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We are a clinical-stage biopharmaceutical company using an AI-native approach to develop differentiated antibody therapeutics. Our integrated drug creation platform combines Origin-1, our generative design model, with rapid validation using our lab-in-the-loop.
The business is unprofitable at the operating level (-4297.04% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 38.2% YoY. Margins deteriorated 1895.4pp alongside, both lines moving the wrong way.
ROIC dropped from -44.41% to -49.16%, capital efficiency is deteriorating. Negative free cash flow of -$94M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2M
▼ -38.2% YoY
Net Income (TTM)
-$118M
▼ -11.7% YoY
Op. Margin
-6722.98%
▼ -1895.4pp YoY
ROIC
-50.77%
▼ -4.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$99M
▼ -29.2% YoY
Op. Cash Flow (TTM)
-$97M
▼ -28.3% YoY
Net Debt
-$121M
Net Cash Position
Cash & Equiv.
$126M
5Y CAGR: -10.1%
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