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Historically, we have developed and sold in-vitro diagnostic ( IVD ) tests for the early detection of cancer. In March 2025, we acquired a license from Liquid Bioscience, Inc. to access a portfolio of novel mRNA biomarkers and AI developed proprietary algorithm, for the non-invasive detection of pancreatic cancer with a blood test.
The business is unprofitable at the operating level (-3004.97% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 39.9% YoY. Margins deteriorated 905.0pp alongside, both lines moving the wrong way.
ROIC dropped from -159.05% to -206.40%, capital efficiency is deteriorating. Negative free cash flow of -$11M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$537K
▼ -39.9% YoY
Net Income (TTM)
-$16M
▲ +24.9% YoY
Op. Margin
-3004.97%
▼ -905.0pp YoY
ROIC
-206.40%
▼ -47.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▲ +37.0% YoY
Op. Cash Flow (TTM)
-$11M
▲ +36.6% YoY
Net Debt
$1M
Cash & Equiv.
$889K
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