Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 4/5 core metricsLatest reported free cash flow was -$281M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$281M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2023-12-31.
- 4 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +110.5% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +126.1 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Reportable Segment$491M100.0%+110.5% yoy
Members sum to the consolidated $491M for this period.
- Product$410Mshare n/a+81.1% yoy
- FILSPARI$322Mshare n/a+143.5% yoy
- Tiopronin Products$88.5Mshare n/a-6.4% yoy
- License$80.3Mshare n/a+1141.0% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Reportable Segment$127M100.0%+55.6% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,007 US-listed filers · 781 in Materials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $491M | 44thof 3,301 middle third | 61stof 522 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 110.5% | 95thof 3,137 top third | 87thof 473 top third |
Operating margin operating income ÷ revenue | -12.8% | 29thof 2,819 bottom third | 54thof 483 middle third |
Net margin net income ÷ revenue | -5.2% | 34thof 3,263 middle third | 57thof 518 middle third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -22.3% | 27thof 3,576 bottom third | 60thof 701 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 9.1% | 26thof 2,895 bottom third | 48thof 476 middle third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 60 days | 37thof 2,398 middle third | 42ndof 387 middle third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -10.6% | 81stof 2,382 top third | 76thof 385 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 190.3% | 3rdof 2,004 bottom third | 8thof 328 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 27 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2021-12-31 | $26.6M 10-K 2022-02-24 | $12.7M 10-K 2024-02-20 | -52.1% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2022-03-31 | $48.5M 10-Q 2022-05-05 | $23.4M 10-K 2024-02-20 | -51.7% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2022-12-31 | $212M 10-K 2023-02-23 | $109M 10-K 2025-02-21 | -48.4% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2022-09-30 | $53.5M 10-Q 2022-10-27 | $28.1M 10-K 2024-02-20 | -47.5% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2022-06-30 | $54.2M 10-Q 2022-08-04 | $28.6M 10-K 2024-02-20 | -47.1% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-06-30 | $59.7M 10-Q 2023-08-03 | $32.2M 10-Q 2024-08-01 | -46.1% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-03-31 | $57M 10-Q 2023-05-04 | $30.9M 10-Q 2024-05-06 | -45.8% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2021-12-31 | $227M 10-K 2022-02-24 | $132M 10-K 2024-02-20 | -42.0% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2022-12-31 | $33.1M 10-K 2023-02-23 | $20.7M 10-K 2025-02-21 | -37.4% | first · latest · 3 filings carry it |
| Intangibles IntangibleAssetsNetExcludingGoodwill | balance at 2022-12-31 | $145M 10-K 2023-02-23 | $97.1M 10-K 2024-02-20 | -33.1% | first · latest · 5 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2023-03-31 | $9.54M 10-Q 2023-05-04 | $6.62M 10-Q 2024-05-06 | -30.6% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2021-12-31 | -$162M 10-K 2022-02-24 | -$199M 10-K 2024-02-20 | -23.3% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$68.1M 10-Q 2022-10-27 | -$82.6M 10-K 2024-02-20 | -21.2% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-06-30 | -$65.5M 10-Q 2022-08-04 | -$78.5M 10-K 2024-02-20 | -20.0% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2022-12-31 | -$267M 10-K 2023-02-23 | -$320M 10-K 2025-02-21 | -20.0% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2023-06-30 | -$87.6M 10-Q 2023-08-03 | -$104M 10-Q 2024-08-01 | -18.7% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2023-03-31 | -$87M 10-Q 2023-05-04 | -$97.4M 10-Q 2024-05-06 | -11.9% | first · latest · 3 filings carry it |
| Goodwill Goodwill | balance at 2022-12-31 | $900K 10-K 2023-02-23 | $800K 10-K 2024-02-20 | -11.1% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | -$66.1M 10-Q 2022-05-05 | -$72M 10-K 2024-02-20 | -8.8% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | fiscal year 2021-12-31 | $30.8M 10-K 2022-02-24 | $29.6M 10-K 2024-02-20 | -3.9% | first · latest · 3 filings carry it |
| Goodwill Goodwill | balance at 2020-12-31 | $936K 10-K 2021-03-01 | $900K 10-K 2022-02-24 | -3.9% | first · latest · 5 filings carry it |
| Stock-based compensation ShareBasedCompensation | quarter 2021-03-31 | $7.69M 10-Q 2021-05-06 | $7.91M 10-Q 2022-05-05 | +2.8% | first · latest |
| Interest expense InterestExpense | fiscal year 2022-12-31 | $11.3M 10-K 2023-02-23 | $11M 10-K 2024-02-20 | -2.6% | first · latest |
| Stock-based compensation ShareBasedCompensation | fiscal year 2022-12-31 | $39.2M 10-K 2023-02-23 | $38.1M 10-K 2025-02-21 | -2.6% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | quarter 2023-03-31 | $13.8M 10-Q 2023-05-04 | $13.5M 10-Q 2024-05-06 | -2.1% | first · latest |
| Interest expense InterestExpense | fiscal year 2021-12-31 | $20.1M 10-K 2022-02-24 | $19.7M 10-K 2024-02-20 | -2.0% | first · latest · 3 filings carry it |
| Intangibles IntangibleAssetsNetExcludingGoodwill | balance at 2020-12-31 | $153M 10-K 2021-03-01 | $154M 10-K 2022-02-24 | +0.6% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for TVTX yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.