TakeoverPE & activists

RCKTROCKET PHARMACEUTICALS, INC.

Pharmaceutical Preparations · $267M market cap · 202 employees

1.7×

More likely than average to be taken private

Top 8% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    1 of 3 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $7M median
    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
    9% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $267M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$830K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Dec 4, 2017DEFM14A—$2.05100%
Oct 12, 2017PREM14A—$2.05100%

Key numbers

Revenue
$0FY2021: $0FY2022: $0FY2023: $0FY2024: $0FY2025: $0
Operating margin
—
EBITDA
−$223MFY2021: −$164MFY2022: −$220MFY2023: −$255MFY2024: −$266MFY2025: −$223M
16% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$0$0$0$0$0FY2021: $0FY2022: $0FY2023: $0FY2024: $0FY2025: $0
Operating income−$167M−$224M−$260M−$273M−$232M 15% FY2021: −$167MFY2022: −$224MFY2023: −$260MFY2024: −$273MFY2025: −$232M
Net income−$169M−$222M−$246M−$259M−$223M 14% FY2021: −$169MFY2022: −$222MFY2023: −$246MFY2024: −$259MFY2025: −$223M
Operating cash flow−$121M−$178M−$195M−$210M−$190M 9.4% FY2021: −$121MFY2022: −$178MFY2023: −$195MFY2024: −$210MFY2025: −$190M
Capex$8M$8M$16M$6M$440K 92% FY2021: $8MFY2022: $8MFY2023: $16MFY2024: $6MFY2025: $440K
Stock-based comp$29M$31M$39M$44M$37M 16% FY2021: $29MFY2022: $31MFY2023: $39MFY2024: $44MFY2025: $37M
Buybacks$0————

13D filers

FiledFilerFormStakeIntent
Dec 16, 2024RTW INVESTMENTS, LPSC 13D/A17.4%Passive
Sep 19, 2023RTW INVESTMENTS, LPSC 13D/A20.2%Passive
Apr 5, 2023RTW INVESTMENTS, LPSC 13D/A22.9%Passive
Oct 11, 2022RTW INVESTMENTS, LPSC 13D/A24.3%Passive
Sep 21, 2022RTW INVESTMENTS, LPSC 13D/A24.6%Passive
Aug 31, 2021RTW INVESTMENTS, LPSC 13D/A25.3%Passive
Mar 29, 2021RTW INVESTMENTS, LPSC 13D/A26.2%Passive
Jan 8, 2021RTW INVESTMENTS, LPSC 13D/A29.3%Passive
Dec 13, 2019RTW INVESTMENTS, LPSC 13D/A31.9%Passive
Apr 18, 2019RTW INVESTMENTS, LPSC 13D/A33.9%Passive

Insider trading

−$830Knet selling by insiders, open market, last 12 months
Bought $34K · 1 tradeSold $864K · 25 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$4M−$328K180
FY2024$7M−$2M64114
FY2023$8M$12M153115