Amylyx Pharmaceuticals, Inc. (AMLX)

Price$34.10Cached quoteAs of 2026-09-05 05:36 UTC

AI: Fair-priced

Price checkThe market now prices in major avexitide success, leaving limited room for ordinary setbacks.

After the August financing, about 127.6 million shares are outstanding, putting equity value near $4.4 billion at the observed market price. Adding the estimated $542.5 million net offering proceeds to June cash and marketable securities of $250.8 million gives roughly $793 million of liquid resources before later spending. Enterprise value—the stock market value minus cash plus debt—is therefore about $3.6 billion, roughly 1.6 times Reuters’ cited $2.2 billion peak U.S. sales estimate for avexitide. That looks fair rather than clearly cheap, because approval and commercial adoption are still unproven.

Big pictureAmylyx has plenty of funding, but today’s business still consumes cash and produces no product revenue.

The supplied history shows 2025 revenue of zero, a $144.7 million net loss, and $123.3 million of operating cash outflow, meaning cash consumed by normal business activities. In the first half of 2026, operating activities used another $68.3 million, while the company reported $250.8 million of cash and marketable securities at June end. Management then raised additional capital after the trial win. This is not a normally cyclical business: results depend far more on trial, regulatory, and launch milestones than on the economy. The new financing materially improves cash durability.

Business strengthAvexitide now has convincing late-stage evidence, but Amylyx remains dependent on one unapproved lead asset.

The pivotal 78-person LUCIDITY study met its pre-agreed primary goal and all secondary goals; avexitide reduced the combined rate of clinically important Level 2 and Level 3 low-blood-sugar events by 55% versus placebo and was generally well tolerated. Amylyx plans to submit for U.S. approval by year-end, and no therapy is currently approved specifically for post-bariatric hypoglycemia. That creates a meaningful sales opportunity if approval follows. Still, the company has no current product revenue, and prior history with Relyvrio shows why one strong trial should not be treated as guaranteed long-term cash generation.

What could change the storyApproval and strong uptake could justify more upside; delays or weak sales would challenge today’s valuation.

The bull case needs avexitide to reach the market on schedule and build toward very large sales, making today’s roughly $3.6 billion enterprise value look modest. The bear case is not just scientific failure: an approval delay, restrictive labeling, slow diagnosis, insurers limiting coverage, or weaker-than-expected patient uptake could push realized sales far below the cited $2.2 billion peak estimate. How management uses cash also matters. Shares grew from 68.6 million at 2024 year-end to about 127.6 million after the latest offering, so further issuance would make each existing share represent a smaller ownership slice.

AI: News

Phase 3 trial succeedsAvexitide’s pivotal study succeeded decisively, sharply improving the odds of a 2027 commercial launch.

On August 18, the 78-patient LUCIDITY trial met its U.S. regulator-agreed primary goal: avexitide reduced the combined rate of clinically important low-blood-sugar events by 55% versus placebo, and every secondary goal also succeeded. Amylyx plans to submit a U.S. marketing application by year-end. Reuters reported the shares jumped more than 45% after the data. The timing strongly supports the trial as the main driver, although regulatory approval and commercial execution still remain ahead.

Large equity raise closesAmylyx used the trial rally to raise substantial cash, trading dilution for a stronger launch runway.

On August 21, the company closed a public offering of 16.2 million shares after underwriters exercised their full option, raising about $575 million before fees. SEC materials estimated roughly $542.5 million of net proceeds with the option fully exercised. The financing lifted the share count to about 127.6 million, but it also sharply reduced near-term funding risk for launch preparation, manufacturing, research, and operations. Shares remained far above pre-trial levels afterward, though price timing alone does not prove investors welcomed the dilution.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

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2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$0	$87.4M	$380.8M	$22.2M	$285,000
Gross profit	$0	$81.4M	$355.3M	$19.2M	—
Gross margin	—	93.19%	93.32%	86.54%	—
Research & development	$90.4M	$104.1M	$2.7M	$22.9M	$44.0M
Operating expenses	$153.3M	$402.1M	$342.0M	$223.6M	$83.0M
Operating income	−$153.3M	−$314.7M	$38.8M	−$201.3M	−$82.7M
Operating margin	—	−360.22%	10.19%	−905.72%	−29,013.33%
EBITDA	−$152.8M	−$313.8M	$39.9M	−$200.9M	−$82.6M
EBITDA margin	—	−359.19%	10.48%	−903.53%	−28,995.09%
Net income	−$144.7M	−$301.7M	$49.3M	−$198.4M	−$87.9M
Net profit margin	—	−345.36%	12.94%	−892.38%	−30,852.98%
Basic EPSper basic share	-$1.53	-$4.43	$0.73	-$3.39	-$13.35
Diluted EPSper diluted share	-$1.53	-$4.43	$0.70	-$3.39	-$13.35

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.02%of listed shares

FMR LLC16.73M shares · Jun 30, 2026

View holders

Top 20 reported holders of AMLX
Holder	% owned
FMR LLC	15.02%16.73M shares
BlackRock, Inc.	7.93%8.83M shares
PERCEPTIVE ADVISORS LLC	7.48%8.33M shares
TCG Crossover Management, LLC	5.61%6.24M shares
Commodore Capital LP	5.07%5.65M shares
Jupiter Topco LLC	4.70%5.24M shares
Saturn V Capital Management LP	4.15%4.62M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.79%4.22M shares
Cohen Joshua B	≈3.22%3.58M shares
Klee Justin B.	≈3.22%3.58M shares
MORGAN STANLEY	2.81%3.13M shares
Driehaus Capital Management LLC	2.73%3.04M shares
First Light Asset Management, LLC	2.71%3.02M shares
FRANKLIN RESOURCES INC	2.65%2.95M shares
GOLDMAN SACHS GROUP INC	2.57%2.86M shares
STATE STREET CORP	2.34%2.6M shares
GEODE CAPITAL MANAGEMENT, LLC	2.10%2.34M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.71%1.9M shares
JPMORGAN CHASE & CO	1.67%1.86M shares
Siren, L.L.C.	1.33%1.48M shares

Percentages use 111.37M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$616.9K disclosed value

Sells (SEC code S)46$8.06M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 21, 2026Form 4	Firestone KarenDirector	BuyCommon Stock	3.8K	$13.51	$51.3K	66.9K
Mar 2, 2026Form 4	Klee Justin B.Co-Chief Executive Officer	SellCommon Stock	29.3K	$14.47	$423.7K	3.33M
Mar 2, 2026Form 4	Cohen Joshua BCo-Chief Executive Officer	SellCommon Stock	29.3K	$14.48	$424.0K	3.33M
Mar 2, 2026Form 4	Bedrosian Camille LChief Medical Officer	SellCommon Stock	6.5K	$14.58	$94.2K	169.3K
Mar 2, 2026Form 4	FRATES JAMES MChief Financial Officer	SellCommon Stock	7.9K	$14.52	$114.8K	165.6K