Biotechnology

ABCL AbCellera Biologics Inc.

AbCellera is a clinical-stage biotechnology company focused on discovering and developing first-in-class antibody medicines for indications with high unmet medical need.

Owner earnings 2019–2025 ($1M)$13M$186M$207M($121M)($187M)($174M)

Retained capital Paid out $27M more than it earned over 2019–2025; annual owner earnings fell $227M.

Balance sheet Net cash, debt-free, +$129M

ABEO Abeona Therapeutics Inc.

Abeona Therapeutics Inc. is a commercial-stage biopharmaceutical company developing cell and gene therapies for life-threatening diseases.

Owner earnings 2016–2025 ($14M)($24M)($41M)($36M)($69M)($44M)($37M)($79M)

Retained capital not read

Balance sheet Net cash, +$171M

ACOG Alpha Cognition Inc.

Our commercial development program for ZUNVEYL is primarily focused on building a long-term care commercial team that can focus on providing key points of differentiation, exploiting key issues with existing Acetylcholinesterase inhibitors treatments, and franchising potential additional indications and new products.

Owner earnings FY2025 ($20M)

Retained capital not read

Balance sheet Net cash, +$65M

ADMA ADMA Biologics Inc

This PAS approval amends the Biologics License Application approvals for ASCENIV and BIVIGAM and will continue to be the process by which we will manufacture these products on a go-forward basis.

Owner earnings 2016–2025 ($18M)($39M)($65M)($79M)($105M)($117M)($66M)$4M$110M$42M

Retained capital not read

Balance sheet Modest net debt, $12M

ADPT Adaptive Biotechnologies Corporation

We capture these insights in our dynamic clinical immunomics database and related antigen annotations, which are underpinned by computational biology and machine learning, and use them to develop and commercialize clinical products and services that can be tailored to the needs of individual patients.

Owner earnings 2017–2025 ($37M)($37M)$199M($156M)($205M)($200M)($167M)($99M)($49M)

Retained capital not read

Balance sheet Net debt against an operating loss, $61M

ALVO Alvotech

We are a vertically integrated biotechnology company focused solely on the development and manufacture of biosimilar medicines for patients worldwide.

Owner earnings 2020–2025 ($82M)($249M)($336M)($338M)($268M)($88M)

Retained capital not read

Balance sheet Heavy net debt, $1.1B

ALVOW Alvotech

We are a vertically integrated biotechnology company focused solely on the development and manufacture of biosimilar medicines for patients worldwide.

Owner earnings 2020–2025 ($82M)($249M)($336M)($338M)($268M)($88M)

Retained capital not read

Balance sheet Heavy net debt, $1.1B

AMGN Amgen Inc.

Amgen is one of the original biotechnology companies. It discovers, makes and sells patent-protected prescription medicines — biologic drugs grown in living cells, alongside some conventional pills — for serious conditions, and earns its keep from a portfolio of branded treatments rather than any single product. The medicines move mostly through a handful of large drug wholesalers, who deliver them to pharmacies, hospitals and clinics; the bills are paid largely by insurers and government health programs, not by the patient at the counter.

Owner earnings 2016–2025 $9.6B$10.5B$10.6B$8.5B$9.9B$8.4B$8.8B$7.4B$10.4B$8.1B

Retained capital Paid out $22.3B more than it earned over 2016–2025; annual owner earnings fell $1.6B.

Balance sheet Modest net debt, $7.6B · buybacks at an average near $197 · dividend paid 10 of 10 yrs, never cut

AUTL Autolus Therapeutics PLC

We are an early commercial-stage biopharmaceutical company developing, manufacturing and delivering next-generation T cell therapies and candidates for the treatment of cancer and autoimmune diseases.

Owner earnings 2023–2025 ($152M)($214M)($292M)

Retained capital not read

Balance sheet Net cash, debt-free, +$104M

BCRX BioCryst Pharmaceuticals Inc.

We are a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema and other rare diseases, driven by our deep commitment to improving the lives of people living with these conditions.

Owner earnings 2016–2025 ($54M)($41M)($93M)($90M)($136M)($143M)($163M)($97M)($53M)$346M

Retained capital not read

Balance sheet Net cash, debt-free, +$275M

BEAM Beam Therapeutics Inc.

We are a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines.

Owner earnings 2019–2025 ($76M)($100M)($74M)$8M($169M)($356M)($360M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.2B

BIIB Biogen Inc.

Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases.

Owner earnings 2016–2025 $4.0B$3.7B$5.4B$6.6B$3.8B$3.4B$1.1B$1.3B$2.7B$2.1B

Retained capital Retained $7.4B of earnings over 2016–2025; annual owner earnings fell $2.3B, $-0.32 per $1 retained.

Balance sheet Modest net debt, $1.7B

BNTX BioNTech SE American Depositary Share

Our multi-technology combination of platforms and product candidates aims to position us as pioneers in the field of individualized, patient-centric therapeutic approaches in oncology and infectious diseases.

Owner earnings 2017–2025 (€63M)(€81M)(€237M)(€52M)€815M€13.5B€5.3B€162M€399M

Retained capital Retained €18.1B of earnings over 2017–2025; annual owner earnings grew €2.1B, €0.12 per €1 retained.

Balance sheet Net cash, +€14.6B · dividend paid 1 of 9 yrs, cut at least once

CADL Candel Therapeutics Inc.

We are a clinical stage biopharmaceutical company focused on developing off-the-shelf viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer.

Owner earnings 2020–2022 ($9M)($22M)($32M)

Retained capital not read

Balance sheet Net cash, +$118M

CCCC C4 Therapeutics Inc.

We are a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation, or TPD, science to create a new generation of small-molecule medicines that transform patients' lives.

Owner earnings 2021–2025 ($88M)($111M)($109M)($65M)($99M)

Retained capital not read

Balance sheet Net cash, debt-free, +$308M

CGEN Compugen Ltd.

We are a clinical-stage therapeutic discovery and development company utilizing Unigen , our AI/ML powered computational discovery platform, to identify novel drug targets and to develop therapeutics in the field of cancer immunotherapy.

Owner earnings 2016–2025 ($21M)($31M)($13M)($28M)($28M)($23M)($35M)($36M)$49M$31M

Retained capital not read

Balance sheet Net cash, debt-free, +$100M

CGON CG Oncology Inc.

Revenue is Commercial and Development Revenue (80%) and License and Collaboration Revenue (20%).

Owner earnings 2024–2025 ($79M)($132M)

Retained capital not read

Balance sheet Net cash, +$739M

CLDX Celldex Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($116M)($102M)($76M)($47M)($42M)($62M)($106M)($109M)($160M)($214M)

Retained capital not read

Balance sheet Net cash, +$507M

CLLS Cellectis S.A.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($35M)($55M)($71M)($76M)($90M)($112M)($90M)($25M)$20M($42M)

Retained capital not read

Balance sheet Net cash, debt-free, +$73M

CRSP CRISPR Therapeutics AG

We are a leading biopharmaceutical company focused on the development of CRISPR-based therapeutics, including by using CRISPR/Cas9 technology.

Owner earnings 2016–2025 ($54M)($73M)($99M)$52M($248M)$521M($520M)($270M)($145M)($346M)

Retained capital not read

Balance sheet Net cash, +$1.9B

DBVT DBV Technologies S.A.

DBV Technologies is a late-stage specialty biopharmaceutical company focused on changing the field of immunotherapy by developing a novel technology platform called Viaskin.

Owner earnings 2019–2025 ($154M)($168M)($109M)($56M)($80M)($107M)($122M)

Retained capital not read

Balance sheet Net cash, +$193M

DNA Ginkgo Bioworks Holdings Inc.

Ginkgo does not make end products; instead, we offer biological R&D services on our platform to enable our customers to bring their products to market.

Owner earnings 2019–2025 ($55M)($150M)($283M)($304M)($336M)($382M)($179M)

Retained capital not read

Balance sheet Net cash, debt-free, +$423M

EVAX Evaxion A/S American Depositary Share

Evaxion is a pioneering TechBio company based upon our proprietary AI platform, AI-Immunology , which has been continuously developed and refined over the past 18 years.

Owner earnings 2018–2025 ($2M)($7M)($13M)($22M)($26M)($18M)($13M)($7M)

Retained capital not read

Balance sheet Net cash, +$9M

EXEL Exelixis Inc.

Exelixis Inc. is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care.

Owner earnings 2015–2026 ($142M)$209M$164M$411M$519M$387M$342M$308M$672M$876M

Retained capital Retained $708M of earnings over 2015–2026; annual owner earnings grew $541M, $0.76 per $1 retained.

Balance sheet Net cash, +$870M · buybacks at an average near $31.37

FATE Fate Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($30M)($38M)($40M)($85M)($42M)($169M)($262M)($138M)($124M)($112M)

Retained capital not read

Balance sheet Net cash, +$189M

FDMT 4D Molecular Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2019–2025 ($38M)($52M)($71M)($89M)($79M)($138M)($110M)

Retained capital not read

Balance sheet Net cash, debt-free, +$403M

FENC Fennec Pharmaceuticals Inc.

Fennec is a commercial stage specialty pharmaceutical company dedicated to preventing cisplatin-induced ototoxicity is the branded name for PEDMARK outside of the U.S.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$17M

GILD Gilead Sciences Inc.

Gilead is a biopharmaceutical company that discovers, develops, and sells prescription medicines, anchored in antiviral drugs — above all treatments for HIV, many sold as single-tablet, fixed-dose regimens — alongside a portfolio of other therapies. It reaches patients through a small set of wholesale distributors that resell to pharmacies, hospitals, and government health programs, so its named customers are few though the prescribers are many. The money is made on patent-protected drugs that cost little to make against what they fetch, which is what puts the gross margin where the record below shows it.

Owner earnings 2016–2025 $16.3B$11.3B$7.5B$8.3B$7.5B$10.8B$8.3B$7.4B$10.3B$9.5B

Retained capital Paid out $3.5B more than it earned over 2016–2025; annual owner earnings fell $2.6B.

Balance sheet Meaningful net debt, $25.9B · buybacks at an average near $71.94 · dividend paid 10 of 10 yrs, never cut

GLUE Monte Rosa Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2023–2025 ($50M)$38M($27M)

Retained capital not read

Balance sheet Net cash, debt-free, +$130M

HALO Halozyme

Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies.

Owner earnings 2016–2025 ($53M)$133M($52M)($89M)$53M$298M$235M$377M$468M$645M

Retained capital Paid out $311M more than it earned over 2016–2025; annual owner earnings grew $487M.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $42.85

IBRX ImmunityBio Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($42M)($54M)($73M)($156M)($173M)($289M)($356M)($385M)($398M)($309M)

Retained capital not read

Balance sheet Net debt against an operating loss, $82M

IDXX IDEXX Laboratories Inc.

Revenue is Products (59%) and Services (41%).

Owner earnings 2016–2025 $274M$299M$317M$371M$541M$636M$431M$773M$808M$1.1B

Retained capital Retained $955M of earnings over 2016–2025; annual owner earnings grew $583M, $0.61 per $1 retained.

Balance sheet Modest net debt, $519M · buybacks at an average near $312

IMCR Immunocore Holdings plc

We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases.

Owner earnings 2021–2025 ($144M)($51M)($1M)$21M($14M)

Retained capital not read

Balance sheet Net cash, debt-free, +$864M

INBX Inhibrx Biosciences Inc.

We are a clinical-stage biopharmaceutical company with a pipeline of novel biologic therapeutic candidates, developed using our proprietary modular protein engineering platforms.

Owner earnings 2023–2025 ($195M)($197M)($130M)

Retained capital not read

Balance sheet Net cash, +$24M

IOVA Iovance Biotherapeutics Inc.

Our multi-center trials, scalable manufacturing, regulatory approvals and commercial infrastructure have transformed TIL cell therapy from a research product available to only a small number of patients, into a commercially viable treatment that is accessible for thousands of cancer patients.

Owner earnings 2013–2025 ($4M)$7M($20M)($34M)($80M)($102M)($384M)($364M)($336M)

Retained capital not read

Balance sheet Net cash, +$288M

IPHA Innate Pharma S.A. ADS

The clinical studies of Innate's product candidates are and will be, subject to regulations by numerous government authorities in the United States, in the European Union and in other countries where the Company intends to test and, if approved, market any product candidate.

Owner earnings 2017–2025 (€51M)(€33M)€34M(€53M)(€59M)(€20M)(€33M)(€7M)(€53M)

Retained capital not read

Balance sheet Net cash, debt-free, +€34M

IPSC Century Therapeutics Inc.

We are a biotechnology company harnessing the power of allogeneic pluripotent stem cell therapies to develop potentially curative cell therapy products for autoimmune diseases, including type 1 diabetes, or T1D, and cancer.

Owner earnings 2022–2025 $6M($102M)($110M)($105M)

Retained capital not read

Balance sheet Net cash, +$107M

KRYS Krystal Biotech

We are commercializing VYJUVEK directly in the United States, major European markets, and Japan.

Owner earnings 2021–2025 ($51M)($105M)($94M)$119M$195M

Retained capital Retained $95M of earnings over 2021–2025; annual owner earnings grew $157M, $1.64 per $1 retained.

Balance sheet Net cash, +$492M

KYMR Kymera Therapeutics Inc.

We are a clinical-stage biopharmaceutical company dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated oral medicines that address significant health problems and meaningfully improve patients' lives.

Owner earnings 2019–2025 $17M$86M($131M)($156M)($106M)($202M)($234M)

Retained capital not read

Balance sheet Net cash, debt-free, +$357M

LNTH Lantheus Holdings

Our diagnostic products provide information that enables HCPs to better detect and characterize, or rule out, disease, with the potential to achieve better patient outcomes, reduce patient risk, and limit overall costs.

Owner earnings 2016–2025 $42M$37M$47M$67M$16M$54M$234M$260M$493M$354M

Retained capital Retained $563M of earnings over 2016–2025; annual owner earnings grew $327M, $0.58 per $1 retained.

Balance sheet Modest net debt, $210M · buybacks at an average near $72.92

LXEO Lexeo Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings FY2022 ($55M)

Retained capital not read

Balance sheet Net cash, debt-free, +$150M

MAZE Maze Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings FY2024 $75M

Retained capital not read

Balance sheet Net cash, debt-free, +$342M

MESO Mesoblast Limited

Mesoblast is a commercial-stage biotechnology company and a world leader in developing allogeneic cellular medicines for the treatment of severe and life-threatening inflammatory conditions.

Owner earnings 2023–2025 ($64M)($49M)($51M)

Retained capital not read

Balance sheet Net cash, +$3M

MGTX MeiraGTx Holdings plc

We are a vertically integrated, clinical-stage genetic medicines company with a broad pipeline of late-stage clinical programs, including radiation-induced xerostomia, Parkinson's disease and AIPL1-associated retinal dystrophy.

Owner earnings 2019–2025 $18M($68M)($18M)($82M)($119M)($109M)($50M)

Retained capital not read

Balance sheet Net cash, +$16M

MRNA Moderna Inc.

Moderna is a pioneer and leader in the field of mRNA medicine.

Owner earnings 2016–2025 $52M($352M)($356M)($491M)$2.0B$13.3B$4.6B($3.8B)($3.2B)($2.1B)

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings fell $2.8B, $-1.40 per $1 retained.

Balance sheet Net cash, +$2.0B · buybacks at an average near $157

MYGN Myriad Genetics Inc.

GENETICS S.A. to develop a global liquid biopsy companion diagnostic solution.

Owner earnings 2016–2022 $161M$100M$108M$75M$51M$600K($152M)

Retained capital Paid out $310M more than it earned over 2016–2022; annual owner earnings fell $156M.

Balance sheet Net cash, +$30M · buybacks at an average near $31.71

NBIX Neurocrine

Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs.

Owner earnings 2016–2025 ($108M)($97M)$97M$140M$220M$246M$323M$372M$572M$757M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $603M, $0.59 per $1 retained.

Balance sheet Net cash, debt-free, +$1.1B

NEOG Neogen

Neogen Corporation develop, manufacture and market a diverse line of products and services dedicated to food and animal safety.

Owner earnings 2016–2025 $21M$46M$48M$49M$67M$60M$44M($25M)($76M)($46M)

Retained capital Paid out $755M more than it earned over 2016–2025; annual owner earnings fell $87M.

Balance sheet Net debt against an operating loss, $765M

NNNN Anbio Biotechnology

Anbio collaborates with third-party laboratories to develop in vitro diagnostic products tailored for laboratory, point-of-care testing, and over-the-counter markets.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$12M

NTLA Intellia Therapeutics Inc.

Intellia Therapeutics Inc. is a leading biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies.

Owner earnings 2016–2025 $35M($68M)($66M)($110M)($53M)($232M)($341M)($403M)($355M)($396M)

Retained capital not read

Balance sheet Net cash, debt-free, +$450M

NVAX Novavax Inc.

Our proprietary Matrix-M adjuvant is a key differentiator within our platform.

Owner earnings 2016–2025 ($266M)($149M)($186M)($138M)($47M)$310M($445M)($755M)($100M)($250M)

Retained capital not read

Balance sheet Net cash, +$491M

OCGN Ocugen Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2017–2025 ($23M)($12M)($17M)($15M)($49M)($65M)($73M)($46M)($57M)

Retained capital not read

Balance sheet Net debt against an operating loss, $10M

PLUR Pluri Inc.

We are a biotechnology company, leveraging our proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors.

Owner earnings 2014–2025 ($21M)($21M)($20M)($22M)($30M)($27M)($37M)($23M)($18M)($20M)

Retained capital not read

Balance sheet Net cash, +$16M

PLX Protalix BioTherapeutics Inc. (DE)

We are a commercial stage biopharmaceutical company focused on the discovery, development, production and commercialization of innovative therapeutics for rare diseases with significant unmet needs.

Owner earnings 2016–2025 ($33M)($11M)($8M)($20M)($27M)($11M)($26M)($2M)$7M($14M)

Retained capital not read

Balance sheet Net debt against an operating loss, $14M

PRME Prime Medicine Inc.

We are a biotechnology company focused on developing a new class of genetic medicines designed to provide durable, and potentially curative, treatment options for patients with diseases driven by defined genetic alterations, acquired cellular dysfunction, or dysregulated gene expression.

Owner earnings 2020–2025 ($6M)($35M)($134M)($170M)($130M)($167M)

Retained capital not read

Balance sheet Net cash, debt-free, +$63M

PROK ProKidney Corp.

We are a late-clinical-stage biotechnology company pioneering the development of a first-in-class, autologous cell therapy that is intended to preserve kidney function in patients with advanced chronic kidney disease and diabetes.

Owner earnings 2022–2025 ($79M)($94M)($132M)($127M)

Retained capital not read

Balance sheet Net cash, debt-free, +$109M

QDEL QuidelOrtho

Our global infrastructure and commercial reach support our customers across more than 140 countries and territories with quality diagnostics, a broad test portfolio and market-leading service.

Owner earnings 2021–2025 $581M$753M$71M($112M)($83M)

Retained capital Paid out $1.8B more than it earned over 2021–2025; annual owner earnings fell $510M.

Balance sheet Net debt against an operating loss, $2.7B

QGEN Qiagen N.V.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 $267M$197M$250M$213M$325M$449M$586M$310M$506M$453M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $185M, $0.13 per $1 retained.

Balance sheet Modest net debt, $556M · dividend paid 1 of 10 yrs, never cut

RGEN Repligen Corporation

Repligen is a global life sciences company that develops and commercializes highly innovated bioprocessing technologies and systems that increase efficiencies and flexibility in the process of manufacturing biological drugs.

Owner earnings 2016–2025 $3M$12M$22M$49M$40M$81M$121M$78M$150M$94M

Retained capital Retained $497M of earnings over 2016–2025; annual owner earnings grew $95M, $0.19 per $1 retained.

Balance sheet Net cash, +$225M

RGNX REGENXBIO Inc.

Our investigational gene therapies are designed to deliver functional genes to address genetic defects in cells, enabling the production of therapeutic proteins or antibodies that are intended to impact disease.

Owner earnings 2016–2025 ($49M)($61M)$101M($115M)($62M)$209M($220M)($228M)($176M)($126M)

Retained capital not read

Balance sheet Net cash, debt-free, +$230M

RLAY Relay Therapeutics Inc.

We are a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease.

Owner earnings 2020–2025 ($104M)($78M)($239M)($304M)($251M)($236M)

Retained capital not read

Balance sheet Net cash, debt-free, +$84M

RXRX Recursion Pharmaceuticals Inc.

Recursion is a clinical-stage TechBio company with a mission to decode biology to radically improve lives.

Owner earnings 2019–2025 ($60M)($49M)($167M)($95M)($300M)($373M)($378M)

Retained capital not read

Balance sheet Net cash, +$734M

SLDB Solid Biosciences Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2022 ($21M)($46M)($78M)($97M)($57M)($79M)($101M)

Retained capital not read

Balance sheet Net cash, debt-free, +$60M

STRO Sutro Biopharma Inc.

We are a clinical stage oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by our proprietary integrated cell-free protein synthesis platform, XpressCF , and our site-specific conjugation platform, XpressCF+ .

Owner earnings 2016–2018 ($18M)($40M)$11M

Retained capital not read

Balance sheet Net cash, +$137M

TARS Tarsus Pharmaceuticals Inc.

We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care.

Owner earnings 2020–2025 ($21M)$3M($49M)($118M)($84M)($13M)

Retained capital not read

Balance sheet Net cash, +$345M

TECH Bio-Techne

Bio-Techne, collectively doing business as Bio-Techne Corporation, develop, manufacture and sell life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide.

Owner earnings 2016–2025 $127M$129M$149M$156M$153M$308M$280M$216M$236M$257M

Retained capital Retained $435M of earnings over 2016–2025; annual owner earnings grew $101M, $0.23 per $1 retained.

Balance sheet Modest net debt, $183M · buybacks at an average near $66.33 · dividend paid 10 of 10 yrs, never cut

TSHA Taysha Gene Therapies Inc.

We are a clinical-stage biotechnology company focused on advancing AAV-based gene therapies for the treatment of severe monogenic diseases of the central nervous system, or CNS.

Owner earnings 2022–2025 ($90M)($74M)($82M)($94M)

Retained capital not read

Balance sheet Net cash, +$270M

TWST Twist Bioscience Corporation

We sell our products and services to a global customer base of more than 3,800, customers across a broad range of industries.

Owner earnings 2017–2025 ($56M)($70M)($94M)($149M)($122M)($141M)($170M)($69M)($76M)

Retained capital not read

Balance sheet Net cash, +$231M

VALN Valneva SE

We are a specialty vaccine company that develops, manufactures, and commercializes prophylactic vaccines for infectious diseases addressing unmet medical needs.

Owner earnings 2019–2025 (€5M)€119M(€15M)(€275M)(€217M)(€81M)(€57M)

Retained capital not read

Balance sheet Net debt against an operating loss, €66M

VCEL Vericel Corporation

Vericel Corporation is a leading provider of advanced therapies for the sports medicine and severe burn care markets.

Owner earnings 2016–2025 ($21M)($15M)($2M)($9M)$15M$26M$14M$31M$53M$40M

Retained capital Paid out $52M more than it earned over 2016–2025; annual owner earnings grew $54M.

Balance sheet Net cash, +$137M

VIR Vir Biotechnology Inc.

We typically contract with third parties, including CROs and CDMOs to conduct and manage preclinical studies and clinical trials, research services, and clinical manufacturing services on our behalf.

Owner earnings 2017–2025 ($67M)($96M)($133M)($195M)($53M)$1.7B($800M)($454M)($397M)

Retained capital not read

Balance sheet Net cash, debt-free, +$461M

XFOR X4 Pharmaceuticals Inc.

We are a biopharmaceutical company developing and commercializing novel therapeutics for the treatment of rare hematology diseases.

Owner earnings 2018–2025 ($25M)($48M)($59M)($72M)($77M)($97M)($131M)($86M)

Retained capital not read

Balance sheet Net cash, +$142M