AMLX Amylyx Pharmaceuticals, Inc. - Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$27.79
· of 52w range
· above low
· to high
$10.8852w low
$41.1452w high
Market Cap (MRQ)
$3.09B
P/E
-18.4
EPS
$-1.53
Revenue
$0
your badges
52W Range
$11–$41
Analyst Rating
STRONG BUY
Price Target
$42
P/E
-18.4
ROE
-61.2%
Net Profit Margin
·
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AMLX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$27.79
Market Cap (MRQ)
$3.09B
P/E
-18.4
EPS
$-1.53
Revenue
$0
ROE
-61.2%
52W Range
$11–$41
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$02021-12-31 → 2025-12-31
EPS$-1.532021-12-31 → 2025-12-31
Free Cash Flow$-123M2022-12-31 → 2025-12-31
Net margin·2022-12-31 → 2024-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | AMLX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -18.45Y avg ≈0.3 | ≈0.3 | · | · | |
| P/B (MRQ) | 12.95Y avg ≈3.9 | ≈3.9 | 6.5 | Overvalued | |
| Price / FCF | -25.05Y avg ≈16.9 | ≈16.9 | · | · | |
| Price / Cash Flow | -25.05Y avg ≈14.4 | ≈14.4 | · | · | |
| Price / Tangible Book | 10.15Y avg ≈3.9 | ≈3.9 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | AMLX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -55.0%5Y avg ≈-52.2% | ≈-52.2% | -25.9% | Weak | |
| ROE | -61.2%5Y avg ≈-74.7% | ≈-74.7% | -21.9% | Weak | |
| ROIC | -50.2%5Y avg ≈-73.1% | ≈-73.1% | -22.1% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | AMLX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 12.15Y avg ≈8.7 | ≈8.7 | 6.9 | Strong liquidity | |
| Quick Ratio | 14.05Y avg ≈8.2 | ≈8.2 | 3.1 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | AMLX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -77.1%5Y avg ≈3078.6% | ≈3078.6% | · | · | |
| Revenue CAGR 3Y | 574.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | AMLX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.3 | ≈0.3 | 0.5 | Weak | |
| Receivables Turnover | 0.05Y avg ≈5.2 | ≈5.2 | 4.6 | Weak | |
| Revenue / Employee | ≈$0.00 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
5.6%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $-0.39 | $-0.37 | -5.9% |
| March 31, 2026 | May 7, 2026 | $-0.37 | $-0.34 | -9.8% |
| Dec. 31, 2025 | $-0.30 | $-0.37 | 18.0% | |
| Sept. 30, 2025 | $-0.37 | $-0.46 | 19.4% | |
| June 30, 2025 | $-0.46 | $-0.45 | -1.3% | |
| March 31, 2025 | $-0.42 | $-0.48 | 13.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $87M | $381M | $22M | $285.0K | |
| Cost of Revenue | $0 | $6M | $25M | $3M | · | |
| R&D Expense | $90M | $104M | $128M | $93M | $44M | |
| SG&A Expense | $63M | $114M | $188M | $127M | $39M | |
| Operating Expenses | $153M | $402M | $342M | $224M | $83M | |
| Operating Income | $-153M | $-315M | $39M | $-201M | $-83M | |
| Interest Income | $9M | $14M | $16M | $4M | $36.0K | |
| Other Non-op | $-700.0K | $-1M | $-660.0K | $-551.0K | $-51.0K | |
| Pretax Income | $-145M | $-302M | $54M | $-198M | $-88M | |
| Income Tax | $46.0K | $-393.0K | $5M | $774.0K | · | |
| Net Income | $-145M | $-302M | $49M | $-198M | $-88M | |
| EPS (Basic) | $-1.53 | $-4.43 | $0.73 | $-3.39 | $-13.35 | |
| EPS (Diluted) | $-1.53 | $-4.43 | $0.70 | $-3.39 | $-13.35 | |
| Shares (Basic) | 94,565,567 | 68,142,158 | 67,234,465 | 58,495,587 | 6,586,349 | |
| Shares (Diluted) | 94,565,567 | 68,142,158 | 69,991,340 | 58,495,587 | 6,586,349 | |
| EBITDA | $-153M | $-315M | $39M | $-201M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $227M | $77M | $170M | $63M | $50M | |
| Short-term Investments | $90M | $99M | $201M | $284M | $46M | |
| Receivables | $88.0K | $447.0K | $40M | $15M | · | |
| Inventory | · | · | $38M | $10M | · | |
| Prepaid Expense | $7M | $12M | $15M | $10M | $5M | |
| Current Assets | $324M | $189M | $465M | $382M | $105M | |
| PP&E (Net) | $310.0K | $961.0K | $3M | $3M | $474.0K | |
| PP&E (Gross) | $2M | $2M | $4M | $3M | $527.0K | |
| Accum. Depreciation | $2M | $1M | $2M | $540.0K | $53.0K | |
| Other Non-current Assets | $2M | $24.0K | $701.0K | $466.0K | · | |
| Total Assets | $333M | $194M | $517M | $391M | $106M | |
| Accounts Payable | $4M | $3M | $22M | $6M | $4M | |
| Accrued Liabilities | $18M | $24M | $58M | $38M | · | |
| Current Liabilities | $23M | $28M | $82M | $47M | $17M | |
| Capital Leases | $5M | $463.0K | $2M | $4M | · | |
| Total Liabilities | $27M | $29M | $84M | $51M | $17M | |
| Common Stock | $11.0K | $7.0K | $7.0K | $7.0K | $1.0K | |
| Retained Earnings | $-751M | $-607M | $-305M | $-354M | $-156M | |
| AOCI | $404.0K | $-92.0K | $197.0K | $-86.0K | $9.0K | |
| Stockholders' Equity | $305M | $165M | $433M | $341M | $-151M | |
| Liabilities + Equity | $333M | $194M | $517M | $391M | $106M | |
| Shares Outstanding | 109,884,502 | 68,629,738 | 67,707,432 | 66,512,011 | 7,020,487 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Stock-based Comp | $28M | $33M | $37M | $22M | $3M | |
| Restructuring | $0 | $23M | · | · | · | |
| Operating Cash Flow | $-123M | $-168M | $12M | $-180M | $-75M | |
| CapEx | $138.0K | $157.0K | $1M | $3M | $353.0K | |
| Investing Cash Flow | $14M | $76M | $92M | $-239M | $-46M | |
| Financing Cash Flow | $257M | $348.0K | $4M | $432M | $159M | |
| Net Change in Cash | $149M | $-92M | $108M | $13M | $37M | |
| Taxes Paid | $-1M | $235.0K | · | · | · | |
| Free Cash Flow | $-123M | $-168M | $11M | $-182M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | · | -360.2% | 10.2% | -905.7% | · | |
| Net Margin | · | -345.4% | 12.9% | -892.4% | · | |
| Pretax Margin | · | -345.8% | 14.3% | -888.9% | · | |
| EBITDA Margin | · | -360.2% | 10.2% | -905.7% | · | |
| ROA | -55.0% | -84.9% | 10.8% | -79.8% | · | |
| ROE | -61.2% | -167.2% | 11.6% | -81.9% | · | |
| ROIC | -50.2% | -190.8% | 8.1% | -59.3% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 14.3 | 6.7 | 5.7 | 8.2 | · | |
| Quick Ratio | 14.0 | 6.2 | 5.0 | 7.8 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.2 | 0.8 | 0.1 | · | |
| Inventory Turnover | · | · | 1.1 | 0.6 | · | |
| Receivables Turnover | 0.0 | 4.3 | 13.8 | 2.9 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Book Value / Share | $2.78 | $2.40 | $6.40 | $5.12 | · | |
| Revenue / Share | $0.00 | $1.28 | $5.44 | $0.38 | · | |
| Cash Flow / Share | $-1.30 | $-2.46 | $0.17 | $-3.07 | · | |
| Cash / Share | $2.06 | $1.13 | $2.51 | $0.94 | · | |
| EPS (TTM) | $-1.53 | $-4.43 | $0.70 | $-3.39 | $-13.35 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | · | -77.1% | 1612.9% | 7700.0% | · | |
| Revenue CAGR 3Y | · | 574.3% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $87M | $381M | $22M | $285.0K | |
| Net Income TTM | $-145M | $-302M | $49M | $-198M | $-88M | |
| Market Cap | $1.33B | $259M | $997M | $2.46B | · | |
| P/E | -7.9 | -0.9 | 21.0 | -10.9 | · | |
| P/S | · | 3.0 | 2.6 | 110.6 | · | |
| P/B | 4.3 | 1.6 | 2.3 | 7.2 | · | |
| P / Tangible Book | 4.3 | 1.6 | 2.3 | 7.2 | · | |
| P / Cash Flow | -10.8 | -1.5 | 83.6 | -13.7 | · | |
| P / FCF | -10.7 | -1.5 | 93.3 | -13.5 | · | |
| Earnings Yield | -12.7% | -117.2% | 4.8% | -9.2% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | $0 | $0 | $0 | $0 | $-665.0K | $416.0K | $-1M | $89M | $108M | $103M | $98M | $71M | $22M | $345.0K | |
| Cost of Revenue | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $8.0K | $6M | $9M | $5M | $6M | $5M | $3M | $172.0K | |
| R&D Expense | $24M | $28M | $21M | $20M | $27M | $22M | $23M | $21M | $23M | $37M | $45M | $30M | $29M | $24M | $23M | $25M | |
| SG&A Expense | $22M | $16M | $15M | $16M | $16M | $16M | $17M | $18M | $22M | $58M | $52M | $49M | $43M | $44M | $41M | $30M | |
| Operating Expenses | $46M | $44M | $37M | $36M | $43M | $38M | $40M | $76M | $75M | $211M | $107M | $84M | $78M | $73M | $66M | $55M | |
| Operating Income | $-46M | $-44M | $-37M | $-36M | $-43M | $-38M | $-41M | $-76M | $-76M | $-122M | $2M | $19M | $20M | $-2M | $-45M | $-55M | |
| Interest Income | $2M | $3M | $3M | $2M | $2M | $2M | $2M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $601.0K | |
| Other Non-op | $-53.0K | $-75.0K | $361.0K | $-180.0K | $-546.0K | $-335.0K | $157.0K | $-141.0K | $-483.0K | $-747.0K | $171.0K | $-488.0K | $-81.0K | $-262.0K | $-689.0K | $199.0K | |
| Pretax Income | · | · | $-33M | $-34M | $-41M | $-36M | $-38M | $-73M | $-73M | $-119M | $6M | $22M | $24M | $1M | $-42M | $-54M | |
| Income Tax | · | · | $46.0K | $0 | $0 | $0 | $-635.0K | $0 | $0 | $242.0K | $2M | $2M | $2M | $-170.0K | $579.0K | $-125.0K | |
| Net Income | $-43M | $-41M | $-33M | $-34M | $-41M | $-36M | $-38M | $-73M | $-73M | $-119M | $5M | $21M | $22M | $2M | $-43M | $-54M | |
| EPS (Basic) | $-0.39 | $-0.37 | $-0.28 | $-0.37 | $-0.46 | $-0.42 | $-0.54 | $-1.07 | $-1.07 | $-1.75 | $0.07 | $0.31 | $0.33 | $0.02 | $-0.61 | $-0.92 | |
| EPS (Diluted) | $-0.39 | $-0.37 | $-0.28 | $-0.37 | $-0.46 | $-0.42 | $-0.54 | $-1.07 | $-1.07 | $-1.75 | $0.07 | $0.30 | $0.31 | $0.02 | $-0.61 | $-0.92 | |
| Shares (Basic) | 111,196,883 | 110,563,360 | · | 93,332,930 | 89,138,568 | 85,697,108 | · | 68,091,446 | 68,024,929 | 67,854,356 | · | 67,414,669 | 67,233,617 | 66,717,271 | · | 58,533,226 | |
| Shares (Diluted) | 111,196,883 | 110,563,360 | · | 93,332,930 | 89,138,568 | 85,697,108 | · | 68,091,446 | 68,024,929 | 67,854,356 | · | 69,748,547 | 70,132,040 | 70,863,665 | · | 58,533,226 | |
| EBITDA | $-46M | $-44M | · | $-36M | $-43M | $-38M | · | $-76M | $-76M | $-122M | · | $19M | $20M | $-2M | · | $-55M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $49M | $229M | $227M | $225M | $58M | $60M | $77M | $72M | $75M | $171M | $170M | $135M | $248M | $115M | $63M | $108M | |
| Short-term Investments | $201M | $51M | $90M | $119M | $123M | $144M | $99M | $163M | $235M | $203M | $201M | $220M | $110M | $231M | $284M | $55M | |
| Receivables | · | · | $88.0K | $132.0K | $103.0K | $300.0K | $447.0K | $2M | $4M | $20M | $40M | $29M | $33M | $18M | $15M | $137.0K | |
| Inventory | · | · | · | · | · | · | · | · | · | · | $38M | $32M | $25M | $13M | $10M | $563.0K | |
| Prepaid Expense | $6M | $5M | $7M | $9M | $6M | $12M | $12M | $9M | $13M | $17M | $15M | $17M | $12M | $13M | $10M | $8M | |
| Current Assets | $256M | $285M | $324M | $353M | $187M | $216M | $189M | $245M | $327M | $411M | $465M | $434M | $427M | $389M | $382M | $172M | |
| PP&E (Net) | $199.0K | $212.0K | $310.0K | $399.0K | $445.0K | $816.0K | $961.0K | $1M | $1M | $2M | $3M | $3M | $3M | $3M | $3M | $2M | |
| PP&E (Gross) | · | · | $2M | · | · | · | $2M | · | · | · | $4M | · | · | · | $3M | · | |
| Accum. Depreciation | · | · | $2M | · | · | · | $1M | · | · | · | $2M | · | · | · | $540.0K | · | |
| Other Non-current Assets | · | $2M | · | $2M | · | $11.0K | · | $482.0K | $479.0K | $493.0K | $701.0K | $476.0K | $466.0K | $466.0K | $466.0K | $456.0K | |
| Total Assets | $265M | $294M | $333M | $363M | $195M | $220M | $194M | $251M | $332M | $417M | $517M | $467M | $454M | $408M | $391M | $181M | |
| Accounts Payable | $6M | $4M | $4M | $5M | $3M | $5M | $3M | $1M | $5M | $21M | $22M | $6M | $25M | $11M | $6M | $7M | |
| Accrued Liabilities | $15M | $11M | $18M | $19M | $17M | $12M | $24M | $50M | $63M | $68M | $58M | $37M | $37M | $39M | $38M | · | |
| Current Liabilities | $21M | $16M | $23M | $26M | $21M | $18M | $28M | $54M | $70M | $92M | $82M | $46M | $64M | $52M | $47M | $33M | |
| Capital Leases | $4M | $4M | $5M | $5M | $5M | $327.0K | $463.0K | $595.0K | $772.0K | $1M | $2M | $3M | $3M | $4M | $4M | $5M | |
| Total Liabilities | $25M | $20M | $27M | $31M | $27M | $18M | $29M | $55M | $71M | $93M | $84M | $48M | $67M | $55M | $51M | $37M | |
| Common Stock | $11.0K | $11.0K | $11.0K | $11.0K | $9.0K | $9.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $6.0K | |
| Retained Earnings | $-836M | $-793M | $-751M | $-718M | $-684M | $-643M | $-607M | $-569M | $-496M | $-424M | $-305M | $-310M | $-331M | $-353M | $-354M | $-312M | |
| AOCI | $19.0K | $240.0K | $404.0K | $815.0K | $551.0K | $0 | $-92.0K | $641.0K | $-97.0K | $-77.0K | $197.0K | $-151.0K | $-72.0K | $25.0K | $-86.0K | $-725.0K | |
| Stockholders' Equity | $239M | $273M | $305M | $332M | $168M | $201M | $165M | $196M | $261M | $324M | $433M | $418M | $386M | $353M | $341M | $144M | |
| Liabilities + Equity | $265M | $294M | $333M | $363M | $195M | $220M | $194M | $251M | $332M | $417M | $517M | $467M | $454M | $408M | $391M | $181M | |
| Shares Outstanding | 111,368,283 | 111,026,477 | 109,884,502 | 109,766,382 | 89,156,350 | 89,080,821 | 68,629,738 | 68,545,508 | 68,079,057 | 67,975,587 | 67,707,432 | 67,505,126 | 67,354,417 | 67,095,603 | 66,512,011 | 58,533,226 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $8M | $6M | $6M | $7M | $7M | $7M | $7M | $7M | $10M | $10M | $10M | $10M | $10M | $8M | $6M | $6M | |
| Restructuring | · | · | $0 | $0 | $0 | · | $0 | $0 | $23M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-31M | $-37M | $-28M | $-30M | $-25M | $-40M | $-59M | $-42M | $-67M | $-489.0K | $14M | $-5M | $9M | $-5M | $-50M | $-43M | |
| CapEx | · | · | $86.0K | $24.0K | $17.0K | $11.0K | $20.0K | $-19.0K | $89.0K | $67.0K | $356.0K | $357.0K | $278.0K | $250.0K | $620.0K | $459.0K | |
| Investing Cash Flow | $-150M | $36M | $29M | $5M | $23M | $-44M | $65M | $39M | $-29M | $819.0K | $21M | $-108M | $123M | $56M | $-228M | $84M | |
| Financing Cash Flow | $1M | $3M | $-208.0K | $192M | $-31.0K | $66M | $110.0K | $80.0K | $27.0K | $131.0K | $230.0K | $889.0K | $1M | $1M | $232M | $0 | |
| Net Change in Cash | $-180M | $2M | $1M | $167M | $-2M | $-18M | $6M | $-2M | $-96M | $351.0K | $35M | $-113M | $133M | $52M | $-45M | $41M | |
| Taxes Paid | · | · | · | · | $-30.0K | $-30.0K | $499.0K | $17.0K | $-6.0K | $-275.0K | · | $-2M | · | · | · | · | |
| Free Cash Flow | · | · | · | · | · | $-40M | · | · | · | $-556.0K | · | · | · | $-5M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | -18187.7% | 7457.1% | -137.8% | · | 18.2% | 20.6% | -2.9% | · | -15849.6% | |
| Net Margin | · | · | · | · | · | · | · | -17476.9% | 7106.6% | -134.0% | · | 20.3% | 22.5% | 2.2% | · | -15581.5% | |
| Pretax Margin | · | · | · | · | · | · | · | -17476.9% | 7106.6% | -133.7% | · | 21.8% | 24.4% | 2.0% | · | -15617.7% | |
| EBITDA Margin | · | · | · | · | · | · | · | -18187.7% | 7457.1% | -137.8% | · | 18.2% | 20.6% | -2.9% | · | -15849.6% | |
| ROA | -18.9% | -16.1% | · | -11.2% | -15.7% | -11.3% | · | -20.3% | -18.5% | -28.8% | · | 6.5% | 6.5% | 0.46% | · | -59.2% | |
| ROE | -21.3% | -17.4% | · | -13.0% | -19.3% | -13.7% | · | -23.7% | -22.4% | -35.1% | · | 7.4% | 7.6% | 0.53% | · | -74.7% | |
| ROIC | · | · | · | -10.8% | -25.5% | -18.8% | · | · | · | -37.7% | · | 4.2% | 4.8% | -0.65% | · | -37.9% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.1 | 17.9 | · | 13.7 | 8.7 | 12.1 | · | 4.5 | 4.7 | 4.5 | · | 9.5 | 6.7 | 7.5 | · | 5.3 | |
| Quick Ratio | 11.9 | 17.5 | · | 13.3 | 8.4 | 11.4 | · | 4.4 | 4.5 | 4.3 | · | 8.4 | 6.1 | 7.0 | · | 5.0 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | -0.0 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.0 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | · | · | · | 0.3 | 0.4 | 0.8 | · | 0.6 | |
| Receivables Turnover | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | -0.1 | 4.7 | · | 7.0 | 5.9 | 8.1 | · | 5.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $2.15 | $2.46 | · | $3.02 | $1.88 | $2.26 | · | $2.86 | $3.84 | $4.77 | · | $6.20 | $5.74 | $5.26 | · | $2.46 | |
| Revenue / Share | · | · | · | $0.00 | $0.00 | $0.00 | · | $0.01 | $-0.01 | $1.31 | · | $1.47 | $1.40 | $1.01 | · | $0.01 | |
| Cash Flow / Share | · | $-0.33 | · | · | · | $-0.46 | · | · | · | $-0.01 | · | · | · | $-0.07 | · | · | |
| Cash / Share | $0.44 | $2.06 | · | $2.05 | $0.65 | $0.67 | · | $1.05 | $1.10 | $2.51 | · | $2.00 | $3.68 | $1.71 | · | $1.84 | |
| EPS (TTM) | $-1.41 | $-1.48 | · | $-1.79 | $-2.49 | $-3.10 | · | $-3.82 | $-2.45 | $-1.07 | · | $0.02 | $-1.20 | $-2.44 | · | $-6.93 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | · | $-665.0K | $-249.0K | $-1M | · | $196M | $299M | $398M | · | $294M | $192M | · | · | · | |
| Net Income TTM | $-152M | $-150M | · | $-149M | $-188M | $-219M | · | $-259M | $-166M | $-71M | · | $2M | $-73M | $-149M | · | $-184M | |
| Market Cap | $2.00B | $1.54B | · | $1.49B | $571M | $315M | · | $222M | $129M | $193M | · | $1.24B | $1.45B | $1.97B | · | $1.65B | |
| P/E | -12.7 | -9.4 | · | -7.6 | -2.6 | -1.1 | · | -0.8 | -0.8 | -2.7 | · | 915.5 | -18.0 | -12.0 | · | -4.1 | |
| P/S | · | · | · | -2243.2 | -2295.1 | -247.9 | · | 1.1 | 0.4 | 0.5 | · | 4.2 | 7.6 | · | · | · | |
| P/B | 8.4 | 5.6 | · | 4.5 | 3.4 | 1.6 | · | 1.1 | 0.5 | 0.6 | · | 3.0 | 3.8 | 5.6 | · | 11.4 | |
| P / Tangible Book | 8.4 | 5.6 | · | 4.5 | 3.4 | 1.6 | · | 1.1 | 0.5 | 0.6 | · | 3.0 | 3.8 | 5.6 | · | 11.4 | |
| P / Cash Flow | · | -41.8 | · | · | · | -7.9 | · | · | · | -394.8 | · | · | · | -388.1 | · | · | |
| Earnings Yield | -7.8% | -10.7% | · | -13.2% | -38.9% | -87.6% | · | -117.9% | -129.0% | -37.7% | · | 0.11% | -5.6% | -8.3% | · | -24.6% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $0 | $87M | $381M | $22M | $285.0K |
| Operating Margin % | · | -360.2% | 10.2% | -905.7% | · |
| Net Income | $-145M | $-302M | $49M | $-198M | $-88M |
| Diluted EPS | $-1.53 | $-4.43 | $0.70 | $-3.39 | $-13.35 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 14.3 | 6.7 | 5.7 | 8.2 | · |
| Quick Ratio | 14.0 | 6.2 | 5.0 | 7.8 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-123M | $-168M | $11M | $-182M | · |
Institutional owners (13F) 226 filers · $2.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
226
Value held
$2.1B
New positions
55
Exited positions
13
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 55 (+23 vs prior Q) | 13 (-20 vs prior Q) | 74 (+7 vs prior Q) | 62 (+7 vs prior Q) | -4.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $300,433,246 | 16,727,909 | 14.19% | Shares |
| BlackRock, Inc. | $158,534,442 | 8,827,085 | 7.49% | Shares |
| PERCEPTIVE ADVISORS LLC | $149,694,481 | 8,334,882 | 7.07% | Shares |
| TCG Crossover Management, LLC | $112,138,864 | 6,243,812 | 5.30% | Shares |
| Commodore Capital LP | $101,474,000 | 5,650,000 | 4.79% | Shares |
| Saturn V Capital Management LP | $83,048,854 | 4,624,101 | 3.92% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $75,867,063 | 4,224,224 | 3.58% | Shares |
| VANGUARD GROUP INC | $70,123,336 | 5,804,912 | 3.31% | Shares |
| JANUS HENDERSON GROUP PLC | $69,256,554 | 4,986,073 | 3.27% | Shares |
| MORGAN STANLEY | $56,229,311 | 3,130,808 | 2.66% | Shares |
| Driehaus Capital Management LLC | $54,543,981 | 3,036,970 | 2.58% | Shares |
| First Light Asset Management, LLC | $54,297,678 | 3,023,256 | 2.56% | Shares |
| FRANKLIN RESOURCES INC | $52,986,040 | 2,950,225 | 2.50% | Shares |
| GOLDMAN SACHS GROUP INC | $51,333,972 | 2,858,239 | 2.42% | Shares |
| STATE STREET CORP | $46,755,933 | 2,603,337 | 2.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $41,949,140 | 2,335,315 | 1.98% | Shares |
| JPMORGAN CHASE & CO | $34,921,895 | 1,863,650 | 1.65% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $34,124,000 | 1,900,000 | 1.61% | Shares |
| Siren, L.L.C. | $26,591,325 | 1,480,586 | 1.26% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $23,844,428 | 1,327,536 | 1.13% | Shares |
| 683 Capital Management, LLC | $22,980,036 | 1,279,512 | 1.09% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $19,065,151 | 1,061,534 | 0.90% | Shares |
| Alyeska Investment Group, L.P. | $18,912,149 | 1,053,015 | 0.89% | Shares |
| Almitas Capital LLC | $17,508,863 | 974,881 | 0.83% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $16,215,061 | 902,463 | 0.77% | Shares |
| Jones Hill Capital LP | $16,057,282 | 894,058 | 0.76% | Shares |
| Woodline Partners LP | $15,201,111 | 846,387 | 0.72% | Shares |
| NORTHERN TRUST CORP | $14,938,051 | 831,740 | 0.71% | Shares |
| BANK OF AMERICA CORP /DE/ | $14,760,265 | 821,841 | 0.70% | Shares |
| Boxer Capital Management, LLC | $14,368,000 | 800,000 | 0.68% | Shares |
| Aberdeen Group plc | $13,248,553 | 737,670 | 0.63% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13,021,539 | 725,030 | 0.61% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $12,949,196 | 721,002 | 0.61% | Shares |
| GREAT POINT PARTNERS LLC | $12,572,000 | 700,000 | 0.59% | Shares |
| Balyasny Asset Management L.P. | $12,302,133 | 684,974 | 0.58% | Shares |
| Qube Research & Technologies Ltd | $12,237,746 | 681,389 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $11,190,481 | 623,078 | 0.53% | Shares |
| TWO SIGMA INVESTMENTS, LP | $10,658,093 | 593,435 | 0.50% | Shares |
| DEUTSCHE BANK AG\ | $10,020,549 | 557,937 | 0.47% | Shares |
| Rock Springs Capital Management LP | $8,975,761 | 499,764 | 0.42% | Shares |
| ADAR1 Capital Management, LLC | $8,879,029 | 494,378 | 0.42% | Shares |
| Nantahala Capital Management, LLC | $8,740,845 | 486,684 | 0.41% | Shares |
| FEDERATED HERMES, INC. | $8,301,202 | 462,205 | 0.39% | Shares |
| Nearwater Capital Markets, Ltd | $7,633,000 | 425,000 | 0.36% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,279,188 | 405,300 | 0.34% | Call option |
| Parkman Healthcare Partners LLC | $7,162,125 | 398,782 | 0.34% | Shares |
| HighVista Strategies LLC | $6,933,997 | 386,080 | 0.33% | Shares |
| STEMPOINT CAPITAL LP | $6,902,100 | 384,304 | 0.33% | Shares |
| Logos Global Management LP | $6,286,000 | 350,000 | 0.30% | Shares |
| Trexquant Investment LP | $6,275,924 | 349,439 | 0.30% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Morningside Venture Investments Limited (2), MVIL, LLC (2), Frances Anne Elizabeth Richard (2), Jill Marie Franklin (2), Peter Stuart Allenby Edwards (2), Cheung Ka Ho (2), Cheng Yee Wing Betty (2), Wong See Wai (2) ×5 filings | Oct. 4, 2023 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 15 insiders · 7 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joshua B Cohen | Co-Chief Executive Officer | Sept. 10, 2026 S | 3,613,123 | 0 | 7 | $-3,595,897 |
| Justin B. Klee | Co-Chief Executive Officer | Sept. 10, 2026 S | 3,613,056 | 0 | 7 | $-3,594,312 |
| James M Frates | Chief Financial Officer | Sept. 10, 2026 S | 233,625 | 0 | 5 | $-553,740 |
| Gina Mazzariello | Chief Legal Officer | Sept. 10, 2026 S | 190,838 | 0 | 7 | $-1,046,732 |
| Camille L Bedrosian | Chief Medical Officer | Sept. 10, 2026 S | 278,064 | 0 | 4 | $-513,457 |
| Patrick D Yeramian | Chief Medical Officer | Jan. 9, 2024 S | 205,605 | 0 | 0 | $0 |
| Margaret Olinger | Chief Commercial Officer | Dec. 27, 2023 M | 276,108 | 0 | 0 | $0 |
| Karen Firestone | Director | Aug. 31, 2026 M | 116,900 | 2 | 0 | $152,183 |
| Bernhardt G Zeiher | Director | June 4, 2026 A | 10,000 | 0 | 0 | $0 |
| Paul R. Fonteyne | Director | June 4, 2026 A | 3,947 | 0 | 0 | $0 |
| Daphne Quimi | Director | June 4, 2026 A | 5,000 | 0 | 0 | $0 |
| George M Milne JR | Director | June 4, 2026 A | 812,881 | 0 | 0 | $0 |
| Isaac Cheng | Director | June 9, 2022 A | 6,578 | 0 | 0 | $0 |
| Morningside Venture Investments Ltd | 10% owner | Aug. 15, 2023 G | 4,997,302 | 0 | 0 | $0 |
| ALS Invest 1 B.V. | 10% owner | July 6, 2022 S | 5,895,280 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 37 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 1.72% | 17,451 NS | July 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.93% | 21,303 NS | July 31, 2026 | N-PORT |
| IHE · iShares Trust | 0.73% | 366,318 SH | Sept. 11, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.31% | 195,440 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.25% | 810,880 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.24% | 8,879 SH | Oct. 1, 2026 | Daily |
| IWO · iShares Trust | 0.22% | 971,856 SH | Sept. 11, 2026 | Daily |
| ESSC · Strategy Shares | 0.18% | 3,189 NS | July 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.14% | 97,142 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 145,454 SH | Aug. 19, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.11% | 82,688 NS | July 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.11% | 70,505 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.11% | 2,652,078 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.10% | 98,590 SH | Aug. 19, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.07% | 65,622 SH | Oct. 1, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 22,403 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.06% | 17,705 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.06% | 53,699 SH | Sept. 10, 2026 | Daily |
| RSSL · Global X Funds | 0.06% | 43,949 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 529,383 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 5,013 SH | Sept. 10, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 34,142 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 966,947 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 216,297 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 148,485 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 115,603 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 24,186 SH | Sept. 10, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 4,500 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 54,057 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 13,188 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 8,949 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,154,723 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,178 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 8 NS | July 31, 2026 | N-PORT |
| ISCB · iShares Trust | · | 3,700 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 18,288 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 88,069 SH | Sept. 11, 2026 | Daily |
AMLX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 18 analysts
BUY
Median target
$42.00
+51.1%
9 50.0%
Strong Buy
7 38.9%
Buy
2 11.1%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
11 analysts · 2026-09-30Mean target $42.36 +52.4%
Now
Current price $27.79
Low$20.00
Mean$42.36
High$57.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AMLX | $1.33B | -7.9 | -77.1% | · | -61.2% | · |
| MANE | · | · | · | · | 82.6% | · |
| EWTX | $2.64B | -15.2 | · | · | -30.2% | · |
| INDV | · | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| TARS | $3.48B | -51.5 | 146.7% | -14.7% | -19.7% | · |
| ELVN | $915M | -8.4 | · | · | -21.9% | · |
| MBX | $1.42B | -13.3 | · | · | -29.6% | · |
| SUPN | $2.86B | -73.1 | 8.6% | -5.4% | -3.6% | · |
| AMRX | · | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
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Source: SEC 10-Q filed Aug 6, 2026