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We are a commercial-stage biopharmaceutical company focused on helping patients through the discovery and development of unique RNA-targeted therapeutics, siRNA knockdown therapies, gene therapy and other genetic therapeutic modalities for the treatment of rare diseases. Applying our proprietary, differentiated and innovative technologies, and through collaborations with our strategic partners,…
The business is unprofitable at the operating level (-31.83% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 15.6%, still solid. Margins contracted 43.3pp, which offsets some of the top-line progress.
ROIC dropped from 7.36% to -21.89%, capital efficiency is deteriorating. Negative free cash flow of -$307M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2.18B
▲ +15.6% YoY
Net Income (TTM)
$65M
▼ -403.3% YoY
Op. Margin
-1.88%
▼ -43.3pp YoY
ROIC
-1.65%
▼ -29.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$115M
▲ +10.3% YoY
Op. Cash Flow (TTM)
$175M
▲ +0.1% YoY
Net Debt
$383M
Cash & Equiv.
$653M
5Y CAGR: +32.4%
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