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O verview We are a clinical-stage biotechnology company that was incorporated under the laws of the State of Delaware in February 2005. We are focused on developing new drugs by reformulating the active agents in existing generic drugs and optimizing these reformulations for new applications.
The business is unprofitable at the operating level (-947.23% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 19.3% YoY with margins expanding 108.3pp.
ROIC dropped from -92.16% to -144.01%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$536K
▲ +19.3% YoY
Net Income (TTM)
-$5M
▼ -8.6% YoY
Op. Margin
-947.23%
▲ +108.3pp YoY
ROIC
-148.78%
▼ -51.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$5M
▼ -24.8% YoY
Op. Cash Flow (TTM)
-$5M
▼ -25.4% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$2M
3Y CAGR: +27.4%
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