ABCL AbCellera Biologics Inc. - Common Shares
$11.79
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$3–$12
99% of range
Analyst Rating
BUY
15 analysts
Price Target
$17
+45% upside
P/E (TTM)
-24.1
ROE
-14.8%
Net Profit Margin
-194.9%
ABCL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$11.79
Market Cap
$3.54B
P/E (TTM)
-24.1
EPS (TTM)
$-0.49
Revenue (TTM)
$75M
Div Yield
—
ROE
-14.8%
Debt/Equity
—
52W Range
$3 – $12
ABCL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$75M
2019-12-31
→
2025-12-31
EPS
$-0.49
2019-12-31
→
2025-12-31
Free Cash Flow
$-174M
2022-12-31
→
2025-12-31
Margins
-194.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ABCL
Peer Median
P/E (TTM)
-24.1
21.2
P/S (TTM)
47.2
2.8
P/B
3.7
2.9
Price / FCF
-20.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ABCL
Peer Median
Operating Margin
-289.0%
—
Net Profit Margin
-194.9%
-5.8%
ROA
-10.8%
-1.4%
ROE
-14.8%
-2.2%
ROIC
-18.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ABCL
Peer Median
Current Ratio
11.3
2.7
Quick Ratio
2.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ABCL
Peer Median
Revenue YoY
160.6%
—
Revenue CAGR 3Y
-46.3%
—
Revenue CAGR 5Y
-20.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ABCL
Peer Median
ABCL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 3 20.0%
- Buy 11 73.3%
- Hold 1 6.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-19
Median
$15.00
Mean
$17.12
Now
$11.79
Low
$9.00
High
$30.00
Median target
$15.00
+27.3%
Mean target
$17.12
+45.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.18 | $-0.15 | -0.03% |
| March 31, 2026 | $-0.14 | $-0.20 | 0.06% |
| Dec. 31, 2025 | $-0.03 | $-0.18 | 0.15% |
| Sept. 30, 2025 | $-0.19 | $-0.17 | -0.02% |
| June 30, 2025 | $-0.12 | $-0.17 | 0.05% |
| March 31, 2025 | $-0.15 | $-0.14 | -0.01% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $75M | $29M | $38M | $485M | $375M | $233M | $12M | |
| R&D Expense | $187M | $167M | $176M | $108M | $62M | $29M | $10M | |
| SG&A Expense | $83M | $85M | $75M | $55M | $42M | $12M | $3M | |
| Operating Expenses | $292M | $344M | $275M | $269M | $171M | $77M | $16M | |
| Operating Income | $-217M | $-315M | $-237M | $217M | $204M | $156M | $-4M | |
| Interest Income | $28M | $38M | $42M | $16M | $3M | $293.0K | $155.0K | |
| Other Non-op | $-3M | $62M | $7M | $-4M | $-6M | $-7M | $-209.0K | |
| Pretax Income | $-178M | $-200M | $-174M | $239M | $219M | $158M | $-2M | |
| Income Tax | $-31M | $-38M | $-28M | $81M | $66M | $39M | · | |
| Net Income | $-146M | $-163M | $-146M | $159M | $153M | $119M | $-2M | |
| EPS (Basic) | $-0.49 | $-0.55 | $-0.51 | $0.56 | $0.56 | $0.53 | $-0.01 | |
| EPS (Diluted) | $-0.49 | $-0.55 | $-0.51 | $0.50 | $0.48 | $0.45 | $-0.01 | |
| Shares (Basic) | 298,707,082 | 294,327,532 | 289,166,486 | 285,056,606 | 275,763,745 | 159,195,023 | 151,327,560 | |
| Shares (Diluted) | 298,707,082 | 294,327,532 | 289,166,486 | 314,827,255 | 318,294,236 | 263,129,765 | 151,327,560 | |
| EBITDA | $-217M | $-315M | $-237M | $217M | · | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $129M | $156M | $133M | $387M | $476M | $594M | · | |
| Receivables | $39M | $32M | $0 | · | · | $903.0K | · | |
| Inventory | $6M | $0 | · | · | · | · | · | |
| Prepaid Expense | · | · | · | · | · | $4M | · | |
| Other Current Assets | $111M | $67M | $56M | $75M | $21M | $6M | · | |
| Current Assets | $728M | $751M | $872M | $1.03B | $930M | $813M | · | |
| PP&E (Net) | · | · | · | $217M | $112M | $18M | · | |
| PP&E (Gross) | · | · | · | $236M | $121M | $24M | · | |
| Accum. Depreciation | · | · | · | $18M | $10M | $6M | · | |
| Goodwill | $48M | $48M | $48M | $48M | $48M | $32M | · | |
| Intangibles | $38M | $42M | $120M | $132M | $148M | $115M | $0 | |
| Other Non-current Assets | $52M | $97M | $94M | $46M | $31M | $8M | · | |
| Total Assets | $1.36B | $1.36B | $1.49B | $1.54B | $1.32B | $1.01B | · | |
| Accounts Payable | $25M | $34M | $29M | $15M | $15M | $7M | · | |
| Accrued Liabilities | · | · | · | $0 | $0 | · | · | |
| Current Liabilities | $64M | $77M | $119M | $118M | $121M | $103M | · | |
| Capital Leases | $137M | $61M | $71M | $77M | $36M | $4M | · | |
| Deferred Tax | $9M | $10M | $31M | $33M | $37M | $26M | · | |
| Other Non-current Liabilities | $10M | $7M | $6M | $3M | $2M | $7M | · | |
| Total Liabilities | $390M | $304M | $336M | $308M | $293M | $175M | · | |
| Common Stock | $802M | $777M | $753M | $734M | $722M | $710M | · | |
| Retained Earnings | $-29M | $117M | $280M | $426M | $268M | $114M | · | |
| AOCI | $-4M | $-4M | $-2M | $-1M | $280.0K | · | · | |
| Stockholders' Equity | $967M | $1.06B | $1.15B | $1.23B | $1.03B | $831M | $10M | |
| Liabilities + Equity | $1.36B | $1.36B | $1.49B | $1.54B | $1.32B | $1.01B | · | |
| Shares Outstanding | 300,600,710 | 295,757,002 | 290,824,970 | 286,851,595 | 283,257,104 | 269,497,768 | · |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | · | · | $24M | $28M | $14M | $5M | $2M | |
| Stock-based Comp | $56M | $68M | $64M | $49M | $31M | $8M | $890.0K | |
| Deferred Tax | · | · | $2M | $-2M | $-2M | $2M | · | |
| Amort. of Intangibles | $4M | $14M | $12M | $10M | $10M | $2M | $0 | |
| Operating Cash Flow | $-131M | $-109M | $-44M | $277M | $245M | $23M | $3M | |
| CapEx | $43M | $78M | $77M | $71M | $58M | $10M | $4M | |
| Investing Cash Flow | $88M | $121M | $-221M | $-353M | $-332M | $-120M | $-6M | |
| Debt Issued | · | · | · | · | $872.0K | $15M | $193.0K | |
| Stock Issued | · | · | · | · | · | $523M | · | |
| Financing Cash Flow | $14M | $13M | $10M | $-2M | $-4M | $684M | $195.0K | |
| Net Change in Cash | $-28M | $23M | $-254M | $-86M | $-93M | $587M | $-3M | |
| Free Cash Flow | $-174M | $-187M | $-121M | $207M | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -289.0% | -1091.7% | -623.8% | 44.6% | · | · | · | |
| Net Margin | -194.9% | -564.8% | -385.0% | 32.7% | · | · | · | |
| Pretax Margin | -236.4% | -695.0% | -457.7% | 49.3% | · | · | · | |
| EBITDA Margin | -289.0% | -1091.7% | -623.8% | 44.6% | · | · | · | |
| ROA | -10.8% | -11.4% | -9.7% | 11.1% | · | · | · | |
| ROE | -14.8% | -15.3% | -12.5% | 12.8% | · | · | · | |
| ROIC | -18.5% | -24.2% | -17.3% | 11.6% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.3 | 9.8 | 7.3 | 8.7 | · | · | · | |
| Quick Ratio | 2.6 | 2.5 | 1.1 | 3.3 | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | 0.0 | 0.3 | · | · | · | |
| Receivables Turnover | 2.1 | 1.8 | · | · | · | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 160.6% | -24.2% | -92.2% | 29.4% | 60.9% | · | · | |
| Revenue CAGR 3Y | -46.3% | -57.5% | -45.4% | · | · | · | · | |
| Revenue CAGR 5Y | -20.3% | · | · | · | · | · | · | |
| EPS YoY | · | · | · | 4.2% | 6.7% | · | · | |
| Net Income YoY | · | · | · | 3.3% | 29.0% | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $75M | $29M | $38M | $485M | $375M | $233M | · | |
| Net Income TTM | $-146M | $-163M | $-146M | $159M | $153M | $119M | · | |
| Market Cap | $1.03B | $867M | $1.66B | $2.91B | · | · | · | |
| P/E | -7.0 | -5.3 | -11.2 | 20.3 | 29.8 | 89.4 | · | |
| P/S | 13.7 | 30.1 | 43.7 | 6.0 | · | · | · | |
| P/B | 1.1 | 0.8 | 1.4 | 2.4 | · | · | · | |
| P / Tangible Book | 1.2 | 0.9 | 1.7 | 2.8 | 4.9 | · | · | |
| P / Cash Flow | -7.8 | -8.0 | -37.8 | 10.5 | · | · | · | |
| P / FCF | -5.9 | -4.6 | -13.7 | 14.1 | · | · | · | |
| Earnings Yield | -14.3% | -18.8% | -8.9% | 4.9% | 3.4% | 1.1% | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4M | $8M | $45M | $9M | $17M | $4M | $5M | $7M | $7M | $10M | $9M | $7M | $10M | $12M | $22M | $101M | |
| R&D Expense | $46M | $47M | $50M | $55M | $39M | $42M | $46M | $41M | $41M | $39M | $49M | $38M | $36M | $53M | $28M | $27M | |
| SG&A Expense | $14M | $12M | $26M | $22M | $22M | $19M | $29M | $19M | $20M | $17M | $30M | $14M | $16M | $15M | $13M | $14M | |
| Operating Expenses | $67M | $66M | $73M | $85M | $67M | $67M | $78M | $100M | $101M | $65M | $75M | $61M | $61M | $77M | $59M | $64M | |
| Operating Income | $-63M | $-58M | $-29M | $-76M | $-50M | $-63M | $-73M | $-94M | $-93M | $-55M | $-66M | $-55M | $-51M | $-65M | $-38M | $38M | |
| Interest Income | · | $4M | $6M | $7M | $8M | $6M | $9M | $10M | $10M | $10M | $11M | $11M | $11M | $10M | $8M | $6M | |
| Other Non-op | $4M | $8M | $-156.0K | $-2M | $13M | $10M | $14M | $18M | $32M | $-2M | $3M | $2M | $-2M | $4M | $-4M | $1M | |
| Pretax Income | $-59M | $-50M | $-19M | $-69M | $-36M | $-53M | $-47M | $-63M | $-48M | $-43M | $-49M | $-39M | $-38M | $-48M | $-31M | $47M | |
| Income Tax | $-4M | $-6M | $-11M | $-12M | $-2M | $-7M | $-13M | $-12M | $-11M | $-2M | $-1M | $-11M | $-7M | $-8M | $-2M | $20M | |
| Net Income | $-55M | $-43M | $-9M | $-57M | $-35M | $-46M | $-34M | $-51M | $-37M | $-41M | $-47M | $-29M | $-31M | $-40M | $-30M | $27M | |
| EPS (Basic) | $-0.18 | $-0.14 | $-0.03 | $-0.19 | $-0.12 | $-0.15 | $-0.11 | $-0.17 | $-0.13 | $-0.14 | $-0.16 | $-0.10 | $-0.11 | $-0.14 | $-0.10 | $0.09 | |
| EPS (Diluted) | $-0.18 | $-0.14 | $-0.03 | $-0.19 | $-0.12 | $-0.15 | $-0.11 | $-0.17 | $-0.13 | $-0.14 | $-0.16 | $-0.10 | $-0.11 | $-0.14 | $-0.10 | $0.08 | |
| Shares (Basic) | 305,557,294 | 303,074,605 | -596,369,356 | 298,875,174 | 298,508,601 | 297,692,663 | -587,465,327 | 294,851,945 | 294,217,013 | 292,723,901 | -577,003,078 | 289,496,841 | 288,905,587 | 287,767,136 | -568,847,675 | 285,322,719 | |
| Shares (Diluted) | 305,557,294 | 303,074,605 | -596,369,356 | 298,875,174 | 298,508,601 | 297,692,663 | -587,465,327 | 294,851,945 | 294,217,013 | 292,723,901 | -577,003,078 | 289,496,841 | 288,905,587 | 287,767,136 | -597,159,467 | 315,818,163 | |
| EBITDA | $-56M | $-51M | · | $-76M | $-50M | $-63M | · | $-94M | $-93M | $-55M | · | $-55M | $-51M | $-65M | · | $38M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $120M | $77M | $129M | $83M | $92M | $159M | $156M | $127M | $148M | $124M | · | $172M | $180M | $193M | · | $372M | |
| Receivables | $38M | $39M | $39M | $71M | $70M | $64M | $32M | · | · | · | · | · | · | · | · | · | |
| Inventory | $8M | $8M | $6M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Other Current Assets | $96M | $98M | $111M | $133M | $117M | $95M | $67M | $43M | $40M | $57M | · | $71M | $64M | $99M | · | $46M | |
| Current Assets | $679M | $665M | $728M | $695M | $742M | $765M | $751M | $743M | $772M | $814M | · | $920M | $931M | $941M | · | $1.05B | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $277M | $260M | $233M | · | $201M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | $304M | $284M | $255M | · | $216M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | $27M | $24M | $21M | · | $16M | |
| Goodwill | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | · | $48M | $48M | $48M | · | $48M | |
| Intangibles | $37M | $37M | $38M | $39M | $40M | $41M | $42M | $53M | $86M | $119M | · | $124M | $127M | $129M | · | $143M | |
| Other Non-current Assets | $62M | $69M | $52M | $53M | $57M | $62M | $97M | $134M | $113M | $105M | · | $81M | $113M | $90M | · | $49M | |
| Total Assets | $1.31B | $1.31B | $1.36B | $1.36B | $1.40B | $1.34B | $1.36B | $1.39B | $1.41B | $1.46B | · | $1.51B | $1.54B | $1.50B | · | $1.55B | |
| Accounts Payable | $12M | $21M | $25M | $32M | $32M | $33M | $34M | $35M | $27M | $27M | · | $17M | $21M | $18M | · | $9M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Current Liabilities | $53M | $47M | $64M | $69M | $67M | $75M | $77M | $80M | $70M | $105M | · | $110M | $119M | $90M | · | $106M | |
| Capital Leases | $130M | $134M | $137M | $137M | $137M | $63M | $61M | $66M | $66M | $68M | · | $75M | $78M | $77M | · | $72M | |
| Deferred Tax | · | · | $9M | $10M | $10M | $10M | $10M | $13M | $22M | $30M | · | $33M | $33M | $33M | · | $34M | |
| Other Non-current Liabilities | $10M | $11M | $5M | $1M | $2M | $2M | $7M | $2M | $6M | $6M | · | $5M | $2M | $3M | · | $3M | |
| Total Liabilities | $412M | $369M | $390M | $392M | $395M | $321M | $304M | $315M | $302M | $333M | · | $329M | $342M | $289M | · | $302M | |
| Common Stock | $821M | $817M | $802M | $794M | $792M | $790M | $777M | $773M | $770M | $765M | · | $748M | $745M | $743M | · | $730M | |
| Retained Earnings | $-128M | $-73M | $-29M | $-21M | $37M | $71M | $117M | $151M | $202M | $239M | · | $327M | $356M | $386M | · | $456M | |
| AOCI | $-3M | $-2M | $-4M | $-3M | $-3M | $-7M | $-4M | $-1M | $-2M | $-2M | · | $-1M | $-2M | $-2M | · | $-717.0K | |
| Stockholders' Equity | $896M | $938M | $967M | $964M | $1.01B | $1.02B | $1.06B | $1.08B | $1.11B | $1.13B | $1.15B | $1.18B | $1.19B | $1.21B | $1.23B | $1.25B | |
| Liabilities + Equity | $1.31B | $1.31B | $1.36B | $1.36B | $1.40B | $1.34B | $1.36B | $1.39B | $1.41B | $1.46B | · | $1.51B | $1.54B | $1.50B | · | $1.55B | |
| Shares Outstanding | 306,469,632 | 303,945,581 | 300,600,710 | 299,011,566 | 295,757,002 | 295,757,002 | 295,757,002 | 290,824,970 | 290,824,970 | 290,824,970 | · | 286,851,595 | 286,851,595 | 286,851,595 | · | 285,761,492 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $7M | · | $5M | $5M | $5M | · | $37M | $37M | $5M | · | $6M | $6M | $6M | · | $5M | |
| Stock-based Comp | $12M | $12M | $13M | $14M | $14M | $15M | $15M | $17M | $18M | $17M | $16M | $16M | $16M | $15M | $13M | $12M | |
| Amort. of Intangibles | $931.0K | $920.0K | $909.0K | $940.0K | $929.0K | $922.0K | $-54M | $33M | $33M | $2M | $4M | $3M | $3M | $3M | $3M | $3M | |
| Other Non-cash | · | $-9M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $26M | $-34M | $-35M | $-53M | $-32M | $-12M | $-8M | $-29M | $-30M | $-42M | $-20M | $-106.0K | $20M | $-44M | $31M | $-127M | |
| CapEx | $2M | $4M | $10M | $9M | $13M | $11M | $16M | $19M | $20M | $24M | $14M | $20M | $27M | $15M | $12M | $13M | |
| Investing Cash Flow | $11M | $-25M | $75M | $36M | $-32M | $8M | $36M | $4M | $52M | $30M | $-24M | $-13M | $-34M | $-150M | $-17M | $-282M | |
| Debt Issued | · | · | · | · | · | · | · | $3M | $2M | $2M | · | $7M | $0 | $0 | · | · | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | $2M | · | · | · | · | · | · | |
| Financing Cash Flow | $6M | $7M | $4M | $7M | $-3M | $6M | $4M | $3M | $3M | $3M | $4M | $7M | $419.0K | $-458.0K | $349.0K | $-19.0K | |
| Net Change in Cash | $43M | $-51M | $45M | $-9M | $-67M | $3M | $30M | $-22M | $25M | $-10M | $-39M | $-7M | $-13M | $-194M | $15M | $-417M | |
| Free Cash Flow | · | $-37M | · | · | · | $-22M | · | · | · | $-66M | · | · | · | $-59M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1550.0% | -691.8% | · | -851.8% | -290.2% | -1479.6% | · | -1439.4% | -1276.2% | -551.5% | · | -831.8% | -511.0% | -532.1% | · | 37.2% | |
| Net Margin | -1368.6% | -519.1% | · | -637.8% | -203.3% | -1077.2% | · | -785.4% | -504.3% | -408.0% | · | -433.5% | -303.6% | -329.0% | · | 26.3% | |
| Pretax Margin | -1455.9% | -595.8% | · | -767.9% | -212.7% | -1251.1% | · | -962.5% | -658.0% | -429.5% | · | -595.2% | -377.9% | -394.9% | · | 46.0% | |
| EBITDA Margin | -1377.5% | -609.5% | · | -851.8% | -290.2% | -1479.6% | · | -1439.4% | -1276.2% | -551.5% | · | -831.8% | -511.0% | -532.1% | · | 37.2% | |
| ROA | -4.1% | -3.3% | · | -4.2% | -2.5% | -3.2% | · | -3.5% | -2.5% | -2.7% | · | -1.9% | -1.9% | -2.6% | · | 1.9% | |
| ROE | -5.8% | -4.4% | · | -5.6% | -3.3% | -4.2% | · | -4.5% | -3.2% | -3.5% | · | -2.4% | -2.5% | -3.3% | · | 2.4% | |
| ROIC | -6.6% | -5.3% | · | -6.6% | -4.7% | -5.3% | · | -7.1% | -6.5% | -4.6% | · | -3.4% | -3.5% | -4.5% | · | 1.7% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.8 | 14.1 | · | 10.1 | 11.1 | 10.1 | · | 9.3 | 11.0 | 7.8 | · | 8.3 | 7.8 | 10.5 | · | 9.9 | |
| Quick Ratio | 3.0 | 2.5 | · | 2.2 | 2.4 | 3.0 | · | 1.6 | 2.1 | 1.2 | · | 1.6 | 1.5 | 2.2 | · | 3.5 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | |
| Receivables Turnover | 0.1 | 0.2 | · | 0.3 | 0.5 | 0.1 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $38M | $39M | · | $37M | $35M | $28M | · | $30M | $34M | $39M | · | $130M | $170M | $476M | · | $469M | |
| Net Income TTM | $-190M | $-181M | · | $-189M | $-168M | $-174M | · | $-157M | $-137M | $-140M | · | $-73M | $-51M | $148M | · | $167M | |
| Market Cap | $2.41B | $1.06B | · | $1.50B | $1.01B | $660M | · | $756M | $861M | $1.32B | · | $1.32B | $1.85B | $2.16B | · | $2.83B | |
| P/E | -12.5 | -5.8 | · | -8.0 | -6.0 | -3.8 | · | -4.8 | -6.2 | -9.2 | · | -17.0 | -34.0 | 16.4 | · | 19.0 | |
| P/S | 62.6 | 27.5 | · | 40.9 | 28.9 | 23.5 | · | 24.9 | 25.4 | 34.0 | · | 10.1 | 10.9 | 4.5 | · | 6.0 | |
| P/B | 2.7 | 1.1 | · | 1.6 | 1.0 | 0.6 | · | 0.7 | 0.8 | 1.2 | · | 1.1 | 1.6 | 1.8 | · | 2.3 | |
| P / Tangible Book | 3.0 | 1.2 | · | 1.7 | 1.1 | 0.7 | · | 0.8 | 0.9 | 1.4 | · | 1.3 | 1.8 | 2.1 | · | 2.7 | |
| P / Cash Flow | · | -31.6 | · | · | · | -57.1 | · | · | · | -31.6 | · | · | · | -49.1 | · | · | |
| P / FCF | · | -28.4 | · | · | · | -29.7 | · | · | · | -20.0 | · | · | · | -36.6 | · | · | |
| Earnings Yield | -8.0% | -17.2% | · | -12.5% | -16.6% | -26.5% | · | -20.8% | -16.2% | -10.8% | · | -5.9% | -2.9% | 6.1% | · | 5.3% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $75M | $29M | $38M | $485M | $375M |
| Operating Margin % | -289.0% | -1091.7% | -623.8% | 44.6% | — |
| Net Income | $-146M | $-163M | $-146M | $159M | $153M |
| Diluted EPS | $-0.49 | $-0.55 | $-0.51 | $0.50 | $0.48 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 11.3 | 9.8 | 7.3 | 8.7 | — |
| Quick Ratio | 2.6 | 2.5 | 1.1 | 3.3 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-174M | $-187M | $-121M | $207M | — |
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Institutional owners (13F) 167 filers · $829.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 46 (+24 vs prior Q) | 27 (+4 vs prior Q) | 37 (-16 vs prior Q) | 56 (+14 vs prior Q) | -9.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BAKER BROS. ADVISORS LP | $259,145,283 | 33,012,138 | 31.25% | Shares |
| Capital World Investors | $106,668,540 | 13,588,349 | 12.86% | Shares |
| TWO SIGMA INVESTMENTS, LP | $81,933,833 | 10,437,431 | 9.88% | Shares |
| TD Waterhouse Canada Inc. | $72,623,873 | 9,568,149 | 8.76% | Shares |
| ArrowMark Colorado Holdings LLC | $32,224,996 | 4,105,095 | 3.89% | Shares |
| BANK OF AMERICA CORP /DE/ | $27,792,925 | 3,540,500 | 3.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $22,655,100 | 2,886,000 | 2.73% | Call option |
| Driehaus Capital Management LLC | $22,488,123 | 2,864,729 | 2.71% | Shares |
| TWO SIGMA ADVISERS, LP | $16,682,760 | 4,878,000 | 2.01% | Shares |
| TUDOR INVESTMENT CORP ET AL | $16,196,049 | 2,063,191 | 1.95% | Shares |
| CITADEL ADVISORS LLC | $12,454,119 | 1,586,512 | 1.50% | Shares |
| MORGAN STANLEY | $10,510,703 | 1,338,943 | 1.27% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $9,000,909 | 2,579,057 | 1.09% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $8,163,427 | 1,039,927 | 0.98% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,778,793 | 990,929 | 0.94% | Shares |
| Counterpoint Mutual Funds LLC | $7,627,398 | 971,643 | 0.92% | Shares |
| CITADEL ADVISORS LLC | $6,203,855 | 790,300 | 0.75% | Call option |
| STATE STREET CORP | $5,741,192 | 731,362 | 0.69% | Shares |
| DNB Asset Management AS | $5,318,210 | 677,479 | 0.64% | Shares |
| Guardian Partners Inc. | $4,678,584 | 595,998 | 0.56% | Shares |
| Daiwa Securities Group Inc. | $4,407,775 | 561,500 | 0.53% | Put option |
| Intellectus Partners, LLC | $4,329,925 | 551,583 | 0.52% | Shares |
| Alyeska Investment Group, L.P. | $4,133,629 | 526,577 | 0.50% | Shares |
| MILLENNIUM MANAGEMENT LLC | $4,070,782 | 518,571 | 0.49% | Shares |
| Sculptor Capital LP | $3,563,900 | 454,000 | 0.43% | Shares |
| Sculptor Capital LP | $3,563,900 | 454,000 | 0.43% | Put option |
| OSAIC HOLDINGS, INC. | $3,201,970 | 407,898 | 0.39% | Shares |
| BANK OF MONTREAL /CAN/ | $3,164,335 | 403,100 | 0.38% | Put option |
| STATE OF MICHIGAN RETIREMENT SYSTEM | $3,140,000 | 400,000 | 0.38% | Shares |
| CITADEL ADVISORS LLC | $2,922,555 | 372,300 | 0.35% | Put option |
| SOFTBANK GROUP CORP. | $2,709,514 | 345,161 | 0.33% | Shares |
| Decker Retirement Planning Inc. | $2,638,479 | 336,112 | 0.32% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,478,409 | 315,721 | 0.30% | Shares |
| Daiwa Securities Group Inc. | $2,445,275 | 311,500 | 0.29% | Shares |
| Daiwa Securities Group Inc. | $1,962,500 | 250,000 | 0.24% | Call option |
| Headlands Technologies LLC | $1,933,078 | 246,252 | 0.23% | Shares |
| ExodusPoint Capital Management, LP | $1,867,923 | 237,952 | 0.23% | Shares |
| GOLDMAN SACHS GROUP INC | $1,845,747 | 235,127 | 0.22% | Shares |
| Man Group plc | $1,797,485 | 228,979 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,694,030 | 215,800 | 0.20% | Put option |
| CITIZENS FINANCIAL GROUP INC/RI | $1,663,337 | 211,890 | 0.20% | Shares |
| UBS Group AG | $1,570,000 | 200,000 | 0.19% | Put option |
| GROUP ONE TRADING LLC | $1,560,525 | 198,793 | 0.19% | Shares |
| JANE STREET GROUP, LLC | $1,532,807 | 195,262 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $1,303,885 | 166,100 | 0.16% | Put option |
| BlackRock, Inc. | $1,025,508 | 130,638 | 0.12% | Shares |
| Jump Financial, LLC | $989,100 | 126,000 | 0.12% | Shares |
| HSBC HOLDINGS PLC | $929,288 | 117,930 | 0.11% | Shares |
| ArchPoint Investors | $903,182 | 115,055 | 0.11% | Shares |
| AMERICAN CENTURY COMPANIES INC | $855,736 | 109,011 | 0.10% | Shares |
| HighTower Advisors, LLC | $847,274 | 107,933 | 0.10% | Shares |
| STIFEL FINANCIAL CORP | $833,579 | 106,188 | 0.10% | Shares |
| COOKSON PEIRCE & CO INC | $785,000 | 100,000 | 0.09% | Shares |
| JANE STREET GROUP, LLC | $736,330 | 93,800 | 0.09% | Call option |
| LPL Financial LLC | $702,583 | 89,501 | 0.08% | Shares |
| BARCLAYS PLC | $664,376 | 84,634 | 0.08% | Shares |
| Quantbot Technologies LP | $627,647 | 79,955 | 0.08% | Shares |
| PIER 88 INVESTMENT PARTNERS LLC | $627,215 | 79,900 | 0.08% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $560,058 | 71,345 | 0.07% | Shares |
| CAXTON ASSOCIATES LLP | $521,067 | 66,378 | 0.06% | Shares |
| MARSHALL WACE, LLP | $513,908 | 65,466 | 0.06% | Shares |
| Erste Asset Management GmbH | $503,440 | 62,000 | 0.06% | Shares |
| HERITAGE OAK WEALTH ADVISORS LLC | $502,400 | 64,000 | 0.06% | Shares |
| Virtus Investment Advisers, LLC | $490,170 | 62,442 | 0.06% | Shares |
| Voleon Capital Management LP | $466,259 | 59,396 | 0.06% | Shares |
| Resolute Advisors LLC | $451,579 | 57,526 | 0.05% | Shares |
| XML Financial, LLC | $447,646 | 57,025 | 0.05% | Shares |
| WINTON GROUP Ltd | $441,955 | 56,300 | 0.05% | Shares |
| NORTHERN TRUST CORP | $430,934 | 54,896 | 0.05% | Shares |
| Y-Intercept (Hong Kong) Ltd | $425,415 | 54,193 | 0.05% | Shares |
| Militia Capital Management LLC | $423,900 | 54,000 | 0.05% | Shares |
| Invesco Ltd. | $390,561 | 49,753 | 0.05% | Shares |
| China Universal Asset Management Co., Ltd. | $381,518 | 48,601 | 0.05% | Shares |
| Walleye Capital LLC | $363,455 | 46,300 | 0.04% | Call option |
| Tradition Wealth Management, LLC | $360,770 | 45,958 | 0.04% | Shares |
| D. E. Shaw & Co., Inc. | $356,633 | 45,431 | 0.04% | Shares |
| Walleye Trading LLC | $350,181 | 44,609 | 0.04% | Shares |
| Creative Planning | $336,198 | 42,828 | 0.04% | Shares |
| Caitong International Asset Management Co., Ltd | $326,811 | 41,632 | 0.04% | Shares |
| Atlatl Advisers LLC | $314,000 | 40,000 | 0.04% | Shares |
| Apollon Wealth Management, LLC | $314,000 | 40,000 | 0.04% | Shares |
| OneDigital Investment Advisors LLC | $266,900 | 34,000 | 0.03% | Shares |
| WELLS FARGO & COMPANY/MN | $266,751 | 33,981 | 0.03% | Shares |
| MOR Wealth Management, LLC | $259,050 | 33,000 | 0.03% | Shares |
| OXFORD ASSET MANAGEMENT LLP | $243,852 | 31,064 | 0.03% | Shares |
| Golden State Wealth Management, LLC | $235,500 | 30,000 | 0.03% | Shares |
| State of Wyoming | $234,935 | 29,928 | 0.03% | Shares |
| BRANDYWINE MANAGERS, LLC | $223,631 | 28,488 | 0.03% | Shares |
| Hilltop Holdings Inc. | $218,505 | 27,835 | 0.03% | Shares |
| UBS Group AG | $215,914 | 27,505 | 0.03% | Shares |
| Arrowpoint Investment Partners (Singapore) Pte. Ltd. | $212,672 | 27,092 | 0.03% | Shares |
| SCOTIA CAPITAL INC. | $196,894 | 25,082 | 0.02% | Shares |
| Networth Advisors, LLC | $176,829 | 22,526 | 0.02% | Shares |
| Stratos Wealth Advisors, LLC | $176,625 | 22,500 | 0.02% | Shares |
| JPMORGAN CHASE & CO | $176,172 | 21,696 | 0.02% | Shares |
| Green Alpha Advisors, LLC | $172,041 | 21,916 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $161,553 | 20,580 | 0.02% | Shares |
| Intesa Sanpaolo S.p.A. | $155,870 | 20,000 | 0.02% | Shares |
| HBK Sorce Advisory LLC | $155,003 | 26,183 | 0.02% | Shares |
| VestGen Advisors, LLC | $154,268 | 19,652 | 0.02% | Shares |
Company insiders 14 insiders · 3 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Carl L. G. Hansen | Chief Executive Officer | May 26, 2023 M | 561,250 | 0 | 0 | $0 |
| Veronique Lecault | Chief Operating Officer | May 5, 2023 M | 2,020,122 | 0 | 0 | $0 |
| Ester Falconer | Chief Technology Officer | Sept. 1, 2021 M | 875,000 | 0 | 0 | $0 |
| John S. Montalbano | Director | Aug. 18, 2026 P | 251,000 | 1 | 0 | $110,300 |
| Victor Sandor | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Lynn Seely | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Stephen Quake | Director | June 11, 2026 A | — | 0 | 0 | $0 |
| John Hamer | Director | Sept. 1, 2021 S | 128,862 | 0 | 0 | $0 |
| Peter Thiel | Director | Dec. 15, 2020 C | 24,660 | 0 | 0 | $0 |
| Thermopylae Holdings Ltd. | 10% owner | May 26, 2023 P | 56,012,493 | 0 | 0 | $0 |
| Andrew Booth | — | Aug. 14, 2026 P | 482,800 | 1 | 0 | $383,904 |
| Michael R Hayden | — | Aug. 12, 2026 P | 1,319,784 | 1 | 0 | $481,033 |
| Tryn Stimart | — | Dec. 1, 2022 A | 250 | 0 | 0 | $0 |
| Andrew Lo | — | Dec. 1, 2022 A | 86,938 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Peter Thiel, ABE Investments LLC, The Founders Fund VII Principals Fund, LP, The Founders Fund VII, LP, The Founders Fund VII Entrepreneurs Fund, LP, The Founders Fund VII Management, LLC, The Founders Fund Growth, LP, The Founders Fund Growth Principals Fund, LP, The Founders Fund Growth Management, LLC ×2 filings | April 24, 2023 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 9 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IDNA · iShares Trust | 1.68% | 508,935 SH | Aug. 8, 2026 | Daily |
| BBC · ETFis Series Trust I | 0.85% | 76,245 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.14% | 16,618 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.12% | 1,726,623 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.09% | 11,209 NS | May 31, 2026 | N-PORT |
| PDN · Invesco Exchange-Traded Fund Trust … | 0.07% | 34,272 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 39,804 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 134,674 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 64,811 NS | May 31, 2026 | N-PORT |