Recent News
On March 25, 2026 the U.S. Food and Drug Administration approved relacorilant (Lifyorli) in combination with nab-paclitaxel for adults with platinum‑resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer. The FDA noted improved progression‑free and overall survival in the ROSELLA trial. On April 21, 2026 the company announced an oral presentation of ROSELLA subgroup data at the American Society of Clinical Oncology (ASCO) Annual Meeting scheduled for May 29, 2026.
Technical Analysis
ADX stands at 53.52, indicating a very strong directional trend in place; directional indicator behavior shows a shift toward selling pressure as DI+ displays a peak‑and‑reverse pattern while DI‑ shows a dip‑and‑reverse pattern, implying increasing negative directional influence despite the strong trend.
MACD reads 2.98 with the MACD line above the 2.59 signal line and the MACD trend increasing; that cross above the signal line constitutes bullish momentum in the short term and supports continuation of recent upside momentum.
MRO sits at -0.15, indicating the price currently trades slightly below the calculated target and therefore carries potential for upward adjustment; the MRO trend shows a dip‑and‑reversal pattern, reinforcing the potential for corrective upside toward target levels.
RSI at 61.75 and rising signals constructive momentum without immediate extreme overbought readings. Price closed at $57.08, above the 20‑day average ($50.09) and 50‑day average ($41.96) but below the 200‑day average ($60.00), positioning the stock between short‑term strength and longer‑term resistance.
Price sits near the 2x upper Bollinger band boundary (upper 2x = $57.31), with elevated volume (2.30M vs. 10‑day avg 1.46M) confirming higher participation on recent moves; higher-than‑average volume amplifies short‑term momentum but raises the importance of watching the 200‑day average and the super trend support at $50.34 for mean reversion risk.
Fundamental Analysis
Operating metrics show material investment in development and negative operating profitability: operating income (EBIT) equals -$49,601,000 and operating margin stands at -30.08%, versus an industry peer mean operating margin of -36.45% and an industry peer median of 27.04% — the company’s margin sits above the industry peer mean (less negative) but well below the industry peer median. QoQ operating margin contracted roughly 14.55 percentage points and YoY contracted about 14.84 percentage points, reflecting near‑term margin pressure consistent with ongoing pipeline spend.
Revenue totaled $164,903,000 with YoY revenue growth of 35.74% and QoQ growth of about 5.94%, indicating the commercial base expanded year‑over‑year while quarter‑to‑quarter growth remained modest. Gross margin stands extremely high at 98.25%, supporting strong incremental contribution from product sales once fixed costs scale.
Liquidity and balance sheet: cash and short‑term investments total $338,184,000, cash ratio 226.69% and current ratio 285.57%, providing substantial near‑term funding for commercialization and trials. Total debt remains low at $9,637,000 with debt‑to‑assets of 1.18%, indicating minimal leverage.
Cash flow and profitability: operating cash flow equals -$16,772,000 and free cash flow equals -$16,973,000, producing a free cash‑flow conversion to net income of 53.44%. Free cash flow declined year‑over‑year but shows recent quarterly improvement in free cash growth. Net loss for the period reached -$31,761,000 and EPS came in at -$0.30 versus an estimate of -$0.14, an EPS miss of -$0.16, equal to a -114.29% surprise relative to the estimate.
Valuation markers show divergence: price‑to‑book stands at 7.32, below the industry peer mean price‑to‑book of 13.45 and below the industry peer median of 5.88 relative position (the company sits beneath the peer mean but above the median), while EV/Revenue (EVR) measures 26.32. WMDST values the stock as under‑valued based on the provided valuation model, but the multiple structure reflects expectation of substantial future earnings tied to relacorilant commercialization and pipeline readouts.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | $ 121.7 M |
| Operating Cash Flow | $ -16.77 M | |
| Capital Expenditures | $ -201.00 K | |
| Change In Working Capital | $ 5.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -11.76 M | |
| End Period Cash Flow | $ 110.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 164.9 M | |
| Forward Revenue | $ -60.36 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.9 M | |
| Depreciation | $ 598.0 K | |
| Depreciation and Amortization | $ 598.0 K | |
| Research and Development | $ 66.3 M | |
| Total Operating Expenses | $ 214.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 162.0 M | |
| EBITDA | $ -49.00 M | |
| EBIT | $ -49.60 M | |
| Operating Income | $ -49.60 M | |
| Interest Income | $ 4.9 M | |
| Interest Expense | — | |
| Net Interest Income | $ 4.9 M | |
| Income Before Tax | $ -44.72 M | |
| Tax Provision | $ -12.95 M | |
| Tax Rate | 28.97 % | |
| Net Income | $ -31.76 M | |
| Net Income From Continuing Operations | $ -31.76 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.14 | |
| EPS Actual | $ -0.30 | |
| EPS Difference | $ -0.16 | |
| EPS Surprise | -114.286 % | |
| Forward EPS | $ 0.43 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 814.9 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 638.0 M | |
| Total Current Assets | $ 426.0 M | |
| Cash and Short-Term Investments | $ 338.2 M | |
| Cash | $ 108.7 M | |
| Net Receivables | $ 39.1 M | |
| Inventory | $ 12.9 M | |
| Long-Term Investments | $ 19.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 33.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 149.2 M | |
| Net Debt | — | |
| Total Debt | $ 9.6 M | |
| Total Liabilities | $ 176.9 M | |
| EQUITY | ||
| Total Equity | $ 638.0 M | |
| Retained Earnings | $ 611.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.94 | |
| Shares Outstanding | 107.328 M | |
| Revenue Per-Share | $ 1.54 | |
| VALUATION | Market Capitalization | $ 4.7 B |
| Enterprise Value | $ 4.3 B | |
| Enterprise Multiple | -88.561 | |
| Enterprise Multiple QoQ | -108.577 % | |
| Enterprise Multiple YoY | -105.155 % | |
| Enterprise Multiple IPRWA | high: 139.35 median: 60.847 mean: 41.963 CORT: -88.561 low: -297.217 |
|
| EV/R | 26.317 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.277 | |
| Asset To Liability | 4.607 | |
| Debt To Capital | 0.015 | |
| Debt To Assets | 0.012 | |
| Debt To Assets QoQ | 62.055 % | |
| Debt To Assets YoY | 46.592 % | |
| Debt To Assets IPRWA | high: 1.012 mean: 0.283 median: 0.212 CORT: 0.012 low: 0.001 |
|
| Debt To Equity | 0.015 | |
| Debt To Equity QoQ | 60.233 % | |
| Debt To Equity YoY | 51.1 % | |
| Debt To Equity IPRWA | high: 2.21 mean: 0.331 median: 0.103 CORT: 0.015 low: -1.559 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.317 | |
| Price To Book QoQ | -13.765 % | |
| Price To Book YoY | -28.354 % | |
| Price To Book IPRWA | high: 50.107 mean: 13.451 CORT: 7.317 median: 5.877 low: -11.267 |
|
| Price To Earnings (P/E) | -144.947 | |
| Price To Earnings QoQ | -155.885 % | |
| Price To Earnings YoY | -137.423 % | |
| Price To Earnings IPRWA | high: 166.586 median: 61.047 mean: 48.832 CORT: -144.947 low: -252.34 |
|
| PE/G Ratio | 0.58 | |
| Price To Sales (P/S) | 28.309 | |
| Price To Sales QoQ | 4.098 % | |
| Price To Sales YoY | -36.223 % | |
| Price To Sales IPRWA | high: 416.627 mean: 53.659 CORT: 28.309 median: 21.977 low: 0.85 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 106.205 | |
| Forward PE/G | -0.425 | |
| Forward P/S | -83.336 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 65.458 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.2 | |
| Asset Turnover Ratio QoQ | -17.984 % | |
| Asset Turnover Ratio YoY | 7.147 % | |
| Asset Turnover Ratio IPRWA | high: 0.328 CORT: 0.2 mean: 0.102 median: 0.094 low: 0.0 |
|
| Receivables Turnover | 3.336 | |
| Receivables Turnover Ratio QoQ | 6.803 % | |
| Receivables Turnover Ratio YoY | 22.862 % | |
| Receivables Turnover Ratio IPRWA | CORT: 3.336 high: 3.051 mean: 1.151 median: 0.921 low: 0.161 |
|
| Inventory Turnover | 0.224 | |
| Inventory Turnover Ratio QoQ | 10.899 % | |
| Inventory Turnover Ratio YoY | 24.735 % | |
| Inventory Turnover Ratio IPRWA | high: 2.455 mean: 0.364 median: 0.321 CORT: 0.224 low: 0.039 |
|
| Days Sales Outstanding (DSO) | 27.352 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -833.016 | |
| Cash Conversion Cycle Days QoQ | 79.569 % | |
| Cash Conversion Cycle Days YoY | 275.686 % | |
| Cash Conversion Cycle Days IPRWA | high: 930.567 mean: 258.279 median: 208.031 CORT: -833.016 low: -882.922 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.596 | |
| CapEx To Revenue | -0.001 | |
| CapEx To Depreciation | -0.336 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 638.0 M | |
| Net Invested Capital | $ 638.0 M | |
| Invested Capital | $ 638.0 M | |
| Net Tangible Assets | $ 638.0 M | |
| Net Working Capital | $ 276.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.267 | |
| Current Ratio | 2.856 | |
| Current Ratio QoQ | -2.301 % | |
| Current Ratio YoY | -6.829 % | |
| Current Ratio IPRWA | high: 27.794 mean: 3.705 median: 3.023 CORT: 2.856 low: 0.868 |
|
| Quick Ratio | 2.769 | |
| Quick Ratio QoQ | -2.677 % | |
| Quick Ratio YoY | -6.587 % | |
| Quick Ratio IPRWA | high: 9.064 CORT: 2.769 mean: 2.583 median: 2.568 low: 0.717 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.197 | |
| Cost Of Debt | 32.312 % | |
| Interest Coverage Ratio | -13.851 | |
| Interest Coverage Ratio QoQ | -1205.44 % | |
| Interest Coverage Ratio YoY | -1552.025 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 mean: 52.354 median: 4.172 CORT: -13.851 low: -1262.604 |
|
| Operating Cash Flow Ratio | -0.118 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1322.139 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.602 % | |
| Revenue Growth | -18.415 % | |
| Revenue Growth QoQ | 593.597 % | |
| Revenue Growth YoY | 35.744 % | |
| Revenue Growth IPRWA | high: 121.78 % median: -8.304 % mean: -12.297 % CORT: -18.415 % low: -100.064 % |
|
| Earnings Growth | -250.0 % | |
| Earnings Growth QoQ | -1100.0 % | |
| Earnings Growth YoY | 622.23 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: -2.093 % median: -3.659 % low: -149.091 % CORT: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 98.252 % | |
| Gross Margin QoQ | -0.495 % | |
| Gross Margin YoY | -0.223 % | |
| Gross Margin IPRWA | high: 100.0 % CORT: 98.252 % median: 81.433 % mean: 76.493 % low: 2.344 % |
|
| EBIT Margin | -30.079 % | |
| EBIT Margin QoQ | -1454.91 % | |
| EBIT Margin YoY | -1484.215 % | |
| EBIT Margin IPRWA | high: 89.121 % median: 27.043 % CORT: -30.079 % mean: -36.492 % low: -2899.526 % |
|
| Return On Sales (ROS) | -30.079 % | |
| Return On Sales QoQ | -1454.91 % | |
| Return On Sales YoY | -1484.215 % | |
| Return On Sales IPRWA | high: 100.302 % median: 25.472 % CORT: -30.079 % mean: -43.553 % low: -2039.438 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -16.97 M | |
| Free Cash Flow Yield | -0.364 % | |
| Free Cash Flow Yield QoQ | -152.074 % | |
| Free Cash Flow Yield YoY | -605.556 % | |
| Free Cash Flow Yield IPRWA | high: 3.462 % median: 0.78 % mean: 0.168 % CORT: -0.364 % low: -21.822 % |
|
| Free Cash Growth | -144.203 % | |
| Free Cash Growth QoQ | 388.493 % | |
| Free Cash Growth YoY | 57.58 % | |
| Free Cash Growth IPRWA | high: 271.4 % mean: 39.249 % median: 33.538 % CORT: -144.203 % low: -302.061 % |
|
| Free Cash To Net Income | 0.534 | |
| Cash Flow Margin | -10.678 % | |
| Cash Flow To Earnings | 0.554 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -3.846 % | |
| Return On Assets QoQ | -231.442 % | |
| Return On Assets YoY | -257.882 % | |
| Return On Assets IPRWA | high: 4.656 % median: 1.987 % mean: -0.485 % CORT: -3.846 % low: -38.193 % |
|
| Return On Capital Employed (ROCE) | -7.451 % | |
| Return On Equity (ROE) | -0.05 | |
| Return On Equity QoQ | -232.782 % | |
| Return On Equity YoY | -265.547 % | |
| Return On Equity IPRWA | high: 0.371 median: 0.053 mean: 0.045 CORT: -0.05 low: -0.519 |
|
| DuPont ROE | -4.94 % | |
| Return On Invested Capital (ROIC) | -5.522 % | |
| Return On Invested Capital QoQ | -1109.506 % | |
| Return On Invested Capital YoY | -1940.667 % | |
| Return On Invested Capital IPRWA | high: 12.969 % median: 3.36 % mean: 2.193 % CORT: -5.522 % low: -28.014 % |
|