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We are a clinical-stage biotechnology company pioneering the development of potentially first-in-class monoclonal and bispecific Death Receptor 3 ( DR3 ) blocking antibodies for the treatment of patients with inflammatory and immune-mediated diseases. Our expertise in protein engineering and the development of novel tumor necrosis factor ( TNF ) receptor therapeutics come together in our lead p…
The business is unprofitable at the operating level (-5150.80% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 82.5% YoY. Margins deteriorated 3742.5pp alongside, both lines moving the wrong way.
Negative free cash flow of -$40M. The business is consuming cash, not generating it. Operating margin contracted 3742.5pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1M
▼ -82.5% YoY
Net Income (TTM)
-$50M
▲ +35.3% YoY
Op. Margin
-5266.40%
▼ -3742.5pp YoY
ROIC
-49.03%
▲ +6.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$41M
▲ +34.0% YoY
Op. Cash Flow (TTM)
-$41M
▲ +34.1% YoY
Net Debt
-$88M
Net Cash Position
Cash & Equiv.
$90M
5Y CAGR: -36.8%
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