A 
15.36
-0.45%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$83.1m
FY2016FY2025
Net income
−$179.8m
FY2016FY2025
Free cash flow
−$178.7m
FY2016FY2025
Shareholders' equity
$197.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $83.1m | $145.9m | $222.0m | $209.7m | $27.9m | $12.4m | $2.2m | $1.0m | $941,221 | $1.1m |
| Research and development | $161.1m | $140.9m | $707.0m | $743.1m | $766.5m | $564.6m | $69.0m | $37.1m | $17.7m | $15.3m |
| Operating income | −$175.4m | −$54.8m | −$869.2m | −$844.1m | −$869.8m | −$669.2m | −$86.7m | −$51.4m | −$19.4m | −$17.0m |
| Net income | −$179.8m | −$60.3m | −$925.6m | −$882.9m | −$782.4m | −$677.6m | −$220.2m | −$51.4m | −$17.6m | −$16.0m |
| Diluted earnings per share | -1.94 | -0.77 | -12.77 | -53.58 | -49.17 | -50.21 | -16.66 | -3.97 | -1.36 | -1.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $589.9m | $389.4m | $371.9m | $421.0m | $437.3m | $257.5m | $179.2m | $182.9m | $86.5m | $88.3m |
| Cash and short-term investments | $367.6m | $183.9m | $159.0m | $219.5m | $253.9m | $151.7m | $130.7m | $144.5m | $59.3m | $67.2m |
| Total liabilities | $391.3m | $348.6m | $361.4m | $360.2m | $253.6m | $131.5m | $46.8m | $333.3m | $106.1m | $90.4m |
| Debt | $292.4m | $245.1m | $265.2m | $265.3m | $160.0m | $77.9m | $13.7m | $5.6m | $300,304 | $53,249 |
| Shareholders' equity | $197.1m | $39.3m | $9.0m | $60.8m | $183.7m | $125.9m | $132.4m | −$150.5m | −$19.6m | −$2.2m |
| Shares outstanding | 93m | 78m | 73m | 16m | 16m | 13m | 13m | 13m | 13m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$174.6m | −$16.6m | −$108.0m | −$97.3m | −$89.9m | −$90.7m | −$68.5m | −$35.4m | −$16.1m | −$6.8m |
| Capital spending | −$4.1m | −$3.6m | −$8.5m | −$35.2m | −$64.9m | −$37.4m | −$12.1m | −$7.4m | −$3.1m | −$501,399 |
| Free cash flow | −$178.7m | −$20.2m | −$116.5m | −$132.5m | −$154.9m | −$128.1m | −$80.6m | −$42.7m | −$19.1m | −$7.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44.5m | $49.7m | $49.7m | $34.8m | $23.3m | $23.3m | $11.7m | $122.5m |
| Operating income | −$110.7m | −$95.3m | −$95.3m | −$82.4m | −$84.3m | −$84.3m | −$42.2m | $28.0m |
| Net income | −$120.1m | −$95.2m | −$95.2m | −$87.9m | −$84.5m | −$84.5m | −$42.3m | $24.2m |
| Diluted earnings per share | -1.29 | -1.02 | -1.03 | -0.95 | -0.91 | -1.08 | -0.54 | 0.31 |
| Cash from operations | −$89.0m | −$115.0m | −$115.0m | −$67.0m | $32.0m | $36.0m | $18.0m | −$58.0m |
| Capital spending | −$1.0m | −$1.0m | −$1.0m | −$2.0m | −$1.0m | −$1.0m | — | −$2.0m |
| Free cash flow | −$90.0m | −$116.0m | −$116.0m | −$69.0m | $31.0m | $35.0m | — | −$60.0m |
| Total assets | $482.2m | $589.9m | $589.9m | $453.1m | $389.4m | $389.4m | $389.4m | $462.1m |
| Cash and short-term investments | $282.0m | $367.6m | $367.6m | $247.1m | $183.9m | $183.9m | $188.4m | $163.7m |
| Debt | $219.5m | $181.9m | $292.4m | $255.3m | $115.9m | $245.1m | $115.9m | $251.2m |
| Shareholders' equity | $82.8m | $197.1m | $197.1m | $99.1m | $39.3m | $39.3m | $39.3m | $114.0m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -211.1% | -33.7% | -377.0% | -397.9% | -2922.0% | -5375.0% |
| Net margin | -216.5% | -41.3% | -417.0% | -421.0% | -2803.4% | -5442.6% |
| Return on equity | -91.2% | -153.5% | -1532.1% | -216.1% | -63.4% | -80.0% |
| Return on assets | -30.5% | -15.5% | -37.0% | -31.2% | -26.6% | -39.1% |
| Free cash flow yield | -85.6% | -7.7% | -63.8% | -175.0% | -73.0% | -183.8% |
| Revenue growth | -43.1% | 341.8% | 5.9% | 651.4% | 124.2% | -14.2% |
| Earnings growth | 198.2% | -56.2% | 4.8% | 12.8% | 15.5% | -54.2% |
| Current ratio | 1.79x | 1.26x | 1.44x | 1.86x | 5.22x | 3.91x |
| Debt to equity | 1.48x | 6.24x | 29.51x | 4.36x | 0.87x | 0.62x |
| Equity ratio | 33.4% | 10.1% | 2.4% | 14.4% | 42.0% | 48.9% |
| Interest coverage | -22.42x | -5.13x | -8.71x | -15.81x | -48.74x | -106.99x |
| R&D as a share of sales | 194.0% | 96.6% | 318.5% | 354.3% | 2746.3% | 4534.7% |
| Buybacks as a share of market value | -18.6% | -7.7% | -340.0% | -3.6% | -17.9% | -2.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -26.6% | 46.2% | — |
| Operating income | -40.8% | -23.5% | — |
| Net income | -41.2% | -23.3% | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -13.5 |
| Price to sales | 29.3 |
Market value over time
31 Jan 2025 to 30 Oct 2026, in USD
$5.57bn$1.35bn
Share price return
Finished calendar years
| 2025 | |
|---|---|
| Return | 65% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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