T 
4.37
+0.92%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$9.8m
FY2019FY2025
Net income
−$109.0m
FY2019FY2025
Free cash flow
−$93.8m
FY2019FY2025
Shareholders' equity
$246.9m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $9.8m | $8.3m | $15.5m | $2.5m | — | — | — |
| Gross profit | $9.8m | $8.3m | $15.5m | $14,999 | −$492,000 | −$9,000 | — |
| Research and development | $86.4m | $66.0m | $56.8m | $91.2m | $131.9m | $31.9m | $987,000 |
| Operating income | −$110.5m | −$91.5m | −$72.4m | −$162.2m | −$173.3m | −$43.0m | −$1.1m |
| Net income | −$109.0m | −$89.3m | −$111.6m | −$166.0m | −$174.5m | −$43.0m | −$1.1m |
| Diluted earnings per share | -0.34 | -0.44 | -0.60 | -2.94 | -4.58 | -1.14 | -0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | $343.3m | $160.4m | $172.7m | $126.3m | $214.0m | $258.9m | $15,000 |
| Cash and short-term investments | $319.8m | $139.0m | $143.9m | $87.9m | $149.1m | $251.3m | — |
| Total liabilities | $96.4m | $88.8m | $97.8m | $125.3m | $118.6m | $7.6m | $150,000 |
| Debt | $50.1m | $44.7m | $41.6m | $38.0m | $37.2m | — | — |
| Shareholders' equity | $246.9m | $71.5m | $74.9m | $949,000 | $95.4m | $251.3m | −$135,000 |
| Shares outstanding | 320m | 205m | 187m | 56m | 38m | 38m | 15m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −$93.1m | −$81.2m | −$73.0m | −$88.4m | −$117.0m | −$30.7m | $135,000 |
| Capital spending | −$738,000 | −$374,000 | −$7.4m | −$24.9m | −$21.6m | −$9.1m | −$82,000 |
| Free cash flow | −$93.8m | −$81.6m | −$80.4m | −$113.3m | −$138.6m | −$39.8m | $53,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $5.5m | — | $2.0m | $2.3m | $2.0m | $1.8m |
| Gross profit | — | −$295,000 | $5.2m | −$286,000 | $2.0m | $2.3m | $2.0m | $1.8m |
| Operating income | −$47.3m | −$43.5m | −$28.3m | −$34.0m | −$26.8m | −$21.4m | −$19.9m | −$25.9m |
| Net income | −$46.6m | −$42.4m | −$27.9m | −$32.7m | −$26.9m | −$21.5m | −$18.8m | −$25.5m |
| Diluted earnings per share | -0.13 | -0.11 | -0.09 | -0.10 | -0.08 | -0.07 | -0.09 | -0.12 |
| Cash from operations | −$40.0m | −$40.0m | −$26.0m | −$24.0m | −$20.0m | −$22.0m | −$18.0m | −$21.0m |
| Capital spending | — | −$3.0m | — | — | — | — | — | — |
| Free cash flow | — | −$43.0m | — | — | — | — | — | — |
| Total assets | $470.4m | $300.4m | $343.3m | $316.6m | $333.3m | $138.4m | $160.4m | $180.2m |
| Cash and short-term investments | $455.4m | $276.6m | $319.8m | $297.3m | $312.8m | $116.6m | $139.0m | $157.7m |
| Debt | — | $49.0m | $50.1m | $52.5m | $42.8m | $44.3m | $45.8m | $44.8m |
| Shareholders' equity | $387.3m | $211.9m | $246.9m | $219.0m | $248.7m | $55.1m | $71.5m | $88.8m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 100.0% | 100.0% | 100.0% | 0.6% | — | — |
| Operating margin | -1114.6% | -1070.4% | -689.7% | -6483.5% | — | — |
| Net margin | -1115.3% | -1071.6% | -722.1% | -6635.3% | — | — |
| Return on equity | -44.1% | -124.8% | -148.9% | -17493.6% | -183.0% | -17.1% |
| Return on assets | -31.7% | -55.7% | -64.6% | -131.5% | -81.6% | -16.6% |
| Free cash flow yield | -7.1% | -9.6% | -8.6% | -27.5% | -61.3% | -14.0% |
| Revenue growth | 17.3% | -46.1% | 517.5% | — | — | — |
| Earnings growth | 22.1% | -20.0% | -32.8% | -4.9% | 305.9% | 3756.5% |
| Current ratio | 12.23x | 5.42x | 4.08x | 1.54x | 3.08x | 36.17x |
| Debt to equity | 0.20x | 0.64x | 0.56x | 41.61x | 0.39x | — |
| Equity ratio | 71.9% | 44.6% | 43.4% | 0.8% | 44.6% | 97.1% |
| Interest coverage | -1729.08x | -874.47x | -21.32x | -42.71x | -121.21x | -2142.25x |
| R&D as a share of sales | 884.1% | 792.0% | 367.5% | 3643.8% | — | — |
| Buybacks as a share of market value | -56.0% | -9.6% | -231.6% | -48.0% | -0.9% | -148.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 57.5% | — | — |
| Operating income | -12.0% | 20.8% | — |
| Net income | -13.1% | 20.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 100.0% | 93.1% | — | — |
| Operating margin | -1115.4% | -1210.8% | — | — |
| Net margin | -1095.2% | -1319.7% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -16.1 | -4.0 | -3.0 | -0.8 | -2.5 | -23.3 |
| Price to sales | 179.9 | 42.5 | 21.4 | 50.9 | — | — |
Market value over time
30 Sept 2020 to 3 Nov 2026, in USD
$268.8m$1.51bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return | 198% | 20% | -21% | -86% | -37% | -8% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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