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Company Overview We are a late clinical-stage biopharmaceutical company focused on developing differentiated molecules for patients with cancer and inflammatory and autoimmune diseases. Our most advanced molecules are in Phase 3 registrational studies for various cancer indications and we expect our next wave of clinical-stage molecules to come from our inflammation and autoimmune disease progr…
The business is unprofitable at the operating level (-156.28% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 4.3% YoY. Margins deteriorated 28.4pp alongside, both lines moving the wrong way.
Negative free cash flow of -$484M. The business is consuming cash, not generating it. Operating margin contracted 28.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$236M
▼ -4.3% YoY
Net Income (TTM)
-$369M
▼ -24.7% YoY
Op. Margin
-168.64%
▼ -28.4pp YoY
ROIC
-47.09%
▲ +1.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$489M
▼ -175.0% YoY
Op. Cash Flow (TTM)
-$488M
▼ -183.5% YoY
Net Debt
-$709M
Net Cash Position
Cash & Equiv.
$822M
5Y CAGR: +25.9%
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