TARS Tarsus Pharmaceuticals, Inc. - Common Stock
$63.64
Price · May 20, 2026
Fundamentals as of May 6, 2026
52W Range
$39–$84
55% of range
Analyst Rating
STRONG BUY
15 analysts
Price Target
$94
+48% upside
P/E (TTM)
-51.5
ROE
-19.7%
Net Profit Margin
-14.7%
TARS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$63.64
Market Cap
$3.48B
P/E (TTM)
-51.5
EPS (TTM)
$-1.59
Revenue (TTM)
$451M
Div Yield
—
ROE
-19.7%
Debt/Equity
0.2
52W Range
$39 – $84
TARS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$451M
2020-12-31
→
2025-12-31
EPS
$-1.59
2020-12-31
→
2025-12-31
Free Cash Flow
$-22M
2020-12-31
→
2025-12-31
Margins
-14.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TARS
Peer Median
P/E (TTM)
-51.5
42.1
P/S (TTM)
7.7
5.8
P/B
10.1
3.7
EV / EBITDA
-44.2
—
Price / FCF
-156.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TARS
Peer Median
Operating Margin
-15.7%
—
Net Profit Margin
-14.7%
-3.7%
ROA
-14.1%
-13.2%
ROE
-19.7%
-21.9%
ROIC
-17.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TARS
Peer Median
Debt / Equity
0.2
13657.6
Current Ratio
3.9
4.1
Quick Ratio
3.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TARS
Peer Median
Revenue YoY
146.7%
—
Revenue CAGR 3Y
159.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TARS
Peer Median
TARS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 7 46.7%
- Buy 7 46.7%
- Hold 1 6.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-05-20
Median
$95.00
← Below all targets
$63.64
Low
$88.00
High
$100.00
Median target
$95.00
+49.3%
Mean target
$94.22
+48.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.16 | $-0.38 | 0.22% |
| Dec. 31, 2025 | $-0.20 | $-0.10 | -0.10% |
| Sept. 30, 2025 | $-0.30 | $-0.36 | 0.06% |
| June 30, 2025 | $-0.48 | $-0.41 | -0.07% |
| March 31, 2025 | $-0.64 | $-0.75 | 0.11% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TARS | $3.48B | -51.5 | 146.7% | -14.7% | -19.7% | — |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| EWTX | $2.64B | -15.2 | — | — | -30.2% | — |
| SUPN | $2.86B | -73.1 | 8.6% | -5.4% | -3.6% | — |
| ALMS | — | -3.4 | — | -1011.8% | -61.9% | — |
| GPCR | $14.78B | -86.9 | — | — | -12.3% | — |
| ELVN | $915M | -8.4 | — | — | -21.9% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| NKTR | $862M | -4.3 | -43.9% | -297.1% | -500.1% | — |
| DFTX | $1.32B | -6.5 | 212.0% | — | -71.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $451M | $183M | $17M | $26M | $57M | $0 | |
| R&D Expense | $64M | $53M | $50M | $43M | $42M | $19M | |
| SG&A Expense | $427M | $237M | $109M | $45M | $25M | $8M | |
| Operating Expenses | $522M | $304M | $161M | $89M | $69M | $27M | |
| Operating Income | $-71M | $-121M | $-143M | $-63M | $-12M | $-27M | |
| Interest Expense | · | · | $3M | $2M | $0 | · | |
| Other Non-op | $-202.0K | $-206.0K | $274.0K | $86.0K | $-73.0K | $0 | |
| Pretax Income | $-64M | $-116M | $-136M | $-62M | $-14M | $-27M | |
| Income Tax | $2M | $0 | $0 | $-4.0K | $55.0K | $1.0K | |
| Net Income | $-66M | $-116M | $-136M | $-62M | $-14M | $-27M | |
| EPS (Basic) | $-1.59 | $-3.07 | $-4.62 | $-2.52 | $-0.67 | $-4.32 | |
| EPS (Diluted) | $-1.59 | $-3.07 | $-4.62 | $-2.52 | $-0.67 | $-4.32 | |
| Shares (Basic) | 41,784,014 | 37,604,538 | 29,383,276 | 24,619,700 | 20,554,086 | 6,207,367 | |
| Shares (Diluted) | 41,784,014 | 37,604,538 | 29,383,276 | 24,619,700 | 20,554,086 | 6,207,367 | |
| EBITDA | $-71M | $-121M | $-143M | $-63M | $-12M | $-27M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $184M | $95M | $225M | $72M | $171M | $168M | |
| Short-term Investments | $234M | $197M | $2M | $145M | $483.0K | $0 | |
| Receivables | $85M | $47M | $17M | $0 | $0 | $0 | |
| Inventory | $4M | $3M | $3M | $0 | · | · | |
| Prepaid Expense | $13M | $15M | $8M | $5M | $4M | $2M | |
| Current Assets | $523M | $357M | $256M | $225M | $176M | $171M | |
| PP&E (Net) | $12M | $2M | $1M | $957.0K | $755.0K | $548.0K | |
| PP&E (Gross) | $14M | $4M | $3M | $2M | $976.0K | $682.0K | |
| Accum. Depreciation | $2M | $2M | $1M | $546.0K | $221.0K | $134.0K | |
| Intangibles | $7M | $8M | $4M | $0 | · | · | |
| Other Non-current Assets | $2M | $999.0K | $2M | $585.0K | $1M | $81.0K | |
| Total Assets | $562M | $377M | $265M | $228M | $179M | $172M | |
| Accounts Payable | $16M | $9M | · | · | · | · | |
| Current Liabilities | $136M | $81M | $37M | $15M | $11M | $5M | |
| Capital Leases | $11M | $0 | $2M | $52.0K | $585.0K | $549.0K | |
| Other Non-current Liabilities | $11M | $0 | $2M | $100.0K | $699.0K | $605.0K | |
| Total Liabilities | $219M | $152M | $69M | $35M | $12M | $6M | |
| Long-term Debt | $72M | $72M | $30M | $19M | · | · | |
| Total Debt | $72M | $72M | $30M | $19M | · | · | |
| Common Stock | $6.0K | $6.0K | $5.0K | $5.0K | $4.0K | $4.0K | |
| Paid-in Capital | $770M | $585M | $442M | $302M | $213M | $199M | |
| Retained Earnings | $-427M | $-360M | $-245M | $-109M | $-47M | $-33M | |
| AOCI | $381.0K | $179.0K | $-2.0K | $-74.0K | $0 | · | |
| Stockholders' Equity | $343M | $225M | $197M | $193M | $167M | $166M | |
| Liabilities + Equity | $562M | $377M | $265M | $228M | $179M | $172M | |
| Shares Outstanding | 42,553,931 | 38,349,826 | 34,211,190 | 26,727,458 | 20,698,737 | 20,323,201 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $42M | $28M | $20M | $13M | $8M | $839.0K | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | |
| Amort. of Intangibles | $961.0K | $540.0K | $133.0K | $0 | · | · | |
| Operating Cash Flow | $-12M | $-83M | $-117M | $-49M | $4M | $-21M | |
| CapEx | $10M | $2M | $2M | $506.0K | $586.0K | $456.0K | |
| Investing Cash Flow | $-42M | $-199M | $141M | $-145M | $-586.0K | $-456.0K | |
| Debt Issued | $0 | $75M | $10M | $20M | · | · | |
| Net Debt Issued | $0 | $75M | · | · | · | · | |
| Financing Cash Flow | $143M | $155M | $130M | $94M | $21.0K | $132M | |
| Net Change in Cash | $89M | $-128M | $153M | $-100M | $3M | $110M | |
| Free Cash Flow | $-22M | $-85M | $-119M | $-50M | $3M | $-22M | |
| Levered FCF | · | · | $-122M | $-52M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -15.7% | -65.9% | -820.5% | -242.9% | -21.3% | · | |
| Net Margin | -14.7% | -63.2% | -778.9% | -240.5% | -24.2% | · | |
| Pretax Margin | -14.3% | -63.2% | -778.9% | -240.5% | -24.1% | · | |
| EBITDA Margin | -15.7% | -65.9% | -820.5% | -242.9% | -21.3% | · | |
| ROA | -14.1% | -36.0% | -55.1% | -30.5% | -7.9% | -23.3% | |
| ROE | -19.7% | -50.0% | -66.2% | -31.4% | -8.0% | -36.2% | |
| ROIC | -17.6% | -40.7% | -63.1% | -29.5% | -7.3% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.9 | 4.4 | 6.9 | 14.6 | 15.3 | 31.7 | |
| Quick Ratio | 3.7 | 4.2 | 6.6 | 14.1 | 15.0 | 31.2 | |
| Debt / Equity | 0.2 | 0.3 | 0.2 | 0.1 | · | · | |
| LT Debt / Equity | 0.2 | 0.3 | 0.2 | 0.1 | · | · | |
| Interest Coverage | · | · | -42.8 | -28.5 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 0.6 | 0.1 | 0.1 | 0.3 | · | |
| Receivables Turnover | 6.8 | 5.8 | 2.1 | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 146.7% | 948.6% | -32.4% | -54.7% | · | · | |
| Revenue CAGR 3Y | 159.5% | 47.5% | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $451M | $183M | $17M | $26M | $57M | $0 | |
| Net Income TTM | $-66M | $-116M | $-136M | $-62M | $-14M | $-27M | |
| Market Cap | $3.48B | $2.12B | $693M | $392M | $466M | $840M | |
| Enterprise Value | $3.14B | $1.90B | $495M | $194M | · | · | |
| P/E | -51.5 | -18.0 | -4.4 | -5.8 | -33.6 | -9.6 | |
| P/S | 7.7 | 11.6 | 39.7 | 15.2 | 8.2 | · | |
| P/B | 10.1 | 9.5 | 3.5 | 2.0 | 2.8 | 5.1 | |
| P / Tangible Book | 10.4 | 9.8 | 3.6 | 2.0 | 2.8 | 5.1 | |
| P / Cash Flow | -279.8 | -25.6 | -5.9 | -8.0 | 124.3 | -39.7 | |
| P / FCF | -156.2 | -25.1 | -5.8 | -7.9 | 147.3 | -38.9 | |
| EV / EBITDA | -44.2 | -15.8 | -3.5 | -3.1 | · | · | |
| EV / FCF | -140.7 | -22.5 | -4.2 | -3.9 | · | · | |
| EV / Revenue | 7.0 | 10.4 | 28.4 | 7.5 | · | · | |
| Earnings Yield | -1.9% | -5.5% | -22.8% | -17.2% | -3.0% | -10.4% |
Income Statement 15
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $162M | $152M | $119M | $103M | $78M | $66M | $48M | $41M | $28M | $13M | $2M | $0 | $2M | $10M | $0 | $15M | |
| Cost of Revenue | $9M | · | · | · | $5M | · | · | · | · | · | · | $0 | $0 | · | $0 | $522.0K | |
| R&D Expense | $22M | $18M | $16M | $16M | $14M | $17M | $12M | $12M | $12M | $13M | $12M | $13M | $12M | $10M | $11M | $10M | |
| SG&A Expense | $136M | $131M | $109M | $103M | $85M | $69M | $58M | $59M | $52M | $43M | $30M | $20M | $15M | $15M | $12M | $10M | |
| Operating Expenses | $168M | $160M | $133M | $125M | $105M | $91M | $73M | $74M | $65M | $58M | $43M | $33M | $27M | $25M | $23M | $21M | |
| Operating Income | $-6M | $-8M | $-15M | $-22M | $-26M | $-24M | $-25M | $-33M | $-38M | $-44M | $-41M | $-33M | $-25M | $-15M | $-23M | $-5M | |
| Interest Expense | · | · | · | · | · | · | · | · | $983.0K | · | $858.0K | $815.0K | $684.0K | · | $633.0K | $544.0K | |
| Other Non-op | $-87.0K | $-74.0K | $98.0K | $-145.0K | $-81.0K | $-27.0K | $67.0K | $-65.0K | $-181.0K | $363.0K | $-48.0K | $-47.0K | $6.0K | $-50.0K | $-7.0K | $106.0K | |
| Income Tax | $2M | · | · | · | $0 | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $-5.0K | $0 | |
| Net Income | $-7M | $-8M | $-13M | $-20M | $-25M | $-23M | $-23M | $-33M | $-36M | $-42M | $-39M | $-31M | $-23M | $-14M | $-23M | $-6M | |
| EPS (Basic) | $-0.16 | $-0.17 | $-0.30 | $-0.48 | $-0.64 | $-0.57 | $-0.61 | $-0.88 | $-1.01 | $-1.29 | $-1.28 | $-1.17 | $-0.88 | $-0.46 | $-0.84 | $-0.24 | |
| EPS (Diluted) | $-0.16 | $-0.17 | $-0.30 | $-0.48 | $-0.64 | $-0.57 | $-0.61 | $-0.88 | $-1.01 | $-1.29 | $-1.28 | $-1.17 | $-0.88 | $-0.46 | $-0.84 | $-0.24 | |
| Shares (Basic) | 42,956,973 | -82,529,514 | 42,607,717 | 42,360,452 | 39,345,359 | -73,901,318 | 38,381,968 | 37,823,233 | 35,300,655 | -54,796,920 | 30,622,440 | 26,815,733 | 26,742,023 | -47,085,429 | 26,662,374 | 24,332,531 | |
| Shares (Diluted) | 42,956,973 | -82,529,514 | 42,607,717 | 42,360,452 | 39,345,359 | -73,901,318 | 38,381,968 | 37,823,233 | 35,300,655 | -54,796,920 | 30,622,440 | 26,815,733 | 26,742,023 | -47,085,429 | 26,662,374 | 24,332,531 | |
| EBITDA | $-6M | · | $-15M | $-22M | $-26M | · | $-25M | $-33M | $-38M | · | $-41M | $-33M | $-25M | · | $-23M | $-5M |
Balance Sheet 26
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $102M | $184M | $113M | $97M | $176M | $95M | $176M | $181M | $194M | · | $227M | $107M | $66M | · | $169M | $245M | |
| Short-term Investments | $287M | $234M | $289M | $284M | $232M | $197M | $141M | $142M | $105M | · | $20M | $71M | $135M | · | $57M | $0 | |
| Receivables | $100M | $85M | $73M | $58M | $62M | $47M | $29M | $30M | $30M | · | $5M | · | $2M | · | $17.0K | $17.0K | |
| Inventory | $5M | $4M | $4M | $4M | $3M | $3M | $3M | $2M | $4M | · | $15.0K | · | · | · | · | · | |
| Prepaid Expense | $27M | $13M | $22M | $29M | $6M | $15M | $7M | $6M | $7M | · | $6M | $5M | $5M | · | $3M | $4M | |
| Current Assets | $537M | $523M | $502M | $474M | $481M | $357M | $357M | $363M | $341M | · | $259M | $183M | $209M | · | $234M | $250M | |
| PP&E (Net) | $18M | $12M | $6M | $3M | $3M | $2M | $2M | $2M | $1M | · | $2M | $2M | $1M | · | $951.0K | $963.0K | |
| PP&E (Gross) | $20M | $14M | $8M | $6M | $5M | $4M | $4M | $4M | $3M | · | $3M | $2M | $2M | · | $1M | $1M | |
| Accum. Depreciation | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | · | $1M | $832.0K | $649.0K | · | $448.0K | $354.0K | |
| Intangibles | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $4M | $4M | · | $4M | · | · | · | · | · | |
| Other Non-current Assets | $715.0K | $2M | $1M | $1M | $616.0K | $999.0K | $888.0K | $846.0K | $1M | · | $1M | $1M | $529.0K | · | $583.0K | $600.0K | |
| Total Assets | $581M | $562M | $535M | $495M | $501M | $377M | $376M | $377M | $349M | · | $268M | $189M | $211M | · | $236M | $253M | |
| Accounts Payable | $24M | $16M | · | · | · | $9M | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $144M | $136M | $117M | $90M | $86M | $81M | $66M | $52M | $43M | · | $23M | $15M | $13M | · | $14M | $12M | |
| Capital Leases | $16M | $11M | $10M | $0 | $0 | · | $1M | $1M | $2M | · | $2M | $2M | · | · | $169.0K | $300.0K | |
| Other Non-current Liabilities | $16M | $11M | $10M | · | · | $0 | $1M | $1M | $2M | · | $2M | $2M | $40.0K | · | $209.0K | $343.0K | |
| Total Liabilities | $232M | $219M | $199M | $162M | $158M | $152M | $139M | $125M | $74M | · | $55M | $41M | $38M | · | $34M | $31M | |
| Long-term Debt | $73M | $72M | $72M | $72M | $72M | $72M | $72M | $72M | $30M | · | $30M | $25M | $25M | · | $19M | $19M | |
| Total Debt | $73M | · | $72M | $72M | $72M | · | $72M | $72M | $30M | · | $30M | $25M | $25M | · | $19M | $19M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | · | $5.0K | $5.0K | $5.0K | · | $5.0K | $5.0K | |
| Paid-in Capital | $783M | $770M | $753M | $738M | $728M | $585M | $574M | $566M | $556M | · | $416M | $311M | $306M | · | $298M | $294M | |
| Retained Earnings | $-434M | $-427M | $-418M | $-406M | $-385M | $-360M | $-337M | $-314M | $-280M | · | $-203M | $-164M | $-132M | · | $-95M | $-73M | |
| AOCI | $-298.0K | $381.0K | $289.0K | $39.0K | $85.0K | $179.0K | $346.0K | $-176.0K | $-63.0K | · | $-8.0K | $-23.0K | $-70.0K | · | $-10.0K | · | |
| Stockholders' Equity | $349M | $343M | $335M | $333M | $342M | $225M | $237M | $252M | $275M | $197M | $214M | $148M | $173M | $193M | $203M | $222M | |
| Liabilities + Equity | $581M | $562M | $535M | $495M | $501M | $377M | $376M | $377M | $349M | · | $268M | $189M | $211M | · | $236M | $253M | |
| Shares Outstanding | 43,021,312 | 42,553,931 | 42,447,882 | 42,210,972 | 41,995,537 | 38,349,826 | 38,196,072 | 38,030,385 | 37,749,468 | 34,211,190 | 33,104,087 | 26,899,572 | 26,800,512 | 26,727,458 | 26,671,812 | 26,644,252 |
Cash Flow 13
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $12M | $14M | $12M | $8M | $7M | $7M | $7M | $7M | $6M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | |
| Amort. of Intangibles | $240.0K | $321.0K | $200.0K | $200.0K | $240.0K | $240.0K | $100.0K | $100.0K | $100.0K | $133.0K | $0 | $0 | $0 | $0 | · | · | |
| Operating Cash Flow | $-25M | $19M | $18M | $-29M | $-21M | $-22M | $-9M | $-14M | $-38M | $-39M | $-32M | $-24M | $-22M | $-11M | $-19M | $-4M | |
| CapEx | $6M | $6M | $2M | $1M | $590.0K | $72.0K | $282.0K | $1M | $174.0K | $0 | $375.0K | $787.0K | $340.0K | $127.0K | $96.0K | $122.0K | |
| Investing Cash Flow | $-59M | $49M | $-5M | $-52M | $-35M | $-60M | $3M | $-41M | $-102M | $18M | $47M | $64M | $11M | $-87M | $-57M | $-122.0K | |
| Debt Issued | · | $0 | $0 | · | · | $0 | $0 | $75M | $0 | $0 | $5M | $0 | $5M | $0 | $0 | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $0 | · | · | · | $5M | · | · | · | |
| Stock Issued | $0 | · | $0 | $-354.0K | $135M | · | $-43.0K | $-274.0K | $99M | · | $99M | $0 | $0 | · | $-218.0K | · | |
| Net Stock Activity | $0 | · | · | · | $135M | · | · | · | $99M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $1M | $2M | $3M | $2M | $137M | $3M | $639.0K | $42M | $109M | $20M | $105M | $510.0K | $5M | $264.0K | $-136.0K | $75M | |
| Net Change in Cash | $-82M | $71M | $16M | $-79M | $81M | $-79M | $-5M | $-13M | $-31M | $-2M | $120M | $41M | $-6M | $-98M | $-76M | $70M | |
| Taxes Paid | $2M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-30M | · | · | · | $-21M | · | · | · | $-38M | · | · | · | $-22M | · | · | · |
Profitability 5
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -3.8% | · | -12.2% | -21.6% | -33.6% | · | -52.3% | -81.6% | -136.5% | · | -2187.9% | · | · | · | · | -34.2% | |
| Net Margin | -4.3% | · | -10.6% | -19.8% | -32.1% | · | -48.7% | -81.6% | -129.4% | · | -2092.4% | · | · | · | · | -37.6% | |
| EBITDA Margin | -3.8% | · | -12.2% | -21.6% | -33.6% | · | -52.3% | -81.6% | -136.5% | · | -2187.9% | · | · | · | · | -34.2% | |
| ROA | -1.3% | · | -2.8% | -4.7% | -5.9% | · | -7.3% | -11.8% | -12.8% | · | -15.5% | -14.2% | -11.9% | · | -10.5% | -2.5% | |
| ROE | -2.0% | · | -4.4% | -7.0% | -8.1% | · | -10.4% | -16.7% | -15.9% | · | -18.8% | -17.0% | -14.5% | · | -11.8% | -2.8% |
Liquidity & Solvency 5
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.7 | · | 4.3 | 5.3 | 5.6 | · | 5.4 | 7.0 | 8.0 | · | 11.2 | 12.4 | 15.7 | · | 16.4 | 21.4 | |
| Quick Ratio | 3.4 | · | 4.1 | 4.9 | 5.4 | · | 5.3 | 6.8 | 7.7 | · | 10.8 | 12.1 | 15.4 | · | 15.9 | 20.9 | |
| Debt / Equity | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.1 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | 0.1 | |
| LT Debt / Equity | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.1 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | 0.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -38.3 | · | -47.7 | -40.3 | -36.5 | · | -36.2 | · |
Efficiency 3
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | · | · | · | 0.0 | 0.1 | |
| Inventory Turnover | 2.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 2.0 | · | 2.3 | 2.3 | 1.7 | · | 2.8 | 2.8 | 1.7 | · | 0.7 | · | · | · | 0.0 | 1.5 |
Valuation (TTM) 14
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $462M | · | $348M | $270M | $195M | · | $118M | $70M | $32M | · | $4M | $18M | $18M | · | $17M | $39M | |
| Net Income TTM | $-65M | · | $-81M | $-102M | $-118M | · | $-132M | $-140M | $-130M | · | $-117M | $-83M | $-72M | · | $-64M | $-35M | |
| Market Cap | $3.02B | · | $2.52B | $1.71B | $2.16B | · | $1.26B | $1.03B | $1.37B | · | $588M | $486M | $337M | · | $457M | $389M | |
| Enterprise Value | $2.70B | · | $2.19B | $1.40B | $1.82B | · | $1.01B | $782M | $1.10B | · | $371M | $332M | $160M | · | $249M | $163M | |
| P/E | -44.4 | · | -29.3 | -15.5 | -16.4 | · | -8.7 | -6.3 | -8.4 | · | -4.3 | -5.8 | -4.3 | · | -6.1 | -8.6 | |
| P/S | 6.5 | · | 7.3 | 6.3 | 11.1 | · | 10.6 | 14.7 | 42.9 | · | 134.6 | 27.3 | 18.4 | · | 26.8 | 10.0 | |
| P/B | 8.6 | · | 7.5 | 5.1 | 6.3 | · | 5.3 | 4.1 | 5.0 | · | 2.8 | 3.3 | 1.9 | · | 2.3 | 1.8 | |
| P / Tangible Book | 8.8 | · | 7.7 | 5.3 | 6.5 | · | 5.5 | 4.2 | 5.1 | · | 2.8 | 3.3 | 1.9 | · | 2.3 | 1.8 | |
| P / Cash Flow | -122.4 | · | · | · | -104.5 | · | · | · | -36.3 | · | · | · | -15.3 | · | · | · | |
| P / FCF | -99.0 | · | · | · | -101.6 | · | · | · | -36.1 | · | · | · | -15.1 | · | · | · | |
| EV / EBITDA | -441.3 | · | -150.9 | -63.2 | -69.3 | · | -40.2 | -23.5 | -29.3 | · | -9.1 | -10.1 | -6.4 | · | -10.9 | -31.2 | |
| EV / FCF | -88.7 | · | · | · | -85.7 | · | · | · | -29.1 | · | · | · | -7.2 | · | · | · | |
| EV / Revenue | 5.9 | · | 6.3 | 5.2 | 9.3 | · | 8.5 | 11.1 | 34.5 | · | 84.9 | 18.7 | 8.7 | · | 14.6 | 4.2 | |
| Earnings Yield | -2.2% | · | -3.4% | -6.4% | -6.1% | · | -11.5% | -16.0% | -11.9% | · | -23.5% | -17.3% | -23.4% | · | -16.5% | -11.6% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $451M | $183M | $17M | $26M | $57M |
| Operating Margin % | -15.7% | -65.9% | -820.5% | -242.9% | -21.3% |
| Net Income | $-66M | $-116M | $-136M | $-62M | $-14M |
| Diluted EPS | $-1.59 | $-3.07 | $-4.62 | $-2.52 | $-0.67 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.3 | 0.2 | 0.1 | — |
| Current Ratio | 3.9 | 4.4 | 6.9 | 14.6 | 15.3 |
| Quick Ratio | 3.7 | 4.2 | 6.6 | 14.1 | 15.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-22M | $-85M | $-119M | $-50M | $3M |
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