What are the investment strengths of Achieve Life Sciences Inc (ACHV)?

Small EV of 205M with 51M R&D invested TTM creates asymmetric upside if cytisinicline succeeds - typical smoking cessation market is multi-billion Clean balance sheet: 0.30 debt/equity with minimal goodwill (1M) means no legacy baggage if pivoting or partnering

What are the investment risks for Achieve Life Sciences Inc (ACHV)?

Imminent dilution: 9-month runway guarantees capital raise at potentially distressed terms given -161% ROE and zero revenue Binary risk: single-asset biotech with no revenue diversification - trial failure or FDA rejection = near-total loss

Achieve Life Sciences Inc

ACHV

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Achieve Life Sciences Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-29

Snapshot

Zero revenue pre-commercial biotech burning 40.7M FCF TTM with only 31.9M cash - ~9 months runway without dilution[Cash and Equivalents]
R&D spend of 26.4M TTM is 50% of total opex (52.3M) - focused pipeline investment vs overhead bloat[Research and Development TTM]
P/B of 7.1x on 33.6M equity with zero revenue - market pricing significant option value on pipeline[P/B Ratio]

Watch Triggers

Cash and Equivalents: Falls below 20M or burn rate accelerates — Sub-6mo runway triggers emergency financing at worst terms
Issuance of Capital Stock: Quarterly issuance exceeds 10M — Accelerated dilution signals desperation vs strategic raise
Research and Development TTM: Drops below 20M quarterly run-rate — R&D cuts suggest pipeline deprioritization or cash preservation mode

Bull Case

Small EV of 205M with 51M R&D invested TTM creates asymmetric upside if cytisinicline succeeds - typical smoking cessation market is multi-billion

Enterprise ValueResearch and Development TTM

Clean balance sheet: 0.30 debt/equity with minimal goodwill (1M) means no legacy baggage if pivoting or partnering

Debt to EquityGoodwill

Bear Case

Imminent dilution: 9-month runway guarantees capital raise at potentially distressed terms given -161% ROE and zero revenue

Cash and EquivalentsFree Cash Flow TTMROE TTM

Binary risk: single-asset biotech with no revenue diversification - trial failure or FDA rejection = near-total loss

Total Revenue TTMResearch and Development TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Binary catalyst ahead: cash runway forces dilutive raise or partnership within 12 months

3-12mhigh

31.9M cash vs 40.7M annual burn = sub-12mo runway
4M raised TTM via stock issuance signals ongoing dilution
227M market cap creates partnership optionality

Cash 31.9M, FCF -40.7M TTMIssuance of Capital Stock 3.9M TTMMarket Cap 227M vs EV 205M

Valuation Context

Caveats

Public Strategies Rankings

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ACHV Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	Industry Percentile
Market Cap	$0	—
Enterprise Value	$0	—
P/E Ratio	0.00	—
Total Revenue - TTM	$0	—
Earnings Per Share (diluted) - TTM	$0.00	—
Operating Margin - TTM	0%	—
Net Margin - TTM	0%	—
Free Cash Flow - TTM	$-49.47M	—
Return on Common Equity - TTM	-258%	—
Beta 5Y (Monthly)	unknown	—

ACHV Dividend History

No dividends

ACHV Stock Splits

4 stock splits

07/31/2020:1 split

05/24/1810:1 split

08/03/1711:1 split

08/21/0818:1 split

ACHV SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/24/26	12/31/25	10-K	0001193125-26-120690
11/06/25	09/30/25	10-Q	0001193125-25-268074
08/07/25	06/30/25	10-Q	0000950170-25-104571
05/13/25	03/31/25	10-Q	0000950170-25-069806
03/11/25	12/31/24	Unknown	0000950170-25-036831
11/07/24	09/30/24	10-Q	0000950170-24-123375
08/13/24	06/30/24	10-Q	0000950170-24-096193
05/09/24	03/31/24	10-Q	0000950170-24-056929
03/28/24	12/31/23	10-K	0000950170-24-038049
11/09/23	09/30/23	10-Q	0000950170-23-062028
08/14/23	06/30/23	10-Q	0000950170-23-042401
05/09/23	03/31/23	10-Q	0000950170-23-019680
03/16/23	12/31/22	10-K	0001564590-23-003800
11/14/22	09/30/22	10-Q	0001564590-22-037646
08/11/22	06/30/22	10-Q	0001564590-22-029122
05/12/22	03/31/22	10-Q	0001564590-22-019876
03/10/22	12/31/21	10-K	0001564590-22-009485
11/09/21	09/30/21	10-Q	0001564590-21-055729
08/12/21	06/30/21	10-Q	0001564590-21-043972
05/13/21	03/31/21	10-Q	0001564590-21-027556
03/11/21	12/31/20	10-K	0001564590-21-012523
11/12/20	09/30/20	10-Q	0001564590-20-053567
08/06/20	06/30/20	10-Q	0001564590-20-037768
05/14/20	03/31/20	10-Q	0001564590-20-025275
03/13/20	12/31/19	10-K	0001564590-20-010642
11/06/19	09/30/19	10-Q	0001564590-19-040673
08/08/19	06/30/19	10-Q	0001564590-19-030879
05/15/19	03/31/19	10-Q	0001564590-19-019424
03/14/19	12/31/18	10-K	0001564590-19-007838
11/07/18	09/30/18	10-Q	0001564590-18-028073
08/08/18	06/30/18	10-Q	0001564590-18-020508
05/09/18	03/31/18	10-Q	0001564590-18-012461
03/01/18	12/31/17	10-K	0001564590-18-004159
11/09/17	09/30/17	10-Q	0001564590-17-023285
07/31/17	06/30/17	10-Q	0001564590-17-014488
05/15/17	03/31/17	10-Q	0001564590-17-010905
02/23/17	12/31/16	10-K	0001564590-17-002109
11/10/16	09/30/16	10-Q	0001564590-16-028946
08/04/16	06/30/16	10-Q	0001564590-16-022738
05/12/16	03/31/16	10-Q	0001564590-16-019250
03/09/16	12/31/15	10-K	0001564590-16-014302
11/12/15	09/30/15	10-Q	0001564590-15-010614
08/13/15	06/30/15	10-Q	0001564590-15-007261
05/14/15	03/31/15	10-Q	0001564590-15-004314
03/26/15	12/31/14	10-K	0001564590-15-002010
10/30/14	09/30/14	10-Q	0001193125-14-389643
08/07/14	06/30/14	10-Q	0001193125-14-300691
04/30/14	03/31/14	10-Q	0001193125-14-172143
03/11/14	12/31/13	10-K	0001193125-14-093757
11/07/13	09/30/13	10-Q	0001193125-13-432841
08/08/13	06/30/13	10-Q	0001193125-13-326864
05/02/13	03/31/13	10-Q	0001193125-13-196104
03/07/13	12/31/12	10-K	0001193125-13-096041
11/08/12	09/30/12	10-Q	0001193125-12-460518
08/02/12	06/30/12	10-Q	0001193125-12-331889
05/03/12	03/31/12	10-Q	0001193125-12-208535
03/08/12	12/31/11	10-K	0001193125-12-103884
11/03/11	09/30/11	10-Q	0000950123-11-094853
08/05/11	06/30/11	10-Q	0000950123-11-073065
05/09/11	03/31/11	10-Q	0000950123-11-047413
03/10/11	12/31/10	10-K	0000950123-11-024138
11/04/10	09/30/10	10-Q	0000950123-10-100904
08/05/10	06/30/10	10-Q	0000950123-10-073360
05/06/10	03/31/10	10-Q	0000950123-10-045572
03/08/10	12/31/09	10-K	0000950123-10-022087
11/05/09	09/30/09	10-Q	0000950123-09-058420
08/06/09	06/30/09	10-Q	0000950123-09-031205
05/07/09	03/30/09	10-Q	0001362310-09-006735
03/11/09	12/31/08	10-K	0001362310-09-003566
11/10/08	09/30/08	10-Q	0000912282-08-001616
08/05/08	06/30/08	10-Q	0001104659-08-049989
05/09/08	03/30/08	Unknown	--
03/14/08	12/31/07	10-K	0001047469-08-002810
11/09/07	09/30/07	10-Q	0001104659-07-081780
08/03/07	06/30/07	10-Q	0001104659-07-058595
05/09/07	03/30/07	Unknown	--
03/16/07	12/31/06	10-K	0001104659-07-019876
11/08/06	09/30/06	10-Q	0001104659-06-072756
08/09/06	06/30/06	10-Q	0001104659-06-053107
05/10/06	03/30/06	Unknown	--
03/16/06	12/31/05	10-K	0001104659-06-017215
11/09/05	09/30/05	10-Q	0001104659-05-053960
08/09/05	06/30/05	10-Q	0001104659-05-037631
05/10/05	03/30/05	Unknown	--
03/23/05	12/31/04	NT 10-K	0001104659-05-011337
11/15/04	09/30/04	8-K	0000950124-04-004599
08/16/04	06/30/04	10-Q	0000950124-04-003855
04/21/04	03/30/04	Unknown	--
03/12/04	12/31/03	10-K	0000950124-04-000870
11/14/03	09/30/03	10-Q	0000891020-03-002754
08/13/03	06/30/03	10-Q	0000891020-03-002148
05/14/03	03/30/03	Unknown	--
03/10/03	12/31/02	10-K	0000891020-03-000678
11/13/02	09/30/02	10-Q	0000891020-02-001740
08/13/02	06/30/02	10-Q	0000891020-02-001173
05/14/02	03/30/02	Unknown	--
03/05/02	12/31/01	10-K	0000891020-02-000206
09/30/01	09/30/01	10QSB	0000891020-01-500266
08/07/01	06/30/01	10-Q	0001095811-01-503698
05/10/01	03/30/01	Unknown	--
03/07/01	12/31/00	10-K	0001095811-01-500325
11/14/00	09/30/00	10-Q	0000891020-00-002001
08/14/00	06/30/00	10-Q	0000891020-00-001499
05/12/00	03/30/00	Unknown	--