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We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases. Leveraging our proprietary, flexible, off-the-shelf ImmTAX ( I mmune m obilizing m onoclonal T CRs A gainst X disease) platform, we are developing a deep pipeline in multiple ther…
The business is unprofitable at the operating level (-11.34% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 29.0% YoY with margins expanding 11.4pp. However, free cash flow softened 172%, worth monitoring whether this is timing or structural.
Free cash flow declined 172% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$15M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$413M
▲ +29.0% YoY
Net Income (TTM)
-$28M
▲ +30.5% YoY
Op. Margin
-8.35%
▲ +11.4pp YoY
ROIC
-6.28%
▲ +5.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$31M
▼ -172.1% YoY
Op. Cash Flow (TTM)
-$25M
▼ -141.1% YoY
Net Debt
-$803M
Net Cash Position
Cash & Equiv.
$845M
3Y CAGR: +31.9%
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