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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Net income was −$168M. Operating cash flow of −$144M less capital expenditure of $256,000 left free cash flow of −$144M.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 32.2 | 54.0 | 90.9 | 127 | 151 |
| Operating income | −43.2 | −71.7 | −114 | −159 | −191 |
| Pre-tax income | – | – | −100 | −134 | −168 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −42.8 | −67.6 | −100 | −134 | −168 |
| Diluted EPS | −1.14 | −1.26 | −1.57 | −1.45 | −1.63 |
| Diluted shares | 37.5 | 53.6 | 63.7 | 92.4 | 103 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 15.6 | 22.0 | 86.1 | 41.7 | 61.1 |
| Current assets | 284 | 357 | 327 | 475 | 543 |
| Net PP&E | 0.9 | 8.5 | 10.4 | 9.5 | 7.8 |
| Total assets | 285 | 367 | 340 | 487 | 553 |
| Payables | 3.8 | 6.1 | 4.0 | 5.6 | 6.0 |
| Current liabilities | 10.5 | 16.6 | 16.8 | 23.9 | 27.4 |
| Total liabilities | 10.9 | 20.4 | 21.2 | 27.6 | 30.3 |
| Shareholders' equity | 274 | 347 | 319 | 459 | 522 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −33.5 | −52.6 | −91.9 | −109 | −144 |
| Capital expenditure | 0.7 | 5.5 | 5.7 | 1.3 | 0.3 |
| Free cash flow | −34.2 | −58.2 | −97.7 | −110 | −144 |
| Depreciation & amortisation | 0.3 | 0.4 | 1.6 | 2.1 | 2.1 |
| Stock-based compensation | 4.4 | 10.9 | 17.6 | 24.7 | 34.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | −15.6% | −19.5% | −31.4% | −29.1% | −32.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.7% | −20.4% | −35.4% | −34.3% | −36.4% |
| Cash conversion (CFO ÷ net income) | 0.78x | 0.78x | 0.92x | 0.81x | 0.86x |
| Current ratio | 27.0x | 21.5x | 19.5x | 19.9x | 19.9x |
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.