C 
31.24
+4.59%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.5m
FY2016FY2025
Net income
−$258.8m
FY2016FY2025
Free cash flow
−$213.7m
FY2016FY2025
Shareholders' equity
$527.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5m | $7.0m | $6.9m | $2.4m | $4.7m | $7.4m | $3.6m | $9.5m | $12.7m | $6.8m |
| Research and development | $245.1m | $163.6m | $118.0m | $82.3m | $56.8m | $40.5m | $42.7m | $66.4m | $96.2m | $102.7m |
| Operating income | −$287.4m | −$195.1m | −$154.5m | −$115.2m | −$71.2m | −$63.4m | −$55.0m | −$156.4m | −$121.5m | −$132.9m |
| Net income | −$258.8m | −$157.9m | −$141.4m | −$112.3m | −$70.5m | −$59.8m | −$50.9m | −$151.2m | −$93.0m | −$128.5m |
| Diluted earnings per share | -3.89 | -2.38 | -2.72 | -2.38 | -1.51 | -1.51 | -3.09 | -13.00 | -9.93 | -17.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $583.0m | $792.3m | $465.6m | $352.7m | $444.7m | $235.8m | $122.9m | $155.8m | $315.6m | $383.4m |
| Cash and short-term investments | $518.6m | $725.3m | $421.7m | $305.0m | $408.3m | $194.4m | $64.2m | $94.0m | $139.4m | $189.8m |
| Total liabilities | $55.8m | $45.3m | $36.5m | $26.5m | $25.2m | $26.5m | $28.9m | $31.7m | $79.3m | $117.9m |
| Shareholders' equity | $527.2m | $747.0m | $429.2m | $326.2m | $419.5m | $209.4m | $94.0m | $124.1m | $236.4m | $265.4m |
| Shares outstanding | 67m | 66m | 52m | 47m | 47m | 40m | 16m | 12m | 9m | 7m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$210.9m | −$157.8m | −$107.3m | −$103.7m | −$60.9m | −$40.4m | −$46.4m | −$75.2m | −$99.9m | −$113.0m |
| Capital spending | −$2.7m | −$1.9m | −$1.8m | −$1.8m | −$1.2m | −$1.6m | −$731,000 | −$813,000 | −$1.8m | −$2.8m |
| Free cash flow | −$213.7m | −$159.7m | −$109.1m | −$105.6m | −$62.2m | −$42.0m | −$47.1m | −$76.0m | −$101.7m | −$115.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22,000 | $15,000 | $75,000 | — | $730,000 | $695,000 | $1.2m | $3.2m |
| Operating income | −$80.6m | −$84.4m | −$87.2m | −$73.6m | −$63.9m | −$62.7m | −$56.0m | −$52.1m |
| Net income | −$73.5m | −$78.7m | −$81.4m | −$67.0m | −$56.6m | −$53.8m | −$47.1m | −$42.1m |
| Diluted earnings per share | -0.94 | -1.01 | -1.22 | -1.01 | -0.85 | -0.81 | -0.71 | -0.63 |
| Cash from operations | −$57.0m | −$65.0m | −$63.0m | −$48.0m | −$44.0m | −$54.0m | −$32.0m | −$55.0m |
| Capital spending | −$3.0m | −$1.0m | — | — | — | — | — | — |
| Free cash flow | −$60.0m | −$66.0m | — | — | — | — | — | — |
| Total assets | $782.3m | $511.3m | $583.0m | $648.4m | $692.4m | $739.5m | $792.3m | $823.2m |
| Cash and short-term investments | $717.6m | $451.5m | $518.6m | $583.2m | $630.3m | $673.3m | $725.3m | $756.0m |
| Debt | $1.6m | $1.5m | $1.6m | $1.6m | $1.5m | $1.5m | $1.5m | $1.4m |
| Shareholders' equity | $714.6m | $456.2m | $527.2m | $598.4m | $655.4m | $703.0m | $747.0m | $785.9m |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -17253.3% | -2248.8% | -2063.7% | -4543.7% | -1486.7% | -668.3% | — | — | — |
| Net margin | -17253.3% | -2248.8% | -2054.8% | -4765.6% | -1516.0% | -805.9% | — | — | — |
| Return on equity | -49.1% | -21.1% | -33.0% | -34.4% | -16.8% | -28.6% | — | — | — |
| Return on assets | -44.4% | -19.9% | -30.4% | -31.8% | -15.9% | -25.3% | — | — | — |
| Free cash flow yield | -10.5% | -7.9% | -6.8% | -7.2% | -4.3% | -3.3% | — | — | — |
| Revenue growth | -78.6% | 2.0% | 192.0% | -49.3% | -37.3% | 107.6% | — | — | — |
| Earnings growth | 63.9% | 11.6% | 25.9% | 59.3% | 18.0% | 17.5% | — | — | — |
| Current ratio | 10.49x | 18.91x | 13.87x | 17.07x | 24.86x | 13.93x | — | — | — |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | — | — | — |
| Equity ratio | 90.4% | 94.3% | 92.2% | 92.5% | 94.3% | 88.8% | — | — | — |
| Interest coverage | — | — | — | -36.82x | -617.39x | -2.63x | -0.51x | -6.84x | -86.97x |
| R&D as a share of sales | 16340.0% | 2329.8% | 1714.5% | 3489.9% | 1221.5% | 546.4% | — | — | — |
| Buybacks as a share of market value | -0.2% | -27.5% | -10.4% | -0.9% | -18.0% | -140.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.0% | -27.4% | -12.2% |
| Operating income | 35.6% | 35.3% | 8.3% |
| Net income | 32.1% | 34.1% | 7.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -5662.9% | -4235.7% | -2973.1% | -2181.5% |
| Net margin | -4890.4% | -3774.9% | -2684.3% | -1989.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.0 | -10.6 | -14.6 | -18.7 | -25.6 | -11.6 | -0.7 | -0.2 | -1.5 | -1.1 |
| Price to sales | — | 238.8 | 299.8 | — | 387.9 | 93.5 | 10.3 | 3.7 | 11.1 | 19.9 |
Market value over time
30 Nov 2016 to 29 Oct 2026, in USD
$400.1m$2.33bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 2% | -35% | -9% | 6% | 125% | 660% | -34% | -78% | -25% | -44% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 15-to-1 reverse split · 11 Feb 2019
- 12-to-1 reverse split · 10 Mar 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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