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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

我們並不太擔心第三諧波生物公司(納斯達克:THRD)的現金燃燒速度
Simply Wall St ·  11/17 21:41

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,如果以正確的價格購買優質企業,股東仍有可能獲利。例如,雖然亞馬遜上市後多年虧損,但如果從1999年購買並持有該股份,則會賺得一筆財富。但是,儘管歷史讚揚了這些罕見的成功,那些失敗的人往往被遺忘。誰記得Pets.com呢?

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.

鑑於這一風險,我們認爲應該看看第三諧波生物(納斯達克:THRD)的股東是否應該擔心公司的現金消耗。爲了撰寫本文,我們將現金消耗定義爲公司每年用於支持其增長的現金支出(也稱爲負自由現金流)。我們將先比較公司的現金消耗與其現金儲備,以計算其現金跑道。

When Might Third Harmonic Bio Run Out Of Money?

第三諧波生物什麼時候可能用完錢?

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.

公司的現金跑道是通過將其現金儲備除以現金消耗來計算的。當第三諧波生物在2024年11月最後報告2024年9月的資產負債表時,它沒有債務,現金價值爲29600萬美元。在過去一年中,它的現金消耗爲2900萬美元。因此,2024年9月起它還擁有多年的現金跑道。儘管這只是對公司現金消耗的一個衡量,但想到如此長的現金跑道讓我們感到寬慰。下圖顯示了過去幾年其現金餘額的變化情況。

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NasdaqGM:THRD Debt to Equity History November 17th 2024
納斯達克:THRD 負債與股本歷史 2024年11月17日

How Is Third Harmonic Bio's Cash Burn Changing Over Time?

第三諧波生物的現金消耗隨時間變化的情況如何?

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.

第三諧波生物在過去一年沒有記錄任何營業收入,這表明它是一家仍在開發業務的早期公司。儘管如此,我們仍然可以作爲評估其現金消耗情況的一部分審視其現金消耗軌跡。在過去一年中,現金消耗率上升了19%,這似乎表明公司正在不斷加大對業務的投資。然而,如果支出繼續增加,公司的真實現金跑道將比上面所建議的要短。顯然,關鍵因素是公司是否會在未來發展其業務。因此,您可能想要看看公司在未來幾年內的預期增長情況。

Can Third Harmonic Bio Raise More Cash Easily?

第三諧波生物能更容易地籌集更多資金嗎?

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,第三諧波生物的股東可能希望考慮它籌集更多現金的難易程度,儘管它有良好的現金儲備。公司可以通過債務或股權來籌集資金。通常,企業會發行新股以籌集現金並推動增長。我們可以將公司的現金消耗與其市值進行比較,以了解公司需要發行多少新股以資助一年的運營。

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.

第三諧波生物的市值爲54700萬美元,去年消耗了2900萬美元,佔公司市值的5.3%。考慮到這個比例相對較小,公司通過向投資者發行一些新股份或甚至通過貸款來資助未來一年的增長可能會非常容易。

So, Should We Worry About Third Harmonic Bio's Cash Burn?

那麼,我們應該擔心第三諧波生物的現金消耗嗎?

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.

你可能已經注意到,我們對第三諧波生物的現金消耗相對感到放心。特別是,我們認爲其現金儲備突顯出公司在支出方面的管理能力。儘管其不斷增加的現金消耗確實讓我們停下來思考,但本文中討論的其他指標總體上呈現出積極的局面。在考慮到本報告中提到的各種指標後,我們對公司支出現金的方式感到比較滿意,因爲它似乎有望在中期滿足其需求。經過深入分析,我們發現第三諧波生物有5個警告信號需要你注意,其中2個讓我們感到不安。

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.

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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。

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