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): $6.38
Market Cap: $657.8 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%

Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Biopharmaceutical R&D, Show more.

Weak multi-year price returns
3Y Excs Rtn is -25%

Meaningful short interest
Short 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 revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -58 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%

Key risks
ACHV key risks include [1] its singular dependence on gaining FDA approval for its sole drug candidate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Biopharmaceutical R&D, Show more.
2 Weak multi-year price returns
3Y Excs Rtn is -25%
3 Meaningful short interest
Short 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%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -58 Mil
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%
7 Key risks
ACHV key risks include [1] its singular dependence on gaining FDA approval for its sole drug candidate, Show more.

ACHV in ETFs

Weight = ACHV's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
XBI0.15%
IWO0.04%
VTWO0.02%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

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.

Show more
Updated on 11/5/2026

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)731202611052026Change
Stock Price ($)6.426.38-0.7%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5394-42.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
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)430202611052026Change
Stock Price ($)4.396.3845.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5494-42.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
ACHV45.2% 
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)1031202511052026Change
Stock Price ($)5.126.3824.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)3594-62.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
ACHV24.5% 
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)1031202311052026Change
Stock Price ($)4.026.3858.6%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)1994-79.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
ACHV58.6% 
Market (SPY)81.3%24.2%
Sector (XLV)55.5%22.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ACHV Return-4%-69%68%-15%41%28%-21%
Peers Return12%-3%-10%6%10%33%50%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
ACHV Win Rate50%33%42%42%50%55% 
Peers Win Rate55%48%47%47%55%58% 
S&P 500 Win Rate75%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

EventACHVS&P 500
2025 US Tariff Shock
  % Loss-38.5%-18.8%
  % Gain to Breakeven62.5%23.1%
  Time to Breakeven41 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.3%-9.5%
  % Gain to Breakeven70.5%10.5%
  Time to Breakeven163 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.3%-6.7%
  % Gain to Breakeven30.4%7.1%
  Time to Breakeven16 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-72.8%-24.5%
  % Gain to Breakeven267.1%32.4%
  Time to Breakeven183 days427 days
2020 COVID-19 Crash
  % Loss-55.0%-33.7%
  % Gain to Breakeven122.2%50.9%
  Time to Breakeven127 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-54.7%-19.2%
  % Gain to Breakeven120.7%23.8%
  Time to Breakeven39 days105 days

Compare to PFE, VTRS, JNJ, PRGO, PM

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.

EventACHVS&P 500
2025 US Tariff Shock
  % Loss-38.5%-18.8%
  % Gain to Breakeven62.5%23.1%
  Time to Breakeven41 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.3%-9.5%
  % Gain to Breakeven70.5%10.5%
  Time to Breakeven163 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.3%-6.7%
  % Gain to Breakeven30.4%7.1%
  Time to Breakeven16 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-72.8%-24.5%
  % Gain to Breakeven267.1%32.4%
  Time to Breakeven183 days427 days
2020 COVID-19 Crash
  % Loss-55.0%-33.7%
  % Gain to Breakeven122.2%50.9%
  Time to Breakeven127 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-54.7%-19.2%
  % Gain to Breakeven120.7%23.8%
  Time to Breakeven39 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-32.7%-3.7%
  % Gain to Breakeven48.5%3.9%
  Time to Breakeven22 days6 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-41.7%-17.9%
  % Gain to Breakeven71.4%21.8%
  Time to Breakeven147 days123 days
2008-2009 Global Financial Crisis
  % Loss-72.1%-53.4%
  % Gain to Breakeven258.4%114.4%
  Time to Breakeven60 days1085 days

Compare to PFE, VTRS, JNJ, PRGO, PM

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)

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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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AI Analysis | Feedback

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.

AI Analysis | Feedback

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:

  1. Individuals seeking to quit smoking: This constitutes the core target demographic for cytisinicline, comprising people who are actively trying to cease tobacco use.
  2. 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.
  3. 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)

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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

ACHV has outperformed 74% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that ACHV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
77%
of 452 industry peers · 29.3% return
3Y
72%
of 398 industry peers · 52.5% return
5Y
74%
of 363 industry peers · -26.0% return
No Biotechnology peer with a comparable growth profile has beaten ACHV by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is ACHV's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y 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%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Achieve Life Sciences Earnings Notes12/16/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ACHVPFEVTRSJNJPRGOPMMedian
NameAchieve .Pfizer Viatris Johnson .Perrigo Philip M. 
Mkt Price6.3829.1118.73267.5715.33197.8723.92
Mkt Cap0.6165.921.5644.72.1308.593.7
Rev LTM063,62414,72799,3354,09043,13828,932
Op Inc LTM-5816,62415225,52518416,6628,404
FCF LTM-4711,7861,97819,59516813,5956,882
FCF 3Y Avg-3510,1301,82319,10019711,2535,976
CFO LTM-4714,1732,48526,15924115,1548,329
CFO 3Y Avg-3512,8382,28625,17029212,7327,509

Growth & Margins

ACHVPFEVTRSJNJPRGOPMMedian
NameAchieve .Pfizer Viatris Johnson .Perrigo Philip M. 
Rev Chg LTM-1.3%4.3%7.8%-4.5%7.9%4.3%
Rev Chg 3Y Avg--2.9%-1.5%5.9%-4.2%8.0%-1.5%
Rev Chg Q--0.4%-0.3%5.9%-5.2%5.5%-0.3%
QoQ Delta Rev Chg LTM--0.1%-0.1%1.4%-1.3%1.4%-0.1%
Op Inc Chg LTM-16.3%-1.7%-59.4%7.9%-53.2%12.4%-9.0%
Op Inc Chg 3Y Avg-25.9%16.3%-38.9%4.4%4.6%10.8%4.5%
Op Mgn LTM-26.1%1.0%25.7%4.5%38.6%25.7%
Op Mgn 3Y Avg-23.3%3.7%25.4%6.4%36.9%23.3%
QoQ Delta Op Mgn LTM--0.6%0.1%-1.1%-1.5%0.9%-0.6%
CFO/Rev LTM-22.3%16.9%26.3%5.9%35.1%22.3%
CFO/Rev 3Y Avg-20.6%15.6%27.1%6.9%31.6%20.6%
FCF/Rev LTM-18.5%13.4%19.7%4.1%31.5%18.5%
FCF/Rev 3Y Avg-16.2%12.4%20.6%4.6%27.9%16.2%

Valuation

ACHVPFEVTRSJNJPRGOPMMedian
NameAchieve .Pfizer Viatris Johnson .Perrigo Philip M. 
Mkt Cap0.6165.921.5644.72.1308.593.7
P/S-2.61.56.50.57.22.6
P/Op Inc-10.210.0142.025.311.618.515.1
P/EBIT-5.323.8-401.434.4-1.417.98.3
P/E-5.241.1-35.440.1-1.228.813.8
P/CFO-12.711.78.724.68.920.410.3
Total Yield-19.1%8.2%-0.2%4.4%-73.5%6.3%2.1%
Dividend Yield0.0%5.8%2.5%1.9%7.3%2.9%2.7%
FCF Yield 3Y Avg-18.2%6.5%12.4%4.0%7.1%4.6%5.6%
D/E0.00.40.60.11.50.20.3
Net D/E-0.30.30.50.01.30.10.2

Returns

ACHVPFEVTRSJNJPRGOPMMedian
NameAchieve .Pfizer Viatris Johnson .Perrigo Philip M. 
1M Rtn-9.2%5.9%6.8%5.0%9.5%3.9%5.4%
3M Rtn-2.6%11.1%15.8%4.6%24.8%6.1%8.6%
6M Rtn33.2%13.7%9.3%21.5%37.0%17.6%19.6%
12M Rtn29.4%26.6%80.4%47.1%11.1%38.1%33.7%
3Y Rtn52.6%13.2%130.7%92.1%-36.1%146.0%72.4%
1M Excs Rtn-10.4%5.4%8.5%5.0%6.8%4.1%5.2%
3M Excs Rtn-3.2%9.7%15.7%4.6%22.7%6.1%7.9%
6M Excs Rtn28.4%9.0%4.6%16.8%32.3%12.9%14.9%
12M Excs Rtn19.1%14.8%71.5%33.1%-30.1%25.4%22.3%
3Y Excs Rtn-24.7%-66.8%56.4%14.5%-115.5%69.2%-5.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2016
Single segment5
Total5


Assets by Segment
$ Mil20252024202320222021
Single segment4239193048
Total4239193048


Price Behavior

Price Behavior
Market Price$6.38 
Market Cap ($ Bil)0.6 
First Trading Date10/13/1995 
Distance from 52W High-25.3% 
   50 Days200 Days
DMA Price$7.34$5.66
DMA Trendindeterminateup
Distance from DMA-13.1%12.6%
 3M1YR
Volatility62.6%80.9%
Downside Capture114.31208.64
Upside Capture151.01222.78
Correlation (S&P 500)27.7%30.4%
ACHV Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.481.061.301.261.891.23
Up Beta5.092.42-0.05-0.320.871.00
Down Beta2.773.033.341.902.261.30
Up Capture-65%-24%123%235%376%199%
Bmk +ve Days12182862130427
Stock +ve Days7193063124366
Down Capture183%94%92%94%152%107%
Bmk -ve Days10253664121325
Stock -ve Days13213157119363

[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
ACHV32.7%80.9%0.69-
Sector ETF (XLV)29.2%16.9%1.3327.5%
Equity (SPY)9.5%13.6%0.4131.8%
Gold (GLD)3.6%28.7%0.1110.2%
Commodities (DBC)37.7%21.2%1.40-11.5%
Real Estate (VNQ)12.0%14.2%0.5523.9%
Bitcoin (BTCUSD)-20.8%43.3%-0.4223.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%0.3619.6%
Equity (SPY)11.3%17.3%0.4824.4%
Gold (GLD)17.5%19.1%0.746.6%
Commodities (DBC)8.0%19.6%0.293.5%
Real Estate (VNQ)1.2%18.9%-0.0518.3%
Bitcoin (BTCUSD)5.9%51.5%0.2913.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%0.6014.6%
Equity (SPY)14.9%18.0%0.7018.3%
Gold (GLD)12.0%16.5%0.594.9%
Commodities (DBC)7.6%18.1%0.338.9%
Real Estate (VNQ)5.7%20.7%0.2314.6%
Bitcoin (BTCUSD)61.3%66.2%1.018.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity17.8 Mil
Short Interest: % Change Since 93020261.9%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest13.8 days
Basic Shares Quantity93.5 Mil
Short % of Basic Shares19.0%

Earnings Returns History

Updated 9/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/2026-1.2%11.1%7.5%
5/12/20267.2%-14.7%2.9%
3/24/2026-28.4%-34.1%4.4%
11/6/2025-3.9%-4.3%-4.9%
8/7/20250.0%-3.8%7.2%
5/13/20256.9%33.5%44.0%
3/11/2025-4.6%-4.9%-35.5%
11/7/2024-7.4%-12.2%-8.8%
...
SUMMARY STATS   
# Positive111111
# Negative131313
Median Positive5.5%11.1%14.5%
Median Negative-3.7%-5.1%-8.8%
Max Positive12.7%33.5%75.7%
Max Negative-28.4%-34.1%-35.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/2026-1.2%11.1%7.5%
5/12/20267.2%-14.7%2.9%
3/24/2026-28.4%-34.1%4.4%
11/6/2025-3.9%-4.3%-4.9%
8/7/20250.0%-3.8%7.2%
5/13/20256.9%33.5%44.0%
3/11/2025-4.6%-4.9%-35.5%
11/7/2024-7.4%-12.2%-8.8%
8/13/20240.6%1.3%-0.1%
5/9/20241.8%11.9%18.1%
2/29/20249.1%8.1%13.1%
11/9/2023-1.9%22.7%30.1%
8/14/2023-3.0%-8.8%-9.2%
5/9/202312.7%-10.3%-32.9%
3/16/2023-2.0%6.1%75.7%
11/14/20225.5%13.6%14.5%
8/11/2022-3.8%-3.8%-10.6%
5/12/20223.9%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%
5/13/20214.6%3.2%-3.2%
3/11/2021-3.7%5.1%-8.4%
11/12/20207.4%-0.4%-13.1%
SUMMARY STATS   
# Positive111111
# Negative131313
Median Positive5.5%11.1%14.5%
Median Negative-3.7%-5.1%-8.8%
Max Positive12.7%33.5%75.7%
Max Negative-28.4%-34.1%-35.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/12/202610-Q
12/31/202503/24/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/13/202510-Q
12/31/202403/11/202510-K
09/30/202411/07/202410-Q
06/30/202408/13/202410-Q
03/31/202405/09/202410-Q
12/31/202303/28/202410-K
09/30/202311/09/202310-Q
06/30/202308/14/202310-Q
03/31/202305/09/202310-Q
12/31/202203/16/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/12/202610-Q
12/31/202503/24/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/13/202510-Q
12/31/202403/11/202510-K
09/30/202411/07/202410-Q
06/30/202408/13/202410-Q
03/31/202405/09/202410-Q
12/31/202303/28/202410-K
09/30/202311/09/202310-Q
06/30/202308/14/202310-Q
03/31/202305/09/202310-Q
12/31/202203/16/202310-K
09/30/202211/14/202210-Q
06/30/202208/11/202210-Q
03/31/202205/12/202210-Q
12/31/202103/10/202210-K
09/30/202111/09/202110-Q
06/30/202108/12/202110-Q
03/31/202105/13/202110-Q
12/31/202003/11/202110-K
09/30/202011/12/202010-Q
06/30/202008/06/202010-Q
03/31/202005/14/202010-Q
12/31/201903/13/202010-K
09/30/201911/06/201910-Q

Insider Activity

Updated 8/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stewart, Richard Alistair DirectSell82120268.4920,626175,1771,768,659Form
2Oki, Mark KChief Financial OfficerDirectSell92220252.9250,060146,175373,585Form
3Stewart, Richard AlistairChief Executive OfficerDirectSell92220252.92129,501378,143668,315Form
4Wan, JerryPrincipal Accounting OfficerDirectSell90820252.7714,07038,97490,562Form
5King, Thomas Braxton DirectSell90820252.77139,858387,407872,943Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stewart, Richard Alistair DirectSell82120268.4920,626175,1771,768,659Form
2Oki, Mark KChief Financial OfficerDirectSell92220252.9250,060146,175373,585Form
3Stewart, Richard AlistairChief Executive OfficerDirectSell92220252.92129,501378,143668,315Form
4Wan, JerryPrincipal Accounting OfficerDirectSell90820252.7714,07038,97490,562Form
5King, Thomas Braxton DirectSell90820252.77139,858387,407872,943Form
6Jacobs, CindyPresident & CMODirectSell90820252.7727,62976,532320,170Form
7Xinos, JaimeChief Commercial OfficerDirectSell90820252.7720,85457,766206,177Form
Core Cache Last Updated: 11/5/2026