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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Net income was −$212M. Operating cash flow of −$180M less capital expenditure of $933,000 left free cash flow of −$181M. It held more cash than debt (net cash $62M).
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 25.2 | 33.4 | 69.3 | 96.7 | 171 |
| Selling, general & admin | – | – | 21.9 | 33.0 | 65.4 |
| Operating income | −30.9 | −47.5 | −91.1 | −130 | −236 |
| Interest expense | 2.2 | – | 0.0 | 0.6 | 3.6 |
| Pre-tax income | – | −46.8 | −76.3 | −109 | −212 |
| Income tax | – | 0.0 | 0.1 | 0.4 | 0.4 |
| Net income | −36.0 | −46.8 | −76.4 | −109 | −212 |
| Diluted EPS | −40.95 | −45.05 | −3.42 | −3.96 | −6.01 |
| Diluted shares | 0.9 | 1.0 | 22.3 | 27.6 | 35.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 88.0 | 195 | 360 | 192 | 91.1 |
| Current assets | 90.5 | 198 | 366 | 494 | 804 |
| Net PP&E | 0.1 | 0.2 | 0.2 | 0.8 | 1.2 |
| Total assets | 92.4 | 200 | 368 | 497 | 807 |
| Payables | 2.6 | 16.2 | 12.6 | 7.9 | 9.0 |
| Current liabilities | 13.4 | 22.6 | 21.4 | 23.3 | 36.6 |
| Long-term debt | – | – | 0.0 | 28.3 | 29.2 |
| Total liabilities | 14.8 | 23.6 | 22.9 | 53.2 | 67.1 |
| Shareholders' equity | −64.2 | 177 | 345 | 444 | 740 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −27.5 | −42.3 | −73.5 | −93.9 | −180 |
| Capital expenditure | 0.1 | 0.2 | 0.1 | 0.5 | 0.9 |
| Free cash flow | −27.6 | −42.4 | −73.6 | −94.4 | −181 |
| Depreciation & amortisation | 0.0 | 0.1 | 0.1 | 0.2 | 0.3 |
| Stock-based compensation | 0.5 | 2.1 | 5.5 | 16.8 | 34.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | – | −26.5% | −22.1% | −24.7% | −28.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −39.2% | −26.7% | −26.3% | −27.4% | −30.6% |
| Cash conversion (CFO ÷ net income) | 0.77x | 0.90x | 0.96x | 0.86x | 0.85x |
| Interest cover | −14.3x | – | – | −227x | −65.4x |
| Debt ÷ equity | – | – | 0.00x | 0.06x | 0.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −360 | −164 | −62.0 |
| Current ratio | 6.74x | 8.79x | 17.1x | 21.2x | 21.9x |
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.