Q1 2026 Earnings Wire, Tuesday May 5, 2026

7 names on the tape this morning. 3 beats, 1 met, 3 missed.

Beats

RYTM .. $93.87 .. Rhythm Pharmaceuticals. +9.7% intraday. IMCIVREE Q1 global revenue $60.1M, well above consensus near $55.8M. 150 patient start forms in the first six weeks of the acquired hypothalamic obesity launch following March 19 FDA approval. EU approval secured this quarter, Japan submission in flight. Cash $340.6M as of March 31. Adj EPS -$0.83 vs -$0.86 estimate. Commercial execution showing up.

KBR .. $36.59 .. KBR Inc. Down 5.4% intraday despite the EPS beat. Q1 net income and revenue both declined, market reading the top line softness and the Mission Technology Solutions spin runway as more important than the bottom line beat.

COGT .. $36.28 .. Cogent Biosciences. Beat by 1.85% on EPS, but the story is the catalyst stack. Two NDAs already under FDA review for bezuclastinib (GIST under RTOR with Breakthrough Designation, NonAdvSM with PDUFA December 30, 2026). Third NDA in advanced SM (APEX) submitting H1 2026. Phase 3 PEAK pivotal data in GIST gets an oral presentation at ASCO May 30. $866.4M cash into 2028 funds the dual commercial launch. Net loss $97.4M, R&D $75.4M, G&A scaled to $28.2M from $11.9M reflecting commercial build. Pipeline broadens with CGT4255 brain penetrant ErbB2 and CGT6297 PI3Kα both in Phase 1. Jefferies June 3.

Met

CMPX .. $1.94 .. Compass Therapeutics. Met at -$0.10. Tovecimig Phase 2/3 BTC story is materially stronger than the headline tape suggested. ORR 17.1% vs 5.3% paclitaxel alone (p=0.031), PFS 4.7 vs 2.6 months (HR=0.44, p<0.0001). OS analysis confounded by 31 patient crossover from control arm, median 8.9 months in the tovecimig arm. Crossover patients who later received tovecimig showed median OS 12.8 vs 6.1 months for non-crossover paclitaxel (HR=0.54, p=0.04). Pooled OS across all tovecimig-treated patients 9.8 months. Orphan Drug Designation granted April. BLA submission planned later in 2026. CTX-8371 PD-1 x PD-L1 bispecific gets ASCO 2026 poster with three deep responses (TNBC, NSCLC, HL) in post-checkpoint setting. CTX-10726 PD-1 x VEGF-A Phase 1 initiated with Q4 2026 readout. $195M cash into 2028.

Misses

ALKS .. $35.70 .. Alkermes. Up 4.5% intraday despite the EPS miss. Q1 EPS $0.40 missed consensus, revenue $392.9M beat. FY26 guidance raised, that is what the tape is trading. The headline 166.67% miss number is GAAP noise, the commercial story (Lumryz integration post-Avadel close, ALKS-2680 narcolepsy Phase 3 progression) is intact and the guide-up confirms it.

DTIL .. $7.36 .. Precision BioSciences. Down 3.6% on the print. Q1 revenue $10.838M beat estimates, EPS missed and net loss is the headline driving selling pressure. Genome editing on the ARCUS platform, lead programs PBGENE-HBV in chronic hepatitis B and PBGENE-DMD in DM1.

IDYA .. $28.92 .. IDEAYA Biosciences. Flat on the print. Q1 EPS missed by 11% near -$1.10 vs -$0.99 estimate, but the stock doesn't trade on the print. Phase 2/3 OptimUM-02 met its primary endpoint with darovasertib + crizotinib in metastatic uveal melanoma, full data at ASCO late-breaker. RTOR pre-submission begins this month, NDA target H2 2026. Cash ~$973M, multi-year runway. Pipeline broadens with IDE849 DLL3 TOP1 ADC heading to registrational by year-end and IDE034 B7H3/PTK7 bispecific ADC in Phase 1/2. Miami Tier 2 name still earning the multiple.

Summary

Best print of the morning was RYTM with +9.7% on a clean IMCIVREE beat and a real new indication ramping. Worst price action was KBR, market punishing the revenue print and the spin timeline despite the EPS beat. The earnings line was a sideshow for CMPX (the April 29 BTC readout is the real story and the data is stronger than the tape gave credit for), IDYA (April 13 OptimUM-02 readout already drove the move), and ALKS (revenue beat and FY26 raise outweighed the EPS miss). DTIL the cleanest small-cap miss with the price confirming. COGT waiting on regulatory milestones, not quarters.