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We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases. We are focused on advancing melanocortin-4 receptor (MC4R) agonists, including our lead asset, IMCIVREE (setmelanotide), as precision medicines designed to treat hyperphagia and severe obesity caused by rare MC4R pathway diseases.
The business is unprofitable at the operating level (-101.19% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 45.8% YoY with margins expanding 102.8pp.
Negative free cash flow of -$117M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$217M
▲ +45.8% YoY
Net Income (TTM)
-$203M
▲ +24.6% YoY
Op. Margin
-90.89%
▲ +102.8pp YoY
ROIC
-72.32%
▲ +23.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$120M
▼ -2.4% YoY
Op. Cash Flow (TTM)
-$120M
▼ -1.6% YoY
Net Debt
-$228M
Net Cash Position
Cash & Equiv.
$341M
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