Achieve Life Sciences
ACHV on Nasdaq. In vitro & in vivo diagnostic substances. Market value $721m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.84 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$7.03 a share, 168% above its 1-year low
Over the past year the price has ranged from $2.62 to $8.64.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.02bn | 0.03bn | 0.05bn | 0.10bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 960% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $75 million, compared with a loss of $13 million a year ago.
- 170% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$13m |
| December 2024 | -$12m |
| March 2025 | -$13m |
| June 2025 | -$13m |
| September 2025 | -$14m |
| December 2025 | -$15m |
| March 2026 | -$10m |
| June 2026 | -$75m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 111 funds in all.
Largest holders overall
- Frazier Life Sciences Management, L.P.$50mNew
- TPG GP A$45mNew
- venBio Partners$39mNew
- Logos Global Management LP$35mNew
- BlackRock$34mAdded
- Franklin Resources$32mAdded
- Paradigm Biocapital Advisors LP$32mNew
- Vanguard Capital Management$27mAdded
- Propel Bio Management$26mAdded
- Marshall Wace, LLP$25mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
12 investors own more than 5%.
- at least 12.6%(filed with 2 related holders)Since 17 April 2025
What they said
The information set forth in or incorporated by reference in Items 2, 3, 5 and 6 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. Securities Purchase Agreement TPG Auriga entered into a Securities Purchase Agreement (the "Securities Purchase…
Read the filing - Logos Global Management LPPassive investorat least 10.0%(filed with 7 related holders)Since 11 May 2026
- venBio Global Strategic Fund V, L.P.Passive investorat least 10.0%(filed with 1 related holder)Since 15 April 2026
What they said
The response to Item 3 of this Schedule 13D is incorporated herein by reference. The Reporting Persons acquired the securities reported herein for investment purposes. Subject to a number of factors, including market conditions and their general investment and trading policies,…
Read the filing - Paradigm BioCapital Advisors LPPassive investorat least 9.2%(filed with 3 related holders)Since 17 April 2026
- Franklin Resources, Inc.Passive investorat least 8.3%+2.1 pts(filed with 3 related holders)Since 30 June 2026
- Frazier Life Sciences Public Fund, L.P.Passive investorat least 6.5%(filed with 5 related holders)Since 17 April 2026
- Alyeska Investment Group, L.P.Passive investorat least 5.6%−4.3 pts(filed with 2 related holders)Since 30 September 2025
- JANUS HENDERSON GROUP Ltd.Passive investor5.4%Since 30 June 2026
- Venrock Healthcare Capital Partners III, L.P.Passive investorat least 5.2%(filed with 6 related holders)Since 17 April 2026
- BlackRock, Inc.Passive investor5.1%+4.5 ptsSince 30 June 2026
- Vivo Opportunity, LLCPassive investorat least 5.0%(filed with 5 related holders)Since 6 July 2026
- Parker QuillenPassive investorat least 4.9%(filed with 5 related holders)Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
at least 12.6% (filed with 2 related holders) | 17 April 2025 | What they saidThe information set forth in or incorporated by reference in Items 2, 3, 5 and 6 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. Securities Purchase Agreement TPG Auriga entered into a Securities Purchase Agreement (the "Securities Purchase… Read the filing | |
Logos Global Management LP Passive investor | at least 10.0% (filed with 7 related holders) | 11 May 2026 | |
venBio Global Strategic Fund V, L.P. Passive investor | at least 10.0% (filed with 1 related holder) | 15 April 2026 | What they saidThe response to Item 3 of this Schedule 13D is incorporated herein by reference. The Reporting Persons acquired the securities reported herein for investment purposes. Subject to a number of factors, including market conditions and their general investment and trading policies,… Read the filing |
Paradigm BioCapital Advisors LP Passive investor | at least 9.2% (filed with 3 related holders) | 17 April 2026 | |
Franklin Resources, Inc. Passive investor | at least 8.3%+2.1 pts (filed with 3 related holders) | 30 June 2026 | |
Frazier Life Sciences Public Fund, L.P. Passive investor | at least 6.5% (filed with 5 related holders) | 17 April 2026 | |
Alyeska Investment Group, L.P. Passive investor | at least 5.6%−4.3 pts (filed with 2 related holders) | 30 September 2025 | |
JANUS HENDERSON GROUP Ltd. Passive investor | 5.4% | 30 June 2026 | |
Venrock Healthcare Capital Partners III, L.P. Passive investor | at least 5.2% (filed with 6 related holders) | 17 April 2026 | |
BlackRock, Inc. Passive investor | 5.1%+4.5 pts | 30 June 2026 | |
Vivo Opportunity, LLC Passive investor | at least 5.0% (filed with 5 related holders) | 6 July 2026 | |
Parker Quillen Passive investor | at least 4.9% (filed with 5 related holders) | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $175,177.
- Stewart Richard AlistairDirectorSold
- Date
- 19 August 2026
- Shares
- 20,626
- Price
- $8.49
- Value
- $175,177
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 August 2026 | Stewart Richard Alistair Director | Sold | 20,626 | $8.49 | $175,177 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Achieve Life Sciences’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 7 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Substantial doubt exists as to our ability to continue as a going concern.”
Show the full paragraph
Substantial doubt exists as to our ability to continue as a going concern. Our ability to continue as a going concern is subject to material uncertainty and dependent on our ability to obtain additional financing. For additional information, see the section titled “—Liquidity, Capital Resources and Going Concern.”
From the 10-K filed 24 March 2026, Item 7. Management's Discussion and Analysis. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.