Achieve Life Sciences (ACHV)
Market Price (11/6/2026): $6.38 | Market Cap: $657.8 MilSector: Health Care | Industry: Biotechnology
Achieve Life Sciences (ACHV)
Market Price (11/6/2026): $6.38Market Cap: $657.8 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29% Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Biopharmaceutical R&D, Show more. | Weak multi-year price returns3Y Excs Rtn is -25% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.85, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 19% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -58 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25% Key risksACHV key risks include [1] its singular dependence on gaining FDA approval for its sole drug candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -25% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.85, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 19% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -58 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25% |
| Key risksACHV key risks include [1] its singular dependence on gaining FDA approval for its sole drug candidate, Show more. |
Qualitative Assessment
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Achieve Life Sciences (ACHV) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Positive Regulatory and Clinical Momentum Balanced by Execution Focus. Achieve Life Sciences provided clarity on the regulatory pathway for cytisinicline following a Complete Response Letter (CRL) in June 2026, which cited only manufacturing and labeling issues, not efficacy or safety. The company reiterated its plan to resubmit the New Drug Application (NDA) in fiscal Q4 2026, targeting potential FDA approval in the first half of fiscal 2027. Further supporting this, positive 52-week efficacy and safety data from the ORCA-OL study were presented in October 2026, showing 31% abstinence at Weeks 49-52 in repeat quitters. While these updates provided fundamental support and contributed to an initial increase in late August, the market's attention likely shifted to the successful execution of these upcoming milestones, thereby limiting sustained upward movement until the resubmission and approval are realized.
2. Significant Fiscal Q2 2026 Earnings Miss. On August 11, 2026, Achieve Life Sciences reported a substantial net loss of $74.8 million for fiscal Q2 2026 (ended June 30, 2026), with earnings per share (EPS) of ($0.80). This significantly missed the consensus analyst estimate of ($0.16) per share by ($0.64). The reported net loss included a considerable non-cash charge of $48.7 million related to the change in fair value of warrant liabilities, which likely dampened investor sentiment and counterbalanced some of the positive regulatory and clinical news during the period.
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Achieve Life Sciences (ACHV) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Positive Regulatory and Clinical Momentum Balanced by Execution Focus. Achieve Life Sciences provided clarity on the regulatory pathway for cytisinicline following a Complete Response Letter (CRL) in June 2026, which cited only manufacturing and labeling issues, not efficacy or safety. The company reiterated its plan to resubmit the New Drug Application (NDA) in fiscal Q4 2026, targeting potential FDA approval in the first half of fiscal 2027. Further supporting this, positive 52-week efficacy and safety data from the ORCA-OL study were presented in October 2026, showing 31% abstinence at Weeks 49-52 in repeat quitters. While these updates provided fundamental support and contributed to an initial increase in late August, the market's attention likely shifted to the successful execution of these upcoming milestones, thereby limiting sustained upward movement until the resubmission and approval are realized.
2. Significant Fiscal Q2 2026 Earnings Miss. On August 11, 2026, Achieve Life Sciences reported a substantial net loss of $74.8 million for fiscal Q2 2026 (ended June 30, 2026), with earnings per share (EPS) of ($0.80). This significantly missed the consensus analyst estimate of ($0.16) per share by ($0.64). The reported net loss included a considerable non-cash charge of $48.7 million related to the change in fair value of warrant liabilities, which likely dampened investor sentiment and counterbalanced some of the positive regulatory and clinical news during the period.
3. Cautious Analyst Sentiment Despite Overall "Buy" Consensus. Although Achieve Life Sciences maintained a consensus "Strong Buy" rating and an average price target of $14.15 from several analysts, there were also divergent views that introduced caution. For instance, Wall Street Zen lowered its rating to a "strong sell" in August 2026. Additionally, an InvestingPro analysis in October 2026 suggested the stock appeared overvalued relative to its fair value, indicating that while positive long-term outlooks persisted, immediate valuation concerns likely capped any substantial rallies.
4. Broader Biotechnology Sector Headwinds in Fiscal Q3 2026. The overall biotechnology sector experienced a slowdown in fiscal Q3 2026. Total deal value for M&A and R&D partnerships across the healthcare and life sciences sectors fell from $83.6 billion in fiscal Q2 2026 to $50.3 billion in fiscal Q3 2026. This industry-wide cooling in dealmaking, venture funding, and IPO capital, coupled with the impact of rising interest rates on smaller biotechnology companies, created a less favorable macroeconomic environment that likely acted as a gravitational force, preventing significant upward price movement for ACHV.
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Stock Movement Drivers
Fundamental Drivers
The -0.7% change in ACHV stock from 7/31/2026 to 11/5/2026 was primarily driven by a -42.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.42 | 6.38 | -0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 53 | 94 | -42.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACHV | -0.7% | |
| Market (SPY) | -1.9% | 37.5% |
| Sector (XLV) | 13.8% | 46.9% |
Fundamental Drivers
The 45.2% change in ACHV stock from 4/30/2026 to 11/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.39 | 6.38 | 45.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 54 | 94 | -42.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACHV | 45.2% | |
| Market (SPY) | 2.3% | 30.5% |
| Sector (XLV) | 27.2% | 32.6% |
Fundamental Drivers
The 24.5% change in ACHV stock from 10/31/2025 to 11/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.12 | 6.38 | 24.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 35 | 94 | -62.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACHV | 24.5% | |
| Market (SPY) | 8.4% | 32.3% |
| Sector (XLV) | 29.8% | 27.3% |
Fundamental Drivers
The 58.6% change in ACHV stock from 10/31/2023 to 11/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.02 | 6.38 | 58.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 19 | 94 | -79.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACHV | 58.6% | |
| Market (SPY) | 81.3% | 24.2% |
| Sector (XLV) | 55.5% | 22.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ACHV Return | -4% | -69% | 68% | -15% | 41% | 28% | -21% |
| Peers Return | 12% | -3% | -10% | 6% | 10% | 33% | 50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ACHV Win Rate | 50% | 33% | 42% | 42% | 50% | 55% | |
| Peers Win Rate | 55% | 48% | 47% | 47% | 55% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ACHV Max Drawdown | -57% | -76% | -68% | -36% | -51% | -55% | |
| Peers Max Drawdown | -22% | -27% | -27% | -19% | -30% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PFE, VTRS, JNJ, PRGO, PM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | ACHV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.5% | -18.8% |
| % Gain to Breakeven | 62.5% | 23.1% |
| Time to Breakeven | 41 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -41.3% | -9.5% |
| % Gain to Breakeven | 70.5% | 10.5% |
| Time to Breakeven | 163 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.3% | -6.7% |
| % Gain to Breakeven | 30.4% | 7.1% |
| Time to Breakeven | 16 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.8% | -24.5% |
| % Gain to Breakeven | 267.1% | 32.4% |
| Time to Breakeven | 183 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.0% | -33.7% |
| % Gain to Breakeven | 122.2% | 50.9% |
| Time to Breakeven | 127 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -54.7% | -19.2% |
| % Gain to Breakeven | 120.7% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
In The Past
Achieve Life Sciences's stock fell -38.5% during the 2025 US Tariff Shock. Such a loss loss requires a 62.5% gain to breakeven.
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Asset Allocation
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| Event | ACHV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.5% | -18.8% |
| % Gain to Breakeven | 62.5% | 23.1% |
| Time to Breakeven | 41 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -41.3% | -9.5% |
| % Gain to Breakeven | 70.5% | 10.5% |
| Time to Breakeven | 163 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.3% | -6.7% |
| % Gain to Breakeven | 30.4% | 7.1% |
| Time to Breakeven | 16 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.8% | -24.5% |
| % Gain to Breakeven | 267.1% | 32.4% |
| Time to Breakeven | 183 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.0% | -33.7% |
| % Gain to Breakeven | 122.2% | 50.9% |
| Time to Breakeven | 127 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -54.7% | -19.2% |
| % Gain to Breakeven | 120.7% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -32.7% | -3.7% |
| % Gain to Breakeven | 48.5% | 3.9% |
| Time to Breakeven | 22 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.7% | -17.9% |
| % Gain to Breakeven | 71.4% | 21.8% |
| Time to Breakeven | 147 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.1% | -53.4% |
| % Gain to Breakeven | 258.4% | 114.4% |
| Time to Breakeven | 60 days | 1085 days |
In The Past
Achieve Life Sciences's stock fell -38.5% during the 2025 US Tariff Shock. Such a loss loss requires a 62.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Achieve Life Sciences (ACHV)
Achieve Life Sciences, Inc. (ACHV) is a clinical-stage pharmaceutical company dedicated to developing and commercializing treatments for smoking cessation and nicotine addiction. The company focuses on addressing the significant global health challenge of nicotine dependence through the advancement of its lead product candidate. Based in Vancouver, Canada, Achieve Life Sciences operates with the goal of bringing a new therapeutic option to market for individuals seeking to quit smoking.
The company's main product is cytisinicline, a plant-based alkaloid designed to help individuals overcome nicotine addiction. Cytisinicline functions by interacting with nicotine receptors in the brain, which serves to alleviate the severe withdrawal symptoms commonly experienced during smoking cessation. Achieve Life Sciences holds important license agreements with Sopharma AD and the University of Bristol, underpinning its development efforts for this promising compound.
Achieve Life Sciences primarily serves individuals struggling with smoking and nicotine addiction. Its target markets for the development and potential commercialization of cytisinicline include Canada, the United States, and the United Kingdom. This strategic focus on major developed countries highlights the company's aim to address a substantial unmet medical need within these significant healthcare economies.
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Here are 1-2 brief analogies to describe Achieve Life Sciences (ACHV):
Moderna for nicotine addiction treatment
A specialized pharmaceutical company singularly focused on developing the next breakthrough drug for quitting smoking, akin to how a biotech might aim for the definitive treatment for a widespread condition like obesity.
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- Cytisinicline: A plant-based alkaloid developed for smoking cessation and nicotine addiction by reducing the severity of nicotine withdrawal symptoms.
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Achieve Life Sciences (ACHV) is a clinical-stage pharmaceutical company developing cytisinicline for smoking cessation and nicotine addiction. As such, its primary product is a prescription drug intended for direct human use.
Therefore, the company's product, once approved and commercialized, will primarily serve individuals. The categories of customers it would serve include:
- Individuals seeking to quit smoking: This constitutes the core target demographic for cytisinicline, comprising people who are actively trying to cease tobacco use.
- Individuals struggling with nicotine addiction: Beyond traditional cigarette smokers, this category includes users of various nicotine products (e.g., e-cigarettes, smokeless tobacco) who are dependent on nicotine and seeking therapeutic intervention.
- Patients referred by healthcare professionals for smoking cessation: These are individuals whose need for smoking cessation treatment is identified and recommended by doctors, nurses, or other healthcare providers as part of a broader health management plan.
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- Sopharma AD (SFA)
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Richard Stewart, President and Chief Executive Officer. Mr. Stewart is a co-founder, President, and Chief Executive Officer of Achieve Life Sciences. He is also a founder and director of Ricanto Limited, a pharmaceutical asset optimization company. Mr. Stewart has served as Chairman and Chief Executive Officer of Renown Pharma Limited since 2016. Prior to Achieve, he was Chairman and CEO of Huxley Pharmaceuticals, Inc., which was acquired by BioMarin Pharmaceutical Inc.. He was also CEO of Brabant Pharma Limited, which was acquired by Zogenix Inc.. Additionally, Mr. Stewart co-founded and served as CEO of Amarin Corporation plc and co-founded and was CFO, and later Chief Business Officer, of SkyePharma plc.
Mark Oki, Chief Financial Officer. Mr. Oki joined Achieve Life Sciences as Chief Financial Officer on December 5, 2024. He has over 25 years of financial leadership experience in the biotechnology and pharmaceutical industries. Before joining Achieve, he served as CFO of Aytu Biopharma, Inc. from January 2022 until November 2024, and previously as CFO of Vivus LLC. His career also includes senior financial positions at Alexza Pharmaceuticals, Inc., Pharmacyclics, Inc., and Incyte Genomics, Inc.
Erik Atkisson, Chief Legal Officer. Erik Atkisson brings over 25 years of experience in the pharmaceutical and biotechnology industries to his role as Chief Legal Officer at Achieve Life Sciences. He possesses extensive expertise in guiding the global development, launch, and commercialization of biopharmaceutical products and has held senior legal positions at multiple clinical- and commercial-stage biopharmaceutical companies.
Craig Donnelly, Chief Operations Officer. Craig Donnelly is the Chief Operations Officer at Achieve Life Sciences. With over 25 years of experience in the biopharmaceutical industry, Mr. Donnelly has expertise in both technical development and regulatory CMC at all stages of development. He was previously the Executive Vice President, CMC and Regulatory CMC at Achieve.
Dr. Mark Rubinstein, Chief Medical Officer. Dr. Mark Rubinstein was promoted to permanent Chief Medical Officer in January 2026, after serving as Interim Chief Medical Officer since September 2025. He joined Achieve Life Sciences in October 2024 as Head of Medical Affairs. Previously, Dr. Rubinstein was the Head of Medical Affairs at Blip, where he led medical strategy for smoking and vaping cessation programs. He is also Professor Emeritus of Pediatrics at the University of California, San Francisco, where he conducted NIH-funded research on adolescent nicotine addiction and smoking cessation interventions for nearly 20 years.
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Key Risks to Achieve Life Sciences (ACHV)
- Regulatory Approval and Commercialization Challenges: The primary risk for Achieve Life Sciences revolves around the successful regulatory approval and subsequent commercialization of cytisinicline. While the company has seen promising clinical trial results and has a Prescription Drug User Fee Act (PDUFA) date of June 20, 2026, for cytisinicline, regulatory approval by the FDA is not guaranteed. Delays or a rejection of the New Drug Application (NDA) could occur if the FDA requests additional data or studies, significantly impacting the company's projections and future. Even upon approval, the company faces substantial challenges in successfully launching and achieving market acceptance for cytisinicline, amidst competition and the complexities of the pharmaceutical market.
- Heavy Pipeline Concentration and Dependence on a Single Product: Achieve Life Sciences is highly dependent on the success of cytisinicline, as it is the company's sole product candidate in late-stage development. This heavy pipeline concentration means that the company's future viability is almost entirely reliant on cytisinicline gaining regulatory approval and achieving commercial success. A failure in any stage of cytisinicline's development or commercialization would have a profound and potentially catastrophic impact on the business, as there are no other diverse revenue streams or product candidates to mitigate such a risk.
- Financial Instability and Need for Additional Funding: As a clinical-stage pharmaceutical company with no current revenue, Achieve Life Sciences has reported substantial net losses and requires significant capital to fund its ongoing operations, clinical development, and eventual commercialization efforts. The company's cash runway extends into the second half of 2026, covering the FDA review period for cytisinicline. However, additional financing will likely be necessary for the commercial launch of the drug, which could lead to further shareholder dilution if new capital is raised through equity offerings.
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The addressable markets for Achieve Life Sciences' main product, cytisinicline, for smoking cessation and nicotine addiction are substantial across various regions.
Global Market:
- The global smoking cessation and nicotine de-addiction market was valued at approximately USD 25.5 billion in 2024 and is projected to reach USD 77.8 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2034.
- Another estimate values the global smoking cessation and nicotine de-addiction market at USD 29.38 billion in 2024, expected to reach USD 92.41 billion by 2032, with a CAGR of 15.40%.
- A different report indicates the global smoking cessation and nicotine de-addiction market size was US$15.5 billion in 2025 and is projected to reach US$46.4 billion by 2036.
- The global nicotine addiction treatment market was valued at USD 65.93 billion in 2024 and is expected to reach USD 130.15 billion by 2032, growing at a CAGR of 10.2%.
North American Market:
- North America is a dominant region in the smoking cessation and nicotine de-addiction market, holding a 40.3% market share in 2023.
- The North America smoking cessation and nicotine de-addictions market size was valued at USD 74.27 billion in 2024 and is projected to reach USD 425.98 billion by 2032.
United States Market:
- Approximately 29 million adults in the United States smoke combustible cigarettes.
- There are also approximately 17 million adults in the United States who use e-cigarettes, with about 60% expressing a desire to quit.
- The Smoking Cessation and Nicotine Addiction Market size in the US was approximately USD 1,472 million in 2023, the highest among the 7 major markets.
- The U.S. smoking cessation aids market alone contributed USD 12.4 billion in 2025.
- The U.S. nicotine replacement therapy (NRT) market is projected to reach USD 1.34 billion by 2026.
Canadian Market:
- The Canada Nicotine Replacement Therapy (NRT) smoking cessation aids market size was valued at USD 205 million in 2025 and is estimated to reach USD 225 million by 2032.
- Approximately 4.5 million smokers reside in Canada.
United Kingdom Market:
- Over 5 million people smoke in England.
- The UK nicotine replacement therapy (NRT) market is projected to reach USD 0.2 billion by 2026.
- The UK was a significant contributor to Europe's smoking cessation aids market turnover in 2025.
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Achieve Life Sciences (ACHV) is poised for significant future revenue growth over the next 2-3 years, primarily driven by the advancement and commercialization of its lead product candidate, cytisinicline. The key drivers are:
- Successful Commercial Launch of Cytisinicline for Smoking Cessation in the United States: The most immediate and significant revenue driver is the anticipated FDA approval and subsequent commercial launch of cytisinicline for smoking cessation. The New Drug Application (NDA) was accepted by the FDA, with a Prescription Drug User Fee Act (PDUFA) target action date of June 20, 2026. Achieve Life Sciences plans to launch the product commercially in late 2026, following potential approval. This launch is expected to address a significant unmet need, as it would be the first new FDA-approved smoking cessation pharmacotherapy in two decades, leveraging cytisinicline's differentiated efficacy and tolerability profile.
- Expansion into the E-cigarette and Vaping Cessation Market: Achieve Life Sciences is also strategically positioned to enter the e-cigarette and vaping cessation market with cytisinicline. The company received a Commissioner's National Priority Voucher (CNPV) from the FDA for this indication, which has the potential to compress the FDA review timeline to 1-2 months once complete materials are submitted. Positive Phase 2 data (ORCA-V1) and an FDA agreement that a Phase 3 trial, combined with ORCA-V1, could support a supplemental NDA, pave a clear regulatory pathway for this indication. This represents a substantial and growing market with no currently FDA-approved treatments, offering a significant first-in-class opportunity.
- Geographic Expansion Beyond the U.S.: While the initial focus for cytisinicline's launch will be the U.S. market, Achieve Life Sciences has stated its intent to develop and commercialize the drug in Canada and the United Kingdom. The company already holds license agreements with Sopharma AD and the University of Bristol. Successful market penetration and commercialization in the U.S. would likely facilitate and accelerate expansion efforts into these additional territories within the 2-3 year timeframe, contributing to broader revenue growth.
- Market Penetration Driven by a Differentiated Product Profile: Cytisinicline is positioned to capture market share due to its promising effectiveness and favorable safety profile compared to existing treatments. As the first potential new pharmacotherapy for smoking cessation in two decades, and a potential first-in-class treatment for vaping cessation, its unique attributes are expected to drive adoption among healthcare providers and patients. The significant global burden of nicotine dependence and the lack of innovative treatment options create a substantial market opportunity for a differentiated product like cytisinicline.
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Share Issuance
- Achieve Life Sciences' shares outstanding significantly increased from approximately 6.1 million as of March 11, 2021, to 53 million in Q3 2025, demonstrating substantial capital raises through equity offerings over the last three to five years.
- The company successfully closed a $45 million public offering to advance the development of cytisinicline for smoking cessation.
Inbound Investments
- Franklin Resources, Inc. and its affiliates held beneficial ownership of 6,369,193 shares, representing 11.5% of Achieve's common stock as of December 31, 2025, which includes shares issuable upon the exercise of warrants, indicating a notable institutional investment.
Capital Expenditures
- Achieve Life Sciences has shown an average Capital Expenditure (CapEx) percentage of revenue of 0% over the last three and five years, suggesting minimal to no significant capital expenditures.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.6% | 56.6% | 93.6% | CAH 498% · MCK 396% · COR 181% |
| Health Care Services | 20 | 33.8% | 28.8% | 6.1% | HIMS 189% · RDNT 125% · DGX 100% |
| Health Care Facilities | 25 | 13.9% | 27.4% | -1.4% | THC 280% · NHC 210% · EHC 186% |
| Managed Health Care | 8 | 47.9% | 1.6% | -2.2% | OSCR 95% · HQY 52% · ELV 10% |
| Health Care Equipment | 50 | 11.0% | 17.8% | -17.6% | UFPT 355% · GKOS 286% · PLSE 127% |
| Pharmaceuticals | 61 | -12.9% | 10.6% | -37.3% | LQDA 977% · XERS 571% · KNSA 500% |
| Health Care Supplies | 11 | 23.9% | 17.0% | -40.1% | LNTH 248% · HAE 66% · MMSI 29% |
| Life Sciences Tools & Services | 108 | -8.1% | -18.9% | -74.5% | AXGN 255% · NTRA 214% · MEDP 181% |
| Biotechnology ← | 364 | -25.8% | -36.1% | -82.0% | ELVN 1073% · TRVI 995% · DNTH 956% |
| Health Care Technology | 21 | -21.4% | -50.4% | -82.8% | VEEV -3% · DOCS -51% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Achieve Life Sciences Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.92 |
| Mkt Cap | 93.7 |
| Rev LTM | 28,932 |
| Op Inc LTM | 8,404 |
| FCF LTM | 6,882 |
| FCF 3Y Avg | 5,976 |
| CFO LTM | 8,329 |
| CFO 3Y Avg | 7,509 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.3% |
| Rev Chg 3Y Avg | -1.5% |
| Rev Chg Q | -0.3% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Inc Chg LTM | -9.0% |
| Op Inc Chg 3Y Avg | 4.5% |
| Op Mgn LTM | 25.7% |
| Op Mgn 3Y Avg | 23.3% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 22.3% |
| CFO/Rev 3Y Avg | 20.6% |
| FCF/Rev LTM | 18.5% |
| FCF/Rev 3Y Avg | 16.2% |
Price Behavior
| Market Price | $6.38 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 10/13/1995 | |
| Distance from 52W High | -25.3% | |
| 50 Days | 200 Days | |
| DMA Price | $7.34 | $5.66 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -13.1% | 12.6% |
| 3M | 1YR | |
| Volatility | 62.6% | 80.9% |
| Downside Capture | 114.31 | 208.64 |
| Upside Capture | 151.01 | 222.78 |
| Correlation (S&P 500) | 27.7% | 30.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.48 | 1.06 | 1.30 | 1.26 | 1.89 | 1.23 |
| Up Beta | 5.09 | 2.42 | -0.05 | -0.32 | 0.87 | 1.00 |
| Down Beta | 2.77 | 3.03 | 3.34 | 1.90 | 2.26 | 1.30 |
| Up Capture | -65% | -24% | 123% | 235% | 376% | 199% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 19 | 30 | 63 | 124 | 366 |
| Down Capture | 183% | 94% | 92% | 94% | 152% | 107% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 21 | 31 | 57 | 119 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACHV | |
|---|---|---|---|---|
| ACHV | 32.7% | 80.9% | 0.69 | - |
| Sector ETF (XLV) | 29.2% | 16.9% | 1.33 | 27.5% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 31.8% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 10.2% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -11.5% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 23.9% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 23.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACHV | |
|---|---|---|---|---|
| ACHV | -3.4% | 74.5% | 0.28 | - |
| Sector ETF (XLV) | 8.6% | 15.4% | 0.36 | 19.6% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 24.4% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 6.6% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 3.5% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 18.3% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 13.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACHV | |
|---|---|---|---|---|
| ACHV | -40.3% | 88.9% | -0.18 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.60 | 14.6% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 18.3% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 4.9% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 8.9% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 14.6% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -1.2% | 11.1% | 7.5% |
| 5/12/2026 | 7.2% | -14.7% | 2.9% |
| 3/24/2026 | -28.4% | -34.1% | 4.4% |
| 11/6/2025 | -3.9% | -4.3% | -4.9% |
| 8/7/2025 | 0.0% | -3.8% | 7.2% |
| 5/13/2025 | 6.9% | 33.5% | 44.0% |
| 3/11/2025 | -4.6% | -4.9% | -35.5% |
| 11/7/2024 | -7.4% | -12.2% | -8.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 5.5% | 11.1% | 14.5% |
| Median Negative | -3.7% | -5.1% | -8.8% |
| Max Positive | 12.7% | 33.5% | 75.7% |
| Max Negative | -28.4% | -34.1% | -35.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -1.2% | 11.1% | 7.5% |
| 5/12/2026 | 7.2% | -14.7% | 2.9% |
| 3/24/2026 | -28.4% | -34.1% | 4.4% |
| 11/6/2025 | -3.9% | -4.3% | -4.9% |
| 8/7/2025 | 0.0% | -3.8% | 7.2% |
| 5/13/2025 | 6.9% | 33.5% | 44.0% |
| 3/11/2025 | -4.6% | -4.9% | -35.5% |
| 11/7/2024 | -7.4% | -12.2% | -8.8% |
| 8/13/2024 | 0.6% | 1.3% | -0.1% |
| 5/9/2024 | 1.8% | 11.9% | 18.1% |
| 2/29/2024 | 9.1% | 8.1% | 13.1% |
| 11/9/2023 | -1.9% | 22.7% | 30.1% |
| 8/14/2023 | -3.0% | -8.8% | -9.2% |
| 5/9/2023 | 12.7% | -10.3% | -32.9% |
| 3/16/2023 | -2.0% | 6.1% | 75.7% |
| 11/14/2022 | 5.5% | 13.6% | 14.5% |
| 8/11/2022 | -3.8% | -3.8% | -10.6% |
| 5/12/2022 | 3.9% | 11.1% | -3.6% |
| 3/10/2022 | -1.5% | -5.1% | 16.8% |
| 11/9/2021 | -1.9% | -3.5% | -12.9% |
| 8/12/2021 | -3.8% | -10.2% | -0.7% |
| 5/13/2021 | 4.6% | 3.2% | -3.2% |
| 3/11/2021 | -3.7% | 5.1% | -8.4% |
| 11/12/2020 | 7.4% | -0.4% | -13.1% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 5.5% | 11.1% | 14.5% |
| Median Negative | -3.7% | -5.1% | -8.8% |
| Max Positive | 12.7% | 33.5% | 75.7% |
| Max Negative | -28.4% | -34.1% | -35.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/24/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/24/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stewart, Richard Alistair | Direct | Sell | 8212026 | 8.49 | 20,626 | 175,177 | 1,768,659 | Form | |
| 2 | Oki, Mark K | Chief Financial Officer | Direct | Sell | 9222025 | 2.92 | 50,060 | 146,175 | 373,585 | Form |
| 3 | Stewart, Richard Alistair | Chief Executive Officer | Direct | Sell | 9222025 | 2.92 | 129,501 | 378,143 | 668,315 | Form |
| 4 | Wan, Jerry | Principal Accounting Officer | Direct | Sell | 9082025 | 2.77 | 14,070 | 38,974 | 90,562 | Form |
| 5 | King, Thomas Braxton | Direct | Sell | 9082025 | 2.77 | 139,858 | 387,407 | 872,943 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stewart, Richard Alistair | Direct | Sell | 8212026 | 8.49 | 20,626 | 175,177 | 1,768,659 | Form | |
| 2 | Oki, Mark K | Chief Financial Officer | Direct | Sell | 9222025 | 2.92 | 50,060 | 146,175 | 373,585 | Form |
| 3 | Stewart, Richard Alistair | Chief Executive Officer | Direct | Sell | 9222025 | 2.92 | 129,501 | 378,143 | 668,315 | Form |
| 4 | Wan, Jerry | Principal Accounting Officer | Direct | Sell | 9082025 | 2.77 | 14,070 | 38,974 | 90,562 | Form |
| 5 | King, Thomas Braxton | Direct | Sell | 9082025 | 2.77 | 139,858 | 387,407 | 872,943 | Form | |
| 6 | Jacobs, Cindy | President & CMO | Direct | Sell | 9082025 | 2.77 | 27,629 | 76,532 | 320,170 | Form |
| 7 | Xinos, Jaime | Chief Commercial Officer | Direct | Sell | 9082025 | 2.77 | 20,854 | 57,766 | 206,177 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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