Recent News
On August 6, 2026 the company reported second-quarter results and provided a business update highlighting near-complete enrollment in the Phase 3 TEBE‑AM trial and continued pipeline progress; in July 2026 the company presented translational IMC‑M113V data from multiple ascending dose cohorts showing interferon-associated immune programs; industry commentary in late July emphasized pipeline expansion beyond KIMMTRAK into ovarian, lung and gastrointestinal indications.
Technical Analysis
ADX stands at 19.8, indicating no established trend; directional strength remains limited despite recent momentum, so follow-through requires confirmation from volume and price action.
DI+ shows a dip‑and‑reversal, a bullish directional signal; DI‑ also shows a dip‑and‑reversal, which reads as a bearish directional signal; the simultaneous reversals imply short-term directional contest rather than a decisive trend shift.
MACD equals 0.73 with the MACD line above the 0.71 signal line and the MACD trend recorded as a dip‑and‑reversal; that crossover represents bullish momentum and supports potential continuation of recent gains.
MRO at 31.19 sits positive and carries a dip‑and‑reversal trend; a positive MRO signals price above the model target and therefore potential for downward pressure toward valuation anchors despite current momentum.
RSI registers 58.59 and shows an increasing trend, consistent with constructive momentum but not yet overbought; momentum readings therefore favor additional upside while leaving room for short-term mean reversion.
Price trades at $36.02, above the 12‑day EMA ($34.46) and above the 20‑, 50‑ and 200‑day averages ($34.08, $32.02, $32.55 respectively), which aligns with a bullish near-term bias; price sits just below the 2× Bollinger upper band ($36.04), indicating a short-term extension near the upper volatility band.
Volume on the latest session (619,891) exceeds the 10‑day average (392,741) and the 50‑day average (530,424), lending conviction to the recent upward move; short‑term beta (-0.68 over 42 days) suggests low or inverse correlation to the broader market recently, while the 52‑week beta (0.58) shows moderate lower sensitivity to the market over the year.
Fundamental Analysis
Revenue totaled $115,927,000 with YoY revenue growth of 99.38% and QoQ growth of 311.92%; top-line expansion stands as the primary operational strength driving valuation discussions.
Gross margin at 99.06% reflects highly favorable product economics. Operating margin equals -2.584% and EBIT margin equals 1.73%; EBIT margin at 1.73% sits above the industry peer mean of -0.93% and above the industry peer high of 1.04%, indicating relative operating outperformance versus the industry peer range.
EPS came in at -$0.02 versus an estimate of $0.02, producing an EPS surprise of -200%. Forward EPS equals -$0.1865 and forward PE approximates -173x, reflecting negative expected near-term profitability driven by R&D and operating investment.
Balance sheet liquidity appears strong: cash and short‑term investments total $880,211,000, cash ratio stands at 3.74 and current ratio at 4.47, providing runway to support clinical development and commercialization activities without immediate refinancing pressure.
Total debt equals $434,959,000 with debt‑to‑equity roughly 103.6% and debt‑to‑EBITDA near 143.7x; leverage metrics remain meaningful given negative earnings, but interest coverage of 0.80 reflects net interest income offsetting some borrowing costs.
Free cash flow registered $15,142,000 with a free cash flow yield near 0.93%; WMDST values the stock as under‑valued based on its model, a view supported by strong cash reserves, accelerating revenues, and pipeline milestones despite negative GAAP earnings.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 452.7 M |
| Operating Cash Flow | $ 15.9 M | |
| Capital Expenditures | $ -786.00 K | |
| Change In Working Capital | $ 7.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 32.2 M | |
| End Period Cash Flow | $ 484.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 115.9 M | |
| Forward Revenue | $ 340.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 M | |
| Depreciation | $ 1.0 M | |
| Depreciation and Amortization | $ 1.0 M | |
| Research and Development | $ 73.9 M | |
| Total Operating Expenses | $ 118.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 114.8 M | |
| EBITDA | $ 3.0 M | |
| EBIT | $ 2.0 M | |
| Operating Income | $ -3.00 M | |
| Interest Income | $ 3.6 M | |
| Interest Expense | $ 2.5 M | |
| Net Interest Income | $ 520.0 K | |
| Income Before Tax | $ -514.00 K | |
| Tax Provision | $ 294.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -808.00 K | |
| Net Income From Continuing Operations | $ -808.00 K | |
| EARNINGS | ||
| EPS Estimate | $ 0.02 | |
| EPS Actual | $ -0.02 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -200.0 % | |
| Forward EPS | $ -0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 419.8 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 880.2 M | |
| Cash | $ 484.9 M | |
| Net Receivables | $ 95.3 M | |
| Inventory | $ 7.8 M | |
| Long-Term Investments | $ 18.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 26.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 235.2 M | |
| Net Debt | — | |
| Total Debt | $ 435.0 M | |
| Total Liabilities | $ 699.6 M | |
| EQUITY | ||
| Total Equity | $ 419.8 M | |
| Retained Earnings | $ -819.11 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.25 | |
| Shares Outstanding | 50.866 M | |
| Revenue Per-Share | $ 2.28 | |
| VALUATION | Market Capitalization | $ 1.6 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 389.293 | |
| Enterprise Multiple QoQ | 474.895 % | |
| Enterprise Multiple YoY | -305.865 % | |
| Enterprise Multiple IPRWA | IMCR: 389.293 high: 148.972 median: 38.141 mean: 19.856 low: -178.99 |
|
| EV/R | 10.165 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.667 | |
| Asset To Liability | 1.6 | |
| Debt To Capital | 0.509 | |
| Debt To Assets | 0.389 | |
| Debt To Assets QoQ | -4.385 % | |
| Debt To Assets YoY | -3.641 % | |
| Debt To Assets IPRWA | high: 0.833 IMCR: 0.389 mean: 0.281 median: 0.223 low: 0.0 |
|
| Debt To Equity | 1.036 | |
| Debt To Equity QoQ | -6.379 % | |
| Debt To Equity YoY | -7.779 % | |
| Debt To Equity IPRWA | high: 1.704 IMCR: 1.036 mean: 0.303 median: 0.098 low: -0.777 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.868 | |
| Price To Book QoQ | -3.555 % | |
| Price To Book YoY | -9.29 % | |
| Price To Book IPRWA | high: 18.326 mean: 8.391 median: 6.334 IMCR: 3.868 low: -9.25 |
|
| Price To Earnings (P/E) | -1596.012 | |
| Price To Earnings QoQ | -1384.712 % | |
| Price To Earnings YoY | 860.89 % | |
| Price To Earnings IPRWA | high: 160.554 median: 40.973 mean: 20.564 low: -176.575 IMCR: -1596.012 |
|
| PE/G Ratio | 14.778 | |
| Price To Sales (P/S) | 14.006 | |
| Price To Sales QoQ | -5.361 % | |
| Price To Sales YoY | -17.166 % | |
| Price To Sales IPRWA | high: 559.892 mean: 54.716 median: 20.828 IMCR: 14.006 low: 0.983 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -172.923 | |
| Forward PE/G | 1.601 | |
| Forward P/S | 5.176 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -10.119 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.106 | |
| Asset Turnover Ratio QoQ | 6.086 % | |
| Asset Turnover Ratio YoY | 13.96 % | |
| Asset Turnover Ratio IPRWA | high: 0.511 mean: 0.116 IMCR: 0.106 median: 0.105 low: 0.0 |
|
| Receivables Turnover | 1.314 | |
| Receivables Turnover Ratio QoQ | -4.495 % | |
| Receivables Turnover Ratio YoY | -10.885 % | |
| Receivables Turnover Ratio IPRWA | high: 4.472 median: 1.538 mean: 1.444 IMCR: 1.314 low: 0.058 |
|
| Inventory Turnover | 0.136 | |
| Inventory Turnover Ratio QoQ | 134.289 % | |
| Inventory Turnover Ratio YoY | -20.058 % | |
| Inventory Turnover Ratio IPRWA | high: 2.707 mean: 0.492 median: 0.453 IMCR: 0.136 low: 0.029 |
|
| Days Sales Outstanding (DSO) | 69.432 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -4181.052 | |
| Cash Conversion Cycle Days QoQ | 595.841 % | |
| Cash Conversion Cycle Days YoY | 92.43 % | |
| Cash Conversion Cycle Days IPRWA | high: 1415.294 median: 197.717 mean: 179.216 low: -771.823 IMCR: -4181.052 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.142 | |
| CapEx To Revenue | -0.007 | |
| CapEx To Depreciation | -0.766 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 814.0 M | |
| Net Invested Capital | $ 814.0 M | |
| Invested Capital | $ 814.0 M | |
| Net Tangible Assets | $ 419.8 M | |
| Net Working Capital | $ 815.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.742 | |
| Current Ratio | 4.469 | |
| Current Ratio QoQ | 6.894 % | |
| Current Ratio YoY | -24.171 % | |
| Current Ratio IPRWA | high: 31.351 mean: 4.801 IMCR: 4.469 median: 3.163 low: 0.34 |
|
| Quick Ratio | 4.436 | |
| Quick Ratio QoQ | 6.981 % | |
| Quick Ratio YoY | -24.321 % | |
| Quick Ratio IPRWA | high: 16.477 IMCR: 4.436 mean: 2.803 median: 2.737 low: 0.811 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 143.693 | |
| Cost Of Debt | 0.347 % | |
| Interest Coverage Ratio | 0.796 | |
| Interest Coverage Ratio QoQ | -85.129 % | |
| Interest Coverage Ratio YoY | -127.873 % | |
| Interest Coverage Ratio IPRWA | high: 533.0 mean: 42.233 median: 2.337 IMCR: 0.796 low: -1501.103 |
|
| Operating Cash Flow Ratio | -0.074 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 5937.137 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.414 % | |
| Revenue Growth | 8.671 % | |
| Revenue Growth QoQ | 311.924 % | |
| Revenue Growth YoY | 99.379 % | |
| Revenue Growth IPRWA | high: 278.717 % mean: 15.349 % median: 11.617 % IMCR: 8.671 % low: -242.388 % |
|
| Earnings Growth | -108.0 % | |
| Earnings Growth QoQ | -23.765 % | |
| Earnings Growth YoY | -64.0 % | |
| Earnings Growth IPRWA | high: 185.714 % median: 13.636 % mean: 12.799 % IMCR: -108.0 % low: -155.294 % |
|
| MARGINS | ||
| Gross Margin | 99.061 % | |
| Gross Margin QoQ | -0.534 % | |
| Gross Margin YoY | 0.124 % | |
| Gross Margin IPRWA | high: 100.0 % IMCR: 99.061 % median: 79.764 % mean: 78.086 % low: -3.536 % |
|
| EBIT Margin | 1.726 % | |
| EBIT Margin QoQ | -88.72 % | |
| EBIT Margin YoY | -123.553 % | |
| EBIT Margin IPRWA | high: 103.704 % median: 22.839 % IMCR: 1.726 % mean: -92.864 % low: -3750.867 % |
|
| Return On Sales (ROS) | -2.584 % | |
| Return On Sales QoQ | -137.866 % | |
| Return On Sales YoY | -82.982 % | |
| Return On Sales IPRWA | high: 74.372 % median: 30.748 % IMCR: -2.584 % mean: -75.531 % low: -3837.989 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 15.1 M | |
| Free Cash Flow Yield | 0.933 % | |
| Free Cash Flow Yield QoQ | -194.721 % | |
| Free Cash Flow Yield YoY | -39.533 % | |
| Free Cash Flow Yield IPRWA | high: 13.067 % IMCR: 0.933 % median: 0.852 % mean: 0.544 % low: -26.527 % |
|
| Free Cash Growth | -197.339 % | |
| Free Cash Growth QoQ | 250.993 % | |
| Free Cash Growth YoY | -101.064 % | |
| Free Cash Growth IPRWA | high: 175.34 % mean: 20.583 % median: 1.424 % IMCR: -197.339 % low: -249.171 % |
|
| Free Cash To Net Income | -18.74 | |
| Cash Flow Margin | -15.044 % | |
| Cash Flow To Earnings | 21.584 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.074 % | |
| Return On Assets QoQ | -106.101 % | |
| Return On Assets YoY | -92.418 % | |
| Return On Assets IPRWA | high: 20.575 % median: 0.317 % IMCR: -0.074 % mean: -4.032 % low: -44.847 % |
|
| Return On Capital Employed (ROCE) | 0.226 % | |
| Return On Equity (ROE) | -0.002 | |
| Return On Equity QoQ | -105.827 % | |
| Return On Equity YoY | -92.757 % | |
| Return On Equity IPRWA | high: 0.462 median: 0.006 IMCR: -0.002 mean: -0.104 low: -0.887 |
|
| DuPont ROE | -0.199 % | |
| Return On Invested Capital (ROIC) | 0.147 % | |
| Return On Invested Capital QoQ | -92.744 % | |
| Return On Invested Capital YoY | -120.22 % | |
| Return On Invested Capital IPRWA | high: 30.797 % median: 3.876 % IMCR: 0.147 % mean: -0.275 % low: -27.378 % |
|