TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
49% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support
Buyer economics 1 of 4
Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$832M market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $11M | $39M | $18M | $6M | $14M | ▲ 128% | |
|---|
| Operating income | −$74M | −$65M | −$78M | −$76M | −$38M | ▲ 50% | |
|---|
| Net income | −$76M | −$69M | −$73M | −$70M | −$34M | ▲ 52% | |
|---|
| Operating cash flow | −$68M | −$35M | −$86M | −$65M | −$40M | ▲ 39% | |
|---|
| Capex | $809K | $512K | $1M | $182K | $0 | ▼ 100% | |
|---|
| Stock-based comp | $6M | $7M | $9M | $9M | $7M | ▼ 23% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Oct 5, 2026 | Roivant Sciences Ltd. | SCHEDULE 13D/A | 19.5% | Passive |
| Apr 28, 2026 | Whitefort Capital Management, LP | SCHEDULE 13D/A | 8.0% | Passive |
| Apr 13, 2026 | Whitefort Capital Management, LP | SCHEDULE 13D/A | 8.1% | Active |
| Feb 25, 2025 | Roivant Sciences Ltd. | SCHEDULE 13D/A | 20.5% | Active |
| Feb 21, 2025 | Whitefort Capital Management, LP | SCHEDULE 13D/A | 7.0% | Active |
| Feb 18, 2025 | Roivant Sciences Ltd. | SCHEDULE 13D/A | 20.5% | Active |
| May 17, 2024 | Whitefort Capital Management, LP | SC 13D/A | 6.8% | Active |
| May 9, 2024 | Whitefort Capital Management, LP | SC 13D | 6.8% | Active |
| Oct 20, 2021 | Roivant Sciences Ltd. | SC 13D/A | 29.1% | Passive |
| Jul 17, 2019 | Lo Andrew | SC 13D/A | 0.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|
| FY2025 | — | — | 206 | — |
| FY2024 | — | — | 140 | — |
| FY2023 | — | — | 107 | — |