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We are a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics. We have ongoing Phase 2 clinical studies for our RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF).
The business is unprofitable at the operating level (-92.96% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 46.1% YoY. Margins deteriorated 30.2pp alongside, both lines moving the wrong way.
Negative free cash flow of -$75M. The business is consuming cash, not generating it. Operating margin contracted 30.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$55M
▼ -46.1% YoY
Net Income (TTM)
-$79M
▲ +18.7% YoY
Op. Margin
-161.52%
▼ -30.2pp YoY
ROIC
-29.00%
▲ +2.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$59M
▼ -23.4% YoY
Op. Cash Flow (TTM)
-$59M
▼ -24.3% YoY
Net Debt
-$187M
Net Cash Position
Cash & Equiv.
$211M
5Y CAGR: +53.8%
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