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We are a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs. Our current portfolio is comprised of highly differentiated topical and systemic treatments with significant potential to treat immune-mediated dermatological diseases and conditions.
The business is unprofitable at the operating level (-3.25% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 91.3% YoY with margins expanding 62.1pp.
Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$416M
▲ +91.3% YoY
Net Income (TTM)
-$2M
▲ +88.5% YoY
Op. Margin
0.77%
▲ +62.1pp YoY
ROIC
0.79%
▲ +32.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$27M
▲ +94.4% YoY
Op. Cash Flow (TTM)
$27M
▲ +95.0% YoY
Net Debt
-$109M
Net Cash Position
Cash & Equiv.
$224M
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