CGEM - Cullinan Therapeutics, Inc.
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$32.20
DETAILS
HIGH:
$39.00
LOW:
$27.00
MEDIAN:
$30.00
CONSENSUS:
$32.20
UPSIDE:
44.20%
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | 2019 Q3 | 2019 Q2 | 2019 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.1) | (0.1) | (0.1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | ||||||||||||||||||||||||||||||
| R&D Expenses | 44.4 | 42.1 | 42.9 | 42.0 | 61.0 | 41.5 | 40.5 | 35.5 | 36.3 | 30.6 | 34.8 | 33.8 | 27.4 | 52.1 | 21.3 | 19.7 | 26.4 | 24.5 | 20.9 | 12.7 | 11.8 | 12.4 | 16.6 | 9.9 | 12.5 | 4.2 | 3.8 | 5.3 | 3.9 | 3.9 |
| SG&A Expenses | 12.8 | 11.6 | 12.3 | 13.6 | 14.8 | 13.5 | 14.6 | 13.3 | 13.7 | 12.3 | 10.6 | 11.0 | 10.2 | 10.7 | 11.3 | 10.1 | 10.7 | 8.1 | 13.5 | 5.7 | 4.8 | 5.2 | 12.5 | 1.6 | 1.6 | 1.4 | 1.2 | 1.7 | 1.3 | 1.3 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.4 | 0 | 0 | 0 | 0 | (276.8) | 0 | 0 | 0 | 0 | (0.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 57.3 | 53.7 | 55.3 | 55.6 | 75.8 | 55.0 | 55.0 | 48.9 | 50.0 | 42.9 | 45.4 | 45.2 | 37.6 | 62.8 | 32.6 | 29.8 | (239.7) | 32.7 | 34.3 | 18.4 | 16.6 | 17.6 | 29.2 | 11.5 | 14.1 | 5.5 | 5.0 | 7.0 | 5.2 | 5.2 |
| Operating Income | ||||||||||||||||||||||||||||||
| Operating Income | (57.3) | (53.7) | (55.3) | (55.6) | (75.8) | (55.0) | (55.0) | (48.9) | (50.0) | (43.0) | (45.5) | (45.2) | (37.6) | (62.8) | (32.6) | (29.8) | 239.7 | (32.7) | (34.3) | (18.4) | (16.6) | 1.4 | (29.2) | (11.5) | (14.1) | (5.5) | (5.0) | (7.0) | (5.2) | (5.2) |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.6 | 4.1 | 4.6 | 5.1 | 5.9 | 6.6 | 7.5 | 8.4 | 8.1 | 5.7 | 5.9 | 5.9 | 5.3 | 4.5 | 3.4 | 2.4 | 0.7 | 0.2 | 0.1 | 0.1 | 0.2 | 0.0 | 0.1 | 0.2 | 0.2 | 0.4 | 0.3 | 0.1 | 0.1 | 0.1 |
| Profitability | ||||||||||||||||||||||||||||||
| EBITDA | (53.6) | (53.6) | (50.6) | (50.5) | (70.0) | (48.4) | (47.5) | (40.5) | (42.0) | (37.3) | (39.6) | (44.7) | (32.1) | (58.1) | (28.9) | (27.4) | (37.1) | (32.4) | (34.2) | (18.2) | (16.4) | 1.4 | (29.2) | (11.5) | (14.1) | (5.5) | (5.0) | (6.9) | (5.2) | (5.2) |
| EBIT | (53.7) | (53.7) | (50.7) | (50.6) | (70.1) | (48.5) | (47.5) | (40.6) | (42.0) | (37.3) | (39.7) | (44.8) | (32.2) | (58.1) | (28.9) | (27.4) | (37.1) | (32.5) | (34.2) | (18.3) | (16.4) | 1.4 | (29.2) | (11.5) | (14.1) | (5.5) | (5.0) | (7.0) | (5.2) | (5.2) |
| Income Before Tax | (53.7) | (49.7) | (50.7) | (50.6) | (70.1) | (48.5) | (47.5) | (40.6) | (42.0) | (37.3) | (39.7) | (39.2) | (32.2) | (58.1) | (28.9) | (27.4) | 240.1 | (32.5) | (34.2) | (18.3) | (16.4) | 1.4 | (29.1) | (11.3) | (13.9) | (5.2) | (4.7) | (6.8) | (5.0) | (5.0) |
| Income Tax Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | (14.1) | 0 | 0 | 0 | (1.9) | (2.5) | 66.1 | (19.6) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | (53.7) | (49.7) | (50.7) | (50.6) | (70.1) | (48.5) | (47.6) | (40.6) | (42.0) | (37.1) | (23.8) | (39.2) | (32.2) | (58.0) | (26.8) | (24.8) | 174.9 | (12.1) | (32.5) | (17.4) | (15.6) | (0.1) | (28.3) | (9.9) | (8.6) | (5.0) | (4.6) | (6.6) | (4.8) | (4.8) |
| Per Share Data | ||||||||||||||||||||||||||||||
| EPS (Basic) | -0.81 | -0.84 | -0.86 | -0.86 | -1.19 | -0.82 | -0.81 | -0.70 | -0.76 | -0.86 | -0.56 | -0.92 | -0.81 | -1.42 | -0.59 | -0.54 | 3.90 | -0.27 | -0.74 | -0.40 | -0.36 | -0.00 | -0.68 | -0.26 | -0.45 | -0.26 | -0.24 | -6.83 | -5.94 | -5.94 |
| EPS (Diluted) | -0.81 | -0.84 | -0.86 | -0.86 | -1.19 | -0.82 | -0.81 | -0.70 | -0.76 | -0.86 | -0.56 | -0.92 | -0.81 | -1.42 | -0.59 | -0.54 | 3.77 | -0.27 | -0.74 | -0.40 | -0.36 | -0.00 | -0.68 | -0.26 | -0.45 | -0.26 | -0.24 | -6.82 | -5.94 | -5.94 |
| Shares Outstanding | 61.5 | 59.2 | 59.2 | 59.0 | 59.0 | 58.9 | 58.6 | 58.3 | 55.1 | 43.0 | 42.8 | 42.7 | 40.0 | 40.7 | 45.8 | 45.6 | 44.9 | 44.4 | 43.5 | 43.4 | 43.3 | 42.0 | 41.4 | 37.8 | 19.4 | 19.4 | 1.1 | 1.0 | 0.8 | 0.8 |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | 2019 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||||||||||||||||||
| Cash & Cash Equivalents | 78.6 | 75.1 | 88.3 | 103.3 | 72.8 | 76.7 | 83.0 | 102.1 | 115.0 | 74.2 | 98.4 | 64.8 | 141.8 | 122.1 | 156.2 | 242.7 | 353.6 | 76.1 | 59.8 | 88.1 | 123.7 | 293.5 | 168.2 | 166.0 | 51.1 | (98.6) | 63.2 | (33.8) |
| Short-Term Investments | 255.9 | 276.8 | 289.6 | 229.3 | 192.7 | 227.2 | 316.0 | 476.0 | 547.5 | 358.8 | 368.6 | 401.6 | 350.0 | 268.6 | 311.1 | 333.3 | 257.4 | 238.7 | 230.7 | 232.9 | 213.0 | 147.3 | 42.0 | 53.6 | 51.9 | 197.3 | 35.4 | 67.7 |
| Net Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 7.4 | 9.5 | 8.9 | 9.6 | 10.4 | 13.9 | 12.7 | 14.0 | 15.3 | 12.7 | 13.1 | 10.3 | 6.4 | 8.3 | 7.2 | 0 | 0 | 0 | 0 | 7.8 | 7.8 | 6.4 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 342.0 | 361.4 | 386.8 | 342.2 | 275.9 | 317.8 | 414.7 | 592.0 | 677.8 | 445.7 | 480.2 | 476.7 | 498.2 | 399.0 | 474.5 | 582.1 | 622.8 | 322.3 | 296.6 | 328.8 | 344.5 | 447.3 | 212.3 | 221.7 | 104.7 | 98.6 | 100.1 | 33.8 |
| Non-Current Assets | ||||||||||||||||||||||||||||
| Property, Plant & Equipment | 2.5 | 2.8 | 3.1 | 1.5 | 1.7 | 2.2 | 2.4 | 2.8 | 3.0 | 3.2 | 3.5 | 4.0 | 4.7 | 5.1 | 5.3 | 5.3 | 1.1 | 1.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0 | 0.2 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 19.0 | 38.5 | 58.3 | 140.0 | 242.3 | 259.4 | 204.4 | 58.0 | 0 | 0 | 0 | 13.5 | 18.6 | 110.4 | 80.9 | 29.4 | 43.2 | 94.2 | 140.4 | 124.3 | 119.6 | 32.1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 2.3 | 0.1 | 0.1 | (98.6) | 0.2 | (33.8) |
| Total Non-Current Assets | 21.8 | 41.6 | 61.6 | 141.9 | 244.4 | 261.9 | 207.2 | 61.2 | 3.4 | 3.7 | 4.0 | 18.0 | 23.7 | 116.0 | 86.6 | 35.2 | 44.4 | 115.2 | 140.6 | 124.6 | 119.9 | 32.4 | 2.4 | 0.3 | 0.3 | (98.6) | 0.4 | (33.8) |
| Total Assets | 363.8 | 403.0 | 448.4 | 484.1 | 520.3 | 579.7 | 621.8 | 653.3 | 681.2 | 449.4 | 484.2 | 494.7 | 522.0 | 515.0 | 561.1 | 617.2 | 667.2 | 437.5 | 437.2 | 453.4 | 464.4 | 479.7 | 214.7 | 222.0 | 105.0 | 0 | 100.5 | 0 |
| Current Liabilities | ||||||||||||||||||||||||||||
| Account Payables | 3.7 | 2.5 | 0.8 | 1.7 | 2.5 | 3.4 | 1.7 | 2.1 | 1.6 | 3.7 | 2.5 | 1.0 | 2.5 | 2.0 | 2.7 | 1.5 | 3.1 | 6.3 | 3.2 | 2.0 | 1.5 | 3.9 | 9.7 | 3.5 | 4.5 | 0 | 0.9 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9 | 1.9 | 1.8 | 0.2 | 0 | 0 | 0.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | (0.4) | 4.3 | 10.9 | 8.9 | 19.4 | 2.8 | 1.4 | 15.0 | 16.6 | 4.0 | 7.9 | 1.6 | 4.1 | 9.3 | 6.5 | 5.1 | 3.6 | 0.8 | 3.5 | 0.1 | 0.0 | 5.5 | 1.8 | 0.6 | 0.4 | 0 | 0.5 | 0 |
| Total Current Liabilities | 40.6 | 35.2 | 37.7 | 32.8 | 28.1 | 27.3 | 30.6 | 24.2 | 23.5 | 21.9 | 28.1 | 23.4 | 19.7 | 26.2 | 22.5 | 27.1 | 62.0 | 17.3 | 11.7 | 7.9 | 5.7 | 9.9 | 14.3 | 7.7 | 6.0 | 0 | 2.5 | 0 |
| Non-Current Liabilities | ||||||||||||||||||||||||||||
| Long-Term Debt | 1.4 | 1.7 | 1.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0 | 0 | 137.8 | 0 |
| Total Non-Current Liabilities | 1.4 | 1.7 | 1.9 | 0 | 0.1 | 0.5 | 0.8 | 1.2 | 1.5 | 1.8 | 2.1 | 2.4 | 2.7 | 3.2 | 3.6 | 4.0 | 0.6 | 0.7 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0 | 0 | 137.8 | 0 |
| Total Liabilities | 42.0 | 36.8 | 39.6 | 32.8 | 28.2 | 27.8 | 31.5 | 25.4 | 25.0 | 23.8 | 30.3 | 25.9 | 22.4 | 29.3 | 26.1 | 31.1 | 62.6 | 18.0 | 11.8 | 7.9 | 5.8 | 10.0 | 14.4 | 7.8 | 6.0 | 0 | 140.4 | 0 |
| Stockholders' Equity | ||||||||||||||||||||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0 | 0.0 | 0 |
| Retained Earnings | (691.5) | (637.8) | (588.1) | (537.4) | (486.8) | (416.7) | (368.2) | (320.6) | (280.0) | (238.0) | (200.9) | (177.1) | (137.9) | (105.7) | (47.7) | (20.9) | 3.9 | (171.0) | (158.9) | (126.4) | (109.0) | (93.4) | (93.3) | (65.0) | (55.1) | 0 | (41.5) | 0 |
| Accumulated Other Comprehensive Income | (0.1) | 0.1 | 1.0 | 1.0 | 0.6 | 0.5 | (0.1) | 1.0 | (0.5) | (0.3) | (0.1) | (1.1) | (1.6) | (1.2) | (2.6) | (3.9) | (3.6) | (3.1) | (0.8) | (0.1) | (0.1) | (0.1) | (0.0) | 0.1 | 0.2 | (40.8) | (0.0) | (20.7) |
| Total Stockholders' Equity | 321.8 | 366.2 | 408.7 | 451.4 | 492.1 | 551.8 | 590.3 | 627.9 | 656.2 | 425.7 | 453.7 | 468.8 | 499.6 | 485.6 | 535.0 | 586.1 | 604.5 | 418.7 | 425.0 | 443.4 | 455.5 | 466.9 | 199.0 | 212.3 | 97.8 | 97.9 | (40.8) | 33.3 |
| Total Liabilities & Equity | 363.8 | 403.0 | 448.4 | 484.1 | 520.3 | 579.7 | 621.8 | 653.3 | 681.2 | 449.4 | 484.2 | 494.7 | 522.0 | 515.0 | 561.1 | 617.2 | 667.2 | 437.5 | 437.2 | 453.4 | 464.4 | 479.7 | 214.7 | 222.0 | 104.9 | 97.9 | 100.5 | 33.3 |
| Debt Metrics | ||||||||||||||||||||||||||||
| Total Debt | 2.1 | 2.4 | 2.7 | 1.2 | 1.5 | 1.8 | 2.2 | 2.4 | 2.7 | 3.2 | 3.6 | 5.9 | 6.3 | 6.6 | 5.2 | 4.7 | 1.1 | 2.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | (76.6) | (72.7) | (85.6) | (102.1) | (71.3) | (74.8) | (80.9) | (99.6) | (112.3) | (71.1) | (94.8) | (58.9) | (135.6) | (115.6) | (151.0) | (238.0) | (352.4) | (74.1) | (59.8) | (88.1) | (123.7) | (293.5) | (168.2) | (166.0) | (51.1) | 98.6 | (63.2) | 33.8 |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | 2019 Q3 | 2019 Q2 | 2019 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||||||||||||
| Net Income | (53.7) | (49.7) | (50.7) | (50.6) | (70.1) | (48.5) | (47.6) | (40.6) | (42.0) | (37.1) | (23.8) | (39.2) | (32.2) | (58.1) | (27.1) | (24.9) | 174.1 | (12.9) | (34.2) | (18.3) | (16.4) | 1.4 | (28.3) | (9.9) | (13.9) | (5.2) | (4.6) | (6.6) | (4.8) | (4.8) |
| Depreciation & Amortization | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-Based Compensation | 8.4 | 7.6 | 7.3 | 9.5 | 9.9 | 9.4 | 9.6 | 9.4 | 10.5 | 8.2 | 7.5 | 7.7 | 7.9 | 7.3 | 7.5 | 5.3 | 8.6 | 6.6 | 12.1 | 4.6 | 4.2 | 3.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 |
| Change in Working Capital | 4.6 | (3.3) | 6.1 | 5.5 | 4.2 | (1.8) | 4.8 | 1.8 | (1.1) | (5.9) | 3.3 | (0.2) | (4.6) | 1.2 | (5.0) | (34.9) | 48.1 | 3.0 | 5.8 | 2.2 | (4.8) | (6.7) | 4.5 | 1.3 | 0.9 | 0.1 | (0.2) | 0.3 | (0.4) | (0.4) |
| Other Non-Cash Items | 2.3 | (0.8) | (0.9) | (1.4) | (1.7) | (2.3) | (3.5) | (4.9) | (3.7) | (3.5) | 0.9 | (3.2) | (2.1) | (1.4) | (0.5) | 0.2 | (275.7) | 0.9 | 1.1 | 0.9 | 0.9 | 0.2 | 14.4 | (0.5) | 6.7 | 0.0 | (0.2) | 0.4 | 0.1 | 0.1 |
| Operating Cash Flow | (38.2) | (46.0) | (38.1) | (36.9) | (57.6) | (43.2) | (36.6) | (34.1) | (36.3) | (38.2) | (18.1) | (34.1) | (31.0) | (51.0) | (25.0) | (54.4) | (25.4) | (21.9) | (15.2) | (10.6) | (16.2) | (1.5) | (9.4) | (9.1) | (6.2) | (5.0) | (4.9) | (5.9) | (5.1) | (5.1) |
| Investing Activities | ||||||||||||||||||||||||||||||
| Capital Expenditure | 0 | 0 | (0.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | (0.2) | (0.9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (14.6) | (20.1) | (19.6) | (12.6) | (78.5) | (125.8) | (168.0) | (96.8) | (324.9) | (131.4) | (66.0) | (136.8) | (81.5) | (89.1) | (160.4) | (124.1) | (36.4) | (57.0) | (77.3) | (85.3) | (213.5) | (149.8) | (21.5) | (16.2) | (1) | (31.1) | (35.4) | 0 | 0 | 0 |
| Sales/Maturities of Investments | 55.2 | 52.5 | 42 | 80 | 131.9 | 162.6 | 184 | 116.7 | 139.8 | 144.3 | 117.5 | 93.8 | 93.6 | 104.5 | 132.6 | 61.4 | 67.2 | 91.7 | 61.4 | 59.7 | 58.9 | 12.0 | 32.9 | 14.2 | 11.5 | 4.2 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | (0.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 270 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | 40.7 | 32.4 | 22.4 | 67.4 | 53.4 | 36.8 | 16.0 | 19.9 | (185.1) | 13.0 | 51.5 | (43.0) | 12.1 | 15.2 | (28.6) | (58.0) | 300.9 | 34.7 | (15.9) | (25.6) | (154.6) | (137.7) | 11.4 | (1.9) | 12.0 | (26.9) | (35.4) | (0.0) | (0.0) | (0.0) |
| Financing Activities | ||||||||||||||||||||||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8 | 0.2 | 0 | (0.8) | 0.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.7) | (3.8) | 0 | 0 | (0.2) | 0.2 | (0.0) | (33.1) | 1.4 | 0 | 2.7 | 2.7 | 0.6 | 0.9 | (2.7) | 0 | 0 | 0 | (0.2) | 0 | (0.0) | 0.9 | 0.9 |
| Financing Cash Flow | 1.1 | 0.4 | 0.7 | 0 | 0.4 | 0 | 1.6 | 1.3 | 262.2 | 1.1 | 0.2 | 0.1 | 38.6 | 1.8 | (32.9) | 1.4 | 2.0 | 3.5 | 2.7 | 0.6 | 0.9 | 264.6 | 124.9 | 1.2 | 0 | 14.0 | 83.9 | (0.0) | 0.9 | 0.9 |
| Cash Position | ||||||||||||||||||||||||||||||
| Net Change in Cash | 3.6 | (13.3) | (15.0) | 30.5 | (3.8) | (6.3) | (19.1) | (12.9) | 40.8 | (24.2) | 33.6 | (77.0) | 19.7 | (34.0) | (86.5) | (110.9) | 277.4 | 16.3 | (28.3) | (35.6) | (169.9) | 125.3 | 126.9 | 41.3 | 5.7 | (17.9) | 63.2 | (5.9) | (4.2) | (4.2) |
| Cash at Beginning | 75.1 | 88.3 | 103.3 | 72.8 | 76.7 | 83.0 | 102.1 | 115.0 | 74.2 | 98.4 | 64.8 | 141.8 | 122.1 | 156.2 | 242.7 | 353.6 | 76.1 | 59.8 | 88.1 | 123.7 | 293.5 | 168.2 | 41.3 | 0 | 45.4 | 63.2 | 0 | 25.5 | 29.7 | 0 |
| Cash at End | 78.6 | 75.1 | 88.3 | 103.3 | 72.8 | 76.7 | 83.0 | 102.1 | 115.0 | 74.2 | 98.4 | 64.8 | 141.8 | 122.1 | 156.2 | 242.7 | 353.6 | 76.1 | 59.8 | 88.1 | 123.7 | 293.5 | 168.2 | 41.3 | 51.1 | 45.4 | 63.2 | 19.6 | 25.5 | (4.2) |
| Free Cash Flow | (38.2) | (46.0) | (38.1) | (36.9) | (57.6) | (43.2) | (36.6) | (34.1) | (36.3) | (38.2) | (18.1) | (34.1) | (31.1) | (51.2) | (25.9) | (54.6) | (25.4) | (21.9) | (15.2) | (10.6) | (16.2) | (1.5) | (9.4) | (9.1) | (6.3) | (5.0) | (4.9) | (5.9) | (5.1) | (5.1) |
| Key Metrics | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | 2019 Q3 | 2019 Q2 | 2019 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||||||||||||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.1) | (0.1) | (0.1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | (57.3) | (53.7) | (55.3) | (55.6) | (75.8) | (55.0) | (55.0) | (48.9) | (50.0) | (43.0) | (45.5) | (45.2) | (37.6) | (62.8) | (32.6) | (29.8) | 239.7 | (32.7) | (34.3) | (18.4) | (16.6) | 1.4 | (29.2) | (11.5) | (14.1) | (5.5) | (5.0) | (7.0) | (5.2) | (5.2) |
| Net Income | (53.7) | (49.7) | (50.7) | (50.6) | (70.1) | (48.5) | (47.6) | (40.6) | (42.0) | (37.1) | (23.8) | (39.2) | (32.2) | (58.0) | (26.8) | (24.8) | 174.9 | (12.1) | (32.5) | (17.4) | (15.6) | (0.1) | (28.3) | (9.9) | (8.6) | (5.0) | (4.6) | (6.6) | (4.8) | (4.8) |
| EPS (Diluted) | -0.81 | -0.84 | -0.86 | -0.86 | -1.19 | -0.82 | -0.81 | -0.70 | -0.76 | -0.86 | -0.56 | -0.92 | -0.81 | -1.42 | -0.59 | -0.54 | 3.77 | -0.27 | -0.74 | -0.40 | -0.36 | -0.00 | -0.68 | -0.26 | -0.45 | -0.26 | -0.24 | -6.82 | -5.94 | -5.94 |
| Balance Sheet | ||||||||||||||||||||||||||||||
| Cash & Equivalents | 78.6 | 75.1 | 88.3 | 103.3 | 72.8 | 76.7 | 83.0 | 102.1 | 115.0 | 74.2 | 98.4 | 64.8 | 141.8 | 122.1 | 156.2 | 242.7 | 353.6 | 76.1 | 59.8 | 88.1 | 123.7 | 293.5 | 168.2 | 166.0 | 51.1 | (98.6) | 63.2 | (33.8) | ||
| Total Assets | 363.8 | 403.0 | 448.4 | 484.1 | 520.3 | 579.7 | 621.8 | 653.3 | 681.2 | 449.4 | 484.2 | 494.7 | 522.0 | 515.0 | 561.1 | 617.2 | 667.2 | 437.5 | 437.2 | 453.4 | 464.4 | 479.7 | 214.7 | 222.0 | 105.0 | 0 | 100.5 | 0 | ||
| Total Debt | 2.1 | 2.4 | 2.7 | 1.2 | 1.5 | 1.8 | 2.2 | 2.4 | 2.7 | 3.2 | 3.6 | 5.9 | 6.3 | 6.6 | 5.2 | 4.7 | 1.1 | 2.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Stockholders' Equity | 321.8 | 366.2 | 408.7 | 451.4 | 492.1 | 551.8 | 590.3 | 627.9 | 656.2 | 425.7 | 453.7 | 468.8 | 499.6 | 485.6 | 535.0 | 586.1 | 604.5 | 418.7 | 425.0 | 443.4 | 455.5 | 466.9 | 199.0 | 212.3 | 97.8 | 97.9 | (40.8) | 33.3 | ||
| Cash Flow | ||||||||||||||||||||||||||||||
| Operating Cash Flow | (38.2) | (46.0) | (38.1) | (36.9) | (57.6) | (43.2) | (36.6) | (34.1) | (36.3) | (38.2) | (18.1) | (34.1) | (31.0) | (51.0) | (25.0) | (54.4) | (25.4) | (21.9) | (15.2) | (10.6) | (16.2) | (1.5) | (9.4) | (9.1) | (6.2) | (5.0) | (4.9) | (5.9) | (5.1) | (5.1) |
| Capital Expenditure | 0 | 0 | (0.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | (0.2) | (0.9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Free Cash Flow | (38.2) | (46.0) | (38.1) | (36.9) | (57.6) | (43.2) | (36.6) | (34.1) | (36.3) | (38.2) | (18.1) | (34.1) | (31.1) | (51.2) | (25.9) | (54.6) | (25.4) | (21.9) | (15.2) | (10.6) | (16.2) | (1.5) | (9.4) | (9.1) | (6.3) | (5.0) | (4.9) | (5.9) | (5.1) | (5.1) |