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We are a clinical stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need. With the evolving understanding 6 Table of Contents of the pathogenesis of autoimmune diseases, along with the expansion of promising immunology-based pharmacologic targets, we are building an I&I focused…
The business is unprofitable at the operating level (-3830.57% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 100.0%, still solid. Margins contracted 552.8pp, which offsets some of the top-line progress.
ROIC dropped from -77.39% to -95.23%, capital efficiency is deteriorating. Negative free cash flow of -$172M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$10M
▲ +100.0% YoY
Net Income (TTM)
-$425M
▼ -140.6% YoY
Op. Margin
-3830.57%
▼ -552.8pp YoY
ROIC
-107.64%
▼ -17.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$210M
▼ -43.9% YoY
Op. Cash Flow (TTM)
-$210M
▼ -44.0% YoY
Net Debt
-$644M
Net Cash Position
Cash & Equiv.
$717M
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