Recent News
March 2, 2026 — Company issued a business update and pipeline progress alongside its annual report and related disclosures. March 22, 2026 — Management announced upcoming investor engagements and reiterated near-term clinical milestones for APG777 and combination programs. February 17, 2026 (reported Feb 22) — Perceptive Advisors disclosed a meaningful increase in its stake, signaling institutional accumulation.
Technical Analysis
ADX / DI+ / DI-: ADX sits at 26.28, indicating a strong underlying trend; DI+ at 27.58 shows a peak-and-reversal, which reads as a bearish shift in directional pressure even as DI- at 14.31 continues decreasing, a bullish sign for directional balance. Together, strength without clear DI dominance suggests near-term trend continuation is possible but with elevated sensitivity to reversals.
MACD: MACD equals 4.01 with a rising trend and sits above its signal line at 3.26; that cross-above represents a bullish momentum confirmation that supports further upside in the near term.
MRO (Momentum/Regression Oscillator): MRO at 37.77 with a peak-and-reversal indicates the price presently trades above target and carries mean-reversion pressure, implying upside momentum may face pullback risk toward modeled targets.
RSI: RSI at 59.71 and increasing signals strengthening buying pressure without reaching overbought territory, aligning with a continuation-biased short-term price path.
Price vs Moving Averages & Band Structure: Last close $90.55 trades above the 12-day EMA ($85.51), 26-day EMA ($81.18), 20-day average ($84.83), 50-day average ($74.27) and 200-day average ($59.26), reinforcing a bullish price structure; the close sits above the 1× Bollinger upper band ($88.85) and below the 2× band ($92.88), which signals price extension but not extreme divergence. Ichimoku components (Tenkan $83.49, Kijun $77.95, Senkou A $68.63, Senkou B $72.45) place price above the cloud, consistent with trend continuation and available support near $80.36 (super trend lower).
Volume and Volatility: Daily volume (661,135) slightly exceeds the 10-day average (620,404) but remains below longer-term averages; 42-day beta 1.76 and 52-week beta 1.35 indicate above-market sensitivity, so momentum-driven moves can accelerate both directions.
Fundamental Analysis
Profitability & Cash Flow: EBIT equals -$78.06M, EBITDA -$77.65M and net income -$69.39M; operating cash flow -$68.14M and free cash flow -$62.75M reflect ongoing cash burn despite positive free cash growth of 15.66% year-over-year. Cash and short-term investments total $730.19M, producing a cash ratio of 26.17 and a current ratio of 26.57, indicating substantial near-term liquidity relative to current liabilities of $27.91M.
Earnings Per Share: Reported EPS equals -$1.03 versus an estimate of -$1.04, delivering a positive EPS surprise of approximately 0.96%, a minor beat that modestly improves near-term sentiment but leaves profitability negative.
Valuation Multiples: P/B stands at 5.23, broadly in line with the industry peer mean of 5.22 and below the industry peer median of 6.16. Reported P/E sits negative at -67.05 due to losses; forward P/E also negative at -47.53. PEG equals 9.30 compared with an industry peer mean of -1.08 and median of -2.28, indicating the company’s forward growth-adjusted multiple reads materially above peer central tendencies.
Capital Structure & Returns: Total equity equals $903.88M with total debt $8.85M (debt-to-equity ≈ 0.0098), showing a low leverage profile. Return on assets -8.88% and return on equity -7.68% remain negative, reflecting continued investment in R&D ($58.44M) and development-stage costs rather than current profitability.
Valuation Conclusion: WMDST values the stock as over-valued, driven by negative earnings, negative free cash flow, and elevated growth-adjusted multiples despite a strong cash position and low leverage that reduce near-term solvency risk.
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: 67.346 median: 47.169 mean: 12.429 APGE: -51.547 low: -114.076 |
|
| 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: 0.121 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: 19.432 median: 6.164 APGE: 5.226 mean: 5.215 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: 71.892 mean: -21.078 median: -32.121 APGE: -67.051 low: -107.019 |
|
| 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: 27.397 APGE: 26.566 mean: 3.874 median: 2.827 low: 0.027 |
|
| 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: 40.497 median: 3.11 low: -1571.333 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: 204.0 % APGE: -7.207 % median: -14.286 % mean: -16.965 % 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: 0.161 % APGE: -1.328 % low: -51.848 % |
|
| 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: -33.041 % 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: -2.696 % APGE: -8.877 % low: -65.985 % |
|
| 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: 0.001 APGE: -0.077 low: -1.16 |
|
| 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: 50.944 % median: 3.016 % mean: -0.102 % APGE: -6.822 % low: -58.737 % |
|