Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026

Amylyx Pharmaceuticals, Inc. (AMLX)

A forensic read on Amylyx Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

7.2

Distress distance

Forensic signals

-61.6%

ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Amylyx Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 7.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+16.2%/yr

FY2023–FY2025

Share-count dilution. Diluted share count changed +35% over the last 2 years to FY2025 (+16.2%/yr). The count is growing — 70.0M shares in FY2023, 94.6M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~16.2% 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 FY2023 has been diluted ~26%.

10% of rev

FY2023

Stock-based comp load. Stock-based compensation ran 10% of revenue and 348% of free cash flow in FY2023 — about $0.53 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 16.2% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$380.8M

Net Margin12.9%

Free Cash Flow-$123.5M

Return on Equity-61.6%

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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