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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Net income was −$177M. Operating cash flow of −$153M less capital expenditure of $249,000 left free cash flow of −$154M. It held more cash than debt (net cash $28M).
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 25.8 | 35.3 | 60.6 | 104 | 145 |
| Operating income | −28.4 | −39.4 | −66.2 | −113 | −172 |
| Interest expense | 1.3 | 2.1 | 5.3 | 10.3 | 17.1 |
| Pre-tax income | −29.6 | −40.4 | −63.8 | −112 | −177 |
| Net income | −29.6 | −40.4 | −63.8 | −112 | −177 |
| Diluted EPS | −2.21 | −2.64 | −2.69 | −2.83 | −3.79 |
| Diluted shares | 13.4 | 15.4 | 23.7 | 39.4 | 46.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 84.3 | 24.6 | 30.7 | 22.5 | 166 |
| Current assets | 85.4 | 175 | 191 | 245 | 466 |
| Net PP&E | 0.3 | 0.3 | 0.2 | 0.3 | 0.5 |
| Total assets | 85.9 | 176 | 191 | 245 | 467 |
| Payables | 1.5 | 2.6 | 5.1 | 9.4 | 6.4 |
| Current liabilities | 2.5 | 6.9 | 14.2 | 31.7 | 44.2 |
| Long-term debt | 16.0 | 35.8 | 37.6 | 105 | 138 |
| Total liabilities | 17.2 | 41.9 | 51.5 | 130 | 366 |
| Shareholders' equity | 68.7 | 134 | 140 | 116 | 101 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −20.3 | −36.0 | −53.8 | −83.5 | −153 |
| Capital expenditure | 0.1 | 0.2 | 0.1 | 0.3 | 0.2 |
| Free cash flow | −20.4 | −36.2 | −53.9 | −83.7 | −154 |
| Depreciation & amortisation | 0.3 | 0.2 | 0.1 | 0.1 | 0.2 |
| Stock-based compensation | 2.6 | 4.6 | 4.9 | 7.0 | 21.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | −43.1% | −30.2% | −45.6% | −96.7% | −176.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −34.0% | −23.3% | −37.4% | −53.1% | −40.8% |
| Cash conversion (CFO ÷ net income) | 0.69x | 0.89x | 0.84x | 0.75x | 0.87x |
| Interest cover | −22.5x | −18.7x | −12.4x | −11.0x | −10.0x |
| Debt ÷ equity | 0.23x | 0.27x | 0.27x | 0.91x | 1.37x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −68.3 | 11.2 | 6.9 | 82.6 | −28.2 |
| Current ratio | 34.1x | 25.5x | 13.4x | 7.71x | 10.5x |
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.