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These expenses increased for the full year 2025 as compared to the full year 2024, as we commenced certain activities to support a Phase 3 program in atopic dermatitis in 2025. We expect the costs of development of rezpegaldesleukin for full year 2026 to significantly increase as we initiate a Phase 3 program in atopic dermatitis.
The business is unprofitable at the operating level (-253.66% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 43.9% YoY. Margins deteriorated 146.8pp alongside, both lines moving the wrong way.
ROIC dropped from -40.34% to -65.32%, capital efficiency is deteriorating. Negative free cash flow of -$209M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$56M
▼ -43.9% YoY
Net Income (TTM)
-$158M
▼ -37.9% YoY
Op. Margin
-241.98%
▼ -146.8pp YoY
ROIC
-38.39%
▼ -25.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$204M
▼ -17.8% YoY
Op. Cash Flow (TTM)
-$204M
▼ -18.7% YoY
Net Debt
-$485M
Net Cash Position
Cash & Equiv.
$569M
5Y CAGR: -18.4%
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