Revenue and profitability profile (QQ2 2024):
- Revenue: 40,637 (USD thousands implied by reporting, subject to ledger-year conventions); QoQ change: -54.56% (vs prior quarter per provided data set). YOY data not consistently provided.
- Gross Profit: 34,417; Gross margin reported as 0.8469 in the dataset, but revenue/cost of revenue imply a potential inconsistency; cost of revenue reported as 39,079; suggested reconciliation would place gross profit near 1,558 with a 3.84% gross margin if unit-consistent. Management commentary not available in the provided transcript data.
- Operating Expenses: 207,986; comprised of Research and Development 107,199 and General & Administrative 133,646; Selling, General & Administrative 100,787 (net of intercompany adjustments) contributing to a high burn rate.
- EBITDA: -174,000; EBIT: -206,000; Net income: -325,000; EPS: -0.0105. The data indicates substantial negative profitability despite revenue presence, highlighting a development-heavy expense structure.
- Net income margin: reported as -7.99% on one dataset, but with large absolute losses; interpret cautiously given potential data inconsistencies.
- Earnings per share (diluted): -0.0105; Weighted average shares outstanding: 30.99 million.
Liquidity and balance sheet state (as of QQ2 2024):
- Cash and cash equivalents: 37,142; Total current assets: 163,917; Total current liabilities: 2,522,451; Current ratio: 0.0650; Quick ratio: 0.115; Cash ratio: 0.0147, indicating material liquidity pressure in the near term.
- Short-term debt: 1,292,588; Total debt: 1,292,588; Net debt: 1,255,446; Total stockholders’ equity: -2,358,534; Negative equity suggests balance sheet fragility and potential dilution risk if financing is pursued.
- Cash flow from operations: -124,398; Free cash flow: -124,398; Net change in cash: -44,505; Cash at end of period: 37,142; Effect of foreign exchange: +59,893; Operating cash flow to sales ratio negative, signaling ongoing cash burn from core activities.
Overall interpretation:
The QQ2 2024 quarter shows a biotech company in a high-burn development phase with limited realized revenue, substantial R&D and SG&A investments, and a challenging liquidity position. The data imply a reliance on external financing for continued operations and pipeline advancement, with the core question for investors being whether key clinical milestones or strategic partnerships will materialize to de-risk valuation and provide a funding pathway. All figures should be interpreted in the context of potential data quality issues within the provided dataset (notably inconsistencies between revenue, cost of revenue, and gross profit).