Is Amylyx Pharmaceuticals’ (AMLX) New GLP-1 Rare Disease Bet Expanding or Diluting Its Core Strategy?

• Earlier in January 2026, Amylyx Pharmaceuticals announced it had selected AMX0318, a long-acting GLP-1 receptor antagonist discovered with Gubra A/S, as a development candidate for post-bariatric hypoglycemia and other rare diseases following extensive preclinical evaluation.
• The move expands Amylyx’s pipeline into GLP-1 biology and rare metabolic conditions, while triggering up to US$50 million in potential milestones and mid-single digit royalties to Gubra, including US$4 million tied to the handover of AMX0318.
• Next, we’ll examine how advancing AMX0318 toward IND-enabling studies could influence Amylyx’s investment narrative and perceived long-term growth options.

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What Is Amylyx Pharmaceuticals’ Investment Narrative?

To own Amylyx today, you have to believe the company can rebuild a sustainable business after discontinuing RELYVRIO/ALBRIOZA and operating with virtually no current revenue, despite a very strong 1-year share price run and ongoing losses. The near-term story still centers on clinical and regulatory milestones for avexitide in post-bariatric hypoglycemia and AMX0035 programs like HELIOS and ORION, which are likely to drive sentiment more than anything else. The new AMX0318 GLP-1 antagonist adds a second shot on goal in PBH and rare metabolic disease, modestly improving perceived pipeline depth but not changing the fact that Amylyx is unprofitable, forecast to have no revenue next year, and has recently diluted shareholders amid insider selling. In that sense, AMX0318 broadens options without removing the key risks.

Yet one emerging risk may matter more than the early excitement around AMX0318.

Amylyx Pharmaceuticals’ shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Three Simply Wall St Community fair values span roughly US$5.24 to US$52.44, underlining how differently private investors see Amylyx. Set that against the company’s lack of expected near-term revenue and reliance on clinical milestones, and it is clear you should compare several viewpoints before deciding how this story might fit in your portfolio.

Explore 3 other fair value estimates on Amylyx Pharmaceuticals – why the stock might be worth less than half the current price!

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
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Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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