ACRS Aclaris Therapeutics, Inc. - Common Stock
$6.36
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$2–$7
97% of range
Analyst Rating
STRONG BUY
18 analysts
Price Target
$10
+60% upside
P/E (TTM)
-12.0
ROE
-55.3%
Net Profit Margin
-829.6%
ACRS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.36
Market Cap
$766M
P/E (TTM)
-12.0
EPS (TTM)
$-0.53
Revenue (TTM)
$8M
Div Yield
—
ROE
-55.3%
Debt/Equity
—
52W Range
$2 – $7
ACRS 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
$8M
2017-12-31
→
2025-12-31
EPS
$-0.53
2019-12-31
→
2025-12-31
Free Cash Flow
$-47M
2016-12-31
→
2025-12-31
Margins
-829.6%
2017-12-31
→
2018-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ACRS
Peer Median
P/E (TTM)
-12.0
11.7
P/S (TTM)
97.9
5.4
P/B
7.4
3.2
Price / FCF
-16.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ACRS
Peer Median
Operating Margin
-975.9%
—
Net Profit Margin
-829.6%
-33.0%
ROA
-34.1%
-25.6%
ROE
-55.3%
-21.8%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ACRS
Peer Median
Current Ratio
3.4
4.1
Quick Ratio
0.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ACRS
Peer Median
Revenue YoY
-58.2%
—
Revenue CAGR 3Y
-35.9%
—
Revenue CAGR 5Y
3.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ACRS
Peer Median
ACRS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 8 44.4%
- Buy 8 44.4%
- Hold 2 11.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-16
Median
$10.00
Now
$6.36
Low
$4.00
High
$16.00
Median target
$10.00
+57.2%
Mean target
$10.20
+60.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.15 | $-0.16 | 0.01% |
| March 31, 2026 | $-0.15 | $-0.16 | 0.01% |
| Dec. 31, 2025 | $-0.16 | $-0.15 | -0.01% |
| Sept. 30, 2025 | $-0.12 | $-0.14 | 0.02% |
| June 30, 2025 | $-0.13 | $-0.14 | 0.01% |
| March 31, 2025 | $-0.12 | $-0.12 | -0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ACRS | $363M | -5.7 | -58.2% | -829.6% | -55.3% | — |
| LXRX | $421M | -8.2 | 60.2% | -101.1% | -39.7% | — |
| PCRX | $1.06B | 161.8 | 3.6% | 0.97% | 0.97% | — |
| COLL | $1.47B | 26.8 | 23.6% | 8.1% | 23.5% | 59.4% |
| AMPH | $1.22B | 13.2 | -1.7% | 13.6% | 12.7% | 49.5% |
| SGP | — | — | — | — | 50.0% | — |
| PHAT | $1.18B | -5.5 | 216.9% | -126.4% | 52.4% | 87.1% |
| CRMD | $922M | 5.7 | 617.0% | 52.3% | 52.1% | 88.5% |
| ARVN | $753M | -10.4 | -0.30% | -30.8% | -15.5% | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8M | $19M | $31M | $30M | $7M | $6M | $4M | $6M | $2M | |
| Cost of Revenue | $2M | $3M | $3M | $4M | $5M | $5M | $4M | $4M | $1M | |
| Gross Profit | · | · | · | · | · | · | · | $3M | $476.0K | |
| R&D Expense | $53M | $34M | $98M | $78M | $44M | $29M | $64M | $61M | $36M | |
| SG&A Expense | $22M | $22M | $32M | $25M | $24M | $21M | $28M | $26M | $19M | |
| Operating Expenses | $84M | $161M | $129M | $120M | $96M | $57M | $115M | $91M | $56M | |
| Operating Income | $-76M | $-142M | $-97M | $-90M | $-90M | $-51M | $-111M | $-85M | $-54M | |
| Interest Income | $8M | $8M | $9M | · | · | · | · | · | · | |
| Other Non-op | $11M | $10M | $9M | $3M | $-1M | $-424.0K | $-2M | $3M | $2M | |
| Pretax Income | $-65M | $-132M | $-89M | $-87M | $-91M | $-51M | $-114M | $-82M | $-70M | |
| Income Tax | · | · | $-367.0K | · | · | $-182.0K | · | · | $-2M | |
| Net Income | $-65M | $-132M | $-88M | $-87M | $-91M | $-51M | $-161M | $-133M | $-69M | |
| EPS (Basic) | $-0.53 | $-1.71 | $-1.27 | $-1.33 | $-1.60 | $-1.20 | $-3.90 | · | · | |
| EPS (Diluted) | $-0.53 | $-1.71 | $-1.27 | $-1.33 | $-1.60 | $-1.20 | $-3.90 | · | · | |
| Shares (Basic) | 122,564,741 | 77,296,665 | 69,808,855 | 65,213,944 | 56,730,583 | 42,539,293 | 41,323,921 | · | · | |
| Shares (Diluted) | 122,564,741 | 77,296,665 | 69,808,855 | 65,213,944 | 56,730,583 | 42,539,293 | 41,323,921 | · | · | |
| EBITDA | $-76M | $-141M | $-96M | $-89M | $-89M | $-50M | $-105M | $-134M | $-72M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20M | $25M | $40M | $45M | $27M | $22M | $34M | $168M | $20M | |
| Receivables | · | $318.0K | $298.0K | $484.0K | $623.0K | $772.0K | $704.0K | $563.0K | $481.0K | |
| Inventory | · | · | · | · | · | · | $0 | $791.0K | · | |
| Prepaid Expense | · | $12M | $9M | $13M | $13M | $3M | $3M | $5M | $6M | |
| Current Assets | $96M | $126M | $129M | $232M | $205M | $57M | $84M | $179M | $200M | |
| PP&E (Net) | $761.0K | $1M | $2M | $1M | $1M | $2M | $2M | $2M | $2M | |
| PP&E (Gross) | · | $6M | $6M | $5M | $5M | $4M | $5M | $4M | $3M | |
| Accum. Depreciation | · | $5M | $4M | $4M | $3M | $3M | $2M | $1M | $480.0K | |
| Goodwill | · | · | · | · | · | · | · | $19M | $19M | |
| Intangibles | · | · | $269.0K | $7M | $7M | $7M | $7M | $7M | $7M | |
| Other Non-current Assets | $3M | $3M | $4M | $3M | $4M | $5M | $5M | $332.0K | $279.0K | |
| Total Assets | $160M | $220M | $197M | $255M | $251M | $71M | $98M | $276M | $244M | |
| Accounts Payable | $13M | $5M | $9M | $10M | $10M | $5M | $10M | $12M | $8M | |
| Accrued Liabilities | $9M | $20M | $19M | $9M | $10M | $6M | $8M | $8M | $5M | |
| Current Liabilities | $29M | $32M | $31M | $22M | $23M | $15M | $22M | $27M | $13M | |
| Capital Leases | $2M | $2M | $3M | $2M | $2M | $3M | $4M | · | · | |
| Deferred Tax | · | · | · | $367.0K | $367.0K | $367.0K | $549.0K | $549.0K | $549.0K | |
| Other Non-current Liabilities | $2M | $4M | $3M | $2M | $2M | $3M | $4M | $476.0K | $558.0K | |
| Total Liabilities | $57M | $65M | $40M | $57M | $54M | $33M | $28M | $60M | $18M | |
| Long-term Debt | · | · | · | · | · | $11M | · | $30M | · | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | · | · | · | · | |
| Paid-in Capital | $1.07B | $1.06B | $928M | $881M | $793M | $542M | $524M | $507M | $385M | |
| Retained Earnings | $-968M | $-903M | $-771M | $-682M | $-595M | $-505M | $-454M | $-292M | $-159M | |
| AOCI | $610.0K | $97.0K | $-106.0K | $-897.0K | $-224.0K | $-94.0K | $-66.0K | $-69.0K | $-246.0K | |
| Stockholders' Equity | $103M | $156M | $157M | $198M | $197M | $38M | $70M | $215M | $225M | |
| Liabilities + Equity | $160M | $220M | $197M | $255M | $251M | $71M | $98M | $276M | $244M | |
| Shares Outstanding | 120,499,433 | 107,850,124 | 70,894,889 | 66,688,647 | 61,228,446 | 45,109,314 | 41,485,638 | 41,210,725 | 30,856,505 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $454.0K | $807.0K | $863.0K | $797.0K | $923.0K | $1M | $6M | $2M | $402.0K | |
| Stock-based Comp | $12M | $11M | $21M | $15M | $14M | $11M | $16M | $20M | $14M | |
| Amort. of Intangibles | · | · | $75.0K | $75.0K | $75.0K | $75.0K | $75.0K | $75.0K | $31.0K | |
| Restructuring | · | · | $3M | · | · | · | · | · | · | |
| Other Non-cash | $5M | $100M | $-11M | $4M | $24M | $-149.0K | $42M | $10M | $-972.0K | |
| Operating Cash Flow | $-47M | $-20M | $-78M | $-68M | $-52M | $-39M | $-96M | $-101M | $-55M | |
| CapEx | $111.0K | $121.0K | $1M | $605.0K | $308.0K | $453.0K | $2M | $1M | $1M | |
| Investing Cash Flow | $48M | $-70M | $46M | $13M | $-168M | $6M | $106M | $9M | $-56M | |
| Financing Cash Flow | $-6M | $75M | $27M | $73M | $225M | $18M | $-30M | $128M | $100M | |
| Net Change in Cash | $-5M | $-15M | $-5M | $18M | $5M | $-14M | $-21M | $37M | $-10M | |
| Free Cash Flow | $-47M | $-20M | $-80M | $-68M | $-52M | $-39M | $-98M | $-102M | $-56M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | 32.1% | 28.3% | |
| Operating Margin | -975.9% | -758.2% | -311.6% | -302.0% | -1327.1% | -785.4% | -2627.3% | -1341.9% | -4303.2% | |
| Net Margin | -829.6% | -705.5% | -283.2% | -292.1% | -1344.0% | -787.0% | -3817.2% | -1315.4% | -4071.5% | |
| Pretax Margin | -829.6% | -705.5% | -284.3% | -292.1% | -1344.0% | -792.0% | -3817.2% | -1315.4% | -4180.2% | |
| EBITDA Margin | -970.1% | -753.9% | -308.8% | -299.3% | -1313.4% | -765.0% | -2475.7% | -1323.3% | -4279.3% | |
| ROA | -34.1% | -63.2% | -39.1% | -34.4% | -56.4% | -60.3% | -86.3% | -51.1% | -32.7% | |
| ROE | -55.3% | -92.5% | -56.5% | -41.6% | -43.9% | -130.1% | -207.9% | -73.5% | -34.7% | |
| ROIC | · | · | -61.7% | · | · | -134.8% | · | · | -31.3% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.4 | 4.0 | 4.2 | 10.6 | 8.9 | 3.9 | 3.7 | 6.6 | 15.7 | |
| Quick Ratio | 0.7 | 0.8 | 1.3 | 2.1 | 1.2 | 1.5 | 3.4 | 6.3 | 1.6 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Inventory Turnover | · | · | · | · | · | · | 10.3 | 17.3 | · | |
| Receivables Turnover | · | 60.8 | 79.9 | 53.8 | 9.7 | 8.8 | 6.7 | 3.8 | 7.0 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -58.2% | -40.1% | 5.0% | 340.1% | 4.3% | · | · | · | · | |
| Revenue CAGR 3Y | -35.9% | 40.4% | 68.9% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 3.8% | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8M | $19M | $31M | $30M | $7M | $6M | $4M | $6M | $2M | |
| Net Income TTM | $-65M | $-132M | $-88M | $-87M | $-91M | $-51M | $-161M | $-133M | $-69M | |
| Market Cap | $363M | $267M | $74M | $1.05B | $890M | $292M | $78M | $305M | $760M | |
| P/E | -5.7 | -1.5 | -0.8 | -11.8 | -9.1 | -5.4 | -0.5 | · | · | |
| P/S | 46.3 | 14.3 | 2.4 | 35.3 | 131.7 | 45.0 | 18.5 | 49.5 | 451.8 | |
| P/B | 3.5 | 1.7 | 0.5 | 5.3 | 4.5 | 7.8 | 1.1 | 1.4 | 3.4 | |
| P / Tangible Book | 3.5 | 1.7 | 0.5 | 5.5 | 4.7 | 9.6 | · | · | · | |
| P / Cash Flow | -7.7 | -13.3 | -1.0 | -15.5 | -17.1 | -7.6 | -0.8 | -3.0 | -13.9 | |
| P / FCF | -7.7 | -13.2 | -0.9 | -15.4 | -17.0 | -7.5 | -0.8 | -3.0 | -13.6 | |
| Earnings Yield | -17.6% | -69.0% | -121.0% | -8.4% | -11.0% | -18.6% | -206.3% | · | · |
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 | $2M | $2M | $1M | $3M | $2M | $1M | $9M | $4M | $3M | $2M | $18M | $9M | $2M | $3M | $8M | $19M | |
| Cost of Revenue | $218.0K | $395.0K | $532.0K | $538.0K | $515.0K | $506.0K | $705.0K | $654.0K | $624.0K | $809.0K | $725.0K | $848.0K | $1M | $808.0K | $877.0K | $923.0K | |
| R&D Expense | $18M | $16M | $17M | $13M | $11M | $12M | $9M | $6M | $9M | $10M | $27M | $24M | $25M | $23M | $21M | $24M | |
| SG&A Expense | $6M | $7M | $6M | $5M | $5M | $6M | $5M | $6M | $5M | $7M | $8M | $7M | $8M | $9M | $7M | $6M | |
| Operating Expenses | $26M | $24M | $24M | $20M | $20M | $20M | $109M | $15M | $16M | $21M | $22M | $41M | $34M | $32M | $37M | $40M | |
| Operating Income | $-24M | $-22M | $-23M | $-17M | $-18M | $-18M | $-100M | $-10M | $-13M | $-19M | $-4M | $-32M | $-32M | $-30M | $-29M | $-21M | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | · | · | · | |
| Other Non-op | $3M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $922.0K | |
| Pretax Income | · | · | $-20M | $-15M | $-15M | $-15M | $-97M | $-8M | $-11M | $-17M | · | · | · | · | · | · | |
| Net Income | $-22M | $-20M | $-20M | $-15M | $-15M | $-15M | $-97M | $-8M | $-11M | $-17M | $-1M | $-29M | $-30M | $-28M | $-28M | $-20M | |
| EPS (Basic) | $-0.15 | $-0.15 | $-0.16 | $-0.12 | $-0.13 | $-0.12 | $-1.21 | $-0.11 | $-0.15 | $-0.24 | $-0.02 | $-0.41 | $-0.42 | $-0.42 | $-0.41 | $-0.30 | |
| EPS (Diluted) | $-0.15 | $-0.15 | $-0.16 | $-0.12 | $-0.13 | $-0.12 | $-1.21 | $-0.11 | $-0.15 | $-0.24 | $-0.02 | $-0.41 | $-0.42 | $-0.42 | $-0.41 | $-0.30 | |
| Shares (Basic) | 142,736,848 | 128,810,050 | -245,025,840 | 122,619,311 | 122,580,967 | 122,390,303 | -136,451,324 | 71,381,731 | 71,291,400 | 71,074,858 | -138,505,385 | 70,807,934 | 70,633,528 | 66,872,778 | -128,882,450 | 66,675,337 | |
| Shares (Diluted) | 142,736,848 | 128,810,050 | -245,025,840 | 122,619,311 | 122,580,967 | 122,390,303 | -136,451,324 | 71,381,731 | 71,291,400 | 71,074,858 | -138,505,385 | 70,807,934 | 70,633,528 | 66,872,778 | -128,882,450 | 66,675,337 | |
| EBITDA | $-24M | $-22M | · | $-17M | $-18M | $-18M | · | $-10M | $-13M | $-19M | · | $-32M | $-32M | $-30M | · | $-21M |
Balance Sheet 24
| 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 | $29M | $20M | $25M | $25M | $30M | $25M | $48M | $23M | $36M | $40M | $39M | $31M | $45M | $45M | $62M | |
| Receivables | · | · | · | · | $194.0K | $250.0K | · | $343.0K | $325.0K | $373.0K | $298.0K | $346.0K | $431.0K | $686.0K | $484.0K | $597.0K | |
| Prepaid Expense | · | · | · | · | $4M | $3M | · | $4M | $6M | $7M | $9M | $20M | $13M | $13M | $13M | $8M | |
| Current Assets | $98M | $110M | $96M | $101M | $104M | $109M | $126M | $132M | $118M | $135M | $129M | $123M | $133M | $184M | $232M | $257M | |
| PP&E (Net) | $664.0K | $750.0K | $761.0K | $811.0K | $868.0K | $942.0K | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | |
| PP&E (Gross) | · | · | · | $6M | $6M | $6M | · | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $5M | |
| Accum. Depreciation | · | · | · | $5M | $5M | $5M | · | $5M | $5M | $4M | $4M | $5M | $4M | $4M | $4M | $4M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | $7M | $7M | $7M | $7M | $7M | |
| Other Non-current Assets | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | |
| Total Assets | $180M | $199M | $160M | $176M | $189M | $198M | $220M | $182M | $161M | $174M | $197M | $218M | $236M | $230M | $255M | $268M | |
| Accounts Payable | $16M | $15M | $13M | $9M | $9M | $6M | $5M | $8M | $7M | $11M | $9M | $10M | $11M | $8M | $10M | $8M | |
| Accrued Liabilities | $6M | $6M | $9M | $10M | $11M | $9M | $20M | $5M | $6M | $7M | $19M | $15M | $9M | $7M | $9M | $9M | |
| Current Liabilities | $28M | $27M | $29M | $26M | $27M | $22M | $32M | $19M | $16M | $20M | $31M | $27M | $23M | $18M | $22M | $20M | |
| Capital Leases | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | $367.0K | $367.0K | $367.0K | $367.0K | $367.0K | |
| Other Non-current Liabilities | $1M | $1M | $2M | $2M | $2M | $4M | $4M | $2M | $2M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | |
| Total Liabilities | $55M | $55M | $57M | $55M | $57M | $54M | $65M | $52M | $27M | $32M | $40M | $62M | $56M | $53M | $57M | $48M | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | |
| Paid-in Capital | $1.13B | $1.13B | $1.07B | $1.07B | $1.06B | $1.06B | $1.06B | $936M | $933M | $930M | $928M | $927M | $921M | $888M | $881M | $876M | |
| Retained Earnings | $-1.01B | $-988M | $-968M | $-948M | $-933M | $-918M | $-903M | $-806M | $-799M | $-788M | $-771M | $-769M | $-740M | $-710M | $-682M | $-655M | |
| AOCI | $-304.0K | $22.0K | $610.0K | $597.0K | $482.0K | $434.0K | $97.0K | $427.0K | $-463.0K | $-364.0K | $-106.0K | $-1M | $-1M | $-354.0K | $-897.0K | $-1M | |
| Stockholders' Equity | $125M | $144M | $103M | $120M | $132M | $144M | $156M | $130M | $134M | $142M | $157M | $156M | $180M | $177M | $198M | $220M | |
| Liabilities + Equity | $180M | $199M | $160M | $176M | $189M | $198M | $220M | $182M | $161M | $174M | $197M | $218M | $236M | $230M | $255M | $268M | |
| Shares Outstanding | 139,824,273 | 139,652,849 | 120,499,433 | 108,342,592 | 108,328,794 | 108,265,529 | 107,850,124 | 71,417,513 | 71,332,825 | 71,248,017 | 70,894,889 | 70,818,954 | 70,769,702 | 67,206,025 | 66,688,647 | 66,679,641 |
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 | $107.0K | $102.0K | $102.0K | $110.0K | $114.0K | $128.0K | $143.0K | $179.0K | $242.0K | $243.0K | $228.0K | $219.0K | $218.0K | $198.0K | $190.0K | $193.0K | |
| Stock-based Comp | $3M | $3M | $3M | $3M | $3M | $4M | $3M | $3M | $3M | $2M | $1M | $6M | $7M | $7M | $5M | $4M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | $19.0K | $19.0K | $19.0K | $18.0K | $19.0K | |
| Restructuring | · | · | · | · | · | · | · | $32.0K | $98.0K | $3M | · | · | · | · | · | · | |
| Other Non-cash | · | $-2M | · | · | · | $-2M | · | · | · | $-6M | · | · | · | $-5M | · | · | |
| Operating Cash Flow | $-20M | $-18M | $-13M | $-11M | $-10M | $-13M | $-9M | $22M | $-12M | $-21M | $-7M | $-25M | $-21M | $-26M | $-19M | $-8M | |
| CapEx | $58.0K | $13.0K | $24.0K | $23.0K | $21.0K | $43.0K | $0 | $0 | $-14.0K | $135.0K | $441.0K | $84.0K | $231.0K | $553.0K | $105.0K | $150.0K | |
| Investing Cash Flow | $10M | $-31M | $10M | $14M | $5M | $19M | $-89M | $3M | $-674.0K | $17M | $8M | $33M | $-20M | $26M | $3M | $1M | |
| Financing Cash Flow | $91.0K | $58M | $-3M | $-3M | $-9.0K | $-275.0K | $75M | $22.0K | $-11.0K | $-55.0K | $49.0K | $-87.0K | · | · | $37.0K | $-11.0K | |
| Net Change in Cash | $-9M | $9M | $-5M | $-146.0K | $-5M | $6M | $-23M | $25M | $-13M | $-4M | $838.0K | $8M | $-14M | $-555.0K | $-16M | $-7M | |
| Free Cash Flow | · | $-18M | · | · | · | $-13M | · | · | · | $-21M | · | · | · | $-27M | · | · |
Profitability 6
| 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 | -1487.9% | -1111.8% | · | -519.8% | -1035.9% | -1242.9% | · | -240.9% | -464.7% | -789.4% | · | -340.2% | -1702.2% | -1183.5% | · | -109.8% | |
| Net Margin | -1320.1% | -993.2% | · | -443.0% | -868.3% | -1036.8% | · | -174.6% | -397.2% | -706.5% | · | -315.2% | -1582.1% | -1113.9% | · | -104.9% | |
| Pretax Margin | · | · | · | -443.0% | -868.3% | -1036.8% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -1487.9% | -1106.7% | · | -519.8% | -1035.9% | -1234.1% | · | -240.9% | -464.7% | -779.3% | · | -340.2% | -1702.2% | -1175.6% | · | -109.8% | |
| ROA | -11.7% | -10.0% | · | -8.2% | -8.8% | -8.1% | · | -3.8% | -5.5% | -8.4% | · | -12.0% | -11.5% | -12.3% | · | -7.5% | |
| ROE | -16.8% | -13.8% | · | -11.7% | -11.6% | -10.5% | · | -5.3% | -7.0% | -10.6% | · | -15.6% | -14.2% | -15.8% | · | -9.1% |
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 | 3.5 | 4.0 | · | 3.9 | 3.9 | 5.1 | · | 7.0 | 7.5 | 6.7 | · | 4.5 | 5.8 | 10.1 | · | 13.0 | |
| Quick Ratio | 0.7 | 1.0 | · | 1.0 | 1.0 | 1.4 | · | 2.6 | 1.5 | 1.8 | · | 1.4 | 1.4 | 2.5 | · | 3.1 |
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 | · | · | · | · | 6.8 | 4.7 | · | 12.6 | 7.3 | 4.5 | · | 19.7 | 3.5 | 3.8 | · | 27.0 |
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 | $9M | $9M | · | $11M | $10M | $11M | · | $19M | $16M | $16M | · | $33M | $25M | $25M | · | $24M | |
| Net Income TTM | $-71M | $-65M | · | $-53M | $-49M | $-51M | · | $-65M | $-87M | $-104M | · | $-107M | $-98M | $-87M | · | $-80M | |
| Market Cap | $740M | $524M | · | $206M | $154M | $166M | · | $82M | $78M | $88M | · | $485M | $734M | $544M | · | $1.05B | |
| P/E | -9.6 | -7.2 | · | -4.0 | -2.8 | -2.5 | · | -1.3 | -0.9 | -0.8 | · | -4.4 | -7.2 | -6.0 | · | -12.4 | |
| P/S | 85.0 | 61.4 | · | 18.9 | 14.9 | 15.1 | · | 4.4 | 4.8 | 5.5 | · | 14.8 | 29.4 | 22.2 | · | 44.4 | |
| P/B | 5.9 | 3.6 | · | 1.7 | 1.2 | 1.1 | · | 0.6 | 0.6 | 0.6 | · | 3.1 | 4.1 | 3.1 | · | 4.8 | |
| P / Tangible Book | 5.9 | 3.6 | · | 1.7 | 1.2 | 1.1 | · | 0.6 | 0.6 | 0.6 | · | 3.2 | 4.2 | 3.2 | · | 4.9 | |
| P / Cash Flow | · | -28.9 | · | · | · | -12.7 | · | · | · | -4.2 | · | · | · | -20.6 | · | · | |
| P / FCF | · | -28.8 | · | · | · | -12.6 | · | · | · | -4.2 | · | · | · | -20.2 | · | · | |
| Earnings Yield | -10.4% | -13.9% | · | -25.3% | -35.9% | -40.5% | · | -79.1% | -110.9% | -120.2% | · | -22.6% | -14.0% | -16.6% | · | -8.1% |
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 | $8M | $19M | $31M | $30M | $7M |
| Operating Margin % | -975.9% | -758.2% | -311.6% | -302.0% | -1327.1% |
| Net Income | $-65M | $-132M | $-88M | $-87M | $-91M |
| Diluted EPS | $-0.53 | $-1.71 | $-1.27 | $-1.33 | $-1.60 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 3.4 | 4.0 | 4.2 | 10.6 | 8.9 |
| Quick Ratio | 0.7 | 0.8 | 1.3 | 2.1 | 1.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-47M | $-20M | $-80M | $-68M | $-52M |
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Institutional owners (13F) 160 filers · $533.8M 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 |
|---|---|---|---|---|
| 34 (+3 vs prior Q) | 13 (-1 vs prior Q) | 61 (+22 vs prior Q) | 35 (-4 vs prior Q) | +16.3M |
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 |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $67,304,808 | 12,723,026 | 12.61% | Shares |
| BML Capital Management, LLC | $63,347,750 | 11,975,000 | 11.87% | Shares |
| Deep Track Capital, LP | $49,435,050 | 9,345,000 | 9.26% | Shares |
| Vivo Capital, LLC | $35,414,630 | 6,694,637 | 6.63% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $30,776,511 | 5,817,866 | 5.77% | Shares |
| Frazier Life Sciences Management, L.P. | $26,055,228 | 4,925,374 | 4.88% | Shares |
| Rock Springs Capital Management LP | $22,908,514 | 4,330,532 | 4.29% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $21,535,590 | 4,071,000 | 4.03% | Shares |
| Decheng Capital LLC | $21,380,783 | 4,041,736 | 4.01% | Shares |
| STATE STREET CORP | $17,220,749 | 3,255,340 | 3.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $14,410,007 | 2,723,241 | 2.70% | Shares |
| BRAIDWELL LP | $11,333,021 | 2,142,348 | 2.12% | Shares |
| Balyasny Asset Management L.P. | $10,704,156 | 2,023,470 | 2.01% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $10,296,890 | 1,946,482 | 1.93% | Shares |
| Kalehua Capital Management LLC | $9,693,211 | 1,832,365 | 1.82% | Shares |
| Jones Hill Capital LP | $9,307,713 | 1,759,492 | 1.74% | Shares |
| Palo Alto Investors LP | $8,535,045 | 1,613,430 | 1.60% | Shares |
| Woodline Partners LP | $8,522,476 | 1,611,054 | 1.60% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $7,753,738 | 1,465,735 | 1.45% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $7,174,044 | 1,356,152 | 1.34% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $6,400,297 | 1,209,886 | 1.20% | Shares |
| MPM BIOIMPACT LLC | $5,514,650 | 1,042,467 | 1.03% | Shares |
| Aldebaran Capital, LLC | $4,955,307 | 936,731 | 0.93% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,798,945 | 907,173 | 0.90% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,324,739 | 817,531 | 0.81% | Shares |
| Three Bridge Wealth Advisors, LLC | $3,781,414 | 714,823 | 0.71% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,771,405 | 523,895 | 0.52% | Shares |
| CITADEL ADVISORS LLC | $2,756,090 | 521,000 | 0.52% | Call option |
| Aisling Capital Management LP | $2,298,267 | 434,455 | 0.43% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,263,078 | 427,803 | 0.42% | Shares |
| ORBIMED ADVISORS LLC | $2,229,735 | 421,500 | 0.42% | Shares |
| D. E. Shaw & Co., Inc. | $2,192,700 | 414,499 | 0.41% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,182,384 | 412,549 | 0.41% | Shares |
| Tetragon Partners GP Ltd | $2,116,000 | 400,000 | 0.40% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,830,647 | 346,058 | 0.34% | Shares |
| GOLDMAN SACHS GROUP INC | $1,546,352 | 292,316 | 0.29% | Shares |
| FMR LLC | $1,534,645 | 290,103 | 0.29% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $1,363,101 | 257,675 | 0.26% | Shares |
| HighTower Advisors, LLC | $1,150,702 | 217,524 | 0.22% | Shares |
| Logos Global Management LP | $1,058,000 | 200,000 | 0.20% | Shares |
| CITADEL ADVISORS LLC | $997,075 | 188,483 | 0.19% | Shares |
| Verdad Advisers, LP | $927,189 | 175,272 | 0.17% | Shares |
| KOTLER KEVIN | $920,846 | 305,929 | 0.17% | Shares |
| Informed Momentum Co LLC | $906,320 | 171,327 | 0.17% | Shares |
| Assenagon Asset Management S.A. | $817,591 | 154,554 | 0.15% | Shares |
| Atom Investors LP | $787,443 | 148,855 | 0.15% | Shares |
| TWO SIGMA ADVISERS, LP | $768,754 | 255,400 | 0.14% | Shares |
| RHUMBLINE ADVISERS | $757,603 | 143,216 | 0.14% | Shares |
| ALPS ADVISORS INC | $749,852 | 141,749 | 0.14% | Shares |
| SEI INVESTMENTS CO | $734,136 | 138,778 | 0.14% | Shares |
| TWO SIGMA INVESTMENTS, LP | $703,930 | 133,068 | 0.13% | Shares |
| Vanguard Global Advisers, LLC | $682,706 | 129,056 | 0.13% | Shares |
| Hudson Bay Capital Management LP | $634,800 | 120,000 | 0.12% | Shares |
| CenterBook Partners LP | $625,426 | 118,228 | 0.12% | Shares |
| CITIGROUP INC | $586,904 | 110,946 | 0.11% | Shares |
| WELLS FARGO & COMPANY/MN | $558,857 | 105,644 | 0.10% | Shares |
| CITADEL ADVISORS LLC | $550,160 | 104,000 | 0.10% | Put option |
| Verition Fund Management LLC | $518,420 | 98,000 | 0.10% | Shares |
| BlackRock, Inc. | $478,761 | 90,503 | 0.09% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $448,253 | 84,736 | 0.08% | Shares |
| Bank of New York Mellon Corp | $430,839 | 81,444 | 0.08% | Shares |
| STRS OHIO | $430,606 | 81,400 | 0.08% | Shares |
| BANK OF AMERICA CORP /DE/ | $427,332 | 80,781 | 0.08% | Shares |
| Voleon Capital Management LP | $408,219 | 77,168 | 0.08% | Shares |
| Susquehanna Portfolio Strategies, LLC | $403,468 | 76,270 | 0.08% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $396,851 | 75,019 | 0.07% | Shares |
| MetLife Investment Management, LLC | $368,708 | 69,699 | 0.07% | Shares |
| BARCLAYS PLC | $349,151 | 66,002 | 0.07% | Shares |
| JPMORGAN CHASE & CO | $341,772 | 68,082 | 0.06% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $313,332 | 59,231 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $288,718 | 54,578 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $280,899 | 53,100 | 0.05% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $271,906 | 51,400 | 0.05% | Call option |
| MANGROVE PARTNERS IM, LLC | $266,039 | 50,291 | 0.05% | Shares |
| Invesco Ltd. | $246,905 | 46,674 | 0.05% | Shares |
| DIVERSIFIED TRUST CO | $240,816 | 45,523 | 0.05% | Shares |
| ALLIANCEBERNSTEIN L.P. | $213,750 | 57,000 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $205,390 | 38,826 | 0.04% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $187,922 | 35,524 | 0.04% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $171,428 | 32,406 | 0.03% | Shares |
| PROFUND ADVISORS LLC | $161,271 | 30,486 | 0.03% | Shares |
| State of Wyoming | $145,152 | 27,439 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $144,417 | 27,300 | 0.03% | Shares |
| Nuveen, LLC | $139,503 | 26,371 | 0.03% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $130,494 | 24,668 | 0.02% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $122,220 | 23,104 | 0.02% | Shares |
| China Universal Asset Management Co., Ltd. | $117,586 | 22,228 | 0.02% | Shares |
| Rafferty Asset Management, LLC | $116,364 | 21,997 | 0.02% | Shares |
| PRUDENTIAL FINANCIAL INC | $107,228 | 20,270 | 0.02% | Shares |
| ProShare Advisors LLC | $106,302 | 20,095 | 0.02% | Shares |
| Verition Fund Management LLC | $105,800 | 20,000 | 0.02% | Call option |
| VANGUARD GROUP INC | $103,661 | 34,439 | 0.02% | Shares |
| Walleye Capital LLC | $103,557 | 19,576 | 0.02% | Shares |
| NEUBERGER BERMAN GROUP LLC | $101,991 | 19,280 | 0.02% | Shares |
| NORTHERN TRUST CORP | $98,463 | 18,613 | 0.02% | Shares |
| Vontobel Holding Ltd. | $95,220 | 18,000 | 0.02% | Shares |
| CRA Financial Services, LLC | $94,067 | 17,782 | 0.02% | Shares |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | $85,021 | 16,072 | 0.02% | Shares |
| Vanguard Personalized Indexing Management, LLC | $83,005 | 15,691 | 0.02% | Shares |
| Dynamic Technology Lab Private Ltd | $72,000 | 13,521 | 0.01% | Shares |
Company insiders 26 insiders · 13 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Neal Walker | Interim President and CEO | March 1, 2024 M | 1,279,445 | 0 | 0 | $0 |
| Douglas J. Manion | Pres and CEO | Jan. 1, 2024 M | 41,813 | 0 | 0 | $0 |
| Kevin Balthaser | Chief Financial Officer | March 2, 2024 M | 23,983 | 0 | 0 | $0 |
| Frank Ruffo | Chief Financial Officer | March 10, 2022 S | 201,883 | 0 | 0 | $0 |
| Roland Wilhelm Kolbeck | Chief Scientific Officer | Aug. 1, 2026 M | 23,990 | 0 | 0 | $0 |
| Joseph Monahan | Chief Scientific Officer | March 2, 2024 M | 186,783 | 0 | 0 | $0 |
| James Loerop | Chief Business Officer | Feb. 1, 2024 A | 34,017 | 0 | 0 | $0 |
| Gail Cawkwell | Chief Medical Officer | July 1, 2023 M | 9,593 | 0 | 0 | $0 |
| Kamil Ali-Jackson | Chief Legal Officer | Jan. 3, 2022 M | 160,214 | 0 | 0 | $0 |
| David N. Gordon | Chief Medical Officer | July 13, 2021 S | 147,447 | 0 | 0 | $0 |
| Stuart Shanler | Chief Scientific Officer | March 1, 2019 A | 272,047 | 0 | 0 | $0 |
| Brett Fair | Chief Commercial Officer | Feb. 1, 2019 M | 10,582 | 0 | 0 | $0 |
| Christopher Powala | Chief Reg & Develop Officer | Feb. 1, 2019 M | 141,729 | 0 | 0 | $0 |
| Maxine Gowen | Director | June 5, 2026 M | 33,334 | 0 | 0 | $0 |
| Vincent Milano | Director | June 5, 2026 M | 28,896 | 0 | 0 | $0 |
| Andrew N Schiff | Director | June 5, 2026 M | 25,540 | 0 | 0 | $0 |
| William D. Humphries | Director | June 4, 2026 A | 45,105 | 0 | 0 | $0 |
| Christopher P. Molineaux | Director | June 4, 2026 A | 69,536 | 0 | 0 | $0 |
| Anand Mehra | Director | June 4, 2026 A | 726,403 | 0 | 0 | $0 |
| Andrew Kenneth William Powell | Director | March 4, 2024 P | 28,863 | 0 | 0 | $0 |
| Bryan M. Reasons | Director | June 2, 2023 M | 24,072 | 0 | 0 | $0 |
| Stephen A. Tullman | Director | Oct. 4, 2018 P | 177,457 | 0 | 0 | $0 |
| Rick Bierly | Director | June 15, 2017 A | — | 0 | 0 | $0 |
| Albert Cha | Director | June 29, 2016 A | 4,191,397 | 0 | 0 | $0 |
| Leonard Braden Michael | — | April 23, 2026 S | 13,950,000 | 0 | 1 | $-1,359,000 |
| FMR LLC | — | Aug. 21, 2017 | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| M. Arkin (1999) Ltd., Moshe Arkin ×3 filings | Dec. 19, 2019 | — | Initial filing | — | SEC |
| Vivo Ventures VII, LLC ×6 filings | Feb. 14, 2019 | — | Initial filing | — | SEC |
| Sofinnova Venture Partners VIII, L.P. (“SVP VIII”), Sofinnova Management VIII, L.L.C. (“SM VIII”), Dr. Michael F. Powell (“Powell”), Dr. James I. Healy (“Healy”), Dr. Anand Mehra (“Mehra”) ×3 filings | Feb. 14, 2018 | — | Initial filing | Passive investment | SEC |
| Vivo Ventures VII, LLC FEIN, Vivo Ventures Fund VII, L.P. FEIN, Vivo Ventures VII Affiliates Fund, L.P. FEIN | Oct. 20, 2015 | — | Initial filing | Passive investment | 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 31 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.64% | 24,606 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 0.35% | 124,304 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.16% | 403,020 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.09% | 325,402 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.06% | 7,600 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.05% | 804,183 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 937,472 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 109,271 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 140,543 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.03% | 4,459 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 3,031,548 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 682,643 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 112,161 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 8,224 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 39,794 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 4,319 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,449,139 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 14,250 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 324,191 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 165,919 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 3,377 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 3,414 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 92,512 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 86 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 275,717 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 39,408 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 26,214 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 404 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 21,533 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,243,349 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 9,978 SH | Aug. 8, 2026 | Daily |