Emergent Bio Solutions Inc. - Understand $ebs stock

$EBS Market Cap: $511 Million

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$1.126B

TTM

Gross Margin

30.24%

TTM

Net Earnings

-$208.8M

TTM

Current Assets

$661.4M

Q3 2024

Current Liabilities

$229.9M

Q3 2024

Current Ratio

287.69%

Q3 2024

Total Assets

$1.478B

Q3 2024

Total Liabilities

$969.4M

Q3 2024

Book Value

$508.4M

Q3 2024

Cash

$149.9M

Q3 2024

P/E

-2.447

Nov 29, 2024 EST

Free Cash Flow

$138.1M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Revenue	$1.049B	$1.121B	$1.793B	$1.555B	$1.106B	$782.4M	$560.9M	$488.8M	$489.3M	$404.5M	$312.7M	$281.9M	$273.4M	$286.2M	$234.8M	$178.6M	$182.9M	$152.7M	$130.7M	$83.50M	$55.80M
YoY Change	-6.39%	-37.47%	15.26%	40.63%	41.36%	39.49%	14.75%	-0.1%	20.96%	29.36%	10.93%	3.11%	-4.47%	21.89%	31.47%	-2.35%	19.78%	16.83%	56.53%	49.64%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Revenue	$1.049B	$1.121B	$1.793B	$1.555B	$1.106B	$782.4M	$560.9M	$488.8M	$489.3M	$404.5M	$312.7M	$281.9M	$273.4M	$286.2M	$234.8M	$178.6M	$182.9M	$152.7M	$130.7M	$83.50M	$55.80M
Cost Of Revenue	$705.4M	$693.7M	$716.0M	$524.0M	$433.5M	$322.3M	$187.7M	$131.3M	$107.5M	$102.0M	$62.10M	$46.10M	$42.20M	$47.10M	$46.30M	$34.10M	$40.30M	$24.10M	$31.60M	$30.10M	$22.30M
Gross Profit	$317.6M	$385.8M	$1.077B	$1.031B	$672.5M	$460.1M	$373.2M	$357.5M	$381.8M	$302.5M	$250.6M	$235.8M	$231.2M	$239.1M	$188.5M	$144.5M	$142.6M	$128.6M	$99.10M	$53.40M	$33.40M
Gross Profit Margin	30.27%	34.42%	60.06%	66.31%	60.8%	58.81%	66.54%	73.14%	78.03%	74.78%	80.14%	83.65%	84.56%	83.54%	80.28%	80.91%	77.97%	84.22%	75.82%	63.95%	59.86%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Selling, General & Admin	$368.4M	$340.3M	$348.4M	$303.3M	$273.5M	$202.5M	$142.9M	$143.7M	$121.1M	$108.6M	$85.10M	$76.00M	$71.80M	$72.90M	$73.80M	$55.10M	$55.60M	$44.60M	$42.80M	$30.30M	$19.50M
YoY Change	8.26%	-2.32%	14.87%	10.9%	35.06%	41.71%	-0.56%	18.66%	11.51%	27.61%	11.97%	5.85%	-1.51%	-1.22%	33.94%	-0.9%	24.66%	4.21%	41.25%	55.38%
% of Gross Profit	115.99%	88.21%	32.36%	29.41%	40.67%	44.01%	38.29%	40.2%	31.72%	35.9%	33.96%	32.23%	31.06%	30.49%	39.15%	38.13%	38.99%	34.68%	43.19%	56.74%	58.38%
Research & Development	$111.4M	$193.0M	$234.0M	$234.5M	$226.2M	$142.8M	$97.40M	$108.3M	$119.2M	$104.7M	$119.9M	$120.2M	$124.8M	$89.30M	$74.60M	$59.50M	$54.00M	$45.50M	$18.40M	$10.10M	$6.300M
YoY Change	-42.28%	-17.52%	-0.21%	3.67%	58.4%	46.61%	-10.06%	-9.14%	13.85%	-12.68%	-0.25%	-3.69%	39.75%	19.71%	25.38%	10.19%	18.68%	147.28%	82.18%	60.32%
% of Gross Profit	35.08%	50.03%	21.73%	22.74%	33.64%	31.04%	26.1%	30.29%	31.22%	34.61%	47.85%	50.98%	53.98%	37.35%	39.58%	41.18%	37.87%	35.38%	18.57%	18.91%	18.86%
Depreciation & Amortization	$125.1M	$83.40M	$62.20M	$50.10M	$49.50M	$36.30M	$32.20M	$38.20M	$35.30M	$32.50M	$19.00M	$11.20M	$9.400M	$6.000M	$5.000M	$5.000M	$4.800M	$4.700M	$3.500M	$1.900M	$1.200M
YoY Change	50.0%	34.08%	24.15%	1.21%	36.36%	12.73%	-15.71%	8.22%	8.62%	71.05%	69.64%	19.15%	56.67%	20.0%	0.0%	4.17%	2.13%	34.29%	84.21%	58.33%
% of Gross Profit	39.39%	21.62%	5.78%	4.86%	7.36%	7.89%	8.63%	10.69%	9.25%	10.74%	7.58%	4.75%	4.07%	2.51%	2.65%	3.46%	3.37%	3.65%	3.53%	3.56%	3.59%
Operating Expenses	$479.8M	$533.3M	$582.4M	$537.8M	$991.9M	$692.6M	$436.6M	$252.0M	$240.3M	$213.3M	$205.0M	$196.2M	$196.6M	$162.2M	$148.3M	$114.5M	$109.5M	$90.10M	$61.20M	$40.40M	$25.90M
YoY Change	-10.03%	-8.43%	8.29%	-45.78%	43.21%	58.63%	73.25%	4.87%	12.66%	4.05%	4.49%	-0.2%	21.21%	9.37%	29.52%	4.57%	21.53%	47.22%	51.49%	55.98%
Operating Profit	-$726.4M	-$172.7M	$352.6M	$433.8M	$114.1M	$89.80M	$124.3M	$105.5M	$141.5M	$89.20M	$45.60M	$39.60M	$34.60M	$76.90M	$40.20M	$30.00M	$33.10M	$38.50M	$37.90M	$13.00M	$7.500M
YoY Change	320.61%	-148.98%	-18.72%	280.19%	27.06%	-27.76%	17.82%	-25.44%	58.63%	95.61%	15.15%	14.45%	-55.01%	91.29%	34.0%	-9.37%	-14.03%	1.58%	191.54%	73.33%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Interest Expense	$87.90M	$37.30M	$34.50M	$31.30M	$38.40M	$9.900M	$6.600M	-$6.600M	-$6.000M	-$7.900M	$100.0K	$100.0K	$100.0K	$800.0K	$1.400M	$2.000M	$2.700M	-$300.0K	-$300.0K	-$200.0K	-$200.0K
YoY Change	135.66%	8.12%	10.22%	-18.49%	287.88%	50.0%	-200.0%	10.0%	-24.05%	-8000.0%	0.0%	0.0%	-87.5%	-42.86%	-30.0%	-25.93%	-1000.0%	0.0%	50.0%	0.0%
% of Operating Profit			9.78%	7.22%	33.65%	11.02%	5.31%	-6.26%	-4.24%	-8.86%	0.22%	0.25%	0.29%	1.04%	3.48%	6.67%	8.16%	-0.78%	-0.79%	-1.54%	-2.67%
Other Income/Expense, Net	-$4.800M	-$49.00M	-$38.20M	-$26.60M	-$36.70M	-$8.300M	-$5.700M	$300.0K	$200.0K	$2.900M	$400.0K	$2.000M	-$300.0K	-$1.000M	-$100.0K	$100.0K	$200.0K	$300.0K	$100.0K	$0.00	$200.0K
YoY Change	-90.2%	28.27%	43.61%	-27.52%	342.17%	45.61%	-2000.0%	50.0%	-93.1%	625.0%	-80.0%	-766.67%	-70.0%	900.0%	-200.0%	-50.0%	-33.33%	200.0%		-100.0%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Pretax Income	-$731.2M	-$221.7M	$314.4M	$407.2M	$77.40M	$71.00M	$80.70M	$99.20M	$135.7M	$84.20M	$43.40M	$32.10M	$31.90M	$73.40M	$41.50M	$32.00M	$36.00M	$38.00M	$21.10M	$16.60M	$5.700M
YoY Change	229.82%	-170.52%	-22.79%	426.1%	9.01%	-12.02%	-18.65%	-26.9%	61.16%	94.01%	35.2%	0.63%	-56.54%	76.87%	29.69%	-11.11%	-5.26%	80.09%	27.11%	191.23%
Income Tax	$29.30M	$2.100M	$83.50M	$102.1M	$22.90M	$18.80M	$36.00M	$36.70M	$44.30M	$29.90M	$13.10M	$13.90M	$15.80M	$26.20M	$15.00M	$12.10M	$13.10M	$15.20M	$5.300M	$5.100M	$1.300M
% Of Pretax Income			26.56%	25.07%	29.59%	26.48%	44.61%	37.0%	32.65%	35.51%	30.18%	43.3%	49.53%	35.69%	36.14%	37.81%	36.39%	40.0%	25.12%	30.72%	22.81%
Net Earnings	-$760.5M	-$223.8M	$230.9M	$305.1M	$54.50M	$62.70M	$82.60M	$51.80M	$62.90M	$36.70M	$31.10M	$23.50M	$23.00M	$51.70M	$31.10M	$20.70M	$22.90M	$22.80M	$15.80M	$11.50M	$4.500M
YoY Change	239.81%	-196.93%	-24.32%	459.82%	-13.08%	-24.09%	59.46%	-17.65%	71.39%	18.01%	32.34%	2.17%	-55.51%	66.24%	50.24%	-9.61%	0.44%	44.3%	37.39%	155.56%
Net Earnings / Revenue	-72.48%	-19.97%	12.88%	19.62%	4.93%	8.01%	14.73%	10.6%	12.86%	9.07%	9.95%	8.34%	8.41%	18.06%	13.25%	11.59%	12.52%	14.93%	12.09%	13.77%	8.06%
Basic Earnings Per Share	-$14.85	-$4.47	$4.32	$5.79	$1.06	$1.25	$1.98
Diluted Earnings Per Share	-$14.85	-$4.47	$4.27	$5.67	$1.04	$1.22	$1.71	$1.13	$1.330M	$801.3K	$847.4K	$645.6K	$635.4K	$1.591M	$990.4K	$678.7K	$771.0K	$926.8K	$693.0K	$563.7K	$164.2K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004
Cash & Short-Term Investments	$111.7M	$642.6M	$576.1M	$621.3M	$167.8M	$112.2M	$178.3M	$271.5M	$308.3M	$280.5M	$179.3M	$141.7M	$145.9M	$171.0M	$102.9M	$91.50M	$105.7M	$76.40M	$36.30M	$6.800M
YoY Change	-82.62%	11.54%	-7.28%	270.26%	49.55%	-37.07%	-34.33%	-11.94%	9.91%	56.44%	26.53%	-2.88%	-14.68%	66.18%	12.46%	-13.43%	38.35%	110.47%	433.82%
Cash & Equivalents	$111.7M	$642.6M	$576.1M	$621.3M	$167.8M	$112.2M	$178.3M	$271.5M	$308.3M	$280.5M	$179.3M	$141.7M	$143.9M	$169.0M	$102.9M	$91.50M	$105.7M	$76.40M	$36.30M	$6.800M
Short-Term Investments													$2.000M	$2.000M	$0.00
Other Short-Term Assets	$47.90M	$57.90M	$70.50M	-$4.400M	$20.60M	$31.70M	$18.20M	$16.20M	$47.80M	$25.80M	$12.90M	$10.50M	$10.30M	$11.70M	$9.900M	$8.200M	$2.900M	$2.000M	$3.100M	$1.800M
YoY Change	-17.27%	-17.87%	-1702.27%	-121.36%	-35.02%	74.18%	12.35%	-66.11%	85.27%	100.0%	22.86%	1.94%	-11.97%	18.18%	20.73%	182.76%	45.0%	-35.48%	72.22%
Inventory	$328.9M	$351.8M	$350.8M	$307.0M	$222.5M	$205.8M	$142.8M	$74.00M	$60.90M	$65.70M	$14.60M	$15.20M	$14.70M	$12.70M	$13.50M	$18.30M	$16.90M	$24.70M	$16.40M	$13.30M
Prepaid Expenses
Receivables	$191.0M	$158.4M	$274.7M	$272.0M	$270.7M	$262.5M	$143.7M	$138.5M	$113.9M	$58.80M	$60.60M	$96.00M	$74.20M	$39.30M	$54.90M	$24.90M	$18.80M	$43.30M	$2.500M	$18.60M
Other Receivables	$0.00	$0.00	$0.00	$0.00	$4.600M	$8.600M	$2.400M	$10.00M	$6.600M	$1.400M	$5.600M	$0.00	$9.500M	$8.800M	$12.50M	$10.00M	$0.00	$900.0K	$800.0K	$0.00
Total Short-Term Assets	$679.5M	$1.211B	$1.272B	$1.196B	$686.2M	$620.8M	$485.4M	$510.2M	$537.4M	$432.2M	$273.1M	$263.3M	$254.4M	$243.5M	$193.8M	$152.9M	$144.3M	$147.3M	$59.10M	$40.40M
YoY Change	-43.88%	-4.83%	6.37%	74.28%	10.53%	27.89%	-4.86%	-5.06%	24.34%	58.26%	3.72%	3.5%	4.48%	25.64%	26.75%	5.96%	-2.04%	149.24%	46.29%
Property, Plant & Equipment	$399.0M	$837.0M	$828.4M	$675.1M	$567.0M	$510.2M	$407.2M	$376.4M	$327.8M	$314.0M	$264.2M	$241.8M	$209.0M	$152.7M	$131.8M	$124.7M	$110.2M	$78.20M	$30.60M	$27.30M
YoY Change	-52.33%	1.04%	22.71%	19.07%	11.13%	25.29%	8.18%	14.83%	4.39%	18.85%	9.26%	15.69%	36.87%	15.86%	5.69%	13.16%	40.92%	155.56%	12.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$178.1M	$171.9M	$29.00M	$82.40M	$65.60M	$27.10M	$8.900M	$8.600M	$89.80M	$21.00M	$3.400M	$11.80M	$26.60M	$47.70M	$19.00M	$13.20M	$19.00M	$12.70M	$10.60M	$1.300M
YoY Change	3.61%	492.76%	-64.81%	25.61%	142.07%	204.49%	3.49%	-90.42%	327.62%	517.65%	-71.19%	-55.64%	-44.23%	151.05%	43.94%	-30.53%	49.61%	19.81%	715.38%
Total Long-Term Assets	$1.144B	$1.956B	$1.687B	$1.687B	$1.641B	$1.609B	$584.8M	$459.9M	$500.1M	$506.5M	$353.5M	$300.9M	$292.5M	$256.8M	$150.9M	$137.9M	$129.2M	$91.00M	$41.20M	$28.70M
YoY Change	-41.53%	15.95%	-0.02%	2.82%	2.02%	175.07%	27.16%	-8.04%	-1.26%	43.28%	17.48%	2.87%	13.9%	70.18%	9.43%	6.73%	41.98%	120.87%	43.55%
Total Assets	$1.823B	$3.167B	$2.959B	$2.883B	$2.327B	$2.229B	$1.070B	$970.1M	$1.038B	$938.7M	$626.6M	$564.2M	$546.9M	$500.3M	$344.7M	$290.8M	$273.5M	$238.3M	$100.3M	$69.10M
YoY Change
Accounts Payable	$112.2M	$103.5M	$128.9M	$136.1M	$94.80M	$80.70M	$41.80M	$34.60M	$38.00M	$40.90M	$27.50M	$31.30M	$40.50M	$25.40M	$17.20M	$18.30M	$20.30M	$27.40M	$10.40M	$5.500M
YoY Change	8.41%	-19.71%	-5.29%	43.57%	17.47%	93.06%	20.81%	-8.95%	-7.09%	48.73%	-12.14%	-22.72%	59.45%	47.67%	-6.01%	-9.85%	-25.91%	163.46%	89.09%
Accrued Expenses	$96.20M	$129.0M	$146.2M	$136.9M	$105.5M	$88.90M	$42.70M	$40.90M	$38.20M	$37.90M	$25.90M	$24.30M	$22.10M	$25.30M	$16.50M	$12.80M	$11.30M	$10.40M	$8.800M	$5.600M
YoY Change	-25.43%	-11.76%	6.79%	29.76%	18.67%	108.2%	4.4%	7.07%	0.79%	46.33%	6.58%	9.95%	-12.65%	53.33%	28.91%	13.27%	8.65%	18.18%	57.14%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$20.00M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.00M	$15.00M	$11.80M	$8.900M	$0.00	$0.00
YoY Change							-100.0%							-100.0%	0.0%	27.12%	32.58%
Long-Term Debt Due	$413.7M	$957.3M	$31.60M	$33.80M	$12.90M	$10.10M					$0.00	$4.500M	$5.400M	$17.20M	$5.800M	$6.200M	$3.500M	$2.500M	$1.400M	$1.000M
YoY Change	-56.78%	2929.43%	-6.51%	162.02%	27.72%						-100.0%	-16.67%	-68.6%	196.55%	-6.45%	77.14%	40.0%	78.57%	40.0%
Total Short-Term Liabilities	$651.3M	$1.230B	$373.8M	$384.5M	$216.3M	$200.4M	$100.1M	$105.9M	$99.60M	$92.90M	$56.70M	$61.90M	$71.10M	$75.70M	$54.70M	$54.00M	$55.70M	$64.30M	$30.10M	$34.20M
YoY Change	-47.04%	229.03%	-2.78%	77.76%	7.93%	100.2%	-5.48%	6.33%	7.21%	63.84%	-8.4%	-12.94%	-6.08%	38.39%	1.3%	-3.05%	-13.37%	113.62%	-11.99%
Long-Term Debt	$446.5M	$448.5M	$809.4M	$841.0M	$798.4M	$784.5M	$13.50M	$248.1M	$246.9M	$251.0M	$62.00M	$58.30M	$54.10M	$30.20M	$44.90M	$35.90M	$42.60M	$31.40M	$10.50M	$11.80M
YoY Change	-0.45%	-44.59%	-3.76%	5.34%	1.77%	5711.11%	-94.56%	0.49%	-1.63%	304.84%	6.35%	7.76%	79.14%	-32.74%	25.07%	-15.73%	35.67%	199.05%	-11.02%
Other Long-Term Liabilities	$28.90M	$33.40M	$61.90M	$157.5M	$160.2M	$166.1M	$44.30M	$20.00M	$31.00M	$41.60M	$17.40M	$1.900M	$5.000M	$20.80M	$1.200M	$1.500M	$4.100M	$4.100M	$0.00	$100.0K
YoY Change	-13.47%	-46.04%	-60.7%	-1.69%	-3.55%	274.94%	121.5%	-35.48%	-25.48%	139.08%	815.79%	-62.0%	-75.96%	1633.33%	-20.0%	-63.41%	0.0%		-100.0%
Total Long-Term Liabilities	$475.4M	$481.9M	$871.3M	$998.5M	$958.6M	$950.6M	$57.80M	$268.1M	$277.9M	$292.6M	$79.40M	$60.20M	$59.10M	$51.00M	$46.10M	$37.40M	$46.70M	$35.50M	$10.50M	$11.90M
YoY Change	-1.35%	-44.69%	-12.74%	4.16%	0.84%	1544.64%	-78.44%	-3.53%	-5.02%	268.51%	31.89%	1.86%	15.88%	10.63%	23.26%	-19.91%	31.55%	238.1%	-11.76%
Total Liabilities	$1.174B	$1.784B	$1.340B	$1.436B	$1.239B	$1.219B	$157.9M	$373.9M	$377.5M	$385.5M	$137.0M	$122.9M	$132.6M	$130.9M	$103.5M	$91.40M	$102.3M	$99.80M	$40.60M	$46.10M
YoY Change	-34.18%	33.1%	-6.7%	15.93%	1.67%	671.69%	-57.77%	-0.95%	-2.08%	181.39%	11.47%	-7.32%	1.3%	26.47%	13.24%	-10.65%	2.51%	145.81%	-11.93%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017
Basic Shares Outstanding	51.20M shares	50.10M shares	53.50M shares	52.70M shares	51.50M shares	50.10M shares	41.80M shares
Diluted Shares Outstanding	51.20M shares	50.10M shares	54.10M shares	53.80M shares	52.40M shares	51.40M shares	50.30M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $510.96 Million

About Emergent BioSolutions Inc.

Emergent BioSolutions Inc. engages in the development, manufacture, and commercialization of medical countermeasures. The company is headquartered in Gaithersburg, Maryland and currently employs 1,600 full-time employees. The company went IPO on 2006-11-15. The company is focused on providing preparedness and response solutions addressing accidental, deliberate and naturally occurring public health threats. Its solutions include a product portfolio, a product development portfolio, and a Bioservices portfolio. Its segments include Commercial Products, MCM Products, and Services Segment. Commercial Products segment include NARCAN (naloxone HCl). MCM Products segment consists of its Anthrax - MCM, Smallpox - MCM and Other Products. Services segment consisting of its Bioservices offerings. NARCAN (naloxone HCl) Nasal Spray, an intranasal formulation of naloxone is developed for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression. Its portfolio of Bioservices consists of three but interrelated service pillars, such as development services (process and analytical development) and drug substance manufacturing.

Industry: Pharmaceutical Preparations Peers: Vericel Corp Arcutis Biotherapeutics, Inc. Avidity Biosciences, Inc. Crinetics Pharmaceuticals, Inc. ENANTA PHARMACEUTICALS INC ImmunoGen, Inc. MADRIGAL PHARMACEUTICALS, INC. Morphic Holding, Inc. Sana Biotechnology, Inc.