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We are a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. We have developed RTGel reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based technology that has the potential to improve therapeutic profiles of existing drugs.
The business is unprofitable at the operating level (-113.73% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 21.4%, still solid. Margins contracted 6.7pp, which offsets some of the top-line progress.
ROIC dropped from -67.67% to -77.36%, capital efficiency is deteriorating. Negative free cash flow of -$163M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$140M
▲ +21.4% YoY
Net Income (TTM)
-$133M
▼ -21.0% YoY
Op. Margin
-77.02%
▼ -6.7pp YoY
ROIC
-58.49%
▼ -9.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$166M
▼ -67.7% YoY
Op. Cash Flow (TTM)
-$166M
▼ -67.9% YoY
Net Debt
$47M
Cash & Equiv.
$150M
5Y CAGR: +56.2%
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