olivLaw · US equity research
Autolus Therapeutics plc AUTL
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Autolus Therapeutics is an early commercial-stage biopharmaceutical company that develops and manufactures next-generation programmed T cell therapies for cancer and autoimmune diseases, with its approved product AUCATZYL authorised for adults with relapsed or refractory B-cell precursor ALL. Product sales grew quickly through 2026 and the company raised its revenue guidance, while it still reports net losses and strengthens its financing. What matters now is whether quarterly sales of 45.7 million USD and a 55% gross margin in the second quarter of 2026 can be sustained.
At the close of 02 Nov 2026, Autolus Therapeutics plc (AUTL) stock was 1.42 USD (−6.58% on the day), with market capitalisation 378.0 m USD, beta 1.46, 52-week range 1.21–2.54 USD. Latest reported quarter (Q2 2026): revenue of 45.7 m USD (+118.4% YoY), net income of -39.1 m USD, diluted EPS -0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.9
- weak (30–45)
- Bollinger (20, 2)
- 1.43 – 1.85
- below the lower band · %B -0.02 · band width 25.7%
- SMA 50 / 200
- 1.89 / 1.67
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.2% | −2.3% | −17.9 pp | — |
| 3 months | −22.0% | −0.8% | −21.2 pp | — |
| 6 months | −9.6% | +4.7% | −14.3 pp | — |
| Year to date | −28.6% | +10.2% | −38.8 pp | — |
| 1 year | −8.4% | +10.3% | −18.6 pp | −15.6% |
| 3 years | −65.3% | +73.0% | −138.3 pp | −25.1% |
| 5 years | −76.1% | +61.8% | −137.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 29.0 k | 9.0 m | 20.9 m | 21.2 m | 24.3 m | 26.2 m | 45.7 m |
| Cost of revenue | 0 | 11.4 m | 18.0 m | 24.4 m | 28.6 m | 25.3 m | 24.6 m | 20.5 m |
| Research & development | 40.3 m | 30.8 m | 26.7 m | 27.4 m | 27.9 m | 35.6 m | 21.2 m | 27.9 m |
| SG&A | 27.3 m | 34.3 m | 29.5 m | 30.3 m | 36.3 m | 35.8 m | 40.0 m | 41.2 m |
| Operating income | -67.9 m | -75.9 m | -65.2 m | -61.2 m | -71.6 m | -72.5 m | -59.5 m | -43.8 m |
| Depreciation & amortisation | 1.9 m ≈ | 1.9 m | 2.0 m | 2.1 m ≈ | 2.1 m ≈ | 2.1 m | 2.2 m | 2.2 m ≈ |
| Interest expense | 10.7 m | -30.8 m | 10.1 m | -6.8 m | 10.5 m | 22.8 m | 11.1 m | -2.7 m |
| Pre-tax income | -82.1 m | -26.1 m | -67.9 m | -47.5 m | -78.6 m | -91.5 m | -70.7 m | -38.6 m |
| Income tax | 22.0 k | 1.5 m | 2.2 m | 397.0 k | 532.0 k | -1.2 m | 863.0 k | 465.0 k |
| Net income | -82.1 m | -27.6 m | -70.2 m | -47.9 m | -79.1 m | -90.3 m | -71.6 m | -39.1 m |
| Diluted EPS | -0.31 | -0.10 ≈ | -0.26 | -0.18 | -0.30 | -0.34 ≈ | -0.27 | -0.15 |
| Operating cash flow | -76.7 m ≈ | -37.9 m | -75.6 m | -72.8 m ≈ | -67.9 m ≈ | -67.3 m | -65.3 m | -25.1 m ≈ |
| Capex | 9.6 m ≈ | 11.1 m | 8.2 m | 7.3 m ≈ | 4.4 m ≈ | -885.0 k | 2.7 m | 913.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 m | 2.9 m | unavailable | unavailable | unavailable | 1.7 m | 10.1 m | 75.4 m |
| Revenue YoY | −16.9% | +106.7% | unavailable | unavailable | unavailable | unavailable | +496.0% | +644.9% |
| Net income | -44.8 m | -123.8 m | -142.1 m | -142.1 m | -148.8 m | -208.4 m | -220.7 m | -287.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -2.88 | -2.76 | -1.97 | -1.57 | -1.20 | -0.86 | -1.08 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -3,180.6% | -4,258.9% | unavailable | unavailable | unavailable | -12,272.3% | -2,180.5% | -381.4% |
| Free cash flow | -40.7 m | -119.8 m | -132.4 m | -126.7 m | -123.1 m | -156.6 m | -228.3 m | -302.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 104.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 178.1 m USD
- Total assets
- 589.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.94x
- ROE
- -95.0%
- ROA
- -41.9%
- FCF margin
- -401.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | 1.7 m | 10.1 m | 75.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Cost of revenue | — | — | — | 0 | 11.4 m | 96.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Gross profit | — | — | — | 1.7 m ≈ | -1.3 m ≈ | -21.0 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Research & development | 134.9 m | 110.8 m | 117.4 m | 130.5 m | 138.4 m | 117.7 m | SEC (XBRL)· 27 Mar 2026verified |
| SG&A | — | — | — | 46.7 m | 101.7 m | 131.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Operating income | -168.1 m | -141.1 m | -143.4 m | -179.7 m | -241.4 m | -270.5 m | SEC (XBRL)· 27 Mar 2026verified |
| Depreciation & amortisation | 5.7 m | 8.5 m | 7.4 m | 6.6 m | 7.6 m | 8.3 m | SEC (XBRL)· 27 Mar 2026verified |
| EBITDA | -162.5 m ≈ | -132.6 m ≈ | -136.0 m ≈ | -173.1 m ≈ | -233.9 m ≈ | -262.2 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Interest expense | 0 | 1.1 m | 8.9 m | 45.1 m | 9.3 m | 36.7 m | SEC (XBRL)· 27 Mar 2026verified |
| Pre-tax income | -166.3 m | -142.0 m | -148.6 m | -208.4 m | -219.1 m | -285.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Income tax | -24.2 m | 58.0 k | 272.0 k | -19.0 k | 1.5 m | 2.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Net income | -142.1 m | -142.1 m | -148.8 m | -208.4 m | -220.7 m | -287.5 m | SEC (XBRL)· 27 Mar 2026verified |
| Diluted EPS | -2.76 | -1.97 | -1.57 | -1.20 | -0.86 | -1.08 | SEC (XBRL)· 27 Mar 2026verified |
| Weighted average diluted shares | 51.6 m | 72.1 m | 95.0 m | 173.9 m | 255.2 m | 266.1 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 154.1 m | 310.3 m | 382.4 m | 239.6 m | 227.4 m | 104.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Receivables | — | 0 | 121.0 k | 109.0 k | 15.0 k | 24.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Inventories | — | — | — | 0 | 4.1 m | 33.2 m | SEC (XBRL)· 27 Mar 2026verified |
| Current assets | 197.0 m | 347.0 m | 425.8 m | 275.3 m | 660.9 m | 435.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Property, plant & equipment, net | 38.0 m | 33.5 m | 35.2 m | 34.9 m | 49.6 m | 63.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Intangibles (excl. goodwill) | 158.0 k | 65.0 k | 0 | 0 | 12.4 m | 19.8 m | SEC (XBRL)· 27 Mar 2026verified |
| Total assets | 294.2 m | 405.6 m | 490.3 m | 375.4 m | 782.7 m | 589.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Accounts payable | 2.3 m | 431.0 k | 531.0 k | 103.0 k | 2.0 m | 3.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Current liabilities | 33.6 m | 28.6 m | 46.4 m | 44.7 m | 60.7 m | 73.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Total liabilities | 84.2 m | 92.2 m | 191.6 m | 263.9 m | 355.4 m | 410.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Equity | 210.0 m † | 313.3 m † | 298.7 m † | 111.5 m † | 427.3 m † | 178.1 m † | SEC (XBRL)· 27 Mar 2026verified |
| Shares outstanding at year end | 52.3 m | 90.9 m | 173.1 m | — | — | — | SEC (XBRL)· 07 Mar 2023verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -117.8 m | -117.9 m | -112.3 m | -145.6 m | -206.3 m | -283.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Capex | 14.7 m | 8.9 m | 10.8 m | 11.0 m | 22.1 m | 19.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Free cash flow | -132.4 m ≈ | -126.7 m ≈ | -123.1 m ≈ | -156.6 m ≈ | -228.3 m ≈ | -302.6 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Investing cash flow | -14.7 m | -8.9 m | -10.8 m | -11.0 m | -394.6 m | 158.5 m | SEC (XBRL)· 27 Mar 2026verified |
| Financing cash flow | 74.4 m | 284.1 m | 223.6 m | -883.0 k | 589.6 m | -4.3 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 378.0 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -238.7% | 45 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.9x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -61.6% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial45/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Autolus Therapeutics plc (AUTL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 75.4 m USD in 2025; YoY growth 644.9%; net margin -238.7%; ROE -133.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.9x
What contradicts it
- Interest coverage: -5.9x
- FCF yield: -61.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 251.6 bn | 28.9 | 91.5% | 23.0% | +10.0% | +35% / +73% |
| GILDGilead Sciences, Inc. | 211.3 bn | — | -22.3% | -12.5% | +2.4% | +35% / +122% |
| MRNAModerna, Inc. | 88.2 bn | — | -39.0% | -141.4% | −39.9% | +750% / +184% |
| RVMDRevolution Medicines, Inc. | 40.3 bn | — | -79.1% | — | unavailable | +142% / +707% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| EXELExelixis, Inc. | 17.1 bn | 21.0 | 44.3% | 35.5% | +7.0% | +59% / +222% |
| NBIXNeurocrine Biosciences, Inc. | 14.7 bn | 21.6 | 20.4% | 19.0% | +21.4% | −4% / +25% |
| RGENRepligen Corp | 11.1 bn | — | -0.6% | -1.5% | +16.4% | +1% / +10% |
| QGENQiagen N.V. | 10.9 bn | 26.0 | 11.6% | 20.3% | +5.7% | +5% / +19% |
| CRSPCrispr Therapeutics AG | 4.8 bn | — | -25.6% | -1,812.1% | −90.6% | −7% / −25% |
| IOVAIovance Biotherapeutics, Inc. | 3.6 bn | — | -40.4% | -89.1% | +60.6% | +225% / +32% |
| BEAMBeam Therapeutics Inc. | 2.7 bn | — | -8.1% | -54.7% | +120.0% | +2% / −8% |
| RXRXRecursion Pharmaceuticals, Inc. | 2.4 bn | — | -48.7% | -697.1% | +26.9% | −17% / −44% |
| MAZEMaze Therapeutics, Inc. | 1.7 bn | — | -37.3% | -5,343.6% | unavailable | −20% / unavailable |
| NVAXNovavax Inc | 1.6 bn | — | — | -59.9% | +64.7% | +35% / +73% |
| ALVOAlvotech | 1.4 bn | 44.8 | — | 4.8% | +19.7% | −12% / −53% |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −51% / −93% |
| DNAGinkgo Bioworks Holdings, Inc. | 627.6 m | — | -56.3% | -260.0% | −25.1% | +6% / −81% |
| RGNXREGENXBIO Inc. | 472.7 m | — | -137.6% | -112.6% | +104.5% | −47% / −63% |
| AUTLAutolus Therapeutics plc | 378.0 m | — | -133.0% | -238.7% | +644.9% | −8% / −65% |
| FENCFennec Pharmaceuticals Inc. | 369.6 m | — | -18.6% | -5.5% | −6.1% | +29% / +23% |
| SRZNSurrozen, Inc. | 341.1 m | — | — | -2,885.3% | −67.4% | +75% / +303% |
| XFORX4 Pharmaceuticals, Inc | 332.1 m | — | -113.1% | -1,040.1% | +150.0% | −8% / −86% |
| ALGSAligos Therapeutics, Inc. | 196.0 m | — | -113.6% | -2,031.1% | −39.5% | −52% / −74% |
| CGENCompugen Ltd | 187.2 m | 5.2 | 44.8% | 48.6% | +161.1% | +27% / +200% |
1- and 3-year price returns: for AUTL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Autolus Therapeutics is an early commercial-stage biopharmaceutical company that develops and manufactures next-generation programmed T cell therapies for cancer and autoimmune diseases, with its approved product AUCATZYL authorised for adults with relapsed or refractory B-cell precursor ALL 1. Product sales grew quickly through 2026 and the company raised its revenue guidance, while it still reports net losses and strengthens its financing 123. What matters now is whether quarterly sales of 45.7 million USD and a 55% gross margin in the second quarter of 2026 can be sustained 23.
SWOT
Strengths
- The company has a product approved in the US, UK and EU, with rapidly growing sales and a rising gross margin 123. It holds proprietary T cell programming technologies and owns a manufacturing site 1.
- Real-world registry and clinical data support obe-cel's safety profile, which could support uptake in new centres 12. The company also received the Prix Galien UK award for best biotechnology product 2.
- A multi-indication pipeline offers expansion options that do not depend on a single product 12.
Weaknesses
- The company reports large net losses and a significant accumulated deficit, and it has not yet reached profitability 12.
- Dependence on one commercial product, AUCATZYL, exposes the company to adoption and pricing risk 1.
- Gross margin was negative in the 2025 quarters and remained low in the first quarter of 2026, showing the fragility of the production economics 23.
Opportunities
Risks
- Continuing losses and need for fundinghigh
The company is not yet profitable and says losses will continue for the foreseeable future, which could force further equity or debt issuance 12. If financing is not available on acceptable terms, programmes could be delayed or reduced 1.
- Market uptake of AUCATZYLhigh
Commercial success depends on acceptance by physicians, patients and payers, and slower uptake than expected could limit revenue 13.
- Payment obligations to partnersmedium
The Blackstone and BioNTech agreements involve milestone and revenue-sharing payments that could increase cash requirements and affect liquidity 1.
- Manufacturing and supply chain risksmedium
Autologous cell production is complex, and problems at the Stevenage facility could affect deliveries and margin 13.
- Regulatory and clinical riskslow
Studies for new indications could require additional trials or produce unfavourable results, delaying or halting development 12.
Investment thesis
What would need to be true (bull case)
- Sales grew quickly, gross margin rose sharply and 2026 guidance was raised, which could signal a commercial inflection point if the trend continues 23.
- Favourable clinical data in lupus, multiple sclerosis and paediatric ALL could expand the commercial potential beyond the current indication 23.
- The credit facility and cost reductions could extend financial runway until AUCATZYL becomes more profitable 3.
What would break the thesis
- The company is not yet profitable, and large losses and an accumulated deficit remain, which could force further dilutive financing 12.
- Dependence on one product and on adoption in specialist centres could limit growth if the market matures more slowly 12.
- Competition from large companies with CAR T and T cell engager therapies could reduce market share and pressure prices 1.
What to watch
- AUCATZYL net sales in Q3 2026 and delivery against the 140-150 million USD guidanceQ3 2026
- Longer-term follow-up from the CARLYSLE lupus study and initial ALARIC amyloidosis datayear-end 2026
- First preliminary results from the BOBCAT study in progressive multiple sclerosisQ1 2027
- Phase 2 CATULUS data in paediatric ALL and progress of gross margin toward the peak estimate2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Autolus is an early commercial-stage biopharmaceutical company that develops, manufactures and delivers next-generation programmed T cell therapies for cancer and autoimmune diseases, using proprietary and modular T cell programming technologies 1. Its approved product, AUCATZYL (obe-cel), received FDA approval in November 2024 for adults with relapsed or refractory B-cell precursor ALL, and the US launch took place in January 2025 1. The company relies on its own manufacturing site in Stevenage, UK, and on a commercial distribution partner in the United States 1.
The core activity centres on obe-cel, a CD19 chimeric antigen receptor with a fast target binding off-rate designed to limit excessive T cell activation 1. Beyond adult ALL, the company is extending obe-cel into paediatric B-ALL and B-cell non-Hodgkin lymphoma, lupus nephritis, progressive multiple sclerosis and other indications, while a separate programme, AUTO8, targets light-chain amyloidosis 12. Partnerships with BioNTech and Blackstone provided funding and rights over future revenues, with later payment obligations 1.
Segments
Obe-cel pipeline and other programmes
The pipeline includes paediatric ALL, lupus nephritis (pivotal LUMINA study, data expected in 2028), progressive multiple sclerosis (BOBCAT study, first preliminary results planned for Q1 2027) and the AUTO8 programme in light-chain amyloidosis 23. The company does not expect sales from other jurisdictions or other programmes to be material in the near term 1.
Market context
The company operates in T cell therapy for haematological cancers and autoimmune diseases, where existing treatments such as checkpoint inhibitors and B cell depleting antibodies have limits in efficacy and durability 1. The relapsed ALL market remains characterised by unmet medical need, as patients who relapse typically have poor outcomes 1. The company also describes growing interest in CAR T treatments for autoimmune diseases, based on early data from small studies 1.
Market uptake depends on the number of authorised centres, reimbursement access and production cost. Autolus reports that sales grew both within existing centres and through expansion into new centres, and registry data from ROCCA, covering approximately 60% of US commercial patients, support the safety profile 12. In Europe the launch is on hold while pricing and feasibility of market entry are still being evaluated 1.
Trends
- Rising AUCATZYL sales and improving margintailwind
Sales grew and gross margin rose from 6% in the first quarter to 55% in the second quarter of 2026, driven by higher volumes and lower cost per batch 3. If this trend continues, the margin could converge toward the company's peak estimate for adult ALL, although the company presents this as a target rather than a guarantee 3.
- Stronger financing through credit and cost reductionmixed
The Perceptive credit facility, with further tranches conditional on revenue milestones, and the workforce reduction could extend financial runway if sales follow guidance 23. The company estimates its funds are sufficient into Q2 2028, assuming current operating plans hold 3.
- Clinical data for new indicationsmixed
Data from the paediatric, lupus, multiple sclerosis and amyloidosis programmes are expected at different times between year-end 2026 and 2028 23. Favourable results could open new markets, while delays or negative results could postpone any additional revenue 1.
Competitive position
The official sources specifically name the approved CD19 CAR T therapies Kymriah, Yescarta, Tecartus and Breyanzi, developed by Novartis, Kite Pharma and Bristol Myers Squibb, as well as blinatumomab, a CD19 bispecific T cell engager from Amgen, all approved for ALL or B-cell lymphoma 1. Competition also includes the anti-CD20 and anti-BAFF antibodies used in autoimmune disease 1. The company's differentiation rests on fast target binding kinetics and its reported safety profile 1.
Over the longer term, competitors with CAR T and T cell engager therapies across several indications could limit AUCATZYL's market share, particularly if they obtain comparable data or cost advantages 1. The company also notes that partners such as BioNTech hold rights to related products, which adds a competitive dimension 1.
- Novartis AG
Develops Kymriah, a CD19 CAR T therapy approved for ALL and B-cell lymphoma, named in the official sources as a direct competitor 1.
- Kite Pharma
Develops Yescarta and Tecartus, CD19 CAR T therapies approved for B-cell lymphoma and ALL 1.
- Bristol Myers Squibb
Develops Breyanzi, a CD19 CAR T therapy approved for B-cell lymphoma 1.
- Amgen
Makes blinatumomab, a CD19 bispecific T cell engager approved for B-cell ALL that competes for the same patients 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- AUCATZYL Sales Are Exploding, But Autolus (AUTL) Still Isn’t In The BlackYahoo Finance — News · 12 Sept 2026 · EN
SEC filings
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report03 Aug 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
- Current report29 Jun 2026Shareholder vote
- Current report09 Jun 2026Other events
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Apr 2026Exit or disposal costs · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Apr 2026Item 4.01 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Autolus Therapeutics plc · 27 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Autolus Therapeutics plc · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Autolus Therapeutics plc · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.