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Trailing performance Price return · vs SPY
Return vs SPY
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
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Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Fundamentals TTM · reported
Market cap —
Enterprise value —
Revenue (TTM) —
Gross profit —
EBITDA —
Net income —
EPS (TTM) —
Free cash flow —
Total cash —
Total debt —
Book value / share —
Shares outstanding —
Float —
Short % of float —
Dividend yield —
Beta (5Y) —
Valuation & profitability ratios Account required
Trailing P/E —
Forward P/E —
PEG ratio —
Price / sales —
Price / book —
EV / revenue —
EV / EBITDA —
Gross margin —
Operating margin —
Profit margin —
Return on equity —
Return on assets —
Debt / equity —
Current ratio —
Free account required
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements As reported · 5 years · 5 quarters
Income Balance sheet Cash flow
Annual Quarterly
Blank means not reported, not zero
Line item 2025 2024 2023 2022 2021 YoY
Total revenue
$15.97M $31.65M $23.10M $8.65M —
-49.5%
Operating revenue
$15.97M $31.65M $23.10M $8.65M —
-49.5%
Cost of revenue
$11.04M $22.60M $19.60M $7.14M —
-51.1%
Gross profit
$4.92M $9.05M $3.50M $1.51M —
-45.6%
Research & development
$73.16M $56.01M $48.53M $50.51M —
+30.6%
Selling, general & admin
$7.01M $7.68M $9.81M $9.55M —
-8.7%
Total operating expense
$105.64M $87.57M $82.05M $84.56M —
+20.6%
Operating income
-$100.72M -$78.52M -$78.55M -$83.05M —
-28.3%
Net interest income
$213.00K $956.00K $493.00K -$114.00K —
-77.7%
Pre-tax income
-$101.63M -$85.12M -$75.83M -$82.58M —
-19.4%
Tax provision
— — — — $0
—
Net income
-$101.63M -$85.12M -$75.83M -$82.58M —
-19.4%
Net income to common
-$105.31M -$85.12M -$75.83M -$82.58M —
-23.7%
Basic EPS
-7.82 -6.80 -6.76 -8.35 —
-15.0%
Diluted EPS
-7.82 -6.80 -6.76 -8.35 —
-15.0%
EBIT
-$101.04M -$84.59M -$75.37M -$82.08M —
-19.5%
EBITDA
-$98.21M -$81.91M -$73.06M -$80.32M —
-19.9%
Basic shares
13.47M 12.52M 11.22M 9.89M —
+7.6%
Diluted shares
13.47M 12.52M 11.22M 9.89M —
+7.6%
Line item 2025 2024 2023 2022 YoY
Cash & equivalents
$22.54M $90.39M $53.83M $67.60M
-75.1%
Cash & short-term investments
$22.88M $92.18M $53.83M $67.60M
-75.2%
Accounts receivable
$8.18M $15.83M $8.13M $1.28M
-48.3%
Total current assets
$64.48M $127.64M $86.13M $98.93M
-49.5%
Property, plant & equipment
$13.08M $15.25M $10.44M $10.25M
-14.2%
Total assets
$129.80M $193.05M $129.16M $146.48M
-32.8%
Total current liabilities
$15.93M $18.10M $16.61M $20.54M
-12.0%
Total debt
$4.24M $4.60M $320.00K $1.32M
-7.8%
Total liabilities
$24.97M $27.76M $18.38M $20.84M
-10.1%
Retained earnings
-$512.63M -$407.32M -$322.20M -$246.37M
-25.9%
Shareholder equity
$104.83M $165.29M $110.78M $125.63M
-36.6%
Working capital
$48.55M $109.54M $69.52M $78.39M
-55.7%
Net tangible assets
$104.83M $165.29M $110.78M $125.63M
-36.6%
Shares issued
14.16M 12.87M 11.22M 10.00M
+10.0%
Line item 2025 2024 2023 2022 YoY
Net income
-$101.63M -$85.12M -$75.83M -$82.58M
-19.4%
Depreciation & amortisation
$2.83M $2.68M $2.32M $1.77M
+5.5%
Stock-based compensation
$6.29M $8.12M $7.46M $14.41M
-22.5%
Change in working capital
$942.00K -$17.46M $2.48M -$10.92M
+105.4%
Operating cash flow
-$89.84M -$90.12M -$63.39M -$76.26M
+0.3%
Capital expenditure
-$1.09M -$3.55M -$3.38M -$2.58M
+69.4%
Investing cash flow
$1.61M -$1.67M -$2.66M -$7.24M
+196.8%
Financing cash flow
$20.32M $127.81M $54.00M $27.09M
-84.1%
Free cash flow
-$90.92M -$93.67M -$66.77M -$78.84M
+2.9%
End cash position
$22.54M $90.39M $53.83M $67.60M
-75.1%
Line item 2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 YoY
Total revenue
$7.40M $4.13M $5.71M $3.84M $2.30M
+79.4%
Operating revenue
$7.40M $4.13M $5.71M $3.84M $2.30M
+79.4%
Cost of revenue
$4.31M $2.63M $4.02M $2.77M $1.62M
+63.6%
Gross profit
$3.09M $1.49M $1.69M $1.07M $675.00K
+107.3%
Research & development
$10.52M $14.09M $16.72M $18.00M $24.35M
-25.3%
Selling, general & admin
$10.11M -$17.67M $7.55M $8.98M $8.14M
+157.2%
Total operating expense
$20.63M $21.89M $24.27M $26.98M $32.50M
-5.8%
Operating income
-$17.54M -$20.40M -$22.59M -$25.91M -$31.82M
+14.1%
Net interest income
-$1.75M -$981.00K -$1.24M -$3.44M $5.87M
-78.5%
Pre-tax income
-$19.29M -$22.51M -$23.82M -$29.35M -$25.95M
+14.3%
Net income
-$19.29M -$22.51M -$23.82M -$29.35M -$25.95M
+14.3%
Net income to common
-$19.29M -$26.19M -$23.82M -$29.35M -$25.95M
+26.4%
Basic EPS
-1.34 — -1.95 -2.24 -2.01
—
Diluted EPS
-1.34 — -1.95 -2.24 -2.01
—
EBIT
-$17.54M -$22.46M -$22.51M -$25.65M -$25.80M
+21.9%
EBITDA
-$16.56M -$21.75M -$21.80M -$24.34M -$24.85M
+23.8%
Basic shares
14.39M — 12.22M 13.10M 12.91M
—
Diluted shares
14.39M — 12.22M 13.10M 12.91M
—
Line item 2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 YoY
Cash & equivalents
$29.81M $22.54M $35.14M $44.07M $69.38M
+32.3%
Cash & short-term investments
$30.15M $22.88M $35.48M $46.98M $72.22M
+31.8%
Accounts receivable
$21.18M $8.18M $35.44M $16.18M $23.56M
+159.0%
Total current assets
$73.70M $64.48M $79.90M $74.92M $109.42M
+14.3%
Property, plant & equipment
$12.12M $13.08M $14.10M $15.12M $15.21M
-7.3%
Goodwill & intangibles
$19.31M — — — —
—
Total assets
$160.13M $129.80M $151.59M $141.13M $168.43M
+23.4%
Total current liabilities
$15.30M $15.93M $16.50M $17.51M $20.84M
-4.0%
Total debt
$3.92M $4.24M $4.55M $4.85M $4.39M
-7.5%
Total liabilities
$24.72M $24.97M $26.95M $26.07M $28.81M
-1.0%
Retained earnings
-$531.92M -$512.63M -$490.12M -$463.24M -$433.27M
-3.8%
Shareholder equity
$135.41M $104.83M $124.65M $115.06M $139.62M
+29.2%
Working capital
$58.40M $48.55M $63.40M $57.41M $88.58M
+20.3%
Net tangible assets
$116.11M $104.83M $124.65M $115.06M $139.62M
+10.8%
Shares issued
14.97M 14.16M 14.02M 13.54M 13.24M
+5.7%
Line item 2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 YoY
Net income
-$19.29M -$22.51M -$23.82M -$29.35M -$25.95M
+14.3%
Depreciation & amortisation
$976.00K $714.00K $711.00K $1.31M $955.00K
+36.7%
Stock-based compensation
$1.28M $921.00K $1.29M $2.20M $1.87M
+39.4%
Change in working capital
-$7.77M $2.33M -$5.05M -$1.50M $5.17M
-434.2%
Operating cash flow
-$22.98M -$16.14M -$25.03M -$24.53M -$23.77M
-42.4%
Capital expenditure
-$131.00K -$96.00K -$59.00K -$642.00K -$661.00K
-36.5%
Investing cash flow
-$552.00K -$109.00K $1.98M -$437.00K -$190.00K
-406.4%
Financing cash flow
$30.89M $4.05M $14.43M $808.00K $1.03M
+662.8%
Free cash flow
-$23.11M -$16.23M -$25.09M -$25.17M -$24.43M
-42.4%
End cash position
$29.81M $22.54M $35.14M $44.07M $69.38M
+32.3%
Analyst targets & ownership Account required
Mean target —
High target —
Low target —
Implied upside —
Analyst count —
Consensus —
Strong buy / Buy — / —
Hold —
Sell / Strong sell — / —
Held by insiders —
Held by institutions —
Institutions holding —
Free account required
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals Computed from 2Y daily closes
SMA 10
15.05
-0.00% from price
SMA 20
15.05
0.00% from price
SMA 50
17.21
-12.56% from price
SMA 100
17.07
-11.81% from price
SMA 200
16.25
-7.38% from price
EMA 12
15.09
-0.30% from price
EMA 26
15.59
-3.49% from price
EMA 50
16.35
-7.94% from price
MACD (12,26,9)
-0.50
Hist 0.16
Realised vol 30D
99.6%
Annualised
Bollinger upper
15.05
20, 2σ
Bollinger lower
15.05
20, 2σ
50 / 200 cross
Golden
17.21 vs 16.25
Trend bias
Below 200
-7.38%
Options chain Account required
Expiry Loading…
Calls Puts
Spot 15.05
Calls Strike Last Bid Ask Vol OI IV
000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0%
Puts Strike Last Bid Ask Vol OI IV
000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0% 000.00 0.00 0.00 0.00 0 0 0.0%
Free account required
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile Daily returns · 1Y window
Beta vs SPY
-0.19
Less volatile than market
Correlation to SPY
-0.04
Largely independent
Realised vol 30D
99.6%
Annualised
Market vol 1Y
12.8%
SPY, annualised
Max drawdown 1Y
-29.0%
Peak to trough
Max drawdown 5Y
-88.3%
Peak to trough
ATR 14
0.00
Average true range
Beta (reported)
—
5Y monthly, from filing
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