Recent News
On August 6, 2026 the company published second‑quarter results and a business update reporting KIMMTRAK net product revenue of $115.9 million and disclosing ongoing Phase 1/2 and Phase 3 development milestones. On September 14, 2026 the company announced it achieved target enrollment of 540 patients in its registrational Phase 3 TEBE‑AM trial of KIMMTRAK in previously treated advanced melanoma.
Technical Analysis
ADX at 25.09 indicates a strong trend in place; directional indicators show DI‑ rising to 24.62 while DI+ falls to 18.44, a configuration that signals prevailing downside directional pressure and reinforces the near‑term bearish bias.
MACD sits negative at –0.67 and trends downward, remaining below its signal line (–0.17); momentum structure therefore favors further downside until momentum stabilizes or a MACD cross reverses that trajectory.
Price trades below short‑ and medium‑term averages (12‑day EMA $33.22, 20‑day $34.02, 50‑day $34.60 and 200‑day $32.48), a pattern consistent with short‑term weakness relative to the current valuation and supporting the immediate bearish price bias.
MRO at –2.83 registers negative, indicating the market price sits below the model target and implying some upside potential toward fair value if sentiment shifts or catalysts land favorably.
RSI at 50.21 and trending lower shows neutral momentum slipping; the indicator neither signals oversold relief nor strong buying pressure, so price may remain range‑bound absent a catalyst.
Fundamental Analysis
Profitability: EBIT stands at $2,001,000 and EBIT margin equals 1.73%. QoQ change in EBIT margin registers –88.72% and YoY change –123.55%, reflecting compression in recent operating leverage. EPS actual registered –$0.02 versus an estimate of $0.02, an EPS surprise of –200% driven by the negative result versus consensus.
Revenue and margins: Total revenue reached $115,927,000 with YoY revenue growth of 99.38% and QoQ growth of 311.92%. Gross margin remains elevated at 99.06%, well above the industry peer mean of 78.12%, supporting high incremental profitability on product sales even as operating margins remain negative at –2.58%.
Liquidity and balance sheet: Cash and short‑term investments total $880,211,000 and the current ratio equals 4.47x (quick ratio 4.44x), both above the industry peer mean for current ratio (3.00x), indicating ample near‑term liquidity to fund operations and pipeline progress. Total debt equals $434,959,000 with debt‑to‑equity at 1.04x and interest coverage at 0.80x, the latter showing operating earnings do not fully cover interest expense at present.
Efficiency and cash flow: Asset turnover measures 0.106, slightly below the industry peer mean of 0.1185, while cash conversion cycle sits at –4,181 days (negative), a structural working‑capital profile driven by timing in payables/receivables. Free cash flow totaled $15,142,000 with a free cash flow yield of 0.93%.
Valuation and WMDST view: Price multiples show P/B at 3.87x and PS at 14.01x while reported PE and forward PE are negative given current losses; enterprise value measures deliver an EVR of 10.16. The current valuation as determined by WMDST classifies the stock as under‑valued, with near‑term re‑rating contingent on clinical readouts and sustained commercial revenues.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 452.7 M |
| Operating Cash Flow | $ 15.9 M | |
| Capital Expenditures | $ -786.00 K | |
| Change In Working Capital | $ 7.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 32.2 M | |
| End Period Cash Flow | $ 484.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 115.9 M | |
| Forward Revenue | $ 346.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 M | |
| Depreciation | $ 1.0 M | |
| Depreciation and Amortization | $ 1.0 M | |
| Research and Development | $ 73.9 M | |
| Total Operating Expenses | $ 118.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 114.8 M | |
| EBITDA | $ 3.0 M | |
| EBIT | $ 2.0 M | |
| Operating Income | $ -3.00 M | |
| Interest Income | $ 3.6 M | |
| Interest Expense | $ 2.5 M | |
| Net Interest Income | $ 520.0 K | |
| Income Before Tax | $ -514.00 K | |
| Tax Provision | $ 294.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -808.00 K | |
| Net Income From Continuing Operations | $ -808.00 K | |
| EARNINGS | ||
| EPS Estimate | $ 0.02 | |
| EPS Actual | $ -0.02 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -200.0 % | |
| Forward EPS | $ -0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 419.8 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 880.2 M | |
| Cash | $ 484.9 M | |
| Net Receivables | $ 95.3 M | |
| Inventory | $ 7.8 M | |
| Long-Term Investments | $ 18.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 26.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 235.2 M | |
| Net Debt | — | |
| Total Debt | $ 435.0 M | |
| Total Liabilities | $ 699.6 M | |
| EQUITY | ||
| Total Equity | $ 419.8 M | |
| Retained Earnings | $ -819.11 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.25 | |
| Shares Outstanding | 51.480 M | |
| Revenue Per-Share | $ 2.28 | |
| VALUATION | Market Capitalization | $ 1.6 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 389.293 | |
| Enterprise Multiple QoQ | 474.895 % | |
| Enterprise Multiple YoY | -305.865 % | |
| Enterprise Multiple IPRWA | IMCR: 389.293 high: 85.287 mean: 10.203 median: -1.048 low: -121.71 |
|
| EV/R | 10.165 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.667 | |
| Asset To Liability | 1.6 | |
| Debt To Capital | 0.509 | |
| Debt To Assets | 0.389 | |
| Debt To Assets QoQ | -4.385 % | |
| Debt To Assets YoY | -3.641 % | |
| Debt To Assets IPRWA | high: 1.088 IMCR: 0.389 mean: 0.143 median: 0.018 low: 0.0 |
|
| Debt To Equity | 1.036 | |
| Debt To Equity QoQ | -6.379 % | |
| Debt To Equity YoY | -7.779 % | |
| Debt To Equity IPRWA | high: 1.719 IMCR: 1.036 mean: 0.135 median: 0.037 low: -1.043 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.868 | |
| Price To Book QoQ | -3.555 % | |
| Price To Book YoY | -9.29 % | |
| Price To Book IPRWA | high: 19.973 mean: 8.201 median: 6.334 IMCR: 3.868 low: -9.25 |
|
| Price To Earnings (P/E) | -1596.012 | |
| Price To Earnings QoQ | -1384.712 % | |
| Price To Earnings YoY | 860.89 % | |
| Price To Earnings IPRWA | high: 76.582 mean: -2.6 median: -19.402 low: -123.087 IMCR: -1596.012 |
|
| PE/G Ratio | 14.778 | |
| Price To Sales (P/S) | 14.006 | |
| Price To Sales QoQ | -5.361 % | |
| Price To Sales YoY | -17.166 % | |
| Price To Sales IPRWA | high: 879.061 mean: 55.98 median: 28.439 IMCR: 14.006 low: 0.181 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -172.923 | |
| Forward PE/G | 1.601 | |
| Forward P/S | 5.176 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -10.119 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.106 | |
| Asset Turnover Ratio QoQ | 6.086 % | |
| Asset Turnover Ratio YoY | 13.96 % | |
| Asset Turnover Ratio IPRWA | high: 0.427 mean: 0.118 median: 0.107 IMCR: 0.106 low: 0.0 |
|
| Receivables Turnover | 1.314 | |
| Receivables Turnover Ratio QoQ | -4.495 % | |
| Receivables Turnover Ratio YoY | -10.885 % | |
| Receivables Turnover Ratio IPRWA | high: 5.69 median: 1.538 mean: 1.453 IMCR: 1.314 low: 0.004 |
|
| Inventory Turnover | 0.136 | |
| Inventory Turnover Ratio QoQ | 134.289 % | |
| Inventory Turnover Ratio YoY | -20.058 % | |
| Inventory Turnover Ratio IPRWA | high: 3.295 mean: 0.6 median: 0.453 IMCR: 0.136 low: 0.004 |
|
| Days Sales Outstanding (DSO) | 69.432 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -4181.052 | |
| Cash Conversion Cycle Days QoQ | 595.841 % | |
| Cash Conversion Cycle Days YoY | 92.43 % | |
| Cash Conversion Cycle Days IPRWA | high: 1415.294 median: 197.717 mean: 190.308 low: -1418.404 IMCR: -4181.052 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.142 | |
| CapEx To Revenue | -0.007 | |
| CapEx To Depreciation | -0.766 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 814.0 M | |
| Net Invested Capital | $ 814.0 M | |
| Invested Capital | $ 814.0 M | |
| Net Tangible Assets | $ 419.8 M | |
| Net Working Capital | $ 815.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.742 | |
| Current Ratio | 4.469 | |
| Current Ratio QoQ | 6.894 % | |
| Current Ratio YoY | -24.171 % | |
| Current Ratio IPRWA | high: 31.351 IMCR: 4.469 mean: 3.002 median: 1.265 low: 0.026 |
|
| Quick Ratio | 4.436 | |
| Quick Ratio QoQ | 6.981 % | |
| Quick Ratio YoY | -24.321 % | |
| Quick Ratio IPRWA | high: 13.027 IMCR: 4.436 mean: 2.664 median: 2.323 low: 0.047 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 143.693 | |
| Cost Of Debt | 0.347 % | |
| Interest Coverage Ratio | 0.796 | |
| Interest Coverage Ratio QoQ | -85.129 % | |
| Interest Coverage Ratio YoY | -127.873 % | |
| Interest Coverage Ratio IPRWA | high: 672.667 IMCR: 0.796 mean: -15.973 median: -59.087 low: -1866.8 |
|
| Operating Cash Flow Ratio | -0.074 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 5937.137 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.414 % | |
| Revenue Growth | 8.671 % | |
| Revenue Growth QoQ | 311.924 % | |
| Revenue Growth YoY | 99.379 % | |
| Revenue Growth IPRWA | high: 330.841 % mean: 15.687 % median: 14.284 % IMCR: 8.671 % low: -242.388 % |
|
| Earnings Growth | -108.0 % | |
| Earnings Growth QoQ | -23.765 % | |
| Earnings Growth YoY | -64.0 % | |
| Earnings Growth IPRWA | high: 168.75 % median: 10.526 % mean: 10.193 % IMCR: -108.0 % low: -155.294 % |
|
| MARGINS | ||
| Gross Margin | 99.061 % | |
| Gross Margin QoQ | -0.534 % | |
| Gross Margin YoY | 0.124 % | |
| Gross Margin IPRWA | high: 100.0 % IMCR: 99.061 % median: 79.764 % mean: 78.122 % low: -70.566 % |
|
| EBIT Margin | 1.726 % | |
| EBIT Margin QoQ | -88.72 % | |
| EBIT Margin YoY | -123.553 % | |
| EBIT Margin IPRWA | high: 212.221 % median: 25.974 % IMCR: 1.726 % mean: -101.04 % low: -4214.74 % |
|
| Return On Sales (ROS) | -2.584 % | |
| Return On Sales QoQ | -137.866 % | |
| Return On Sales YoY | -82.982 % | |
| Return On Sales IPRWA | high: 78.757 % median: 32.539 % IMCR: -2.584 % mean: -82.78 % low: -3837.989 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 15.1 M | |
| Free Cash Flow Yield | 0.933 % | |
| Free Cash Flow Yield QoQ | -194.721 % | |
| Free Cash Flow Yield YoY | -39.533 % | |
| Free Cash Flow Yield IPRWA | high: 29.465 % IMCR: 0.933 % median: 0.852 % mean: 0.259 % low: -49.548 % |
|
| Free Cash Growth | -197.339 % | |
| Free Cash Growth QoQ | 250.993 % | |
| Free Cash Growth YoY | -101.064 % | |
| Free Cash Growth IPRWA | high: 175.34 % median: 24.96 % mean: 20.987 % IMCR: -197.339 % low: -197.399 % |
|
| Free Cash To Net Income | -18.74 | |
| Cash Flow Margin | -15.044 % | |
| Cash Flow To Earnings | 21.584 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.074 % | |
| Return On Assets QoQ | -106.101 % | |
| Return On Assets YoY | -92.418 % | |
| Return On Assets IPRWA | high: 34.781 % IMCR: -0.074 % mean: -8.88 % median: -13.258 % low: -66.894 % |
|
| Return On Capital Employed (ROCE) | 0.226 % | |
| Return On Equity (ROE) | -0.002 | |
| Return On Equity QoQ | -105.827 % | |
| Return On Equity YoY | -92.757 % | |
| Return On Equity IPRWA | high: 0.746 IMCR: -0.002 mean: -0.177 median: -0.259 low: -1.213 |
|
| DuPont ROE | -0.199 % | |
| Return On Invested Capital (ROIC) | 0.147 % | |
| Return On Invested Capital QoQ | -92.744 % | |
| Return On Invested Capital YoY | -120.22 % | |
| Return On Invested Capital IPRWA | high: 37.515 % median: 3.876 % IMCR: 0.147 % mean: -0.774 % low: -47.859 % |
|