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We are a vertically integrated, clinical-stage genetic medicines company with a broad pipeline of late-stage clinical programs, including radiation-induced xerostomia, Parkinson s disease and AIPL1-associated retinal dystrophy. Our clinical programs use targeted local delivery of small doses of genetic medicines to treat both inherited and more common conditions with severe unmet need.
The business is unprofitable at the operating level (-130.20% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 144.6% YoY with margins expanding 363.2pp.
ROIC dropped from -110.54% to -141.41%, capital efficiency is deteriorating. Negative free cash flow of -$50M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$80M
▲ +144.6% YoY
Net Income (TTM)
-$121M
▲ +22.7% YoY
Op. Margin
-131.89%
▲ +363.2pp YoY
ROIC
-190.43%
▼ -30.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4M
▲ +54.1% YoY
Op. Cash Flow (TTM)
$8M
▲ +55.6% YoY
Net Debt
-$34M
Net Cash Position
Cash & Equiv.
$72M
5Y CAGR: +39.2%
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