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We are a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development and commercialization of life-changing therapeutics for patients in need. We are advancing a differentiated product pipeline led by our investigational candidate, azetukalner, which is being studied in multiple Phase 3 studies in epilepsy, major depressive disorder, or MDD, and bipolar depr…
The business is unprofitable at the operating level (-4974.27% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
ROIC dropped from -25.92% to -43.55%, capital efficiency is deteriorating. Negative free cash flow of -$280M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$0.00
Net Income (TTM)
-$383M
▼ -47.6% YoY
Op. Margin
-4974.27%
ROIC
-41.46%
▼ -17.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$307M
▼ -51.7% YoY
Op. Cash Flow (TTM)
-$306M
▼ -53.9% YoY
Net Debt
-$1.09B
Net Cash Position
Cash & Equiv.
$1.09B
5Y CAGR: -25.3%
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