Also trades as: 0IV3.L (LSE) · $vol 0M

$1.28

+0.02 (+1.59%)

Weekly Expected Move ±8.3%

$1 $1 $1 $1 $2

NASDAQ · Healthcare · Biotechnology · Alpha Radar Sell · Power 28 · $821.1M mcap · 536M float · 3.43% daily turnover · Short 50% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

46.5 / 100

NoneWeakNarrowWide

Primary source: Network Effects · ROIC: -25.1% · 5Y Avg: 1.8%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. GERN shows a Weak competitive edge (46.5/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Network Effects. Negative ROIC of -25.1% indicates the company is currently destroying value, though this may reflect a growth investment phase.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Analyst Recommendations

Strong Buy: 0Buy: 17Hold: 5Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$—

Analysts0

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2025-02-27	Barclays	Peter Lawson	Initiated	$4	—	+148.4%	$1.61
2024-11-05	H.C. Wainwright	Emily Bodnar	Initiated	$8	—	+88.7%	$4.24
2024-10-22	B.Riley Financial	Kalpit Patel	Initiated	$6	—	+39.2%	$3.95
2024-09-09	Leerink Partners	Faisal Khurshid	Initiated	$7	—	+64.7%	$4.25
2024-06-10	Goldman Sachs	Corinne Jenkins	$5	$6	+1	+21.3%	$4.95
2024-06-10	Stifel Nicolaus	Stephen Willey	Initiated	$7	—	+52.5%	$4.59
2024-04-29	Robert W. Baird	Joel Beatty	Initiated	$4	—	+8.7%	$4.14
2024-03-15	Needham	Gil Blum	$4	$5	+1	+48.8%	$3.36
2024-03-14	Goldman Sachs	Corinne Jenkins	Initiated	$5	—	+48.8%	$3.36
2023-01-09	Needham	—	Initiated	$4	—	+43.6%	$2.79
2023-01-04	Wedbush	—	Initiated	$6	—	+90.5%	$3.15

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

D+

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. GERN receives an overall rating of D+. Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (1/5), P/E (1/5), P/B (2/5).

Rating Change History

Date	From	To
2026-05-11	C-	D+
2026-05-06	D+	C-
2026-02-26	C-	D+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 34 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. GERN scores highest in Growth (88/100) and lowest in Safety (0/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

-1.86

Distress Zone

Piotroski F-Score

2/9

✗ ✗ ✓ ✗ ✗ ✗ ✗ ✗ ✓

Beneish M-Score

-2.10

Unlikely Manipulator

Ohlson O-Score

-5.82

Bankruptcy prob: 0.3%

Low Risk

Credit Rating

Score: 27.4/100

Trend: Deteriorating

Earnings Quality

—

OCF/NI: 1.81x

Accruals: 9.7%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. GERN scores -1.86, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. GERN scores 2/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. GERN's score of -2.10 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. GERN's implied 0.3% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. GERN receives an estimated rating of B (score: 27.4/100), with a deteriorating trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

-12.31x

PEG

-0.18x

P/S

4.19x

P/B

3.74x

P/FCF

-7.90x

P/OCF

—

EV/EBITDA

-21.85x

EV/Revenue

4.53x

EV/EBIT

-21.31x

EV/FCF

-7.04x

Earnings Yield

-6.98%

FCF Yield

-12.66%

Shareholder Yield

0.00%

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. GERN currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

1.000

NI / EBT

Interest Burden

1.668

EBT / EBIT

EBIT Margin

-0.213

EBIT / Rev

Asset Turnover

0.337

Rev / Assets

Equity Multiplier

2.300

Assets / Equity

ROE

-27.5%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. GERN's ROE of -27.5% is driven by Asset Turnover (0.337), indicating efficient use of assets to generate revenue. A tax burden ratio of 1.00 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

Assessment

Overvalued

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$1.28

Median 1Y

$0.95

5th Pctile

$0.30

95th Pctile

$2.96

Ann. Volatility

72.5%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Harout Semerjian (as sident and Chief Executive Officer (as of August 7, 2025)	$321,538	$—	$10,221,755
John A. Scarlett, M.D. Former Chairman of the Board, President and Chief Executive Officer	$309,781	$1,078,300	$7,422,754
Andrew J. Grethlein, Ph.D. Former Executive Vice President, Chief Operating Officer	$563,276	$368,200	$3,316,444
Ahmed ElNawawi President, Vice President, Chief Commercial Officer (as of October 20, 2025)	$107,692	$—	$2,881,334
James Ziegler President, cutive Vice President, Chief Commercial Officer (as of September 9, 2024)	$470,028	$234,070	$2,392,709
Michelle J. Robertson Executive Vice President, Finance, Chief Financial Officer, Treasurer and Interim Secretary	$559,800	$289,300	$2,250,082
Joseph Eid, M.D. Executive Vice President, Research & Development, Chief Medical Officer (as of November 11, 2024)	$650,000	$—	$1,001,052
Dawn C. Bir Former Interim President and Chief Executive Officer (as of March 17, 2025)	$318,190	$—	$522,122

CEO Pay Ratio

4108:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $10,221,755

Avg Employee Cost (SGA/emp): $2,488

Employees: 64,000

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

64,000

+27847.6% YoY

Revenue / Employee

$2,873

Rev: $183,881,000

Profit / Employee

$-1,340

NI: $-85,782,000

SGA / Employee

$2,488

Avg labor cost proxy

R&D / Employee

$1,152

Innovation spend

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	-58.3%	-62.3%	-68.8%	-70.2%	-69.3%	-77.8%	-1.4%	-1.5%	-1.7%	-1.7%	-1.1%	-1.2%	-1.3%	-1.2%	-66.1%	-52.6%	-33.3%	-30.3%	-33.9%	-27.5%	-27.50%
ROA	-46.2%	-49.5%	-46.7%	-47.7%	-47.1%	-52.9%	-68.1%	-72.0%	-82.1%	-83.9%	-63.0%	-68.9%	-75.1%	-68.8%	-35.3%	-28.1%	-17.8%	-16.2%	-14.7%	-12.0%	-11.95%
ROIC	-1.8%	-1.9%	39.0%	39.1%	38.8%	43.7%	3.0%	3.2%	3.7%	3.9%	-1028.3%	-1113.3%	-1205.5%	-1102.7%	30.3%	23.4%	13.5%	11.0%	-36.2%	-25.1%	-25.09%
ROCE	-41.8%	-44.3%	-63.2%	-63.3%	-62.0%	-66.0%	-1.2%	-1.3%	-1.5%	-1.5%	-61.5%	-67.0%	-72.9%	-66.1%	-30.9%	-22.9%	-11.8%	-9.1%	-11.6%	-9.1%	-9.09%
Gross Margin	-204.0%	-169.0%	-21.1%	-178.7%	1.0%	-81.8%	-260.7%	1.0%	1.0%	1.0%	1.0%	1.0%	98.1%	98.4%	98.4%	97.0%	97.6%	53.2%	97.3%	96.7%	96.74%
Operating Margin	-270.0%	-235.5%	-29.8%	-233.1%	-383.2%	-134.5%	-407.3%	-1909.1%	-1791.4%	-290.3%	-2360.4%	-184.7%	-78.6%	-99.8%	-42.2%	-42.2%	-25.4%	-29.4%	-22.5%	-0.5%	-0.46%
Net Margin	-276.4%	-244.9%	-30.8%	-244.7%	-385.2%	-138.2%	-413.9%	-1815.3%	-1697.5%	-273.2%	-2259.7%	-182.2%	-76.4%	-93.5%	-53.3%	-50.1%	-33.4%	-39.0%	-64.9%	-7.0%	-7.03%
EBITDA Margin	-269.5%	-235.1%	-29.7%	-232.7%	-360.5%	-110.7%	-474.5%	-1711.9%	-1618.9%	-259.0%	-2148.3%	-170.0%	-72.1%	-82.1%	-34.4%	-28.6%	-15.4%	-20.4%	-49.1%	0.2%	0.17%
FCF Margin	-195.6%	-213.7%	-68.7%	-70.4%	-80.3%	-74.9%	-214.4%	-284.5%	-314.7%	-513.9%	-711.3%	-355.2%	-151.9%	-7.3%	-2.8%	-1.8%	-1.1%	-72.4%	-60.4%	-64.4%	-64.40%
OCF Margin	-195.5%	-213.4%	-68.6%	-70.2%	-80.0%	-74.6%	-213.7%	-282.9%	-312.7%	-511.0%	-707.8%	-353.1%	-151.1%	-7.3%	-2.8%	-1.8%	-1.1%	-72.5%	-60.4%	-64.2%	-64.23%
ROE 3Y Avg	snapshot only																				-53.88%
ROE 5Y Avg	snapshot only																				-88.54%
ROA 3Y Avg	snapshot only																				-28.90%
ROIC Economic	snapshot only																				-6.23%
Cash ROA	snapshot only																				-22.08%
Cash ROIC	snapshot only																				-1.07%
CROIC	snapshot only																				-1.07%
NOPAT Margin	snapshot only																				-15.05%
Pretax Margin	snapshot only																				-35.48%
R&D / Revenue	snapshot only																				37.53%
SGA / Revenue	snapshot only																				78.86%
SBC / Revenue	snapshot only																				3.48%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	-4.57	-4.18	-3.48	-3.81	-5.35	-7.22	-6.96	-7.88	-10.27	-7.03	-6.82	-9.89	-12.63	-14.94	-13.10	-7.62	-10.67	-11.43	-10.27	-14.33	-12.312
P/S Ratio	1147.03	1118.21	289.75	327.49	465.42	618.56	1657.23	2391.65	3903.94	3875.58	5297.06	3829.86	2019.34	101.97	29.70	9.10	5.71	4.98	4.79	5.09	4.187
P/B Ratio	2.19	2.14	3.19	3.57	4.95	7.50	12.35	14.77	21.96	15.36	5.06	8.03	11.18	12.12	8.16	3.78	3.35	3.26	3.90	4.42	3.740
P/FCF	-5.86	-5.23	-4.21	-4.65	-5.80	-8.26	-7.73	-8.41	-12.41	-7.54	-7.45	-10.78	-13.29	-13.89	-10.43	-5.18	-5.27	-6.88	-7.93	-7.90	-7.897
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	-2.95	-2.68	-2.42	-2.83	-4.46	-6.90	-6.37	-7.39	-9.96	-6.38	-5.76	-9.15	-12.19	-14.68	-12.93	-6.76	-11.20	-14.02	-14.82	-21.85	-21.853
EV/Revenue	732.72	704.92	197.34	234.15	369.72	534.59	1460.93	2154.82	3643.95	3506.51	4251.49	3353.32	1838.86	93.57	26.00	6.66	3.98	3.43	4.20	4.53	4.534
EV/EBIT	-2.94	-2.67	-2.41	-2.83	-4.45	-6.88	-6.35	-7.36	-9.92	-6.35	-5.73	-9.10	-12.11	-14.59	-12.83	-6.69	-10.99	-13.70	-14.54	-21.31	-21.309
EV/FCF	-3.75	-3.30	-2.87	-3.33	-4.61	-7.14	-6.81	-7.58	-11.58	-6.82	-5.98	-9.44	-12.10	-12.74	-9.13	-3.79	-3.67	-4.74	-6.95	-7.04	-7.040
Earnings Yield	-21.9%	-23.9%	-28.8%	-26.2%	-18.7%	-13.8%	-14.4%	-12.7%	-9.7%	-14.2%	-14.7%	-10.1%	-7.9%	-6.7%	-7.6%	-13.1%	-9.4%	-8.8%	-9.7%	-7.0%	-6.98%
FCF Yield	-17.1%	-19.1%	-23.7%	-21.5%	-17.2%	-12.1%	-12.9%	-11.9%	-8.1%	-13.3%	-13.4%	-9.3%	-7.5%	-7.2%	-9.6%	-19.3%	-19.0%	-14.5%	-12.6%	-12.7%	-12.66%
Price/Tangible Book	snapshot only																				4.416
EV/Gross Profit	snapshot only																				5.236
Shareholder Yield	snapshot only																				0.00%

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	6.46	6.46	4.11	4.11	4.11	4.11	2.35	2.35	2.35	2.35	3.16	3.16	3.16	3.16	5.56	5.56	5.56	5.56	4.66	4.66	4.664
Quick Ratio	6.46	6.46	4.11	4.11	4.11	4.11	2.35	2.35	2.35	2.35	3.16	3.16	3.16	3.16	5.12	5.12	5.12	5.12	4.66	4.66	4.664
Debt/Equity	0.14	0.14	0.44	0.44	0.44	0.44	0.70	0.70	0.70	0.70	0.35	0.35	0.35	0.35	0.43	0.43	0.43	0.43	1.11	1.11	1.114
Net Debt/Equity	-0.79	-0.79	-1.02	-1.02	-1.02	-1.02	-1.46	-1.46	-1.46	-1.46	-1.00	-1.00	-1.00	-1.00	-1.02	-1.02	-1.02	-1.02	-0.48	-0.48	-0.479
Debt/Assets	0.11	0.11	0.24	0.24	0.24	0.24	0.29	0.29	0.29	0.29	0.22	0.22	0.22	0.22	0.20	0.20	0.20	0.20	0.44	0.44	0.441
Debt/EBITDA	-0.30	-0.28	-0.48	-0.48	-0.49	-0.46	-0.41	-0.39	-0.34	-0.32	-0.49	-0.45	-0.41	-0.46	-0.79	-1.06	-2.08	-2.71	-4.83	-6.18	-6.183
Net Debt/EBITDA	1.67	1.57	1.13	1.13	1.15	1.08	0.86	0.81	0.71	0.67	1.42	1.30	1.20	1.32	1.84	2.49	4.88	6.35	2.08	2.66	2.660
Interest Coverage	-43.82	-31.82	-30.48	-25.52	-21.30	-19.82	-19.92	-19.75	-21.34	-21.90	-21.15	-19.50	-18.71	-15.60	-8.43	-4.97	-2.09	-1.35	-1.63	-1.32	-1.320
Equity Multiplier	1.28	1.28	1.79	1.79	1.79	1.79	2.38	2.38	2.38	2.38	1.59	1.59	1.59	1.59	2.12	2.12	2.12	2.12	2.53	2.53	2.526
Cash Ratio	snapshot only																				3.226
Debt Service Coverage	snapshot only																				-1.287
Cash to Debt	snapshot only																				1.430
FCF to Debt	snapshot only																				-0.502
Defensive Interval	snapshot only																				703.0 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.00	0.00	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.16	0.24	0.33	0.37	0.32	0.34	0.337
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.06	0.13	0.19	1.31	1.33	1.36	1.359
Receivables Turnover	0.53	0.53	1.12	1.11	1.08	1.23	0.24	0.20	0.18	0.13	0.10	0.22	0.57	12.29	4.10	6.19	8.75	9.76	5.04	5.38	5.378
Payables Turnover	14.28	18.86	12.43	12.57	9.35	10.24	8.73	6.11	6.11	3.19	0.00	0.00	0.00	0.06	0.17	0.33	0.49	3.43	2.60	2.65	2.650
DSO	692	690	326	329	337	296	1503	1813	1990	2825	3695	1684	638	30	89	59	42	37	72	68	67.9 days
DIO	0	0	0	0	0	0	0	0	0	0	—	—	0	0	5625	2870	1944	279	274	269	268.6 days
DPO	26	19	29	29	39	36	42	60	60	114	—	—	175533	6309	2144	1094	741	106	140	138	137.8 days
Cash Conversion Cycle	666	671	296	300	298	260	1461	1753	1930	2711	—	—	-174895	-6279	3570	1835	1245	210	206	199	198.8 days
Fixed Asset Turnover	snapshot only																				221.850
Operating Cycle	snapshot only																				336.5 days
Cash Velocity	snapshot only																				0.545
Capital Intensity	snapshot only																				2.909

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	1.3%	7.8%	4.5%	3.1%	2.3%	2.8%	-57.2%	-64.2%	-66.5%	-79.3%	-60.2%	5.3%	2.1%	92.0%	323.9%	222.6%	118.8%	5.2%	1.4%	68.6%	68.64%
Net Income	-31.9%	-33.4%	-53.6%	-35.9%	-16.0%	-21.7%	-22.2%	-26.6%	-46.3%	-33.1%	-29.8%	-34.3%	-28.4%	-15.1%	5.2%	31.0%	59.9%	60.2%	50.9%	49.9%	49.94%
EPS	0.4%	-29.2%	-48.0%	-32.5%	6.1%	1.2%	0.9%	22.8%	-7.9%	6.9%	11.0%	-21.2%	-7.4%	-0.7%	12.7%	37.4%	60.7%	60.5%	52.4%	50.2%	50.20%
FCF	-27.5%	-32.7%	-42.8%	-32.2%	-37.3%	-33.3%	-33.5%	-44.8%	-31.2%	-41.9%	-31.9%	-31.4%	-47.3%	-32.9%	-30.1%	-10.7%	14.5%	38.6%	49.3%	38.2%	38.21%
EBITDA	-27.0%	-27.7%	-49.1%	-29.7%	-11.5%	-11.9%	-20.1%	-26.3%	-47.7%	-46.8%	-27.9%	-32.3%	-25.9%	-7.9%	11.4%	39.9%	71.8%	76.1%	66.4%	64.5%	64.46%
Op. Income	-26.4%	-27.0%	-48.2%	-29.1%	-12.6%	-20.0%	-21.5%	-31.3%	-53.5%	-42.3%	-40.0%	-40.0%	-30.7%	-14.5%	10.4%	36.0%	65.9%	69.7%	69.0%	72.2%	72.18%
OCF Growth	snapshot only																				38.36%
Asset Growth	snapshot only																				-3.91%
Equity Growth	snapshot only																				-19.42%
Debt Growth	snapshot only																				1.07%
Shares Change	snapshot only																				0.52%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	-23.0%	-23.0%	9.3%	19.7%	24.4%	32.2%	9.0%	2.8%	4.3%	-5.4%	-2.2%	15.4%	50.6%	3.2%	2.8%	3.4%	4.0%	3.9%	5.8%	6.3%	6.35%
Revenue 5Y	-59.4%	-42.3%	-25.7%	-25.4%	-25.6%	9.6%	-11.0%	-10.2%	-12.6%	-18.5%	-26.0%	-8.4%	14.5%	1.1%	1.8%	2.0%	2.3%	2.5%	2.7%	2.6%	2.57%
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	34.9%	34.9%	6.9%	6.9%	6.9%	6.9%	4.8%	4.8%	4.8%	4.8%	13.3%	13.3%	13.3%	13.3%	38.0%	38.0%	38.0%	38.0%	44.1%	44.1%	44.13%
Assets 5Y	12.7%	12.7%	11.7%	11.7%	11.7%	11.7%	11.6%	11.6%	11.6%	11.6%	16.3%	16.3%	16.3%	16.3%	29.1%	29.1%	29.1%	29.1%	16.1%	16.1%	16.08%
Equity 3Y	26.7%	26.7%	-10.7%	-10.7%	-10.7%	-10.7%	-16.0%	-16.0%	-16.0%	-16.0%	5.5%	5.5%	5.5%	5.5%	30.4%	30.4%	30.4%	30.4%	41.3%	41.3%	41.34%
Book Value 3Y	2.7%	4.4%	-26.3%	-26.4%	-31.0%	-30.8%	-34.0%	-39.8%	-35.6%	-31.2%	-14.3%	-14.3%	-16.2%	-16.4%	4.3%	3.4%	10.4%	10.4%	20.0%	31.9%	31.93%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.67	0.73	0.61	0.57	0.56	0.03	0.01	0.00	0.00	0.00	0.18	0.03	0.18	0.41	0.41	0.41	0.41	0.51	0.64	0.68	0.679
Earnings Stability	0.93	0.82	0.84	0.89	0.93	0.95	0.95	0.97	0.96	0.99	0.98	0.97	0.97	0.99	0.93	0.65	0.20	0.12	0.10	0.00	0.001
Margin Stability	0.00	0.00	0.07	0.09	0.09	0.10	0.40	0.40	0.34	0.21	0.04	0.08	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
Rev. Growth Consistency	0.50	0.50	0.50	0.50	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	0.87	0.87	0.50	0.86	0.94	0.91	0.91	0.89	0.81	0.87	0.88	0.86	0.89	0.94	0.98	0.88	0.50	0.50	0.50	0.80	0.800
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	-0.09	-0.08	-0.49	-0.45	-0.40	-0.48	-1.14	-1.20	-1.44	-1.41	0.60	0.59	0.65	0.80	0.64	0.85	1.20	1.21	0.30	0.35	0.346
Gross Margin Trend	-63.00	-111.75	56.85	64.29	91.06	104.93	-29.47	-4.21	-19.00	32.43	92.13	83.19	80.91	65.22	61.78	52.16	57.27	42.39	-0.13	-0.12	-0.124
FCF Margin Trend	-95.95	-99.23	111.86	101.79	95.22	118.73	-47.56	-140.68	-176.77	-369.58	-569.68	-177.78	45.56	287.01	460.01	318.07	232.22	259.88	356.46	177.83	177.835
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	0.78	0.80	0.82	0.82	0.92	0.87	0.90	0.93	0.82	0.93	0.91	0.91	0.95	1.07	1.25	1.47	2.03	1.66	1.29	1.81	1.810
FCF/OCF	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.01	1.01	1.01	1.00	1.01	1.01	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.003
FCF/Net Income	snapshot only																				1.815
CapEx/Revenue	6.2%	28.5%	14.9%	17.9%	23.6%	25.7%	72.3%	1.5%	2.0%	2.9%	3.5%	2.1%	78.4%	3.0%	0.9%	0.1%	0.0%	0.1%	0.0%	0.2%	0.17%
CapEx/Depreciation	snapshot only																				0.321
Accruals Ratio	-0.10	-0.10	-0.08	-0.09	-0.04	-0.07	-0.07	-0.05	-0.15	-0.06	-0.06	-0.06	-0.04	0.05	0.09	0.13	0.18	0.11	0.04	0.10	0.097
Sloan Accruals	snapshot only																				0.009
Cash Flow Adequacy	snapshot only																				-378.270

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-3.9%	-4.2%	-5.7%	-1.5%	-11.8%	-8.3%	-8.8%	-25.4%	-14.1%	-22.2%	-21.1%	-9.7%	-6.3%	-4.9%	-6.3%	-0.3%	-0.5%	-0.2%	-0.2%	-0.4%	-0.44%
Total Shareholder Return	-3.9%	-4.2%	-5.7%	-1.5%	-11.8%	-8.3%	-8.8%	-25.4%	-14.1%	-22.2%	-21.1%	-9.7%	-6.3%	-4.9%	-6.3%	-0.3%	-0.5%	-0.2%	-0.2%	-0.4%	-0.44%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Interest Burden (EBT/EBIT)	1.01	1.02	1.02	1.04	1.05	1.10	1.03	1.04	1.03	1.00	1.05	1.05	1.05	1.06	1.12	1.20	1.48	1.74	1.61	1.67	1.668
EBIT Margin	-249.39	-263.73	-81.84	-82.83	-83.17	-77.72	-230.05	-292.78	-367.38	-552.41	-741.84	-368.41	-151.79	-6.41	-2.03	-1.00	-0.36	-0.25	-0.29	-0.21	-0.213
Asset Turnover	0.00	0.00	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.16	0.24	0.33	0.37	0.32	0.34	0.337
Equity Multiplier	1.26	1.26	1.47	1.47	1.47	1.47	2.02	2.02	2.02	2.02	1.78	1.78	1.78	1.78	1.87	1.87	1.87	1.87	2.30	2.30	2.300

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$-0.31	$-0.33	$-0.35	$-0.36	$-0.29	$-0.32	$-0.35	$-0.28	$-0.31	$-0.30	$-0.31	$-0.33	$-0.34	$-0.30	$-0.27	$-0.21	$-0.13	$-0.12	$-0.13	$-0.10	$-0.10
Book Value/Share	$0.65	$0.64	$0.38	$0.38	$0.31	$0.31	$0.20	$0.15	$0.15	$0.14	$0.42	$0.41	$0.38	$0.37	$0.43	$0.42	$0.42	$0.42	$0.34	$0.34	$0.34
Tangible Book/Share	$0.65	$0.64	$0.38	$0.38	$0.31	$0.31	$0.20	$0.15	$0.15	$0.14	$0.42	$0.41	$0.38	$0.37	$0.43	$0.42	$0.42	$0.42	$0.34	$0.34	$0.34
Revenue/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.04	$0.12	$0.17	$0.25	$0.27	$0.28	$0.29	$0.29
FCF/Share	$-0.24	$-0.26	$-0.29	$-0.29	$-0.27	$-0.28	$-0.31	$-0.26	$-0.26	$-0.28	$-0.28	$-0.31	$-0.32	$-0.33	$-0.34	$-0.31	$-0.27	$-0.20	$-0.17	$-0.19	$-0.19
OCF/Share	$-0.24	$-0.26	$-0.29	$-0.29	$-0.27	$-0.28	$-0.31	$-0.26	$-0.26	$-0.28	$-0.28	$-0.30	$-0.32	$-0.33	$-0.34	$-0.31	$-0.27	$-0.20	$-0.17	$-0.19	$-0.19
Cash/Share	$0.60	$0.60	$0.56	$0.55	$0.45	$0.45	$0.42	$0.32	$0.32	$0.30	$0.56	$0.55	$0.51	$0.50	$0.63	$0.61	$0.61	$0.61	$0.54	$0.54	$0.47
EBITDA/Share	$-0.31	$-0.32	$-0.34	$-0.34	$-0.28	$-0.29	$-0.33	$-0.26	$-0.30	$-0.30	$-0.29	$-0.32	$-0.32	$-0.28	$-0.24	$-0.17	$-0.09	$-0.07	$-0.08	$-0.06	$-0.06
Debt/Share	$0.09	$0.09	$0.17	$0.17	$0.14	$0.14	$0.14	$0.10	$0.10	$0.10	$0.14	$0.14	$0.13	$0.13	$0.19	$0.18	$0.18	$0.18	$0.38	$0.38	$0.38
Net Debt/Share	$-0.51	$-0.51	$-0.39	$-0.39	$-0.32	$-0.32	$-0.29	$-0.21	$-0.21	$-0.20	$-0.42	$-0.41	$-0.38	$-0.37	$-0.44	$-0.43	$-0.43	$-0.43	$-0.16	$-0.16	$-0.16

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-1.856
Altman Z-Prime	snapshot only																				-3.358
Piotroski F-Score	4	3	3	2	3	3	1	2	1	2	5	4	5	4	4	4	4	4	2	2	2
Beneish M-Score	-1.42	-3.01	20.75	-1.73	-109.15	-0.95	7.07	-91.80	-1.73	-45.76	-139.37	10.10	24.38	151.33	1840.11	113.04	46.83	11.29	-2.46	-2.10	-2.101
Ohlson O-Score	snapshot only																				-5.822
ROIC (Greenblatt)	snapshot only																				-10.19%
Net-Net WC	snapshot only																				$0.26
EVA	snapshot only																				$-41284630.00

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				B
Credit Score	30.68	31.06	29.32	29.87	29.99	30.40	28.26	28.17	27.94	28.41	31.83	42.35	64.00	63.89	37.06	31.41	31.21	31.15	27.52	27.39	27.387
Credit Grade	snapshot only																				15
Credit Trend	snapshot only																				-4.027
Implied Spread (bps)	snapshot only																				750.000
Industry Credit Rank	snapshot only																				16
Sector Credit Rank	snapshot only																				16

GERN NASDAQ

Edge Score

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Financial Rating

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Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

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Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

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Workforce & Productivity

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