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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Net income was −$329M. Operating cash flow of −$264M less capital expenditure of $2M left free cash flow of −$266M. It held more cash than debt (net cash $89M).
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 55.9 | 122 | 174 | 233 | 270 |
| Operating income | −75.6 | −148 | −208 | −276 | −333 |
| Interest expense | – | – | – | – | 3.1 |
| Income tax | – | – | – | – | 0.0 |
| Net income | −72.3 | −140 | −192 | −256 | −329 |
| Diluted EPS | −1.87 | −1.73 | −1.94 | −1.94 | −2.16 |
| Diluted shares | 38.7 | 58.7 | 79.7 | 104 | 129 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 220 | 140 | 53.2 | 98.2 | 312 |
| Current assets | 223 | 265 | 271 | 296 | 910 |
| Net PP&E | 1.7 | 7.8 | 8.3 | 6.5 | 5.5 |
| Total assets | 232 | 301 | 313 | 328 | 938 |
| Payables | 3.5 | 5.8 | 10.7 | 12.0 | 9.5 |
| Current liabilities | 17.1 | 26.8 | 38.2 | 55.7 | 64.0 |
| Long-term debt | – | – | – | 0.0 | 223 |
| Total liabilities | 17.9 | 45.1 | 55.6 | 71.6 | 301 |
| Shareholders' equity | 214 | 256 | 258 | 256 | 636 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −58.8 | −119 | −154 | −208 | −264 |
| Capital expenditure | 1.7 | 6.9 | 2.8 | 0.6 | 1.6 |
| Free cash flow | −60.5 | −126 | −156 | −208 | −266 |
| Depreciation & amortisation | 0.1 | 0.8 | 2.3 | 2.5 | 2.6 |
| Stock-based compensation | 11.7 | 18.4 | 30.6 | 39.7 | 46.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | −33.7% | −54.8% | −74.6% | −99.8% | −51.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −35.1% | −54.0% | −75.6% | −101.4% | −38.2% |
| Cash conversion (CFO ÷ net income) | 0.81x | 0.85x | 0.80x | 0.81x | 0.80x |
| Interest cover | – | – | – | – | −109x |
| Debt ÷ equity | – | – | – | 0.00x | 0.35x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −98.2 | −89.1 |
| Current ratio | 13.0x | 9.87x | 7.09x | 5.32x | 14.2x |
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.