Third quarter 2026
Filed Nov 5, 2026Amylyx Pharmaceuticals Reports Third Quarter 2026 Financial Results
Amylyx reported positive Phase 3 LUCIDITY topline results and materially strengthened liquidity through an approximately $544.6 million equity offering, while quarterly net loss and operating expenses increased from the prior-year period as the company funds avexitide commercialization preparations and pipeline development.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, three months ended September 30GAAP | $28.4M | – | – |
| Research and development stock-based compensation expense, three months ended September 30GAAP | $3.2M | – | – |
| Selling, general and administrative expenses, three months ended September 30GAAP | $21.3M | – | – |
| Selling, general and administrative stock-based compensation expense, three months ended September 30GAAP | $7.2M | – | – |
| Total operating expenses, three months ended September 30GAAP | $49.66M | – | – |
| Loss from operations, three months ended September 30GAAP | −$49.66M | – | – |
| Other income, net, three months ended September 30GAAP | $4.17M | – | – |
| Net loss, three months ended September 30GAAP | $45.5M | – | – |
| Net loss per share, basic and diluted, three months ended September 30GAAP | $0.38 per share | – | – |
| Weighted-average shares used in computing net loss per share, basic and diluted, three months ended September 30GAAP | 118,944,774 | – | – |
| Research and development expenses, nine months ended September 30GAAP | $79.73M | – | – |
| Selling, general and administrative expenses, nine months ended September 30GAAP | $59.4M | – | – |
| Total operating expenses, nine months ended September 30GAAP | $139.1M | – | – |
| Loss from operations, nine months ended September 30GAAP | −$139.1M | – | – |
| Other income, net, nine months ended September 30GAAP | $8.93M | – | – |
| Net loss, nine months ended September 30GAAP | −$130.2M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30GAAP | $ (1.15) | – | – |
| Weighted-average shares used in computing net loss per share, basic and diluted, nine months ended September 30GAAP | 113,599,040 | – | – |
| Cash, cash equivalents and marketable securities, September 30, 2026GAAP | $768.1M | – | – |
| Cash, cash equivalents and marketable securities, September 30, 2026 balance sheetGAAP | $768.1M | – | – |
| Cash, cash equivalents and marketable securities, December 31, 2025 balance sheetGAAP | $317.0M | – | – |
| Prepaid expenses and other current assets, September 30, 2026GAAP | 10.73M | – | – |
| Other assets, September 30, 2026GAAP | 7.94M | – | – |
| Total assets, September 30, 2026GAAP | $786.8M | – | – |
| Accounts payable and accrued expenses, September 30, 2026GAAP | $28.12M | – | – |
| Other liabilities, September 30, 2026GAAP | 4.94M | – | – |
| Total liabilities, September 30, 2026GAAP | 33.06M | – | – |
| Stockholders’ equity, September 30, 2026GAAP | 753.7M | – | – |
| Total liabilities and stockholders' equity, September 30, 2026GAAP | $786.8M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
By the end of 2026 and 2027 outlook
- NoteNew Drug Application submission for avexitide to the FDA by the end of 2026.
- NotePresentation of Phase 3 LUCIDITY results on November 15, 2026, at ObesityWeek® 2026 Annual Meeting.
- NoteIND filing for AMX0318 targeted for 2027.
- NotePotential launch of avexitide in 2027, if approved.
What drove it
- Phase 3 LUCIDITY met its prespecified primary endpoint, demonstrating a 55% reduction in the composite rate of Level 2 and Level 3 hypoglycemic events compared to placebo (p=0.000003).
- R&D expense increased primarily because of higher spending on the pivotal Phase 3 LUCIDITY trial and other avexitide and program costs, partly offset by lower AMX0035 spending following its discontinuation.
- SG&A expense increased due to personnel-related costs supporting pre-commercialization activities and vesting of PSU awards during the quarter.
- The company solidified its full commercial leadership team and continued hiring across marketing, market access, patient services, and commercial operations.
- Amylyx completed enrollment of Cohort 3 (n=12) and began enrollment of Cohort 4 in the Phase 1 LUMINA trial of AMX0114.
Concerns
- Net loss increased to $45.5 million from $34.4 million in the same period in 2025.
- Total operating expenses increased to $ 49,658 (in thousands) from $ 36,027 (in thousands) in the same period in 2025.
- Avexitide remains investigational, and a potential 2027 commercial launch is contingent on approval.
- The 32-week LUCIDITY open-label extension and the avexitide Expanded Access Program remain ongoing.
- AMX0114 remains in a Phase 1 multiple ascending dose trial, and AMX0318 remains in IND-enabling studies.
What to watch
- Phase 3 LUCIDITY data presentation at ObesityWeek® 2026 on November 15, 2026.
- Submission of the avexitide NDA by the end of 2026.
- Progress toward a potential 2027 avexitide launch, if approved, including continuing commercial-readiness investment.
- Enrollment and data development in the Phase 1 LUMINA trial of AMX0114.
- IND-enabling studies and the targeted 2027 IND filing for AMX0318.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities were $768.1 million at September 30, 2026, compared to $250.8 million at June 30, 2026.
- The Company’s cash position reflects net proceeds of approximately $544.6 million following the Company’s public offering in August 2026.
- Amylyx announced the closing of its underwritten public offering, with net proceeds to Amylyx of approximately $544.6 million.
- Total assets were $ 786,795 (in thousands) at September 30, 2026.
- Total liabilities were 33,059 (in thousands) at September 30, 2026.
- Stockholders’ equity was 753,736 (in thousands) at September 30, 2026.
Analysis
Amylyx reported a development-focused third quarter with no revenue disclosed and a larger operating loss as it advanced avexitide and prepared for a potential commercialization. Third-quarter R&D expense was $28.4 million versus $19.9 million in the same period in 2025, while SG&A expense was $21.3 million versus $16.2 million. The company reported a net loss of $45.5 million, or $0.38 per share, compared with a net loss of $34.4 million, or $0.37 per share, in the prior-year period.
The principal operating development was positive Phase 3 LUCIDITY topline data for avexitide in post-bariatric hypoglycemia. The trial met its prespecified primary endpoint with a 55% reduction in the composite rate of Level 2 and Level 3 hypoglycemic events compared to placebo (p=0.000003), and management said all secondary endpoints were met. The company also continued to build its commercial organization, including hiring across marketing, market access, patient services, and commercial operations, ahead of a potential 2027 launch if avexitide is approved.
The balance sheet changed materially following the August public offering. Cash, cash equivalents and marketable securities were $768.1 million at September 30, 2026, compared to $250.8 million at June 30, 2026. The company attributed the cash position to approximately $544.6 million of net offering proceeds. This financing supported a September 30 balance-sheet cash, cash equivalents and marketable securities balance of $ 768,132 (in thousands), while stockholders’ equity was 753,736 (in thousands).
Pipeline activity extended beyond avexitide. Amylyx completed enrollment of Cohort 3 (n=12) and began enrollment of Cohort 4 in the Phase 1 LUMINA trial of AMX0114 for ALS. It also said IND-enabling studies for AMX0318 are underway, with an IND filing targeted for 2027. The immediate catalysts disclosed are the November 15, 2026 LUCIDITY presentation and the planned avexitide NDA submission by the end of 2026. The central execution issue is converting positive clinical data into a completed regulatory submission and, if approved, a 2027 launch while operating expenses rise with development and commercial-readiness activity.
Management, verbatim
The third quarter was a transformational period for Amylyx, as we reported positive topline results from the Phase 3 LUCIDITY trial of avexitide in post-bariatric hypoglycemia, bringing us one step closer to potentially delivering a first ever FDA-approved treatment to people living with PBH.
Joshua Cohen and Justin Klee, Co-CEOs of Amylyx
We remain on track to submit our NDA by year-end and are executing on our comprehensive commercial readiness plans ahead of a potential launch of avexitide in 2027, if approved.
Joshua Cohen and Justin Klee, Co-CEOs of Amylyx
With a strengthened balance sheet following our recent equity financing, we believe we are well positioned to deliver on our commitment to bring meaningful new treatments to people living with diseases with high unmet needs.
Joshua Cohen and Justin Klee, Co-CEOs of Amylyx
Not in the filing
stated, not guessed- Total revenue was not reported.
- Segment revenue and segment comparisons were not reported.
- Gross profit and gross margin were not reported.
- No non-GAAP financial measures were reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Share repurchases and dividends were not reported.
- Financial revenue, operating-expense, gross-margin, or tax-rate guidance was not reported.
- Prior guidance was not provided.
- Prior-year comparison for cash, cash equivalents and marketable securities at September 30, 2026 was not reported.
- Sequential comparisons were not reported for operating expenses, loss from operations, other income, net loss, or net loss per share.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.