Revenue: not reported in QQ2 2024 (revenue = null); Cost of revenue: $78,000; Gross profit: $(78,000); Gross margin: not meaningful (no revenue; negative gross profit).
Operating expense: $17,310,000 (R&D $9,855,000; G&A $6,087,000; other exp. $1,368,000). Selling and SG&A combined: $6,087,000 (listed as G&A); total operating expenses thus $17,310,000.
EBITDA: $(14,157,000); Operating income: $(17,310,000);
Other income/(expenses), net: $2,347,000; Income before tax: $(14,963,000); Income tax expense: $21,000; Net income: $(14,984,000); EPS: $(0.38) (diluted).
Balance sheet highlights: Cash and cash equivalents: $264,810,000; total current assets: $269,609,000; total assets: $273,528,000; total liabilities: $30,562,000; total stockholders’ equity: $242,966,000. Net debt: $(240,126,000) (net cash position).
Cash flow: Net income: $(14,984,000); Depreciation & amortization: $78,000; stock-based compensation: $1,917,000; change in working capital: $(1,363,000); accounts receivable: $(83,000); accounts payable: $(906,000); other working capital: $(374,000); other non-cash items: $190,000. Net cash provided by operating activities: $(14,162,000); investing activities: $(179,000); financing activities: $193,505,000; Net increase in cash: $179,164,000; Cash at end of period: $264,810,000; Free cash flow: $(14,341,000).
Key ratios (selected): Current ratio 42.80x; Quick ratio 42.79x; Cash ratio 42.04x; Debt/Equity 0.10x; Total debt to capitalization 9.22%; Price-to-book 2.58x; P/E (negative earnings) not meaningful; Enterprise value negative due to net cash; Revenue growth YoY: N/A; Net income YoY: $(14.98m) vs prior near-term periods; YoY and QoQ profitability metrics reflect ongoing pre-revenue burn typical of a clinical-stage biotech.