Recent News
On April 10, 2026 the company presented complete ROSELLA trial data with simultaneous publication in The Lancet noting relacorilant (Lifyorli™) plus nab‑paclitaxel improved overall survival in platinum‑resistant ovarian cancer; the company also issued a corporate update and financial results in late February 2026 detailing audited 2025 results and forward guidance. In late March 2026 multiple shareholder‑notice and plaintiff‑deadline items appeared after the FDA indicated it could not reach a favorable benefit‑risk assessment for relacorilant without additional evidence, and law firms issued reminders about April 21, 2026 filing deadlines for related securities claims.
Technical Analysis
Directional indicators show a strong underlying trend: ADX at 50.47 signals a very strong trend environment, but the directional movement readings conflict on durability — DI+ at 36.50 has begun decreasing, a bearish development, while DI‑ at 11.71 is also decreasing, which lightens the downward pressure. Together these readings point to a strong but potentially topping trend that leaves short‑term direction vulnerable to reversal.
MACD sits positive at 2.00 and remains above its signal line (1.73), which ordinarily denotes a bullish crossover; however the MACD trend shows a peak‑and‑reversal, indicating momentum has started to wane and bearish momentum may reassert despite the current positive spread.
MRO reads 4.94 and trends higher; because MRO is positive, price sits above the modeled target and carries a bias toward mean reversion, with the rising MRO suggesting that this pressure could grow incrementally.
RSI at 54.23 and rising indicates modest bullish momentum without overbought conditions, consistent with a market that can extend gains but remains susceptible to a pullback if momentum indicators roll over.
Price relationships show a split time‑frame picture: the last close at $46.22 sits above the 20‑day average ($44.46) and the 50‑day average ($38.57), yet remains below the 200‑day average ($61.19). Bollinger band placement finds price just under the 1x upper band ($46.37), indicating limited short‑term upside room. Ichimoku lines (Tenkan $44.00, Kijun $41.54, Senkou A $34.72, Senkou B $56.57) place price above short‑term conversion/support lines but below the upper cloud boundary, consistent with consolidation inside a longer‑term band. These mixed time‑frame signals align with the valuation view that upside faces resistance until catalysts resolve.
Fundamental Analysis
Revenue and profitability: total revenue stands at $202,125,000 with YoY revenue growth reported at 6.40% and a quarter‑over‑quarter change near ‑1.39%. Gross margin registers at 98.74%, while operating (EBIT) margin equals 2.22%; operating margin contracted roughly ‑54.90% QoQ and ‑84.02% YoY, reflecting margin pressure versus prior periods. Net income totaled $24,288,000 and EBIT reached $4,487,000 for the period.
Cash, liquidity and leverage: cash and short‑term investments total $372,152,000 and cash equals $120,495,000, producing a cash ratio of 2.24 and a current ratio of 2.92. Total debt remains minimal at $6,107,000, with debt‑to‑assets at 0.73% and debt‑to‑equity at about 0.94%, indicating a very low leverage profile and ample runway to fund R&D and commercial activities.
Cash generation and returns: operating cash flow equals $38,448,000 and free cash flow equals $38,398,000, with a free cash flow yield around 0.70%. Return on equity measures ≈3.75% and return on assets ≈2.93%, modest returns given the company’s cash base and R&D spend of $64,856,000.
Valuation multiples: trailing PE stands at roughly 259.37x and forward PE near 165.07x; price‑to‑book about 8.49x and price‑to‑sales about 27.20x. The enterprise multiple registers very high at 1,032.55. The price target mean among analysts sits at $26.00 with a high of $83.95 and low of $19.47, indicating broad disagreement. The company’s P/B ratio lies above the industry peer mean (≈5.17) and median (≈6.16), and EBIT margin exceeds the industry peer mean (≈‑0.89) and median (≈0.21) as provided.
Earnings: reported EPS equaled $0.20 versus an estimate of $0.33, producing an EPS surprise of ‑39.39%. WMDST notes the miss while recognizing positive cash conversion and low leverage; the EPS shortfall aligns with the margin contraction noted above.
Valuation view: the current valuation as determined by WMDST classifies the stock as over‑valued, driven by high multiplicative metrics relative to cash generation and by elevated enterprise multiples despite a strong cash position and low debt.
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 % |
|