Revenue and profitability
- Revenue: null (not disclosed in the provided dataset)
- Net income: -$1,761,858,000 for the quarter ended 2025-06-30 based on the income data; EPS: -$0.85
- YoY net income change (per dataset): -68,428.12%; QoQ net income change: -28,067.68%; EPS YoY: -150%; EPS QoQ: +78.80%
Cost structure and operating efficiency
- Operating expenses: $1,792,390,000 for the quarter (data appears inconsistent with accompanying call commentary that described a step-down to about $1.8 million in some lines; the call notes reference a substantial cost reduction versus a year-ago quarter). General and administrative expenses: $1,211,390,000; other expenses: $581,000,000.
- The reported figures imply a material operating loss, with income before tax and net income both negative (–$1.7619 billion).
Cash flow and liquidity
- Net cash used in operating activities: –$1,714,937,000.
- Free cash flow: –$1,714,937,000.
- Cash at end of period (balance sheet data): $3,765,154,000; cash at beginning of period: $5,599,074,000; net change in cash: –$1,735,790,000.
- Management commentary in the call suggested a cash balance of about $3.8 million, creating a material inconsistency with the balance sheet figures; cross-check with Form 10-Q needed.
Balance sheet and leverage
- Total assets: $5,306,002,000; total liabilities: $1,882,489,000; total stockholders’ equity: $3,423,513,000.
- Cash and cash equivalents: $3,765,154,000; long-term debt: $255,052,000; total debt: $573,852,000; net debt: –$3,191,302,000 (net cash).
- Retained earnings: –$169,716,675,000; other comprehensive income (loss): –$22,377,000; other equity line items show a large positive offset in “other stockholders’ equity” (as shown: $173,159,966,000).
Operational progression indicators
- The Australian oncology trial progressed to a second cohort after a DSMB recommendation, with sites actively screening under an amended protocol allowing combination therapies (pembrolizumab or nivolumab).
- Data readouts from Grau lab on extracellular vesicles (EVs) and antitumor T-cell function are anticipated in September 2025, aiming to inform later efficacy and safety dosing decisions and PMA/efficacy trial design.
Notes on data quality
- There are explicit inconsistencies between the call narrative (operating expenses around $1.8 million and a major cost-cutting narrative) and the income statement entries showing operating expenses in the billions. This discrepancy necessitates verification against the Form 10-Q filed after the call to ensure reliability of the investment thesis.