P 
119.60p
+0.17%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in USD, from our data supplier.
Revenue
$4.8m
FY2016FY2025
Net income
−$112.2m
FY2016FY2025
Free cash flow
−$87.0m
FY2016FY2025
Shareholders' equity
$312.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.8m | $4.3m | $750,000 | $2.1m | $10.0m | $8.3m | $8.7m | $16.4m | $650,000 | $4.4m |
| Research and development | $57.8m | $54.3m | $96.2m | $116.1m | $81.5m | $61.2m | $65.2m | $57.3m | $71.7m | $41.2m |
| Operating income | −$80.7m | −$136.1m | −$146.2m | −$197.8m | −$54.5m | −$151.9m | $469.1m | −$104.0m | −$62.2m | −$77.6m |
| Net income | −$112.2m | $53.5m | −$65.7m | −$50.4m | −$60.6m | $6.0m | $421.1m | −$43.7m | $26.5m | −$48.8m |
| Diluted earnings per share | -0.46 | 0.20 | -0.24 | -0.18 | -0.21 | 0.02 | 1.41 | -0.15 | 0.11 | -0.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $535.6m | $602.6m | $694.0m | $702.6m | $946.0m | $990.0m | $941.2m | $441.8m | $339.8m | $298.7m |
| Cash and short-term investments | $279.3m | $367.3m | $327.1m | $350.1m | $465.7m | $403.9m | $162.4m | $250.9m | $189.7m | $282.4m |
| Total liabilities | $229.4m | $194.7m | $235.7m | $155.1m | $361.9m | $336.5m | $290.8m | $274.8m | $275.8m | $206.3m |
| Debt | $19.8m | $22.4m | $25.3m | $46.9m | $52.0m | $76.6m | $39.3m | $12.4m | $7.5m | $7.0m |
| Shareholders' equity | $312.6m | $414.7m | $464.1m | $542.2m | $593.5m | $669.7m | $668.0m | $275.5m | $214.3m | $177.7m |
| Shares outstanding | 241m | 270m | 274m | 282m | 287m | 286m | 298m | 283m | 242m | 231m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$87.0m | −$134.4m | −$105.9m | −$178.8m | −$158.3m | −$131.8m | −$98.2m | −$72.8m | −$88.7m | −$58.0m |
| Capital spending | −$6,136 | −$11,000 | −$245,000 | −$2.2m | −$5.7m | −$5.4m | −$12.5m | −$4.5m | −$2.2m | −$3.7m |
| Free cash flow | −$87.0m | −$134.4m | −$106.2m | −$181.0m | −$163.9m | −$137.3m | −$110.7m | −$77.3m | −$90.9m | −$61.7m |
| Dividends paid | — | — | — | −$385,859 | — | — | −$112,000 | −$7,641 | −$91,000 | −$100,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5m | $2.8m | $2.8m | $1.9m | $4.0m | $4.0m | $288,000 | $178,569 |
| Operating income | −$51.5m | −$52.8m | −$52.8m | −$47.9m | −$69.7m | −$69.7m | −$66.4m | −$69.5m |
| Net income | $66.3m | −$65.5m | −$65.5m | −$44.6m | $95.3m | $95.3m | −$41.8m | −$40.4m |
| Diluted earnings per share | 0.27 | -0.26 | -0.27 | -0.18 | 0.39 | 0.35 | -0.15 | -0.15 |
| Cash from operations | −$43.0m | −$37.0m | −$37.0m | −$46.0m | −$53.0m | −$54.0m | −$80.0m | −$39.0m |
| Total assets | $636.5m | $535.6m | $535.6m | $553.2m | $602.6m | $602.6m | $580.0m | $694.0m |
| Cash and short-term investments | $221.1m | $279.3m | $279.3m | $321.6m | $367.3m | $367.3m | $500.4m | $327.1m |
| Debt | $9.3m | $8.5m | $8.5m | $8.0m | $7.7m | $7.7m | $7.6m | $7.1m |
| Shareholders' equity | $385.8m | $312.6m | $312.6m | $376.0m | $414.7m | $414.7m | $315.9m | $464.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.6% | -10.6% | -8.6% |
| Operating income | -25.8% | -11.9% | 6.3% |
| Net income | 30.6% | — | 11.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -2387.9% | -4705.4% | -2536.8% | -811.7% |
| Net margin | -646.3% | -1466.1% | -758.3% | 119.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.6 | 10.3 | -11.0 | -19.9 | -18.4 | 255.8 | 3.0 | -15.3 | 18.2 | -7.4 |
| Price to sales | 85.4 | 127.8 | — | 480.1 | 111.9 | 183.6 | 144.9 | 40.8 | — | 81.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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