ACHVACHIEVE LIFE SCIENCES, INC.

In Vitro & In Vivo Diagnostic Substances

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $702M
Employees: —
Net debt / EBITDA: —
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
69% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$702M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$175K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	−$33M	−$42M	−$30M	−$40M	−$55M	37%
Operating cash flow	−$29M	−$38M	−$24M	−$30M	−$49M	66%
Capex	—	—	$21K	—	$3K
Stock-based comp	$2M	$3M	$3M	$5M	$9M	65%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 27, 2026	venBio Global Strategic Fund V, L.P.	SCHEDULE 13D	10.0%	Active
Apr 24, 2026	TPG GP A, LLC	SCHEDULE 13D	12.6%	Passive
Mar 23, 2023	DIALECTIC CAPITAL MANAGEMENT, LP	SC 13D/A	19.5%	Active
Mar 6, 2023	DIALECTIC CAPITAL MANAGEMENT, LP	SC 13D/A	19.5%	Active
Jan 20, 2023	DIALECTIC CAPITAL MANAGEMENT, LP	SC 13D	19.5%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $175K · 1
Net: −$175K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	203	—
FY2024	$3M	$2M	144	—
FY2023	$2M	$2M	168	—