A 
30.21
+2.41%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
—
FY2019FY2025
Net income
−$144.7m
FY2019FY2025
Free cash flow
−$123.5m
FY2019FY2025
Shareholders' equity
$305.3m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | — | $87.4m | $380.8m | $22.2m | $285,000 | $650,000 | $1.4m |
| Research and development | $90.4m | $104.1m | $128.2m | $93.5m | $44.0m | $24.6m | $11.9m |
| Operating income | −$153.3m | −$314.7m | $38.8m | −$201.3m | −$82.7m | −$40.0m | −$12.6m |
| Net income | −$144.7m | −$301.7m | $49.3m | −$198.4m | −$87.9m | −$42.3m | −$14.8m |
| Diluted earnings per share | -1.53 | -4.40 | 0.71 | -3.03 | -1.59 | -0.92 | -0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | $332.6m | $193.6m | $517.5m | $391.5m | $105.6m | $14.1m | $3.2m |
| Cash and short-term investments | $317.0m | $176.5m | $371.4m | $346.9m | $96.1m | $12.9m | $3.1m |
| Total liabilities | $27.4m | $28.9m | $84.0m | $50.8m | $256.8m | $80.8m | $28.6m |
| Debt | $1.3m | — | — | — | — | $263,000 | $14.9m |
| Shareholders' equity | $305.3m | $164.8m | $433.4m | $340.6m | −$151.2m | −$66.7m | −$25.4m |
| Shares outstanding | 95m | 69m | 69m | 65m | 55m | 46m | 56m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −$123.3m | −$167.6m | $11.9m | −$179.9m | −$74.8m | −$36.7m | −$10.7m |
| Capital spending | −$138,000 | −$157,000 | −$1.2m | −$2.5m | −$353,000 | −$151,000 | −$151,000 |
| Free cash flow | −$123.5m | −$167.8m | $10.7m | −$182.4m | −$75.2m | −$36.8m | −$10.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | −$665,000 | $416,000 |
| Operating income | −$45.7m | −$43.8m | −$36.6m | −$36.0m | −$42.9m | −$37.8m | −$40.7m | −$75.7m |
| Net income | −$43.4m | −$41.3m | −$33.0m | −$34.4m | −$41.4m | −$35.9m | −$37.5m | −$72.7m |
| Diluted earnings per share | -0.39 | -0.37 | -0.35 | -0.36 | -0.44 | -0.38 | -0.55 | -1.06 |
| Cash from operations | −$31.0m | −$36.0m | −$27.0m | −$30.0m | −$25.0m | −$39.0m | −$59.0m | −$41.0m |
| Total assets | $264.6m | $293.6m | $332.6m | $362.7m | $194.6m | $219.7m | $193.6m | $250.7m |
| Cash and short-term investments | $250.8m | $279.8m | $317.0m | $344.0m | $180.8m | $204.1m | $176.5m | $234.4m |
| Debt | $1.0m | $1.2m | $1.3m | $981,000 | $665,000 | $1.1m | $1.5m | $2.0m |
| Shareholders' equity | $239.2m | $273.2m | $305.3m | $332.0m | $167.9m | $201.4m | $164.8m | $196.2m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | — | -334.1% | 14.3% | -905.7% | -29013.3% | -6000.8% | -872.4% |
| Net margin | — | -345.4% | 12.9% | -892.4% | -30834.7% | -6504.6% | -1039.0% |
| Return on equity | -47.4% | -183.1% | 11.4% | -58.2% | 58.1% | 63.4% | — |
| Return on assets | -43.5% | -155.8% | 9.5% | -50.7% | -83.2% | -299.8% | — |
| Free cash flow yield | -4.5% | -8.5% | 0.7% | -9.4% | -4.7% | -2.8% | — |
| Revenue growth | — | -77.1% | 1612.9% | 7700.0% | -56.2% | -54.4% | — |
| Earnings growth | -52.0% | -712.4% | -124.8% | 125.7% | 107.9% | 185.4% | — |
| Current ratio | 14.27x | 6.67x | 5.66x | 8.20x | 6.03x | 1.86x | — |
| Debt to equity | 0.00x | 0.01x | 0.01x | 0.01x | — | -0.02x | -0.59x |
| Equity ratio | 91.8% | 85.1% | 83.8% | 87.0% | -143.1% | -473.1% | — |
| Interest coverage | — | — | — | -46.92x | -2296.89x | -17.05x | -9.75x |
| R&D as a share of sales | — | 119.1% | 33.7% | 420.4% | 15452.6% | 3783.7% | 834.4% |
| Buybacks as a share of market value | -37.9% | 0.9% | -5.8% | -18.5% | -20.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -8.7% | 30.8% | — |
| Net income | -10.0% | 27.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -7.9 | -0.9 | 3.7 | -2.2 |
| Price to sales | — | 3.0 | 0.5 | 19.3 |
Market value over time
31 Jan 2022 to 30 Oct 2026, in USD
$1.28bn$3.21bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Return | 203% | 59% | -58% | 188% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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