M 
2.04
+0.49%
Close of 9 Nov 2026, in AUD
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At a glance
Figures in USD, from our data supplier.
Revenue
$122.9m
FY2017FY2026
Net income
−$58.8m
FY2017FY2026
Free cash flow
−$44.7m
FY2017FY2026
Shareholders' equity
$568.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $122.9m | $17.2m | $5.9m | $7.5m | $10.2m | $7.5m | $32.2m | $16.7m | $17.3m | $2.4m |
| Research and development | $99.6m | $34.8m | $25.4m | $27.2m | $32.8m | $53.0m | $56.2m | $59.8m | $65.9m | $58.9m |
| Operating income | −$52.4m | −$62.4m | −$69.3m | −$62.8m | −$81.0m | −$88.9m | −$74.0m | −$87.8m | −$77.3m | −$90.0m |
| Net income | −$58.8m | −$102.1m | −$88.0m | −$81.9m | −$91.3m | −$98.8m | −$77.9m | −$89.8m | −$35.3m | −$76.8m |
| Diluted earnings per share | -0.05 | -0.08 | -0.08 | -0.10 | -0.12 | -0.15 | -0.13 | -0.17 | -0.07 | -0.14 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $773.1m | $784.7m | $669.2m | $669.4m | $662.1m | $744.7m | $733.6m | $652.1m | $692.4m | $655.7m |
| Cash and short-term investments | $47.4m | $161.2m | $62.6m | $70.9m | $60.0m | $136.9m | $129.3m | $50.4m | $37.8m | $45.8m |
| Total liabilities | $204.7m | $187.2m | $188.8m | $167.6m | $165.1m | $163.3m | $184.3m | $171.1m | $146.4m | $138.9m |
| Debt | $127.3m | $128.2m | $118.9m | $116.5m | $106.9m | $105.5m | $99.3m | $81.3m | $59.4m | — |
| Shareholders' equity | $568.4m | $597.4m | $480.4m | $501.8m | $497.0m | $581.4m | $549.3m | $481.1m | $546.0m | $516.8m |
| Shares outstanding | 1,298m | 1,292m | 1,142m | 851m | 737m | 648m | 586m | 538m | 538m | 538m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$43.8m | −$50.0m | −$48.5m | −$63.3m | −$65.8m | −$106.7m | −$56.4m | −$57.8m | −$75.0m | −$95.5m |
| Capital spending | −$898,000 | −$730,000 | −$331,000 | −$314,000 | −$232,000 | −$1.6m | −$2.2m | −$279,000 | −$201,000 | −$311,000 |
| Free cash flow | −$44.7m | −$50.7m | −$48.8m | −$63.6m | −$66.0m | −$108.3m | −$58.6m | −$58.1m | −$75.2m | −$95.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $37.1m | $34.5m | $25.7m | $25.7m | $7.0m | $7.0m | $1.6m | $1.6m |
| Operating income | −$20.5m | −$20.5m | −$38.6m | −$38.6m | −$34.4m | −$34.4m | −$20.6m | −$20.6m |
| Net income | −$8.7m | −$8.7m | −$20.1m | −$20.1m | −$27.1m | −$27.1m | −$24.0m | −$24.0m |
| Diluted earnings per share | -0.01 | -0.01 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 |
| Cash from operations | −$9.0m | −$4.0m | −$15.0m | −$14.0m | −$16.0m | −$12.0m | −$10.0m | −$10.0m |
| Total assets | $773.1m | $773.1m | $782.3m | $782.3m | $784.7m | $784.7m | $653.3m | $653.3m |
| Cash and short-term investments | $47.4m | $102.9m | $129.6m | $130.0m | $161.2m | $161.6m | $38.0m | $38.0m |
| Debt | $122.3m | $13.6m | $135.1m | $69.1m | $128.2m | $56.8m | $126.1m | $19.9m |
| Shareholders' equity | $568.4m | $568.4m | $574.7m | $574.7m | $597.4m | $597.4m | $461.3m | $461.3m |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | -42.6% | -465.5% | -982.2% | -835.3% | -792.8% | -1192.5% |
| Net margin | -47.8% | -593.9% | -1490.3% | -1091.7% | -894.6% | -1325.3% |
| Return on equity | -10.3% | -17.1% | -18.3% | -16.3% | -18.4% | -17.0% |
| Return on assets | -7.6% | -13.0% | -13.1% | -12.2% | -13.8% | -13.3% |
| Free cash flow yield | -1.5% | -1.7% | -1.9% | -3.3% | -3.9% | -7.2% |
| Revenue growth | 614.6% | 191.4% | -21.3% | -26.5% | 37.0% | -76.8% |
| Earnings growth | -42.5% | 16.1% | 7.4% | -10.4% | -7.6% | 26.8% |
| Current ratio | 2.43x | 1.99x | 1.18x | 1.95x | 1.36x | 1.57x |
| Debt to equity | 0.22x | 0.21x | 0.24x | 0.22x | 0.20x | 0.17x |
| Equity ratio | 73.5% | 76.1% | 71.8% | 75.0% | 75.1% | 78.1% |
| Interest coverage | -2.15x | -3.68x | -2.81x | -3.22x | -4.68x | -8.30x |
| R&D as a share of sales | 81.1% | 202.4% | 429.6% | 362.5% | 321.4% | 711.0% |
| Buybacks as a share of market value | -0.4% | -13.1% | -34.2% | -15.6% | -13.7% | -10.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 154.0% | 75.1% | 11.2% |
| Operating income | -5.9% | -10.0% | -4.3% |
| Net income | -10.5% | -9.9% | 30.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -82.0% | -160.9% | -243.5% | -293.1% |
| Net margin | -114.9% | -215.5% | -304.3% | -285.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -33.1 | -24.4 | -28.8 | -2.3 | -2.2 | -2.8 | -5.2 | -1.5 | -2.2 | -1.2 |
| Price to sales | 15.8 | 144.8 | 429.2 | 24.5 | 19.4 | 37.5 | 12.7 | 8.3 | 4.5 | 39.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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