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Revenue collapsed to zero in 2026Q2 following Relyvrio's withdrawal, with gross margin at zero and net losses of -$43.4M, though R&D and SG&A cuts have narrowed operating losses from -$122.1M in 2024Q1 to -$45.7M.
Amylyx Pharmaceuticals, Inc. (AMLX) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 0 | 0 | 87.37M | 380.79M | 22.23M | 0 | 650K | 1.43M |
| Revenue Growth % | 100% | -100% | -77.06% | 1612.94% | - | -100% | -54.42% | - |
| Cost of Goods Sold | 20.06M | 525K | 42.16M | 25.44M | 2.99M | 0 | 24.59M | 11.9M |
| COGS % of Revenue | - | - | 48.25% | 6.68% | 13.46% | - | 3783.69% | 834.43% |
| Gross Profit | -20.06M | -525K | 45.22M | 355.35M | 19.24M | 0 | -23.94M | -10.47M |
| Gross Margin % | - | - | 51.75% | 93.32% | 86.54% | - | -3683.69% | -734.43% |
| Gross Profit Growth % | - | -101.16% | -87.28% | 1747.2% | - | 100% | -128.63% | - |
| Operating Expenses | 142.14M | 152.77M | 359.95M | 316.54M | 220.58M | 82.69M | 15.06M | 13.55M |
| OpEx % of Revenue | - | - | 411.97% | 83.13% | 992.25% | - | 2317.08% | 950.49% |
| Selling, General & Admin | 69.66M | 62.89M | 114.33M | 188.36M | 127.13M | 38.93M | 15.06M | 3.08M |
| SG&A % of Revenue | - | - | 130.86% | 49.47% | 571.88% | - | 2317.08% | 216.06% |
| Research & Development | 92.34M | 90.4M | 104.08M | 128.19M | 93.45M | 44.04M | 24.59M | 11.9M |
| R&D % of Revenue | - | - | 119.13% | 33.66% | 420.38% | - | 3783.69% | 834.43% |
| Other Operating Expenses | -1000K | 0 | 141.53M | 0 | 0 | -285K | -24.59M | -1.43M |
| Operating Income | -162.1M | -153.29M | -314.73M | 38.8M | -201.34M | -82.69M | -39.01M | -13.55M |
| Operating Margin % | - | - | -360.22% | 10.19% | -905.72% | - | -6000.77% | -950.49% |
| Operating Income Growth % | - | 51.29% | -911.12% | 119.27% | -143.49% | -111.99% | -187.77% | - |
| EBITDA | -161.74M | -152.77M | -313.83M | 39.89M | -200.85M | -82.64M | -39M | 0 |
| EBITDA Margin % | - | - | -359.19% | 10.48% | -903.53% | - | -6000.62% | - |
| EBITDA Growth % | 17.61% | 51.32% | -886.73% | 119.86% | -143.06% | -111.87% | - | - |
| D&A (Non-Cash Add-back) | 369K | 525K | 904K | 1.09M | 487K | 52K | 1K | 13.55M |
| EBIT | -150.15M | -144.69M | -291.88M | 54.3M | -197.6M | -87.93M | -39.01M | -12.44M |
| Net Interest Income | 10M | 9.3M | 13.81M | 16.16M | 4.29M | 36K | -2.27M | -1.1M |
| Interest Income | 10M | 9.3M | 13.81M | 16.16M | 4.29M | 36K | 14K | 176K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 2.29M | 1.28M |
| Other Income/Expense | 10.06M | 8.6M | 12.6M | 15.49M | 3.74M | -5.24M | -3.27M | -162K |
| Pretax Income | -152.05M | -144.69M | -302.14M | 54.3M | -197.6M | -87.93M | -42.28M | -13.72M |
| Pretax Margin % | - | - | -345.81% | 14.26% | -888.89% | - | -6504.62% | -961.85% |
| Income Tax | 46K | 46K | -393K | 5.03M | 774K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.03% | -0.03% | 0.13% | 9.26% | -0.39% | 0% | 0% | 0% |
| Net Income | -152.09M | -144.74M | -301.74M | 49.27M | -198.38M | -87.93M | -42.28M | -14.82M |
| Net Margin % | - | - | -345.36% | 12.94% | -892.38% | - | -6504.62% | -1038.99% |
| Net Income Growth % | 18.93% | 52.03% | -712.41% | 124.84% | -125.6% | -107.97% | -185.37% | - |
| Net Income (Continuing) | -152.09M | -144.74M | -301.74M | 49.27M | -198.38M | -87.93M | -42.28M | -13.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.37 | -1.53 | -4.43 | 0.70 | -2.98 | -1.52 | -0.79 | -0.26 |
| EPS Growth % | 43.6% | 65.46% | -732.86% | 123.49% | -96.05% | -92.41% | -203.85% | - |
| EPS (Basic) | - | -1.53 | -4.43 | 0.73 | -2.98 | -1.52 | -0.79 | -0.26 |
| Diluted Shares Outstanding | 111.2M | 94.57M | 68.14M | 69.99M | 66.51M | 57.86M | 56.47M | 56.47M |
| Basic Shares Outstanding | 111.2M | 94.57M | 68.14M | 67.23M | 66.51M | 57.86M | 56.47M | 56.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMLX stock.
For fiscal year 2025, Amylyx Pharmaceuticals, Inc. (AMLX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.4M in 2019.
Amylyx Pharmaceuticals, Inc. (AMLX) reported a net loss of $144.7M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Cash runway without revenue
Metrics are mathematically derived from official filings.
Revenue Collapse Post-Withdrawal
AMLX reported zero revenue in 2026Q2, following the voluntary withdrawal of Relyvrio, with revenue growth of -100% in 2025Q3 and -100.6% in 2024Q4, as per financial statements.
The company's top line has evaporated entirely, transitioning from $88.6M in 2024Q1 to nil by 2025Q3, reflecting the complete loss of commercial sales. This trajectory indicates a structural shift to a clinical-stage entity with no near-term revenue visibility, as the pipeline is years away from potential commercialization. Investors should monitor any future revenue recognition from partnerships or licensing, but none are currently evident.
Gross Margin Dissolution
Gross margin swung from -31.3% in 2024Q1 to -94.5% in 2024Q3, and now sits at zero with no revenue, as reported in quarterly filings.
The negative gross margins in 2024 were driven by inventory write-offs and product returns associated with the withdrawal, not operational inefficiency. With no sales, gross margin is undefined, but the historical data suggests that when the company had revenue, gross margins were high (100% in 2024Q4 on minimal revenue). The current absence of revenue makes margin analysis moot, but the cost structure remains heavy in R&D and SG&A.
Operating Leverage Inverted
Operating losses have narrowed from -$122.1M in 2024Q1 to -$45.7M in 2026Q2, but this reflects cost cuts, not revenue scaling, as per income statement data.
The company has reduced operating expenses significantly, with R&D down from $36.6M to $23.8M and SG&A down from $57.8M to $21.9M over the same period. This indicates a deliberate downsizing to align with the clinical-stage pivot, but without revenue, operating leverage is negative. The fixed-cost nature of R&D means that any future revenue would drop to the bottom line, but until then, losses will persist.
Losses Driven by Operating Costs
Net losses of -$43.4M in 2026Q2 are primarily from operating activities, with stock-based compensation of $8.3M, as per recent SEC filings.
The quality of earnings is poor, as the company is burning cash with no offsetting revenue. SBC represents a significant non-cash expense, but it is not the primary driver of losses; rather, it is the ongoing R&D and SG&A costs. The negative ROE of -61.6% underscores the erosion of shareholder value, and the lack of guidance suggests uncertainty about future cash needs.
R&D and SG&A Rationalization
R&D expenses have been cut from $36.6M in 2024Q1 to $23.8M in 2026Q2, while SG&A fell from $57.8M to $21.9M, as reported in quarterly statements.
The cost structure has been aggressively streamlined to preserve cash, with total operating expenses down from $94.4M to $45.7M over the period. This reflects the wind-down of commercial infrastructure and a focus on core clinical programs. However, R&D remains the largest cost line, indicating continued investment in the pipeline, which is essential for any future value creation.
The PHOENIX Trial Inflection
The defining inflection was the PHOENIX trial failure, which led to a -100% revenue growth in 2025Q3 and a shift to a clinical-stage model, as per financial data.
The failure of the Phase 3 PHOENIX trial in ALS triggered the voluntary withdrawal of Relyvrio, eliminating all revenue and forcing a strategic pivot to PSP and Wolfram syndrome. This event transformed the company from a commercial biotech to a cash-burning clinical entity, with lasting impacts on valuation and investor sentiment. The subsequent cost reductions and pipeline refocus are direct consequences of this inflection.
Cash Burn Without a Catalyst
Despite $226.6M in cash, AMLX's zero revenue and quarterly burn of ~$43M suggest a runway of only ~5 quarters, as per reported figures.
The company's cash position may appear supportive, but the ongoing burn rate without a near-term revenue catalyst could force a dilutive raise or strategic sale before the 2025-2026 data readouts. The lack of guidance in the latest earnings event (2026-08-06) may indicate management's uncertainty about the revised runway. Short-sellers could argue that the remaining pipeline, while biologically plausible, may not reach commercialization before capital is exhausted, making the current valuation vulnerable to further downside.