Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
ACHIEVE LIFE SCIENCES, INC. (ACHV)
A forensic read on ACHIEVE LIFE SCIENCES, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-1.5
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-193.5%
ROE
$618M
Market cap
ACHIEVE LIFE SCIENCES, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -1.5, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-367%Return on invested capital.Return on invested capital is -367% and rising from -838% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+103.8%/yrShare-count dilution.Diluted share count changed +312% over the last 3 years to FY2025 (+103.8%/yr). The count is GROWING — existing holders are being diluted. That's ~103.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~312%.
Key fundamentals
Free Cash Flow$-49.5M
Return on Equity-254.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ACHIEVE LIFE SCIENCES, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ACHV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown