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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Net income was −$78M. Operating cash flow of −$37M less capital expenditure of $71,000 left free cash flow of −$37M.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 7.4 | 8.9 | 24.8 | 29.9 | 45.4 |
| Selling, general & admin | – | – | 6.8 | 10.1 | 38.8 |
| Operating income | −9.8 | −12.8 | −31.7 | −40.0 | −84.2 |
| Interest expense | – | 0.0 | 0.0 | 0.0 | 0.0 |
| Pre-tax income | −9.7 | −12.6 | −31.6 | −36.1 | −77.6 |
| Income tax | – | – | 0.0 | 0.0 | 0.0 |
| Net income | −9.7 | −12.6 | −31.6 | −36.1 | −77.6 |
| Diluted EPS | −1.01 | −0.63 | −1.19 | −1.18 | −2.31 |
| Diluted shares | 9.6 | 20.0 | 26.6 | 30.5 | 33.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 17.3 | 42.1 | 88.2 | 31.7 | 353 |
| Current assets | 17.4 | 42.8 | 89.9 | 147 | 494 |
| Net PP&E | 0.1 | 0.5 | 0.5 | 0.4 | 0.3 |
| Total assets | 18.3 | 44.3 | 94.6 | 152 | 781 |
| Current liabilities | 1.6 | 2.1 | 3.6 | 6.1 | 9.9 |
| Total liabilities | 1.6 | 2.8 | 4.2 | 6.3 | 10.1 |
| Shareholders' equity | −15.1 | 41.5 | 90.4 | 146 | 770 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −7.5 | −11.5 | −29.8 | −29.2 | −37.0 |
| Capital expenditure | 0.1 | 0.4 | 0.1 | 0.1 | 0.1 |
| Free cash flow | −7.5 | −11.9 | −29.9 | −29.4 | −37.1 |
| Depreciation & amortisation | 0.0 | 0.1 | 0.1 | 0.2 | 0.2 |
| Stock-based compensation | 1.5 | 1.5 | 3.8 | 9.0 | 38.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | – | −30.5% | −35.0% | −24.8% | −10.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −58.6% | −30.4% | −34.8% | −27.4% | −10.9% |
| Cash conversion (CFO ÷ net income) | 0.77x | 0.91x | 0.94x | 0.81x | 0.48x |
| Interest cover | – | −801x | −1267x | −2000x | −42104x |
| Current ratio | 10.7x | 20.3x | 24.8x | 24.3x | 50.0x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.