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We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The TRACTr platform produces T cell engagers (TCEs) with a tumor antigen-binding domain and a C…
The business is unprofitable at the operating level (-1576.67% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.6% YoY. Margins deteriorated 643.1pp alongside, both lines moving the wrong way.
Negative free cash flow of -$83M. The business is consuming cash, not generating it. Operating margin contracted 643.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$14M
▼ -5.6% YoY
Net Income (TTM)
-$114M
▼ -64.7% YoY
Op. Margin
-1143.11%
▼ -643.1pp YoY
ROIC
-12.55%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$78M
▼ -88.5% YoY
Op. Cash Flow (TTM)
-$78M
▼ -87.7% YoY
Net Debt
-$935M
Net Cash Position
Cash & Equiv.
$956M
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