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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Net income was −$300M. Operating cash flow of −$241M less capital expenditure of $630,000 left free cash flow of −$242M. It held more cash than debt (net cash $280M).
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 22.5 | 69.0 | 78.2 | 126 | 215 |
| Operating income | −34.4 | −90.9 | −102 | −167 | −315 |
| Interest expense | 0.0 | 1.0 | 3.8 | 7.6 | 7.5 |
| Pre-tax income | −32.6 | −89.1 | −96.0 | −152 | −300 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −32.6 | −89.1 | −96.0 | −152 | −300 |
| Diluted EPS | −2.43 | −3.35 | −2.25 | −2.75 | −4.66 |
| Diluted shares | 13.4 | 26.6 | 42.7 | 55.3 | 64.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 79.7 | 43.5 | 45.7 | 92.6 | 355 |
| Current assets | 82.5 | 126 | 172 | 651 | 729 |
| Net PP&E | 0.0 | 0.1 | 0.1 | 1.0 | 1.4 |
| Total assets | 83.7 | 131 | 176 | 656 | 735 |
| Payables | 1.4 | 12.0 | 11.1 | 7.7 | 21.9 |
| Current liabilities | 7.7 | 25.6 | 22.3 | 25.4 | 53.5 |
| Long-term debt | 4.9 | 24.8 | 49.9 | 50.7 | 74.8 |
| Total liabilities | 14.2 | 54.5 | 73.9 | 78.5 | 130 |
| Shareholders' equity | 69.6 | 76.9 | 102 | 577 | 605 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −23.7 | −67.6 | −92.2 | −135 | −241 |
| Capital expenditure | 0.0 | 0.1 | 0.1 | 1.0 | 0.6 |
| Free cash flow | −23.7 | −67.7 | −92.2 | −136 | −242 |
| Depreciation & amortisation | 0.2 | −0.8 | 0.0 | 0.1 | 0.5 |
| Stock-based compensation | 3.0 | 8.9 | 11.5 | 20.8 | 37.9 |
| Share buybacks | – | – | 0.0 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | −46.9% | −115.8% | −94.4% | −26.4% | −49.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −45.2% | −85.9% | −66.6% | −26.5% | −46.3% |
| Cash conversion (CFO ÷ net income) | 0.73x | 0.76x | 0.96x | 0.89x | 0.80x |
| Interest cover | −1720x | −91.6x | −26.9x | −21.9x | −41.9x |
| Debt ÷ equity | 0.07x | 0.32x | 0.49x | 0.09x | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −74.8 | −18.6 | 4.2 | −42.0 | −280 |
| Current ratio | 10.7x | 4.91x | 7.71x | 25.7x | 13.6x |
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.