ADCT ADC Therapeutics SA Common Shares
$0.98
Price · Aug 25, 2026
Fundamentals as of Aug 13, 2026
52W Range
$1–$5
5% of range
Analyst Rating
STRONG BUY
12 analysts
Price Target
$3
+240% upside
P/E (TTM)
-0.9
ROE
74.1%
Net Profit Margin
-175.3%
ADCT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.98
Market Cap
$127M
P/E (TTM)
-0.9
EPS (TTM)
$-1.12
Revenue (TTM)
$81M
Div Yield
—
ROE
74.1%
Debt/Equity
-0.0
52W Range
$1 – $5
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$81M
2022-12-31
→
2025-12-31
EPS
$-1.12
2022-12-31
→
2025-12-31
Free Cash Flow
$-141M
2023-12-31
→
2025-12-31
Margins
-175.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ADCT
Peer Median
P/E (TTM)
-0.9
—
P/S (TTM)
1.6
26.5
P/B
-0.7
5.6
EV / EBITDA
1.1
—
Price / FCF
-0.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ADCT
Peer Median
Operating Margin
-149.3%
—
Net Profit Margin
-175.3%
-980.9%
ROA
-44.2%
-47.5%
ROE
74.1%
-112.5%
ROIC
66.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ADCT
Peer Median
Debt / Equity
-0.0
0.0
Current Ratio
4.4
3.4
Quick Ratio
3.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ADCT
Peer Median
Revenue YoY
14.8%
—
Revenue CAGR 3Y
-27.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ADCT
Peer Median
ADCT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 4 33.3%
- Buy 4 33.3%
- Hold 3 25.0%
- Sell 0 0.0%
- Strong Sell 1 8.3%
12-Month Price Target
Median
$3.00
Mean
$3.33
← Below all targets
$0.98
Low
$2.00
High
$5.00
Median target
$3.00
+205.7%
Mean target
$3.33
+239.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.11%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.11 | $-0.22 | 0.11% |
| March 31, 2026 | $-0.13 | $-0.22 | 0.09% |
| Dec. 31, 2025 | $-0.04 | $-0.27 | 0.23% |
| Sept. 30, 2025 | $-0.30 | $-0.37 | 0.07% |
| June 30, 2025 | $-0.38 | $-0.48 | 0.10% |
| March 31, 2025 | $-0.36 | $-0.41 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ADCT | $444M | -3.2 | 14.8% | -175.3% | 74.1% | — |
| ACIU | — | — | — | — | — | — |
| NCEL | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $81M | $71M | $70M | $210M | |
| Cost of Revenue | $6M | $6M | $3M | $3M | |
| R&D Expense | $104M | $110M | $127M | $186M | |
| SG&A Expense | $37M | $42M | $48M | $74M | |
| Operating Expenses | $203M | $201M | $236M | $333M | |
| Operating Income | $-121M | $-131M | $-166M | $-123M | |
| Interest Expense | · | $50M | $46M | $37M | |
| Interest Income | $9M | $12M | $11M | $3M | |
| Other Non-op | $23M | $12M | $6M | $53M | |
| Pretax Income | $-142M | $-156M | $-195M | $-147M | |
| Income Tax | $1M | $166.0K | $39M | $227.0K | |
| Net Income | $-143M | $-158M | $-240M | $-157M | |
| EPS (Basic) | $-1.12 | $-1.62 | $-2.94 | $-2.01 | |
| EPS (Diluted) | $-1.12 | $-1.62 | $-2.94 | $-2.01 | |
| Shares (Basic) | 127,067,540 | 97,159,966 | 81,712,166 | 78,152,964 | |
| Shares (Diluted) | 127,067,540 | 97,159,966 | 81,712,166 | 78,152,964 | |
| EBITDA | $-121M | $-131M | $-166M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $261M | $251M | $279M | $326M | |
| Inventory | $4M | $2M | $16M | $12M | |
| Prepaid Expense | $6M | $8M | $10M | $23M | |
| Other Current Assets | $6M | $9M | $6M | · | |
| Current Assets | $306M | $291M | $336M | $435M | |
| PP&E (Net) | $0 | $5M | $6M | $3M | |
| PP&E (Gross) | $1M | $10M | $10M | $7M | |
| Accum. Depreciation | $1M | $5M | $4M | $3M | |
| Other Non-current Assets | $1M | $1M | $711.0K | $902.0K | |
| Total Assets | $323M | $322M | $355M | $491M | |
| Accounts Payable | $9M | $18M | $16M | $12M | |
| Accrued Liabilities | $58M | $62M | $52M | $68M | |
| Current Liabilities | $70M | $80M | $68M | $82M | |
| Capital Leases | $1M | $8M | $10M | $7M | |
| Deferred Tax | $789.0K | $2M | $1M | $4M | |
| Other Non-current Liabilities | $3M | $2M | $9M | $838.0K | |
| Total Liabilities | $509M | $525M | $503M | $411M | |
| Total Debt | $3M | · | · | · | |
| Common Stock | $11M | $8M | $7M | $7M | |
| Paid-in Capital | $1.44B | $1.28B | $1.18B | $1.17B | |
| Retained Earnings | $-1.64B | $-1.49B | $-1.34B | $-1.10B | |
| Treasury Stock | $205.0K | $220.0K | $541.0K | $679.0K | |
| AOCI | $-517.0K | $-1M | $-93.0K | $2M | |
| Stockholders' Equity | $-186M | $-203M | $-148M | $79M | |
| Liabilities + Equity | $323M | $322M | $355M | $491M | |
| Shares Outstanding | 125,748,762 | 101,606,376 | 89,041,946 | 89,041,946 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Stock-based Comp | $7M | $7M | $13M | $49M | |
| Deferred Tax | $0 | $0 | $37M | $-2M | |
| Operating Cash Flow | $-141M | $-124M | $-119M | $-138M | |
| CapEx | $264.0K | $867.0K | $3M | $687.0K | |
| Investing Cash Flow | $395.0K | $-867.0K | $-3M | $-687.0K | |
| Stock Issued | $86M | $61M | $0 | · | |
| Net Stock Activity | $86M | $61M | · | · | |
| Financing Cash Flow | $151M | $97M | $74M | $-897.0K | |
| Taxes Paid | $-100.0K | $-900.0K | · | · | |
| Free Cash Flow | $-141M | $-125M | $-122M | · | |
| Levered FCF | · | $-175M | $-177M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | -149.3% | -184.4% | -238.6% | · | |
| Net Margin | -175.3% | -222.8% | -345.1% | · | |
| Pretax Margin | -174.1% | -220.4% | -280.9% | · | |
| EBITDA Margin | -149.3% | -184.4% | -238.6% | · | |
| ROA | -44.2% | -46.7% | -56.8% | · | |
| ROE | 74.1% | 84.3% | 225.9% | · | |
| ROIC | 66.9% | 64.5% | 134.4% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 4.4 | 3.8 | 5.0 | · | |
| Quick Ratio | 3.7 | 3.1 | 4.1 | · | |
| Debt / Equity | -0.0 | · | · | · | |
| Interest Coverage | · | -2.6 | -3.6 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | 0.2 | · | |
| Inventory Turnover | 1.8 | 0.3 | 0.2 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 14.8% | 1.8% | -66.9% | · | |
| Revenue CAGR 3Y | -27.1% | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $81M | $71M | $70M | · | |
| Net Income TTM | $-143M | $-158M | $-240M | · | |
| Market Cap | $444M | $197M | $137M | · | |
| Enterprise Value | $186M | · | · | · | |
| P/E | -3.2 | -1.2 | -0.6 | · | |
| P/S | 5.5 | 2.8 | 2.0 | · | |
| P/B | -2.4 | -1.0 | -0.9 | · | |
| P / Cash Flow | -3.1 | -1.6 | -1.2 | · | |
| P / FCF | -3.1 | -1.6 | -1.1 | · | |
| EV / EBITDA | -1.5 | · | · | · | |
| EV / FCF | -1.3 | · | · | · | |
| EV / Revenue | 2.3 | · | · | · | |
| Earnings Yield | -31.7% | -81.4% | -177.1% | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19M | $21M | $23M | $16M | $19M | $23M | $17M | $18M | $17M | $18M | $17M | $14M | $19M | $19M | |
| R&D Expense | $17M | $20M | $18M | $27M | $30M | $29M | $27M | $33M | $24M | $26M | $30M | $27M | $31M | $38M | |
| SG&A Expense | $10M | $10M | $9M | $8M | $9M | $10M | $10M | $10M | $10M | $12M | $11M | $10M | $12M | $16M | |
| Operating Expenses | $45M | $46M | $41M | $47M | $63M | $51M | $49M | $54M | $46M | $52M | $57M | $51M | $59M | $69M | |
| Operating Income | $-25M | $-25M | $-18M | $-31M | $-44M | $-28M | $-32M | $-36M | $-29M | $-34M | $-40M | $-36M | $-40M | $-50M | |
| Interest Expense | · | · | · | · | · | $12M | · | $13M | $13M | $12M | $13M | $13M | $10M | $10M | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | |
| Other Non-op | $21M | $3M | $22M | $925.0K | $-182.0K | $203.0K | $11M | $2M | $3M | $-3M | $10M | $860.0K | $-5M | $833.0K | |
| Pretax Income | $-17M | $-33M | $-7M | $-41M | $-55M | $-38M | $-31M | $-44M | $-36M | $-46M | $-40M | $-45M | $-53M | $-57M | |
| Income Tax | $0 | $0 | $-404.0K | $0 | $1M | $165.0K | $-321.0K | $90.0K | $234.0K | $163.0K | $43M | $-85.0K | $-4M | $518.0K | |
| Net Income | $-17M | $-33M | $-6M | $-41M | $-57M | $-39M | $-31M | $-44M | $-37M | $-47M | $-85M | $-47M | $-49M | $-59M | |
| EPS (Basic) | $-0.11 | $-0.21 | $0.04 | $-0.30 | $-0.50 | $-0.36 | $-0.26 | $-0.42 | $-0.38 | $-0.56 | $-1.04 | $-0.57 | $-0.60 | $-0.73 | |
| EPS (Diluted) | $-0.11 | $-0.21 | $0.04 | $-0.30 | $-0.50 | $-0.36 | $-0.26 | $-0.42 | $-0.38 | $-0.56 | $-1.04 | $-0.57 | $-0.60 | $-0.73 | |
| Shares (Basic) | 155,016,023 | 154,142,347 | -230,324,726 | 136,446,534 | 113,743,358 | 107,202,374 | -185,908,478 | 104,824,877 | 95,691,245 | 82,552,322 | -162,821,578 | 82,256,847 | 81,471,127 | 80,805,770 | |
| Shares (Diluted) | 155,016,023 | 154,142,347 | -230,324,726 | 136,446,534 | 113,743,358 | 107,202,374 | -185,908,478 | 104,824,877 | 95,691,245 | 82,552,322 | -162,821,578 | 82,256,847 | 81,471,127 | 80,805,770 | |
| EBITDA | $-25M | $-25M | · | $-31M | $-44M | $-28M | · | $-36M | $-29M | $-34M | · | · | · | · |
Balance Sheet 26
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $219M | $231M | $261M | $235M | $265M | $195M | $251M | $274M | $300M | $234M | $279M | · | · | · | |
| Inventory | $5M | $5M | $4M | $18M | $18M | $17M | $2M | $16M | $15M | $16M | $16M | · | · | · | |
| Prepaid Expense | $5M | $6M | $6M | $6M | $5M | $7M | $8M | $19M | $17M | $17M | $10M | · | · | · | |
| Other Current Assets | $4M | $4M | $6M | $6M | $6M | $7M | $9M | · | · | · | $6M | · | · | · | |
| Current Assets | $262M | $277M | $306M | $287M | $319M | $258M | $291M | $333M | $355M | $290M | $336M | · | · | · | |
| PP&E (Net) | · | · | $0 | $0 | $1.0K | $5M | $5M | $6M | $5M | $6M | $6M | · | · | · | |
| PP&E (Gross) | · | · | $1M | $6M | $6M | $11M | $10M | $11M | $10M | $10M | $10M | · | · | · | |
| Accum. Depreciation | · | · | $1M | $6M | $6M | $6M | $5M | $5M | $5M | $5M | $4M | · | · | · | |
| Other Non-current Assets | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $992.0K | $986.0K | $711.0K | · | · | · | |
| Total Assets | $279M | $291M | $323M | $290M | $322M | $273M | $322M | $349M | $372M | $308M | $355M | · | · | · | |
| Accounts Payable | $13M | $5M | $9M | $8M | $10M | $16M | $18M | $14M | $11M | $14M | $16M | · | · | · | |
| Accrued Liabilities | $67M | $58M | $58M | $54M | $55M | $42M | $62M | $53M | $47M | $49M | $52M | · | · | · | |
| Current Liabilities | $86M | $68M | $70M | $62M | $65M | $58M | $80M | $68M | $58M | $63M | $68M | · | · | · | |
| Capital Leases | $946.0K | $991.0K | $1M | $1M | $1M | $8M | $8M | $9M | $9M | $10M | $10M | · | · | · | |
| Deferred Tax | · | · | $789.0K | · | · | · | $2M | · | · | · | $1M | · | · | · | |
| Other Non-current Liabilities | $6M | $5M | $3M | $9M | $7M | $4M | $2M | $8M | $7M | $7M | $9M | · | · | · | |
| Total Liabilities | $508M | $508M | $509M | $528M | $521M | $511M | $525M | $521M | $503M | $502M | $503M | · | · | · | |
| Total Debt | $6M | $5M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $11M | $11M | $11M | $10M | $10M | $8M | $8M | $8M | $8M | $7M | $7M | · | · | · | |
| Paid-in Capital | $1.45B | $1.44B | $1.44B | $1.38B | $1.38B | $1.29B | $1.28B | $1.28B | $1.28B | $1.18B | $1.18B | · | · | · | |
| Retained Earnings | $-1.69B | $-1.67B | $-1.64B | $-1.63B | $-1.59B | $-1.53B | $-1.49B | $-1.46B | $-1.42B | $-1.38B | $-1.34B | · | · | · | |
| Treasury Stock | $205.0K | $205.0K | $205.0K | $205.0K | $207.0K | $207.0K | $220.0K | $222.0K | $239.0K | $502.0K | $541.0K | · | · | · | |
| AOCI | $-814.0K | $-802.0K | $-517.0K | $-702.0K | $-388.0K | $-1M | $-1M | $203.0K | $-338.0K | $-201.0K | $-93.0K | · | · | · | |
| Stockholders' Equity | $-228M | $-216M | $-186M | $-238M | $-199M | $-238M | $-203M | $-172M | $-132M | $-194M | $-148M | · | · | · | |
| Liabilities + Equity | $279M | $291M | $323M | $290M | $322M | $273M | $322M | $349M | $372M | $308M | $355M | · | · | · | |
| Shares Outstanding | 127,438,173 | 127,165,116 | 125,748,762 | 112,626,731 | 112,499,083 | 99,178,286 | 98,861,402 | 96,687,985 | 96,469,641 | 82,777,226 | 82,293,137 | · | · | · |
Cash Flow 9
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $5M | $2M | $673.0K | $2M | $2M | $2M | $2M | $3M | $2M | $158.0K | $2M | $2M | $1M | $8M | |
| Operating Cash Flow | $-12M | $-30M | $-31M | $-30M | $-24M | $-56M | $-22M | $-25M | $-33M | $-44M | $-32M | $-37M | $-35M | $-15M | |
| CapEx | $0 | $32.0K | $0 | $0 | $0 | $264.0K | $90.0K | $216.0K | $30.0K | $531.0K | $327.0K | $661.0K | $1M | $1M | |
| Investing Cash Flow | $0 | $-32.0K | $659.0K | $0 | $0 | $-264.0K | $-90.0K | $-216.0K | $-30.0K | $-531.0K | $-327.0K | $-661.0K | $-1M | $-1M | |
| Stock Issued | $0 | $-20.0K | $44M | $-479.0K | $43M | $0 | $0 | $-1M | · | · | $0 | $0 | · | · | |
| Net Stock Activity | · | $-20.0K | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-99.0K | $-583.0K | $57M | $-198.0K | $94M | $271.0K | $-1M | $-879.0K | $99M | $356.0K | $-1.0K | $349.0K | $73M | $425.0K | |
| Free Cash Flow | · | $-30M | · | · | · | $-57M | · | · | · | $-45M | · | · | · | · | |
| Levered FCF | · | · | · | · | · | $-69M | · | · | · | $-57M | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -132.0% | -121.1% | · | -188.5% | -234.3% | -123.6% | · | -192.6% | -166.8% | -186.2% | · | · | · | · | |
| Net Margin | -86.1% | -158.1% | · | -249.4% | -300.7% | -167.6% | · | -238.1% | -209.9% | -258.2% | · | · | · | · | |
| Pretax Margin | -86.1% | -158.1% | · | -249.4% | -294.0% | -166.9% | · | -236.2% | -205.1% | -253.4% | · | · | · | · | |
| EBITDA Margin | -132.0% | -121.1% | · | -188.5% | -234.3% | -123.6% | · | -192.6% | -166.8% | -186.2% | · | · | · | · | |
| ROA | -5.5% | -11.7% | · | -12.8% | -16.3% | -13.3% | · | -25.2% | -19.7% | -30.3% | · | · | · | · | |
| ROE | 7.8% | 14.5% | · | 20.0% | 34.2% | 17.8% | · | 51.1% | 55.5% | 47.9% | · | · | · | · | |
| ROIC | 11.5% | 11.9% | · | 13.0% | 22.7% | 12.0% | · | 20.7% | 22.2% | 17.3% | · | · | · | · |
Liquidity & Solvency 4
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 4.1 | · | 4.6 | 4.9 | 4.5 | · | 4.9 | 6.2 | 4.6 | · | · | · | · | |
| Quick Ratio | 2.5 | 3.4 | · | 3.8 | 4.1 | 3.4 | · | 4.1 | 5.2 | 3.7 | · | · | · | · | |
| Debt / Equity | -0.0 | -0.0 | · | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | -2.3 | · | -2.7 | -2.3 | -2.7 | · | · | · | · |
Efficiency 1
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | · | · |
Valuation (TTM) 13
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $75M | $79M | · | $77M | $78M | $77M | · | $68M | $69M | $71M | · | · | · | · | |
| Net Income TTM | $-147M | $-169M | · | $-180M | $-176M | $-166M | · | $-174M | $-179M | $-202M | · | · | · | · | |
| Market Cap | $136M | $477M | · | $451M | $301M | $140M | · | $305M | $305M | $372M | · | · | · | · | |
| Enterprise Value | $-77M | $250M | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -1.0 | -2.7 | · | -2.5 | -1.6 | -0.8 | · | -1.6 | -1.5 | -1.8 | · | · | · | · | |
| P/S | 1.8 | 6.0 | · | 5.9 | 3.9 | 1.8 | · | 4.5 | 4.4 | 5.2 | · | · | · | · | |
| P/B | -0.6 | -2.2 | · | -1.9 | -1.5 | -0.6 | · | -1.8 | -2.3 | -1.9 | · | · | · | · | |
| P / Cash Flow | · | -16.1 | · | · | · | -2.5 | · | · | · | -8.4 | · | · | · | · | |
| P / FCF | · | -16.0 | · | · | · | -2.5 | · | · | · | -8.3 | · | · | · | · | |
| EV / EBITDA | 3.0 | -9.9 | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -8.4 | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | -1.0 | 3.2 | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -104.7% | -36.5% | · | -39.5% | -61.9% | -122.0% | · | -61.3% | -66.8% | -54.8% | · | · | · | · |
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 | |
|---|---|---|---|---|
| Revenue | $81M | $71M | $70M | $210M |
| Operating Margin % | -149.3% | -184.4% | -238.6% | — |
| Net Income | $-143M | $-158M | $-240M | $-157M |
| Diluted EPS | $-1.12 | $-1.62 | $-2.94 | $-2.01 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Debt / Equity | -0.0 | — | — | — |
| Current Ratio | 4.4 | 3.8 | 5.0 | — |
| Quick Ratio | 3.7 | 3.1 | 4.1 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Free Cash Flow | $-141M | $-125M | $-122M | — |
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Institutional owners (13F) 122 filers · $74.4M 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 |
|---|---|---|---|---|
| 28 (+5 vs prior Q) | 30 (+18 vs prior Q) | 39 (-10 vs prior Q) | 28 (-1 vs prior Q) | -4.4M |
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 |
|---|---|---|---|---|
| Nantahala Capital Management, LLC | $13,189,017 | 12,326,184 | 17.72% | Shares |
| Redmile Group, LLC | $12,333,580 | 11,526,710 | 16.57% | Shares |
| TCG Crossover Management, LLC | $12,187,487 | 11,390,175 | 16.37% | Shares |
| Prosight Management, LP | $8,372,481 | 7,824,749 | 11.25% | Shares |
| Point72 Asset Management, L.P. | $3,904,584 | 3,649,144 | 5.25% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,102,502 | 2,899,535 | 4.17% | Shares |
| Vantage Consulting Group Inc | $2,410,983 | 682,998 | 3.24% | Shares |
| GOLDMAN SACHS GROUP INC | $2,012,758 | 1,881,082 | 2.70% | Shares |
| STATE STREET CORP | $1,803,845 | 1,685,836 | 2.42% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,376,001 | 1,285,983 | 1.85% | Shares |
| CITADEL ADVISORS LLC | $1,348,053 | 1,259,863 | 1.81% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,347,079 | 1,258,952 | 1.81% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $959,888 | 897,092 | 1.29% | Shares |
| TWO SIGMA INVESTMENTS, LP | $827,553 | 773,414 | 1.11% | Shares |
| Blue Owl Capital Holdings LP | $784,918 | 733,568 | 1.05% | Shares |
| Opaleye Management Inc. | $749,000 | 700,000 | 1.01% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $698,548 | 652,849 | 0.94% | Shares |
| PLATINUM INVESTMENT MANAGEMENT LTD | $622,322 | 581,609 | 0.84% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $612,913 | 572,816 | 0.82% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $431,345 | 418,782 | 0.58% | Shares |
| TWO SIGMA ADVISERS, LP | $425,602 | 120,567 | 0.57% | Shares |
| ALLIANCEBERNSTEIN L.P. | $406,763 | 108,470 | 0.55% | Shares |
| WELLS FARGO & COMPANY/MN | $311,845 | 291,444 | 0.42% | Shares |
| D. E. Shaw & Co., Inc. | $290,019 | 271,046 | 0.39% | Shares |
| VANGUARD GROUP INC | $272,138 | 77,093 | 0.37% | Shares |
| Florida Trust Wealth Management Co | $246,565 | 230,435 | 0.33% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $239,742 | 224,058 | 0.32% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $171,414 | 160,200 | 0.23% | Shares |
| MILLENNIUM MANAGEMENT LLC | $160,500 | 150,000 | 0.22% | Call option |
| BlackRock, Inc. | $154,381 | 144,281 | 0.21% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $151,238 | 141,344 | 0.20% | Shares |
| XTX Topco Ltd | $150,165 | 140,341 | 0.20% | Shares |
| FMR LLC | $141,822 | 132,544 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $125,571 | 117,364 | 0.17% | Shares |
| Focus Partners Wealth | $119,627 | 111,801 | 0.16% | Shares |
| Quadrature Capital Ltd | $113,088 | 105,690 | 0.15% | Shares |
| Revolve Wealth Partners, LLC | $107,000 | 100,000 | 0.14% | Shares |
| Wilmington Savings Fund Society, FSB | $107,000 | 100,000 | 0.14% | Shares |
| DLK Investment Management, LLC | $104,770 | 33,155 | 0.14% | Shares |
| BARCLAYS PLC | $98,099 | 91,680 | 0.13% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $91,296 | 85,323 | 0.12% | Shares |
| Bank of New York Mellon Corp | $89,759 | 83,887 | 0.12% | Shares |
| DAFNA Capital Management LLC | $82,477 | 77,081 | 0.11% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $60,458 | 56,503 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $52,719 | 49,270 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $52,194 | 48,779 | 0.07% | Shares |
| CITIGROUP INC | $46,526 | 43,482 | 0.06% | Shares |
| JPMORGAN CHASE & CO | $45,801 | 44,467 | 0.06% | Shares |
| Nuveen Asset Management, LLC | $45,748 | 22,989 | 0.06% | Shares |
| Invesco Ltd. | $45,186 | 42,230 | 0.06% | Shares |
| Russell Investments Group, Ltd. | $44,213 | 41,321 | 0.06% | Shares |
| Verition Fund Management LLC | $43,153 | 40,330 | 0.06% | Shares |
| Magnetar Financial LLC | $41,828 | 39,092 | 0.06% | Shares |
| Brevan Howard Capital Management LP | $39,467 | 36,885 | 0.05% | Shares |
| CWM, LLC | $38,858 | 10,362 | 0.05% | Shares |
| SEI INVESTMENTS CO | $35,803 | 33,461 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $34,822 | 32,544 | 0.05% | Shares |
| Susquehanna Portfolio Strategies, LLC | $30,884 | 28,864 | 0.04% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $30,252 | 28,273 | 0.04% | Shares |
| AXQ CAPITAL, LP | $29,325 | 27,407 | 0.04% | Shares |
| Cerity Partners LLC | $29,044 | 27,144 | 0.04% | Shares |
| Point72 Asset Management, L.P. | $28,248 | 26,400 | 0.04% | Call option |
| Saxony Capital Management, LLC | $25,432 | 23,768 | 0.03% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $24,952 | 19,343 | 0.03% | Shares |
| Nuveen, LLC | $24,598 | 22,989 | 0.03% | Shares |
| NEUBERGER BERMAN GROUP LLC | $22,107 | 20,661 | 0.03% | Shares |
| Ground Swell Capital, LLC | $21,837 | 20,408 | 0.03% | Shares |
| NORTHERN TRUST CORP | $19,898 | 18,596 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $19,646 | 18,361 | 0.03% | Shares |
| Centiva Capital, LP | $18,921 | 17,683 | 0.03% | Shares |
| Vanguard Personalized Indexing Management, LLC | $18,197 | 17,007 | 0.02% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $16,610 | 15,519 | 0.02% | Shares |
| PRUDENTIAL FINANCIAL INC | $15,296 | 14,295 | 0.02% | Shares |
| ProShare Advisors LLC | $15,026 | 14,044 | 0.02% | Shares |
| R Squared Ltd | $14,901 | 13,926 | 0.02% | Shares |
| Engineers Gate Manager LP | $14,438 | 13,493 | 0.02% | Shares |
| Pallas Capital Advisors LLC | $13,483 | 12,601 | 0.02% | Shares |
| Meridian Wealth Management, LLC | $13,457 | 12,577 | 0.02% | Shares |
| Perigon Wealth Management, LLC | $11,402 | 10,656 | 0.02% | Shares |
| AVISO WEALTH MANAGEMENT | $11,067 | 10,343 | 0.01% | Shares |
| LPL Financial LLC | $10,877 | 10,165 | 0.01% | Shares |
| Callan Family Office, LLC | $10,792 | 10,086 | 0.01% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $9,737 | 9,100 | 0.01% | Shares |
| Legal & General Group Plc | $9,643 | 9,012 | 0.01% | Shares |
| SIMPLEX TRADING, LLC | $8,770 | 8,197 | 0.01% | Shares |
| Caitong International Asset Management Co., Ltd | $7,541 | 7,048 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $7,339 | 6,859 | 0.01% | Shares |
| State of Wyoming | $6,113 | 5,713 | 0.01% | Shares |
| OSAIC HOLDINGS, INC. | $4,290 | 4,009 | 0.01% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $3,060 | 3,000 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $3,000 | 3,191 | 0.00% | Shares |
| Optiver Holding B.V. | $2,895 | 2,706 | 0.00% | Shares |
| MORGAN STANLEY | $2,587 | 2,418 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $2,379 | 2,223 | 0.00% | Shares |
| Sterling Capital Management LLC | $1,928 | 1,802 | 0.00% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,531 | 1,431 | 0.00% | Shares |
| Arax Advisory Partners | $1,181 | 1,104 | 0.00% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $805 | 752 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $396 | 370 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $380 | 360,251 | 0.00% | Shares |
Company insiders 11 insiders · 4 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ameet Mallik | Chief Executive Officer | June 30, 2026 A | 2,121,769 | 0 | 0 | $0 |
| Jose Carmona | Chief Financial Officer | June 30, 2026 A | 938,076 | 0 | 0 | $0 |
| Mohamed Zaki | Chief Medical Officer | June 30, 2026 A | 896,317 | 0 | 0 | $0 |
| Peter J Graham | Chief Legal Officer | June 30, 2026 A | 841,640 | 0 | 0 | $0 |
| Peter Hug | Director | June 3, 2026 F | 263,344 | 0 | 0 | $0 |
| Viviane Monges | Director | June 3, 2026 F | 186,447 | 0 | 0 | $0 |
| Robert Azelby | Director | June 3, 2026 F | 112,805 | 0 | 0 | $0 |
| Jean-Pierre Bizzari | Director | June 3, 2026 F | 139,302 | 0 | 0 | $0 |
| Victor Sandor | Director | June 3, 2026 F | 140,686 | 0 | 0 | $0 |
| Ron Squarer | Director | June 3, 2026 F | 123,431 | 0 | 0 | $0 |
| Timothy Coughlin | Director | June 3, 2026 F | 72,400 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| A.T. Holdings II Sarl, C.T. Phinco Sarl, ADC Products Switzerland Sarl, Auven Therapeutics Holdings L.P., Auven Therapeutics General L.P., Auven Therapeutics GP Ltd., Stephen Evans-Freke, Peter B. Corr ×8 filings | April 25, 2024 | — | Initial filing | — | SEC |
| HPWH TH AG, HP WILD HOLDING AG, Dr. Hans-Peter Wild, Thomas Pfisterer | Sept. 14, 2020 | — | 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 12 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.02% | 365,133 SH | Aug. 21, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 44,238 NS | April 30, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 74,478 SH | Aug. 19, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 703,942 SH | Aug. 21, 2026 | Daily |
| IWN · iShares Trust | 0.00% | 714,774 SH | Aug. 21, 2026 | Daily |
| IWM · iShares Trust | 0.00% | 2,695,006 SH | Aug. 21, 2026 | Daily |
| IWO · iShares Trust | 0.00% | 202,930 SH | Aug. 21, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,526 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 47,769 SH | Aug. 21, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 611,978 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 24,289 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 9,269 SH | Aug. 19, 2026 | Daily |