Will IGM Biosciences (NASDAQ:IGMS) Spend Its Cash Wisely?
Will IGM Biosciences (NASDAQ:IGMS) Spend Its Cash Wisely?
There's no doubt that money can be made by owning shares of unprofitable businesses. 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.
毫无疑问,拥有无利可图的企业的股份可以赚钱。例如,尽管软件即服务业务Salesforce.com在经常性收入增长的同时多年亏损,但如果你自2005年以来持有股票,你的表现确实会很好。但严酷的现实是,许多亏损公司耗尽了所有现金并破产。
Given this risk, we thought we'd take a look at whether IGM Biosciences (NASDAQ:IGMS) shareholders should be worried about its cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
鉴于这种风险,我们想看看IGM Biosciences(纳斯达克股票代码:IGMS)的股东是否应该担心其现金消耗。在本文中,我们将现金消耗定义为其年度(负)自由现金流,即公司每年为其增长提供资金的金额。首先,我们将将其现金消耗与现金储备进行比较,以计算其现金流量。
When Might IGM Biosciences Run Out Of Money?
IGM Biosciences 什么时候会没钱?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. In March 2024, IGM Biosciences had US$294m in cash, and was debt-free. Importantly, its cash burn was US$195m over the trailing twelve months. So it had a cash runway of approximately 18 months from March 2024. 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. Depicted below, you can see how its cash holdings have changed over time.
公司的现金流是通过其现金储备除以现金消耗来计算的。2024年3月,IGM Biosciences拥有2.94亿美元的现金,并且没有债务。重要的是,在过去的十二个月中,其现金消耗为1.95亿美元。因此,从2024年3月起,它的现金流持续了大约18个月。这还不错,但可以公平地说,除非现金消耗大幅减少,否则现金流的终结就在眼前。如下所示,您可以看到其现金持有量随着时间的推移而发生了怎样的变化。
![](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240604/0-ba07629042d025d403bad4fcb87a7e6c-0-c72a830f7ee9d802ddad1c37a0750513.png/big)
NasdaqGS:IGMS Debt to Equity History June 4th 2024
NASDAQGS: IGMS 债转股历史记录 2024 年 6 月 4 日
How Well Is IGM Biosciences Growing?
IGM 生物科学的增长情况如何?
It was quite stunning to see that IGM Biosciences increased its cash burn by 568% over the last year. But the silver lining is that operating revenue increased by 32% in that time. Considering both these metrics, we're a little concerned about how the company is developing. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.
令人震惊的是,IGM Biosciences的现金消耗比去年增加了568%。但一线希望是,在此期间,营业收入增长了32%。考虑到这两个指标,我们有点担心公司的发展情况。虽然过去总是值得研究的,但最重要的是未来。因此,你可能想看看该公司在未来几年预计将增长多少。
Can IGM Biosciences Raise More Cash Easily?
IGM Biosciences 能否轻松筹集更多现金?
While IGM Biosciences seems to be in a fairly good position, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. 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. 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.
尽管IGM Biosciences似乎处于相当不错的位置,但仍然值得考虑的是,即使只是为了推动更快的增长,它也可以多么容易地筹集更多资金。一般而言,上市企业可以通过发行股票或承担债务来筹集新现金。通常,企业会自行出售新股以筹集现金和推动增长。通过观察公司相对于其市值的现金消耗,我们可以深入了解如果公司需要筹集足够的现金来弥补下一年的现金消耗,股东会被稀释多少。
Since it has a market capitalisation of US$492m, IGM Biosciences' US$195m in cash burn equates to about 40% of its market value. 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.
由于其市值为4.92亿美元,IGM Biosciences的1.95亿美元现金消耗相当于其市值的40%左右。这并非微不足道,如果公司必须以当前股价出售足够的股票来为下一年的增长提供资金,那么您可能会看到相当昂贵的稀释。
Is IGM Biosciences' Cash Burn A Worry?
IGM Biosciences 的现金消耗令人担忧吗?
On this analysis of IGM Biosciences' cash burn, we think its revenue growth was reassuring, while its increasing cash burn has us a bit worried. Looking at the factors mentioned in this short report, we do think that its cash burn is a bit risky, and it does make us slightly nervous about the stock. Separately, we looked at different risks affecting the company and spotted 5 warning signs for IGM Biosciences (of which 1 makes us a bit uncomfortable!) you should know about.
在对IGM Biosciences现金消耗的分析中,我们认为其收入增长令人放心,而现金消耗的增加使我们有些担忧。从这份简短报告中提到的因素来看,我们确实认为其现金消耗有点风险,而且确实使我们对该股有些紧张。另外,我们研究了影响公司的不同风险,发现了IGM Biosciences的5个警告信号(其中1个让我们有点不舒服!)你应该知道。
Of course IGM Biosciences 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.
当然,IGM Biosciences可能不是最好的买入股票。因此,你可能希望看到这份拥有高股本回报率的公司的免费集合,或者这份内部所有权高的股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。