V 
30.19
+5.97%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$70.8m
FY2016FY2025
Net income
−$342.6m
FY2016FY2025
Free cash flow
−$276.9m
FY2016FY2025
Shareholders' equity
$722.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $70.8m | $302,000 | $314,000 | $1.8m | $3.0m | $1.1m | $4.5m | $8.4m | $4.0m | $3.3m |
| Research and development | $338.9m | $238.3m | $159.8m | $100.9m | $56.9m | $28.3m | $34.8m | $30.4m | $19.6m | $888,000 |
| Operating income | −$363.4m | −$299.0m | −$254.4m | −$134.3m | −$79.7m | −$40.5m | −$42.0m | −$33.1m | −$26.5m | −$12.5m |
| Net income | −$342.6m | −$269.9m | −$237.7m | −$129.9m | −$79.4m | −$110.7m | −$41.9m | −$32.7m | −$26.5m | −$12.7m |
| Diluted earnings per share | -4.04 | -3.37 | -4.79 | -3.20 | -7.10 | -28.15 | -19.40 | -15.91 | -17.84 | -16.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $899.4m | $742.4m | $490.4m | $435.1m | $203.7m | $131.3m | $30.3m | $66.1m | $52.5m | $4.3m |
| Cash and short-term investments | $874.7m | $717.6m | $477.4m | $424.6m | $197.0m | $127.6m | $26.8m | $62.5m | $47.4m | $3.3m |
| Total liabilities | $177.3m | $70.8m | $48.4m | $40.0m | $16.0m | $11.2m | $14.5m | $14.8m | $14.0m | $4.6m |
| Debt | $50.7m | $20.6m | $20.2m | $4.6m | — | — | $8.3m | $10.3m | $9.9m | $4.8m |
| Shareholders' equity | $722.2m | $671.6m | $442.0m | $395.1m | $187.7m | $120.0m | $15.8m | $51.3m | $38.5m | −$326,000 |
| Shares outstanding | 85m | 80m | 50m | 41m | 11m | 4m | 2m | 2m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$276.4m | −$232.3m | −$184.2m | −$93.8m | −$54.6m | −$29.8m | −$36.1m | −$26.8m | −$28.2m | −$7.2m |
| Capital spending | −$495,000 | −$511,000 | −$898,000 | −$797,000 | −$338,000 | −$42,000 | −$84,000 | −$445,000 | −$246,000 | −$3,000 |
| Free cash flow | −$276.9m | −$232.8m | −$185.1m | −$94.6m | −$54.9m | −$29.8m | −$36.1m | −$27.3m | −$28.4m | −$7.2m |
| Dividends paid | — | — | −$14.5m | — | — | −$44,000 | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $284,000 | $141,000 | $132,000 | $70.6m | $75,000 | $72,000 | $72,000 | $86,000 |
| Operating income | −$126.3m | −$116.2m | −$122.7m | −$40.0m | −$106.8m | −$93.9m | −$87.5m | −$83.5m |
| Net income | −$127.1m | −$104.9m | −$120.4m | −$34.6m | −$100.7m | −$86.9m | −$79.7m | −$76.7m |
| Diluted earnings per share | -1.18 | -0.97 | -1.42 | -0.41 | -1.19 | -1.02 | -1.00 | -0.96 |
| Cash from operations | −$105.0m | −$119.0m | −$23.0m | −$84.0m | −$75.0m | −$92.0m | −$73.0m | −$67.0m |
| Capital spending | −$1.0m | — | — | — | — | — | — | — |
| Free cash flow | −$106.0m | — | — | — | — | — | — | — |
| Total assets | $1.10bn | $789.0m | $899.4m | $577.1m | $582.3m | $661.0m | $742.4m | $771.9m |
| Cash and short-term investments | $981.5m | $762.2m | $874.7m | $490.9m | $563.4m | $636.6m | $717.6m | $753.2m |
| Debt | $242.2m | $51.2m | $50.7m | $21.6m | $21.3m | $21.2m | $21.1m | $21.1m |
| Shareholders' equity | $662.1m | $636.0m | $722.2m | $503.0m | $515.2m | $604.5m | $671.6m | $707.5m |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -476.6% | -88378.5% | -75123.2% | -7301.8% | -2680.1% | -3859.0% |
| Net margin | -483.6% | -89387.1% | -75711.5% | -7329.2% | -2680.2% | -10544.3% |
| Return on equity | -47.4% | -40.2% | -53.8% | -32.9% | -42.3% | -92.2% |
| Return on assets | -38.1% | -36.4% | -48.5% | -29.8% | -39.0% | -84.4% |
| Free cash flow yield | -14.5% | -12.9% | -16.5% | -10.3% | -21.7% | -33.8% |
| Revenue growth | 23359.9% | -3.8% | -82.3% | -40.2% | 182.2% | -76.5% |
| Earnings growth | 26.9% | 13.6% | 83.0% | 63.5% | -28.3% | 164.4% |
| Current ratio | 12.65x | 15.43x | 18.26x | 12.73x | 14.68x | 12.14x |
| Debt to equity | 0.07x | 0.03x | 0.05x | 0.01x | 0.00x | 0.00x |
| Equity ratio | 80.3% | 90.5% | 90.1% | 90.8% | 92.1% | 91.5% |
| Interest coverage | -68.24x | -87.62x | -127.71x | -266.23x | -26470.00x | -79.76x |
| R&D as a share of sales | 478.4% | 78892.1% | 50880.6% | 5693.8% | 1919.9% | 2695.6% |
| Buybacks as a share of market value | -5.9% | -61.1% | -22.5% | -262.5% | -184.4% | -82.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 241.9% | 132.2% | 39.5% |
| Operating income | 39.3% | 55.1% | 41.6% |
| Net income | 38.2% | 25.3% | 40.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -931.0% | -1435.3% | -1516.4% | -1297.0% |
| Net margin | -860.9% | -1338.3% | -1514.9% | -1295.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.7 | -5.7 | -4.5 | -9.1 | -2.8 | -0.6 | -0.2 | -1.8 | -5.5 | -1.8 |
| Price to sales | 37.3 | — | — | — | 74.6 | 61.6 | 2.2 | 6.9 | 36.1 | 6.7 |
Market value over time
30 Nov 2016 to 23 Oct 2026, in USD
$142.5m$2.41bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 67% | -15% | -20% | 39% | 2% | 353% | -82% | -72% | 138% | -44% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 15-to-1 reverse split · 13 Nov 2020
- 15-to-1 reverse split · 7 Nov 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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