.
Fundamental Analysis
Profitability and earnings: Net loss totaled $364,892,000 for the period ending Dec. 31, 2025; EPS actual registered at -$1.86 versus an estimate of -$1.56, an EPS surprise of -19.23%. Operating income (loss) stood at -$361,626,000 and EBIT at -$352,956,000, reflecting ongoing development spend rather than commercialization margin pressure.
Cash and liquidity: Cash and short‑term investments total $2,025,679,000 with cash of $383,745,000 and a cash conversion increase reported; the current ratio at 7.14 compares above the industry peer mean of 3.89 and the peer median of 2.83, indicating ample near‑term liquidity to fund operations and planned trials.
Cashflow and capex: Operating cash flow registered -$370,423,000 and free cash flow -$276,163,000, while free cash flow grew year‑over‑year by 6.47%; capital expenditures remain modest at -$1,925,000 versus significant R&D investment of $294,943,000, underscoring a cash‑burn profile dominated by clinical development activity.
Leverage and returns: Total debt stands at $158,702,000 with debt‑to‑assets of 0.0674 and debt‑to‑equity of 0.0973, reflecting low leverage. Return on assets at -15.84% and return on equity at -22.37% remain negative, consistent with a clinical‑stage company investing ahead of potential revenue.
Valuation metrics: P/B ratio reads 11.03, above the industry peer mean (5.08) and median (6.00); PE and forward PE are negative given losses, and enterprise multiple sits at -46.30. The current valuation as determined by WMDST classifies the stock as over‑valued, reflecting rich market pricing relative to book value and ongoing negative earnings while clinical outcomes remain the key value driver.
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 | $ 222.3 M |
| Operating Cash Flow | $ -370.42 M | |
| Capital Expenditures | $ -1.93 M | |
| Change In Working Capital | $ 32.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 166.3 M | |
| End Period Cash Flow | $ 388.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 4.6 M | |
| Depreciation and Amortization | $ 4.7 M | |
| Research and Development | $ 294.9 M | |
| Total Operating Expenses | $ 361.6 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -348.25 M | |
| EBIT | $ -352.96 M | |
| Operating Income | $ -361.63 M | |
| Interest Income | $ 21.3 M | |
| Interest Expense | $ 11.9 M | |
| Net Interest Income | $ 9.4 M | |
| Income Before Tax | $ -364.89 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -364.89 M | |
| Net Income From Continuing Operations | $ -364.89 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.56 | |
| EPS Actual | $ -1.86 | |
| EPS Difference | $ -0.30 | |
| EPS Surprise | -19.231 % | |
| Forward EPS | $ -1.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.4 B | |
| Intangible Assets | $ 70.4 M | |
| Net Tangible Assets | $ 1.6 B | |
| Total Current Assets | $ 2.1 B | |
| Cash and Short-Term Investments | $ 2.0 B | |
| Cash | $ 383.7 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 19.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 64.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 290.4 M | |
| Net Debt | — | |
| Total Debt | $ 158.7 M | |
| Total Liabilities | $ 723.2 M | |
| EQUITY | ||
| Total Equity | $ 1.6 B | |
| Retained Earnings | $ -2.87 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.28 | |
| Shares Outstanding | 197.001 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 18.0 B |
| Enterprise Value | $ 16.1 B | |
| Enterprise Multiple | -46.302 | |
| Enterprise Multiple QoQ | 85.358 % | |
| Enterprise Multiple YoY | 63.883 % | |
| Enterprise Multiple IPRWA | high: 67.346 median: 51.922 mean: 13.52 RVMD: -46.302 low: -114.076 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.443 | |
| Asset To Liability | 3.256 | |
| Debt To Capital | 0.089 | |
| Debt To Assets | 0.067 | |
| Debt To Assets QoQ | -4.221 % | |
| Debt To Assets YoY | 26.93 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.122 RVMD: 0.067 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.097 | |
| Debt To Equity QoQ | -1.955 % | |
| Debt To Equity YoY | 62.231 % | |
| Debt To Equity IPRWA | high: 1.524 mean: 0.137 RVMD: 0.097 median: 0.005 low: -0.957 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 11.029 | |
| Price To Book QoQ | 95.625 % | |
| Price To Book YoY | 205.823 % | |
| Price To Book IPRWA | high: 19.432 RVMD: 11.029 median: 5.998 mean: 5.076 low: -10.511 |
|
| Price To Earnings (P/E) | -49.102 | |
| Price To Earnings QoQ | 66.577 % | |
| Price To Earnings YoY | 25.142 % | |
| Price To Earnings IPRWA | high: 71.892 mean: -20.545 median: -30.54 RVMD: -49.102 low: -107.019 |
|
| PE/G Ratio | -3.162 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -40.423 | |
| Forward PE/G | -2.603 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| 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) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 mean: 216.675 median: 192.562 RVMD: 0 low: -594.03 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -0.415 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.6 B | |
| Net Working Capital | $ 1.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 6.975 | |
| Current Ratio | 7.145 | |
| Current Ratio QoQ | -11.254 % | |
| Current Ratio YoY | -49.685 % | |
| Current Ratio IPRWA | high: 27.397 RVMD: 7.145 mean: 3.888 median: 2.827 low: 0.027 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.456 | |
| Cost Of Debt | 7.498 % | |
| Interest Coverage Ratio | -29.571 | |
| Interest Coverage Ratio QoQ | 15.03 % | |
| Interest Coverage Ratio YoY | 26.986 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 41.251 median: 3.11 RVMD: -29.571 low: -1571.333 |
|
| Operating Cash Flow Ratio | -1.275 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.556 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 15.528 % | |
| Earnings Growth QoQ | -32.195 % | |
| Earnings Growth YoY | -18.91 % | |
| Earnings Growth IPRWA | high: 204.0 % RVMD: 15.528 % mean: -17.408 % median: -17.687 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -276.16 M | |
| Free Cash Flow Yield | -1.535 % | |
| Free Cash Flow Yield QoQ | -34.402 % | |
| Free Cash Flow Yield YoY | -10.129 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % median: 0.303 % mean: 0.199 % RVMD: -1.535 % low: -51.848 % |
|
| Free Cash Growth | 31.094 % | |
| Free Cash Growth QoQ | -484.256 % | |
| Free Cash Growth YoY | 647.272 % | |
| Free Cash Growth IPRWA | high: 177.21 % RVMD: 31.094 % median: -25.381 % mean: -33.711 % low: -201.25 % |
|
| Free Cash To Net Income | 0.757 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 1.015 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -15.843 % | |
| Return On Assets QoQ | 21.505 % | |
| Return On Assets YoY | 75.936 % | |
| Return On Assets IPRWA | high: 33.814 % median: 1.099 % mean: -2.526 % RVMD: -15.843 % low: -65.985 % |
|
| Return On Capital Employed (ROCE) | -17.1 % | |
| Return On Equity (ROE) | -0.224 | |
| Return On Equity QoQ | 17.036 % | |
| Return On Equity YoY | 160.426 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.039 mean: 0.004 RVMD: -0.224 low: -1.16 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |