HRMY Stock — Harmony Biosciences Holdings Inc.: Cash, EV, Pipeline

What they do

We are cultivating a differentiated neuroscience company, rooted in innovation and driven by a commitment to addressing the unmet needs of patients living with neurological diseases. To date, we have focused on rare neurological diseases with a growing portfolio now spanning sleep/wake, rare epilepsy, and neurobehavioral and we are harnessing scientific insights and pioneering approaches to advance meaningful treatments that help patients thrive.

Source: 10-K FY2025 via SEC EDGAR

Share price

$33.67

Market cap

$1,976.9M

Cash

$771.1M

Enterprise value

$1,354.9M

Balance sheet

Cash	$771.1M
Debt	$149.1M
Net cash	$622.0M
Enterprise value	$1,354.9M
Basic shares	58.7M shares
Fully diluted shares	68.0M shares
Fully diluted market cap	$2,288.2M
Cash per share	$13.13
Quarterly burn	+$92.4M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

58.2M

Pre-funded warrants

—

Options

8.9M

RSUs

0.8M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

68.0M

Cap table as of 2026-11-02.

Price history

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Next catalyst

BP-205 · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	BP-205 Phase 1 MAD	Phase 1	Not disclosed	Q4 2026
Dec 13, 2026 - Jan 24, 2027 in 5 wks	Clemizole HCl	Phase 3	Lennox Gastaut Syndrome	1H 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
GUIDEDEst. Mar 1, 2027 in 7 wks guidance midpoint	BP-205 Phase 1b (sleep-deprived healthy volunteers)	Phase 1b	Not disclosed	early 2027
GUIDEDApr 1, 2027 in 5 mo	pitolisant GR NDA PDUFA	Not disclosed	Not disclosed	April 1, 2027
May 13 - Jun 24 in 6 mo	Pitolisant tablet	Phase 3	Prader-Willi Syndrome	mid-2027 Est. Jul 16, 2027 · guidance midpoint 2027 Est. Jul 2, 2027 · guidance midpoint
May 13 - Jun 24 in 6 mo	Clemizole HCl	Phase 3	Dravet Syndrome	1H 2027 Est. Apr 1, 2027 · half midpoint
Nov 12 - Dec 24 in 12 mo	HBS-301 tablet	Phase 3	Idiopathic Hypersomnia	—
Nov 12 - Dec 24 in 12 mo	HBS-301	Phase 3	EDS; Cataplexy; Fatigue	—
Sep 12 - Oct 24 in 47 mo	Pitolisant	Phase 3	Prader-Willi Syndrome	mid-2027 Est. Jul 16, 2027 · guidance midpoint 2027 Est. Jul 2, 2027 · guidance midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

WAKIX

Approved · Active

Aliases pitolisant

Target H3

Partnerships Bioprojet (2017 license agreement; exclusive US commercialization rights; tiered royalties)

Indications

narcolepsy: excessive daytime sleepiness and cataplexy in adults (FDA approvals 2019 and 2020) (Stage not disclosed)
narcolepsy: excessive daytime sleepiness and cataplexy in pediatric patients 6 years and older (2024 and 2026) (Stage not disclosed)

Status note Company's only commercialized product; all revenue derived from WAKIX sales. Not scheduled as a controlled substance by the DEA.

pitolisant (Prader-Willi syndrome)

Stage not disclosed · Active

Target H3

Partnerships Bioprojet (2017 license agreement; PWS included in licensed field)

Indications

Prader-Willi syndrome (Stage not disclosed)

Status note Late-stage clinical program exploring pitolisant in PWS (filing-stated); phase and trial details not stated in the current 10-Q.

Pitolisant GR

Stage not disclosed · Active Modality: gastro-resistant formulation of pitolisant

Target H3

Partnerships Bioprojet (2022 license and commercialization agreement; exclusive US and Latin America rights to next-generation pitolisant products)

Indications

Prader-Willi Syndrome (Phase 3)
Narcolepsy (Phase 3)

Status note Next-generation gastro-resistant pitolisant formulation in development.

Pitolisant HD

Stage not disclosed · Active Modality: high-dose formulation of pitolisant

Target H3

Partnerships Bioprojet (2022 license and commercialization agreement; exclusive US and Latin America rights to next-generation pitolisant products)

Indications

Prader-Willi Syndrome (Phase 3)
Narcolepsy (Phase 3)

Status note Next-generation high-dose pitolisant formulation in development.

BP-205

Stage not disclosed · Active

Target orexin-2 receptor agonist

Partnerships Bioprojet (sublicense, April 2024; exclusive US and Latin America development, manufacturing and commercialization rights; rights originally licensed from Teijin Pharma)

Indications

narcolepsy (Stage not disclosed)
other central nervous system indications (Stage not disclosed)

Status note In clinical development; a clinical milestone triggering a $4,250 payment to Bioprojet was achieved in November 2025.

EPX-100

Stage not disclosed · Active

Aliases clemizole hydrochloride

Target 5HT-2

Partnerships Epygenix Therapeutics (acquired April 2024; exclusive license for clemizole hydrochloride use)

Indications

Dravet syndrome (Stage not disclosed)
Lennox-Gastaut syndrome (Stage not disclosed)

Status note Company's rare-epilepsy program; phase and trial details not stated in the current 10-Q.

CBS105

Discovery · Active Modality: cell replacement therapy

Partnerships CiRC Biosciences (research collaboration, option and license agreement, June 2025)

Indications

treatment-resistant narcolepsy (Stage not disclosed)

Status note Discovery-stage candidate under the CiRC Agreement.

CBS104

Discovery · Active Modality: cell replacement therapy

Partnerships CiRC Biosciences (research collaboration, option and license agreement, June 2025)

Indications

refractory epilepsy (Stage not disclosed)

Status note Discovery-stage candidate under the CiRC Agreement.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06366464	Phase 3	Recruiting	Sponsor	HRMY	—	Prader-Willi Syndrome	mid-2027 Est. Jul 16, 2027 · guidance midpoint 2027 Est. Jul 2, 2027 · guidance midpoint
NCT07500090	Phase 3	Recruiting	Sponsor	HRMY	—	Idiopathic Hypersomnia	—
NCT07675135	Phase 3	Recruiting	Sponsor	HRMY	—	EDS; Cataplexy; Fatigue	—
NCT07219485	Phase 3	Enrolling by invitation	Sponsor	HRMY	—	Prader-Willi Syndrome	mid-2027 Est. Jul 16, 2027 · guidance midpoint 2027 Est. Jul 2, 2027 · guidance midpoint
NCT05536011	Not disclosed	Recruiting	Sponsor	HRMY	—	Pregnancy Related; Narcolepsy	mid-2027 Est. Aug 31, 2027 · PCD + 6 wks (Aug 31-Aug 31) April 1, 2027
NCT06451978	Not disclosed	Active, not recruiting	Sponsor	HRMY	—	Dementia; Mild Cognitive Impairment	—
NCT07520019	Not disclosed	Active, not recruiting	Sponsor	HRMY	—	Hair Thinning	—
NCT05066217	Phase 3	Recruiting	Collaborator	Epygenix	—	Lennox Gastaut Syndrome	1H 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
NCT04462770	Phase 3	Recruiting	Collaborator	Epygenix	—	Dravet Syndrome	1H 2027 Est. Apr 1, 2027 · half midpoint
NCT07047378	Not disclosed	Recruiting	Collaborator	Chinese University of Hong Kong	—	Child Abuse; Parental Burnout	—
NCT06014281	Not disclosed	Active, not recruiting	Collaborator	Stanford University	—	Healthy; Well-Being, Psychological	—

Sponsor-matched active trials from ClinicalTrials.gov (7 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 11 active trials for Harmony Biosciences Management, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Sphera Biotech	176,663	+176,663	0.92%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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HRMY — Harmony Biosciences Holdings Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

HRMY — Harmony Biosciences Holdings Inc.