Amylyx launches public offering of common stock

CAMBRIDGE, Mass. - Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) announced Tuesday it has commenced an underwritten public offering of shares of its common stock. The biopharmaceutical company, currently valued at $931 million and trading near its 52-week high of $10.55, intends to grant underwriters a 30-day option to purchase additional shares representing up to 15% of the offering at the public offering price. The stock has shown remarkable strength, delivering a 176% return year-to-date.

The company plans to use proceeds from the offering, along with existing cash reserves, to fund Avexitide commercial readiness, research and development activities, and working capital needs. According to InvestingPro data, Amylyx maintains a strong financial position with a healthy current ratio of 8.72 and carries minimal debt, earning a "GOOD" overall Financial Health rating.

Leerink Partners and Guggenheim Securities are serving as lead bookrunning managers for the offering, with H.C. Wainwright & Co. acting as lead manager.

The shares are being offered through a shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission in March 2025 and declared effective on March 26, 2025.

Amylyx noted that the offering is subject to market and other conditions, with no assurance regarding completion timing, size, or terms.

The company describes itself as focused on treating diseases with high unmet needs, currently investigating three therapies across several endocrine and neurodegenerative diseases.

This announcement comes as the company continues developing its pipeline of potential treatments. The information is based on a press release statement from Amylyx Pharmaceuticals.

In other recent news, Amylyx Pharmaceuticals announced it is discontinuing its ORION program for AMX0035 in progressive supranuclear palsy (PSP) after the drug failed to show efficacy compared to placebo in a Phase 2b trial. The company decided to halt both the current trial and its open-label extension, and it will not proceed with the planned Phase 3 portion of the program. Despite this development, Goldman Sachs maintained its Buy rating on Amylyx, viewing the decision as a "neutral-to-slightly positive strategic update." Meanwhile, Mizuho raised its price target for Amylyx Pharmaceuticals to $12.00 from $8.00, citing an improved outlook for the company’s lead asset, avexitide, in post-bariatric hypoglycemia (PBH). Mizuho increased its market share assumption for avexitide to 45%. Furthermore, TD Cowen reiterated a Buy rating on Amylyx, emphasizing avexitide’s potential following new analyses from its Phase II program. These analyses were presented at the ENDO conference, showing significant reductions in hypoglycemia events with avexitide.

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