C 
1.12
+4.67%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$72.9m
FY2016FY2025
Net income
−$67.6m
FY2016FY2025
Free cash flow
−$42.5m
FY2016FY2025
Shareholders' equity
$75.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $72.9m | $41.5m | $755,000 | $19.2m | $73.9m | $73.9m | $15.2m | $12.7m | $25.2m | $42.6m |
| Research and development | $93.5m | $90.5m | $87.6m | $97.5m | $87.0m | $87.0m | $92.0m | $76.6m | $79.2m | $74.6m |
| Operating income | −$33.1m | −$59.6m | −$97.3m | −$89.7m | −$93.3m | −$96.2m | −$123.6m | −$105.1m | −$92.7m | −$64.0m |
| Net income | −$67.6m | −$36.8m | −$101.1m | −$98.7m | −$86.3m | −$72.6m | −$90.7m | −$78.7m | −$99.4m | −$63.9m |
| Diluted earnings per share | -0.67 | -0.37 | -1.41 | -2.16 | -1.90 | -1.70 | -2.14 | -1.85 | -2.76 | -1.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $324.7m | $383.5m | $334.3m | $261.2m | $382.1m | $469.5m | $467.5m | $500.8m | $332.9m | $330.7m |
| Cash and short-term investments | $208.7m | $260.3m | $203.8m | $97.7m | $186.1m | $268.2m | $360.9m | $451.9m | $297.0m | $290.5m |
| Total liabilities | $248.8m | $252.5m | $249.6m | $135.3m | $145.6m | $160.6m | $112.0m | $50.6m | $47.0m | $56.6m |
| Debt | $69.4m | $57.2m | $42.1m | $33.4m | $29.3m | $35.5m | $47.6m | $1.4m | $34,000 | $1.8m |
| Shareholders' equity | $75.9m | $131.0m | $84.7m | $118.0m | $221.3m | $283.8m | $315.1m | $409.3m | $266.8m | $274.0m |
| Shares outstanding | 100m | 100m | 72m | 46m | 45m | 43m | 42m | 42m | 36m | 36m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$40.1m | $22.1m | −$24.7m | −$87.4m | −$104.6m | −$80.3m | −$69.1m | −$68.1m | −$52.3m | −$31.1m |
| Capital spending | −$2.4m | −$2.6m | −$1.1m | −$2.4m | −$18.6m | −$44.4m | −$13.0m | −$4.9m | −$2.7m | −$13.3m |
| Free cash flow | −$42.5m | $19.5m | −$25.8m | −$89.9m | −$123.1m | −$124.7m | −$82.1m | −$73.0m | −$55.0m | −$44.4m |
| Dividends paid | — | — | — | −$569,000 | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.2m | $5.8m | $10.4m | $35.2m | $16.7m | $10.7m | $12.7m | $16.2m |
| Operating income | −$23.5m | −$27.1m | −$17.4m | $8.0m | −$9.6m | −$14.2m | −$10.7m | −$10.8m |
| Net income | −$21.8m | −$17.8m | −$26.3m | $589,000 | −$23.7m | −$18.1m | $5.9m | −$23.1m |
| Diluted earnings per share | -0.22 | -0.18 | -0.26 | 0.01 | -0.24 | -0.18 | 0.06 | -0.23 |
| Cash from operations | −$14.0m | −$15.0m | −$10.0m | −$1.0m | −$10.0m | −$17.0m | — | −$5.0m |
| Capital spending | — | — | — | −$1.0m | — | — | −$1.0m | — |
| Free cash flow | — | — | — | −$2.0m | — | — | — | — |
| Total assets | $267.4m | $289.2m | $324.7m | $343.0m | $354.0m | $364.1m | $383.5m | $395.9m |
| Cash and short-term investments | $166.8m | $185.7m | $208.7m | $190.2m | $196.2m | $241.7m | $260.3m | $260.9m |
| Debt | $60.7m | $66.8m | $69.4m | $63.5m | $62.5m | $58.6m | $57.2m | $54.8m |
| Shareholders' equity | $41.1m | $59.9m | $75.9m | $100.5m | $97.1m | $116.2m | $131.0m | $129.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 56.1% | -0.3% | 2.9% |
| Operating income | -28.3% | -19.2% | 0.8% |
| Net income | -11.9% | -1.4% | 11.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -80.9% | -208.1% | -166.2% | -204.4% |
| Net margin | -91.2% | -226.3% | -164.0% | -188.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.4 | -3.0 | -1.3 | -0.6 | -2.6 | -9.6 | -4.9 | -5.4 | -6.4 | -5.8 |
| Price to sales | 4.0 | 2.6 | 177.5 | 3.0 | 3.0 | 9.4 | 29.0 | 33.6 | 25.2 | 8.6 |
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 155% | -51% | 76% | -78% | -68% | 53% | 11% | -41% | 62% | -43% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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