Recent News
On December 17, 2025, Stephens & Co. initiated coverage with an Overweight recommendation. On January 5–7, 2026, broker research updates and raised price targets followed interim data disclosures and a company conference call reporting Phase 1b interim results for APG777 in asthma. On January 24, 2026, reports showed insider selling activity. On February 17, 2026, an institutional filing disclosed a material share purchase by a specialty health-care investor. On March 5, 2026, additional analyst coverage produced another price-target increase.
Technical Analysis
Directional strength reads weak: ADX registers 15.14, signaling no dominant trend and implying range-bound behavior despite data-driven momentum. DI+ stands at 22.79 with an increasing trend, which presents a bullish directional bias versus DI- at 18.35 that shows a dip-and-reversal (DI- increasing), creating short-term directional conflict; that mix favors episodic moves on catalysts rather than a sustained breakout.
Momentum measures favor upside confirmation: MACD equals 0.78 with an increasing trend and a signal line at 0.08, indicating MACD has crossed above its signal line and delivering a bullish momentum signal that supports further upside around clinical-readout windows.
MRO reads 6.69 with a dip-and-reversal. Because MRO sits positive, price sits above the WMDST target and therefore carries modest downside pressure toward valuation-congruent levels; magnitude suggests limited near-term mean reversion risk rather than a strong sell signal.
RSI stands at 53.84 with a peak-and-reversal trend, which signals recent momentum loss following short-term strength and points toward consolidation unless MACD momentum sustains buying pressure. Overall momentum indicators therefore offer mixed near-term signals: MACD favors continuation while RSI and MRO suggest a pause or consolidation.
Price versus averages shows constructive positioning: last close $73.51 sits above the 20-day average $71.81, 50-day average $72.34, and well above the 200-day average $54.57; 12-day EMA reads $72.45 and trends higher, supporting the short-term bullish tilt tied to upcoming catalysts. Ichimoku components (Tenkan $71.79; Kijun $68.97; Senkou A $73.48; Senkou B $70.07) place price marginally above Senkou A, indicating short-term cloud support near current levels. Bollinger bands compress (upper ~ $74.28; lower ~ $69.34) and low ADX suggests moves will target band edges on news rather than follow-through trends.
Fundamental Analysis
Liquidity and balance-sheet strength dominate the fundamentals: cash and short-term investments total $730,192,000 and cash equals $131,549,000, while total current assets reach $741,358,000 against total current liabilities of $27,906,000, producing a current ratio of 26.57 (current ratio QoQ change +67.47% and YoY change +43.24%). Low leverage appears across ratios: total debt equals $8,849,000 and debt-to-assets measures 0.94%, down roughly 40.03% QoQ and 39.83% YoY, leaving the company highly funded for near-term development.
Profitability metrics reflect development-stage economics: net loss $-69,387,000 and operating loss $-78,056,000, with R&D at $58,444,000. EPS recorded at $-1.03 versus an estimate of $-1.04, producing an EPS surprise of approximately +0.96%. Earnings growth shows a YoY decline of about -7.21% while showing QoQ expansion per the supplied QoQ metric (+307.18%), reflecting quarter-to-quarter variability tied to program spending and milestone timing.
Valuation multiples carry development-stage distortions: trailing P/E registers negative at -67.05 and forward P/E appears negative as well (forward EPS -$1.36 leading to forward PE -47.53). Price-to-book equals 5.23, which sits below the industry peer mean (industry peer mean P/B ~ 8.07) and below the industry peer median (~6.16), indicating market valuation above book but below the peer mean. Return on equity equals -7.68% versus an industry peer mean near 1.99% and median near 6.38%, reflecting lack of current profitability relative to peers. Cash-flow metrics show operating cash flow negative $-68,136,000 and free cash flow negative $-62,751,000, while free-cash-to-net-income equals 90.44% and cash-flow-to-earnings approximates 98.20%, which underline conversion of reported losses into similar cash outcomes for the period shown.
WMDST values the stock as fair-valued. Price-target mean stands at $76.70 versus a last close at $73.51, leaving limited implicit upside to consensus targets absent positive Phase 2/1b readouts or further analyst re-ratings.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-02 |
| NEXT REPORT DATE: | 2026-06-01 |
| CASH FLOW | Begin Period Cash Flow | $ 107.9 M |
| Operating Cash Flow | $ -68.14 M | |
| Capital Expenditures | $ -62.00 K | |
| Change In Working Capital | $ -4.86 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 23.6 M | |
| End Period Cash Flow | $ 131.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 406.0 K | |
| Depreciation and Amortization | $ 406.0 K | |
| Research and Development | $ 58.4 M | |
| Total Operating Expenses | $ 78.1 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -77.65 M | |
| EBIT | $ -78.06 M | |
| Operating Income | $ -78.06 M | |
| Interest Income | $ 8.7 M | |
| Interest Expense | — | |
| Net Interest Income | $ 8.7 M | |
| Income Before Tax | $ -69.33 M | |
| Tax Provision | $ 62.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -69.39 M | |
| Net Income From Continuing Operations | $ -69.39 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.04 | |
| EPS Actual | $ -1.03 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 0.962 % | |
| Forward EPS | $ -1.36 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 937.1 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 903.9 M | |
| Total Current Assets | $ 741.4 M | |
| Cash and Short-Term Investments | $ 730.2 M | |
| Cash | $ 131.5 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 8.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 27.9 M | |
| Net Debt | — | |
| Total Debt | $ 8.8 M | |
| Total Liabilities | $ 33.3 M | |
| EQUITY | ||
| Total Equity | $ 903.9 M | |
| Retained Earnings | $ -561.76 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.21 | |
| Shares Outstanding | 68.401 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 4.7 B |
| Enterprise Value | $ 4.0 B | |
| Enterprise Multiple | -51.547 | |
| Enterprise Multiple QoQ | 59.092 % | |
| Enterprise Multiple YoY | 109.12 % | |
| Enterprise Multiple IPRWA | high: 170.423 median: 58.093 mean: 34.226 APGE: -51.547 low: -160.468 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.037 | |
| Asset To Liability | 28.184 | |
| Debt To Capital | 0.01 | |
| Debt To Assets | 0.009 | |
| Debt To Assets QoQ | -40.025 % | |
| Debt To Assets YoY | -39.834 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.267 median: 0.191 APGE: 0.009 low: 0.0 |
|
| Debt To Equity | 0.01 | |
| Debt To Equity QoQ | -41.726 % | |
| Debt To Equity YoY | -15.458 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.413 median: 0.109 APGE: 0.01 low: -1.217 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.226 | |
| Price To Book QoQ | 8.908 % | |
| Price To Book YoY | 124.627 % | |
| Price To Book IPRWA | high: 20.409 mean: 8.074 median: 6.164 APGE: 5.226 low: -10.511 |
|
| Price To Earnings (P/E) | -67.051 | |
| Price To Earnings QoQ | 59.097 % | |
| Price To Earnings YoY | 94.873 % | |
| Price To Earnings IPRWA | high: 177.393 median: 68.97 mean: 41.571 APGE: -67.051 low: -196.849 |
|
| PE/G Ratio | 9.304 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -47.526 | |
| Forward PE/G | 6.594 | |
| 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: 220.236 median: 192.562 APGE: 0 low: -594.03 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -0.153 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 903.9 M | |
| Net Invested Capital | $ 903.9 M | |
| Invested Capital | $ 903.9 M | |
| Net Tangible Assets | $ 903.9 M | |
| Net Working Capital | $ 713.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 26.166 | |
| Current Ratio | 26.566 | |
| Current Ratio QoQ | 67.47 % | |
| Current Ratio YoY | 43.235 % | |
| Current Ratio IPRWA | high: 30.664 APGE: 26.566 mean: 5.33 median: 2.901 low: 0.35 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.114 | |
| Cost Of Debt | 0.084 % | |
| Interest Coverage Ratio | -7805.6 | |
| Interest Coverage Ratio QoQ | 9.509 % | |
| Interest Coverage Ratio YoY | 2.866 % | |
| Interest Coverage Ratio IPRWA | high: 224.172 mean: 5.166 median: 3.319 low: -376.787 APGE: -7805.6 |
|
| Operating Cash Flow Ratio | -2.442 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 49.664 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -7.207 % | |
| Earnings Growth QoQ | 307.175 % | |
| Earnings Growth YoY | -118.782 % | |
| Earnings Growth IPRWA | high: 111.538 % APGE: -7.207 % mean: -25.518 % median: -28.729 % low: -170.677 % |
|
| 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) | $ -62.75 M | |
| Free Cash Flow Yield | -1.328 % | |
| Free Cash Flow Yield QoQ | -31.12 % | |
| Free Cash Flow Yield YoY | -53.371 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % median: 0.511 % mean: 0.398 % APGE: -1.328 % low: -21.858 % |
|
| Free Cash Growth | 15.659 % | |
| Free Cash Growth QoQ | -215.114 % | |
| Free Cash Growth YoY | -72.271 % | |
| Free Cash Growth IPRWA | high: 205.565 % APGE: 15.659 % median: -24.526 % mean: -26.756 % low: -201.25 % |
|
| Free Cash To Net Income | 0.904 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.982 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -8.877 % | |
| Return On Assets QoQ | -12.352 % | |
| Return On Assets YoY | 1.047 % | |
| Return On Assets IPRWA | high: 18.9 % median: 1.475 % mean: -1.591 % APGE: -8.877 % low: -43.276 % |
|
| Return On Capital Employed (ROCE) | -8.585 % | |
| Return On Equity (ROE) | -0.077 | |
| Return On Equity QoQ | -30.769 % | |
| Return On Equity YoY | 16.707 % | |
| Return On Equity IPRWA | high: 0.553 median: 0.064 mean: 0.02 APGE: -0.077 low: -0.745 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -6.822 % | |
| Return On Invested Capital QoQ | -28.967 % | |
| Return On Invested Capital YoY | -145.745 % | |
| Return On Invested Capital IPRWA | high: 19.946 % median: 3.016 % mean: 1.237 % APGE: -6.822 % low: -38.753 % |
|