Atrium Therapeutics, Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The balance sheet argues for green: $263.9m of cash without financial debt, equity of $214.6m, no going-concern warning and more than two years of arithmetic runway. What is missing for green is proven quality in the business itself: no candidate has ever reached a human being, the first trial participant is expected only at the end of 2026, and the decisive data arrive in the second half of 2027 at the earliest. That is the classic open operational question. For red, conversely, there is no substance risk: the dependence on Avidity for intellectual property is severe but contractually secured, and the cash carries the company well beyond the critical four quarters. That the stock trades below its cash balance is a price argument and irrelevant to this rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Atrium Therapeutics is the cardiology remainder of Avidity Biosciences that Novartis did not want in its acquisition — equipped with $270.0m of seed capital, two drug candidates and the agreements with Bristol Myers Squibb and Eli Lilly. As of 2026-06-30, $263.9m remained in cash and investments, more than the market value of roughly $225.8m at the closing price of 2026-08-21. The discount has documented reasons: the decisive intellectual property belongs to Avidity and therefore Novartis, which may compete on the same platform royalty-free; a five-year non-compete and a ten-year right of first negotiation narrow the field; all revenue hangs on one terminable partner; and 9.3 percent of additional shares arrive by March 2027. Whether the technology works inside a human heart will be decided in the second half of 2027 at the earliest. Not investment advice.
Balance sheet and financial strength
As of 2026-06-30 the balance sheet held $263.9m of cash and short-term investments without a dollar of financial debt, against equity of $214.6m. Operating cash outflow in the first half was $35.1m; the company confirms at least twelve months of runway, and the arithmetic suggests two and a half to three and a half years depending on adjustments. There is no going-concern warning.
Ownership of the technology
The Form 10-Q for the quarter ended 2026-06-30 records that much of the intellectual property material to the cardiology programs is owned by Avidity — a Novartis subsidiary since February 2026. Atrium holds only a license, Avidity is responsible for filing and enforcing the patents, and Atrium's own platform improvements must be assigned back on request without additional compensation.
Room to maneuver
The license agreement bars Atrium for five years from any RNA therapeutics business outside the cardiovascular field and permanently restricts platform use to that field thereafter. For ten years Avidity holds a right of first negotiation over development candidates and transactions — the report itself names the risk that this hinders strategic transactions stockholders may consider favorable.
Revenue base
Revenue in the second quarter and first half of 2026 came solely from the Bristol Myers Squibb agreement; no revenue was recognized from the Eli Lilly agreement in any reported period. The report's risk summary states that both partners may terminate for convenience. As of 2026-06-30 there was still $42.7m of deferred revenue outstanding.
Clinical evidence
The FDA cleared the IND for ATR 1072 on 2026-07-14 and Health Canada raised no objection. So far, however, only mouse and non-human primate data exist; no candidate has reached a human being. The first trial participant is expected by the end of 2026, first efficacy signals in the second half of 2027.
Dilution
1,590,677 shares promised in the spin-off must be settled no later than 2027-03-15 — 9.3 percent more shares with no capital coming in. Together with the 962,000 options and 431,000 stock units as of 2026-06-30 the count would reach roughly 20.09m rather than 17.11m. The 2026 plan had 171,394 shares available on 2026-06-30 and grows each January 1 from 2027 by up to five percent of shares outstanding.
Worth Noting
This analysis was triggered by our in-house scanner for unusual investor-forum mentions flagging the RNA ticker on August 23, 2026.
Risk of confusion: until February 2026 the RNA ticker belonged to Avidity Biosciences (SEC identifier 0001599901), today an indirect Novartis subsidiary. Atrium Therapeutics carries the new identifier 0002093101. In August 2026 some master-data providers still listed legacy Avidity records under RNA — for instance 511 employees and a 2013 IPO date. In fact there are 47 employees, and trading began on February 27, 2026.
Data as of August 23, 2026. The 2024 and 2025 annual figures come from the Form 10-12B/A registration statement and are carve-out figures from Avidity's consolidated accounts. They were certified by two auditors: BDO USA, P.C. on 2025-12-10 for 2023 and 2024, and Deloitte & Touche LLP on 2026-02-17 for 2025. They describe the business as part of a group, not as a standalone company. There is no annual report (10-K) as a standalone company yet.
Currency check: the most recent quarterly report (10-Q filed 2026-08-13) was reviewed together with the results announcement filed the same day (Form 8-K, Item 2.02) and every filing received afterwards — three ownership filings dated 2026-08-14. No further filings existed as of the data date.
Price and market value figures are based on fundamental data. The market value was cross-checked against the share count on the cover of the quarterly report (17,105,643 shares as of 2026-08-03): 17,105,643 times $13.20 gives $225.8m and matches the data provider's figure.
Stock Watch
This analysis is as of August 23, 2026. Stock Watch will tell you what's changed at RNA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.20 $ to 16.50 $ · Last price: 8.10 $ (As of: October 1, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/01/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Atrium Therapeutics, Inc. RNA | 0.1 | – | -5.7 | -56.4 | -752.9 | 70.9 | – |
| Vertex Pharmaceuticals Inc VRTX | 128.2 | 30.8 | 24.4 | 55.0 | 38.1 | 9.6 | 25.4 |
| Regeneron Pharmaceuticals Inc REGN | 76.3 | 18.5 | 13.5 | 44.5 | 20.7 | 1.0 | 35.6 |
| Moderna Inc MRNA | 74.9 | – | 4.6 | -66.0 | -131.1 | -39.2 | 584.6 |
| argenx NV ARGX | 58.2 | 35.8 | 30.7 | 59.1 | 32.0 | 89.6 | 30.0 |
| Revolution Medicines Inc RVMD | 42.8 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 339.5 |
| BeiGene, Ltd. ONC | 40.6 | 64.1 | 33.7 | 88.9 | 19.1 | 40.2 | 7.4 |
| Royalty Pharma Plc RPRX | 31.7 | 31.1 | 19.2 | 95.8 | 100.3 | 5.1 | 61.8 |
| Alnylam Pharmaceuticals Inc ALNY | 30.7 | 58.2 | 28.6 | 79.7 | 23.0 | 65.2 | -45.9 |
| Median of companies shown | 42.8 | 33.4 | 19.2 | 55.0 | 20.7 | 9.6 | 32.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2012 | 10 | – | – | – | – | 21 | 62 |
| 2013 | 13 | – | – | – | – | 87 | 125 |
| 2018 | 0 | -11 | -12 | -0.58 | -10 | -41 | 4 |
| 2019 | 2 | -17 | -25 | -0.66 | 2 | -65 | 97 |
| 2020 | 7 | -44 | -44 | -2.03 | -37 | 306 | 334 |
| 2021 | 9 | -118 | -117 | -2.83 | -95 | 381 | 428 |
| 2022 | 9 | -179 | -169 | -3.24 | -136 | 578 | 639 |
| 2023 | 10 | -236 | -212 | -2.91 | -119 | 501 | 629 |
| 2024 | 11 | -379 | -322 | -2.89 | -301 | 1,425 | 1,564 |
| 2025 | 19 | -77 | -77 | -4.48 | -41 | 207 | 278 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.65 | 1.50 | 2 | -11.70 | -3,461.80 | -65 | -66 |
| 2024: Q3 | -0.65 | 8.50 | 2 | -17.10 | -3,441.70 | -66 | -67 |
| 2024: Q4 | -0.80 | -1.30 | 3 | 35.60 | -3,439.50 | -100 | -104 |
| 2025: Q1 | -0.90 | -13.90 | 2 | -55.60 | -7,360.00 | -125 | -129 |
| 2025: Q2 | -1.21 | -86.20 | 4 | 88.10 | -4,089.30 | -200 | -203 |
| 2025: Q3 | -1.27 | -95.40 | 13 | 434.00 | -1,398.30 | -156 | -160 |
| 2025: Q4 | -1.59 | -98.80 | 1 | -71.10 | -5,595.90 | -19 | -20 |
| 2026: Q1 | -0.97 | -7.80 | 20 | 1,148.30 | -84.70 | -31 | -33 |
| 2026: Q2 | -1.18 | 2.50 | 3 | -21.90 | -672.00 | -4 | -4 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -4.55 | -4.55 – -4.55 | 34 | 8.0% | 1 |
| 12/31/2027 | -8.06 | -8.06 – -8.06 | 2 | -77.1% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Atrium Therapeutics verkauft keine KI, sondern setzt sie als Werkzeug in der eigenen Wirkstoffforschung ein: Die Quartalsberichte nennen Datenwissenschaft, maschinelles Lernen und KI ausdrücklich als Bestandteil der RNA-Transportplattform und beschreiben KI-gestützte Forschungs- und Entwicklungsprozesse.
View the full file — quotes, sources, reviewed filings
„We leverage data science, machine learning, AI, and other emerging technologies across various aspects of our business and operations, including specifically with respect to the RNA delivery platform."
Wir setzen Datenwissenschaft, maschinelles Lernen, KI und andere aufkommende Technologien in verschiedenen Bereichen unseres Geschäfts und unserer Abläufe ein, insbesondere mit Blick auf die RNA-Transportplattform.
10-Q · 2026-08-13 · View SEC filing
„Achieving desired levels of accuracy, efficiency, and reliability in AI-driven research and development processes can be particularly challenging."
Die gewünschte Genauigkeit, Effizienz und Verlässlichkeit in KI-gesteuerten Forschungs- und Entwicklungsprozessen zu erreichen, kann besonders anspruchsvoll sein.
10-Q · 2026-08-13 · View SEC filing
Filings Reviewed: 10-Q 2026-08-13 · 10-Q 2026-05-14 · 10-12B/A 2026-02-17 · 8-K 2026-08-13 · 8-K 2026-07-14 · 10-12B 2025-12-10
Rated on August 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 26.4%
- More than 10% revenue growth is expected for the coming year -39.6%
- Share count grows by less than 3% a year -31.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -157.8%
- Gross margin at 40% or higher and without meaningful erosion 100.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 266 m net cash
- Operating cash flow covers the profits of the last three years 150 m
- Return on capital at 15% or higher, or up versus two years ago -32.5%
- Insiders hold at least 10% or are net buyers 4.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 4.6%
- Exp. sales growth 3Y > 5% -67.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -67.2%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -37.0%
- ROCE > 15% -32.5%
- Expected return > 10% -77.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | Younis Husam | Chief Scientific Officer | Other | 11,216 | 8.95 | 100,383 |
| Sep 18, 2026 | Hughes Steven George | Chief Medical Officer | Other | 21,459 | 8.95 | 192,058 |
| Sep 18, 2026 | Flanagan W. Michael | Director | Other | 22,812 | 8.95 | 204,167 |
| Sep 18, 2026 | Boyce Sarah | Director | Other | 126,418 | 8.95 | 1,131,441 |
| Sep 18, 2026 | Kenney Stephanie | See Remarks | Other | 2,375 | 8.95 | 21,256 |
| Sep 18, 2026 | Gallagher Kathleen P. | See Remarks | Other | 11,632 | 8.95 | 104,106 |
| Sep 18, 2026 | Winslow Brendan R. | Chief Financial Officer | Other | 6,742 | 8.95 | 60,341 |
| Sep 18, 2026 | Hoyos Rocio Martin | Chief Strategy Officer | Other | 8,320 | 8.95 | 74,464 |
The company
About the Company
Atrium Therapeutics, Inc., a biopharmaceutical company, focuses on delivering ribonucleic acid (RNA) therapeutics to the heart to transform the care for people living with cardiomyopathies. The company's development stage product candidates include ATR 1072, a siRNA-based therapy targeting PRKAG2 for the treatment of PRKAG2 syndrome; and ATR 1086, a siRNA-based therapy targeting PLN for the treatment of PLN cardiomyopathy. It also focuses on pipeline to treat a range of genetic and cardiac diseases. It has a research collaboration and license agreement with Bristol-Myers Squibb Company and Eli Lilly and Company. The company was incorporated in 2025 and is headquartered in San Diego, California.
- Employees
- 511
- Headquarters
- San Diego, CA
- Address
- 10578 Science Center Drive, 92121 San Diego, United States
- Phone
- 619 876 0700
- Website
- atriumtherapeutics.com
- IPO Date
- 06/28/2013
- ISIN
- US04965N1046
Management
| Name | Title | Birth Year |
|---|---|---|
| Kathleen P. Gallagher | President, CEO & Director | 1981 |
| Brendan Winslow | Chief Financial Officer | 1988 |
| Husam Younis Ph.D., Pharm.D. | Chief Scientific Officer | 1974 |
| Stephanie Kenney | Chief Corporate Affairs Officer | 1978 |
| Steven George Hughes M.B.A., M.D. | Chief Medical Officer | 1967 |
| Rocio Martin Hoyos | Chief Strategy Officer | 1983 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/13/2026 Atrium Therapeutics, Inc. (RNA): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: October 1, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.