ABUS Arbutus Biopharma Corporation - Common Stock
$4.74
Price · Aug 18, 2026
Fundamentals as of Aug 12, 2026
52W Range
$3–$5
68% of range
Analyst Rating
BUY
8 analysts
Price Target
$6
+17% upside
P/E (TTM)
-28.5
ROE
-42.0%
Net Profit Margin
-237.9%
About Arbutus Biopharma Corporation - Common Stock Company overview from Wikipedia
Arbutus Biopharma Corporation is a publicly traded Canadian biopharmaceutical company with an expertise in liposomal drug delivery and RNA interference, and is developing drugs for hepatitis B infection.
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Arbutus Biopharma Corporation is a publicly traded Canadian (NASDAQ: ABUS) biopharmaceutical company with an expertise in liposomal drug delivery and RNA interference, and is developing drugs for hepatitis B infection.
It is headquartered in Warminster, Pennsylvania. The company was formerly known as Tekmira, which was spun out of Inex Pharmaceuticals in 2007.
History
Tekmira, as the company was formerly called, was formed as a wholly owned subsidiary of Inex Pharmaceuticals in 2005 after that company began collapsing after its regulatory and partnering strategy failed in 2004. Tekmira was fully spun out in 2007 and Tekmira absorbed the assets of Inex, which had been founded in 1992.
Inex had been developing liposomal formulations of off-patent cancer drugs, and licensed them to Talon Pharmaceuticals in 2005; Talon was acquired by Spectrum Pharmaceuticals in 2013, and three former Inex/Tekmira products reached the market and began generating royalties for Tekmira: Marqibo (liposomal vincristine), Alocrest (liposomal vinorelbine) and Brakiva (liposomal topotecan).
Inex had also acquired licenses to intellectual property, as well as staff and manufacturing facilities, concerning RNAi technology from Lynx Therapeutics in 1998; this set of technologies became the focus for Tekmira and it initially sought to develop liposomally encapsulated RNAi drugs for a broad range of indications.
Tekmira also worked on providing liposomal delivery technology to other companies. In 2007 it signed a license agreement with Alnylam Pharmaceuticals so that Alnylam could use it to deliver its own RNAi drugs; that deal was expanded into a manufacturing agreement in 2009.
Most of those products not focused on viral diseases faltered, and Tekmira had only $6.3 million in cash when it filed suit against Alnylam in 2011 for breaching its contract and stealing trade secrets. The suit was settled in 2012, with Alnylam agreeing to pay Tekmira $65 million in termination fees, and the companies negotiated a new license agreement with lower milestones and royalties, which covers Alnylam's product patisiran.
Tekmira caught the world's attention and its stock rose dramatically during the 2013 West African Ebola virus epidemic due to its drug candidate for Ebola fever, TKM-Ebola. Tekmira was developing it under a $140 million US Department of Defense contract. While its stock was trading high in January 2015, it acquired OnCore BioPharma, a company focused on hepatitis B.
On December 19, 2014, Tekmira announced the appointment of former Bill & Melinda Gates Foundation CFO Richard Henriques to the company's board of directors. The company simultaneously announced the forthcoming departure of Ian MacLachlan as Executive Vice President and Chief Technical Officer.
Development of TKM-Ebola was terminated in mid June 2015 during a Phase II trial, for lack of efficacy.
The next month, Tekmira changed its name to Arbutus Biopharma and said that it would focus on drugs to treat hepatitis B.
In March 2017 Arbutus signed another license for its liposome delivery technology, this time with Alexion Pharmaceuticals, for delivery of an mRNA drug candidate. This license was terminated in July 2017, when Alexion discontinued preclinical programs outside its core complement franchise.
In 2019, Arbutus began a phase 1 clinical study using AB-506 to treat chronic hepatitis B. The company released preliminary data in July and stopped the trial in October after two patients developed acute hepatitis. Now AB-729 is paving the way for Arbutus, as they recently received the FDA go ahead to pursue phase 2 trials, after having their data voted best in ILC, 2021; after abandoning development of previous investigational agents. AB-836, Arbutus's next generation capsid inhibitor, has shown potential against mutants in its phase 1 trials.
In July 2019, Arbutus Biopharma announced the sale of part of its royalty interest on future global net sales of ONPATTRO, an RNA interference therapeutic currently sold by Alnylam Pharmaceuticals, to OMERS for $20 million.
COVID-19
On March 10, 2023, U.S. District Judge Mitchell Goldberg rejected a bid by Moderna to dismiss some of the patent infringement claims brought against the company by Arbutus and its partner, Genevant Sciences.
Moderna settled their lawsuit and will pay Arbutus $950 million upfront and an additional $1.3 billion contingent upon a favorable resolution of Moderna’s Section 1498 appeal.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ABUS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.74
Market Cap
$934M
P/E (TTM)
-28.5
EPS (TTM)
$-0.17
Revenue (TTM)
$14M
Div Yield
—
ROE
-42.0%
Debt/Equity
—
52W Range
$3 – $5
ABUS 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
$14M
2016-12-31
→
2025-12-31
EPS
$-0.17
2016-12-31
→
2025-12-31
Free Cash Flow
$-40M
2016-12-31
→
2025-12-31
Margins
-237.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ABUS
Peer Median
P/E (TTM)
-28.5
6.7
P/S (TTM)
66.3
39.8
P/B
12.2
4.8
Price / FCF
-23.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ABUS
Peer Median
Operating Margin
-271.0%
—
Net Profit Margin
-237.9%
-220.1%
ROA
-29.6%
-35.0%
ROE
-42.0%
-43.2%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ABUS
Peer Median
Current Ratio
15.7
9.7
Quick Ratio
15.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ABUS
Peer Median
Revenue YoY
128.2%
—
Revenue CAGR 3Y
-28.8%
—
Revenue CAGR 5Y
15.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ABUS
Peer Median
ABUS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 3 37.5%
- Buy 4 50.0%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-17
Low
$5.53
High
$5.53
Median target
$5.53
+16.6%
Mean target
$5.53
+16.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.05 | $-0.03 | -0.02% |
| Dec. 31, 2025 | $-0.02 | $-0.04 | 0.02% |
| Sept. 30, 2025 | $-0.04 | $-0.03 | -0.01% |
| June 30, 2025 | $0.01 | $-0.05 | 0.06% |
| March 31, 2025 | $-0.13 | $-0.11 | -0.02% |
| Dec. 31, 2024 | $-0.07 | $-0.08 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ABUS | $926M | -28.3 | 128.2% | -237.9% | -42.0% | — |
| XENE | $3.59B | -10.3 | — | -4612.1% | -56.9% | — |
| AUPH | $2.11B | 7.7 | 20.4% | 101.5% | 62.7% | — |
| ZYME | $1.97B | -24.4 | 38.9% | -76.6% | -26.9% | — |
| ACOG | $141M | -5.5 | — | -202.2% | -43.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14M | $6M | $18M | $39M | $11M | $7M | $6M | $6M | $11M | $1M | $23M | |
| R&D Expense | $25M | $54M | $74M | $84M | $66M | $49M | $58M | $58M | $63M | $61M | $52M | |
| SG&A Expense | $16M | $22M | $22M | $18M | $17M | $15M | $18M | $16M | $16M | $39M | $26M | |
| Operating Expenses | $52M | $82M | $96M | $104M | $85M | $65M | $150M | $96M | $122M | $493M | $127M | |
| Operating Income | $-38M | $-76M | $-78M | $-65M | $-74M | $-58M | $-144M | $-90M | $-111M | $-492M | $-104M | |
| Interest Expense | · | · | $459.0K | $2M | $3M | $4M | $2M | $226.0K | $261.0K | $0 | $0 | |
| Interest Income | $4M | $7M | $6M | $2M | $127.0K | $741.0K | $2M | $3M | $2M | $1M | $674.0K | |
| Other Non-op | $5M | $6M | $5M | $444.0K | $-3M | $-6M | $-22M | $28M | $2M | $2M | $25M | |
| Pretax Income | · | · | · | · | · | $-64M | $-166M | $-61M | $-109M | $-489M | $-79M | |
| Income Tax | $0 | $0 | $0 | $4M | $0 | $0 | $-13M | $-4M | $-24M | $-105M | $-16M | |
| Net Income | $-34M | $-70M | $-73M | $-69M | $-76M | $-64M | $-154M | $-57M | $-84M | $-384M | $-63M | |
| EPS (Basic) | $-0.17 | $-0.38 | $-0.44 | $-0.46 | $-0.83 | $-1.00 | · | $-1.21 | $-1.56 | $-7.24 | $-1.38 | |
| EPS (Diluted) | $-0.17 | $-0.38 | $-0.44 | $-0.46 | $-0.83 | $-1.00 | · | $-1.21 | $-1.56 | $-7.24 | $-1.38 | |
| Shares (Basic) | 191,599,600 | 185,608,874 | 165,960,379 | 150,939,337 | 106,242,452 | 75,835,378 | · | 55,304,083 | 54,723,272 | 53,074,401 | 45,462,324 | |
| Shares (Diluted) | 191,599,600 | 185,608,874 | 165,960,379 | 150,939,337 | 106,242,452 | 75,835,378 | · | 55,304,083 | 54,723,272 | 53,074,401 | 45,462,324 | |
| EBITDA | $-38M | $-76M | $-78M | $-65M | $-74M | $-58M | · | $-90M | $-111M | $-492M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18M | $36M | $26M | $31M | $109M | $52M | $32M | $37M | $54M | $23M | $167M | |
| Short-term Investments | $73M | $86M | $100M | $116M | $46M | $71M | $59M | $88M | $72M | $107M | $15M | |
| Receivables | $1M | $2M | $2M | $1M | $899.0K | $1M | $1M | $1M | $402.0K | $273.0K | $1M | |
| Prepaid Expense | $2M | $2M | $4M | $3M | $4M | $3M | $2M | $3M | $2M | $1M | $1M | |
| Current Assets | $94M | $127M | $132M | $151M | $161M | $128M | $94M | $129M | $129M | $133M | $184M | |
| PP&E (Net) | $32.0K | $3M | $5M | $5M | $6M | $7M | $9M | $10M | $12M | $7M | $3M | |
| PP&E (Gross) | $245.0K | $16M | $17M | $16M | $15M | $15M | $14M | $17M | $25M | $18M | $13M | |
| Accum. Depreciation | $213.0K | $13M | $12M | $11M | $9M | $8M | $6M | $7M | $13M | $11M | $10M | |
| Goodwill | · | · | · | · | · | · | $0 | $22M | $24M | $24M | $163M | |
| Intangibles | · | · | · | · | · | · | $0 | $44M | $59M | $99M | $353M | |
| Other Non-current Assets | $130.0K | $34.0K | $0 | $103.0K | $61.0K | $44.0K | $293.0K | $0 | · | · | · | |
| Total Assets | $95M | $132M | $144M | $195M | $204M | $137M | $106M | $228M | $237M | $276M | $712M | |
| Accounts Payable | $5M | $8M | $10M | $16M | $11M | $9M | $7M | $9M | $11M | $10M | $9M | |
| Current Liabilities | $6M | $16M | $22M | $33M | $11M | $10M | $8M | $11M | $15M | $11M | $11M | |
| Capital Leases | $199.0K | $806.0K | $1M | $2M | $2M | $3M | $3M | $0 | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $0 | $13M | $17M | $41M | $146M | |
| Total Liabilities | $18M | $34M | $38M | $59M | $35M | $35M | $33M | $28M | $55M | $73M | $165M | |
| Long-term Debt | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Common Stock | $1.42B | $1.41B | $1.35B | $1.32B | $1.29B | $986M | $899M | $879M | $876M | $867M | $834M | |
| Paid-in Capital | $83M | $82M | $81M | $72M | $65M | $61M | $55M | $48M | $43M | $37M | $30M | |
| Retained Earnings | $-1.38B | $-1.35B | $-1.28B | $-1.20B | $-1.13B | $-1.05B | $-970M | $-805M | $-738M | $-653M | $-267M | |
| AOCI | $-48M | $-48M | $-48M | $-50M | $-48M | $-48M | $-48M | $-48M | $-48M | $-48M | $-50M | |
| Stockholders' Equity | $77M | $97M | $106M | $137M | $169M | $102M | $73M | $200M | $182M | $203M | $548M | |
| Liabilities + Equity | $95M | $132M | $144M | $195M | $204M | $137M | $106M | $228M | $237M | $276M | $712M | |
| Shares Outstanding | 192,531,225 | 189,963,492 | 169,867,414 | 157,455,363 | 144,987,736 | 89,678,722 | 64,780,314 | 55,518,800 | 55,060,650 | 54,841,494 | 54,570,691 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $7M | $9M | $9M | $7M | $6M | $6M | $7M | $6M | $15M | · | · | |
| Deferred Tax | · | · | · | · | · | $0 | $-13M | $-4M | $-24M | $-105M | $-16M | |
| Restructuring | $13M | $4M | $0 | · | $0 | $64.0K | $156.0K | $5M | $0 | · | · | |
| Operating Cash Flow | $-40M | $-65M | $-86M | $-35M | $-68M | $-51M | $-71M | $-68M | $-49M | $-58M | $-56M | |
| CapEx | $0 | $182.0K | $1M | $512.0K | $809.0K | $229.0K | $589.0K | $1M | $7M | $4M | $2M | |
| Investing Cash Flow | $16M | $23M | $51M | $-75M | $-13M | $-15M | $28M | $-4M | $28M | $-99M | $8M | |
| Debt Issued | · | · | · | · | · | · | · | · | $0 | $12M | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $0 | $12M | · | |
| Stock Issued | · | · | · | · | $135M | $86M | $19M | $0 | $0 | $0 | $142M | |
| Net Stock Activity | · | · | · | · | $135M | $86M | · | · | $0 | $0 | · | |
| Financing Cash Flow | $6M | $52M | $31M | $32M | $137M | $87M | $37M | $56M | $49M | $13M | $144M | |
| Net Change in Cash | $-18M | $10M | $-4M | $-79M | $57M | $20M | $-5M | $-17M | $31M | $-143M | $95M | |
| Free Cash Flow | $-40M | $-65M | $-87M | $-36M | $-68M | $-52M | · | $-69M | $-56M | $-62M | · | |
| Levered FCF | · | · | · | · | · | $-56M | · | $-69M | $-56M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -271.0% | -1236.7% | -430.5% | -167.8% | -669.1% | -836.1% | · | -1510.2% | -1036.7% | -32973.8% | · | |
| Net Margin | -237.9% | -1133.0% | -401.6% | -178.0% | -693.9% | -922.0% | · | -959.8% | -788.9% | -25765.5% | · | |
| Pretax Margin | · | · | · | · | · | -922.0% | · | -1031.8% | -1016.2% | -32807.9% | · | |
| EBITDA Margin | -271.0% | -1236.7% | -430.5% | -167.8% | -669.1% | -836.1% | · | -1510.2% | -1036.7% | -32973.8% | · | |
| ROA | -29.6% | -50.6% | -42.9% | -34.7% | -44.6% | -52.5% | · | -24.5% | -32.9% | -77.8% | · | |
| ROE | -42.0% | -68.5% | -64.6% | -49.2% | -50.9% | -64.0% | · | -27.5% | -43.8% | -102.4% | · | |
| ROIC | · | · | · | · | · | -56.7% | · | -41.7% | -47.2% | -190.2% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.7 | 8.2 | 5.9 | 4.6 | 14.3 | 13.4 | · | 11.5 | 8.8 | 12.5 | · | |
| Quick Ratio | 15.5 | 8.0 | 5.7 | 4.5 | 13.9 | 13.1 | · | 11.2 | 8.7 | 12.4 | · | |
| Interest Coverage | · | · | -170.2 | -37.9 | -25.7 | -14.4 | · | -397.3 | -425.0 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | 0.1 | 0.2 | 0.1 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | 7.3 | 2.9 | 11.6 | 34.7 | 9.9 | 5.5 | · | 6.5 | 31.7 | 2.3 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 128.2% | -66.0% | -53.5% | 255.1% | 58.9% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -28.8% | -17.5% | 37.9% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.3% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14M | $6M | $18M | $39M | $11M | $7M | $6M | $6M | $11M | $1M | $23M | |
| Net Income TTM | $-34M | $-70M | $-73M | $-69M | $-76M | $-64M | $-154M | $-57M | $-84M | $-384M | $-63M | |
| Market Cap | $926M | $621M | $425M | $367M | $564M | $318M | · | $213M | $278M | $134M | · | |
| P/E | -28.3 | -8.6 | -5.7 | -5.1 | -4.7 | -3.5 | -2.1 | -3.2 | -3.2 | -0.3 | -3.2 | |
| P/S | 65.8 | 100.7 | 23.4 | 9.4 | 51.3 | 46.0 | · | 35.8 | 26.0 | 90.1 | · | |
| P/B | 12.1 | 6.4 | 4.0 | 2.7 | 3.3 | 3.1 | · | 1.1 | 1.5 | 0.7 | · | |
| P / Tangible Book | 12.1 | 6.4 | 4.0 | 2.7 | 3.3 | 3.1 | · | · | · | · | · | |
| P / Cash Flow | -23.4 | -9.6 | -4.9 | -10.4 | -8.4 | -6.2 | · | -3.1 | -5.7 | -2.3 | · | |
| P / FCF | -23.4 | -9.6 | -4.9 | -10.2 | -8.3 | -6.2 | · | -3.1 | -5.0 | -2.2 | · | |
| Earnings Yield | -3.5% | -11.6% | -17.6% | -19.7% | -21.3% | -28.2% | -47.5% | -31.6% | -30.9% | -295.5% | -31.0% |
Income Statement 16
| 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 | $1M | $179M | $1M | $529.0K | $11M | $2M | $2M | $1M | $2M | $2M | $2M | $5M | $5M | $7M | $6M | $6M | |
| R&D Expense | $3M | $4M | $5M | $6M | $5M | $9M | $9M | $14M | $16M | $15M | $18M | $20M | $18M | $18M | $23M | $20M | |
| SG&A Expense | $4M | $6M | $4M | $3M | $3M | $6M | $5M | $5M | $8M | $5M | $5M | $6M | $6M | $6M | $4M | $3M | |
| Operating Expenses | $7M | $10M | $6M | $9M | $9M | $27M | $16M | $23M | $23M | $21M | $23M | $26M | $23M | $24M | $29M | $24M | |
| Operating Income | $-6M | $169M | $-5M | $-9M | $1M | $-26M | $-14M | $-21M | $-22M | $-19M | $-21M | $-22M | $-18M | $-17M | $-23M | $-18M | |
| Interest Expense | · | · | · | · | · | · | · | · | $34.0K | $44.0K | · | $46.0K | $171.0K | $198.0K | $309.0K | $429.0K | |
| Interest Income | $842.0K | $815.0K | $877.0K | $952.0K | $1M | $1M | $1M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $943.0K | $694.0K | |
| Other Non-op | $821.0K | $787.0K | $2M | $917.0K | $1M | $1M | $1M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $630.0K | $244.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | · | $-20M | $-17M | $-16M | · | $-18M | |
| Income Tax | $0 | $0 | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-5M | $170M | $-4M | $-8M | $3M | $-25M | $-13M | $-20M | $-20M | $-18M | $-19M | $-20M | $-17M | $-16M | $-22M | $-18M | |
| EPS (Basic) | $-0.03 | $0.88 | $-0.01 | $-0.04 | $0.01 | $-0.13 | $-0.07 | $-0.10 | $-0.11 | $-0.10 | $-0.12 | $-0.12 | $-0.10 | $-0.10 | $-0.13 | $-0.12 | |
| EPS (Diluted) | $-0.03 | $0.87 | $-0.01 | $-0.04 | $0.01 | $-0.13 | $-0.07 | $-0.10 | $-0.11 | $-0.10 | $-0.12 | $-0.12 | $-0.10 | $-0.10 | $-0.13 | $-0.12 | |
| Shares (Basic) | 197,470,724 | 193,768,641 | -382,437,717 | 191,778,950 | 191,551,282 | 190,707,085 | -367,055,361 | 188,997,194 | 188,041,489 | 175,625,552 | -329,259,017 | 167,512,708 | 166,063,284 | 161,643,404 | -297,234,228 | 150,995,191 | |
| Shares (Diluted) | 197,470,724 | 195,214,067 | -383,286,168 | 191,778,950 | 192,399,733 | 190,707,085 | -367,055,361 | 188,997,194 | 188,041,489 | 175,625,552 | -329,259,017 | 167,512,708 | 166,063,284 | 161,643,404 | -297,234,228 | 150,995,191 | |
| EBITDA | $-6M | $169M | · | $-9M | $1M | $-25M | · | $-21M | $-22M | $-19M | · | $-22M | $-18M | $-17M | · | $-18M |
Balance Sheet 22
| 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 | $19M | $24M | $18M | $22M | $37M | $37M | $36M | $32M | $63M | $43M | $26M | $18M | $27M | $41M | $31M | $24M | |
| Short-term Investments | · | · | $73M | · | · | · | $86M | · | · | · | $100M | · | · | · | $116M | · | |
| Receivables | $369.0K | $1M | $1M | $905.0K | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $1M | $2M | |
| Prepaid Expense | $2M | $2M | $2M | $3M | $4M | $3M | $2M | $3M | $4M | $4M | $4M | $5M | $4M | $3M | $3M | $5M | |
| Current Assets | $274M | $277M | $94M | $97M | $103M | $117M | $127M | $133M | $148M | $136M | $132M | $142M | $159M | $153M | $151M | $141M | |
| PP&E (Net) | $10.0K | $22.0K | $32.0K | $137.0K | $148.0K | $168.0K | $3M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | |
| PP&E (Gross) | · | · | $245.0K | · | · | · | $16M | · | · | · | $17M | · | · | · | $16M | · | |
| Accum. Depreciation | $235.0K | $224.0K | $213.0K | $13M | $13M | $13M | $13M | $13M | $13M | $12M | $12M | $12M | $11M | $11M | $11M | $10M | |
| Other Non-current Assets | $132.0K | $131.0K | $130.0K | $131.0K | $0 | $34.0K | $34.0K | · | · | · | $0 | $3.0K | $11.0K | $62.0K | $103.0K | $167.0K | |
| Total Assets | $274M | $277M | $95M | $98M | $103M | $117M | $132M | $140M | $160M | $150M | $144M | $159M | $177M | $191M | $195M | $204M | |
| Accounts Payable | $3M | $4M | $5M | $5M | $5M | $12M | $8M | $8M | $11M | $8M | $10M | $10M | $9M | $10M | $16M | $12M | |
| Current Liabilities | $3M | $5M | $6M | $5M | $5M | $19M | $16M | $19M | $23M | $20M | $22M | $22M | $25M | $25M | $33M | $28M | |
| Capital Leases | $0 | $0 | $199.0K | $391.0K | $575.0K | $626.0K | $806.0K | $978.0K | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | |
| Total Liabilities | $15M | $17M | $18M | $20M | $20M | $38M | $34M | $34M | $38M | $36M | $38M | $39M | $42M | $47M | $59M | $58M | |
| Long-term Debt | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Common Stock | $1.45B | $1.44B | $1.42B | $1.42B | $1.42B | $1.42B | $1.41B | $1.41B | $1.40B | $1.38B | $1.35B | $1.35B | $1.34B | $1.34B | $1.32B | $1.31B | |
| Paid-in Capital | $74M | $74M | $83M | $83M | $83M | $82M | $82M | $81M | $82M | $80M | $81M | $80M | $77M | $74M | $72M | $71M | |
| Retained Earnings | $-1.22B | $-1.21B | $-1.38B | $-1.38B | $-1.37B | $-1.37B | $-1.35B | $-1.33B | $-1.31B | $-1.29B | $-1.28B | $-1.26B | $-1.24B | $-1.22B | $-1.20B | $-1.18B | |
| AOCI | $-48M | $-48M | $-48M | $-48M | $-48M | $-48M | $-48M | $-48M | $-48M | $-48M | $-48M | $-49M | $-49M | $-50M | $-50M | $-51M | |
| Stockholders' Equity | $259M | $260M | $77M | $77M | $83M | $79M | $97M | $107M | $122M | $115M | $106M | $119M | $135M | $144M | $137M | $146M | |
| Liabilities + Equity | $274M | $277M | $95M | $98M | $103M | $117M | $132M | $140M | $160M | $150M | $144M | $159M | $177M | $191M | $195M | $204M | |
| Shares Outstanding | 197,634,118 | 196,947,757 | 192,531,225 | 191,953,665 | 191,641,511 | 191,481,474 | 189,963,492 | 189,438,135 | 188,739,044 | 180,192,227 | 169,867,414 | 167,695,247 | 166,922,739 | 165,132,193 | 157,455,363 | 152,711,702 |
Cash Flow 11
| 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 | $11.0K | $11.0K | · | $11.0K | $11.0K | $330.0K | · | $336.0K | $356.0K | $355.0K | · | $369.0K | $342.0K | $334.0K | · | $343.0K | |
| Stock-based Comp | $2M | $1M | $1M | $1M | $864.0K | $4M | $2M | $2M | $3M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | |
| Restructuring | $0 | $0 | $-12M | $98.0K | $165.0K | $12M | $95.0K | $4M | $0 | $0 | $0 | $0 | · | · | · | · | |
| Other Non-cash | · | $-179M | · | · | · | $7M | · | · | · | $-4M | · | · | · | $-13M | · | · | |
| Operating Cash Flow | $-6M | $-8M | $-5M | $-6M | $-16M | $-13M | $-10M | $-21M | $-15M | $-19M | $-17M | $-22M | $-20M | $-27M | $-17M | $-19M | |
| CapEx | · | · | $0 | $0 | $0 | $0 | $86.0K | $0 | $1.0K | $95.0K | $0 | $32.0K | $859.0K | $117.0K | $134.0K | $91.0K | |
| Investing Cash Flow | $-2M | $2M | $-1M | $-10M | $16M | $11M | $13M | $-12M | $10M | $12M | $22M | $10M | $1M | $17M | $13M | $-14M | |
| Financing Cash Flow | $3M | $12M | $2M | $844.0K | $453.0K | $3M | $1M | $2M | $24M | $24M | $4M | $2M | $5M | $20M | $11M | $9M | |
| Net Change in Cash | $-5M | $6M | $-4M | $-15M | $336.0K | $746.0K | $4M | $-31M | $20M | $17M | $9M | $-10M | $-13M | $10M | $7M | $-23M | |
| Free Cash Flow | · | · | · | · | · | $-13M | · | · | · | $-19M | · | · | · | $-27M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $-28M | · | · |
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 | -588.2% | 94.3% | · | -1636.9% | 13.9% | -1456.9% | · | -1601.2% | -1250.5% | -1263.9% | · | -462.8% | -395.3% | -260.4% | · | -299.2% | |
| Net Margin | -507.2% | 94.7% | · | -1463.5% | 23.5% | -1390.4% | · | -1472.5% | -1146.9% | -1166.8% | · | -431.6% | -367.5% | -244.3% | · | -295.1% | |
| Pretax Margin | · | · | · | · | · | · | · | · | · | · | · | -431.6% | -367.5% | -244.3% | · | -295.1% | |
| EBITDA Margin | -588.2% | 94.3% | · | -1636.9% | 13.9% | -1438.2% | · | -1601.2% | -1250.5% | -1240.7% | · | -462.8% | -395.3% | -255.4% | · | -299.2% | |
| ROA | -2.7% | 86.1% | · | -6.5% | 1.9% | -18.4% | · | -13.2% | -11.8% | -10.5% | · | -11.1% | -8.7% | -7.6% | · | -9.5% | |
| ROE | -3.0% | 100.0% | · | -8.4% | 2.5% | -25.3% | · | -17.4% | -15.4% | -13.8% | · | -15.2% | -11.9% | -10.5% | · | -12.8% | |
| ROIC | · | · | · | · | · | · | · | · | · | · | · | -18.1% | -13.7% | -12.1% | · | -12.2% |
Liquidity & Solvency 3
| 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 | 81.4 | 54.3 | · | 18.8 | 20.5 | 6.0 | · | 7.0 | 6.6 | 6.7 | · | 6.3 | 6.5 | 6.1 | · | 5.1 | |
| Quick Ratio | 5.8 | 4.9 | · | 4.5 | 7.7 | 2.0 | · | 1.8 | 2.9 | 2.2 | · | 0.9 | 1.2 | 1.7 | · | 0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -634.8 | -440.1 | · | -468.7 | -107.5 | -87.9 | · | -41.5 |
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 | 0.9 | · | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 1.5 | 143.6 | · | 0.4 | 7.7 | 1.1 | · | 0.7 | 0.8 | 0.6 | · | 2.3 | 2.0 | 3.4 | · | 3.4 |
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 | $191M | $192M | · | $14M | $16M | $6M | · | $9M | $13M | $18M | · | $22M | $32M | $39M | · | $36M | |
| Net Income TTM | $159M | $140M | · | $-49M | $-62M | $-82M | · | $-77M | $-75M | $-71M | · | $-71M | $-65M | $-64M | · | $-67M | |
| Market Cap | $949M | $886M | · | $871M | $592M | $668M | · | $729M | $583M | $465M | · | $340M | $384M | $500M | · | $292M | |
| P/E | 5.9 | 6.3 | · | -17.5 | -9.4 | -7.9 | · | -9.0 | -7.2 | -6.1 | · | -4.6 | -5.5 | -7.0 | · | -3.4 | |
| P/S | 5.0 | 4.6 | · | 60.6 | 38.0 | 105.1 | · | 78.8 | 46.4 | 26.5 | · | 15.5 | 12.2 | 12.7 | · | 8.1 | |
| P/B | 3.7 | 3.4 | · | 11.3 | 7.1 | 8.4 | · | 6.8 | 4.8 | 4.1 | · | 2.9 | 2.9 | 3.5 | · | 2.0 | |
| P / Tangible Book | 3.7 | 3.4 | · | 11.3 | 7.1 | 8.4 | · | 6.8 | 4.8 | 4.1 | · | 2.9 | 2.9 | 3.5 | · | 2.0 | |
| P / Cash Flow | · | -109.3 | · | · | · | -49.9 | · | · | · | -24.1 | · | · | · | -18.3 | · | · | |
| P / FCF | · | · | · | · | · | -49.9 | · | · | · | -24.0 | · | · | · | -18.2 | · | · | |
| Earnings Yield | 16.9% | 15.8% | · | -5.7% | -10.7% | -12.6% | · | -11.2% | -13.9% | -16.3% | · | -21.7% | -18.3% | -14.2% | · | -29.8% |
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 | $14M | $6M | $18M | $39M | $11M |
| Operating Margin % | -271.0% | -1236.7% | -430.5% | -167.8% | -669.1% |
| Net Income | $-34M | $-70M | $-73M | $-69M | $-76M |
| Diluted EPS | $-0.17 | $-0.38 | $-0.44 | $-0.46 | $-0.83 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 15.7 | 8.2 | 5.9 | 4.6 | 14.3 |
| Quick Ratio | 15.5 | 8.0 | 5.7 | 4.5 | 13.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-40M | $-65M | $-87M | $-36M | $-68M |
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Institutional owners (13F) 191 filers · $496.0M 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 |
|---|---|---|---|---|
| 41 (+15 vs prior Q) | 22 (-8 vs prior Q) | 55 (+10 vs prior Q) | 44 (-8 vs prior Q) | +14.8M |
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 |
|---|---|---|---|---|
| Two Seas Capital LP | $91,658,798 | 19,095,583 | 18.48% | Shares |
| Whitefort Capital Management, LP | $75,812,453 | 15,794,261 | 15.28% | Shares |
| VANGUARD GROUP INC | $38,412,670 | 7,986,002 | 7.74% | Shares |
| STATE STREET CORP | $37,772,059 | 7,869,179 | 7.62% | Shares |
| Rubric Capital Management LP | $36,158,098 | 7,532,937 | 7.29% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $33,651,259 | 7,010,679 | 6.78% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $16,983,987 | 3,537,471 | 3.42% | Shares |
| BlackBarn Capital Partners LP | $12,000,000 | 2,500,000 | 2.42% | Shares |
| Woodline Partners LP | $10,952,909 | 2,281,856 | 2.21% | Shares |
| GOLDMAN SACHS GROUP INC | $8,545,829 | 1,780,381 | 1.72% | Shares |
| Jefferies Financial Group Inc. | $8,216,026 | 1,711,672 | 1.66% | Shares |
| NOMURA HOLDINGS INC | $7,857,989 | 1,637,081 | 1.58% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $7,398,998 | 1,541,458 | 1.49% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,169,851 | 1,493,719 | 1.45% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $6,869,846 | 1,431,218 | 1.38% | Shares |
| OSAIC HOLDINGS, INC. | $6,469,756 | 1,347,866 | 1.30% | Shares |
| ADAR1 Capital Management, LLC | $6,087,106 | 1,268,147 | 1.23% | Shares |
| Deltroit Asset Management (UK) LLP | $5,760,000 | 1,200,000 | 1.16% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,449,738 | 1,135,362 | 1.10% | Shares |
| CITIGROUP INC | $4,175,784 | 869,955 | 0.84% | Shares |
| BANK OF MONTREAL /CAN/ | $3,734,102 | 777,938 | 0.75% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3,123,360 | 650,700 | 0.63% | Shares |
| MACKENZIE FINANCIAL CORP | $2,946,269 | 613,806 | 0.59% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $2,889,638 | 602,008 | 0.58% | Shares |
| Western Standard LLC | $2,605,378 | 542,787 | 0.53% | Shares |
| Rangeley Capital, LLC | $2,400,000 | 500,000 | 0.48% | Shares |
| Man Group plc | $2,272,642 | 473,467 | 0.46% | Shares |
| Corbin Capital Partners, L.P. | $2,231,732 | 682,487 | 0.45% | Shares |
| CenterBook Partners LP | $2,136,725 | 445,151 | 0.43% | Shares |
| Freestone Capital Holdings, LLC | $2,124,000 | 442,500 | 0.43% | Shares |
| CITADEL ADVISORS LLC | $1,942,541 | 404,696 | 0.39% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $1,849,430 | 385,298 | 0.37% | Shares |
| Swiss National Bank | $1,375,200 | 286,500 | 0.28% | Shares |
| Ledgewood Wealth Advisors, LLC | $1,336,493 | 278,436 | 0.27% | Shares |
| FMR LLC | $1,277,232 | 266,090 | 0.26% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,265,688 | 263,685 | 0.26% | Shares |
| Carrera Capital Advisors | $1,234,402 | 257,167 | 0.25% | Shares |
| Quinn Opportunity Partners LLC | $1,225,027 | 255,214 | 0.25% | Shares |
| D. E. Shaw & Co., Inc. | $1,209,614 | 252,003 | 0.24% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,161,682 | 242,017 | 0.23% | Shares |
| Campbell & CO Investment Adviser LLC | $1,106,563 | 230,534 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,080,475 | 225,099 | 0.22% | Shares |
| Squarepoint Ops LLC | $999,096 | 208,145 | 0.20% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $926,880 | 193,100 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $909,224 | 189,423 | 0.18% | Shares |
| STRS OHIO | $810,720 | 168,900 | 0.16% | Shares |
| Bank of New York Mellon Corp | $801,067 | 166,889 | 0.16% | Shares |
| Caption Management, LLC | $720,000 | 150,000 | 0.15% | Call option |
| Caption Management, LLC | $720,000 | 150,000 | 0.15% | Put option |
| Hudson Bay Capital Management LP | $720,000 | 150,000 | 0.15% | Shares |
| Wealth Management Associates, Inc. | $710,376 | 147,995 | 0.14% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $701,467 | 146,139 | 0.14% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $643,433 | 142,985 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $631,080 | 140,240 | 0.13% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $619,685 | 129,101 | 0.12% | Shares |
| BlackRock, Inc. | $567,398 | 118,208 | 0.11% | Shares |
| Front Row Advisors LLC | $516,035 | 110,500 | 0.10% | Shares |
| BARCLAYS PLC | $499,320 | 104,025 | 0.10% | Shares |
| Rafferty Asset Management, LLC | $490,416 | 102,170 | 0.10% | Shares |
| MetLife Investment Management, LLC | $452,885 | 94,351 | 0.09% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $429,994 | 89,582 | 0.09% | Shares |
| TWO SIGMA INVESTMENTS, LP | $407,933 | 84,986 | 0.08% | Shares |
| JBF Capital, Inc. | $385,349 | 80,281 | 0.08% | Shares |
| Integrated Quantitative Investments LLC | $383,698 | 79,937 | 0.08% | Shares |
| Virtus Investment Advisers, LLC | $368,674 | 76,807 | 0.07% | Shares |
| XTX Topco Ltd | $365,808 | 76,210 | 0.07% | Shares |
| AMERICAN CENTURY COMPANIES INC | $317,832 | 66,215 | 0.06% | Shares |
| Invesco Ltd. | $305,616 | 63,670 | 0.06% | Shares |
| Rockefeller Capital Management L.P. | $302,400 | 63,000 | 0.06% | Shares |
| Creative Planning | $298,133 | 62,111 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $273,746 | 60,900 | 0.06% | Shares |
| Quantinno Capital Management LP | $273,413 | 56,961 | 0.06% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $265,118 | 55,233 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $264,730 | 55,152 | 0.05% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $255,936 | 53,320 | 0.05% | Shares |
| Jump Financial, LLC | $255,178 | 53,162 | 0.05% | Shares |
| PROFUND ADVISORS LLC | $254,482 | 53,017 | 0.05% | Shares |
| WOLVERINE TRADING, LLC | $248,868 | 55,800 | 0.05% | Call option |
| Police & Firemen's Retirement System of New Jersey | $248,203 | 51,709 | 0.05% | Shares |
| Exome Asset Management LLC | $240,797 | 50,166 | 0.05% | Shares |
| Magnetar Financial LLC | $225,922 | 47,067 | 0.05% | Shares |
| State of New Jersey Common Pension Fund D | $221,602 | 46,167 | 0.04% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $212,664 | 44,305 | 0.04% | Shares |
| ALLSTATE CORP | $212,285 | 44,226 | 0.04% | Shares |
| Quadrature Capital Ltd | $201,619 | 42,004 | 0.04% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $189,475 | 39,474 | 0.04% | Shares |
| ARIZONA STATE RETIREMENT SYSTEM | $189,110 | 39,398 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $175,680 | 36,600 | 0.04% | Call option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $171,936 | 35,820 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $169,286 | 35,268 | 0.03% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $167,208 | 34,835 | 0.03% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $152,102 | 31,688 | 0.03% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $151,070 | 31,473 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $150,902 | 31,438 | 0.03% | Shares |
| Vanguard Investments Australia, Ltd. | $150,182 | 31,288 | 0.03% | Shares |
| KLP KAPITALFORVALTNING AS | $148,320 | 30,900 | 0.03% | Shares |
| Premier Path Wealth Partners, LLC | $144,000 | 30,000 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $139,675 | 29,099 | 0.03% | Shares |
| SHERBROOKE PARK ADVISERS LLC | $134,627 | 27,989 | 0.03% | Shares |
| EntryPoint Capital, LLC | $134,112 | 27,940 | 0.03% | Shares |
Company insiders 25 insiders · 13 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William H. Collier | President and CEO | June 24, 2019 A | — | 0 | 0 | $0 |
| Mark J. Murray | President and CEO | March 1, 2019 A | 341,396 | 0 | 0 | $0 |
| David C Hastings | Chief Financial Officer | March 1, 2019 A | — | 0 | 0 | $0 |
| Bruce Cousins | EVP & Chief Financial Officer | March 24, 2017 A | — | 0 | 0 | $0 |
| Gaston Picchio | Chief Development Officer | March 1, 2019 A | — | 0 | 0 | $0 |
| Elizabeth Howard | Executive VP & General Counsel | March 1, 2019 A | — | 0 | 0 | $0 |
| Michael J. Mcelhaugh | Chief Business Officer | March 1, 2019 A | — | 0 | 0 | $0 |
| Michael J. Sofia | Chief Scientific Officer | March 1, 2019 A | 1,503,403 | 0 | 0 | $0 |
| Koert Vandenenden | Chief Accounting Officer | Dec. 11, 2018 A | — | 0 | 0 | $0 |
| William T. Symonds | Chief Development Officer | April 16, 2018 A | — | 0 | 0 | $0 |
| Peter Lutwyche | Chief Technology Officer | March 24, 2017 A | — | 0 | 0 | $0 |
| Michael J. Abrams | Managing Director | Aug. 16, 2016 M | 42,097 | 0 | 0 | $0 |
| Mark Kowalski | Sr VP & Chief Medical Officer | March 15, 2016 A | — | 0 | 0 | $0 |
| Roger Sawhney | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| Robert A Beardsley | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| Frank Torti | Director | Nov. 26, 2018 A | — | 0 | 0 | $0 |
| Vivek Ramaswamy | Director | June 19, 2018 A | — | 0 | 0 | $0 |
| Keith S Manchester | Director | June 19, 2018 A | — | 0 | 0 | $0 |
| Daniel D Burgess | Director | June 19, 2018 A | — | 0 | 0 | $0 |
| Herbert J Conrad | Director | June 19, 2018 A | — | 0 | 0 | $0 |
| Richard C Henriques JR | Director | June 19, 2018 A | 1,000 | 0 | 0 | $0 |
| Frank Karbe | Director | June 21, 2017 A | — | 0 | 0 | $0 |
| Roivant Sciences Ltd. | 10% owner | Oct. 18, 2021 C | 38,847,462 | 0 | 0 | $0 |
| Andrew Lo | 10% owner | Jan. 12, 2018 P | — | 0 | 0 | $0 |
| Patrick Machado | 10% owner | Jan. 12, 2018 P | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 8 positions
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 |
|---|---|---|---|---|---|
| Whitefort Capital Master Fund, LP, Whitefort Capital GP, LLC, Whitefort Capital Management, LP, Whitefort Capital Management GP, LLC, David Salanic, Joseph Kaplan ×5 filings | April 28, 2026 | 8.00% | Amendment | — | SEC |
| Roivant Sciences Ltd. ×14 filings | Feb. 25, 2025 | 20.50% | Amendment | — | SEC |
| Patrick Machado ×4 filings | July 17, 2019 | — | Initial filing | — | SEC |
| Dr. Andrew Lo ×5 filings | July 17, 2019 | — | Initial filing | — | SEC |
| QVT Financial LP, QVT Financial GP LLC, QVT Family Office Fund LP, QVT Associates GP LLC ×6 filings | July 12, 2019 | — | Initial filing | — | SEC |
| SVF Investments (UK) Limited, SVF Holdings (UK) LLP, SoftBank Vision Fund L.P., SVF GP (Jersey) Limited ×4 filings | July 12, 2019 | — | Initial filing | — | SEC |
| Dexxon Holdings Ltd., Dexcel Pharma Technologies Ltd., Dan Oren ×6 filings | July 12, 2019 | — | Initial filing | — | SEC |
| Viking Global Investors LP, Viking Global Performance LLC, Viking Global Equities LP, Viking Global Equities II LP, VGE III Portfolio Ltd., Viking Global Equities Master Ltd., Viking Long Fund GP LLC, Viking Long Fund Master Ltd., Viking Global Opportunities GP LLC, Viking Global Opportunities Portfolio GP LLC, Viking Global Opportunities Illiquid Investments Sub-Master LP, O. Andreas Halvorsen, David C. Ott, Rose S. Shabet ×7 filings | July 12, 2019 | — | 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 34 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 |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.66% | 58,600 NS | April 30, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.50% | 24,523 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.17% | 546,359 SH | Aug. 8, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.11% | 132,235 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.10% | 62,236 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.06% | 10,748 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.06% | 1,164,301 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.05% | 172,487 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 1,441,824 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.04% | 7,110 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 64,366 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 4,026,921 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 925,044 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 122,366 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 65,520 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 7,126 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 734,401 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.01% | 24,628 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 6,673 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 5,554 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,810,587 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 430,244 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 64,437 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.01% | 13,314 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 11,503 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 5,639 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 5,309 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 141 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 266,009 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 49,253 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 86,163 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 4,760 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 5,034,547 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,683 SH | Aug. 8, 2026 | Daily |