Is Allakos (NASDAQ:ALLK) In A Good Position To Deliver On Growth Plans?
Is Allakos (NASDAQ:ALLK) In A Good Position To Deliver On Growth Plans?
Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
僅僅因爲企業不賺錢,並不意味着股票會下跌。例如,生物技術和礦業勘探公司通常會虧損多年,然後才能通過新的處理方法或礦物發現獲得成功。話雖如此,無利可圖的公司是有風險的,因爲它們可能會耗盡所有現金並陷入困境。
So, the natural question for Allakos (NASDAQ:ALLK) shareholders is whether they should be concerned by its rate of 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). First, we'll determine its cash runway by comparing its cash burn with its cash reserves.
因此,對於阿拉科斯(納斯達克股票代碼:ALLK)股東來說,自然而然的問題是他們是否應該擔心其現金消耗率。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)。首先,我們將通過將其現金消耗與現金儲備進行比較來確定其現金流道。
How Long Is Allakos' Cash Runway?
阿拉科斯的現金跑道有多長?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. When Allakos last reported its June 2024 balance sheet in August 2024, it had zero debt and cash worth US$123m. In the last year, its cash burn was US$103m. Therefore, from June 2024 it had roughly 14 months of cash runway. That's not too bad, but it's fair to say the end of the cash runway is in sight, unless cash burn reduces drastically. The image below shows how its cash balance has been changing over the last few years.
公司的現金流是通過其現金儲備除以現金消耗來計算的。當阿拉科斯上次於2024年8月公佈其2024年6月資產負債表時,其負債爲零,現金價值1.23億美元。去年,其現金消耗爲1.03億美元。因此,從2024年6月起,它有大約14個月的現金流道。這還不錯,但可以公平地說,除非現金消耗大幅減少,否則現金流的終結就在眼前。下圖顯示了其現金餘額在過去幾年中的變化。
How Is Allakos' Cash Burn Changing Over Time?
隨着時間的推移,阿拉科斯的現金消耗量如何變化?
Because Allakos isn't currently generating revenue, we consider it an early-stage business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. While it hardly paints a picture of imminent growth, the fact that it has reduced its cash burn by 26% over the last year suggests some degree of prudence. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
由於Allakos目前沒有創造收入,因此我們認爲這是一項處於早期階段的業務。因此,儘管我們無法通過銷售來了解增長,但我們可以看看現金消耗是如何變化的,以了解支出隨着時間的推移而呈現的趨勢。儘管它幾乎無法描繪出即將到來的增長,但其現金消耗比去年減少了26%,這一事實表明了某種程度的謹慎態度。但是,顯然,關鍵因素是該公司未來是否會發展其業務。出於這個原因,看一下我們的分析師對公司的預測很有意義。
Can Allakos Raise More Cash Easily?
Allakos 能否輕鬆籌集更多現金?
Even though it has reduced its cash burn recently, shareholders should still consider how easy it would be for Allakos to raise more cash in the future. 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 looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.
儘管最近減少了現金消耗,但股東們仍應考慮阿拉科斯將來籌集更多現金有多容易。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。通過觀察公司相對於其市值的現金消耗,我們可以深入了解如果公司需要籌集足夠的現金來彌補下一年的現金消耗,股東會被稀釋多少。
Allakos' cash burn of US$103m is about 136% of its US$76m market capitalisation. Given just how high that expenditure is, relative to the company's market value, we think there's an elevated risk of funding distress, and we would be very nervous about holding the stock.
阿拉科斯1.03億美元的現金消耗約爲其7600萬美元市值的136%。鑑於這筆支出相對於公司的市值有多高,我們認爲資金困境的風險更高,而且我們會對持有該股票感到非常緊張。
Is Allakos' Cash Burn A Worry?
Allakos 的現金消耗令人擔憂嗎?
On this analysis of Allakos' cash burn, we think its cash burn reduction was reassuring, while its cash burn relative to its market cap has us a bit worried. After looking at that range of measures, we think shareholders should be extremely attentive to how the company is using its cash, as the cash burn makes us uncomfortable. Taking a deeper dive, we've spotted 6 warning signs for Allakos you should be aware of, and 3 of them don't sit too well with us.
在對阿拉科斯現金消耗的分析中,我們認爲其現金消耗減少令人放心,而相對於市值的現金消耗讓我們有些擔憂。在研究了這一系列衡量標準之後,我們認爲股東應該特別注意公司的現金使用方式,因爲現金消耗使我們感到不舒服。深入研究,我們發現了你應該注意的6個Allakos警告信號,其中3個信號對我們來說不太合適。
Of course Allakos 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 with high insider ownership.
當然,阿拉科斯可能不是最值得購買的股票。因此,你可能希望看到這份擁有高股本回報率的公司的免費集合,或者這份內部所有權高的股票清單。
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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。