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We are a clinical-stage biopharmaceutical company dedicated to bringing a transformative pipeline of off-the-shelf cellular immunotherapies to patients. We have pioneered a therapeutic approach that we generally refer to as cellular programming: we create and engineer human induced pluripotent stem cells (iPSCs) to incorporate novel synthetic controls of cell function; after the engineering ste…
The business is unprofitable at the operating level (-2222.45% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 51.2% YoY. Margins deteriorated 679.8pp alongside, both lines moving the wrong way.
Negative free cash flow of -$112M. The business is consuming cash, not generating it. Operating margin contracted 679.8pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$6M
▼ -51.2% YoY
Net Income (TTM)
-$130M
▲ +26.8% YoY
Op. Margin
-2207.47%
▼ -679.8pp YoY
ROIC
-36.79%
▲ +4.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$108M
▲ +9.4% YoY
Op. Cash Flow (TTM)
-$103M
▲ +13.7% YoY
Net Debt
-$98M
Net Cash Position
Cash & Equiv.
$175M
5Y CAGR: -26.7%
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