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We are a clinical-stage biotechnology company focused on delivering a new class of innovative immunotherapies for patients with cancer and other incurable diseases. We believe immunotherapies are one of the forward pillars of medicine, and our mission is to advance humanity by engineering immunotherapies that are safer, more effective and more broadly accessible.
The business is unprofitable at the operating level (-1135.61% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 79.4% YoY. Margins deteriorated 1008.2pp alongside, both lines moving the wrong way.
ROIC dropped from -19.91% to -41.52%, capital efficiency is deteriorating. Negative free cash flow of -$213M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$22M
▼ -79.4% YoY
Net Income (TTM)
-$229M
▼ -113.3% YoY
Op. Margin
-1135.61%
▼ -1008.2pp YoY
ROIC
-41.52%
▼ -21.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$213M
▼ -119.4% YoY
Op. Cash Flow (TTM)
-$210M
▼ -151.9% YoY
Net Debt
-$398M
Net Cash Position
Cash & Equiv.
$450M
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