V 
13.65
+11.75%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$68.6m
FY2017FY2025
Net income
−$438.0m
FY2017FY2025
Free cash flow
−$396.6m
FY2017FY2025
Shareholders' equity
$765.3m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $68.6m | $74.2m | $86.2m | $1.62bn | $1.10bn | $76.4m | $711,000 | $868,000 | $149,000 |
| Research and development | $432.8m | $506.5m | $579.7m | $474.6m | $448.0m | $302.4m | $148.5m | $100.2m | $62.5m |
| Operating income | −$468.0m | −$587.2m | −$684.3m | $833.1m | $420.8m | −$297.0m | −$178.0m | −$118.7m | −$81.5m |
| Net income | −$438.0m | −$522.0m | −$615.1m | $515.8m | $528.6m | −$298.7m | −$174.7m | −$115.9m | −$69.9m |
| Diluted earnings per share | -3.15 | -3.82 | -4.57 | 3.87 | 3.95 | -2.35 | -1.90 | -1.20 | -34.93 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | $1.00bn | $1.40bn | $1.92bn | $2.80bn | $1.95bn | $918.8m | $512.1m | $191.6m | $251.6m |
| Cash and short-term investments | $462.9m | $905.3m | $1.52bn | $2.40bn | $708.1m | $736.9m | $383.4m | $98.4m | $187.9m |
| Total liabilities | $237.5m | $248.4m | $328.8m | $724.1m | $522.4m | $201.9m | $88.1m | $370.8m | $320.5m |
| Debt | $186.9m | $97.9m | $124.5m | $128.0m | $137.5m | $70.2m | $1.1m | $10.1m | — |
| Shareholders' equity | $765.3m | $1.15bn | $1.59bn | $2.08bn | $1.43bn | $716.9m | $423.9m | −$179.2m | −$68.9m |
| Shares outstanding | 139m | 137m | 135m | 133m | 134m | 127m | 92m | 97m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$391.8m | −$446.4m | −$778.8m | $1.66bn | −$47.6m | −$190.9m | −$129.6m | −$94.1m | −$66.4m |
| Capital spending | −$4.8m | −$7.3m | −$21.6m | −$68.0m | −$21.8m | −$6.5m | −$8.9m | −$8.2m | −$2.7m |
| Free cash flow | −$396.6m | −$453.7m | −$800.4m | $1.60bn | −$69.4m | −$197.5m | −$138.6m | −$102.3m | −$69.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $238.9m | −$29,000 | $64.1m | $240,000 | $1.2m | $3.0m | $12.4m | $2.4m |
| Operating income | $73.5m | −$133.2m | −$36.6m | −$173.4m | −$118.4m | −$139.5m | −$117.2m | −$231.3m |
| Net income | $80.1m | −$125.7m | −$42.9m | −$163.1m | −$111.0m | −$121.0m | −$104.6m | −$213.7m |
| Diluted earnings per share | 0.47 | -0.74 | -0.31 | -1.17 | -0.80 | -0.87 | -0.76 | -1.56 |
| Cash from operations | −$9.0m | −$132.0m | −$25.0m | −$167.0m | −$120.0m | −$78.0m | −$87.0m | −$171.0m |
| Capital spending | — | — | −$4.0m | — | −$2.0m | −$1.0m | −$2.0m | −$2.0m |
| Free cash flow | — | — | −$29.0m | — | −$122.0m | −$79.0m | −$89.0m | −$173.0m |
| Total assets | $1.21bn | $1.03bn | $1.00bn | $1.02bn | $1.19bn | $1.31bn | $1.40bn | $1.50bn |
| Cash and short-term investments | $528.6m | $472.4m | $462.9m | $506.5m | $606.0m | $801.7m | $905.3m | $914.5m |
| Debt | $9.1m | $8.9m | $8.8m | $9.0m | $8.8m | $7.9m | $7.8m | $19.4m |
| Shareholders' equity | $982.5m | $812.8m | $765.3m | $796.1m | $947.5m | $1.04bn | $1.15bn | $1.24bn |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -682.7% | -705.4% | -767.0% | 51.6% | 38.4% | -391.2% | — |
| Net margin | -638.9% | -703.4% | -713.7% | 31.9% | 48.3% | -391.1% | — |
| Return on equity | -57.2% | -45.4% | -38.7% | 24.8% | 36.9% | -41.7% | — |
| Return on assets | -43.7% | -37.3% | -32.1% | 18.4% | 27.0% | -32.5% | — |
| Free cash flow yield | -25.3% | -29.2% | -51.1% | 118.2% | -1.8% | -13.2% | — |
| Revenue growth | -7.6% | -13.9% | -94.7% | 47.5% | 1334.4% | 10640.9% | — |
| Earnings growth | -16.1% | -15.1% | -219.2% | -2.4% | -277.0% | 71.0% | — |
| Current ratio | 5.54x | 8.71x | 9.05x | 4.93x | 4.58x | 7.80x | — |
| Debt to equity | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x | 0.01x | — |
| Equity ratio | 76.3% | 82.2% | 82.9% | 74.2% | 73.3% | 78.0% | — |
| Interest coverage | — | — | — | 4.55x | 1.54x | -78.38x | -22.34x |
| R&D as a share of sales | 631.3% | 624.2% | 639.3% | 29.0% | 40.4% | 396.0% | — |
| Buybacks as a share of market value | -1.8% | -1.6% | -1.1% | 0.5% | -5.2% | -38.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -65.1% | -2.1% | — |
| Operating income | — | 9.5% | — |
| Net income | — | 8.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -1.9 | -1.9 | -2.2 | 3.6 | 5.8 | -6.3 | -3.6 |
| Price to sales | 12.3 | 13.5 | 15.7 | 1.1 | 2.8 | 24.6 | — |
Market value over time
31 Oct 2019 to 2 Nov 2026, in USD
$155.1m$1.86bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Return | -17% | -29% | -28% | -51% | 65% | 152% | -12% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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