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We are a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary hypertension, or PH, including pulmonary arterial hypertension, or PAH, and PH 3 Table of Contents associated with interstitial lung disease, or PH-ILD. Our goal is to be an industry leader in, and to enhance the lives of patients living with, PH.
The business is unprofitable at the operating level (-352.23% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 57.7% YoY. Margins deteriorated 300.0pp alongside, both lines moving the wrong way.
ROIC dropped from -83.42% to -687.28%, capital efficiency is deteriorating. Negative free cash flow of -$171M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$56M
▼ -57.7% YoY
Net Income (TTM)
-$180M
▼ -201.4% YoY
Op. Margin
-321.92%
▼ -300.0pp YoY
ROIC
-3136.74%
▼ -603.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$170M
▼ -4840.7% YoY
Op. Cash Flow (TTM)
-$170M
▼ -4838.5% YoY
Net Debt
-$95M
Net Cash Position
Cash & Equiv.
$99M
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