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We are a commercial pharmaceutical company focused on the development and commercialization of innovative therapies to improve vision. On July 31, 2025, the United States ( U.S. ) Food and Drug Administration ( FDA ) approved VIZZ (aceclidine ophthalmic solution) 1.44%, formerly known as LNZ100, the first and only FDA-approved aceclidine-based eye drop for the treatment of presbyopia, a conditi…
The business is unprofitable at the operating level (-477.46% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
ROIC dropped from -23.79% to -29.35%, capital efficiency is deteriorating. Negative free cash flow of -$70M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$21M
Net Income (TTM)
-$109M
▼ -65.0% YoY
Op. Margin
-563.83%
ROIC
-40.01%
▼ -5.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$87M
▼ -16.9% YoY
Op. Cash Flow (TTM)
-$87M
▼ -16.5% YoY
Net Debt
-$258M
Net Cash Position
Cash & Equiv.
$258M
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