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We are a biotechnology company whose mission is to leverage the power of human genetics to modify the course of and ultimately cure neurological diseases. Our pipeline includes programs for Alzheimer s disease, or AD; Friedreich s ataxia, or FA; Parkinson s disease, or PD; and multiple other diseases of the central nervous system, or CNS.
The business is unprofitable at the operating level (-326.56% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 49.5% YoY. Margins deteriorated 222.4pp alongside, both lines moving the wrong way.
ROIC dropped from -21.93% to -36.16%, capital efficiency is deteriorating. Negative free cash flow of -$135M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$36M
▼ -49.5% YoY
Net Income (TTM)
-$117M
▼ -84.2% YoY
Op. Margin
-349.16%
▼ -222.4pp YoY
ROIC
-40.95%
▼ -14.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$130M
▼ -617.2% YoY
Op. Cash Flow (TTM)
-$128M
▼ -765.2% YoY
Net Debt
-$107M
Net Cash Position
Cash & Equiv.
$141M
5Y CAGR: -25.1%
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