We Think Acrivon Therapeutics (NASDAQ:ACRV) Needs To Drive Business Growth Carefully
We Think Acrivon Therapeutics (NASDAQ:ACRV) Needs To Drive Business Growth Carefully
We can readily understand why investors are attracted to unprofitable companies. 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 the harsh reality is that very many loss making companies burn through all their cash and go bankrupt.
我們可以理解爲什麼投資者會被無利潤的公司所吸引。例如,軟件即服務業務賽富時多年虧損,但隨着其持續增長的收入,如果您自2005年以來持有股票,您確實已經做得非常好。但嚴酷的現實是,很多虧損的公司會燒掉所有的現金而破產。
So should Acrivon Therapeutics (NASDAQ:ACRV) 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,納斯達克上市的阿克里文治療(ACRV)的股東應該擔心它的現金燒失嗎?爲了本文的目的,我們將現金燒失定義爲公司每年用於資助其增長的現金金額(也稱爲負自由現金流)。讓我們從企業現金相對於其現金燒失的情況開始研究。
When Might Acrivon Therapeutics Run Out Of Money?
Acrivon Therapeutics何時會耗盡現金?
A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. When Acrivon Therapeutics last reported its March 2024 balance sheet in May 2024, it had zero debt and cash worth US$110m. In the last year, its cash burn was US$50m. Therefore, from March 2024 it had 2.2 years of cash runway. Arguably, that's a prudent and sensible length of runway to have. Depicted below, you can see how its cash holdings have changed over time.
現金儲備時間是指公司如果保持當前現金燒失速度,將花費多長時間用光資金。當Acrivon Therapeutics在2024年5月報告了其2024年3月資產負債表時,它沒有債務,持有價值11000萬美元的現金。在過去一年中,它的現金燒失爲5000萬美元。因此,從2024年3月開始,它有2.2年的現金儲備時間。可以認爲,這是一個謹慎和明智的現金儲備時間。如下圖所示,您可以看到其現金持有量隨時間的變化情況。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240712/0-b4043956cc780d4769e035adb8877809-0-27c37a069e09d4675996d3a53c83e2e2.png/big)
How Is Acrivon Therapeutics' Cash Burn Changing Over Time?
Acrivon Therapeutics在過去的一年中沒有記錄任何營業收入,表明它仍處於業務發展的早期階段。儘管如此,我們仍然可以作爲評估其現金流狀況的一部分來檢查其現金流燃燒軌跡。去年,它的現金燃燒實際上增長了70%。通常情況下,現金燃燒的增加只意味着公司正在加快業務發展,但您應該始終注意到這會導致現金存續期縮短。雖然過去總是值得研究的,但最重要的是未來。因此,看一下我們對該公司的分析師預測是非常有意義的。
Because Acrivon Therapeutics isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. With the cash burn rate up 45% in the last year, it seems that the company is ratcheting up investment in the business over time. However, the company's true cash runway will therefore be shorter than suggested above, if spending continues to increase. While the past is always worth studying, it is the future that matters most of all. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
由於Acrivon Therapeutics目前沒有產生收入,我們認爲它是一家早期階段的企業。儘管如此,我們仍然可以考慮其現金燒失軌跡,作爲我們評估其現金燒失情況的一部分。由於過去一年中的現金燒失率增長了45%,因此,如果支出繼續增加,該公司的真實現金儲備時間將比上述建議更短。雖然過去總是值得研究的,但未來才是最重要的。因此,看我們分析師對該公司的預測是非常有意義的。
How Hard Would It Be For Acrivon Therapeutics To Raise More Cash For Growth?
Acrivon Therapeutics的現金燃燒情況正在發生變化嗎?
Given its cash burn trajectory, Acrivon Therapeutics shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Commonly, a business will sell new shares in itself to raise cash and drive growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
鑑於其現金燒失軌跡,Acrivon Therapeutics的股東可能希望考慮儘管其現金儲備穩健,該公司仍然能夠輕鬆籌集更多資金。通常,上市企業可以通過發行股票或負債來籌集新資金。通常,一家企業將銷售自己的新股票以籌集資金並推動增長。我們可以將公司的現金燒失與其市值進行比較,以了解一家公司需要發行多少新股票來爲一年的運營籌集資金。
Acrivon Therapeutics' cash burn of US$50m is about 23% of its US$221m market capitalisation. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution.
Acrivon Therapeutics的現金燒失額爲5000萬美元,約佔其22100萬美元的市值的23%。這並不是無關緊要的,如果該公司不得不按當前股價出售足夠的股票來資助另一年的增長,則可能會出現相當昂貴的稀釋。
How Risky Is Acrivon Therapeutics' Cash Burn Situation?
Acrivon Therapeutics的現金燒失情況有多危險?
Even though its increasing cash burn makes us a little nervous, we are compelled to mention that we thought Acrivon Therapeutics' cash runway was relatively promising. While we're the kind of investors who are always a bit concerned about the risks involved with cash burning companies, the metrics we have discussed in this article leave us relatively comfortable about Acrivon Therapeutics' situation. On another note, Acrivon Therapeutics has 5 warning signs (and 2 which are a bit unpleasant) we think you should know about.
儘管它不斷增加的現金燒失讓我們有些緊張,但我們不得不提到我們認爲Acrivon Therapeutics的現金儲備時間相對較爲樂觀。雖然我們是那種始終對燒現金的公司所涉及的風險有些擔憂的投資者,但我們討論過的指標使我們對Acrivon Therapeutics的情況相對舒適。另外,Acrivon Therapeutics有5個警示標誌(還有2個有點不愉快),我們認爲您應該知道。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
當然,你可以通過其他途徑找到一項出色的投資。所以請查看這個有趣的公司免費清單,以及這個預測爲增長股的股票清單(根據分析師預測)。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?關注內容?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋? 對內容感到擔憂? 請直接與我們聯繫。 或者,發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。