A 
4.24
+8.72%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$7.8m
FY2016FY2025
Net income
−$64.9m
FY2016FY2025
Free cash flow
−$47.2m
FY2016FY2025
Shareholders' equity
$103.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.8m | $18.7m | $31.2m | $29.8m | $6.8m | $6.5m | $4.2m | $10.1m | $1.7m | — |
| Research and development | $52.6m | $33.6m | $98.4m | $77.8m | $43.8m | $31.7m | $64.9m | $63.0m | $39.8m | $33.5m |
| Operating income | −$76.4m | −$141.9m | −$97.4m | −$89.9m | −$89.7m | −$50.9m | −$111.1m | −$135.4m | −$72.4m | −$48.6m |
| Net income | −$64.9m | −$132.1m | −$88.5m | −$86.9m | −$90.9m | −$51.2m | −$161.4m | −$132.7m | −$68.5m | −$48.1m |
| Diluted earnings per share | -0.53 | -1.39 | -1.25 | -1.30 | -1.48 | -1.20 | -3.90 | -3.42 | -2.22 | -2.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $160.5m | $220.3m | $197.4m | $254.6m | $251.2m | $70.8m | $98.3m | $275.6m | $243.5m | $176.1m |
| Cash and short-term investments | $90.8m | $113.6m | $119.1m | $217.6m | $191.4m | $54.1m | $75.0m | $168.0m | $208.9m | $174.1m |
| Total liabilities | $57.4m | $64.8m | $40.2m | $57.0m | $53.9m | $33.1m | $28.4m | $60.4m | $18.2m | $6.6m |
| Debt | — | — | — | — | — | $10.7m | $100,000 | $30.1m | $100,000 | — |
| Shareholders' equity | $103.1m | $155.6m | $157.2m | $197.6m | $197.3m | $37.6m | $69.9m | $215.1m | $225.3m | $169.5m |
| Shares outstanding | 123m | 95m | 71m | 67m | 61m | 43m | 41m | 39m | 31m | 23m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$47.1m | −$20.1m | −$78.3m | −$67.6m | −$52.1m | −$38.6m | −$96.4m | −$100.8m | −$54.7m | −$34.6m |
| Capital spending | −$111,000 | −$121,000 | −$1.3m | −$605,000 | −$308,000 | −$453,000 | −$1.6m | −$1.4m | −$1.2m | −$232,000 |
| Free cash flow | −$47.2m | −$20.2m | −$79.6m | −$68.2m | −$52.4m | −$39.1m | −$98.1m | −$102.2m | −$55.9m | −$34.8m |
| Dividends paid | — | — | — | — | −$3.1m | −$7.7m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6m | $2.0m | $1.3m | $3.3m | $1.8m | $1.5m | $9.2m | $4.3m |
| Operating income | −$24.2m | −$22.2m | −$22.7m | −$17.1m | −$18.4m | −$18.1m | −$99.7m | −$10.5m |
| Net income | −$21.5m | −$19.8m | −$19.8m | −$14.6m | −$15.4m | −$15.1m | −$96.6m | −$7.6m |
| Diluted earnings per share | -0.15 | -0.14 | -0.16 | -0.12 | -0.13 | -0.12 | -1.01 | -0.08 |
| Cash from operations | −$19.0m | −$18.0m | −$13.0m | −$10.0m | −$9.0m | −$13.0m | −$8.0m | $22.0m |
| Capital spending | — | — | — | — | — | — | −$35.0m | — |
| Free cash flow | — | — | — | — | — | — | −$43.0m | — |
| Total assets | $179.7m | $198.7m | $160.5m | $175.5m | $189.1m | $198.1m | $220.3m | $182.4m |
| Cash and short-term investments | $91.6m | $105.4m | $90.8m | $95.9m | $99.8m | $105.3m | $113.6m | $127.7m |
| Debt | — | $569,000 | $551,000 | $533,000 | $515,000 | $498,000 | $481,000 | $465,000 |
| Shareholders' equity | $124.6m | $143.6m | $103.1m | $120.1m | $131.7m | $144.1m | $155.6m | $130.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -35.9% | 3.8% | — |
| Operating income | -5.3% | 8.4% | 14.0% |
| Net income | -9.3% | 4.9% | 12.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -822.4% | -463.2% | -541.9% | — |
| Net margin | -742.1% | -425.3% | -510.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.7 | -1.8 | -0.8 | -6.7 | -5.4 | -3.0 | -0.3 | -0.6 | -2.9 | -3.5 |
| Price to sales | 47.2 | 12.6 | 2.4 | 19.5 | 72.8 | 23.5 | 10.2 | 7.5 | 119.7 | — |
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 0% | 202% | -87% | 2% | 136% | 207% | -40% | -71% | -22% | 15% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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