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We are a commercial stage biopharmaceutical company focused on the discovery, development, production and commercialization of innovative therapeutics for rare diseases with significant unmet needs. We are the first and only company to gain FDA approval of a protein produced through plant cell-based expression in suspension.
The business is unprofitable at the operating level (-10.43% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 1.2% YoY. Margins deteriorated 17.8pp alongside, both lines moving the wrong way.
Free cash flow declined 284% versus the prior year, cash generation momentum has weakened. ROIC dropped from 6.10% to -8.25%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$76M
▼ -1.2% YoY
Net Income (TTM)
$15M
▼ -325.2% YoY
Op. Margin
25.91%
▼ -17.8pp YoY
ROIC
25.52%
▼ -14.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$13M
▼ -284.4% YoY
Op. Cash Flow (TTM)
$15M
▼ -238.3% YoY
Net Debt
-$33M
Net Cash Position
Cash & Equiv.
$41M
5Y CAGR: -3.5%
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