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We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. We launched XDEMVY (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023 after receiving U.S.
The business is unprofitable at the operating level (-15.72% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 146.7% YoY with margins expanding 50.2pp.
Negative free cash flow of -$22M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$535M
▲ +146.7% YoY
Net Income (TTM)
-$48M
▲ +42.5% YoY
Op. Margin
-9.50%
▲ +50.2pp YoY
ROIC
-9.52%
▲ +20.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$32M
▲ +73.6% YoY
Op. Cash Flow (TTM)
-$16M
▲ +85.0% YoY
Net Debt
-$300M
Net Cash Position
Cash & Equiv.
$389M
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