Achieve Life Sciences, Inc.
ACHVHealthcare|Biotechnology|US
$6.72
+0.34 (+5.41%)
DCF Value
$0.12
Cash / Share
$2.00
Financials
Financial Snapshot
Market Cap
$691.5M
Enterprise Value
$658.5M
Revenue (TTM)
$0.00
Net Income (TTM)
-$114.0M
Cash & Investments
$187.3M
Net Cash
$172.4M
Free Cash Flow (TTM)
-$47.0M
Operating CF (TTM)
-$47.0M
Debt/Equity
-1.02
Cash Runway & Burn Rate
Cash on Hand
$187.3M
Quarterly Burn
$11.8M
Monthly Burn
$3.9M
Est. Runway
~15.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $25.7M | $5.3M | $14.7M | $16.7M | $35.9M | $43.0M | $24.7M | $15.5M | $34.3M | $36.4M | $187.3M | |
| Operating Cash Flow | -$29.7M | -$9.1M | -$10.6M | -$15.2M | -$13.5M | -$29.4M | -$37.6M | -$24.5M | -$29.8M | -$49.5M | -$47.0M | |
| Free Cash Flow | -$29.7M | -$9.1M | -$10.7M | -$15.3M | -$13.5M | -$29.4M | -$37.6M | -$24.5M | -$29.8M | -$49.5M | -$47.0M | |
| Capital Expenditure | -$46.0K | $0.00 | -$46.0K | -$53.0K | -$17.0K | $0.00 | $0.00 | -$21.0K | $0.00 | -$3.0K | -$19.0K | |
| Financing Cash Flow | -$2.0K | $2.0M | $19.8M | $17.3M | $32.7M | $36.6M | $19.3M | $15.3M | $48.5M | $51.5M | $178.8M |
R&D Spending
R&D (TTM)
$16.3M
R&D Intensity
—
R&D Growth vs Prior
-29.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $14.8M | $3.1M | $5.9M | $9.7M | $6.9M | $24.0M | $30.1M | $15.8M | $22.8M | $23.0M | $16.3M | |
| R&D % of Revenue | 292.1% | — | — | — | — | — | — | — | — | — | — | |
| SG&A | $8.9M | $3.5M | $6.9M | $6.9M | $7.6M | $9.1M | $10.7M | $11.4M | $16.3M | $31.9M | $41.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $282.0K | $282.0K | $254.0K | $255.0K | $0.00 | $0.00 | $0.00 | $229.0K | $228.0K | $111.0K | |
| Gross Profit | $5.1M | -$282.0K | -$282.0K | -$254.0K | -$255.0K | $0.00 | $0.00 | $0.00 | -$229.0K | -$228.0K | -$111.0K | |
| R&D | $14.8M | $3.1M | $5.9M | $9.7M | $6.9M | $24.0M | $30.1M | $15.8M | $22.8M | $23.0M | $16.3M | |
| SG&A | $8.9M | $3.5M | $6.9M | $6.9M | $7.6M | $9.1M | $10.7M | $11.4M | $16.3M | $31.9M | $41.9M | |
| Operating Income | -$21.2M | -$6.6M | -$12.8M | -$16.5M | -$14.8M | -$33.1M | -$40.8M | -$27.3M | -$39.1M | -$54.9M | -$58.3M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.8M | $2.9M | $2.2M | $819.0K | $994.0K | |
| Pretax Income | -$20.1M | -$13.6M | -$12.7M | -$16.4M | -$14.7M | -$33.2M | -$42.4M | -$29.8M | -$39.8M | -$54.6M | -$114.0M | |
| Net Income | -$20.1M | -$10.6M | -$12.7M | -$16.4M | -$14.7M | -$33.2M | -$42.4M | -$29.8M | -$39.8M | -$54.6M | -$114.0M | |
| EPS (Diluted) | -1474.98 | -441.47 | -72.29 | -39.15 | -5.39 | -4.05 | -3.95 | -1.50 | -1.24 | -1.25 | -1.55 | |
| EBITDA | -$19.9M | -$13.4M | -$12.4M | -$16.1M | -$14.5M | -$32.9M | -$40.3M | -$26.7M | -$37.4M | -$53.6M | -$112.8M | |
| Shares Out. (M) | 0.01 | 0.02 | 0.18 | 0.41 | 2.72 | 8.12 | 10.59 | 19.83 | 32.07 | 43.59 | 93.51 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.2M | $5.3M | $9.5M | $16.7M | $35.9M | $43.0M | $24.7M | $15.5M | $12.7M | $20.9M | $48.0M | |
| Short-Term Investments | $10.2M | $0.00 | $5.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $21.6M | $15.5M | $139.3M | |
| Total Current Assets | $27.2M | $5.9M | $15.5M | $17.3M | $37.0M | $44.6M | $27.3M | $17.0M | $36.5M | $39.9M | $188.3M | |
| Total Assets | $27.5M | $9.9M | $19.1M | $21.1M | $40.3M | $47.5M | $30.0M | $19.4M | $38.6M | $41.8M | $190.4M | |
| Total Current Liabilities | $8.5M | $2.0M | $3.3M | $2.9M | $2.9M | $4.5M | $21.6M | $20.8M | $6.7M | $9.1M | $197.7M | |
| Long-Term Debt | $0.00 | $0.00 | $12.0K | $0.00 | $0.00 | $14.9M | $0.00 | $0.00 | $9.8M | $11.2M | $7.5M | |
| Total Liabilities | $8.5M | $2.0M | $3.3M | $3.0M | $3.0M | $19.5M | $21.7M | $20.8M | $17.7M | $20.3M | $205.1M | |
| Stockholders' Equity | $19.0M | $7.9M | $15.8M | $18.1M | $37.3M | $28.0M | $8.3M | -$1.4M | $20.9M | $21.5M | -$14.7M | |
| Retained Earnings | -$196.9M | -$12.7M | -$25.4M | -$45.7M | -$60.4M | -$93.6M | -$135.9M | -$165.8M | -$205.6M | -$260.2M | -$345.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.7M | -$9.1M | -$10.6M | -$15.2M | -$13.5M | -$29.4M | -$37.6M | -$24.5M | -$29.8M | -$49.5M | -$47.0M | |
| Capital Expenditure | -$46.0K | $0.00 | -$46.0K | -$53.0K | -$17.0K | $0.00 | $0.00 | -$21.0K | $0.00 | -$3.0K | -$19.0K | |
| Free Cash Flow | -$29.7M | -$9.1M | -$10.7M | -$15.3M | -$13.5M | -$29.4M | -$37.6M | -$24.5M | -$29.8M | -$49.5M | -$47.0M | |
| Investing Cash Flow | $10.6M | $12.6M | -$5.1M | $5.0M | -$17.0K | $0.00 | $0.00 | -$21.0K | -$21.6M | $6.1M | -$135.5M | |
| Financing Cash Flow | -$2.0K | $2.0M | $19.8M | $17.3M | $32.7M | $36.6M | $19.3M | $15.3M | $48.5M | $51.5M | $178.8M | |
| Issuance of Stock | $0.00 | $1.9M | $18.4M | $13.1M | $29.5M | $21.3M | $19.2M | $15.3M | $56.1M | $46.5M | $5.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$30.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $64.0K | $0.00 | $0.00 | $0.00 | $14.9M | $0.00 | $0.00 | -$8.3M | $5.0M | $173.2M | |
| Stock Based Comp. | $1.6M | $348.0K | $854.0K | $1.2M | $1.3M | $2.2M | $3.3M | $3.4M | $5.3M | $8.8M | $9.9M | |
| Net Change in Cash | -$19.1M | $5.5M | $4.0M | $7.1M | $19.2M | $7.2M | -$18.3M | -$9.2M | -$2.8M | $8.2M | -$3.9M |
Dilution Tracker
Shares outstanding grew 1503.4% over 5 years — significant dilution
Shares Outstanding
103M
5-Year Share Growth
+1503.4%
Stock Issuance (TTM)
$5.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.01 | 0.02 | 0.18 | 0.41 | 2.72 | 8.12 | 10.59 | 19.83 | 32.07 | 43.59 | 93.51 | |
| Change vs Prior % | — | 75.7% | 632.2% | 134.9% | 559.4% | 198.6% | 30.5% | 87.2% | 61.8% | 35.9% | 114.5% | |
| Stock Issuance | $0.00 | $1.9M | $18.4M | $13.1M | $29.5M | $21.3M | $19.2M | $15.3M | $56.1M | $46.5M | $5.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$30.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.6M | $348.0K | $854.0K | $1.2M | $1.3M | $2.2M | $3.3M | $3.4M | $5.3M | $8.8M | $9.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | — | — | — | — | — | — | — | — | — | — | |
| Operating Margin % | -418.6% | — | — | — | — | — | — | — | — | — | — | |
| Net Margin % | -397.6% | — | — | — | — | — | — | — | — | — | — | |
| EBITDA Margin % | -393.9% | — | — | — | — | — | — | — | — | — | — | |
| FCF Margin % | -587.3% | — | — | — | — | — | — | — | — | — | — | |
| ROE % | -106.1% | -134.3% | -80.3% | -90.8% | -39.3% | -118.2% | -510.1% | 2059.0% | -190.6% | -254.0% | -892.1% | |
| ROA % | -73.3% | -107.0% | -66.5% | -77.8% | -36.4% | -69.8% | -141.3% | -153.9% | -103.1% | -130.8% | -59.9% | |
| ROIC % | -100.9% | -65.1% | -81.0% | -89.8% | -39.4% | -76.9% | -166.5% | -178.3% | -122.1% | -150.5% | -21425.7% | |
| R&D / Revenue % | 292.1% | — | — | — | — | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -72.1% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -72.1% | -105.6% | 0.0% | 9.9% | -0.4% | 100.0% | 0.0% | 0.0% | 0.0% | 0.4% | |
| Operating Income | -13.0% | 68.7% | -93.2% | -29.0% | 10.8% | -124.4% | -23.3% | 33.2% | -43.4% | -40.5% | |
| Net Income | -19.8% | 47.4% | -19.9% | -29.2% | 10.6% | -126.1% | -27.7% | 29.6% | -33.6% | -37.2% | |
| EPS (Diluted) | -4.3% | 70.1% | 83.6% | 45.8% | 86.2% | 24.9% | 2.5% | 62.0% | 17.3% | -0.8% | |
| Operating Cash Flow | -226.2% | 69.3% | -16.6% | -43.2% | 11.4% | -118.5% | -27.6% | 34.8% | -21.6% | -66.2% | |
| Free Cash Flow | -213.9% | 69.4% | -17.2% | -43.1% | 11.6% | -118.2% | -27.6% | 34.8% | -21.5% | -66.2% | |
| R&D Expense | -41.1% | -79.0% | 89.2% | 64.9% | -28.9% | 248.2% | 25.5% | -47.4% | 44.3% | 0.6% | |
| SG&A Expense | -24.3% | -60.5% | 96.7% | -1.3% | 11.1% | 19.9% | 17.5% | 6.7% | 42.1% | 96.1% | |
| Total Assets | -52.8% | -64.0% | 92.9% | 10.4% | 91.2% | 17.9% | -36.9% | -35.4% | 99.4% | 8.2% | |
| Book Value / Share | -55.8% | -76.4% | -72.6% | -51.4% | -68.7% | -74.8% | -77.3% | -109.3% | 992.3% | -24.3% | |
| Debt | -32.5% | -74.5% | 29.6% | 934.3% | -53.3% | 8771.6% | 8.0% | 3.3% | -40.5% | 50.2% | |
| Diluted Shares | 14.8% | 75.7% | 632.2% | 134.9% | 559.4% | 198.6% | 30.5% | 87.2% | 61.8% | 35.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B-42.82
10Y Low / Med / High0.24 / 0.82 / 10.07
EV/EBITDAAt Loss
10Y Low / Med / High0.01 / 0.74 / 0.94
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.12
Cash / Share
$2.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.74 | -0.61 | -0.33 | -0.27 | -1.50 | -1.92 | -0.62 | -2.75 | -2.84 | -3.98 | -4.34 | |
| P/S Ratio | 2.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 0.79 | 0.82 | 0.27 | 0.24 | 0.59 | 2.25 | 3.13 | -56.41 | 5.40 | 10.07 | -42.82 | |
| EV/EBITDA | 0.01 | -0.09 | 0.42 | 0.74 | 0.94 | -1.07 | -0.43 | -3.10 | -2.94 | -3.93 | -5.84 | |
| EV/Revenue | -0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-2.53
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $4.5M | $35.4M | $134.3M |
| Net Income | -$63.4M | -$26.7M | $16.1M |
| EPS | $-1.46 | $-0.68 | $0.10 |
| # Analysts (EPS) | 8 | 9 | 8 |