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We're Not Very Worried About Replimune Group's (NASDAQ:REPL) Cash Burn Rate
We're Not Very Worried About Replimune Group's (NASDAQ:REPL) Cash Burn Rate
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
Given this risk, we thought we'd take a look at whether Replimune Group (NASDAQ:REPL) shareholders should be worried about its cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.
See our latest analysis for Replimune Group
When Might Replimune Group Run Out Of Money?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. As at June 2022, Replimune Group had cash of US$395m and no debt. Importantly, its cash burn was US$100m over the trailing twelve months. That means it had a cash runway of about 3.9 years as of June 2022. Importantly, analysts think that Replimune Group will reach cashflow breakeven in 4 years. That means it doesn't have a great deal of breathing room, but it shouldn't really need more cash, considering that cash burn should be continually reducing. Depicted below, you can see how its cash holdings have changed over time.
NasdaqGS:REPL Debt to Equity History September 29th 2022How Is Replimune Group's Cash Burn Changing Over Time?
Because Replimune Group isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. During the last twelve months, its cash burn actually ramped up 51%. While this spending increase is no doubt intended to drive growth, if the trend continues the company's cash runway will shrink very quickly. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
How Easily Can Replimune Group Raise Cash?
Given its cash burn trajectory, Replimune Group shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Companies can raise capital through either debt or equity. Commonly, a business will sell new shares in itself to raise cash and drive growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
Replimune Group's cash burn of US$100m is about 12% of its US$855m market capitalisation. As a result, we'd venture that the company could raise more cash for growth without much trouble, albeit at the cost of some dilution.
How Risky Is Replimune Group's Cash Burn Situation?
As you can probably tell by now, we're not too worried about Replimune Group's cash burn. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. While its increasing cash burn wasn't great, the other factors mentioned in this article more than make up for weakness on that measure. Shareholders can take heart from the fact that analysts are forecasting it will reach breakeven. Considering all the factors discussed in this article, we're not overly concerned about the company's cash burn, although we do think shareholders should keep an eye on how it develops. Taking a deeper dive, we've spotted 3 warning signs for Replimune Group you should be aware of, and 1 of them is a bit unpleasant.
If you would prefer to check out another company with better fundamentals, then do not miss this free list of interesting companies, that have HIGH return on equity and low debt or this list of stocks which are all forecast to grow.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
毫无疑问,持有无利可图的企业的股票可以赚钱。例如,生物技术和采矿勘探公司经常亏损多年,然后才在新的治疗方法或矿物发现方面取得成功。话虽如此,没有盈利的公司是有风险的,因为它们可能会烧掉所有的现金,陷入困境。
考虑到这种风险,我们认为我们应该看看复制组纳斯达克:REPL)股东应该担心它的现金消耗。在这份报告中,我们将考虑该公司的年度自由现金流为负,此后将其称为“现金消耗”。首先,我们将通过比较其现金消耗和现金储备来确定其现金跑道。
查看我们对Replimune Group的最新分析
Replimune集团什么时候会用完钱?
一家公司的现金跑道是指以目前的现金消耗率消耗其现金储备所需的时间。截至2022年6月,Replimune集团拥有3.95亿美元的现金,没有债务。重要的是,在接下来的12个月里,它的现金消耗达到了1亿美元。这意味着,截至2022年6月,该公司的现金跑道寿命约为3.9年。重要的是,分析师认为Replimune集团将在4年内达到现金流盈亏平衡。这意味着它没有太大的喘息空间,但考虑到现金消耗应该会不断减少,它应该不会真的需要更多现金。如下所示,你可以看到它的现金持有量是如何随着时间的推移而变化的。
NasdaqGS:REPL债转股历史2022年9月29日Replimune Group的烧钱是如何随着时间的推移而变化的?
由于Replimune Group目前没有产生收入,我们认为这是一个处于早期阶段的业务。尽管如此,我们仍然可以检查其烧钱轨迹,作为我们评估其烧钱情况的一部分。在过去的12个月里,它的现金消耗实际上增加了51%。虽然这种支出增加无疑是为了推动增长,但如果这一趋势继续下去,该公司的现金跑道将很快缩水。然而,显然,关键因素是该公司是否会在未来实现业务增长。因此,看看我们的分析师对该公司的预测是很有意义的。
Replimune集团筹集现金的难度有多大?
考虑到它的现金消耗轨迹,Replimune Group的股东们可能希望考虑一下,尽管它有坚实的现金跑道,但筹集更多现金的难度有多大。公司可以通过债务或股权筹集资金。通常情况下,企业会自行发售新股,以筹集现金并推动增长。我们可以将一家公司的现金消耗与其市值进行比较,以了解一家公司需要发行多少新股才能为一年的运营提供资金。
Replimune Group 1亿美元的现金消耗约占其8.55亿美元市值的12%。因此,我们冒险认为,该公司可以毫不费力地筹集更多现金来实现增长,尽管代价是一些股权稀释。
Replimune Group的烧钱情况有多大风险?
正如你现在可能已经知道的,我们并不太担心Replimune集团的烧钱问题。特别是,我们认为它的现金跑道脱颖而出,证明该公司很好地控制了支出。虽然它不断增加的现金消耗并不是很好,但本文提到的其他因素足以弥补这一指标的疲软。分析师预测股价将达到盈亏平衡,这让股东们感到振奋。考虑到本文讨论的所有因素,我们并不过分担心公司的现金消耗,尽管我们确实认为股东应该密切关注公司的发展。再往下潜,我们发现Replimune Group的3个警告标志你应该知道,其中一个是有点令人不快的。
如果你更愿意看看另一家基本面更好的公司,那么不要错过这一预期免费有趣的公司名单,拥有高股本回报率和低债务的公司,或者这些预计都将增长的股票名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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