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We are a late-stage clinical cell therapy company advancing a pipeline of proprietary next-generation autologous chimeric antigen receptor (CAR) T-cell product candidates for patients with cancer. Our goal is to fully realize the curative potential of cell therapy for patients with hematologic malignancies and solid tumors.
The business is unprofitable at the operating level (-748344.44% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 41.0% YoY. Margins deteriorated 160221.5pp alongside, both lines moving the wrong way.
ROIC dropped from -48.87% to -57.44%, capital efficiency is deteriorating. Negative free cash flow of -$151M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$31K
▼ -41.0% YoY
Net Income (TTM)
-$246M
▲ +20.0% YoY
Op. Margin
-826767.74%
▼ -160221.5pp YoY
ROIC
-59.64%
▼ -8.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$134M
▲ +7.4% YoY
Op. Cash Flow (TTM)
-$134M
▲ +7.6% YoY
Net Debt
-$205M
Net Cash Position
Cash & Equiv.
$254M
5Y CAGR: -65.9%
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