PMGC Holdings Inc. (ELAB) is having a rough Thursday, with shares tumbling after the company updated investors on its AI Development Program timeline. Spoiler alert: things are taking longer than expected, which is never music to investors' ears.

AI Drug Discovery Takes a Detour

NorthStrive Biosciences, a subsidiary of PMGC Holdings, announced that results from Phase III of its AI Development Program won't arrive until the second quarter of 2026. The company kicked off Phase III on December 17, 2025, with initial projections suggesting a 6 to 9 week timeline. That timeline has now stretched considerably.

The reason? According to the company, improvements in screening accuracy and sensitivity from its strategic partner, Yuva Biosciences, will enhance the evaluation of candidate compounds. PMGC is framing this as a good thing—the extended timeline should deliver more reliable results that could support future development efforts. But investors don't seem convinced, at least not today.

The broader market isn't helping matters. Major indices like the Nasdaq and S&P 500 are down roughly 1.0% each, and PMGC is getting swept up in the sell-off. The Healthcare sector is also down 0.3% on the day, adding to the pressure on the stock.

Meanwhile, PMGC Expands Its Manufacturing Footprint

In other company news, PMGC recently completed the acquisition of SVM Machining, Inc., a Northern California-based ISO 9001:2015 certified CNC precision machining company. SVM serves a diverse mix of industries including medical, aerospace, biotech, semiconductor, and transportation markets.

This marks PMGC's third California CNC shop acquisition, expanding its presence in precision manufacturing. The strategy here is to build a multi-site machining platform across aerospace, defense, medical, and industrial sectors.

PMGC paid $2.25 million in cash for SVM, with potential earnout payments tied to revenue performance. For context, SVM reported 2024 revenue of $3.04 million.

Technical Picture Looks Grim (But Maybe Not Hopeless)

The technical situation for PMGC is about as bearish as it gets. The stock is currently trading 54.9% below its 20-day simple moving average and a staggering 89.8% below its 100-day SMA. Over the past 12 months, shares have plummeted 99.02%, putting them much closer to their 52-week lows than highs.

There's a small glimmer of hope in the technical indicators, though. The RSI sits at 17.48, which is considered deeply oversold territory. This suggests the stock might be undervalued at current levels. Meanwhile, the MACD is sitting above its signal line, hinting at a potential bullish reversal despite the overwhelming bearish sentiment.

The combination of an oversold RSI and bullish MACD suggests there could be some upward momentum brewing, though that's a tough sell given the overall trend.

• Key Resistance: $1.85
• Key Support: $1.00

ELAB Price Action: PMGC Holdings shares were down 14.43% at $1.72 at the time of publication on Thursday. The stock is trading at a new 52-week low.