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We are an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI, also known as OTX-TKI, our investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based on our ELUTYX proprietary bioresorbable hydrogel-based formulation technology.
The business is unprofitable at the operating level (-519.75% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 18.5% YoY. Margins deteriorated 250.2pp alongside, both lines moving the wrong way.
Negative free cash flow of -$217M. The business is consuming cash, not generating it. Operating margin contracted 250.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$52M
▼ -18.5% YoY
Net Income (TTM)
-$290M
▼ -37.4% YoY
Op. Margin
-575.43%
▼ -250.2pp YoY
ROIC
-51.81%
▲ +19.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$241M
▼ -59.5% YoY
Op. Cash Flow (TTM)
-$226M
▼ -52.1% YoY
Net Debt
-$659M
Net Cash Position
Cash & Equiv.
$667M
5Y CAGR: +24.4%
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