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Throughout our history, we have advanced the field of immune medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveragi…
The business is unprofitable at the operating level (-20.62% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 54.8% YoY with margins expanding 70.2pp.
Negative free cash flow of -$49M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$295M
▲ +54.8% YoY
Net Income (TTM)
-$50M
▲ +62.7% YoY
Op. Margin
-15.82%
▲ +70.2pp YoY
ROIC
-8.84%
▲ +16.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$30M
▲ +50.5% YoY
Op. Cash Flow (TTM)
-$27M
▲ +51.7% YoY
Net Debt
-$10M
Net Cash Position
Cash & Equiv.
$218M
5Y CAGR: +23.0%
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