Companies Like Kymera Therapeutics (NASDAQ:KYMR) Can Afford To Invest In Growth
Companies Like Kymera Therapeutics (NASDAQ:KYMR) Can Afford To Invest In Growth
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.
即使企業虧損,如果股東以合適的價格收購一家好的企業,他們也有可能賺錢。例如,儘管軟件即服務業務Salesforce.com在經常性收入增長的同時多年虧損,但如果你自2005年以來持有股票,你的表現確實會很好。但是,儘管成功是衆所周知的,但投資者不應忽視許多無利可圖的公司,這些公司只會耗盡所有現金然後倒閉。
So should Kymera Therapeutics (NASDAQ:KYMR) shareholders be worried about its cash burn? For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). Let's start with an examination of the business' cash, relative to its cash burn.
那麼,Kymera Therapeutics(納斯達克股票代碼:KYMR)的股東應該擔心其現金消耗嗎?就本文而言,我們將現金消耗定義爲公司每年爲其增長提供資金的現金金額(也稱爲負自由現金流)。讓我們首先檢查一下企業的現金與其現金消耗的關係。
How Long Is Kymera Therapeutics' Cash Runway?
Kymera Therapeutics 的現金流有多長?
You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. When Kymera Therapeutics last reported its March 2024 balance sheet in May 2024, it had zero debt and cash worth US$521m. Importantly, its cash burn was US$136m over the trailing twelve months. That means it had a cash runway of about 3.8 years as of March 2024. A runway of this length affords the company the time and space it needs to develop the business. You can see how its cash balance has changed over time in the image below.
你可以通過將公司的現金金額除以現金的支出率來計算公司的現金流量。當Kymera Therapeutics最後一次在2024年5月公佈其2024年3月的資產負債表時,其負債爲零,現金價值爲5.21億美元。重要的是,在過去的十二個月中,其現金消耗爲1.36億美元。這意味着截至2024年3月,它的現金流約爲3.8年。如此長度的跑道爲公司提供了發展業務所需的時間和空間。您可以在下圖中看到其現金餘額如何隨着時間的推移而變化。
How Well Is Kymera Therapeutics Growing?
Kymera Therapeutics 的增長情況如何?
On balance, we think it's mildly positive that Kymera Therapeutics trimmed its cash burn by 16% over the last twelve months. And arguably the operating revenue growth of 70% was even more impressive. It seems to be growing nicely. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.
總的來說,我們認爲Kymera Therapeutics在過去十二個月中將其現金消耗減少了16%,這略爲樂觀。可以說,70%的營業收入增長更加令人印象深刻。它似乎增長良好。但是,顯然,關鍵因素是該公司未來是否會發展其業務。因此,你可能想看看該公司在未來幾年預計將增長多少。
How Easily Can Kymera Therapeutics Raise Cash?
Kymera Therapeutics 籌集資金有多容易?
There's no doubt Kymera Therapeutics seems to be in a fairly good position, when it comes to managing its cash burn, but even if it's only hypothetical, it's always worth asking how easily it could raise more money to fund growth. Companies can raise capital through either debt or equity. Commonly, a business will sell new shares in itself to raise cash and drive growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
毫無疑問,在管理現金消耗方面,Kymera Therapeutics似乎處於相當有利的地位,但即使這只是假設,它籌集更多資金來資助增長總是值得一問的。公司可以通過債務或股權籌集資金。通常,企業會自行出售新股以籌集現金和推動增長。通過將公司的年度現金消耗與其總市值進行比較,我們可以大致估計該公司必須發行多少股才能再經營一年(以相同的消耗率)。
Kymera Therapeutics' cash burn of US$136m is about 6.1% of its US$2.2b market capitalisation. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.
Kymera Therapeutics的1.36億美元現金消耗約佔其22億美元市值的6.1%。鑑於這個百分比相當小,公司可能很容易通過向投資者發行一些新股甚至貸款來爲下一年的增長提供資金。
How Risky Is Kymera Therapeutics' Cash Burn Situation?
Kymera Therapeutics的現金消耗情況有多危險?
It may already be apparent to you that we're relatively comfortable with the way Kymera Therapeutics is burning through its cash. For example, we think its revenue growth suggests that the company is on a good path. Its weak point is its cash burn reduction, but even that wasn't too bad! After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. Taking a deeper dive, we've spotted 4 warning signs for Kymera Therapeutics you should be aware of, and 1 of them doesn't sit too well with us.
你可能已經很明顯,我們對Kymera Therapeutics消耗現金的方式相對滿意。例如,我們認爲其收入增長表明公司走上了良好的道路。它的弱點是減少了現金消耗,但即便如此,也不是太糟糕!在考慮了本報告中提到的各種指標之後,我們對該公司的現金支出方式感到非常滿意,因爲它似乎有望在中期內滿足其需求。深入研究,我們發現了你應該注意的4個Kymera Therapeutics警告信號,其中一個對我們來說不太合適。
Of course Kymera Therapeutics may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
當然,Kymera Therapeutics可能不是最好的買入股票。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。