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 SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support
Buyer economics 2 of 4
Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$589M market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Operating income | −$36M | −$45M | −$40M | −$82M | −$68M | ▲ 17% | |
|---|
| Net income | −$47M | −$45M | −$35M | −$74M | −$60M | ▲ 19% | |
|---|
| Operating cash flow | −$36M | −$37M | −$21M | −$16M | −$54M | ▼ 249% | |
|---|
| Capex | — | — | $0 | $0 | $186K | | |
|---|
| Stock-based comp | $4M | $7M | $13M | $6M | $8M | ▲ 45% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Jul 7, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 33.0% | Passive |
| Apr 29, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 33.0% | Active |
| Dec 15, 2025 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 33.0% | Active |
| Oct 16, 2025 | AI ETI LLC | SCHEDULE 13D/A | 0.0% | Passive |
| Oct 7, 2025 | AI ETI LLC | SCHEDULE 13D/A | 5.7% | Passive |
| Aug 16, 2024 | AI ETI LLC | SC 13D/A | 7.5% | Passive |
| Jul 1, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 47.1% | Active |
| Jun 6, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 44.3% | Active |
| May 17, 2024 | AI ETI LLC | SC 13D/A | 17.2% | Passive |
| May 17, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 45.3% | Active |
Insider trading
- Open-market buys, 12 mo
- $780K · 3
- Open-market sells, 12 mo
- $3M · 6
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.