Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.
Outlined bar is the consensus estimate; solid is reported.
Periods without a consensus estimate or a reported figure show a dash.
| Period | EPS estimate | EPS actual | EPS surprise % | Revenue estimate | Revenue actual | Revenue surprise % |
|---|---|---|---|---|---|---|
| Q2 26 | -$0.68 | -$0.63 | +7.4% | — | $0 | — |
| Q4 25 | -$0.86 | -$0.8 | +7.0% | — | $0 | — |
| Q3 25 | -$0.95 | -$0.85 | +10.5% | — | $0 | — |
| Q2 25 | -$1.04 | -$0.97 | +6.7% | — | $0 | — |
| Q1 25 | -$1 | -$1.03 | -3.0% | — | $0 | — |
| Q4 24 | -$0.82 | -$0.88 | -7.3% | — | $0 | — |
| Q3 24 | -$0.8 | -$0.8 | 0.0% | — | $0 | — |
| Q2 24 | -$0.68 | -$0.67 | +1.5% | — | $0 | — |
| Q1 24 | -$0.96 | -$1.12 | -16.7% | — | $0 | — |
| Q4 23 | -$3.2 | -$75.8 | -2269.4% | — | $0 | — |
Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.
Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.
Periods without a consensus estimate or a reported figure show a dash.
| Period | EPS estimate | EPS actual | EPS surprise % | Revenue estimate | Revenue actual | Revenue surprise % |
|---|---|---|---|---|---|---|
| FY25 | — | -$3.64 | — | — | $0 | — |
| FY24 | — | -$3.33 | — | — | $0 | — |
| FY23 | — | -$1.48 | — | — | $0 | — |
| FY22 | — | -$1.12 | — | — | $7M | — |
| FY21 | — | -$1.02 | — | — | $5.7M |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $5.7M | $7M | $0 | $0 | $0 |
| YoY change | — | +24.2% | -100% | 0% | 0% |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
|---|
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 5.7M | 7M | 0 | 0 | 0 |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Gross margin | — | — | — | — | — |
| Research & development | 25.9M | 28.4M | 49.9M | 112.5M | 133.7M |
| Selling, general & administrative | 6.2M | 8M | 12.5M | 30.1M | 36.1M |
| Operating expenses | 32M | 36.4M | 62.4M | 142.6M | 169.8M |
| Operating income | -26.3M | -29.4M | -62.4M | -142.6M | -169.8M |
| Operating margin | -465.8% | -418.3% | — | — | — |
| Non-operating income, net | -2K | -9K | -55K | -90K | -85K |
| Pretax income | -26.4M | -28.9M | -60.4M | -127.5M | -161.3M |
| Income tax | — | — | — | — | — |
| Net income | -26.4M | -28.9M | -60.4M | -127.5M | -161.3M |
| Net margin | -465.9% | -411.3% | — | — | — |
| EBITDA | -25.8M | -27.8M | -58.5M | -125.2M | -159M |
| EPS | -1.02 | -1.12 | -1.48 | -3.33 | -3.64 |
| Diluted EPS | -1.02 | -1.12 | -1.48 | -3.33 | -3.64 |
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 13.6M | 17.2M | 22.5M | 27.3M | 29.2M | 33.5M | 37.4M | 35.8M | 30.5M | 30M | 30.1M | 24.8M |
| Selling, general & administrative | 2.6M | 4.2M | 6.9M | 6.1M | 9.6M | 7.6M | 10M | 8.6M | 8.3M | 9.3M | 11.3M | 14.8M |
| Operating expenses | 16.3M | 21.4M | 29.4M | 33.4M | 38.8M | 41M | 47.4M | 44.4M | 38.7M | 39.3M | 41.4M | 39.6M |
| Operating income | -16.3M | -21.4M | -29.4M | -33.4M | -38.8M | -41M | -47.4M | -44.4M | -38.7M | -39.3M | -41.4M | -39.6M |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Non-operating income, net | -13K | -32K | -26K | -23K | -45K | 4K | -27K | -21K | -53K | 17K | -21K | -18K |
| Pretax income | -15.5M | -20.7M | -26.7M | -28.8M | -34.5M | -37.5M | -44.6M | -42.1M | -36.8M | -37.8M | -39.7M | -38.3M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — |
| Net income | -15.5M | -20.7M | -26.7M | -28.8M | -34.5M | -37.5M | -44.6M | -42.1M | -36.8M | -37.8M | -39.7M | -38.3M |
| Net margin | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA | -15M | -20.2M | -26.2M | -28.2M | -33.9M | -36.9M | -44.1M | -41.6M | -36.4M | -37M | -38.7M | -37.2M |
| EPS | -0.38 | — | -1.12 | -0.67 | -0.8 | — | -1.03 | -0.97 | -0.85 | -0.8 | -0.66 | -0.63 |
| Diluted EPS | -0.38 | — | -1.12 | -0.67 | -0.8 | — | -1.03 | -0.97 | -0.85 | -0.8 | -0.66 | -0.63 |
Annual history by fiscal year; click a table row below to chart a different metric.
Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Market cap | — | — | — | 143.4M | — | 421.8M |
| Enterprise value | — | — | — | -134.4M | — | 254.7M |
| Shares outstanding | 25.8M | 25.8M | 40.8M | 38.3M | 44.3M | 44.3M |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | -1.87 |
| P/B | — | — | — | 0.54 | — | 2.53 |
| EV/EBITDA | — | — | — | 1.07 | — | -1.62 |
| Earnings yield | — | — | — | — | — | -53.3% |
| FCF yield | — | — | — | -81.2% | — | -25.5% |
| PEG | — | — | — | — | — | 0.05 |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Operating margin | -465.8% | -418.3% | — | — | — | 0% |
| Net margin | -465.9% | -411.3% | — | — | — | 0% |
| ROE | 57% | 39% | 45.9% | -47.8% | -69.4% | -87.2% |
| ROA | -30.8% | -43.2% | -80.3% | -41.8% | -54.9% | -44.5% |
| Return on tangible assets | -30.8% | -43.2% | -80.3% | -41.8% | -54.9% | -69.4% |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Current ratio | 4.84 | 4.45 | 3.05 | 8.61 | 7.75 | 9.06 |
| Quick ratio | 4.84 | 4.45 | 3.05 | 8.61 | 7.75 | 9.06 |
| Debt / equity | -0.12 | -0.14 | -0.07 | 0.03 | 0.12 | 0.2 |
| Debt / assets | 0.06 | 0.16 | 0.12 | 0.03 | 0.1 | 0.15 |
| Net debt / EBITDA | 2.74 | 1.47 | 0.83 | 2.22 | 1.57 | 1.11 |
| Interest coverage | -8.8K | -443.5 | -321.8 | -896.7 | -328.9 | -84.2 |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Revenue per share | 0.22 | 0.27 | 0 | 0 | 0 | 0 |
| EPS (basic) | -1.02 | -1.12 | -1.48 | -3.33 | -3.64 | -3.64 |
| EPS (diluted) | -1.02 | -1.12 | -1.48 | -3.33 | -3.64 | -2.92 |
| Book value per share | -1.79 | -2.87 | -3.22 | 6.95 | 5.25 | 2.69 |
| FCF per share | -0.91 | -1.43 | -1.3 | -3.04 | -3.5 | -2.63 |
| Cash per share | 2.95 | 1.99 | 1.41 | 7.46 | 6.31 | 3.23 |
| Capex per share | 0.05 | 0.03 | 0.02 | 0.06 | 0.03 | 0.03 |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Capex / revenue | 22.8% | 10.9% | — | — | — | — |
| Capex / operating cash flow | -5.46% | -2.29% | -1.21% | -1.87% | -0.73% | -0.73% |
| Payout ratio | — | — | — | — | — | 0% |
| — |
| Q4 25 |
|---|
| Q1 26 |
|---|
| Q2 26 |
|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY change | — | -100% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.
Click a row to chart it; unreported figures show a dash.
| Period | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash & short-term investments | 76.1M | 51.3M | 57.5M | 286M | 279.3M |
| Receivables | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| Total current assets | 77.1M | 53.3M | 60.7M | 290.6M | 283M |
| Property, plant & equipment | 7.8M | 12.4M | 10.6M | 10.7M | 5.4M |
| Goodwill & intangibles | — | — | — | — | — |
| Total assets | 85.5M | 66.9M | 75.2M | 304.6M | 293.8M |
| Accounts payable | 773K | 1.5M | 4.4M | 4.6M | 5.3M |
| Short-term debt | 814K | 2.3M | 2.9M | 3.9M | 4M |
| Total current liabilities | 15.9M | 12M | 19.9M | 33.8M | 36.5M |
| Long-term debt | 4.7M | 8.3M | 6.2M | 4.3M | 25.1M |
| Total liabilities | 131.7M | 140.9M | 206.6M | 38.1M | 61.5M |
| Shareholders' equity | -46.3M | -74M | -131.4M | 266.6M | 232.3M |
| Total debt | 5.6M | 10.6M | 9.1M | 8.2M | 29M |
| Net debt | -70.5M | -27.2M | -25.6M | -88.4M | -95.1M |
What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.
Click a row to chart it; unreported figures show a dash.
| Period | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & short-term investments | 77.3M | 57.5M | 369.8M | 346.2M | 321.6M | 286M | 242.6M | 211.7M | 171.1M | 279.3M | 236.4M | 199.4M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 79.4M | 60.7M | 375.5M | 348.8M | 325.4M | 290.6M | 247.7M | 214.3M | 174.9M | 283M | 241.7M | 206.5M |
| Property, plant & equipment | 11.1M | 10.6M | 12.8M | 12.5M | 11.4M | 10.7M | 8.8M | 7.6M | 6.3M | 5.4M | 9.7M | 9.3M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 92.5M | 75.2M | 390M | 363.1M | 339.2M | 304.6M | 260.7M | 226.5M | 187.2M | 293.8M | 257M | 219.8M |
| Accounts payable | 3M | 4.4M | 7.5M | 4.9M | 9.9M | 4.6M | 8.5M | 9.9M | 3M | 5.3M | 11.6M | 2.9M |
| Short-term debt | 2.8M | 2.9M | 3.7M | 3.9M | 3.9M | 3.9M | 3.6M | 3.6M | 3.7M | 4M | 2M | 1.5M |
| Total current liabilities | 16.9M | 19.9M | 21.9M | 23.5M | 31M | 33.8M | 33.3M | 39.8M | 33.9M | 36.5M | 29.7M | 22.8M |
| Long-term debt | 6.8M | 6.2M | 7.1M | 6.1M | 5.2M | 4.3M | 3.4M | 2.3M | 1.3M | 25.1M | 31.8M | 31.5M |
| Total liabilities | 204.3M | 206.6M | 29M | 29.6M | 36.5M | 38.1M | 36.6M | 42.1M | 35.2M | 61.5M | 61.4M | 54.3M |
| Shareholders' equity | -111.8M | -131.4M | 361M | 333.5M | 302.7M | 266.6M | 224M | 184.4M | 151.9M | 232.3M | 195.6M | 165.5M |
| Total debt | 9.6M | 9.1M | 10.8M | 10M | 9.1M | 8.2M | 6.9M | 5.9M | 5M | 29M | 33.8M | 33M |
| Net debt | -13.3M | -25.6M | -213.4M | -121.6M | -95.5M | -88.4M | -49.9M | -47.5M | -29.1M | -95.1M | 1.6M | 1.2M |
Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.
Click a row to chart it; unreported figures show a dash.
| Period | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income | -26.4M | -28.9M | -60.4M | -127.5M | -161.3M |
| Depreciation & amortization | 586K | 1.1M | 1.7M | 2.1M | 1.8M |
| Stock-based compensation | 7.3M | 929K | 2.2M | 8.4M | 10.1M |
| Change in working capital | -5.9M | -8.1M | 3.2M | -3.6M | -3.8M |
| Operating cash flow | -23.6M | -33.6M | -51.5M | -118.1M | -153.7M |
| Capital expenditure | -1.3M | -768K | -621K | -2.2M | -1.1M |
| Investing cash flow | -1.3M | -14.1M | -8.8M | -160.9M | 40M |
| Dividends paid | — | — | — | — | — |
| Share repurchases | — | — | — | — | — |
| Financing cash flow | 72.5M | 11.7M | 57.5M | 336.9M | 139.2M |
| Net change in cash | 47.6M | -36M | -2.8M | 57.9M | 25.4M |
| Free cash flow | -23.4M | -36.9M | -53M | -116.5M | -154.8M |
Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.
Click a row to chart it; unreported figures show a dash.
| Period | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -15.5M | -20.7M | -26.7M | -28.8M | -34.5M | -37.5M | -44.6M | -42.1M | -36.8M | -37.8M | -39.7M | -38.3M |
| Depreciation & amortization | 438K | 462K | 482K | 530K | 558K | 563K | 501K | 515K | 415K | 368K | 351K | 434K |
| Stock-based compensation | 521K | 784K | 2.3M | 1.3M | 3.4M | 1.4M | 2.2M | 2.5M | 2.7M | 2.7M | 3.2M | 3.5M |
| Change in working capital | -105K | 1M | 2.3M | -2.8M | 4.1M | -7.2M | 2.3M | 661K | -8.5M | 1.8M | 5.8M | -7.8M |
| Operating cash flow | -14.2M | -17.9M | -21.2M | -29.1M | -25.8M | -42.1M | -39M | -31.9M | -43.3M | -33.5M | -41.6M | -40.3M |
| Capital expenditure | -256K | -334K | -543K | -1M | -102K | -532K | 0 | — | -390K | -538K | — | — |
| Investing cash flow | -54.1M | 31.7M | -122.9M | -67.9M | 676K | 29.2M | 5.6M | 29.4M | 22.5M | -17.3M | -50.2M | 36.7M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 34.6M | -1.7M | 338M | -642K | -242K | -247K | -417K | -649K | -163K | 140.4M | -344K | -352K |
| Net change in cash | -33.6M | 12M | 194M | -97.6M | -25.3M | -13.1M | -33.8M | -3.2M | -21M | 89.6M | -92.1M | -4M |
| Free cash flow | -11.4M | -18.9M | -26.1M | -25.2M | -27.6M | -37.6M | -44.9M | -32.2M | -43.7M | -34.1M | -41.6M | -40.9M |