The company remains pre-revenue with operating expenses reaching $10.4 million in 2026Q1, driven by an aggressive R&D trajectory that saw quarterly spending surge from $2.8 million in 2024Q1 to $7.1 million by 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.06M | 18.16M | 27.12M | 29.88M | 20.09M | 5.5M | 13.62M | 25.54M | 20.13M | 20.13M | 22.39M | 8.25M | 264.96M | 25K | 25K | 8.75M | 408.41K | 12.1M | 5.1M | 18.9M | 16.6M |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | -100% | -72.13% | -33.03% | -9.26% | 48.7% | 265.63% | -59.64% | -46.69% | 26.86% | 0% | -10.1% | 171.27% | -96.88% | 1059748% | 0% | -99.71% | 2042.11% | -96.62% | 137.25% | -73.02% | 13.86% | 268.89% |
| Cost of Goods Sold | 111K | 228K | 229K | 0 | 0 | 0 | 255K | 254K | 282K | 282K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.22M | 3.69M | -600K | -800K | -600K | -500K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 59.67% | 903.51% | -4.96% | -15.69% | -3.17% | -3.01% |
| Gross Profit | -111K | -228K | -229K | 0 | 0 | 0 | -255K | -254K | -282K | -282K | 5.06M | 18.16M | 27.12M | 29.88M | 20.09M | 5.5M | 13.62M | 25.54M | 20.13M | 20.13M | 22.39M | 8.25M | 264.96M | 25K | 25K | 3.53M | -3.28M | 12.7M | 5.9M | 19.5M | 17.1M |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 40.33% | -803.51% | 104.96% | 115.69% | 103.17% | 103.01% |
| Gross Profit Growth % | - | 0.44% | - | - | - | 100% | -0.39% | 9.93% | 0% | -105.57% | -72.13% | -33.03% | -9.26% | 48.7% | 265.63% | -59.64% | -46.69% | 26.86% | 0% | -10.1% | 171.27% | -96.88% | 1059748% | 0% | -99.29% | 207.53% | -125.84% | 115.25% | -69.74% | 14.04% | 256.25% |
| Operating Expenses | 52.34M | 54.65M | 38.84M | 27.25M | 40.8M | 33.09M | 14.49M | 16.53M | 12.81M | 6.63M | 23.72M | 36.91M | 56.85M | 65.21M | 47.74M | 27.78M | 24.32M | 28.12M | 11.11M | 35.37M | 48.68M | 30.06M | 16.58M | 10.66M | 12.2M | 8.53M | 7.64M | 12.7M | 17.8M | 19.4M | 15.5M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | 468.61% | 203.27% | 209.65% | 218.22% | 237.57% | 505.51% | 178.64% | 110.11% | 55.2% | 175.68% | 217.39% | 364.21% | 6.26% | 42652.6% | 48796.39% | 97.53% | 1870.96% | 104.96% | 349.02% | 102.65% | 93.37% |
| Selling, General & Admin | 33.2M | 31.87M | 16.25M | 11.44M | 10.72M | 9.13M | 7.61M | 6.85M | 6.95M | 3.53M | 8.93M | 11.8M | 10.63M | 9.89M | 7.79M | 6.23M | 5.84M | 3.96M | 3.29M | 8.22M | 7.58M | 5.57M | 5.87M | 3.01M | 3.24M | 3.31M | 4.38M | 6.5M | 6.5M | 7.2M | 3.8M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | 176.47% | 65.01% | 39.18% | 33.1% | 38.77% | 113.36% | 42.89% | 15.51% | 16.36% | 40.83% | 33.84% | 67.48% | 2.22% | 12038.66% | 12969.37% | 37.84% | 1073.08% | 53.72% | 127.45% | 38.1% | 22.89% |
| Research & Development | 19.19M | 22.96M | 22.82M | 15.81M | 30.08M | 23.97M | 6.88M | 9.67M | 5.87M | 3.1M | 14.79M | 25.11M | 46.22M | 55.32M | 39.95M | 21.55M | 18.48M | 24.16M | 7.82M | 27.15M | 41.1M | 24.49M | 10.71M | 7.65M | 8.96M | 5.22M | 3.26M | 5.6M | 10.5M | 11.6M | 11.2M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 292.14% | 138.26% | 170.47% | 185.12% | 198.8% | 392.16% | 135.74% | 94.6% | 38.84% | 134.85% | 183.56% | 296.73% | 4.04% | 30613.94% | 35827.02% | 59.68% | 797.89% | 46.28% | 205.88% | 61.38% | 67.47% |
| Other Operating Expenses | 0 | 48K | -229K | 0 | 0 | 0 | 0 | 133K | 126K | 165K | 0 | 0 | 0 | 120K | 138K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 800K | 600K | 500K |
| Operating Income | -52.45M | -54.88M | -39.07M | -27.25M | -40.8M | -33.09M | -14.75M | -16.53M | -12.81M | -6.63M | -21.19M | -18.75M | -29.47M | -35.33M | -25.99M | -22.29M | -14.74M | -2.46M | -6.26M | -15.23M | -26.29M | -21.81M | -16.58M | -10.64M | -12.17M | 216.35K | -7.23M | 900K | -11.9M | 100K | 1.6M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | -418.65% | -103.27% | -108.67% | -118.22% | -129.32% | -405.51% | -108.29% | -9.65% | -31.11% | -75.68% | -117.39% | -264.21% | -6.26% | -42552.6% | -48696.39% | 2.47% | -1770.96% | 7.44% | -233.33% | 0.53% | 9.64% |
| Operating Income Growth % | - | -40.47% | -43.37% | 33.21% | -23.29% | -124.37% | 10.76% | -28.99% | -93.2% | 68.71% | -13.01% | 36.36% | 16.59% | -35.94% | -16.6% | -51.15% | -498.17% | 60.64% | 58.89% | 42.04% | -20.53% | -31.57% | -55.81% | 12.62% | -5727.12% | 102.99% | -903.64% | 107.56% | -12000% | -93.75% | 132% |
| EBITDA | -52.23M | -54.65M | -38.84M | -27.02M | -40.56M | -32.84M | -14.49M | -16.27M | -12.53M | -6.35M | -21M | -18.51M | -29.24M | -35.1M | -25.89M | -22.21M | -14.69M | -2.42M | -6.17M | -14.58M | -25.68M | -21.22M | -16.06M | -10.26M | -11.59M | 474.45K | -6.88M | 1.5M | -11.1M | 700K | 2.1M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | -414.93% | -101.92% | -107.84% | -117.46% | -128.82% | -404.15% | -107.91% | -9.46% | -30.67% | -72.42% | -114.67% | -257.11% | -6.06% | -41030.9% | -46373.91% | 5.42% | -1683.42% | 12.4% | -217.65% | 3.7% | 12.65% |
| EBITDA Growth % | -14.16% | -40.71% | -43.73% | 33.38% | -23.51% | -126.59% | 10.93% | -29.87% | -97.34% | 69.77% | -13.48% | 36.71% | 16.69% | -35.59% | -16.55% | -51.17% | -508.41% | 60.88% | 57.65% | 43.22% | -20.99% | -32.15% | -56.57% | 11.52% | -2543.57% | 106.9% | -558.35% | 113.51% | -1685.71% | -66.67% | 145.65% |
| D&A (Non-Cash Add-back) | 224K | 228K | 229K | 228K | 236K | 250K | 255K | 254K | 282K | 282K | 188K | 244K | 223K | 227K | 100K | 75K | 52K | 50K | 89K | 655.69K | 609.62K | 586.16K | 515.48K | 380.43K | 580.62K | 258.1K | 357.54K | 600K | 800K | 600K | 500K |
| EBIT | -51.65M | -54.88M | -37.65M | -26.96M | -40.56M | -33.15M | -14.73M | -16.39M | -12.69M | -13.63M | -20.13M | -18.75M | -29.73M | -35.33M | -27.64M | -22.29M | -15.58M | 1.37M | -10.69M | -15.23M | -26.29M | -21.81M | -16.29M | -10.64M | -12.17M | 216.35K | -7.23M | -10.46K | -11.88M | 100K | 1.6M |
| Net Interest Income | 562K | 676K | 176K | -2.03M | -1.59M | 17K | 69K | 170K | 0 | 0 | 0 | 119K | -496K | 150K | 292K | 220K | -941K | 47K | 0 | 2.3M | 2.85M | 708.04K | 264.96K | 171.05K | 436.81K | 525.83K | 658.37K | 0 | -200K | 0 | -200K |
| Interest Income | 1.47M | 1.5M | 2.36M | 825K | 199K | 17K | 69K | 170K | 171K | 21K | 203K | 119K | 35K | 150K | 292K | 220K | 86K | 47K | 210K | 2.3M | 2.85M | 714.87K | 289.59K | 213.19K | 468.48K | 539.69K | 692.42K | 0 | 0 | 0 | 0 |
| Interest Expense | 908K | 819K | 2.18M | 2.85M | 1.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 531K | 0 | 0 | 0 | 1.03M | 0 | 0 | 434 | 2.98K | 6.82K | 24.63K | 42.14K | 31.67K | 13.86K | 34.06K | 470K | 200K | 970K | 200K |
| Other Income/Expense | 460K | 232K | -758K | -2.56M | -1.55M | -58K | 20K | 133K | 126K | -7M | -1.47M | 1.95M | 3.49M | 3.48M | 6.55M | 7.61M | -4.88M | 117K | 421K | 2.17M | 2.74M | 712.2K | -735.04K | 171.05K | 436.81K | 525.83K | 4.91M | 440.46K | 711.22K | 1M | 600K |
| Pretax Income | -51.99M | -54.65M | -39.83M | -29.82M | -42.35M | -33.15M | -14.73M | -16.39M | -12.69M | -13.63M | -20.13M | -16.8M | -26.24M | -31.85M | -21.1M | -14.67M | -15.58M | -2.46M | -10.69M | -15.36M | -26.4M | -21.81M | -16.31M | -10.47M | -11.74M | 742.18K | -2.32M | 430K | -11.17M | 1.1M | 2.2M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | -397.65% | -92.52% | -96.77% | -106.58% | -104.99% | -266.98% | -114.45% | -9.65% | -53.11% | -76.3% | -117.9% | -264.16% | -6.16% | -41868.4% | -46949.14% | 8.48% | -569.13% | 3.55% | -219.02% | 5.82% | 13.25% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.05M | -1.06M | 0 | -3.49M | 0 | -6.55M | 0 | -3M | 3.01M | -2.06M | -2.17M | -2.74M | -712.2K | -264.96K | 0 | -101.48K | 200K | -176.94K | 470K | -730K | 100K | 500K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 22.38% | 5.28% | 0% | 13.31% | 0% | 31.03% | 0% | 19.25% | -122.15% | 19.26% | 14.14% | 10.36% | 3.27% | 1.62% | 0% | 0.86% | 26.95% | 7.61% | 109.3% | 6.54% | 9.09% | 22.73% |
| Net Income | -51.99M | -54.65M | -39.83M | -29.82M | -42.35M | -33.15M | -14.66M | -16.39M | -12.69M | -10.58M | -20.13M | -16.8M | -26.24M | -31.85M | -21.1M | -14.67M | -12.58M | 5.48M | -4.2M | -13.06M | -23.55M | -21.1M | -16.31M | -10.47M | -11.64M | 542.18K | -2.15M | 400K | -11.2M | 1M | 1.7M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | -397.65% | -92.52% | -96.77% | -106.58% | -104.99% | -266.98% | -92.42% | 21.44% | -20.88% | -64.89% | -105.18% | -255.58% | -6.16% | -41868.4% | -46543.2% | 6.2% | -525.81% | 3.31% | -219.61% | 5.29% | 10.24% |
| Net Income Growth % | -12.63% | -37.21% | -33.58% | 29.6% | -27.74% | -126.12% | 10.58% | -29.23% | -19.88% | 47.42% | -19.81% | 35.97% | 17.61% | -50.96% | -43.79% | -16.6% | -329.8% | 230.26% | 67.82% | 44.53% | -11.63% | -29.35% | -55.83% | 10.04% | -2246.13% | 125.25% | -636.86% | 103.57% | -1220% | -41.18% | 128.81% |
| Net Income (Continuing) | -51.99M | -54.65M | -39.83M | -29.82M | -42.35M | -33.15M | -14.73M | -16.39M | -12.69M | -10.58M | -20.13M | -16.8M | -26.24M | -31.85M | -21.1M | -14.67M | -12.58M | -5.48M | -8.63M | -13.06M | -23.55M | -21.1M | -16.31M | -10.47M | -11.64M | 542.18K | -2.15M | 434.67K | -11.17M | 1M | 1.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.97 | -1.25 | -1.24 | -1.50 | -3.95 | -4.05 | -5.39 | -39.15 | -72.29 | -441.47 | -1474.98 | -1413.63 | -3189.89 | -4772.10 | -3432.80 | -3318.18 | -3938.65 | 1905.36 | -1677.57 | -13971.30 | -25323.97 | -27363.19 | -30260.84 | -23106.18 | -33726.96 | 1844.14 | -8873.71 | 1914.85 | -51612.90 | 4608.29 | 7906.98 |
| EPS Growth % | 16.42% | -0.81% | 17.33% | 62.03% | 2.47% | 24.86% | 86.23% | 45.84% | 83.63% | 70.07% | -4.34% | 55.68% | 33.16% | -39.01% | -3.45% | 15.75% | -306.71% | 213.58% | 87.99% | 44.83% | 7.45% | 9.58% | -30.96% | 31.49% | -1928.87% | 120.78% | -563.42% | 103.71% | -1220% | -41.72% | 128.55% |
| EPS (Basic) | - | -1.25 | -1.24 | -1.50 | -3.95 | -4.05 | -5.39 | -39.15 | -72.29 | -441.47 | -1478.66 | -1413.63 | -3189.89 | -4772.10 | -3432.80 | -3318.18 | -3938.65 | 1905.36 | -1677.57 | -13971.30 | -25323.97 | -27363.19 | -30260.84 | -23106.18 | -33726.96 | 1844.14 | -8873.71 | 1914.85 | -51612.90 | 4608.29 | 7906.98 |
| Diluted Shares Outstanding | 53.38M | 43.59M | 32.07M | 19.83M | 10.59M | 8.12M | 2.72M | 412.32K | 175.51K | 23.97K | 13.65K | 11.88K | 8.23K | 6.67K | 6.15K | 4.42K | 3.19K | 2.58K | 2.51K | 935 | 930 | 771 | 539 | 453 | 345 | 294 | 242 | 227 | 217 | 217 | 215 |
| Basic Shares Outstanding | 53.38M | 43.59M | 32.07M | 19.83M | 10.59M | 8.12M | 2.72M | 412.32K | 175.51K | 23.97K | 13.61K | 11.88K | 8.23K | 6.67K | 6.15K | 4.42K | 3.19K | 2.58K | 2.51K | 935 | 930 | 771 | 539 | 453 | 345 | 294 | 242 | 227 | 217 | 217 | 215 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory approval and liquidity
As reported in recent financial filings, Achieve Life Sciences has seen its quarterly operating expenses climb significantly, with R&D and SG&A costs reaching a combined $10.4 million in 2026Q1, reflecting the intense capital requirements necessary to advance its sole clinical asset through the regulatory pipeline.
The company's cost structure is currently dominated by high-intensity clinical trial activity, which creates a persistent drag on liquidity. Investors should monitor whether these expenditures represent a peak in development costs or if further regulatory hurdles will necessitate even higher spending levels before any potential commercialization.
Based on the company's income statements, stock-based compensation has become a recurring feature of the expense profile, with $2.3 million recorded in 2025Q3 alone, which complicates the assessment of true operational efficiency for a pre-revenue entity that relies heavily on equity-based incentives for talent retention.
The reliance on non-cash compensation suggests that management is attempting to preserve limited cash reserves, yet this practice inherently dilutes existing shareholders. Analysts should scrutinize the relationship between these grants and the achievement of specific clinical milestones to determine if the compensation structure aligns with long-term value creation.
According to historical income statement data, the period between 2024Q1 and 2025Q1 marked a critical inflection point where quarterly R&D spending surged from $2.8 million to $7.1 million, signaling the company's aggressive transition into late-stage clinical trials that now dictate its current financial trajectory.
This rapid escalation in R&D spending highlights the binary nature of the company's business model, where survival is tethered to the successful completion of clinical trials. The shift suggests that the company has reached a point of no return, where the cost of abandoning the current pipeline would likely outweigh the risks of continued capital consumption.
As indicated by the company's reported figures, the $20.9 million cash reserve appears increasingly insufficient given the quarterly operating losses that have consistently exceeded $10 million, raising significant concerns regarding the firm's ability to reach commercialization without further dilutive financing or a strategic partnership.
The current burn rate implies that the company is operating on a very thin margin of safety, leaving little room for unexpected regulatory delays or clinical trial setbacks. Investors should be wary of the potential for a significant equity raise, which would likely be required to bridge the gap between current operations and a potential FDA approval.
Quick answers to the most common questions about buying ACHV stock.
For fiscal year 2025, Achieve Life Sciences, Inc. (ACHV) reported total revenue of $0.0M. This represents a 100.0% decline compared to $16.6M in 1996.
Achieve Life Sciences, Inc. (ACHV) reported a net loss of $54.6M for the fiscal year ending 2025.