Infinity Pharmaceuticals Inc
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Quick analysis of Infi (30 sec.)

1. Valuation of Infi (5 min.)

Current price per share

€0.15

Book Value per Share

€-0.20

2. Growth of Infi (5 min.)

Is Infi growing?

	Current year	Previous year	Grow	Grow %
How rich?	-$19m	$36.8m	-$42m	-799.8%

How much money is Infi making?

	Current year	Previous year	Grow	Grow %
Making money	-$11m	-$11.3m	$223.1k	?
Net Profit Margin	-1,714.9%	-2,444.4%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Infi (5 min.)

4. Comparing to competitors in the Biotechnology industry (5 min.)

Industry Rankings (Biotechnology)

Richest
#1161 / 1215

Most Revenue
#568 / 1215

Most Profit
#685 / 1215

Most Efficient
#999 / 1215

Fundamentals of Infi

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just not able to pay all its debts by selling its assets.
The company is just able to pay all its debts with equity.

1.1. Profitability of Infinity Pharmaceuticals Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Infi earns for each €1 of revenue.

Above 10% is considered healthy but always compare Infi to the Biotechnology industry mean.
A Net Profit Margin of -1,699.8% means that €-17.00 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Infinity Pharmaceuticals Inc:

The MRQ is -1,699.8%. The company is making a huge loss. -2
The TTM is -1,714.9%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-1,699.8%	TTM	-1,714.9%	+15.1%
TTM	-1,714.9%	YOY	-2,444.4%	+729.5%
TTM	-1,714.9%	5Y	-2,174.6%	+459.7%
5Y	-2,174.6%	10Y	-1,744.4%	-430.2%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-1,699.8%	-194.7%	-1,505.1%
TTM	-1,714.9%	-272.1%	-1,442.8%
YOY	-2,444.4%	-303.9%	-2,140.5%
5Y	-2,174.6%	-539.0%	-1,635.6%
10Y	-1,744.4%	-661.6%	-1,082.8%

Measures how much net profit Infi earns for each €1 of revenue.

Revenue is the amount of profit Infi generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you €3. The company does not earn €3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is €1.5.

The €3 you pay for a cup of coffee is called revenue.
The €1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Infi earns for each €1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Infi to the Biotechnology industry mean.
Can be used to compare companies within the Biotechnology industry.

You typically want a high profit margin. This means that for each €1 in sales, Infi makes more profit. This shows the investor how efficiently Infi is operating in general and compared to other companies in the same industry. Infi operates in the Biotechnology industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Infi. If profit margins remain low (compared to the Biotechnology industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Infi is -17.00. This means that Infi earned €-17.00 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Biotechnology industry is -194.7%.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Infi with other companies in the same industry (Biotechnology).
Net profit margin should rise over the years.
Can be influenced when Infi sells assets (profit will increase while costs remain the same).
It won’t show what part of Infi is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Infi

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Infi = -9,230
Total revenue MRQ Infi = 543
€-9,230 / €543 = -17.00 or -1,699.8%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Infi is using its assets to generate profit.

Above 5% is considered healthy but always compare Infi to the Biotechnology industry mean.
-21.9% Return on Assets means that Infi generated €-0.22 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Infinity Pharmaceuticals Inc:

The MRQ is -21.9%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -19.8%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-21.9%	TTM	-19.8%	-2.1%
TTM	-19.8%	YOY	-11.6%	-8.2%
TTM	-19.8%	5Y	-15.7%	-4.1%
5Y	-15.7%	10Y	-15.4%	-0.3%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-21.9%	-12.6%	-9.3%
TTM	-19.8%	-12.6%	-7.2%
YOY	-11.6%	-10.9%	-0.7%
5Y	-15.7%	-15.3%	-0.4%
10Y	-15.4%	-17.7%	+2.3%

Shows how efficient Infi is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Infi to the Biotechnology industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Infi is using its resources to generate profit. If the return on assets (-21.9%) from Infi are higher than the Biotechnology mean (-12.6%) that means Infi is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Infi is -21.9%. This means the company generated €-0.22 for each €1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Biotechnology industry is -12.6%.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Infi

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Infi = -9,230
Total assets MRQ (balance sheet) from Infi = 42,151
-9,230 / 42,151 = -0.22 or -21.9%

ROA is an important ratio as it will tell you how effectively Infi is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Infi is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Infi to the Biotechnology industry mean.
0.0% Return on Equity means Infi generated €0.00 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Infinity Pharmaceuticals Inc:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-31.1%	+31.1%
TTM	-31.1%	YOY	-34.2%	+3.1%
TTM	-31.1%	5Y	-28.5%	-2.7%
5Y	-28.5%	10Y	-26.8%	-1.7%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-	-15.3%	+15.3%
TTM	-31.1%	-15.6%	-15.5%
YOY	-34.2%	-13.2%	-21.0%
5Y	-28.5%	-20.5%	-8.0%
10Y	-26.8%	-20.9%	-5.9%

Shows how efficient Infi is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Infi to the Biotechnology industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Biotechnology industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Infi is 0.0%. This means Infi generated €0.00 for each €1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Biotechnology industry is -15.3%.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if Infi existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Infi

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Infi = -9,230
Shareholders equity (balance sheet) MRQ Infi = -19,051
-9,230 / -19,051 = 0.00 or 0.0%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Infinity Pharmaceuticals Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Infi is operating .

Measures how much profit Infi makes for each €1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Infi to the Biotechnology industry mean.
An Operating Margin of 0.0% means the company generated €0.00 for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Infinity Pharmaceuticals Inc:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-820.0%	+820.0%
TTM	-820.0%	YOY	-2,434.8%	+1,614.7%
TTM	-820.0%	5Y	-1,930.2%	+1,110.2%
5Y	-1,930.2%	10Y	-1,549.4%	-380.8%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-	-313.9%	+313.9%
TTM	-820.0%	-265.1%	-554.9%
YOY	-2,434.8%	-331.0%	-2,103.8%
5Y	-1,930.2%	-515.2%	-1,415.0%
10Y	-1,549.4%	-609.4%	-940.0%

Measures how efficient Infi is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Infi to the Biotechnology industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Infi is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Infi is 0.0%. This means that Infi earned €0.00 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Biotechnology industry is -313.9%.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Infi

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Infi = -9,538
Total revenue MRQ Infi = 543
€-9,538 / €543 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Infi is keeping operating costs low.

Below 1 is considered healthy (always compare to Biotechnology industry mean).
An Operation Ratio of 19.17 means that the operating costs are €19.17 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Infinity Pharmaceuticals Inc:

The MRQ is 19.168. The company is inefficient in keeping operating costs low. -1
The TTM is 18.952. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	19.168	TTM	18.952	+0.216
TTM	18.952	YOY	25.951	-6.999
TTM	18.952	5Y	24.533	-5.581
5Y	24.533	10Y	19.781	+4.752

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	19.168	3.013	+16.155
TTM	18.952	3.644	+15.308
YOY	25.951	4.501	+21.450
5Y	24.533	6.353	+18.180
10Y	19.781	8.330	+11.451

Measures how efficient Infi is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Infi to the Biotechnology industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Infi is 1,916.8%. This means that Infi earned €19.17 for each €1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Biotechnology industry is 3.01.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Infi

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(327 +10,081) \ 543 = 19.17

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Infinity Pharmaceuticals Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Infi is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Biotechnology industry mean).
A Current Ratio of 2.96 means the company has €2.96 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Infinity Pharmaceuticals Inc:

The MRQ is 2.957. The company is able to pay all its short-term debts. +1
The TTM is 3.956. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	2.957	TTM	3.956	-0.999
TTM	3.956	YOY	8.657	-4.702
TTM	3.956	5Y	6.812	-2.856
5Y	6.812	10Y	6.612	+0.200

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	2.957	4.571	-1.614
TTM	3.956	5.011	-1.055
YOY	8.657	6.142	+2.515
5Y	6.812	6.306	+0.506
10Y	6.612	6.588	+0.024

Measures if Infi is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Biotechnology industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Infi if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Infi is 2.96. This means Infi has €2.96 in assets for each €1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Biotechnology industry is 4.57.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Infi

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
40,302 \ 13,628) = 2.96

The current ratio measures if Infi is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Infi is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Infi does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Infi is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Infi is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Infi to the Biotechnology industry mean.
A Quick Ratio of 0.00 means the company can pay off €0.00 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Infinity Pharmaceuticals Inc:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	0.449	-0.449
TTM	0.449	YOY	-	+0.449
TTM	0.449	5Y	1.462	-1.013
5Y	1.462	10Y	1.383	+0.079

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-	3.923	-3.923
TTM	0.449	4.516	-4.067
YOY	-	5.772	-5.772
5Y	1.462	5.816	-4.354
10Y	1.383	6.032	-4.649

1.4. Solvency of Infinity Pharmaceuticals Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Infi assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Infi to Biotechnology industry mean.
A Debt to Asset Ratio of 1.45 means that Infi assets are financed with 145.2% credit (debt) and the remaining percentage (100% - 145.2%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Infinity Pharmaceuticals Inc:

The MRQ is 1.452. The company is unable to pay all its debts by selling its assets. -2
The TTM is 1.136. The company is just not able to pay all its debts by selling its assets. -1

Trends

Current period		Compared to		+/-
MRQ	1.452	TTM	1.136	+0.316
TTM	1.136	YOY	0.634	+0.501
TTM	1.136	5Y	0.762	+0.374
5Y	0.762	10Y	0.663	+0.098

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	1.452	0.311	+1.141
TTM	1.136	0.298	+0.838
YOY	0.634	0.269	+0.365
5Y	0.762	0.377	+0.385
10Y	0.663	0.409	+0.254

Measures how much % of Infi assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Infi than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Infi to Biotechnology industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Infi is 1.45. This means means that Infi is financed with 145.2% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Biotechnology industry is 457.1%.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Infi has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Infi

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
61,202 \ 42,151 = 145.2% or 1.45.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Infi is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Infi to the Biotechnology industry mean.
A Debt to Equity ratio of 0.0% means that company has €0.00 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Infinity Pharmaceuticals Inc:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	1.568	-1.568
TTM	1.568	YOY	1.876	-0.308
TTM	1.568	5Y	1.199	+0.369
5Y	1.199	10Y	1.036	+0.163

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-	0.362	-0.362
TTM	1.568	0.361	+1.207
YOY	1.876	0.277	+1.599
5Y	1.199	0.425	+0.774
10Y	1.036	0.460	+0.576

Measures if Infi is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Infi is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Infi is 0.00. This means that Infi can pay off €0.00 for each €1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Biotechnology industry is 0.36.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Infi

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
61,202 \ -19,051 = 0.00 or 0.0%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Infinity Pharmaceuticals Inc

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every €1 in earnings Infi generates.

Above 15 is considered overpriced but always compare Infi to the Biotechnology industry mean.
A PE ratio of -5.30 means the investor is paying €-5.30 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Infinity Pharmaceuticals Inc:

The EOD is -1.581. Company is losing money. -2
The MRQ is -5.299. Company is losing money. -2
The TTM is -7.476. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-1.581	MRQ	-5.299	+3.718
MRQ	-5.299	TTM	-7.476	+2.177
TTM	-7.476	YOY	-21.724	+14.248
TTM	-7.476	5Y	-11.590	+4.114
5Y	-11.590	10Y	-12.421	+0.831

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
EOD	-1.581	-6.313	+4.732
MRQ	-5.299	-7.248	+1.949
TTM	-7.476	-8.522	+1.046
YOY	-21.724	-19.704	-2.020
5Y	-11.590	-18.354	+6.764
10Y	-12.421	-18.137	+5.716

Measures how much money you pay for each share for every €1 in earnings Infi generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Infi to the Biotechnology industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Infi is -5.30. This means the investor is paying €-5.30 for every €1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Biotechnology industry is -7.25.
What is the trend?
The trend is important because it shows you how Infi is performing over time. The most recent quarter might be important if Infi released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Infi up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Infi

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 89,411 = EPS
PE ratio MRQ = -5.30

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Infi.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Infinity Pharmaceuticals Inc:

The MRQ is -4.654. Very Bad. -2
The TTM is -7.109. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	-4.654	TTM	-7.109	+2.455
TTM	-7.109	YOY	-22.254	+15.145
TTM	-7.109	5Y	-12.009	+4.901
5Y	-12.009	10Y	-13.036	+1.027

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-4.654	-4.301	-0.353
TTM	-7.109	-6.130	-0.979
YOY	-22.254	-13.925	-8.329
5Y	-12.009	-12.463	+0.454
10Y	-13.036	-11.860	-1.176

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Infi is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Biotechnology industry mean).
A PB ratio of -2.57 means the investor is paying €-2.57 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Infinity Pharmaceuticals Inc:

The EOD is -0.766. Bad. Book ratio is negative. -2
The MRQ is -2.567. Bad. Book ratio is negative. -2
The TTM is -13.973. Bad. Book ratio is negative. -2

Trends

Current period		Compared to		+/-
EOD	-0.766	MRQ	-2.567	+1.801
MRQ	-2.567	TTM	-13.973	+11.406
TTM	-13.973	YOY	7.123	-21.096
TTM	-13.973	5Y	-2.148	-11.825
5Y	-2.148	10Y	-1.188	-0.960

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
EOD	-0.766	1.808	-2.574
MRQ	-2.567	2.028	-4.595
TTM	-13.973	2.338	-16.311
YOY	7.123	3.951	+3.172
5Y	-2.148	3.697	-5.845
10Y	-1.188	3.952	-5.140

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Infinity Pharmaceuticals Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.085	-0.105	+24%	0.116	-173%	-0.035	-59%	-0.008	-91%
Book Value Growth	-	-	0.248	-1.806	+828%	1.627	-85%	0.188	+32%	0.302	-18%
Book Value Per Share	-	-	-0.198	-0.055	-72%	0.383	-152%	0.194	-202%	0.287	-169%
Book Value Per Share Growth	-	-	0.248	-1.806	+828%	1.627	-85%	0.188	+32%	0.302	-18%
Current Ratio	-	-	2.957	3.956	-25%	8.657	-66%	6.812	-57%	6.612	-55%
Debt To Asset Ratio	-	-	1.452	1.136	+28%	0.634	+129%	0.762	+91%	0.663	+119%
Debt To Equity Ratio	-	-	-	1.568	-100%	1.876	-100%	1.199	-100%	1.036	-100%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	-0.096	-0.114	+19%	-0.118	+23%	-0.098	+2%	-0.105	+10%
Eps Growth	-	-	1.139	1.054	+8%	0.974	+17%	1.044	+9%	1.057	+8%
Free Cash Flow Per Share	-	-	-0.092	-0.110	+19%	-0.106	+14%	-0.087	-6%	-0.094	+1%
Free Cash Flow Per Share Growth	-	-	1.053	0.997	+6%	0.912	+15%	0.621	+70%	0.750	+40%
Free Cash Flow To Equity Per Share	-	-	-0.092	-0.110	+19%	0.121	-176%	-0.010	-89%	-0.032	-66%
Free Cash Flow To Equity Per Share Growth	-	-	1.055	0.985	+7%	3.495	-70%	0.676	+56%	0.798	+32%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	-3.977	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-4.461	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-0.410	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.445	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-1.224	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-1.346	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-2.026	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-2.252	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	-16.998	-17.149	+1%	-24.444	+44%	-21.746	+28%	-17.444	+3%
Operating Margin	-	-	-	-8.200	0%	-24.348	0%	-19.302	0%	-15.494	0%
Operating Ratio	-	-	19.168	18.952	+1%	25.951	-26%	24.533	-22%	19.781	-3%
Pb Ratio	-0.766	+70%	-2.567	-13.973	+444%	7.123	-136%	-2.148	-16%	-1.188	-54%
Pe Ratio	-1.581	+70%	-5.299	-7.476	+41%	-21.724	+310%	-11.590	+119%	-12.421	+134%
Peg Ratio	-	-	-4.654	-7.109	+53%	-22.254	+378%	-12.009	+158%	-13.036	+180%
Price Per Share	0.152	-235%	0.508	0.856	-41%	2.543	-80%	1.458	-65%	1.509	-66%
Price To Total Gains Ratio	-1.785	+70%	-5.982	-8.091	+35%	-16.903	+183%	32.952	-118%	22.780	-126%
Profit Growth	-	-	1.139	1.053	+8%	0.974	+17%	1.046	+9%	1.058	+8%
Quick Ratio	-	-	-	0.449	-100%	-	0%	1.462	-100%	1.383	-100%
Return On Assets	-	-	-0.219	-0.198	-10%	-0.116	-47%	-0.157	-28%	-0.154	-30%
Return On Equity	-	-	-	-0.311	0%	-0.342	0%	-0.285	0%	-0.268	0%
Revenue Growth	-	-	0.763	1.075	-29%	1.014	-25%	1.757	-57%	1.660	-54%
Total Gains Per Share	-	-	-0.085	-0.105	+24%	0.116	-173%	-0.035	-59%	-0.008	-91%
Total Gains Per Share Growth	-	-	1.163	1.057	+10%	3.077	-62%	5.754	-80%	4.911	-76%
Usd Book Value	-	-	-19043175.564	-5260338.639	-72%	36810125.502	-152%	18692169.785	-202%	27598500.363	-169%
Usd Book Value Change Per Share	-	-	-0.091	-0.114	+24%	0.125	-173%	-0.037	-59%	-0.009	-91%
Usd Book Value Per Share	-	-	-0.213	-0.059	-72%	0.412	-152%	0.209	-202%	0.309	-169%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	-0.103	-0.123	+19%	-0.126	+23%	-0.105	+2%	-0.113	+10%
Usd Free Cash Flow	-	-	-8896344.681	-10607641.545	+19%	-10153078.316	+14%	-8373009.708	-6%	-9009458.205	+1%
Usd Free Cash Flow Per Share	-	-	-0.099	-0.119	+19%	-0.114	+14%	-0.094	-6%	-0.101	+1%
Usd Free Cash Flow To Equity Per Share	-	-	-0.099	-0.118	+19%	0.130	-176%	-0.011	-89%	-0.034	-66%
Usd Price Per Share	0.163	-235%	0.547	0.921	-41%	2.736	-80%	1.569	-65%	1.624	-66%
Usd Profit	-	-	-9226209.147	-11087694.302	+20%	-11310852.611	+23%	-9417780.434	+2%	-10123520.461	+10%
Usd Revenue	-	-	542776.984	647983.757	-16%	464309.225	+17%	1567705.863	-65%	1494066.120	-64%
Usd Total Gains Per Share	-	-	-0.091	-0.114	+24%	0.125	-173%	-0.037	-59%	-0.009	-91%
	EOD	+2 -3	MRQ	TTM	+23 -14	YOY	+16 -20	5Y	+14 -23	10Y	+15 -22

3.2. Fundamental Score

Let's check the fundamental score of Infinity Pharmaceuticals Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-1.581
Price to Book Ratio (EOD)	Between	0-1	-0.766
Net Profit Margin (MRQ)	Greater than	0	-16.998
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.000
Current Ratio (MRQ)	Greater than	1	2.957
Debt to Asset Ratio (MRQ)	Less than	1	1.452
Debt to Equity Ratio (MRQ)	Less than	1	0.000
Return on Equity (MRQ)	Greater than	0.15	0.000
Return on Assets (MRQ)	Greater than	0.05	-0.219
Total			2/10 (20.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Infinity Pharmaceuticals Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	54.326
Ma 20	Greater than	Ma 50	0.147
Ma 50	Greater than	Ma 100	0.135
Ma 100	Greater than	Ma 200	0.290
Open	Greater than	Close	0.152
Total			2/5 (40.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	42,151
Total Liabilities	61,202
Total Stockholder Equity	-19,051

	As reported
Total Liabilities	61,202
Total Stockholder Equity	+ -19,051
Total Assets	= 42,151

Assets

Total Assets	42,151
Total Current Assets	40,302
Long-term Assets	40,302

Total Current Assets

Total Current Assets (as reported)	40,302
Cash And Cash Equivalents	38,313
Other Current Assets	1,989
Total Current Assets (calculated)	40,302
+/-	0

Long-term Assets

Long-term Assets (as reported)	1,849
Long-term Assets Other	1,049
Long-term Assets (calculated)	1,049
+/-	800

Liabilities & Shareholders' Equity

Total Current Liabilities	13,628
Long-term Liabilities	47,574
Total Stockholder Equity	-19,051

Total Current Liabilities

Total Current Liabilities (as reported)	13,628
Accounts payable	4,405
Other Current Liabilities	1,873
Total Current Liabilities (calculated)	6,278
+/-	7,350

Long-term Liabilities

Long-term Liabilities (as reported)	47,574
Capital Lease Obligations Min Short Term Debt	324
Long-term Liabilities Other	47,250
Long-term Liabilities (calculated)	47,574
+/-	0

Total Stockholder Equity

Total Stockholder Equity (as reported)	-19,051
Total Stockholder Equity (calculated)	0
+/-	19,051

Other

Capital Stock	89
Common Stock Shares Outstanding	89,411
Net Invested Capital	-19,051
Net Working Capital	26,674

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

> Total Assets

125,655
103,607
90,845
64,271
59,353
49,966
51,266
65,913
60,215
74,745
68,438
59,108
49,014
57,088
48,656
46,965
39,319
112,398
102,598
94,615
84,785
72,578
61,857
51,591
42,151

42,151

51,591

61,857

72,578

84,785

94,615

102,598

112,398

39,319

46,965

48,656

57,088

49,014

59,108

68,438

74,745

60,215

65,913

51,266

49,966

59,353

64,271

90,845

103,607

125,655

> Total Current Assets

101,660
80,310
68,777
63,939
58,386
49,062
50,438
65,130
59,818
74,172
64,973
54,384
44,581
53,025
44,794
43,475
36,020
109,305
99,677
91,926
82,268
70,100
59,610
49,350
40,302

40,302

49,350

59,610

70,100

82,268

91,926

99,677

109,305

36,020

43,475

44,794

53,025

44,581

54,384

64,973

74,172

59,818

65,130

50,438

49,062

58,386

63,939

68,777

80,310

101,660

Cash And Cash Equivalents

75,212
75,429
66,197
33,580
34,607
30,575
49,165
32,216
48,616
52,947
42,625
21,588
22,260
30,485
28,921
18,528
28,593
106,756
97,258
90,088
80,726
53,125
45,838
47,182
38,313

38,313

47,182

45,838

53,125

80,726

90,088

97,258

106,756

28,593

18,528

28,921

30,485

22,260

21,588

42,625

52,947

48,616

32,216

49,165

30,575

34,607

33,580

66,197

75,429

75,212

Short-term Investments

18,004
0
0
21,995
23,002
17,239
0
9,953
9,975
17,584
20,374
30,401
20,184
19,863
13,809
22,757
5,515
0
0
0
0
14,015
10,737
0
0

10,737

14,015

5,515

22,757

13,809

19,863

20,184

30,401

20,374

17,584

9,975

9,953

17,239

23,002

21,995

18,004

Net Receivables

0
85
89
6,000
0
0
0
22,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

22,000

6,000

Other Current Assets

8,444
3,504
999
1,257
214
221
141
143
586
2,593
648
235
457
647
219
423
384
347
393
224
399
538
389
403
1,989

1,989

403

389

538

399

224

393

347

384

423

219

647

457

235

648

2,593

586

143

141

221

214

1,257

999

3,504

8,444

> Long-term Assets

0
0
0
0
0
0
0
0
0
573
3,465
4,724
4,433
4,063
3,862
3,490
3,299
3,093
2,921
2,689
2,517
2,478
2,247
2,241
1,849

1,849

2,241

2,247

2,478

2,517

2,689

2,921

3,093

3,299

3,490

3,862

4,063

4,433

4,724

3,465

573

Property Plant Equipment

23,424
22,732
22,040
309
219
156
103
58
28
176
2,737
4,000
3,903
3,732
3,534
3,316
3,129
2,927
2,715
2,499
2,305
0
1,904
1,699
0

1,699

1,904

2,305

2,499

2,715

2,927

3,129

3,316

3,534

3,732

3,903

4,000

2,737

176

103

156

219

309

22,040

22,732

23,424

Long-term Assets Other

0
0
0
0
0
0
0
0
0
522
728
724
530
331
328
174
170
166
206
190
212
364
343
542
1,049

1,049

542

343

364

212

190

206

166

170

174

328

331

530

724

728

522

> Total Liabilities

43,201
29,818
31,943
10,897
11,623
4,569
5,710
6,141
7,756
35,340
38,870
40,493
41,288
59,340
60,040
61,092
62,308
60,352
61,058
62,471
63,214
62,596
62,964
62,465
61,202

61,202

62,465

62,964

62,596

63,214

62,471

61,058

60,352

62,308

61,092

60,040

59,340

41,288

40,493

38,870

35,340

7,756

6,141

5,710

4,569

11,623

10,897

31,943

29,818

43,201

> Total Current Liabilities

23,863
10,576
10,936
10,871
11,595
4,542
5,679
6,105
7,718
7,459
8,190
8,749
9,698
8,463
8,877
9,834
11,047
9,458
10,554
12,351
13,300
13,394
14,339
14,200
13,628

13,628

14,200

14,339

13,394

13,300

12,351

10,554

9,458

11,047

9,834

8,877

8,463

9,698

8,749

8,190

7,459

7,718

6,105

5,679

4,542

11,595

10,871

10,936

10,576

23,863

Short-term Debt

0
0
0
6,000
6,000
0
0
0
0
105
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

105

6,000

Short Long Term Debt

0
0
0
6,000
6,000
0
0
0
0
105
0
0
0
512
565
821
848
895
917
909
897
947
0
0
0

947

897

909

917

895

848

821

565

512

105

6,000

Accounts payable

23,421
733
581
354
459
300
767
491
1,197
1,685
1,054
1,505
1,621
1,361
1,289
1,132
2,982
1,205
954
1,805
2,320
2,004
1,813
1,952
4,405

4,405

1,952

1,813

2,004

2,320

1,805

954

1,205

2,982

1,132

1,289

1,361

1,621

1,505

1,054

1,685

1,197

491

767

300

459

354

581

733

23,421

Other Current Liabilities

442
1,496
709
0
0
0
0
0
0
105
0
0
0
512
565
821
848
895
917
909
897
947
1,051
921
1,873

1,873

921

1,051

947

897

909

917

895

848

821

565

512

105

709

1,496

442

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
27,881
30,680
31,744
31,590
50,877
51,163
51,258
51,261
50,894
50,504
50,120
49,914
49,202
48,625
48,265
47,574

47,574

48,265

48,625

49,202

49,914

50,120

50,504

50,894

51,261

51,258

51,163

50,877

31,590

31,744

30,680

27,881

Capital Lease Obligations Min Short Term Debt

0
0
0
-6,000
-6,000
0
0
0
0
0
1,904
1,955
2,307
2,173
2,069
2,075
1,925
1,811
1,688
1,599
1,436
1,314
1,188
1,054
324

324

1,054

1,188

1,314

1,436

1,599

1,688

1,811

1,925

2,075

2,069

2,173

2,307

1,955

1,904

-6,000

Long-term Liabilities Other

0
0
0
0
0
0
0
0
0
35
34
38
38
343
388
503
245
250
233
157
270
48,425
47,992
47,785
47,250

47,250

47,785

47,992

48,425

270

157

233

250

245

503

388

343

Deferred Long Term Liability

183
185
186
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

186

185

183

> Total Stockholder Equity

82,454
73,789
58,902
53,374
47,730
45,397
45,556
59,772
52,459
39,405
29,568
18,615
7,726
-2,252
-11,384
-14,127
-22,989
52,046
41,540
32,144
21,571
9,982
-1,107
-10,874
-19,051

-19,051

-10,874

-1,107

9,982

21,571

32,144

41,540

52,046

-22,989

-14,127

-11,384

-2,252

7,726

18,615

29,568

39,405

52,459

59,772

45,556

45,397

47,730

53,374

58,902

73,789

82,454

Common Stock

50
50
50
51
51
54
57
57
57
57
57
57
57
57
57
63
64
89
89
89
89
0
89
89
0

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

Other Stockholders Equity

-3
0
0
-2
-15
-11
0
-5
-4
3
26
25
12
116
46
10
-1
0
0
0
0
0
-18
0
0

-18

-1

116

-4

-5

-11

-15

-2

-3

Balance Sheet

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Accounts Payable	4,405	2,320	2,982	1,621	1,197	459	2,413	9,628	5,947
Capital Lease Obligations	324	1,436	1,925	2,307	-	0	19,591	-	-
Capital Stock	89	89	64	57	57	-	-	-	-
Cash	38,313	80,726	28,593	22,260	48,616	34,607	74,060	188,170	307,405
Common Stock	-	89	64	57	57	51	50	49	49
Common Stock Shares Outstanding	89,411	89,155	64,320	57,078	56,907	50,761	-	-	-
Deferred Long Term Liab	-	-	-	-	-	-	183	100,163	88,885
Long Term Debt	-	48,727	49,580	29,626	-	-	-	-	-
Long Term Investments	-	-	-	-	-	-	-	1,821	519
Net Debt	-	-	21,835	7,366	-	6,000	-	-	-
Net Invested Capital	-19,051	71,195	27,439	37,352	52,459	53,730	-	-	-
Net Receivables	-	-	-	-	-	-	-	1,185	-
Net Tangible Assets	-	21,571	-22,989	7,726	52,459	47,730	82,454	98,557	209,472
Net Working Capital	26,674	68,968	24,973	34,883	52,100	46,791	-	-	-
Non Current Assets Total	1,849	2,517	3,299	4,433	397	967	23,995	-	-
Non Current Liabilities Other	47,250	270	245	38	38	28	6	-	-
Non Current Liabilities Total	47,574	49,914	51,261	31,590	38	28	19,338	-	-
Non Currrent Assets Other	1,049	212	170	530	369	748	549	-	-
Other Assets	-	212	170	530	369	748	571	5,884	5,087
Other Current Assets	1,989	399	384	457	586	214	6,260	1,383	2,633
Other Current Liab	1,873	897	848	848	-	5,595	6,920	35,669	24,495
Other Liab	-	48,997	49,825	29,664	38	28	19,338	120,208	104,795
Other Stockholder Equity	-	-	-1	12	-4	-15	-3	45	114
Property Plant Equipment	-	2,305	3,129	3,903	28	219	23,424	28,240	18,970
Retained Earnings	-855,952	-811,583	-766,321	-725,829	-678,772	-667,519	-625,689	-595,588	-467,212
Short Long Term Debt	-	897	848	-	-	6,000	-	-	6,667
Short Term Debt	-	-	-	-	-	6,000	-	-	6,667
Short Term Investments	-	0	5,515	20,184	9,975	23,002	18,004	57,061	25,321
Total Assets	42,151	84,785	39,319	49,014	60,215	59,353	125,655	288,821	369,144
Total Current Assets	40,302	82,268	36,020	44,581	59,818	58,386	101,660	254,697	344,568
Total Current Liabilities	13,628	13,300	11,047	9,698	7,718	11,595	23,863	70,056	54,877
Total Liab	61,202	63,214	62,308	41,288	7,756	11,623	43,201	190,264	159,672
Total Stockholder Equity	-19,051	21,571	-22,989	7,726	52,459	47,730	82,454	98,557	209,472

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Accounts Payable	4,405	1,952	1,813	2,004	2,320	1,805	954	1,205	2,982	1,132	1,289	1,361	1,621	1,505	1,054	1,685	1,197	491	767	300	459	354	581	733	23,421
Capital Lease Obligations	324	1,054	1,188	1,314	1,436	1,599	1,688	1,811	1,925	2,075	2,069	2,173	2,307	1,955	1,904	105	-	-	-	-	-	-	-	-	-
Capital Stock	89	89	89	89	89	89	89	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	38,313	47,182	45,838	53,125	80,726	90,088	97,258	106,756	28,593	18,528	28,921	30,485	22,260	21,588	42,625	52,947	48,616	32,216	49,165	30,575	34,607	33,580	66,197	75,429	75,212
Common Stock	-	89	89	-	89	89	89	89	64	63	57	57	57	57	57	57	57	57	57	54	51	51	50	50	50
Common Stock Shares Outstanding	89,411	89,346	89,278	89,155	89,155	88,931	88,720	88,647	64,320	63,142	57,494	57,434	57,078	-	-	-	-	-	58,025	-	-	-	-	-	-
Deferred Long Term Liab	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	186	185	183
Long Term Debt	-	-	-	48,377	48,727	48,909	49,083	49,331	49,580	49,195	49,087	48,726	29,626	29,751	28,797	27,846	-	-	-	-	-	-	-	-	-
Net Debt	-	-	-	-	-	-	-	-	21,835	31,488	20,731	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Invested Capital	-19,051	-10,874	-1,107	9,982	71,195	81,962	91,540	102,272	27,439	35,889	38,268	46,986	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,000	-	-	-	6,000	89	85	-
Net Tangible Assets	-	-10,874	-1,107	-	21,571	32,144	41,540	52,046	-22,989	-14,127	-11,384	-2,252	7,726	18,615	29,568	39,405	52,459	59,772	45,556	45,397	47,730	53,374	58,902	73,789	82,454
Net Working Capital	26,674	35,150	45,271	56,706	68,968	79,575	89,123	99,847	24,973	33,641	35,917	44,562	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	1,849	2,241	2,247	2,478	2,517	2,689	2,921	3,093	3,299	3,490	3,862	4,063	4,433	4,724	3,465	573	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	47,250	47,785	47,992	48,425	270	157	233	250	245	503	388	343	38	38	34	35	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	47,574	48,265	48,625	49,202	49,914	50,120	50,504	50,894	51,261	51,258	51,163	50,877	31,590	31,744	30,680	27,881	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	1,049	542	343	364	212	190	206	166	170	174	328	331	530	724	728	522	-	-	-	-	-	-	-	-	-
Other Assets	-	542	343	-	212	190	206	166	170	174	328	331	530	724	728	397	369	725	725	748	748	23	28	565	571
Other Current Assets	1,989	403	389	538	399	224	393	347	384	423	219	647	457	235	648	2,593	586	143	141	221	214	1,257	999	3,504	8,444
Other Current Liab	1,873	921	1,051	947	897	909	917	895	848	821	565	512	-	-	-	105	-	-	-	-	-	-	709	1,496	442
Other Liab	-	47,785	47,992	-	48,997	49,066	49,316	49,581	49,825	49,698	49,475	49,069	29,664	29,789	28,831	27,881	38	36	31	27	28	26	21,007	19,242	19,155
Other Stockholder Equity	-	-	-18	-	-	-	-	-	-1	10	46	116	12	25	26	3	-4	-5	-	-11	-15	-2	-	-	-3
Property Plant Equipment	-	1,699	1,904	-	2,305	2,499	2,715	2,927	3,129	3,316	3,534	3,732	3,903	4,000	2,737	176	28	58	103	156	219	309	22,040	22,732	23,424
Retained Earnings	-855,952	-846,722	-836,005	-824,019	-811,583	-799,932	-789,219	-777,950	-766,321	-755,722	-746,188	-736,715	-725,829	-714,447	-703,030	-692,516	-678,772	-670,552	-683,933	-676,970	-667,519	-660,223	-653,118	-636,164	-625,689
Short Long Term Debt	-	-	-	947	897	909	917	895	848	821	565	512	-	-	-	105	-	-	-	-	6,000	6,000	-	-	-
Short Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	105	-	-	-	-	6,000	6,000	-	-	-
Short Term Investments	-	-	10,737	14,015	0	-	0	0	5,515	22,757	13,809	19,863	20,184	30,401	20,374	17,584	9,975	9,953	-	17,239	23,002	21,995	-	-	18,004
Total Assets	42,151	51,591	61,857	72,578	84,785	94,615	102,598	112,398	39,319	46,965	48,656	57,088	49,014	59,108	68,438	74,745	60,215	65,913	51,266	49,966	59,353	64,271	90,845	103,607	125,655
Total Current Assets	40,302	49,350	59,610	70,100	82,268	91,926	99,677	109,305	36,020	43,475	44,794	53,025	44,581	54,384	64,973	74,172	59,818	65,130	50,438	49,062	58,386	63,939	68,777	80,310	101,660
Total Current Liabilities	13,628	14,200	14,339	13,394	13,300	12,351	10,554	9,458	11,047	9,834	8,877	8,463	9,698	8,749	8,190	7,459	7,718	6,105	5,679	4,542	11,595	10,871	10,936	10,576	23,863
Total Liab	61,202	62,465	62,964	62,596	63,214	62,471	61,058	60,352	62,308	61,092	60,040	59,340	41,288	40,493	38,870	35,340	7,756	6,141	5,710	4,569	11,623	10,897	31,943	29,818	43,201
Total Stockholder Equity	-19,051	-10,874	-1,107	9,982	21,571	32,144	41,540	52,046	-22,989	-14,127	-11,384	-2,252	7,726	18,615	29,568	39,405	52,459	59,772	45,556	45,397	47,730	53,374	58,902	73,789	82,454

Cash Flow

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Begin Period Cash Flow	80,884	28,908	22,575	48,616	34,607	74,060	-	-	-
Capital Expenditures	17	11	43	2,327	2,327	43	661	6,426	1,362
Change In Cash	-42,413	51,976	6,333	-26,041	14,009	-41,135	-114,110	-119,235	239,291
Change In Working Capital	-1,039	2,214	1,385	1,383	2,762	-4,689	-	-	-
Change To Liabilities	-	2,177	882	1,550	2,833	-17,799	-34,431	32,708	116,820
Change To Netincome	-	1,950	2,885	3,925	3,586	14,093	-98,450	14,810	14,139
Change To Operating Activities	-	37	503	-167	-71	7,110	5,208	-5,734	-7,250
Depreciation	458	480	483	219	191	1,715	3,418	2,292	1,773
End Period Cash Flow	38,471	80,884	28,908	22,575	48,616	34,607	74,060	-	-
Free Cash Flow	-42,448	-40,629	-35,782	-43,857	-4,714	-36,754	-	-	-
Investments	-55	5,500	14,674	-9,914	13,104	-4,985	40,329	-31,477	119,215
Issuance Of Capital Stock	73	87,105	7,869	112	9,619	-	-	-	-
Net Borrowings	-	-	-	-	-4,000	-292	-415	-236	-236
Net Income	-44,369	-45,262	-40,492	-47,057	-11,253	-41,830	-30,101	-128,376	-17,416
Other Cashflows From Financing Activities	-	-	19,572	27,618	27,618	1,682	1,682	-273	-994
Other Cashflows From Investing Activities	-	-	-	-	-	750	2,140	2,140	2,140
Other Non Cash Items	-1,102	-745	1,429	1,792	138	1,882	-	-	-
Sale Purchase Of Stock	-	-	-	-	-	146	332	2,830	4,717
Stock Based Compensation	3,621	2,695	1,456	2,133	-	-	-	-	-
Total Cash From Financing Activities	73	87,105	27,441	27,730	5,619	-146	-83	2,321	3,723
Total Cash From Operating Activities	-42,431	-40,618	-35,739	-41,530	-4,714	-36,711	-154,356	-83,653	117,715
Total Cashflows From Investing Activities	-	5,489	14,631	-12,241	13,104	-4,278	40,329	-37,903	117,853

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Begin Period Cash Flow	47,340	45,996	53,283	80,884	90,246	97,573	107,071	28,908	18,843	29,236	30,800	22,575	21,903	-	-	-	-	-	-	-	-	-	-	-	-
Capital Expenditures	0	0	0	17	0	11	11	11	1	1	26	18	767	1,336	191	33	33	33	33	0	17	26	26	26	26
Change In Cash	-8,869	1,344	-7,287	-7,287	-9,362	-7,327	-9,498	78,163	10,065	-10,393	-1,564	8,225	672	-21,037	-10,007	4,331	16,400	-16,949	18,590	-4,032	1,027	-32,617	-9,232	1,369	-24,447
Change In Working Capital	-555	595	722	-1,801	1,174	2,217	1,134	-2,311	1,415	703	960	-1,693	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,000	-22,000	-22,000	-22,000	-22,000	-	-	-	-
Change To Liabilities	-	-33	812	0	988	1,760	1,075	-1,646	1,214	574	369	-1,275	1,290	568	-46	-262	1,615	432	1,140	-354	726	-5,600	352	-13,277	-11,183
Change To Netincome	-	610	549	549	639	513	447	351	555	826	822	682	272	1,273	1,492	888	843	839	946	958	1,595	6,804	3,880	1,814	2,870
Change To Operating Activities	-	628	-90	-90	186	457	59	-665	201	129	591	-418	808	-307	1,899	-2,567	90	312	-2	-471	6,113	-5,397	2,323	4,071	9,264
Depreciation	106	111	120	120	120	121	120	119	119	122	122	120	137	64	8	10	30	45	53	63	70	261	692	692	1,011
End Period Cash Flow	38,471	47,340	45,996	53,283	80,884	90,246	97,573	107,071	28,908	18,843	29,236	30,800	22,575	21,903	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-8,900	-9,401	-10,595	-13,552	-9,718	-7,873	-9,568	-13,470	-8,509	-7,883	-7,595	-11,795	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments	0	10,731	3,280	3,280	3,280	3,280	0	5,500	17,218	-8,993	6,001	448	9,500	-11,256	-2,873	-7,612	-7,579	-9,942	17,260	5,786	-998	-21,987	-21,987	18,000	-4,238
Issuance Of Capital Stock	31	14	28	0	356	546	70	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4,000	-4,000	-74	-110	-108	-105
Net Income	-9,230	-10,717	-11,986	-12,436	-11,651	-10,713	-11,269	-11,629	-10,599	-9,534	-9,473	-10,886	-11,382	-11,417	-10,514	-13,744	-8,220	13,381	-6,963	-9,451	-7,296	-7,104	-16,954	-10,475	-22,930
Other Cashflows From Financing Activities	-	-	-	-	-	-	-	-	-	-	-	19,572	19,572	19,572	19,572	27,618	27,618	27,618	27,618	-	-	515	515	652	-
Other Cashflows From Investing Activities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	750	750	750	750	994
Other Non Cash Items	-243	-307	-266	-286	-83	-258	-225	-179	163	482	462	322	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale Purchase Of Stock	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,437	84	84	70	70	-130
Stock Based Compensation	1,022	917	815	867	722	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	31	14	28	28	356	546	70	86,133	1,356	6,483	30	19,572	47	38	27	27,618	42	-16	6,156	-563	84	433	475	544	-235
Total Cash From Operating Activities	-8,900	-9,401	-10,595	-10,595	-9,718	-7,862	-9,568	-13,470	-8,510	-7,883	-7,569	-11,777	-8,875	-9,819	-7,161	-15,675	16,358	-6,991	-4,826	-9,255	1,208	-11,037	-9,707	-17,175	-20,968
Total Cashflows From Investing Activities	-	10,731	3,280	3,280	3,280	-11	-11	5,500	17,219	-8,993	5,975	430	9,500	-11,256	-2,873	-7,612	-7,612	-9,942	17,260	5,786	-265	-22,013	-22,013	18,000	-3,244

Income Statement

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Cost Of Revenue	1,563	1,120	1,037	7,308	69	20,830	106,011	199,109	143,633
Ebit	-	-45,083	-38,497	-45,664	-11,929	-36,445	-25,458	-127,108	-7,923
Ebitda	-44,189	-44,602	-37,564	-44,329	-10,969	-39,825	-	-	-
Gross Profit	1,030	738	682	-4,259	22,077	-14,830	-87,288	-90,043	21,362
Income Before Tax	-44,369	-45,262	-40,492	-47,111	-11,253	-42,550	-30,101	-128,041	-17,233
Income Tax Expense	-	-	-	-54	0	-720	0	335	183
Interest Expense	180	180	2,445	2,563	93	0	0	0	0
Net Income	-44,369	-45,262	-40,492	-47,057	-11,253	-41,830	-30,101	-128,376	-17,416
Net Income Applicable To Common Shares	-	-45,262	-40,492	-47,057	-11,253	-41,830	-30,101	-128,376	-17,416
Net Income From Continuing Ops	-44,369	-45,262	-40,492	-47,057	-11,253	-41,830	-30,101	-128,376	-17,416
Net Interest Income	-180	-180	-2,445	-2,563	-93	-1,010	-1,225	-	-
Operating Income	-44,844	-45,083	-38,497	-45,664	-11,929	-36,445	-143,107	-127,108	-7,923
Reconciled Depreciation	458	480	483	219	191	1,715	-	-	-
Research Development	32,411	31,647	26,761	27,116	19,758	20,830	119,611	199,109	143,633
Selling General Administrative	13,463	14,174	12,418	14,289	14,248	21,615	42,219	37,065	29,285
Tax Provision	-	-	0	-54	0	-720	0	-	-
Total Operating Expenses	47,437	46,941	40,216	48,713	34,075	42,445	161,830	236,174	172,918
Total Other Income Expense Net	655	1	450	1,116	769	-5,095	114,231	-933	-9,310
Total Revenue	2,593	1,858	1,719	3,049	22,146	6,000	18,723	109,066	164,995

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Cost Of Revenue	327	429	414	393	272	258	308	282	263	299	217	258	185	207	155	6,761	4,788	5,379	3,749	5,911	3,552	9,338	3,901	4,039	0
Ebit	-	-10,881	-12,018	-	-11,500	-10,750	-11,251	-11,582	-10,233	-8,845	-8,747	-10,194	-11,207	-10,218	-9,419	-13,484	-8,455	13,179	-7,135	-9,517	-8,020	-7,843	-10,106	-10,476	-22,626
Ebitda	-9,185	-10,561	-11,821	-12,270	-11,486	-10,547	-11,104	-11,465	-9,837	-8,786	-8,747	-10,194	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	216	283	272	259	179	170	204	185	173	197	143	170	123	136	102	-4,619	-4,642	16,621	-3,749	-5,911	-3,552	-3,338	-3,901	-4,039	0
Income Before Tax	-9,230	-10,717	-11,986	-12,436	-11,651	-10,713	-11,269	-11,629	-10,599	-9,534	-9,473	-10,886	-11,382	-11,417	-10,514	-13,798	-8,220	13,381	-6,963	-9,451	-8,016	-7,104	-16,954	-10,475	-22,930
Income Tax Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-54	0	0	0	0	-720	0	0	0	0
Interest Expense	45	45	45	45	45	45	45	45	643	626	604	572	38	1,135	1,087	304	304	304	304	93	120	287	300	302	304
Net Income	-9,230	-10,717	-11,986	-12,436	-11,651	-10,713	-11,269	-11,629	-10,599	-9,534	-9,473	-10,886	-11,382	-11,417	-10,514	-13,744	-8,220	13,381	-6,963	-9,451	-7,296	-7,104	-16,954	-10,475	-22,930
Net Income Applicable To Common Shares	-	-10,717	-11,986	-11,986	-11,651	-10,713	-11,269	-11,629	-10,599	-9,534	-9,473	-10,886	-11,382	-11,417	-10,514	-13,744	-8,220	13,150	-6,963	-9,451	-7,296	-7,104	-16,954	-10,475	-22,930
Net Income From Continuing Ops	-9,230	-10,717	-11,986	-12,436	-11,651	-10,713	-11,269	-11,629	-10,599	-9,534	-9,473	-10,886	-11,382	-11,417	-10,514	-13,744	-8,220	13,381	-6,963	-9,451	-7,296	-7,104	-16,954	-10,475	-22,930
Net Interest Income	-45	-45	-45	-45	-45	-45	-45	-45	-643	-626	-604	-572	-38	-1,135	-1,087	-304	-	-	-	-	-	-	-	-	-
Operating Income	-9,538	-10,881	-12,018	-12,407	-11,500	-10,750	-11,251	-11,582	-10,233	-8,845	-8,919	-10,500	-11,554	-10,581	-9,745	-13,783	-8,455	13,179	-7,135	-9,517	-8,020	-7,843	-10,106	-10,476	-23,233
Reconciled Depreciation	106	111	120	121	120	121	120	119	119	122	122	120	-	-	-	-	-	-	-	-	-	-	-	-	-
Research Development	6,963	7,663	8,795	8,990	8,416	7,073	7,957	8,201	7,179	6,112	6,125	7,346	8,198	7,076	6,076	5,766	6,076	6,076	-	5,911	3,552	9,338	3,901	4,039	14,662
Selling General Administrative	2,791	3,501	3,495	3,676	3,263	3,847	3,498	3,566	3,227	2,930	2,937	3,324	3,479	3,641	3,771	3,398	3,813	3,442	3,386	3,606	4,468	4,505	6,205	6,437	8,571
Tax Provision	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	-54	-	-	-	-	-	-	-	-	-
Total Operating Expenses	10,081	11,593	12,704	13,059	11,951	11,178	11,763	12,049	10,669	9,341	9,279	10,928	11,862	10,924	10,002	15,925	8,601	8,821	7,135	9,517	8,020	13,843	10,106	10,476	0
Total Other Income Expense Net	353	209	77	16	-106	82	27	-2	277	-63	50	186	210	299	318	289	235	202	172	66	4	739	-6,848	1	607
Total Revenue	543	712	686	652	451	428	512	467	436	496	360	428	308	343	257	2,142	146	22,000	0	0	0	6,000	0	0	0

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	2,593
Cost of Revenue	-1,563
Gross Profit	1,030	1,030

Operating Income (+$)
Gross Profit	1,030
Operating Expense	-47,437
Operating Income	-44,844	-46,407

Operating Expense (+$)
Research Development	32,411
Selling General Administrative	13,463
Selling And Marketing Expenses	-
Operating Expense	47,437	45,874

Net Interest Income (+$)
Interest Income	-
Interest Expense	-180
Other Finance Cost	-0
Net Interest Income	-180

Pretax Income (+$)
Operating Income	-44,844
Net Interest Income	-180
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-44,369	-45,499 EBIT - interestExpense = -180 -44,369 -44,189
Interest Expense	180
Earnings Before Interest and Taxes (EBIT)	-	-44,189
Earnings Before Interest and Taxes (EBITDA)	-44,189

After tax Income (+$)
Income Before Tax	-44,369
Tax Provision	--
Net Income From Continuing Ops	-44,369	-44,369
Net Income	-44,369
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	655	180

Technicals of Infi

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Infinity Pharmaceuticals Inc Daily Moving Averages Chart

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Infinity Pharmaceuticals Inc:

The Moving Average Convergence/Divergence (MACD) is -0.002. The Moving Average Convergence/Divergence (MACD) below zero is a bearish sign. -1
The MACD is higher than the signal line. This is a bullish indication. +1

Infinity Pharmaceuticals Inc Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Infinity Pharmaceuticals Inc:

The ADX is 16.230. Not trending. -2
The ADX is rising, a new trend could be forming. +1
The +DI crossed the -DI to the upside. The trend is reversing to an up trend. +1

Infinity Pharmaceuticals Inc Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The price has crossed the Parabolic SAR to the upside. The trend is reversing to an up trend. +1

Infinity Pharmaceuticals Inc Daily Parabolic SAR Chart

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is above 50. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Infinity Pharmaceuticals Inc Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is below 50. -1

Infinity Pharmaceuticals Inc Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Infinity Pharmaceuticals Inc Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Infinity Pharmaceuticals Inc Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

Infinity Pharmaceuticals Inc Daily Williams %R Chart

3. Volatility Indicators

3.1 Bollinger Bands

Infinity Pharmaceuticals Inc Daily Bollinger Bands Chart

3.2 Average True Range (ATR)

Infinity Pharmaceuticals Inc Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Infinity Pharmaceuticals Inc Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Infinity Pharmaceuticals Inc Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Infinity Pharmaceuticals Inc.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-22 00:00:00	STOCH	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2023-05-23 00:00:00	MACD	SHORT ENTRY	LONG CLOSE
	DMI	LONG ENTRY	SHORT CLOSE
2023-05-30 00:00:00	MFI	20 crossover to upside
2023-05-31 00:00:00	MACD	LONG ENTRY	SHORT CLOSE
	DMI	SHORT ENTRY	LONG CLOSE
	SAR	SHORT ENTRY	LONG CLOSE	price crossed sar to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE
	MFI	20 crossover to downside