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Companies Like Zymeworks (NASDAQ:ZYME) Are In A Position To Invest In Growth

Companies Like Zymeworks (NASDAQ:ZYME) Are In A Position To Invest In Growth

像 zymeworks(納斯達克:ZYME)這樣的公司有投資增長的能力
Simply Wall St ·  11/05 22:17

There's no doubt that money can be made by owning shares of unprofitable businesses. By way of example, Zymeworks (NASDAQ:ZYME) has seen its share price rise 103% over the last year, delighting many shareholders. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?

毫無疑問,擁有那些沒有盈利的企業股份也可以賺錢。以Zymeworks(納斯達克:ZYME)爲例,其股價在過去一年裏上漲了103%,使許多股東感到高興。但儘管歷史總是稱讚那些罕見的成功者,那些失敗者卻經常被遺忘;誰還記得Pets.com?

In light of its strong share price run, we think now is a good time to investigate how risky Zymeworks' cash burn is. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.

考慮到其股價大幅上漲,我們認爲現在是調查Zymeworks現金流風險的好時機。在這份報告中,我們將考慮公司的年度負自由現金流,此後將其稱爲'現金消耗'。第一步是將其現金消耗與現金儲備進行比較,以得出公司的'現金消耗天數'。

When Might Zymeworks Run Out Of Money?

Zymeworks什麼時候會用完錢?

A company's cash runway is calculated by dividing its cash hoard by its cash burn. When Zymeworks last reported its September 2024 balance sheet in October 2024, it had zero debt and cash worth US$297m. In the last year, its cash burn was US$59m. That means it had a cash runway of about 5.0 years as of September 2024. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. You can see how its cash balance has changed over time in the image below.

公司的現金消耗天數是通過將其現金儲備除以其現金消耗來計算的。當Zymeworks在2024年9月報告其2024年10月資產負債表時,其沒有債務,現金價值爲29700萬美元。在過去一年裏,其現金消耗爲5900萬美元。這意味着截至2024年9月,它的現金消耗天數約爲5.0年。儘管這只是公司現金消耗的一個衡量標準,但想到如此長的現金消耗天數讓我們感到安慰。您可以在下方的圖片中看到其現金餘額如何隨時間變化。

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NasdaqGS:ZYME Debt to Equity History November 5th 2024
NasdaqGS:ZYME的股債比歷史數據

Is Zymeworks' Revenue Growing?

Zymeworks的營收增長如何?

We're hesitant to extrapolate on the recent trend to assess its cash burn, because Zymeworks actually had positive free cash flow last year, so operating revenue growth is probably our best bet to measure, right now. Sadly, operating revenue actually dropped like a stone in the last twelve months, falling 87%, which is rather concerning. 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.

我們不願意根據最近的趨勢去評估其現金消耗,因爲Zymeworks在去年實際上有正的自由現金流,因此目前評估經營收入增長可能是最佳選擇。遺憾的是,過去十二個月,營業收入實際上暴跌了87%,這令人擔憂。然而,顯然,關鍵因素在於公司未來是否會擴大其業務。因此,看一下我們的分析師對該公司的預測是非常有意義的。

How Easily Can Zymeworks Raise Cash?

Zymeworks能夠輕鬆籌集資金嗎?

Given its problematic fall in revenue, Zymeworks shareholders should consider how the company could fund its growth, if it turns out it needs more cash. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future 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).

考慮到Zymeworks營業收入的問題性下降,股東們應該考慮公司如何爲其增長提供資金,如果確實需要更多現金的話。公司可以通過債務或股權來籌集資本。許多公司最終發行新股票來資助未來的增長。通過比較公司每年的現金消耗與其總市值,我們可以大致估計公司需要發行多少股票才能繼續運營一年(以相同的消耗速度)。

Zymeworks has a market capitalisation of US$915m and burnt through US$59m last year, which is 6.5% of the company's market value. 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.

Zymeworks的市值爲91500萬美元,去年的現金消耗爲5900萬美元,佔公司市值的6.5%。鑑於這是一個相當小的百分比,公司很可能會通過向投資者發行一些新股票,甚至通過貸款來爲另一年的增長提供資金,這應該是非常容易的。

How Risky Is Zymeworks' Cash Burn Situation?

Zymeworks現金消耗情況有多大風險?

It may already be apparent to you that we're relatively comfortable with the way Zymeworks is burning through its cash. For example, we think its cash runway suggests that the company is on a good path. While we must concede that its falling revenue is a bit worrying, the other factors mentioned in this article provide great comfort when it comes to the cash burn. Considering all the factors discussed in this article, we're not overly concerned about the company's cash burn, although we do think shareholders should keep an eye on how it develops. Readers need to have a sound understanding of business risks before investing in a stock, and we've spotted 1 warning sign for Zymeworks that potential shareholders should take into account before putting money into a stock.

您可能已經意識到,我們對Zymeworks的現金消耗方式相對比較舒適。例如,我們認爲其現金儲備足夠支持公司的良好發展。雖然我們必須承認,其營業收入下降有些令人擔憂,但本文提到的其他因素在涉及現金消耗時提供了極大的安慰。考慮到本文討論的所有因素,我們對公司的現金消耗並不過分擔憂,儘管我們認爲股東們應該密切關注其進展。讀者在投資股票前需要對業務風險有深刻的理解,我們已經發現Zymeworks存在1個警示信號,潛在股東在投資股票前應該考慮這一點。

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,您可能會在其他地方尋找到一個出色的投資機會。因此,瞥一眼這個有趣公司的免費名單,和這個股票成長股的(根據分析師預測)。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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