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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Net income was −$104M. Operating cash flow of −$70M less capital expenditure of $158,000 left free cash flow of −$70M.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 38.4 | 31.0 | 64.6 | 80.8 | 85.9 |
| Operating income | −51.4 | −38.8 | −83.5 | −105 | −120 |
| Pre-tax income | −51.4 | 1.6 | – | – | – |
| Income tax | – | 0.0 | 0.0 | 0.2 | 0.0 |
| Net income | −51.4 | −37.7 | −71.6 | −89.0 | −104 |
| Diluted EPS | −2.37 | −12.05 | −2.01 | −1.89 | −1.83 |
| Diluted shares | 21.7 | 3.1 | 35.5 | 47.1 | 56.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 48.3 | 75.5 | 100 | 124 | 98.9 |
| Current assets | 92.7 | 77.8 | 266 | 318 | 475 |
| Net PP&E | 0.3 | 0.9 | 0.7 | 0.5 | 0.0 |
| Total assets | 93.6 | 83.3 | 272 | 326 | 476 |
| Payables | 2.4 | 3.4 | 0.5 | 1.3 | 2.2 |
| Current liabilities | 7.2 | 9.7 | 25.9 | 15.9 | 16.6 |
| Total liabilities | 7.6 | 10.4 | 26.0 | 15.9 | 16.6 |
| Shareholders' equity | −42.9 | −76.8 | 246 | 310 | 460 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −46.8 | −32.1 | −61.3 | −73.2 | −70.3 |
| Capital expenditure | 0.0 | 0.6 | 0.1 | 0.0 | 0.2 |
| Free cash flow | −46.8 | −32.7 | −61.4 | −73.2 | −70.5 |
| Depreciation & amortisation | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 |
| Stock-based compensation | 3.8 | 3.2 | 12.9 | 20.2 | 34.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | – | – | −29.1% | −28.7% | −22.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −59.5% | −52.7% | −34.0% | −33.7% | −26.0% |
| Cash conversion (CFO ÷ net income) | 0.91x | 0.85x | 0.86x | 0.82x | 0.68x |
| Current ratio | 12.9x | 8.00x | 10.3x | 20.0x | 28.7x |
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.