We are a clinical-stage biotechnology company developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases. In October 2025, we announced plans to explore strategic alternatives focused on maximizing stockholder value after being unable to align with the U.S.
ROIC dropped from -42.15% to -45.45%, capital efficiency is deteriorating. Negative free cash flow of -$52M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$0.00
Net Income (TTM)
-$45M
▲ +33.1% YoY
Op. Margin
—
ROIC
-45.97%
▼ -3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$42M
▲ +30.2% YoY
Op. Cash Flow (TTM)
-$42M
▲ +30.2% YoY
Net Debt
-$65M
Net Cash Position
Cash & Equiv.
$66M
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