AGEN Agenus Inc. - Common Stock
About Agenus Inc. - Common Stock Company overview from Wikipedia
Agenus Inc. is a Lexington, Massachusetts-based biotechnology company focused on immunotherapy including immuno-oncology, a field that uses the immune system to control or cure cancer. The company is developing checkpoint modulators (CPMs), patient-specific anti-cancer vaccines, and adjuvants designed for use with various vaccines. CPM development is a particularly fast-moving field, since early products have produced unprecedented clinical benefits for patients.
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Agenus Inc. is a Lexington, Massachusetts-based biotechnology company focused on immunotherapy including immuno-oncology, a field that uses the immune system to control or cure cancer. The company is developing checkpoint modulators (CPMs), patient-specific anti-cancer vaccines, and adjuvants designed for use with various vaccines. CPM development is a particularly fast-moving field, since early products have produced unprecedented clinical benefits for patients.
History
Agenus (formerly Antigenics Inc.) was founded in 1994 by Garo H. Armen and Pramod K. Srivastava. The company has pioneered immunotherapies, including heat shock protein-based cancer vaccines, a program that has developed into its Prophage Series of personalized anti-cancer vaccines. Antigenics became a public company in February 2000 on the NASDAQ exchange with the ticker symbol AGEN. In 2000 Agenus acquired Aquila Biopharmaceuticals and a year later it acquired Aronex Pharmaceuticals. In February 2014 the company acquired a European firm, 4-Antibody, along with their portfolio of checkpoint modulators (CPMs) and a platform (Retrocyte Display® technology) to rapidly and efficiently discover new antibodies.
In October 2013, Agenus CEO Garo Armen issued a press release revealing that after an 18-month follow up on the RTS,S Malaria vaccine using QS21-Stimulon®, it was working well enough to support a regulatory filing in 2014. This was the first proof of the efficacy of Agenus's patented "QS-21 Stimulon" adjuvant
In April 2014, Agenus signed a deal with Merck potentially worth $100 million. Under the terms of that deal, Agenus is using its proprietary Retrocyte Display technology to discover antibodies against a pair of undisclosed checkpoint targets for the treatment of cancer. Agenus has advanced two of its own CPM candidates into early drug development and the company is planning to advance several more antibodies in clinical trials.
Today, Agenus is focused on developing a range of immuno-oncology products, including the Prophage vaccines, multiple checkpoint modulators (also known as checkpoint inhibitors or checkpoint antibodies) and its QS21-Stimulon adjuvant. The company's personalized, heat shock protein-based vaccines are in Phase 2 studies. The QS-21 Stimulon adjuvant platform is partnered with GlaxoSmithKline and Janssen. Several of those collaborations involve Phase 3 trials. Altogether, the company and its partners are sponsoring approximately 20 clinical trials of Agenus products.
In August 2023, Agenus announced a strategic restructuring to prioritize its botensilimab and balstilimab (BOT/BAL) clinical programs. The plan included a 25% reduction in its workforce (approximately 85 positions) and the temporary suspension of most preclinical and clinical programs not related to the BOT/BAL combination. The company stated the reorganization was intended to reduce annual operating expenses by approximately $40 million.
In 2025, Agenus sold their CDMO business to Zydus Lifesciences including their two biologics manufacturing sites in Emeryville and Berkeley. In addition, they would partner with Zydus to commercialize their molecules in India.
Key partners and deals
In April 2014, Agenus announced a collaboration and licensing agreement with Merck. The collaboration involved the discovery and development of therapeutic antibodies to two undisclosed Merck checkpoint targets, both thought to be relevant for cancer treatment, in addition to Agenus using its proprietary Retrocyte Display® platform to discover and optimize antibodies against the targets.
In February 2014, Agenus acquired European biotechnology firm 4-Antibody, along with its Retrocyte Display technology and a portfolio of checkpoint modulator antibody candidates .
In March 2012, GlaxoSmithKline acquired two extra rights in the two firms' agreement to use Agenus' QS-21 Stimulon adjuvant. The rights give GSK the first right in negotiation of purchase of Agenus or their assets, the rights expired in 2017 after five years had lapsed.
In June 2025, Agenus entered into a strategic collaboration with Zydus Lifesciences valued at up to $141 million. Under the agreement, Agenus transferred its biologics manufacturing facilities in Emeryville and Berkeley, California, to a new Zydus subsidiary, Zylidac Bio LLC, for an upfront payment of $75 million. The deal also included a $16 million equity investment by Zydus in Agenus common stock and up to $50 million in potential milestone payments. Additionally, Zydus obtained exclusive rights to develop and commercialize the botensilimab and balstilimab (BOT/BAL) combination therapy in India and Sri Lanka, with Agenus eligible for a 5% royalty on net sales. The transaction was formally closed in January 2026.
Product descriptions
Checkpoint modulators (CPMs) interfere with cancers’ ability to “hijack” natural immune defense systems. To protect the body against disease, but without attacking healthy cells, the immune system uses multiple “checkpoint” systems. Some checkpoints stimulate immune responses while others inhibit them. Cancer cells can evolve means to evade checkpoints, and CPMs can reverse that effect, helping the immune system better fight the cancer.
Agenus has programs targeting the checkpoint modulators GITR, OX40, CTLA-4, LAG-3, TIM-3 and PD-1. The company is expanding that portfolio by using a proprietary process to generate fully human therapeutic antibody drug candidates. The platform is a high-throughput approach incorporating IgG format human antibody libraries expressed in mammalian B-lineage cells.
The Prophage series of patient-specific cancer vaccine candidates can also enhance the immune system's response to tumors. Because each cancer is unique, the vaccine is derived from the patient's own tumor sample. To process these samples, Agenus has established a multi-product "good manufacturing practices" facility, which has already helped process over 1,000 tumor samples from across the globe.
The company's QS-21 Stimulon® adjuvant platform strengthens and broadens immune responses to antigens on cancers or foreign invaders’ surfaces. Agenus has multiple partnerships around this product to study its effects with vaccines for diseases including Alzheimer's, melanoma, and malaria. In October 2013, GlaxoSmithKline and Agenus announced positive data from an 18-month follow-up of GSK's RTS,S malaria vaccine with QS21-Stimulon. GSK stated that the treatment was working well enough to support a regulatory filing. RTS,S is the most advanced vaccine for malaria in development.
Agenus is the sole US-manufacturer of a patented and FDA-approved triterpene glycoside extract known as (QS-21, Matrix M), which is a key component in the manufacturing of the Oxford–AstraZeneca COVID-19 as well as the Novavax COVID-19 vaccines. Supplies are tightly controlled, and the US has invoked the US Defence Production Act to preserve vaccine raw materials for its own companies.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
AGEN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
AGEN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
AGEN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 2 25.0%
- Buy 5 62.5%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-16Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.01 | $0.05 | -0.06% |
| March 31, 2026 | $0.00 | $2.14 | -2.1% |
| Dec. 31, 2025 | $-0.31 | $-1.07 | 0.76% |
| Sept. 30, 2025 | $1.94 | $2.02 | -0.08% |
| June 30, 2025 | $-1.00 | $1.38 | -2.4% |
| March 31, 2025 | $-1.03 | $-1.69 | 0.66% |
| Dec. 31, 2024 | $-2.04 | $-2.59 | 0.55% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AGEN | $111M | — | 10.4% | -2.7% | 1.0% | — |
| IMRX | — | -5.2 | — | — | -45.3% | — |
| TLSI | — | — | — | — | — | — |
| LYEL | $654M | -1.9 | -41.0% | -762355.6% | -100.3% | — |
| IKT | $270M | -4.2 | 111.0% | -1299.0% | -38.2% | — |
| FATE | $113M | -0.9 | -51.2% | -2051.1% | -58.2% | — |
| VNDA | $521M | -2.4 | 8.7% | -102.0% | -54.2% | — |
| CAMP | $318M | -2.3 | 436.5% | -2298.5% | -183.4% | — |
| IRD | $140M | -2.5 | 29.1% | -349.3% | -302.2% | — |
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 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $114M | $103M | $156M | $98M | $296M | $88M | $150M | $37M | $43M | $23M | $25M | $7M | |
| Cost of Revenue | $1M | $486.0K | $3M | $11M | $3M | $2M | · | · | · | · | · | $0 | |
| R&D Expense | $79M | $156M | $235M | $187M | $179M | $143M | $168M | $125M | $116M | $95M | $70M | $22M | |
| SG&A Expense | $54M | $72M | $79M | $81M | $76M | $59M | $46M | $37M | $34M | $33M | $28M | $21M | |
| Operating Income | $-20M | $-120M | $-160M | $-179M | $26M | $-117M | $-70M | $-124M | $-104M | $-107M | $-81M | $-43M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $1M | |
| Interest Income | $345.0K | $3M | $6M | $2M | · | · | · | · | · | · | · | · | |
| Other Non-op | $72M | $6M | $37.0K | $11M | $5M | $-2M | $28.0K | $-2M | $2M | $-2M | $-6M | $2M | |
| Pretax Income | $-3M | $-232M | $-257M | · | · | · | · | · | $-121M | $-127M | $-93M | $-42M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-5M | $0 | |
| Net Income | $-3M | $-232M | $-257M | $-231M | $-29M | $-183M | $-112M | · | $-121M | $-127M | $-88M | $-42M | |
| EPS (Basic) | $0.00 | $-10.59 | $-13.75 | $-15.64 | $-0.11 | $-1.05 | · | · | · | · | · | · | |
| EPS (Diluted) | $0.00 | $-10.59 | $-13.75 | $-15.64 | $-0.11 | $-1.05 | · | · | · | · | · | · | |
| Shares (Basic) | 29,734,000 | 21,473,000 | 17,894,000 | 14,087,000 | 228,919 | 172,504 | · | · | · | · | · | · | |
| Shares (Diluted) | 29,734,000 | 21,473,000 | 17,894,000 | 14,087,000 | 228,919 | 172,504 | · | · | · | · | · | · | |
| EBITDA | $-20M | $-120M | $-160M | $-179M | $26M | $-117M | $-70M | $-124M | $-104M | $-107M | $-81M | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3M | $40M | $76M | $179M | $292M | $100M | $62M | $53M | $60M | $71M | $137M | $26M | |
| Short-term Investments | · | · | · | $15M | $15M | · | · | · | · | $5M | $35M | $15M | |
| Receivables | $2M | $407.0K | $26M | $3M | $2M | $1M | $16M | $938.0K | $1M | $11M | $10M | $463.0K | |
| Inventory | · | · | · | · | · | · | $0 | $55.0K | $79.5K | $88.2K | $88.2K | $95.7K | |
| Prepaid Expense | $785.0K | $2M | $8M | $14M | $20M | $11M | $7M | $19M | $11M | $3M | $2M | $1M | |
| Other Current Assets | $1M | $2M | $2M | $3M | $3M | $2M | $1M | $1M | $1M | $838.5K | $582.3K | $640.0K | |
| Current Assets | $133M | $46M | $112M | $213M | $332M | $114M | $87M | $75M | $74M | $91M | $184M | $43M | |
| PP&E (Net) | $15M | $120M | $133M | $133M | $60M | $27M | $26M | $25M | $26M | $26M | $15M | $6M | |
| PP&E (Gross) | $63M | $193M | $195M | $187M | $111M | $74M | $69M | $63M | $60M | $57M | $45M | $34M | |
| Accum. Depreciation | $47M | $73M | $62M | $54M | $51M | $47M | $43M | $38M | $34M | $31M | $29M | $28M | |
| Goodwill | $24M | $24M | $25M | $25M | $25M | $25M | $23M | $23M | $23M | $22M | $23M | $18M | |
| Intangibles | $3M | $3M | $4M | $6M | $8M | $11M | $11M | $12M | $14M | $16M | $19M | $7M | |
| Other Non-current Assets | $3M | $6M | $9M | $4M | $10M | $4M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Total Assets | $227M | $226M | $314M | $414M | $466M | $215M | $155M | $136M | $138M | $157M | $242M | $75M | |
| Accounts Payable | $83M | $61M | $61M | $41M | $30M | $17M | $14M | $14M | $8M | $5M | $4M | $2M | |
| Accrued Liabilities | $34M | $35M | $45M | $38M | $42M | $29M | $31M | $25M | $22M | $28M | $14M | $6M | |
| Current Liabilities | $323M | $221M | $256M | $189M | $157M | $130M | $122M | $68M | $56M | $41M | $29M | $9M | |
| Capital Leases | $10M | $55M | $63M | $63M | $42M | $34M | $8M | · | · | · | · | · | |
| Other Non-current Liabilities | $259.0K | $738.0K | $5M | $15M | $2M | $2M | $4M | $3M | $3M | $5M | $8M | $3M | |
| Long-term Debt | $45M | $33M | $13M | $13M | $14M | $20M | $14M | $13M | $163M | $131M | $114M | $6M | |
| Total Debt | $45M | $33M | $13M | $13M | $14M | $20M | $14M | $13M | $163M | $131M | $114M | · | |
| Common Stock | $353.0K | $236.0K | $197.0K | $3M | $3M | $2M | $1M | $1M | $1M | $877.9K | $863.9K | $627.2K | |
| Paid-in Capital | $1.91B | $1.86B | $1.80B | $1.64B | $1.52B | $1.26B | $1.06B | $1.01B | $952M | $867M | $851M | $716M | |
| Retained Earnings | $-2.18B | $-2.18B | $-1.96B | $-1.71B | $-1.49B | $-1.47B | $-1.28B | $-1.18B | $-1.03B | $-905M | $-779M | $-691M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| AOCI | $-439.0K | $-1M | $-955.0K | $915.0K | $1M | $3M | $-1M | $-2M | $-2M | $-2M | $-2M | $-2M | |
| Stockholders' Equity | $-271M | $-326M | $-160M | $-61M | $34M | $-204M | $-225M | $-172M | $-76M | $-39M | $71M | $23M | |
| Liabilities + Equity | $227M | $226M | $314M | $414M | $466M | $215M | $155M | $136M | $138M | $157M | $242M | $75M | |
| Shares Outstanding | 35,320,397 | 23,634,670 | 19,718,662 | · | · | · | · | · | · | · | · | · |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $13M | $14M | $7M | $7M | $7M | $7M | $6M | $6M | $5M | $2M | $2M | |
| Stock-based Comp | $14M | $17M | $23M | $18M | $20M | $10M | $10M | $8M | $12M | $13M | $7M | $5M | |
| Deferred Tax | $0 | $0 | $0 | · | · | · | · | · | · | · | $-5M | · | |
| Amort. of Intangibles | $300.0K | $500.0K | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $462.0K | |
| Operating Cash Flow | $-77M | $-158M | $-224M | $-175M | $10M | $-139M | $-19M | $-131M | $-94M | $-80M | $-47M | $-38M | |
| CapEx | $6.0K | $576.0K | $10M | $53M | $34M | $3M | $5M | $4M | $3M | $13M | $4M | $3M | |
| Investing Cash Flow | $1M | $27.0K | $3M | $-34M | $-43M | $-4M | $-5M | $-4M | $2M | $18M | · | $-17M | |
| Debt Issued | · | · | · | · | · | $6M | · | · | $15M | · | $109M | · | |
| Net Debt Issued | $-2M | · | · | · | · | $6M | · | · | $15M | · | $109M | · | |
| Financing Cash Flow | $37M | $123M | $120M | $96M | $225M | $184M | $31M | $128M | $81M | $-2M | · | $53M | |
| Net Change in Cash | $-39M | $-36M | $-102M | $-113M | $192M | $41M | $9M | $-7M | $-11M | $-65M | $111M | $-2M | |
| Free Cash Flow | $-77M | $-159M | $-234M | $-228M | $-24M | $-143M | $-23M | $-135M | $-97M | $-92M | $-51M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -17.7% | -116.4% | -102.1% | -183.0% | 8.7% | -133.0% | -46.7% | -336.6% | -242.1% | -476.1% | -325.2% | · | |
| Net Margin | -2.7% | -224.5% | -164.7% | -235.3% | -9.7% | · | · | · | -281.5% | -562.6% | -354.1% | · | |
| Pretax Margin | -2.7% | · | · | · | · | · | · | · | -281.5% | -562.6% | -375.8% | · | |
| EBITDA Margin | -17.7% | -116.4% | -102.1% | -183.0% | 8.7% | -133.0% | -46.7% | -336.6% | -242.1% | -476.1% | -325.2% | · | |
| ROA | -1.4% | -86.0% | -70.8% | -52.4% | -8.4% | · | · | · | -81.7% | -63.6% | -55.5% | · | |
| ROE | 1.0% | 95.5% | 232.3% | 1718.9% | 34.0% | · | · | · | 210.0% | -803.7% | -187.5% | · | |
| ROIC | 8.9% | · | · | · | · | · | · | · | -119.0% | -117.4% | -41.1% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.2 | 0.4 | 1.1 | 2.1 | 0.9 | 0.7 | 1.1 | 1.3 | 2.2 | 6.4 | · | |
| Quick Ratio | 0.0 | 0.2 | 0.4 | 1.0 | 2.0 | 0.8 | 0.6 | 0.8 | 1.1 | 2.1 | 6.3 | · | |
| Debt / Equity | -0.2 | -0.1 | -0.1 | -0.2 | 0.4 | -0.1 | -0.1 | -0.1 | -2.2 | -3.3 | 1.6 | · | |
| LT Debt / Equity | 0.0 | -0.1 | -0.1 | -0.2 | 0.4 | -0.1 | -0.1 | -0.1 | -1.9 | -3.3 | 1.6 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.2 | 0.9 | 0.5 | 1.0 | 0.3 | 0.3 | 0.1 | 0.2 | · | |
| Receivables Turnover | 102.1 | 7.9 | 10.9 | 46.0 | 221.1 | 10.1 | 17.4 | 35.5 | 6.9 | 2.1 | 4.8 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.4% | -33.8% | 59.5% | -66.8% | 235.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.2% | -29.5% | 21.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $114M | $103M | $156M | $98M | $296M | $88M | $150M | $37M | $43M | $23M | $25M | $7M | |
| Net Income TTM | $-3M | $-232M | $-257M | $-231M | $-29M | $-183M | $-112M | $-162M | $-121M | $-127M | $-88M | $-42M | |
| Market Cap | $111M | · | · | · | · | · | · | · | · | · | · | · | |
| Enterprise Value | $153M | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | · | -0.3 | -1.2 | -3.0 | -574.5 | -59.4 | -98.6 | · | -56.6 | -71.6 | -78.9 | -69.0 | |
| P/S | 1.0 | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | -0.4 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | -1.4 | · | · | · | · | · | · | · | · | · | · | · | |
| P / FCF | -1.4 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | -7.6 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | -2.0 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 1.3 | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 0.00% | -386.5% | -82.8% | -33.2% | -0.17% | -1.7% | -1.0% | · | -1.8% | -1.4% | -1.3% | -1.5% |
Income Statement 14
| 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 | $35M | $34M | $34M | $30M | $26M | $24M | $27M | $25M | $24M | $28M | $84M | $24M | $25M | $23M | $28M | $23M | |
| Cost of Revenue | $0 | $0 | $0 | $642.0K | $243.0K | $137.0K | $118.0K | $146.0K | $115.0K | $107.0K | $260.0K | $303.0K | $254.0K | $2M | $8M | $308.0K | |
| R&D Expense | $15M | $12M | $8M | $24M | $27M | $22M | $34M | $41M | $37M | $44M | $67M | $51M | $59M | $57M | $53M | $46M | |
| SG&A Expense | $8M | $7M | $12M | $11M | $16M | $16M | $21M | $17M | $17M | $17M | $21M | $19M | $20M | $18M | $25M | $18M | |
| Operating Expenses | $23M | $19M | · | · | $42M | $37M | · | · | · | · | · | · | · | · | · | · | |
| Operating Income | $11M | $15M | $14M | $-5M | $-17M | $-13M | $-26M | $-32M | $-30M | $-33M | $-4M | $-46M | $-55M | $-54M | $-58M | $-42M | |
| Interest Income | $121.0K | $21.0K | $29.0K | $74.0K | $54.0K | $188.0K | $429.0K | $1M | $539.0K | $808.0K | · | · | · | · | · | · | |
| Other Non-op | $3M | $39M | $-9M | $82M | $-12.0K | $-264.0K | $-224.0K | $19.0K | $7M | $-1M | $-201.0K | $442.0K | $-244.0K | $40.0K | $980.0K | $537.0K | |
| Net Income | $-567.0K | $39M | $-11M | $64M | $-30M | $-26M | $-47M | $-67M | $-55M | $-63M | $-49M | $-65M | $-73M | $-71M | $-74M | $-57M | |
| EPS (Basic) | $-0.01 | $1.03 | $0.03 | $2.00 | $-1.00 | $-1.03 | $-1.95 | $-3.08 | $-2.52 | $-3.04 | $-2.22 | $-3.29 | $-3.93 | $-4.31 | $-15.09 | $-0.19 | |
| EPS (Diluted) | $-0.01 | $1.02 | $0.09 | $1.94 | $-1.00 | $-1.03 | $-1.95 | $-3.08 | $-2.52 | $-3.04 | $-2.22 | $-3.29 | $-3.93 | $-4.31 | $-15.09 | $-0.19 | |
| Shares (Basic) | 41,338,000 | 37,941,000 | -54,738,000 | 31,886,000 | 28,117,000 | 24,469,000 | -41,507,000 | 21,550,000 | 21,062,000 | 20,368,000 | -34,438,000 | 18,908,000 | 17,569,000 | 15,855,000 | 13,264,803 | 286,854 | |
| Shares (Diluted) | 41,338,000 | 38,285,000 | -55,710,000 | 32,858,000 | 28,117,000 | 24,469,000 | -41,507,000 | 21,550,000 | 21,062,000 | 20,368,000 | -34,438,000 | 18,908,000 | 17,569,000 | 15,855,000 | 13,264,803 | 286,854 | |
| EBITDA | $11M | $15M | · | $-5M | $-17M | $-13M | · | $-32M | $-30M | $-33M | · | $-46M | $-55M | $-54M | · | $-42M |
Balance Sheet 27
| 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 | $35M | $3M | $3M | $10M | $18M | $40M | $45M | $94M | $53M | $76M | $106M | $143M | $165M | $179M | $208M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | $15M | $24M | · | $10M | |
| Receivables | $15M | $7M | $2M | $538.0K | $709.0K | $354.0K | $407.0K | $207.0K | $719.0K | $476.0K | · | $1M | $1M | $1M | · | $9M | |
| Prepaid Expense | $3M | $4M | $785.0K | $885.0K | $1M | $2M | $2M | $2M | $2M | $4M | · | $16M | $9M | $11M | · | $22M | |
| Other Current Assets | $2M | $2M | $1M | $1M | $2M | $2M | $2M | $3M | $3M | $3M | · | $2M | $3M | $4M | · | $2M | |
| Current Assets | $79M | $95M | $133M | $134M | $13M | $23M | $46M | $50M | $100M | $60M | · | $126M | $171M | $206M | · | $251M | |
| PP&E (Net) | $14M | $15M | $15M | $16M | $113M | $117M | $120M | $124M | $128M | $130M | · | $140M | $143M | $140M | · | $101M | |
| PP&E (Gross) | · | · | $63M | · | · | · | $193M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $48M | $48M | $47M | $47M | $75M | $76M | $73M | $71M | $68M | $65M | · | $61M | $58M | $56M | · | $53M | |
| Goodwill | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $25M | $25M | $25M | · | $25M | $25M | $26M | · | $24M | |
| Intangibles | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | · | $4M | $5M | $6M | · | $7M | |
| Other Non-current Assets | $4M | $3M | $3M | $3M | $5M | $6M | $6M | $7M | $7M | $8M | · | $11M | $9M | $4M | · | $8M | |
| Total Assets | $173M | $186M | $227M | $234M | $185M | $200M | $226M | $238M | $292M | $257M | · | $335M | $384M | $413M | · | $429M | |
| Accounts Payable | $59M | $71M | $83M | $85M | $74M | $64M | $61M | $46M | $51M | $51M | · | $41M | $52M | $47M | · | $40M | |
| Accrued Liabilities | $28M | $37M | $34M | $32M | $39M | $36M | $35M | $37M | $41M | $41M | · | $38M | $30M | $33M | · | $29M | |
| Current Liabilities | $232M | $249M | $323M | $287M | $235M | $208M | $221M | $271M | $271M | $256M | · | $198M | $204M | $191M | · | $173M | |
| Capital Leases | $10M | $10M | $10M | $10M | $53M | $54M | $55M | $55M | $56M | $62M | · | $63M | $62M | $63M | · | $64M | |
| Other Non-current Liabilities | $247.0K | $247.0K | $259.0K | $376.0K | $752.0K | $761.0K | $738.0K | $777.0K | $1M | $3M | · | $8M | $11M | $14M | · | $1M | |
| Long-term Debt | $30M | $30M | $45M | $34M | $34M | $34M | $33M | $13M | $13M | $14M | · | $13M | $13M | $14M | · | · | |
| Total Debt | $30M | $30M | · | $34M | $34M | $34M | · | $13M | $13M | $14M | · | $13M | $13M | $14M | · | $13M | |
| Common Stock | $427.0K | $385.0K | $353.0K | $329.0K | $300.0K | $266.0K | $236.0K | $217.0K | $211.0K | $210.0K | · | $4M | $4M | $3M | · | $3M | |
| Paid-in Capital | $1.95B | $1.92B | $1.91B | $1.90B | $1.88B | $1.87B | $1.86B | $1.85B | $1.83B | $1.82B | · | $1.78B | $1.75B | $1.72B | · | $1.61B | |
| Retained Earnings | $-2.14B | $-2.14B | $-2.18B | $-2.17B | $-2.24B | $-2.21B | $-2.18B | $-2.14B | $-2.07B | $-2.02B | · | $-1.91B | $-1.85B | $-1.78B | · | $-1.64B | |
| AOCI | $-450.0K | $-437.0K | $-439.0K | $-2M | $-2M | $-1M | $-1M | $-1M | $-1M | $-1M | · | $-1M | $-717.0K | $917.0K | · | $644.0K | |
| Stockholders' Equity | $-199M | $-221M | $-271M | $-274M | $-355M | $-342M | $-326M | $-292M | $-241M | $-201M | · | $-129M | $-93M | $-59M | · | $-20M | |
| Liabilities + Equity | $173M | $186M | $227M | $234M | $185M | $200M | $226M | $238M | $292M | $257M | · | $335M | $384M | $413M | · | $429M | |
| Shares Outstanding | 42,615,618 | 38,521,761 | 35,320,397 | 32,814,429 | 30,004,430 | 26,563,545 | 23,634,670 | 21,685,192 | 21,126,226 | 20,994,143 | · | · | · | · | · | · |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $517.0K | $583.0K | $597.0K | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $5M | $3M | $3M | $3M | $2M | $2M | |
| Stock-based Comp | $4M | $1M | $3M | $3M | $4M | $3M | $5M | $5M | $4M | $4M | $5M | $6M | $6M | $5M | $4M | $4M | |
| Operating Cash Flow | $-31M | $-36M | $-17M | $-15M | $-20M | $-26M | $-29M | $-53M | $-38M | $-38M | $-40M | $-65M | $-60M | $-59M | $-47M | $-32M | |
| CapEx | $0 | $0 | $0 | $0 | $1.0K | $5.0K | $73.0K | $7.0K | $461.0K | $35.0K | $223.0K | $3M | $4M | $2M | $14M | $16M | |
| Investing Cash Flow | $267.0K | $69M | $780.0K | $76.0K | $281.0K | $57.0K | $-21.0K | $56.0K | $-237.0K | $229.0K | $3M | $12M | $517.0K | $-11M | $-6M | $-16M | |
| Net Debt Issued | · | $-8M | · | · | · | $-2M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $15M | $-993.0K | $15M | $7M | $11M | $4M | $24M | $5M | $79M | $15M | $7M | $18M | $38M | $56M | $24M | $28M | |
| Net Change in Cash | $-16M | $32M | $-460.0K | $-8M | $-9M | $-22M | $-4M | $-49M | $41M | $-23M | $-30M | $-36M | $-22M | $-14M | $-30M | $-20M | |
| Free Cash Flow | · | $-36M | · | · | · | $-26M | · | · | · | $-38M | · | · | · | $-60M | · | · |
Profitability 5
| 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 | 32.7% | 44.6% | · | -15.0% | -65.0% | -55.3% | · | -125.4% | -128.4% | -117.4% | · | -190.6% | -216.1% | -237.3% | · | -182.9% | |
| Net Margin | -1.6% | 116.2% | · | 211.4% | -116.8% | -109.6% | · | -267.7% | -233.1% | -226.6% | · | -265.4% | -290.3% | -309.6% | · | -249.1% | |
| EBITDA Margin | 32.7% | 44.6% | · | -15.0% | -65.0% | -55.3% | · | -125.4% | -128.4% | -117.4% | · | -190.6% | -216.1% | -237.3% | · | -182.9% | |
| ROA | -0.32% | 20.3% | · | 27.1% | -12.6% | -11.6% | · | -23.4% | -16.2% | -19.0% | · | -16.9% | -17.5% | -16.6% | · | -13.1% | |
| ROE | 0.20% | -13.9% | · | -22.6% | 10.1% | 9.7% | · | 31.9% | 32.8% | 48.8% | · | 86.3% | 163.6% | 331.1% | · | -528.3% |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.3 | 0.4 | · | 0.5 | 0.1 | 0.1 | · | 0.2 | 0.4 | 0.2 | · | 0.6 | 0.8 | 1.1 | · | 1.5 | |
| Quick Ratio | 0.1 | 0.2 | · | 0.0 | 0.0 | 0.1 | · | 0.2 | 0.3 | 0.2 | · | 0.5 | 0.8 | 1.0 | · | 1.3 | |
| Debt / Equity | -0.2 | -0.1 | · | -0.1 | -0.1 | -0.1 | · | -0.0 | -0.1 | -0.1 | · | -0.1 | -0.1 | -0.2 | · | -0.7 | |
| LT Debt / Equity | · | · | · | -0.1 | -0.1 | -0.1 | · | 0.0 | 0.0 | 0.0 | · | -0.1 | -0.1 | -0.2 | · | · |
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 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 4.5 | 9.8 | · | 81.2 | 36.0 | 58.0 | · | 40.6 | 22.8 | 29.6 | · | 4.9 | 2.5 | 16.9 | · | 1.5 |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $124M | $114M | · | $105M | $98M | $101M | · | $101M | $101M | $101M | · | $95M | $92M | $93M | · | $323M | |
| Net Income TTM | $73M | $47M | · | $-60M | $-178M | $-212M | · | $-250M | $-256M | $-272M | · | $-266M | $-250M | $-227M | · | $21M | |
| Market Cap | $130M | $129M | · | $126M | $137M | $40M | · | $119M | $354M | $244M | · | · | · | · | · | · | |
| Enterprise Value | $142M | $124M | · | $157M | $161M | $55M | · | $87M | $274M | $204M | · | · | · | · | · | · | |
| P/E | 1.6 | 3.6 | · | -1.2 | -0.6 | -0.2 | · | -0.5 | -1.3 | -0.8 | · | -1.9 | -3.7 | -6.1 | · | 236.7 | |
| P/S | 1.1 | 1.1 | · | 1.2 | 1.4 | 0.4 | · | 1.2 | 3.5 | 2.4 | · | · | · | · | · | · | |
| P/B | -0.7 | -0.6 | · | -0.5 | -0.4 | -0.1 | · | -0.4 | -1.5 | -1.2 | · | · | · | · | · | · | |
| P / Cash Flow | · | -3.6 | · | · | · | -1.6 | · | · | · | -6.4 | · | · | · | · | · | · | |
| P / FCF | · | -3.6 | · | · | · | -1.6 | · | · | · | -6.4 | · | · | · | · | · | · | |
| EV / EBITDA | 12.6 | 8.2 | · | -34.6 | -9.7 | -4.1 | · | -2.8 | -9.1 | -6.2 | · | · | · | · | · | · | |
| EV / FCF | · | -3.4 | · | · | · | -2.2 | · | · | · | -5.3 | · | · | · | · | · | · | |
| EV / Revenue | 1.1 | 1.1 | · | 1.5 | 1.6 | 0.5 | · | 0.9 | 2.7 | 2.0 | · | · | · | · | · | · | |
| Earnings Yield | 63.7% | 27.8% | · | -82.3% | -167.0% | -640.4% | · | -217.7% | -76.3% | -125.6% | · | -51.9% | -26.9% | -16.3% | · | 0.42% |
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 | $114M | $103M | $156M | $98M | $296M |
| Operating Margin % | -17.7% | -116.4% | -102.1% | -183.0% | 8.7% |
| Net Income | $-3M | $-232M | $-257M | $-231M | $-29M |
| Diluted EPS | $0.00 | $-10.59 | $-13.75 | $-15.64 | $-0.11 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -0.2 | -0.1 | -0.1 | -0.2 | 0.4 |
| Current Ratio | 0.4 | 0.2 | 0.4 | 1.1 | 2.1 |
| Quick Ratio | 0.0 | 0.2 | 0.4 | 1.0 | 2.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-77M | $-159M | $-234M | $-228M | $-24M |
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Institutional owners (13F) 117 filers · $30.7M 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 37 (+27 vs prior Q) | 14 (-3 vs prior Q) | 27 (+7 vs prior Q) | 22 (-6 vs prior Q) | +5.3M |
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 |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $5,128,854 | 1,676,096 | 16.71% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,368,416 | 1,427,587 | 14.23% | Shares |
| Siren, L.L.C. | $3,256,605 | 1,064,250 | 10.61% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,731,786 | 892,458 | 8.90% | Shares |
| MACKENZIE FINANCIAL CORP | $2,185,376 | 714,175 | 7.12% | Shares |
| GLOBEFLEX CAPITAL L P | $1,280,858 | 418,581 | 4.17% | Shares |
| STATE STREET CORP | $1,261,892 | 412,383 | 4.11% | Shares |
| Man Group plc | $1,041,701 | 340,425 | 3.39% | Shares |
| GOLDMAN SACHS GROUP INC | $1,017,753 | 332,599 | 3.32% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $948,707 | 310,035 | 3.09% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $831,139 | 271,614 | 2.71% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $698,739 | 228,346 | 2.28% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $549,542 | 179,589 | 1.79% | Shares |
| Susquehanna Portfolio Strategies, LLC | $485,735 | 158,737 | 1.58% | Shares |
| Cubist Systematic Strategies, LLC | $393,512 | 102,211 | 1.28% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $304,140 | 99,392 | 0.99% | Shares |
| TWO SIGMA INVESTMENTS, LP | $301,976 | 98,685 | 0.98% | Shares |
| STRS OHIO | $235,314 | 76,900 | 0.77% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $205,326 | 67,100 | 0.67% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $128,569 | 42,016 | 0.42% | Shares |
| Avestar Capital, LLC | $125,460 | 41,000 | 0.41% | Shares |
| BlackRock, Inc. | $124,756 | 40,770 | 0.41% | Shares |
| DEUTSCHE BANK AG\ | $119,046 | 38,904 | 0.39% | Shares |
| Bank of New York Mellon Corp | $115,998 | 37,908 | 0.38% | Shares |
| MARSHALL WACE, LLP | $109,602 | 35,818 | 0.36% | Shares |
| TWO SIGMA ADVISERS, LP | $107,529 | 34,245 | 0.35% | Shares |
| Claro Advisors Inc. | $102,051 | 33,350 | 0.33% | Shares |
| XTX Topco Ltd | $96,849 | 31,650 | 0.32% | Shares |
| CITADEL ADVISORS LLC | $90,270 | 29,500 | 0.29% | Call option |
| RHUMBLINE ADVISERS | $90,226 | 29,488 | 0.29% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $88,654 | 28,972 | 0.29% | Shares |
| BANK OF AMERICA CORP /DE/ | $87,354 | 28,547 | 0.28% | Shares |
| Engineers Gate Manager LP | $85,092 | 27,808 | 0.28% | Shares |
| CITIGROUP INC | $77,733 | 25,403 | 0.25% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $77,418 | 25,300 | 0.25% | Call option |
| LPL Financial LLC | $73,948 | 24,166 | 0.24% | Shares |
| Key Client Fiduciary Advisors, LLC | $73,823 | 24,125 | 0.24% | Shares |
| OSAIC HOLDINGS, INC. | $71,774 | 23,456 | 0.23% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $67,002 | 21,896 | 0.22% | Shares |
| WOLVERINE TRADING, LLC | $63,282 | 15,900 | 0.21% | Call option |
| CITADEL ADVISORS LLC | $62,730 | 20,500 | 0.20% | Put option |
| PRELUDE CAPITAL MANAGEMENT, LLC | $60,469 | 19,761 | 0.20% | Shares |
| PRUDENTIAL FINANCIAL INC | $59,395 | 19,410 | 0.19% | Shares |
| Vanguard Personalized Indexing Management, LLC | $58,749 | 19,199 | 0.19% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $57,834 | 18,900 | 0.19% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $56,916 | 18,600 | 0.19% | Put option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $56,142 | 18,347 | 0.18% | Shares |
| UBS Group AG | $52,825 | 17,263 | 0.17% | Shares |
| VANGUARD GROUP INC | $49,945 | 15,906 | 0.16% | Shares |
| Vanguard Global Advisers, LLC | $48,672 | 15,906 | 0.16% | Shares |
| Invesco Ltd. | $48,620 | 15,889 | 0.16% | Shares |
| SHERBROOKE PARK ADVISERS LLC | $48,325 | 15,390 | 0.16% | Shares |
| DIVERSIFIED TRUST CO | $47,677 | 15,581 | 0.16% | Shares |
| BANK OF MONTREAL /CAN/ | $47,207 | 15,427 | 0.15% | Shares |
| Police & Firemen's Retirement System of New Jersey | $46,947 | 15,342 | 0.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $41,349 | 12,380 | 0.13% | Shares |
| R Squared Ltd | $41,068 | 13,421 | 0.13% | Shares |
| FMR LLC | $40,582 | 13,262 | 0.13% | Shares |
| Post Resch Tallon Group Inc. | $39,015 | 12,750 | 0.13% | Shares |
| StoneX Group Inc. | $36,849 | 10,728 | 0.12% | Shares |
| Abel Hall, LLC | $35,986 | 11,760 | 0.12% | Shares |
| RAYMOND JAMES FINANCIAL INC | $35,707 | 11,669 | 0.12% | Shares |
| Graham Capital Management, L.P. | $35,052 | 11,455 | 0.11% | Shares |
| HSBC HOLDINGS PLC | $34,757 | 11,176 | 0.11% | Shares |
| MORGAN STANLEY | $34,070 | 11,134 | 0.11% | Shares |
| Values First Advisors, Inc. | $33,612 | 10,984 | 0.11% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $32,285 | 10,550 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $31,824 | 10,400 | 0.10% | Call option |
| Point72 Asia (Singapore) Pte. Ltd. | $31,366 | 8,147 | 0.10% | Shares |
| EP Wealth Advisors, LLC | $30,600 | 10,000 | 0.10% | Shares |
| NORTHERN TRUST CORP | $18,902 | 6,177 | 0.06% | Shares |
| BARCLAYS PLC | $17,950 | 5,866 | 0.06% | Shares |
| Legal & General Group Plc | $11,824 | 3,864 | 0.04% | Shares |
| Ameritas Investment Partners, Inc. | $11,065 | 3,616 | 0.04% | Shares |
| FEDERATED HERMES, INC. | $10,343 | 3,380 | 0.03% | Shares |
| Pinnacle Wealth Planning Services, Inc. | $10,321 | 3,373 | 0.03% | Shares |
| Russell Investments Group, Ltd. | $9,733 | 3,181 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $7,072 | 2,311 | 0.02% | Shares |
| CoreCap Advisors, LLC | $6,120 | 2,000 | 0.02% | Shares |
| Atlantic Union Bankshares Corp | $5,355 | 1,750 | 0.02% | Shares |
| Caitong International Asset Management Co., Ltd | $4,997 | 1,633 | 0.02% | Shares |
| ROYAL BANK OF CANADA | $4,000 | 1,360 | 0.01% | Shares |
| Jump Financial, LLC | $3,614 | 1,181 | 0.01% | Shares |
| CHILTON CAPITAL MANAGEMENT LLC | $3,238 | 1,058 | 0.01% | Shares |
| CWM, LLC | $2,739 | 820 | 0.01% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $2,592 | 847 | 0.01% | Shares |
| Sterling Capital Management LLC | $2,157 | 705 | 0.01% | Shares |
| HUNTINGTON NATIONAL BANK | $2,032 | 664 | 0.01% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $1,937 | 633 | 0.01% | Shares |
| Physician Wealth Advisors, Inc. | $1,901 | 621 | 0.01% | Shares |
| Game Plan Financial Advisors, LLC | $1,790 | 585 | 0.01% | Shares |
| Optiver Holding B.V. | $1,756 | 574 | 0.01% | Shares |
| GROUP ONE TRADING LLC | $1,717 | 561 | 0.01% | Shares |
| JPMORGAN CHASE & CO | $1,203 | 382 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $952 | 285 | 0.00% | Shares |
| Rialto Wealth Management, LLC | $934 | 305 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $704 | 230 | 0.00% | Shares |
| Bare Financial Services, Inc | $529 | 173 | 0.00% | Shares |
| Bogart Wealth, LLC | $523 | 171 | 0.00% | Shares |
| Sandy Spring Bank | $377 | 250 | 0.00% | Shares |
Company insiders 46 insiders · 7 officers · 4 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeff D Clark | Chief Financial Officer | Feb. 18, 2004 A | — | 0 | 0 | $0 |
| Austin Charette | Principal Accounting Officer | April 24, 2026 A | — | 0 | 0 | $0 |
| Christine M Klaskin | PFO & PAO | June 18, 2025 A | 23,478 | 0 | 0 | $0 |
| Evan Kearns | Vice President and General Counsel | Dec. 24, 2019 A | — | 0 | 0 | $0 |
| Christian Cortis | Chief Strategy Officer & Head of Finance | June 19, 2019 A | — | 0 | 0 | $0 |
| Alex Duncan | Chief Technology Officer | June 19, 2019 A | 21,026 | 0 | 0 | $0 |
| Neal Gordon | SrVP, Manufacturing Operations | Feb. 18, 2004 A | — | 0 | 0 | $0 |
| Ulf Wiinberg | Director | Oct. 1, 2024 A | 124,063 | 0 | 0 | $0 |
| Allison M Jeynes-Ellis | Director | Feb. 5, 2024 A | 66,176 | 0 | 0 | $0 |
| Wadih Jordan | Director | Oct. 3, 2022 A | — | 0 | 0 | $0 |
| Paul N Clark | Director | Aug. 27, 2020 A | — | 0 | 0 | $0 |
| AGENUS INC | 10% owner | Oct. 16, 2023 P | 21,772,863 | 0 | 0 | $0 |
| INCYTE CORP | 10% owner | June 17, 2020 S | 16,972,968 | 0 | 0 | $0 |
| Brad M Kelley | 10% owner | Sept. 24, 2003 P | 5,546,740 | 0 | 0 | $0 |
| Garo H Armen | — | Aug. 10, 2026 A | 371,108 | 0 | 0 | $0 |
| Steven J O'Day | — | Aug. 5, 2026 A | 57,116 | 0 | 0 | $0 |
| Susan B Hirsch | — | Aug. 5, 2026 A | 108,725 | 0 | 0 | $0 |
| Jennifer Buell | — | Aug. 5, 2026 A | 19,738 | 0 | 0 | $0 |
| Brian Corvese | — | Aug. 5, 2026 A | 92,085 | 0 | 0 | $0 |
| Timothy Wright | — | Aug. 5, 2026 A | 50,391 | 0 | 0 | $0 |
| Thomas L Harrison | — | Aug. 5, 2026 A | 47,545 | 0 | 0 | $0 |
| Adam Krauss | — | June 15, 2021 A | — | 0 | 0 | $0 |
| Shalini Sharp | — | June 21, 2018 A | 104,270 | 0 | 0 | $0 |
| Ozer Baysal | — | June 20, 2018 A | 58,790 | 0 | 0 | $0 |
| Karen Valentine | — | June 20, 2018 A | 101,521 | 0 | 0 | $0 |
| Jean-Marie Cuillerot | — | March 31, 2017 A | — | 0 | 0 | $0 |
| Robert Benjamin Stein | — | March 31, 2017 A | 20,986 | 0 | 0 | $0 |
| Shahzad Malik | — | June 15, 2016 A | 1,587,302 | 0 | 0 | $0 |
| Charles Evan Ballantyne | — | June 14, 2016 A | 24,795 | 0 | 0 | $0 |
| Tom Dechaene | — | Jan. 4, 2016 A | — | 0 | 0 | $0 |
| Kerry Wentworth | — | Feb. 26, 2014 S | 57,410 | 0 | 0 | $0 |
| John Hatsopoulos | — | Oct. 3, 2011 A | 65,000 | 0 | 0 | $0 |
| ROTHWELL TIMOTHY G | — | Oct. 3, 2011 J | 7,389 | 0 | 0 | $0 |
| Hyam Levitsky | — | July 1, 2011 A | 15,376 | 0 | 0 | $0 |
| Peter Thornton | — | June 5, 2008 A | 5,000 | 0 | 0 | $0 |
| Eisen Margaret | — | June 5, 2008 A | 20,000 | 0 | 0 | $0 |
| AFEYAN NOUBAR | — | April 2, 2007 A | 0 | 0 | 0 | $0 |
| ATLEE FRANK V III | — | April 2, 2007 A | 0 | 0 | 0 | $0 |
| Pramod Srivastava | — | Feb. 9, 2007 S | 1,610 | 0 | 0 | $0 |
| Roman Chicz | — | Jan. 5, 2007 A | — | 0 | 0 | $0 |
| Mark Kessel | — | Oct. 2, 2006 A | — | 0 | 0 | $0 |
| Bruce Leicher | — | Sept. 15, 2006 A | — | 0 | 0 | $0 |
| Alastair Jj Wood | — | June 15, 2006 A | — | 0 | 0 | $0 |
| Gamil De Chadarevian | — | Feb. 28, 2006 M | 88,610 | 0 | 0 | $0 |
| Renu Gupta | — | Feb. 24, 2006 A | — | 0 | 0 | $0 |
| Russell Herndon | — | Dec. 8, 2004 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| ZYNEXT VENTURES USA LLC, ZYNEXT VENTURES PTE LTD, ZYDUS LIFESCIENCES LTD | Jan. 23, 2026 | 5.90% | Initial filing | — | SEC |
| Agenus Inc. (“Agenus”) ×3 filings | May 26, 2023 | — | Initial filing | — | SEC |
| Garo H. Armen | Jan. 22, 2008 | — | Initial filing | Passive investment | SEC |
| Brad M. Kelley 2) ×4 filings | Feb. 27, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person | May 1, 2001 | — | Initial filing | M&A / sale | 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 11 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 … | 0.98% | 31,987 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.07% | 135,872 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 309,496 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 29,536 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 885,343 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 134,412 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 485,158 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,159,672 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 230,345 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,460 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,125 SH | Aug. 8, 2026 | Daily |