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KPIsSections16
Income flow
| Revenue — GREEN | $425,000 |
|---|---|
| Net income — GREEN | -$232.0M |
| Net margin — GREEN | -54592.9% |
| Operating margin — RED | -57044.0% |
Red flags5 red2 orange
Liquidity5
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Net margin -54592.9%
net_margin_sharply_negativeNet income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -52936.0%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
RED
Cash runway ~0.7 years
cash_runway_lowAt current burn rate, cash covers less than 2 years — may require near-term financing.
ORANGE
Accumulated deficit / equity 237%
accumulated_deficit_highAccumulated deficit exceeds equity book value — balance sheet technically impaired.
Dilution · capital1
RED
SBC/Revenue 7146.8%
sbc_revenue_highStock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 35107.8%
rd_intensity_highR&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| EPS (diluted) | $-1.95 | GREEN |
| Net Income | -$232.0M | GREEN |
| Net Margin | -54592.9% | GREEN |
| Operating Margin | -57044.0% | RED |
| R&D % Revenue | 35107.8% | GREEN |
| Revenue | $425,000 | GREEN |
| Revenue (quarter) | $284,000 | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Broad Liquidity | $981.5M | GREEN |
| Cash | $165.0M | GREEN |
| Current Ratio | 16.95 | GREEN |
| Debt/Equity | 0.37 | GREEN |
| Total Assets | $1.10B | GREEN |
| Total Equity | $662.1M | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Cash Conversion (CFO/Rev) | -529.36 | GREEN |
| Free Cash Flow | -$226.3M | GREEN |
| Operating CF | -$225.0M | GREEN |
| SBC % Revenue | 7146.8% | GREEN |
Sections in this filing
MD&A
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read together with our unaudited condensed consolidated financial statements and the related notes thereto included in Part I, Item 1 of this Quarterly Report and our consolidated financial statements and related notes thereto for the year ended December 31, 2025 included in our 2025 Annual Report on Form 10-K. This discussion and other parts of this report contain forward-looking statements reflecting our current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, intentions, and beliefs. See “Forward-Looking Statements” for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled “Risk Factors” included elsewhere in this Quarterly Report. Overview and Recent Developments We are a biopharmaceutical company focused on discovering, developing, and commercializing potentially best-in-class medicines for autoimmune and rare diseases. We target therapeutic areas in which current treatments leave room for improvements in efficacy, safety, and/or dosing convenience. We believe there is significant potential in these areas for better medicines that address unmet needs, improve outcomes, and expand treatment options for patients. We aim to develop differentiated, potential best-in-class medicines that could lead to improved patient outcomes, reduced side effects, improved quality of life, and expanded market access. Our portfolio targets validated pathways and disease-driving mechanisms in autoimmune and rare diseases. These include our FDA-approved medicine veligrotug and product candidate elegrobart, both directed at IGF‑1R for the treatment of TED, our FcRn inhibitors with potential applications across multiple autoimmune disorders, and our TSHR inhibitor program with the potential to be developed for the treatment of TED and Graves’ disease. We develop therapeutics through internal research and discovery, as well as through in-licensing opportunities that align with our