ONCHIGH SIGNALFINANCIAL10-K

ONC achieved a remarkable turnaround from operating losses to profitability while reincorporating from Cayman Islands to Switzerland, with BRUKINSA becoming the global market leader in B-cell malignancies.

This represents a fundamental transformation of ONC's business model, transitioning from a loss-making biotech to a profitable pharmaceutical company with dominant market position. The reincorporation to Switzerland combined with achieving market leadership status suggests the company has reached commercial maturity and is positioning for long-term growth in European and global markets.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

ONC delivered exceptional financial performance with a complete turnaround from operating losses of $568.2M to operating income of $447.1M, while revenue grew 40% to $5.3 billion and the company generated positive free cash flow of $942M. The company strengthened its balance sheet significantly with cash increasing 73% to $4.5 billion and total assets growing to $8.2 billion, though total liabilities also increased 48% to $3.8 billion. Overall, this represents a dramatic transformation from a cash-burning biotech to a profitable, cash-generating pharmaceutical company with strong market position.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+901.8%
-$140.6M→$1.1B

Operating cash flow surged 901.8% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+178.7%
-$568.2M→$447.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+144.5%
-$644.8M→$286.9M

Net income grew 144.5% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+73.1%
$2.6B→$4.5B

Cash position surged 73.1% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
-62.3%
$492.7M→$185.8M

Capex reduced 62.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
+56.2%
$4.0B→$6.2B

Current assets grew 56.2% — improving short-term liquidity or inventory/receivables build.

Total Liabilities
Balance Sheet
+47.9%
$2.6B→$3.8B

Liabilities grew 47.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Gross Profit
P&L
+45.3%
$3.2B→$4.7B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Assets
Balance Sheet
+38.3%
$5.9B→$8.2B

Asset base grew 38.3% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+30.9%
$3.3B→$4.4B

Equity base grew 30.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
(Exact Name of Registrant as Specified in its Charter) Switzerland 98-1209416 (State or other jurisdiction of incorporation or organization) (I.R.S.
In 2025, we generated total global revenue of approximately $5.3 billion, increasing revenue by approximately 40.2% from the prior year, while achieving net income of $286.9 million, net cash provided by operating activities of $1.1 billion and positive free cash flow of $941.7 million.
We are the only company with potentially best-in-class assets across three foundational chronic lymphocytic leukemia ( CLL ) mechanisms of action ( MoAs ).
This includes BRUKINSA , a proven best-in-class Bruton s tyrosine kinase ( BTK ) inhibitor, sonrotoclax, a next-generation and potentially best-in-class B-cell lymphoma 2 ( BCL2 ) inhibitor that received its first global regulatory approval in December 2025, and our potentially first-in-class and best-in-class BTK chimeric degradation activation compound ( BTK-CDAC ).
BRUKINSA is the only BTK inhibitor to prove superior efficacy to ibrutinib, especially over the long term.
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REMOVED
(Exact Name of Registrant as Specified in its Charter) Cayman Islands 98-1209416 (State or other jurisdiction of incorporation or organization) (I.R.S.
In 2024, we generated total global revenue of approximately $3.8 billion, increasing revenue by approximately $1.4 billion from the prior year, while reducing our operating loss from the prior year by approximately $0.6 billion.
This includes a proven best-in-class Bruton s Tyrosine Kinase inhibitor ( BTKi ), BRUKINSA , and two late-stage assets, sonrotoclax ( BCL2i ) and our first-in-class BTK-CDAC, both of which have the potential to be best-in-class medicines.
BRUKINSA is the only BTKi to prove superior efficacy to ibrutinib.
In less than two years from its first approval in CLL, and despite being the third entrant to the market, BRUKINSA has become the leader in new patients starts in the U.S., in both frontline and R/R CLL, as well as all other approved indications.
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