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We are a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis ( MASH ), a serious liver disease with high unmet medical need that can lead to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality. MASH is the leading cause of liver transplantation in women, the second leading cause of all…
The business is unprofitable at the operating level (-31.31% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 432.1% YoY with margins expanding 245.1pp.
Negative free cash flow of -$190M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.13B
▲ +432.1% YoY
Net Income (TTM)
-$309M
▲ +38.1% YoY
Op. Margin
-27.68%
▲ +245.1pp YoY
ROIC
-27.27%
▲ +30.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$272M
▲ +58.4% YoY
Op. Cash Flow (TTM)
-$268M
▲ +58.4% YoY
Net Debt
-$465M
Net Cash Position
Cash & Equiv.
$813M
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