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We are a clinical-stage oncology therapeutics company applying advanced technologies to established tumor biology that are intended to efficiently deliver improved cancer treatments. We have deep experience in chemistry, formulation, and drug delivery, as well as research, clinical, and commercial pharmaceutical development, resulting in successfully taking product candidates from the clinic to…
The business is unprofitable at the operating level (-1601.12% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 72.5% YoY. Margins deteriorated 1341.5pp alongside, both lines moving the wrong way.
ROIC dropped from -66.71% to -95.32%, capital efficiency is deteriorating. Negative free cash flow of -$98M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$0.00
▼ -72.5% YoY
Net Income (TTM)
-$116M
▲ +67.7% YoY
Op. Margin
-1601.12%
▼ -1341.5pp YoY
ROIC
-66.65%
▼ -28.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$108M
▼ -60.1% YoY
Op. Cash Flow (TTM)
-$108M
▼ -63.6% YoY
Net Debt
-$123M
Net Cash Position
Cash & Equiv.
$123M
5Y CAGR: -12.6%
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