Recent News
On March 23, 2026 the company announced positive 52-week maintenance data from Part A of the Phase 2 APEX trial for zumilokibart (APG777), reporting durable and deepening responses with 3- and 6-month dosing. On January 7, 2026 Wolfe Research initiated coverage with a Peer Perform recommendation. On January 5, 2026 BTIG raised its price target. On January 22, 2026 RBC Capital issued a downgrade while raising its target. On March 24, 2026 Guggenheim raised its price target following the APEX readout.
Technical Analysis
Directional indicators show a bullish signal: DI+ at 27.59 and increasing while DI- at 15.93 is decreasing, consistent with buyers having directional control; ADX at 21.01 indicates an emerging trend rather than a fully established one, which supports a near-term positive price bias tied to clinical news.
MACD sits at 2.75 with a rising trend and a signal line of 1.52; the MACD has crossed above its signal line, which represents bullish momentum and reinforces the directional-indicator signal for near-term upside pressure.
Price sits above short- and long-term averages—close at $84.34, above the 12‑day EMA ($78.60), 20‑day average ($75.77), 50‑day average ($71.36) and 200‑day average ($57.28)—indicating an overall bullish price structure and momentum consistent with recent trial headlines.
MRO at 29.75 and trending higher implies the market price sits materially above the target implied by momentum/regression measures and therefore carries an increased probability of mean reversion or a corrective pullback from current levels if momentum stalls.
RSI at 55.89 and increasing registers moderate bullish momentum without showing overbought extremes; paired with a 42‑day beta of 1.68 and 52‑week beta of 1.41, expect above‑average sensitivity to market moves and newsflow.
Bollinger band boundaries place current price near the upper 1x band (upper 1x = $83.04, upper 2x = $90.31) with a recent high of $85.94; the super trend lower support sits at $73.59, which offers a technical reference for downside containment in a pullback scenario.
Fundamental Analysis
Operating metrics show continued investment and losses: operating income (EBIT) at -$78,056,000 and EBITDA at -$77,650,000, with net income at -$69,387,000. EPS came in at -$1.03 versus an estimate of -$1.04, producing an EPS surprise of +0.96%.
Cash and liquidity provide a strong buffer: cash of $131,549,000 and cash and short‑term investments totaling $730,192,000 alongside total current assets of $741,358,000 versus total current liabilities of $27,906,000. The current ratio equals 26.57x and the cash ratio equals 26.17x, reflecting very high near‑term liquidity and low short‑term leverage.
Leverage remains minimal: total debt $8,849,000 with debt‑to‑assets of 0.94% and debt‑to‑equity of 0.98%, indicating a capital structure that relies little on interest‑bearing debt; interest coverage cannot be meaningfully measured due to negative operating income (interest coverage ratio shown negative).
Cash flow dynamics highlight ongoing cash burn: operating cash flow -$68,136,000 and free cash flow -$62,751,000, though free cash growth shows +15.66% (YoY negative growth rates also noted), and cashFlowToEarnings at 98.20% suggests reported losses largely align with cash movements.
Valuation metrics versus industry peer references: price-to-book at 5.23 sits below the industry peer mean of 7.63 and below the industry peer median of 6.16; price-to-book moved +8.91% QoQ and +124.63% YoY. Price-to-earnings at -67.05 remains negative and below the industry peer mean of -0.44 and the industry peer median of -16.10. PEG stands at 9.30, above the industry peer mean of -1.08 and above the industry peer median of -2.28. WMDST values the stock as over‑valued, reflecting the combination of high market capitalization relative to operating losses despite substantial cash reserves.
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: 79.485 median: 58.093 mean: 19.637 APGE: -51.547 low: -124.284 |
|
| 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: 0.934 mean: 0.12 APGE: 0.009 median: 0.003 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: 1.524 mean: 0.137 APGE: 0.01 median: 0.005 low: -0.893 |
|
| 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: 7.628 median: 6.164 APGE: 5.226 low: -11.803 |
|
| Price To Earnings (P/E) | -67.051 | |
| Price To Earnings QoQ | 59.097 % | |
| Price To Earnings YoY | 94.873 % | |
| Price To Earnings IPRWA | high: 75.085 mean: -0.44 median: -16.099 APGE: -67.051 low: -123.688 |
|
| 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: 28.952 APGE: 26.566 mean: 3.881 median: 2.827 low: 0.311 |
|
| 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: 671.002 mean: 41.181 median: 3.11 low: -1428.8 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: 175.0 % APGE: -7.207 % median: -14.444 % mean: -17.251 % 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) | $ -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: 21.452 % median: 0.303 % mean: 0.179 % APGE: -1.328 % low: -45.39 % |
|
| Free Cash Growth | 15.659 % | |
| Free Cash Growth QoQ | -215.114 % | |
| Free Cash Growth YoY | -72.271 % | |
| Free Cash Growth IPRWA | high: 177.21 % APGE: 15.659 % median: -24.526 % mean: -33.226 % 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: 33.814 % median: 1.099 % mean: -2.664 % APGE: -8.877 % low: -59.608 % |
|
| 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: 0.809 median: 0.039 mean: 0.002 APGE: -0.077 low: -1.124 |
|
| 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: 35.992 % median: 3.016 % mean: -0.081 % APGE: -6.822 % low: -58.737 % |
|