S 
109.00
+4.95%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
—
FY2016FY2025
Net income
−$155.2m
FY2016FY2025
Free cash flow
−$169.3m
FY2016FY2025
Shareholders' equity
$715.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $886,000 | $886,000 | $2.3m | $18.7m | — | — | $3.9m | $5.2m | $4.6m |
| Gross profit | −$171.7m | $886,000 | −$78,000 | $2.3m | $18.7m | −$1.6m | −$901,000 | $3.9m | $5.2m | $4.6m |
| Research and development | $171.7m | $162.8m | $89.5m | $58.6m | $57.1m | $59.6m | $64.6m | $36.7m | $22.8m | $18.1m |
| Operating income | −$209.6m | −$208.6m | −$242.3m | −$84.8m | −$65.6m | −$81.5m | −$80.3m | −$45.5m | −$27.7m | −$21.9m |
| Net income | −$155.2m | −$208.0m | −$338.8m | −$83.8m | −$65.8m | −$80.9m | −$78.3m | −$44.3m | −$27.2m | −$21.7m |
| Diluted earnings per share | -2.07 | -4.42 | -15.61 | -32.06 | -33.33 | -34.99 | -60.15 | -44.49 | -42.82 | -46.84 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $777.8m | $608.5m | $341.9m | $71.1m | $109.9m | $161.6m | $83.2m | $77.7m | $56.1m | $67.1m |
| Cash and short-term investments | $756.5m | $603.1m | $339.3m | $55.7m | $93.1m | $146.3m | $71.9m | $74.5m | $50.3m | $63.5m |
| Total liabilities | $62.5m | $90.7m | $157.8m | $20.8m | $26.0m | $21.8m | $23.1m | $10.3m | $5.7m | $4.1m |
| Debt | — | — | — | — | $400,000 | $100,000 | $100,000 | — | — | — |
| Shareholders' equity | $715.2m | $517.8m | $184.0m | $50.3m | $83.9m | $139.8m | $60.1m | $67.4m | $50.3m | $63.0m |
| Shares outstanding | 75m | 47m | 22m | 3m | 2m | 2m | 1m | 1m | 1m | 0m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$169.3m | −$157.4m | −$99.9m | −$80.1m | −$53.7m | −$75.8m | −$65.7m | −$32.2m | −$24.6m | −$18.8m |
| Capital spending | — | — | — | −$38,000 | −$573,000 | −$4.3m | −$1.5m | −$422,000 | −$619,000 | −$212,000 |
| Free cash flow | −$169.3m | −$157.4m | −$99.9m | −$80.2m | −$54.3m | −$80.1m | −$67.2m | −$32.6m | −$25.2m | −$19.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $90.5m | — | — | — | — | — |
| Gross profit | — | — | $45.2m | −$45.2m | — | — | — | — |
| Operating income | −$41.6m | −$45.6m | −$57.2m | −$56.9m | −$41.9m | −$53.6m | −$61.3m | −$55.4m |
| Net income | −$36.2m | −$69.0m | −$62.5m | −$11.2m | −$36.7m | −$44.8m | −$56.3m | −$69.0m |
| Diluted earnings per share | -0.43 | -0.81 | -0.83 | -0.15 | -0.49 | -0.60 | -1.20 | -1.47 |
| Cash from operations | −$69.0m | −$57.0m | −$44.0m | −$37.0m | −$46.0m | −$40.0m | −$37.0m | −$29.0m |
| Total assets | $1.17bn | $764.0m | $777.8m | $504.6m | $538.8m | $569.8m | $608.5m | $421.1m |
| Cash and short-term investments | $1.15bn | $741.5m | $756.5m | $486.2m | $526.6m | $564.8m | $603.1m | $414.2m |
| Shareholders' equity | $1.10bn | $670.8m | $715.2m | $455.1m | $455.8m | $482.6m | $517.8m | $327.4m |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | 100.0% | -8.8% | 100.0% | 100.0% | — | — | 100.0% | 100.0% | — |
| Operating margin | — | -14510.6% | -27431.9% | -3604.6% | -350.4% | — | — | -1169.3% | -531.7% | — |
| Net margin | — | -23478.3% | -38238.1% | -3598.8% | -351.1% | — | — | -1140.6% | -523.3% | — |
| Return on equity | -21.7% | -40.2% | -184.1% | -166.6% | -78.4% | -57.9% | — | — | — | — |
| Return on assets | -20.0% | -34.2% | -99.1% | -117.8% | -59.9% | -50.1% | — | — | — | — |
| Free cash flow yield | — | — | — | -33.2% | -29.2% | -33.5% | -53.5% | -34.5% | -40.9% | — |
| Revenue growth | — | 0.0% | -62.0% | -87.6% | — | — | — | -25.3% | 12.5% | -23.9% |
| Earnings growth | -25.4% | -38.6% | 304.2% | 27.4% | -18.7% | 3.4% | — | — | — | — |
| Current ratio | 13.25x | 11.26x | 10.68x | 4.25x | 4.91x | 9.11x | — | — | — | — |
| Debt to equity | — | — | — | 0.01x | 0.01x | 0.00x | 0.01x | — | — | — |
| Equity ratio | 92.0% | 85.1% | 53.8% | 70.7% | 76.4% | 86.5% | — | — | — | — |
| R&D as a share of sales | — | 18373.6% | 10102.0% | 2515.2% | 304.5% | — | — | 944.4% | 438.3% | — |
| Buybacks as a share of market value | -59.7% | -116.7% | -730.3% | -32.4% | 14.6% | -77.7% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 35.2% | 20.8% | 33.9% |
| Net income | 22.8% | 13.9% | 30.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -15.8 | -5.3 | -1.4 | -0.3 | -0.6 | -0.6 | -0.3 | -0.4 | -0.3 | -0.2 |
| Price to sales | — | — | — | 12.6 | 2.1 | — | — | 5.0 | 1.7 | 1.1 |
Market value over time
30 Nov 2016 to 22 Oct 2026, in USD
$129.3m$7.82bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 45% | 41% | 82% | -48% | -23% | 16% | 4% | 42% | -1% | -48% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 25-to-1 reverse split · 8 Sept 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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