AMLX

Amylyx is no longer a commercial company — it's a four-asset clinical-stage pipeline (avexitide in PBH, AMX0035 in Wolfram syndrome, AMX0114 in ALS, AMX0318) after RELYVRIO's withdrawal. The financials confirm the reset: FY2025 revenue was $0.00 (down 100% YoY), versus $381M back in FY2023 and $87.4M in FY2024. There is no recurring business to value here — the entire equity is an option on trials whose probability of success the filings give us no basis to assess. That is precisely the 'unknowable risk' the rubric treats as not-investable, regardless of how cheap or expensive the stock looks.

The balance sheet, to its credit, is a fortress for a company this size: $227M cash and equivalents (up 192.9% YoY) plus marketable securities for $317.0M total per the MD&A, against just $27.4M of total liabilities — a liabilities/equity ratio of 0.09x. Management states this funds operations into 2028, and the FY2025 net loss of -$145M actually narrowed 52% YoY with operating cash burn of -$123M. So solvency is not the near-term worry. But that cash is being consumed, not compounded: ROE is -47.4%, R&D was $90.4M, and shares outstanding rose 24.8% YoY to 111M — meaning holders are being diluted to fund the burn, and likely will be again before any pivotal readout.