Recent News
Dec. 8, 2025 — Agios confirmed its supplemental NDA for mitapivat (thalassemia) remained under active FDA review; the PDUFA goal date registered as Dec. 7, 2025. Dec. 23, 2025 — FDA approved AQVESME (mitapivat) for anemia in adults with alpha- and beta-thalassemia, with a REMS addressing hepatocellular injury and commercial availability expected in late January 2026. Dec. 24, 2025 — BofA maintained coverage with a Buy view. Jan. 6, 2026 — J.P. Morgan raised its price target while maintaining a neutral stance.
Technical Analysis
ADX at 14.1 indicates no established trend; momentum lacks directional strength and supports a near-term range environment rather than a sustained directional move.
DI+ at 25.87 shows a recent peak-and-reversal, which reads as a bearish signal under directional rules; DI- at 19.33 shows a dip-and-reversal that also aligns with bearish directional pressure.
MACD sits at 0.37 with the signal at 0.25; the MACD currently trades above its signal line, yielding a bullish crossover signal, while the MACD trend shows a peak-and-reversal that registers as bearish momentum—this produces a near-term tug-of-war between momentum components.
MRO at -12.11 indicates the current price sits below WMDST’s target framework, implying potential for upward mean reversion pressure absent worsening fundamentals.
RSI at 49.88 with a peak-and-reversal profile signals recent loss of short-term bullish conviction and supports the case for consolidation around current levels.
Price trades at $28.48, below the 200-day average of $34.10 and near the 20-day average of $28.96; the 50-day average at $27.86 sits just below the close, placing the stock inside a narrow band between shorter- and longer-term moving averages and reinforcing a range-bound technical backdrop. Bollinger band width and a 20-day standard deviation of $1.18 indicate compressed volatility; SuperTrend lower support rests at $27.65.
Fundamental Analysis
Revenue totaled $19.97M for the period, representing year-over-year revenue growth of 179.29% and quarter-over-quarter growth of 15.13%, reflecting early commercial traction tied to mitapivat. Gross margin at 90.59% remains strong, reflecting high product-level profitability on reported sales.
Operating performance shows an EBIT loss of $121.58M and operating margin at -6.09%; operating margin contracted roughly 32.89% QoQ and 47.75% YoY, driven by elevated operating expenses relative to early-stage commercial revenue. R&D spending totaled $88.06M while total operating expenses reached $141.55M.
EPS came in at -$1.85 versus an estimate of -$1.94, producing an EPS surprise of +4.64%. Free cash flow registered at -$97.33M while cash and short-term investments totaled $854.43M, and the current ratio reached 11.46, indicating ample near-term liquidity to fund commercialization and pipeline activities.
Valuation multiples carry divergence: price-to-book stands at 1.45, below the industry peer mean of 8.43 and the industry peer median of 6.16; price-to-sales sits at 86.56, above the industry peer mean of 32.48 and median of 20.21. WMDST values the stock as over-valued, reflecting the combination of rich forward expectations and ongoing operating losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 92.7 M |
| Operating Cash Flow | $ -96.21 M | |
| Capital Expenditures | $ -1.12 M | |
| Change In Working Capital | $ -4.59 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -3.58 M | |
| End Period Cash Flow | $ 89.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 20.0 M | |
| Forward Revenue | $ 3.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.9 M | |
| Depreciation | $ 1.3 M | |
| Depreciation and Amortization | $ 1.3 M | |
| Research and Development | $ 88.1 M | |
| Total Operating Expenses | $ 141.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 18.1 M | |
| EBITDA | $ -120.31 M | |
| EBIT | $ -121.58 M | |
| Operating Income | $ -121.58 M | |
| Interest Income | $ 12.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 12.4 M | |
| Income Before Tax | $ -109.06 M | |
| Tax Provision | $ -1.02 M | |
| Tax Rate | 0.932 % | |
| Net Income | $ -108.04 M | |
| Net Income From Continuing Operations | $ -108.04 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.94 | |
| EPS Actual | $ -1.85 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 4.639 % | |
| Forward EPS | $ -1.24 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 942.1 M | |
| Cash and Short-Term Investments | $ 854.4 M | |
| Cash | $ 89.1 M | |
| Net Receivables | $ 10.6 M | |
| Inventory | $ 32.9 M | |
| Long-Term Investments | $ 3.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 18.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 82.2 M | |
| Net Debt | — | |
| Total Debt | $ 40.2 M | |
| Total Liabilities | $ 104.1 M | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -561.71 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.41 | |
| Shares Outstanding | 58.449 M | |
| Revenue Per-Share | $ 0.34 | |
| VALUATION | Market Capitalization | $ 1.7 B |
| Enterprise Value | $ 914.0 M | |
| Enterprise Multiple | -7.597 | |
| Enterprise Multiple QoQ | -36.556 % | |
| Enterprise Multiple YoY | -31.512 % | |
| Enterprise Multiple IPRWA | high: 194.621 median: 59.048 mean: 45.445 AGIO: -7.597 low: -160.468 |
|
| EV/R | 45.777 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.087 | |
| Asset To Liability | 12.46 | |
| Debt To Capital | 0.033 | |
| Debt To Assets | 0.031 | |
| Debt To Assets QoQ | -3.518 % | |
| Debt To Assets YoY | -9.545 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.292 median: 0.255 AGIO: 0.031 low: 0.0 |
|
| Debt To Equity | 0.034 | |
| Debt To Equity QoQ | -2.77 % | |
| Debt To Equity YoY | -8.87 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.485 median: 0.108 AGIO: 0.034 low: -1.035 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.449 | |
| Price To Book QoQ | -18.809 % | |
| Price To Book YoY | 1.066 % | |
| Price To Book IPRWA | high: 20.409 mean: 8.429 median: 6.164 AGIO: 1.449 low: -9.401 |
|
| Price To Earnings (P/E) | -15.983 | |
| Price To Earnings QoQ | -27.638 % | |
| Price To Earnings YoY | -40.437 % | |
| Price To Earnings IPRWA | high: 150.686 mean: 59.531 median: -2.956 AGIO: -15.983 low: -196.849 |
|
| PE/G Ratio | -4.064 | |
| Price To Sales (P/S) | 86.555 | |
| Price To Sales QoQ | -51.346 % | |
| Price To Sales YoY | -57.948 % | |
| Price To Sales IPRWA | high: 292.611 AGIO: 86.555 mean: 32.483 median: 20.207 low: 1.382 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -24.235 | |
| Forward PE/G | -6.162 | |
| Forward P/S | 478.993 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.073 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.015 | |
| Asset Turnover Ratio QoQ | 64.967 % | |
| Asset Turnover Ratio YoY | 139.614 % | |
| Asset Turnover Ratio IPRWA | high: 0.317 mean: 0.123 median: 0.109 AGIO: 0.015 low: 0.0 |
|
| Receivables Turnover | 2.559 | |
| Receivables Turnover Ratio QoQ | -0.515 % | |
| Receivables Turnover Ratio YoY | -13.825 % | |
| Receivables Turnover Ratio IPRWA | high: 3.754 AGIO: 2.559 mean: 1.384 median: 1.259 low: 0.431 |
|
| Inventory Turnover | 0.058 | |
| Inventory Turnover Ratio QoQ | 8.352 % | |
| Inventory Turnover Ratio YoY | 24.083 % | |
| Inventory Turnover Ratio IPRWA | high: 3.387 mean: 0.712 median: 0.473 AGIO: 0.058 low: 0.032 |
|
| Days Sales Outstanding (DSO) | 35.66 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 770.606 | |
| Cash Conversion Cycle Days QoQ | 5.997 % | |
| Cash Conversion Cycle Days YoY | -36.377 % | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 AGIO: 770.606 mean: 232.216 median: 192.562 low: -852.294 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.023 | |
| CapEx To Revenue | -0.056 | |
| CapEx To Depreciation | -0.885 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 859.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 10.394 | |
| Current Ratio | 11.46 | |
| Current Ratio QoQ | -17.077 % | |
| Current Ratio YoY | -3.685 % | |
| Current Ratio IPRWA | high: 30.664 AGIO: 11.46 mean: 4.659 median: 2.762 low: 0.427 |
|
| Quick Ratio | 11.059 | |
| Quick Ratio QoQ | -17.414 % | |
| Quick Ratio YoY | -4.314 % | |
| Quick Ratio IPRWA | AGIO: 11.059 high: 7.351 mean: 2.172 median: 2.032 low: 0.401 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.334 | |
| Cost Of Debt | 0.023 % | |
| Interest Coverage Ratio | -12157.8 | |
| Interest Coverage Ratio QoQ | 4.029 % | |
| Interest Coverage Ratio YoY | -2.766 % | |
| Interest Coverage Ratio IPRWA | high: 144.226 mean: 10.117 median: 2.25 low: -376.787 AGIO: -12157.8 |
|
| Operating Cash Flow Ratio | -1.392 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1030.109 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -6.385 % | |
| Revenue Growth | 55.023 % | |
| Revenue Growth QoQ | 1512.632 % | |
| Revenue Growth YoY | 179.29 % | |
| Revenue Growth IPRWA | high: 102.5 % AGIO: 55.023 % mean: 5.955 % median: 1.995 % low: -100.0 % |
|
| Earnings Growth | 3.933 % | |
| Earnings Growth QoQ | -150.605 % | |
| Earnings Growth YoY | -109.712 % | |
| Earnings Growth IPRWA | high: 70.37 % AGIO: 3.933 % mean: -29.342 % median: -30.806 % low: -170.677 % |
|
| MARGINS | ||
| Gross Margin | 90.589 % | |
| Gross Margin QoQ | 4.168 % | |
| Gross Margin YoY | 2.642 % | |
| Gross Margin IPRWA | high: 99.959 % AGIO: 90.589 % median: 79.505 % mean: 79.167 % low: 5.09 % |
|
| EBIT Margin | -608.895 % | |
| EBIT Margin QoQ | -32.894 % | |
| EBIT Margin YoY | -47.748 % | |
| EBIT Margin IPRWA | high: 72.362 % median: 26.478 % mean: 4.116 % AGIO: -608.895 % low: -1117.39 % |
|
| Return On Sales (ROS) | -608.895 % | |
| Return On Sales QoQ | -32.894 % | |
| Return On Sales YoY | -47.748 % | |
| Return On Sales IPRWA | high: 62.442 % median: 27.569 % mean: 5.889 % AGIO: -608.895 % low: -1121.296 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -97.33 M | |
| Free Cash Flow Yield | -5.632 % | |
| Free Cash Flow Yield QoQ | 43.857 % | |
| Free Cash Flow Yield YoY | -7.262 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % mean: 0.691 % median: 0.544 % AGIO: -5.632 % low: -16.667 % |
|
| Free Cash Growth | 8.502 % | |
| Free Cash Growth QoQ | 338.247 % | |
| Free Cash Growth YoY | -85.462 % | |
| Free Cash Growth IPRWA | high: 124.18 % AGIO: 8.502 % mean: -33.594 % median: -45.015 % low: -201.25 % |
|
| Free Cash To Net Income | 0.901 | |
| Cash Flow Margin | -572.97 % | |
| Cash Flow To Earnings | 1.059 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -8.054 % | |
| Return On Assets QoQ | 11.228 % | |
| Return On Assets YoY | 44.156 % | |
| Return On Assets IPRWA | high: 4.784 % median: 1.768 % mean: -0.465 % AGIO: -8.054 % low: -43.276 % |
|
| Return On Capital Employed (ROCE) | -10.006 % | |
| Return On Equity (ROE) | -0.091 | |
| Return On Equity QoQ | 12.443 % | |
| Return On Equity YoY | 44.556 % | |
| Return On Equity IPRWA | high: 0.448 median: 0.058 mean: 0.047 AGIO: -0.091 low: -0.822 |
|
| DuPont ROE | -8.719 % | |
| Return On Invested Capital (ROIC) | -10.095 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -173.767 % | |
| Return On Invested Capital IPRWA | high: 12.77 % median: 2.868 % mean: 2.353 % AGIO: -10.095 % low: -27.226 % |
|