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what it is
Amylyx develops drugs for ALS and other rare brain diseases, with 123 employees doing it.
how it gets paid
Last year Amylyx Pharma made $0 in revenue.
why growth slowed
Revenue fell 100.0% last year. EDGAR shows no sales and a quarterly loss.
what just happened
Revenue was $0, and EPS landed at -$1.25.
At a glance
B balance sheet — gets the job done, barely
11.4% return on capital — nothing to write home about
-$4.43 fy2024 eps est
$87M fy2024 rev est
35.0% operating margin
xvary composite: 62/100 — average
What they do
Amylyx develops drugs for ALS and other rare brain diseases, with 123 employees doing it.
Amylyx says AMX0035 showed both functional and survival benefit in a large ALS trial. Manufacturing agreements run through 2025. You are buying a story where the data and the supply chain do most of the work.
How they make money
$0
annual revenue · revenue declined -100.0% last year
The products that matter
phase 3 drug candidate
avexitide (AMX-0118)
LUCIDITY trial · data expected Q3 2026
this is the entire near-term company. avexitide targets post-bariatric hypoglycemia, a condition with no FDA-approved treatment and an addressable population of 200,000+ patients. the current $1.55B market cap is mostly this asset in disguise.
make or break
preclinical pipeline program
AMX-0318
early-stage · no disclosed commercial timeline here
this came from a collaboration with the ALS Therapy Development Institute, but it is still preclinical. In plain English: it is too early to carry the valuation, and too early to offset a miss on avexitide.
optionality only
Key numbers
$2.0B
market cap
At about $2.0B, the market is pricing hope into a company with $0 revenue. That gap is the whole argument.
$5M
long-term debt
Debt is tiny beside the size of the company. That helps, but it does not create sales.
1.25
beta
A 1.25 beta means the stock moves about 25% more than the market. You own extra swing, up and down.
$87M
VL revenue
's FY2024 revenue estimate is $87M, which clashes with EDGAR's $0. That split is the red flag.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $5M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AMLX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue was $0, and EPS landed at -$1.25.
EDGAR shows no sales and a quarterly loss. Wall Street's trailing EPS is -$1.48, so the market already knows the business is losing money.
$0
revenue
-$1.25
eps
100.0%
revenue vs. last year
revenue
Revenue was $0, which leaves no operating cushion while the company funds trials.
source: company earnings report, 2026
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What could go wrong
the #1 risk is failure of the avexitide LUCIDITY Phase 3 trial. with $0 revenue and one pivotal asset, Amylyx does not have a second operating engine to fall back on.
med
LUCIDITY misses
Top-line data is expected in Q3 2026. If the trial misses, the current $1.55B valuation has to be rebuilt from the balance sheet up because there is no approved product revenue supporting it.
Impact: the equity story goes from "commercial launch candidate" to "cash plus pipeline optionality" in one update.
med
single-asset exposure
Avexitide is not just the lead program. It is the near-term company. AMX-0318 is still preclinical and too early to absorb any disappointment from the lead asset.
Impact: one dataset controls most of the present investment case.
med
cash burn stays elevated or the timeline slips
Cash fell from $344M to $317M in Q4 2025. That $27M quarterly burn is manageable today, but it becomes a much bigger issue if the Q3 2026 catalyst moves to the right.
Impact: the company could arrive at the key readout with less strategic flexibility than investors expect.
med
Relyvrio overhang
Amylyx already had to withdraw Relyvrio after a failed confirmatory trial in 2024. That does not doom avexitide, but it does raise the burden of proof. Investors have seen this movie before.
Impact: even good updates may be met with more skepticism until the pivotal data is in hand.
A forced rethink here would hit 100% of the current commercial narrative because 100% of revenue is already gone. What remains is $317M of cash, minimal debt, and whatever confidence the market still has in avexitide.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
avexitide top-line data in Q3 2026
This is the event the stock is really pricing. A clean readout changes the story. A bad one ends most of it.
cash
quarterly burn versus the current $27M run rate
If the cash burn starts climbing, the runway stops being a comfort and starts becoming the story.
timeline risk
any shift in the Q3 2026 readout timing
This setup works because the company has enough cash to wait. Delays make that statement weaker with every quarter.
sentiment
whether the narrative stays about avexitide or drifts back to Relyvrio
Second-chance biotech stories work best when investors focus on the new dataset. They struggle when the old failure becomes the whole conversation again.
Analyst rankings
risk profile
safest 5%
risk rank 1 — lower risk of losing your money than almost any stock.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for AMLX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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