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Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$2.7M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -68% against ROIC -68% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -141.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2024 | FY2025 |
|---|
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TTRX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $4.0M (at 2025-12-31) covers the $1.3M due within a year 3.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 |
|---|---|---|
| Research & Development | $266K | $246K |
| Selling, General & Admin | $5.6M | $1.6M |
| Total Operating Expenses | $5.9M | $1.8M |
| Operating Income | -$5.9M | -$1.8M |
| Interest & Investment Income | $30K | $29K |
| Other Income (Expense), net | $2.7M | $29K |
| Net Income | -$3.2M | -$1.8M |
| Per Share | ||
| EPS (Basic) | -$0.12 | -$0.07 |
| EPS (Diluted) | -$0.12 | -$0.07 |
| Weighted Avg Shares (Basic) | 27.7M | 26.6M |
| Weighted Avg Shares (Diluted) | 27.7M | 26.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TBPH | $884M | 8.3× | — | 8.2× | 66.9% | — | 98.5% | 35.7% | 35.7% | — | 1 |
| ARDX | $800M | — | — | 2.0× | 22.1% | 90.3% | -15.1% | -36.9% | -16.7% | — | 30 |
| COLL | $782M | 13.9× | 3.0× | 1.0× | 23.6% | 59.3% | 8.1% | 20.8% | 20.8% | -1.3× | 40 |
| GYRE | $680M | 320.5× | 45.1× | 5.8× | 10.2% | 95.4% | 8.5% | 15.8% | 15.8% | -3.5× | 7 |
| LXRX | $659M | — | — | 13.2× | 60.2% | 99.4% | -101% | -46.8% | -31.2% | — | 18 |
| ZVRA | $615M | 7.7× | — | 5.8× | 351% | — | 78.2% | 53.8% | 38.4% | — | 27 |
| CRMD | $599M | 3.8× | 3.0× | 1.9× | 617% | 88.5% | 52.3% | 40.2% | 40.2% | -1.0× | 24 |
| IRWD | $598M | 24.1× | 3.8× | 2.0× | -15.7% | — | 8.1% | -9.2% | -9.2% | -2.2× | 36 |
| ACRS | $587M | — | — | 75.0× | -58.2% | 73.3% | -830% | -63.0% | -63.0% | — | 20 |
| PBYI | $544M | 17.3× | 14.8× | 2.4× | -0.9% | 74.5% | 13.6% | 23.9% | 17.7% | 0.4× | 31 |
| AMRN | $536M | — | — | 2.5× | -6.5% | 56.6% | -18.2% | -8.4% | -8.4% | — | 9 |
| SVA | $465M | — | — | 1.2× | 6.8% | 67.9% | -51.5% | -4.5% | -4.0% | — | 2 |
| VREOF | $413M | — | 20.7× | 1.5× | 170% | 47.3% | -25.3% | -22.2% | -22.2% | -6.8× | — |
| EBS | $370M | 7.8× | 3.8× | 0.5× | -28.8% | 56.1% | 7.1% | 10.1% | 4.8% | 1.9× | 29 |
| TTRX | $326M | — | — | — | — | — | — | -68.2% | -68.2% | — | 9 |
| QTTB | $264M | 3.7× | 12.5× | 4.9× | — | — | 55.5% | 71.0% | 71.0% | -2.8× | 3 |
| ELTP | $248M | 7.7× | 4.3× | 1.7× | 77.1% | 50.4% | 30.1% | 45.4% | 45.4% | -0.6× | — |
| SIGA | $228M | 9.9× | 3.0× | 2.4× | -31.8% | 68.6% | 24.6% | 11.7% | 11.7% | -6.4× | 25 |
| PYXS | $226M | — | — | 16.3× | -14.2% | 82.8% | -575% | -149% | -149% | — | 10 |
| NATR | $216M | 11.6× | 3.2× | 0.5× | 5.7% | 72.4% | 4.1% | 12.1% | 12.1% | -2.4× | 19 |
| AKBA | $206M | — | 2.8× | 0.9× | 47.5% | 83.3% | -2.3% | -16.4% | -6.6% | -5.5× | 27 |
| WHWK | $188M | — | — | 26.3× | -72.5% | 89.4% | -288% | -15.1% | -15.1% | — | 10 |
| DERM | $153M | — | — | 2.5× | 10.2% | 66.2% | -18.5% | -35.9% | -20.0% | — | 4 |
| MGNX | $152M | — | — | 1.0× | -0.3% | 100% | -49.9% | -134% | -134% | — | 18 |
| BGM | $127M | — | — | 3.4× | 51.1% | 16.6% | -52.6% | -5.1% | -5.1% | — | — |
Peers = companies sharing TTRX's sector (Pharmaceutical Preparations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
Return on equity (-68%) and return on invested capital (-68%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 10 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-04 | Dewhurst Martin William Director | Grant | 71,666 | $0.00 | — |
| 2026-06-04 | Gengos Andrew Director | Grant | 95,000 | $0.00 | — |
| 2026-06-04 | Golden Arthur F Director | Grant | 89,584 | $0.00 | — |
| 2026-06-04 | Kester Kent Edward Director | Grant | 83,334 | $0.00 | — |
| 2026-05-28 | 8 co-filers |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Giftindirect |
| 300,000 |
| $0.00 |
| $0 |
| 2026-05-28 | 8 co-filers Group filing | Giftindirect | 300,000 | $0.00 | $0 |
| 2026-05-28 | 8 co-filers Group filing | Giftindirect | 300,000 | $0.00 | $0 |
| 2026-05-28 | 8 co-filers Group filing | Giftindirect | 300,000 | $0.00 | $0 |
| 2026-04-02 | 2 co-filers Group filing | Giftindirect | 300,000 | $0.00 | $0 |
| 2026-04-02 | Golden Arthur F Director | Gift | 300,000 | $0.00 | $0 |
| 2026-04-01 | 2 co-filers Group filing | Grant | 160,000 | $0.00 | — |
| 2026-04-01 | Chaudhary Zuraiz See Remarks | Grant | 80,000 | $0.00 | — |
| 2026-01-07 | Dewhurst Martin William Director | Grant23d late | 21,882 | $0.00 | $0 |
| 2025-12-12 | Chaudhary Zuraiz See Remarks | Open-market buy | 2,500 | $3.50 | $9k |
| 2025-11-24 | Golden Arthur F Director | Open-market buy | 9,868 | $3.44 | $34k |
| 2025-11-21 | Golden Arthur F Director | Open-market buy | 20,532 | $2.87 | $59k |
| 2025-11-21 | 2 co-filers See Remarks | Open-market buy | 1,000 | $3.29 | $3k |
| 2025-11-20 | 2 co-filers See Remarks | Open-market buy | 1,450 | $2.61 | $4k |
| 2025-11-17 | Chaudhary Zuraiz See Remarks | Open-market buy | 2,500 | $3.62 | $9k |