Financial Statements — SEPN
Balance Sheet
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 |
|---|
| Cash & Equivalents | 84.66 | 71.61 | 319.99 | 189.31 | 210.05 | 88.24 |
| Short-term Investments | 287.66 | 275.80 | 154.36 | 137.25 | 125.96 | 42.29 |
| Accounts Receivable | 12.16 | 10.84 | 8.65 | 0.15 | 0.25 | 0.21 |
| Total Current Assets | 396.15 | 368.06 | 491.68 | 334.14 | 342.47 | 133.41 |
| Property, Plant & Equipment | 3.90 | 4.33 | 4.32 | 4.69 | 5.04 | 5.41 |
| Total Non-current Assets* | 170.59 | 201.63 | 114.97 | 81.09 | 91.55 | 40.87 |
| Total Assets | 566.74 | 569.69 | 606.65 | 415.23 | 434.02 | 174.28 |
| Accounts Payable | 3.97 | 7.46 | 3.73 | 6.54 | 4.35 | 6.13 |
| Total Current Liabilities | 79.32 | 78.17 | 75.28 | 15.13 | 10.64 | 13.23 |
| Total Non-current Liabilities* | 100.70 | 113.07 | 142.64 | 22.55 | 23.12 | 24.30 |
| Total Liabilities | 180.02 | 191.23 | 217.92 | 37.67 | 33.75 | 37.53 |
| Retained Earnings | (188.92) | (175.89) | (156.51) | (164.69) | (139.85) | (97.71) |
| Total Stockholder Equity | 386.72 | 378.46 | 388.73 | 377.56 | 400.27 | (87.41) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 |
|---|
| Total Revenue | 26.75 | 26.52 | 24.12 | 21.50 | 0.12 | 0.22 | 0.21 | 0.18 |
| Research & Development | 35.13 | 29.54 | 31.86 | 24.26 | 22.19 | 19.27 | 19.32 | 17.83 |
| Selling, General & Admin | 8.45 | 10.29 | 8.28 | 7.12 | 6.91 | 6.86 | 5.61 | 4.89 |
| Total Operating Expenses | 43.58 | 39.82 | 40.14 | 18.88 | 29.10 | 26.13 | 24.93 | 22.73 |
| Operating Income | (16.84) | (13.30) | (16.02) | 2.61 | (28.98) | (25.91) | (24.72) | (22.55) |
| Pretax Income | (12.06) | (8.30) | (10.73) | 8.17 | (24.84) | (21.48) | (20.83) | (20.66) |
| Tax Provision | 0.97 | 0.34 | 0.01 | 0.00 | 0.00 | 0.00 | (0.16) | (0.14) |
| Net Income | (13.03) | (8.64) | (10.74) | 8.17 | (24.84) | (21.48) | (20.67) | (20.52) |
| Basic EPS | (0.29) | (0.19) | (0.23) | 0.18 | (0.56) | (0.49) | 14.61 | (8.40) |
| Diluted EPS | (0.29) | (0.19) | (0.23) | 0.18 | (0.56) | (0.49) | 14.61 | (8.40) |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 |
|---|
| Operating Cash Flow | (22.18) | (25.63) | (14.99) | 168.81 | (20.29) | (23.34) | (20.96) | (46.51) |
| Capital Expenditures | 0.00 | 0.83 | 0.07 | 0.01 | 0.06 | 0.38 | 0.61 | 1.49 |
| Free Cash Flow* | (22.18) | (26.46) | (15.05) | 168.79 | (20.34) | (23.72) | (21.57) | (48.00) |
| Investing Cash Flow | 18.41 | (23.82) | (185.30) | (38.39) | (0.79) | (4.87) | (133.24) | (27.36) |
| Financing Cash Flow | 16.82 | 0.33 | 1.02 | 0.26 | 0.34 | 0.07 | 304.15 | 73.63 |
* Derived from reported values
