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License and Collaboration Agreements above. 96 Table of Contents Summary Statements of Cash Flows The following table sets forth the primary sources and uses of cash, cash equivalents, and restricted cash for the periods presented below (in thousands): Year Ended December 31, 2025 2024 Change Net cash used in operating activities $ (33,327 ) $ (55,964 ) $ 22,637 Net cash provided by (used in) f…
Revenue declined 100.0% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$33M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$0.00
▼ -100.0% YoY
Net Income (TTM)
-$37M
▲ +26.5% YoY
Op. Margin
—
ROIC
-101.55%
▲ +1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$29M
▲ +40.4% YoY
Op. Cash Flow (TTM)
-$29M
▲ +40.4% YoY
Net Debt
-$47M
Net Cash Position
Cash & Equiv.
$54M
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