AUTL

Autolus has crossed from clinical to commercial: FY2025 revenue hit $75.4M (+644.9% YoY), essentially all from AUCATZYL (obe-cel), its approved CAR-T for adult r/r B-ALL, with $74.3M of net product revenue driven by U.S. sales and a December 2025 UK launch now under routine NICE commissioning. The clinical narrative is genuinely strong — ROCCA real-world data show 'improvements in both safety and efficacy compared to the FELIX clinical trial,' and the CATULUS pediatric Phase 1 showed a 95.5% ORR with low high-grade CRS. This is a real drug with a real, fast-ramping top line, which is what keeps AUTL investable rather than an outright avoid.

But the financials are the story. FY2025 net loss was -$288M (worsening 30% YoY), operating cash flow was -$284M, and R&D alone was $118M. Against that burn, the company held $104M cash plus $196.6M marketable securities (~$300M total) at year-end 2025. Management explicitly states that liquidity is sufficient only 'through at least the next twelve months' and warns it 'does not know whether additional financing will be on terms favorable or acceptable to us when needed, if at all.' At roughly $284M annual cash burn, that is a ~one-year clock. A capital raise is close to inevitable, and at a $1.58 share price and $421M market cap, equity issuance would be heavily dilutive to the current 266M shares. Stockholders' equity already fell 58% to $178M, with liabilities/equity at 2.31x and an accumulated deficit of $1.39B.