We're Not Very Worried About Third Harmonic Bio's (NASDAQ:THRD) Cash Burn Rate
We're Not Very Worried About Third Harmonic Bio's (NASDAQ:THRD) Cash Burn Rate
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 Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?
即使企業虧損,如果股東以合適的價格收購一家優秀的企業,他們也有可能賺錢。例如,儘管亞馬遜在上市後連續多年虧損,但如果你自1999年以來買入並持有股票,你就會發大財。但是,儘管歷史讚揚這些罕見的成功,但失敗的成功往往被遺忘;誰還記得 Pets.com?
Given this risk, we thought we'd take a look at whether Third Harmonic Bio (NASDAQ:THRD) shareholders should 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). We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
鑑於這種風險,我們想看看Third Harmonic Bio(納斯達克股票代碼:THRD)的股東是否應該擔心其現金消耗。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,我們將將其現金消耗與現金儲備進行比較,以計算其現金流量。
When Might Third Harmonic Bio Run Out Of Money?
Third Harmonic Bio 什麼時候會沒錢?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. When Third Harmonic Bio last reported its September 2024 balance sheet in November 2024, it had zero debt and cash worth US$296m. In the last year, its cash burn was US$29m. So it had a very long cash runway of many years from 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. 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。當第三諧波生物上次於2024年11月公佈其2024年9月資產負債表時,其負債爲零,現金價值2.96億美元。去年,其現金消耗爲2900萬美元。因此,從2024年9月起,它的現金流一直很長,持續了多年。儘管這只是衡量公司現金消耗的一個指標,但想到如此長的現金流以令人欣慰的方式溫暖了我們的肚子。下圖顯示了其現金餘額在過去幾年中的變化。
How Is Third Harmonic Bio's Cash Burn Changing Over Time?
隨着時間的推移,Third Harmonic Bio的現金消耗量如何變化?
Third Harmonic Bio didn't record any revenue over the last year, indicating that it's an early stage company still developing its 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 19% 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. 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.
去年,Third Harmonic Bio沒有錄得任何收入,這表明它是一家處於早期階段的公司,仍在發展其業務。儘管如此,作爲評估其現金消耗情況的一部分,我們仍然可以研究其現金消耗軌跡。去年的現金消耗率上升了19%,隨着時間的推移,該公司似乎正在加大對該業務的投資。但是,如果支出繼續增加,該公司的實際現金流將比上述建議短。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。
Can Third Harmonic Bio Raise More Cash Easily?
Third Harmonic Bio 能否輕鬆籌集更多現金?
Given its cash burn trajectory, Third Harmonic Bio shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Companies can raise capital through either debt or equity. 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.
鑑於其現金消耗軌跡,Third Harmonic Bio的股東們不妨考慮儘管現金流穩健,但它能多麼容易地籌集更多現金。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。我們可以將公司的現金消耗與其市值進行比較,以了解公司必須發行多少新股才能爲一年的運營提供資金。
Third Harmonic Bio has a market capitalisation of US$547m and burnt through US$29m last year, which is 5.3% 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.
Third Harmonic Bio的市值爲5.47億美元,去年銷量突破了2900萬美元,佔該公司市值的5.3%。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。
So, Should We Worry About Third Harmonic Bio's Cash Burn?
那麼,我們是否應該擔心三諧生物的現金消耗?
It may already be apparent to you that we're relatively comfortable with the way Third Harmonic Bio is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. Although its increasing cash burn does give us reason for pause, the other metrics we discussed in this article form a positive picture overall. 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 5 warning signs for Third Harmonic Bio you should be aware of, and 2 of them make us uncomfortable.
你可能已經很明顯,我們對Third Harmonic Bio消耗現金的方式相對滿意。特別是,我們認爲其現金流突出,證明該公司的支出處於領先地位。儘管現金消耗的增加確實使我們有理由停頓一下,但我們在本文中討論的其他指標總體上構成了樂觀的景象。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三諧生物的5個警告信號,其中兩個讓我們感到不舒服。
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,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,來看看這份免費的有趣公司名單以及這份成長型股票清單(根據分析師的預測)
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。