Kyntra Bio Inc (0IL8.L) Q3 2024 Earnings Report

Revenue: $46.33M in Q3-2024; YoY +15.45%, QoQ -8.51% (4-quarter view shows growth but quarterly volatility).
Gross Profit: $41.04M; Gross Margin 88.57%; YoY +14.34%, QoQ -9.73%.
Operating Income: -$16.78M; YoY +73.57% (improvement on loss depth vs prior year), QoQ -53.66% (larger sequential loss driven by front-loaded R&D and SG&A).
Net Income: -$17.08M; Net Margin -36.87%; YoY +73.14%, QoQ -9.91%.
EPS (diluted): -$0.17; Weighted average shares ~100.52M.
Cost structure: Cost of revenue $5.30M; R&D $21.71M; SG&A $17.55M; Other expenses $18.55M; EBITDA -$12.24M; EBITDA margin -26.41%; Operating margin -36.21%.
Cash flow: Net cash from operating activities -$8.38M; Free cash flow -$8.46M; Cash balance $131.00M; Net debt -$51.67M (cash greater than debt).
Balance sheet: Total assets $264.42M; Total liabilities $466.12M; Shareholders’ equity -$201.70M; Current ratio 1.28; Quick ratio 1.16; Cash ratio 0.69.
Liquidity/capitalization: Negative equity raises long-term funding risk; deferred revenue non-current $126.22M; accounts receivable $83.33M; DSO ~162 days; significant working capital movements in the quarter.
Industry/Benchmark context: Gross margin and R&D-driven cost structure are typical for a high-R&D healthcare company in a late-stage pipeline phase; however, peer benchmarks show mixed margins with some peers achieving positive operating margins in Q3-2024, underscoring FibroGen’s need for milestone-driven revenue or successful commercialization to flip profitability.