/
We are a biotechnology company focused on applying our industry leading expertise in macrophage engineering to develop transformative therapies to treat serious diseases including liver fibrosis and cancer. We have created a comprehensive set of platform technologies to enable the therapeutic use of engineered macrophages and monocytes, which belong to a subgroup of white blood cells called mye…
The business is unprofitable at the operating level (-317.24% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 31.5% YoY with margins expanding 278.3pp.
ROIC dropped from -62.43% to -305.71%, capital efficiency is deteriorating. Negative free cash flow of -$60M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$53M
▲ +31.5% YoY
Net Income (TTM)
$8M
▲ +30.4% YoY
Op. Margin
20.62%
▲ +278.3pp YoY
ROIC
471.61%
▼ -243.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$22M
▲ +27.1% YoY
Op. Cash Flow (TTM)
-$22M
▲ +26.2% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$3M
Continue Research