I 
19.36
+3.47%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$6.9m
FY2018FY2025
Net income
−$212.4m
FY2018FY2025
Free cash flow
−$200.6m
FY2018FY2025
Shareholders' equity
$634.3m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9m | $9.0m | $14.0m | $6.6m | — | — | — | — |
| Research and development | $174.3m | $129.5m | $23.1m | $23.3m | $14.1m | $7.5m | $8.8m | $6.9m |
| Operating income | −$214.1m | −$305.8m | −$109.5m | −$36.9m | −$25.2m | −$12.3m | −$10.3m | −$7.7m |
| Net income | −$212.4m | −$293.0m | −$106.8m | −$36.9m | −$24.7m | −$17.1m | −$10.6m | −$7.8m |
| Diluted earnings per share | -2.43 | -4.67 | -4.87 | -3.04 | -2.07 | -1.68 | -1.84 | -7.85 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | $683.2m | $240.2m | $148.5m | $24.0m | $57.9m | $44.5m | $5.1m | $4.4m |
| Cash and short-term investments | $653.5m | $217.3m | $138.1m | $20.3m | $49.2m | $39.8m | $2.5m | $1.6m |
| Total liabilities | $48.8m | $59.1m | $28.7m | $7.4m | $9.7m | $3.2m | $40.7m | $29.7m |
| Debt | — | — | — | — | — | $610,000 | $560,000 | $1.2m |
| Shareholders' equity | $634.3m | $181.2m | $119.9m | $16.7m | $48.2m | $41.3m | −$35.6m | −$25.2m |
| Shares outstanding | 87m | 63m | 22m | 12m | 12m | 10m | 6m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$190.9m | −$110.8m | −$7.6m | −$28.7m | −$18.2m | −$12.1m | −$9.6m | −$7.4m |
| Capital spending | −$9.7m | −$53.5m | −$831,000 | −$248,000 | −$79,000 | −$586,000 | −$233,000 | −$228,000 |
| Free cash flow | −$200.6m | −$164.3m | −$8.4m | −$28.9m | −$18.3m | −$12.7m | −$9.8m | −$7.6m |
| Dividends paid | — | — | — | — | — | −$49,000 | −$4.6m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $4.0m | $2.9m | $2.7m | $2.9m |
| Operating income | −$78.1m | −$59.3m | −$72.9m | −$60.1m | −$46.5m | −$44.6m | −$83.0m | −$50.5m |
| Net income | −$73.1m | −$53.8m | −$69.9m | −$57.5m | −$43.4m | −$41.6m | −$80.2m | −$47.1m |
| Diluted earnings per share | -0.65 | -0.48 | -0.80 | -0.66 | -0.50 | -0.48 | -1.28 | -0.75 |
| Cash from operations | −$61.0m | −$58.0m | −$47.0m | −$40.0m | −$49.0m | −$53.0m | −$42.0m | −$34.0m |
| Capital spending | −$2.0m | −$3.0m | −$3.0m | −$1.0m | — | −$3.0m | −$1.0m | −$1.0m |
| Free cash flow | −$63.0m | −$61.0m | −$50.0m | −$41.0m | — | −$56.0m | −$43.0m | −$35.0m |
| Total assets | $565.4m | $619.8m | $683.2m | $299.4m | $296.3m | $342.7m | $240.2m | $256.9m |
| Cash and short-term investments | $520.0m | $582.7m | $653.5m | $272.6m | $268.0m | $317.3m | $217.3m | $240.1m |
| Debt | — | — | — | — | — | — | $63,000 | $257,000 |
| Shareholders' equity | $525.1m | $588.7m | $634.3m | $263.9m | $269.3m | $307.1m | $181.2m | $214.9m |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -3060.0% | -1697.3% | -204.9% | -556.7% | — | — | — | — |
| Net margin | -3060.0% | -3240.4% | -761.9% | -556.8% | — | — | — | — |
| Return on equity | -33.5% | -161.7% | -89.1% | -221.6% | -51.3% | -41.4% | — | — |
| Return on assets | -31.1% | -121.9% | -71.9% | -153.4% | -42.7% | -38.5% | — | — |
| Free cash flow yield | -11.6% | -5.1% | -1.7% | -13.1% | -8.5% | -6.3% | — | — |
| Revenue growth | -23.2% | -35.5% | 111.5% | — | — | — | — | — |
| Earnings growth | -27.5% | 174.3% | 189.5% | 49.3% | 44.3% | 62.3% | — | — |
| Current ratio | 14.69x | 4.08x | 6.63x | 3.09x | 5.82x | 14.12x | — | — |
| Debt to equity | — | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x | -0.02x | — |
| Equity ratio | 92.9% | 75.4% | 80.7% | 69.3% | 83.2% | 92.9% | — | — |
| Interest coverage | — | — | — | -7378.20x | -2470.10x | -322.66x | -97.53x | -54.64x |
| R&D as a share of sales | 2511.6% | 1432.8% | 164.7% | 351.2% | — | — | — | — |
| Buybacks as a share of market value | -39.3% | -185.7% | -81.0% | -1.6% | -17.1% | -77.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.6% | — | — |
| Operating income | 79.7% | 77.2% | — |
| Net income | 79.2% | 65.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -3253.1% | -1819.3% | — | — |
| Net margin | -3162.0% | -1772.1% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -8.8 | -2.3 | -2.2 | -0.7 | -6.3 | -5.8 |
| Price to sales | 270.3 | 73.7 | 16.8 | 4.0 | — | — |
Market value over time
30 Oct 2020 to 26 Oct 2026, in USD
$11.3m$2.03bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return | 80% | 37% | 131% | -77% | 40% | -19% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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