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We are a clinical-stage biotechnology company dedicated to developing potentially best-in-class therapies for patients living with severe autoimmune diseases. Our lead clinical-stage candidate, claseprubart, is a monoclonal antibody that is purposefully engineered with extended half-life, improved potency, and high selectivity for only the active C1s complement protein ( C1s ) enabling less fre…
The business is unprofitable at the operating level (-8739.34% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 67.3% YoY. Margins deteriorated 7105.6pp alongside, both lines moving the wrong way.
ROIC dropped from -30.75% to -33.12%, capital efficiency is deteriorating. Negative free cash flow of -$129M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$2M
▼ -67.3% YoY
Net Income (TTM)
-$174M
▼ -91.1% YoY
Op. Margin
-8739.34%
▼ -7105.6pp YoY
ROIC
-23.71%
▼ -2.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$130M
▼ -65.1% YoY
Op. Cash Flow (TTM)
-$130M
▼ -65.1% YoY
Net Debt
-$1.11B
Net Cash Position
Cash & Equiv.
$1.11B
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