O 
38.57
+10.83%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$169.4m
FY2018FY2025
Net income
−$60.4m
FY2018FY2025
Free cash flow
−$64.8m
FY2018FY2025
Shareholders' equity
$261.7m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $169.4m | $111.1m | $83.3m | $41.0m | $33.6m | $18.9m | $11.4m | $1.3m |
| Research and development | $65.2m | $58.1m | $91.2m | $64.3m | $34.6m | $23.3m | $23.3m | $20.3m |
| Operating income | −$74.0m | −$104.2m | −$373.2m | −$145.4m | −$99.7m | −$51.8m | −$48.4m | −$29.7m |
| Net income | −$60.4m | −$97.0m | −$374.1m | −$138.6m | −$94.0m | −$106.8m | −$51.7m | −$32.8m |
| Diluted earnings per share | -0.93 | -2.08 | -9.09 | -7.52 | -5.67 | -44.17 | -47.04 | -41.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | $349.5m | $276.1m | $330.7m | $256.1m | $307.7m | $46.4m | $39.9m | $26.8m |
| Cash and short-term investments | $208.6m | $172.0m | $190.1m | $122.9m | $183.6m | $11.6m | $16.8m | $13.4m |
| Total liabilities | $87.8m | $95.2m | $151.1m | $84.5m | $47.0m | $83.1m | $100.2m | $37.0m |
| Debt | — | — | $44.0m | $39.6m | — | $7.1m | $81.8m | — |
| Shareholders' equity | $261.7m | $180.9m | $179.7m | $171.6m | $260.7m | −$36.7m | −$60.3m | −$10.2m |
| Shares outstanding | 65m | 47m | 41m | 18m | 17m | 2m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$40.0m | −$33.7m | −$137.9m | −$110.7m | −$70.6m | −$42.1m | −$40.2m | −$27.8m |
| Capital spending | −$24.9m | −$3.8m | −$3.0m | −$5.4m | −$4.3m | −$3.5m | −$7.5m | −$6.5m |
| Free cash flow | −$64.8m | −$37.5m | −$140.9m | −$116.1m | −$74.8m | −$45.6m | −$47.7m | −$34.3m |
| Dividends paid | — | — | — | −$39.1m | −$265.3m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $54.6m | $48.6m | $62.2m | $39.5m | $35.0m | $32.6m | $30.1m | $28.1m |
| Operating income | −$20.0m | −$19.2m | $904,000 | −$24.3m | −$26.8m | −$23.8m | −$25.6m | −$27.5m |
| Net income | −$18.1m | −$17.5m | $4.0m | −$21.7m | −$20.6m | −$22.0m | −$23.7m | −$25.6m |
| Diluted earnings per share | -0.27 | -0.26 | 0.06 | -0.34 | -0.32 | -0.34 | -0.51 | -0.55 |
| Cash from operations | −$12.0m | −$7.0m | −$15.0m | −$18.0m | −$1.0m | −$4.0m | −$2.0m | −$3.0m |
| Capital spending | −$2.0m | −$2.0m | −$21.0m | −$1.0m | — | — | −$1.0m | — |
| Free cash flow | −$14.0m | −$9.0m | −$36.0m | −$19.0m | — | — | −$3.0m | — |
| Total assets | $474.8m | $381.5m | $349.5m | $353.8m | $321.8m | $268.6m | $276.1m | $255.2m |
| Cash and short-term investments | $261.1m | $173.1m | $208.6m | $244.5m | $226.5m | $168.2m | $172.0m | $151.4m |
| Debt | $4.8m | $4.6m | $4.1m | $7.5m | $7.4m | $7.3m | $7.2m | $7.2m |
| Shareholders' equity | $371.3m | $275.6m | $261.7m | $247.4m | $221.0m | $167.9m | $180.9m | $171.7m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -37.4% | -85.2% | -437.4% | -330.4% | -286.7% | -549.6% | — |
| Net margin | -35.6% | -87.3% | -449.2% | -337.7% | -279.9% | -564.9% | — |
| Return on equity | -23.1% | -53.6% | -208.2% | -80.7% | -36.0% | 291.1% | — |
| Return on assets | -17.3% | -35.1% | -113.1% | -54.1% | -30.5% | -230.1% | — |
| Free cash flow yield | -2.1% | -2.5% | -11.6% | -20.7% | -14.7% | -60.1% | — |
| Revenue growth | 52.5% | 33.4% | 103.0% | 22.2% | 77.6% | 65.6% | — |
| Earnings growth | -37.8% | -74.1% | 170.0% | 47.4% | -12.0% | 106.7% | — |
| Current ratio | 3.93x | 2.80x | 3.22x | 5.51x | 9.38x | 1.01x | — |
| Debt to equity | 0.02x | 0.04x | 0.28x | 0.25x | 0.01x | -0.27x | — |
| Equity ratio | 74.9% | 65.5% | 54.3% | 67.0% | 84.7% | -79.0% | — |
| Interest coverage | — | -51.94x | -39.16x | -50.32x | -191.01x | -41.27x | -13.42x |
| R&D as a share of sales | 38.5% | 52.3% | 109.5% | 156.8% | 103.0% | 123.3% | — |
| Buybacks as a share of market value | -39.0% | -13.2% | -123.3% | -11.1% | -586.0% | -120.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 60.4% | 55.0% | — |
| Operating income | -20.2% | 7.4% | — |
| Net income | -24.2% | -10.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -63.5% | -172.1% | -185.5% | — |
| Net margin | -56.1% | -165.5% | -190.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -23.2 | -5.9 | -0.8 | -1.1 | -9.2 | -3.1 |
| Price to sales | 8.3 | 5.1 | 3.8 | 3.9 | 25.7 | 17.3 |
Market value over time
30 Oct 2020 to 3 Nov 2026, in USD
$194.9m$1.91bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return | 106% | 50% | -32% | -81% | -47% | 4% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 21 Apr 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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