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CRON, Cronos Group Inc. Common Share

Pharmaceuticals consumer brand UnprofitableNet current asset value

Cronos common shares are currently listed on the Toronto Stock Exchange and on the NASDAQ Global Market under the trading symbol "CRON."

With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio.

Cronos' diverse international brand portfolio includes Spinach , PEACE NATURALS , LIT , and Lord Jones .

Latest annual: FY2025 10-K

CRON · Cronos Group Inc. Common Share

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$147M

+24.6% YoY · 26% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $160M 5-yr avg $101M

Operating margin −9.5% 5-yr avg −151.0%

ROIC −5% 5-yr avg −26%

Owner-earnings margin 17% 5-yr avg −80%

Free cash flow margin 17% 5-yr avg −82%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Cannabis flower (68%) and Cannabis extracts (24%).
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
What moves the needle: Operating margin has run around −169% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Inventory runs near 43% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −23%, above 15% in 0 of 9 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Cannabis flower is 68% of revenue, with Cannabis extracts the other meaningful line at 24%.

Revenue by product line, FY2025

Cannabis flower68%$108M
Cannabis extracts24%$38M
Other0%$411K

By geographyCanada57%Israel26%Other countries9%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$3M	$12M	$24M	$47M	$65M	$87M	$87M	$118M	$147M	$160M	RevenueRevenue
156%	110%	343%	172%	141%	78%	57%	40%	29%	28%	SG&A / revenueSG&A/rev
0%	15%	51%	44%	34%	15%	7%	4%	3%	3%	R&D / revenueR&D/rev
($6M)	($20M)	($153M)	($219M)	($292M)	($111M)	($85M)	($77M)	($17M)	($15M)	Operating incomeOp. inc.
−194.5%	−168.7%	−645.5%	−469.6%	−452.2%	−128.4%	−97.2%	−65.1%	−11.9%	−9.5%	Operating marginOp. mgn
($1M)	($22M)	$1.2B	($73M)	($396M)	($169M)	($74M)	$41M	($9M)	($2M)	Net incomeNet inc.
										Cash flow & returns
($4M)	($8M)	($131M)	($145M)	($154M)	($89M)	($43M)	$19M	$26M	$39M	Operating cash flowOp. cash
$768K	$2M	$4M	$7M	$15M	$13M	$8M	$9M	$14M	$15M	DepreciationDeprec.
($5M)	$4M	($1.3B)	($94M)	$217M	$52M	$14M	($40M)	$14M	$19M	Working capital & otherWC & other
$33M	$88M	$39M	$31M	$11M	$3M	$3M	$12M	$26M	$12M	CapexCapex
n/m	728.6%	162.8%	67.2%	17.3%	4.0%	2.9%	10.6%	17.5%	7.7%	Capex / revenueCapex/rev
($5M)	($9M)	($135M)	($152M)	($165M)	($92M)	($45M)	$10M	$12M	$27M	Owner earningsOwner earn.
−160.3%	−78.0%	−570.4%	−325.2%	−255.2%	−106.5%	−52.0%	8.1%	7.9%	16.6%	Owner earnings marginOE mgn
($37M)	($96M)	($170M)	($176M)	($165M)	($92M)	($45M)	$6M	$149K	$27M	Free cash flowFCF
n/m	−790.6%	−715.2%	−377.3%	−255.2%	−106.5%	−52.0%	5.5%	0.1%	16.6%	Free cash flow marginFCF mgn
$0	$0	$224M	$0	$0	—	—	—	—	$0	AcquisitionsAcquis.
—	—	—	—	—	—	$0	$0	$10M	—	BuybacksBuybacks
-9%	-13%	-28%	-27%	-51%	-23%	-16%	-37%	-5%	-5%	ROICROIC
-2%	-15%	67%	-4%	-30%	-15%	-7%	4%	-1%	-0%	Return on equityROE
−2%	−15%	67%	−4%	−30%	−15%	−7%	4%	−1%	−0%	Retained to equityRetained/eq
										Balance sheet
$7M	$24M	$1.5B	$1.3B	$1.0B	$878M	$862M	$859M	$832M	$822M	Cash & investmentsCash+inv
—	$3M	$5M	$9M	$22M	$23M	$14M	$15M	$34M	$33M	ReceivablesReceiv.
—	$7M	$38M	$44M	$33M	$38M	$30M	$33M	$47M	$49M	InventoryInvent.
—	$1M	$9M	$19M	$11M	$11M	$12M	$17M	$12M	$10M	Accounts payablePayables
—	$9M	$33M	$34M	$44M	$50M	$32M	$32M	$69M	$71M	Operating working capitalOper. WC
—	$40M	$1.6B	$1.4B	$1.1B	$960M	$933M	$936M	$944M	$928M	Current assetsCur. assets
—	$33M	$333M	$207M	$54M	$68M	$41M	$50M	$48M	$42M	Current liabilitiesCur. liab.
—	1.2×	4.7×	6.6×	19.9×	14.1×	22.5×	18.8×	19.6×	21.9×	Current ratioCurr. ratio
$1M	$1M	$214M	$180M	$1M	$1M	$1M	$63M	$66M	$65M	GoodwillGoodwill
—	$183M	$2.1B	$1.9B	$1.4B	$1.2B	$1.1B	$1.2B	$1.2B	$1.2B	Total assetsAssets
($7M)	($24M)	($1.5B)	($1.3B)	($1.0B)	($878M)	($862M)	($859M)	($832M)	($822M)	Net debt / (cash)Net debt
-60.6×	-147.1×	-123.2×	-1179.5×	-10813.7×	-8571.4×	—	—	—	-1165.8×	Interest coverageInt. cov.
$64M	$148M	$1.7B	$1.7B	$1.3B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	Shareholders’ equityEquity
61.4%	67.2%	48.9%	32.9%	15.7%	17.4%	10.1%	7.4%	4.8%	3.9%	Stock comp / revenueSBC/rev
—	—	—	$35M	$37K	—	—	—	$700K	$700K	Goodwill written downGW imp.
										Per share
177M	172M	343M	352M	370M	377M	381M	386M	383M	382M	Shares out (diluted)Shares
$0.02	$0.07	$0.07	$0.13	$0.17	$0.23	$0.23	$0.31	$0.38	$0.42	Revenue / shareRev/sh
$-0.01	$-0.13	$3.40	$-0.21	$-1.07	$-0.45	$-0.19	$0.11	$-0.02	$-0.00	EPS (diluted)EPS
$-0.03	$-0.05	$-0.40	$-0.43	$-0.44	$-0.25	$-0.12	$0.02	$0.03	$0.07	Owner earnings / shareOE/sh
$-0.21	$-0.56	$-0.50	$-0.50	$-0.44	$-0.25	$-0.12	$0.02	$0.00	$0.07	Free cash flow / shareFCF/sh
$0.19	$0.51	$0.11	$0.09	$0.03	$0.01	$0.01	$0.03	$0.07	$0.03	Cap. spending / shareCapex/sh
$0.36	$0.86	$5.10	$4.87	$3.61	$3.03	$2.89	$2.76	$2.85	$2.81	Book value / shareBVPS

The diluted share count moved ×1.99 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+46.7%/yr	+23.5%/yr
Capital spending / share	−12.0%/yr	−5.6%/yr
Book value / share	+29.5%/yr	−10.1%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

383Mpeak FY2024

ROIC

−5%low FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$12Mowner earningsvs.($9M)net incomelow FY2021

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $12M of owner earnings, the operating cash left after the $14M it takes just to hold its position. It put $11M more into growth; free cash flow, after that spending, was $149K.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($9M)	$41M	($74M)	($169M)	($396M)
Depreciation & amortizationnon-cash charge added back	+$14M	+$9M	+$8M	+$13M	+$15M
Stock-based compensationreal costnon-cash, but a real cost	+$7M	+$9M	+$9M	+$15M	+$10M
Working capital & othertiming of cash in and out, other non-cash items	+$14M	−$40M	+$14M	+$52M	+$217M
Cash from operations	$26M	$19M	($43M)	($89M)	($154M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$14M	−$9M	−$3M	−$3M	−$11M
Owner earnings	$12M	$10M	($45M)	($92M)	($165M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$11M	−$3M	—	—	—
Free cash flow	$149K	$6M	($45M)	($92M)	($165M)
Owner-earnings marginowner earnings ÷ revenue	8%	8%	-52%	-107%	-255%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $14M, roughly its depreciation, the rate its assets wear out). The other $11M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $7M), owner earnings is nearer $5M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -1338.1×

Does not cover its interest

Operating income ($17M) ÷ interest expense $13K

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$832M

Net cash, debt-free

Cash $792M + ST investments $40M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $832M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median -42%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 8%

Positive this year, negative across the cycle

latest $12M = operating cash $26M − maintenance capex $14M (positive this year), after an earlier loss stretch (9-yr median -107%)

Industry peers: median -30%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 8% of revenue this year, a -107% median across 9 years. It chose to put $11M more into growth, so free cash flow this year was $149K — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $7M of SBC) leaves $5M.
Are earnings backed by cash? $26M

Loss, but cash-generative

Net income ($9M) · cash from operations $26M

In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 84%

Returns about half

Dividends + buybacks $10M ÷ Owner Earnings $12M

What this means
Of $12M Owner Earnings, $10M (84%) went back to shareholders, $0 dividends, $10M buybacks. Net of $7M stock comp, the real buyback was about $3M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.81×

Expanding

Capex $26M ÷ depreciation $14M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $147M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 19.59×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Miss

A profit every year (9-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −104%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.04/share (latest year $-0.03), the averaged base the calculator's gate runs on, and book value is $2.93/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 2 of 9

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Operating margin −336% → −58% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about −336% early to −58% lately, median −169% — pricing power intact or improving.
Worst year 2019 · −645.5% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$928M

Cash & short-term investments$822M
Receivables$33M
Inventory$49M
Other current assets$24M

Current liabilities$42M

Accounts payable$10M
Other current liabilities$32M

Current ratio21.87×all current assets ÷ what's due · Graham looked for 2×

Quick ratio20.73×stricter: inventory excluded

Cash ratio19.37×strictest: cash alone against what's due

Working capital$885Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+40.7%the freshest read on whether the business is still growing

Current ratio, recent quarters28.3× → 21.9×

Deeper floors

Tangible book value$1000Mequity stripped of goodwill & intangibles

Net current asset value$880MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1M$1M of it operating leases

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$75M6% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity6%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$224Mover 9 years buying other businesses, against $247M of capital spent building

$36M written down across 3 years (2020, 2021, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 16% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Michael Gorenstein	$2.5M	−$4.4M	($165M)
2022	Michael Gorenstein	$16.5M	$13.0M	($92M)
2022	Michael Gorenstein	$728k	−$1.6M	($92M)
2023	Michael Gorenstein	$3.7M	$2.0M	($45M)
2024	Michael Gorenstein	$4.2M	$3.9M	$10M
2025	Michael Gorenstein	$4.1M	$4.9M	$12M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$7M
The slice of the business handed to employees in shares this year, 5% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Cronos Group Inc. Common Share is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereDid reported profit become cash?-1.14×
Across the record the business reported $463M of net income but generated ($529M) of operating cash, a -1.14-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.
Look hereAre "one-time" charges a yearly habit?7 of 9 years
Management took an impairment or write-down in 7 of the last 9 years, $180M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Credit & receivables, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MRVIMaravai LifeSciences Holdings Inc.	$186M	53%	16.8%	-32%	21%
CYRXCryoPort Inc.	$176M	46%	-44.0%	-14%	-17%
DNAGinkgo Bioworks Holdings Inc.	$170M	—	-246.5%	-351%	-105%
LQDALiquidia Corporation	$158M	76%	-419.6%	-163%	-266%
CRONCronos Group Inc. Common Share	$147M	—	-168.7%	-23%	-107%
BEAMBeam Therapeutics Inc.	$140M	—	-654.3%	-63%	-258%
XNCRXencor Inc.	$126M	—	-69.2%	-12%	-30%
GLUEMonte Rosa Therapeutics Inc.	$124M	—	-43.8%	-42%	-22%
Group median	—	—	-118.9%	-37%	-68%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Cronos Group Inc. Common Share has delivered.

Today’s price $

Base Normalize · through-cycle (($13M)) Net of stock comp (−$6M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2024−98%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $27M on 374M shares outstanding, per the 10-Q cover, as of 2026-05-06; net cash $822M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CRON against another business →

The owners of CRON: the meeting and the votes →

Cite: Owner Scorecard, "Cronos Group Inc. Common Share (CRON), the owner's record," https://ownerscorecard.com/c/CRON, data as of 2026-07-09.

Manual order: ← CRNX its page in the Manual CROX →

Industry order: ← CRNX the Pharmaceuticals chapter CTMX →