ALEC Alector, Inc. - Common Stock
$2.16
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$1–$3
46% of range
Analyst Rating
BUY
14 analysts
Price Target
$3
+44% upside
P/E (TTM)
-1.6
ROE
-280.7%
Net Profit Margin
-679.2%
About Alector, Inc. - Common Stock Company overview from Wikipedia
ALEC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.15
Market Cap
$239M
P/E (TTM)
-1.6
EPS (TTM)
$-1.39
Revenue (TTM)
$21M
Div Yield
—
ROE
-280.7%
Debt/Equity
0.3
52W Range
$1 – $3
ALEC 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
$21M
2017-12-31
→
2025-12-31
EPS
$-1.39
2020-12-31
→
2025-12-31
Free Cash Flow
$-184M
2019-12-31
→
2025-12-31
Margins
-679.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ALEC
Peer Median
P/E (TTM)
-1.6
—
P/S (TTM)
11.4
10.0
P/B
7.8
4.7
EV / EBITDA
0.0
—
Price / FCF
-1.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ALEC
Peer Median
Operating Margin
-741.3%
—
Net Profit Margin
-679.2%
-287.1%
ROA
-37.5%
-74.0%
ROE
-280.7%
-120.4%
ROIC
-387.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ALEC
Peer Median
Debt / Equity
0.3
—
Current Ratio
3.8
6.6
Quick Ratio
3.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ALEC
Peer Median
Revenue YoY
-79.1%
—
Revenue CAGR 3Y
-46.0%
—
Revenue CAGR 5Y
-0.05%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ALEC
Peer Median
ALEC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 3 21.4%
- Buy 5 35.7%
- Hold 4 28.6%
- Sell 2 14.3%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-14
Median
$2.00
Mean
$3.10
Now
$2.15
Low
$1.00
High
$6.00
Median target
$2.00
-7.2%
Mean target
$3.10
+43.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.09%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.21 | $-0.23 | 0.02% |
| March 31, 2026 | $-0.21 | $-0.35 | 0.14% |
| Dec. 31, 2025 | $-0.34 | $-0.39 | 0.05% |
| Sept. 30, 2025 | $-0.34 | $-0.42 | 0.08% |
| June 30, 2025 | $-0.30 | $-0.47 | 0.17% |
| March 31, 2025 | $-0.41 | $-0.49 | 0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ALEC | $172M | -1.1 | -79.1% | -679.2% | -280.7% | — |
| GLSI | $300M | -14.7 | — | — | -2159.7% | — |
| PYXS | $72M | -0.9 | -14.2% | -574.5% | -112.9% | — |
| RCEL | $105M | -2.0 | 11.5% | -67.8% | 328.9% | 82.1% |
| TARA | $286M | -4.0 | — | — | -33.7% | — |
| AKBA | $427M | -80.5 | 47.5% | -2.3% | -17.3% | — |
| EBS | $644M | 13.3 | -28.8% | 7.1% | 9.9% | — |
| ARCT | $174M | -2.6 | -46.1% | -80.2% | -29.6% | — |
| NBP | — | — | — | — | — | — |
| IMUX | — | -0.9 | — | — | — | — |
| ORGO | $658M | 34.5 | 17.0% | 6.6% | 13.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21M | $101M | $97M | $134M | $207M | $21M | $21M | $28M | |
| R&D Expense | $123M | $186M | $192M | $210M | $189M | $157M | $101M | $73M | |
| SG&A Expense | $54M | $60M | $57M | $61M | $55M | $59M | $35M | $12M | |
| Operating Expenses | $177M | $246M | $249M | $271M | $244M | $216M | $136M | $85M | |
| Operating Income | $-156M | $-145M | $-152M | $-138M | $-37M | $-195M | $-114M | $-57M | |
| Other Non-op | $13M | $26M | $27M | $8M | $1M | $5M | $9M | $5M | |
| Pretax Income | $-143M | $-119M | $-125M | $-130M | · | · | · | · | |
| Income Tax | $168.0K | $128.0K | $5M | $3M | $0 | $0 | $0 | · | |
| Net Income | $-143M | $-119M | $-130M | $-133M | $-36M | $-190M | $-105M | $-52M | |
| EPS (Basic) | $-1.39 | $-1.23 | $-1.56 | $-1.62 | $-0.45 | $-2.45 | · | · | |
| EPS (Diluted) | $-1.39 | $-1.23 | $-1.56 | $-1.62 | $-0.45 | $-2.45 | · | · | |
| Shares (Basic) | 102,998,978 | 96,588,177 | 83,733,730 | 82,467,587 | 80,416,936 | 77,758,806 | · | · | |
| Shares (Diluted) | 102,998,978 | 96,588,177 | 83,733,730 | 82,467,587 | 80,416,936 | 77,758,806 | · | · | |
| EBITDA | $-156M | $-145M | $-152M | $-138M | $-37M | · | $-114M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $66M | $33M | $75M | $154M | $329M | $50M | $90M | $65M | |
| Short-term Investments | $190M | $380M | $474M | $559M | $406M | $363M | $263M | $225M | |
| Prepaid Expense | $10M | $11M | $17M | $11M | $7M | $8M | $4M | $3M | |
| Current Assets | $266M | $425M | $566M | $726M | $750M | $422M | $357M | $293M | |
| PP&E (Net) | $11M | $17M | $22M | $26M | $27M | $30M | $34M | $11M | |
| PP&E (Gross) | $48M | $50M | $50M | $48M | $45M | $41M | $39M | $13M | |
| Accum. Depreciation | $37M | $33M | $28M | $23M | $17M | $11M | $5M | $2M | |
| Other Non-current Assets | $386.0K | $5M | $7M | $6M | $6M | $3M | $676.0K | $3M | |
| Total Assets | $293M | $468M | $622M | $788M | $815M | $488M | $422M | $308M | |
| Accounts Payable | $2M | $2M | $4M | $4M | $5M | $3M | $278.0K | $126.0K | |
| Accrued Liabilities | $19M | $29M | $30M | $28M | $27M | $23M | $18M | $8M | |
| Short-term Debt | $366.0K | $0 | · | · | · | · | · | · | |
| Current Liabilities | $70M | $125M | $178M | $94M | $140M | $68M | $62M | $48M | |
| Capital Leases | $17M | $24M | $30M | $35M | $40M | $44M | $41M | · | |
| Other Non-current Liabilities | $2M | $1M | $1M | $759.0K | $158.0K | $472.0K | $493.0K | $96.0K | |
| Total Liabilities | $263M | $342M | $488M | $573M | $514M | $221M | $227M | $195M | |
| Long-term Debt | $10M | $10M | · | · | · | · | · | · | |
| Total Debt | $10M | $9M | · | · | · | · | · | · | |
| Common Stock | $11.0K | $9.0K | $8.0K | $8.0K | $8.0K | $8.0K | $7.0K | $1.0K | |
| Paid-in Capital | $1.00B | $956M | $844M | $799M | $748M | $677M | $414M | $17M | |
| Retained Earnings | $-972M | $-829M | $-710M | $-580M | $-446M | $-410M | $-220M | $-114M | |
| AOCI | $166.0K | $261.0K | $184.0K | $-5M | $-943.0K | $614.0K | $142.0K | $-42.0K | |
| Stockholders' Equity | $31M | $127M | $134M | $214M | $301M | $268M | $195M | $-97M | |
| Liabilities + Equity | $293M | $468M | $622M | $788M | $815M | $488M | $422M | $308M | |
| Shares Outstanding | 110,362,581 | 99,085,888 | 84,879,693 | 82,895,718 | 81,986,192 | 79,316,261 | 69,052,873 | 13,764,829 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $6M | $5M | $6M | $6M | $6M | $6M | $4M | $1M | |
| Stock-based Comp | $27M | $39M | $43M | $46M | $41M | $31M | $16M | $7M | |
| Restructuring | $2M | $4M | $2M | · | · | · | · | · | |
| Operating Cash Flow | $-184M | $-230M | $-184M | $-20M | $299M | $-167M | $-99M | $127M | |
| CapEx | $41.0K | $1M | $2M | $4M | $3M | $5M | $15M | $2M | |
| Investing Cash Flow | $197M | $107M | $102M | $-159M | $-50M | $-105M | $-49M | $-224M | |
| Stock Issued | $20M | $71M | · | · | · | · | · | · | |
| Net Stock Activity | $20M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $20M | $82M | $3M | $5M | $30M | $232M | $172M | $131M | |
| Net Change in Cash | $33M | $-41M | $-80M | $-175M | $279M | $-40M | $24M | $34M | |
| Taxes Paid | $-880.0K | $-100.0K | · | · | · | · | · | · | |
| Free Cash Flow | $-184M | $-231M | $-187M | $-24M | $295M | · | $-115M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -741.3% | -144.1% | -156.3% | -103.2% | -18.0% | · | -539.2% | · | |
| Net Margin | -679.2% | -118.3% | -134.3% | -99.8% | -17.5% | · | -496.6% | · | |
| Pretax Margin | -678.4% | -118.2% | · | · | · | · | · | · | |
| EBITDA Margin | -741.3% | -144.1% | -156.3% | -103.2% | -18.0% | · | -539.2% | · | |
| ROA | -37.5% | -21.8% | -18.5% | -16.6% | -5.6% | · | -28.9% | · | |
| ROE | -280.7% | -96.9% | -87.9% | -57.0% | -11.4% | · | -51.0% | · | |
| ROIC | -387.2% | -106.6% | · | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.8 | 3.4 | 3.2 | 7.7 | 5.4 | · | 5.8 | · | |
| Quick Ratio | 3.7 | 3.3 | 3.1 | 7.6 | 5.3 | · | 5.7 | · | |
| Debt / Equity | 0.3 | 0.1 | · | · | · | · | · | · | |
| LT Debt / Equity | 0.3 | 0.1 | · | · | · | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | 0.1 | 0.2 | 0.3 | · | 0.1 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -79.1% | 3.6% | -27.3% | -35.5% | 881.5% | · | · | · | |
| Revenue CAGR 3Y | -46.0% | -21.4% | 66.3% | · | · | · | · | · | |
| Revenue CAGR 5Y | -0.05% | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $21M | $101M | $97M | $134M | $207M | $21M | $21M | $28M | |
| Net Income TTM | $-143M | $-119M | $-130M | $-133M | $-36M | $-190M | $-105M | $-52M | |
| Market Cap | $172M | $187M | $677M | $757M | $1.64B | · | $1.19B | · | |
| Enterprise Value | $-74M | $-217M | · | · | · | · | · | · | |
| P/E | -1.1 | -1.5 | -5.1 | -5.7 | -45.9 | -6.2 | · | · | |
| P/S | 8.2 | 1.9 | 7.0 | 5.7 | 7.9 | · | 56.1 | · | |
| P/B | 5.6 | 1.5 | 5.0 | 3.5 | 5.4 | · | 6.1 | · | |
| P / Tangible Book | 5.6 | 1.5 | 5.0 | 3.5 | 5.4 | 4.5 | · | · | |
| P / Cash Flow | -0.9 | -0.8 | -3.7 | -37.2 | 5.5 | · | -12.0 | · | |
| P / FCF | -0.9 | -0.8 | -3.6 | -31.0 | 5.5 | · | -10.4 | · | |
| EV / EBITDA | 0.5 | 1.5 | · | · | · | · | · | · | |
| EV / FCF | 0.4 | 0.9 | · | · | · | · | · | · | |
| EV / Revenue | -3.5 | -2.2 | · | · | · | · | · | · | |
| Earnings Yield | -89.1% | -65.1% | -19.6% | -17.5% | -2.2% | -16.2% | · | · |
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 | $3M | $1M | $6M | $3M | $8M | $4M | $54M | $15M | $15M | $16M | $15M | $9M | $56M | $17M | $14M | $15M | |
| R&D Expense | $19M | $18M | $32M | $29M | $28M | $34M | $46M | $48M | $46M | $45M | $48M | $46M | $46M | $52M | $54M | $48M | |
| SG&A Expense | $8M | $8M | $13M | $12M | $14M | $15M | $15M | $16M | $14M | $14M | $15M | $13M | $14M | $15M | $15M | $14M | |
| Operating Expenses | $28M | $26M | $46M | $41M | $42M | $48M | $61M | $64M | $61M | $60M | $63M | $60M | $60M | $67M | $70M | $63M | |
| Operating Income | $-24M | $-25M | $-40M | $-38M | $-34M | $-45M | $-7M | $-48M | $-46M | $-44M | $-47M | $-51M | $-4M | $-50M | $-55M | $-48M | |
| Other Non-op | $2M | $2M | $2M | $3M | $4M | $4M | $5M | $6M | $7M | $8M | $8M | $7M | $6M | $5M | $4M | $2M | |
| Pretax Income | $-23M | $-23M | $-37M | $-35M | $-31M | $-40M | $-2M | $-42M | $-39M | $-36M | · | · | · | · | · | · | |
| Income Tax | $130.0K | $0 | $168.0K | $0 | $0 | $0 | $48.0K | $0 | $73.0K | $7.0K | $2M | $1M | $1M | $901.0K | $721.0K | $733.0K | |
| Net Income | $-23M | $-23M | $-37M | $-35M | $-31M | $-40M | $-2M | $-42M | $-39M | $-36M | $-41M | $-44M | $1M | $-46M | $-52M | $-46M | |
| EPS (Basic) | $-0.21 | $-0.21 | $-0.34 | $-0.34 | $-0.30 | $-0.41 | $-0.02 | $-0.43 | $-0.40 | $-0.38 | $-0.50 | $-0.53 | $0.02 | $-0.55 | $-0.64 | $-0.56 | |
| EPS (Diluted) | $-0.21 | $-0.21 | $-0.34 | $-0.34 | $-0.30 | $-0.41 | $-0.02 | $-0.43 | $-0.40 | $-0.38 | $-0.50 | $-0.53 | $0.02 | $-0.55 | $-0.64 | $-0.56 | |
| Shares (Basic) | 111,224,116 | 110,590,014 | -199,368,455 | 102,597,601 | 100,371,632 | 99,398,200 | -191,416,516 | 97,519,595 | 96,674,921 | 93,810,177 | -166,793,652 | 83,927,961 | 83,497,125 | 83,102,296 | -164,632,230 | 82,602,842 | |
| Shares (Diluted) | 111,224,116 | 110,590,014 | -199,368,455 | 102,597,601 | 100,371,632 | 99,398,200 | -191,416,516 | 97,519,595 | 96,674,921 | 93,810,177 | -166,862,820 | 83,927,961 | 83,566,293 | 83,102,296 | -164,825,814 | 82,602,842 | |
| EBITDA | $-24M | $-25M | · | $-38M | $-34M | $-45M | · | $-48M | $-46M | $-44M | · | $-51M | $-4M | $-50M | · | $-48M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $60M | $77M | $66M | $77M | $45M | $38M | $33M | $37M | $48M | $73M | $75M | $102M | $132M | $196M | · | $184M | |
| Short-term Investments | $113M | $130M | $190M | $215M | $263M | $317M | $380M | $420M | $456M | $490M | $474M | $487M | $499M | $474M | · | $574M | |
| Prepaid Expense | $7M | $9M | $10M | $9M | $12M | $12M | $11M | $12M | $16M | $19M | $17M | $14M | $10M | $12M | · | $10M | |
| Current Assets | $180M | $215M | $266M | $300M | $319M | $367M | $425M | $469M | $520M | $581M | $566M | $613M | $648M | $686M | · | $775M | |
| PP&E (Net) | $9M | $10M | $11M | $13M | $14M | $16M | $17M | $18M | $20M | $21M | $22M | $23M | $24M | $25M | · | $26M | |
| PP&E (Gross) | · | · | $48M | · | · | · | $50M | · | · | · | $50M | · | · | · | · | · | |
| Accum. Depreciation | · | · | $37M | · | · | · | $33M | · | · | · | $28M | · | · | · | · | · | |
| Other Non-current Assets | $353.0K | $369.0K | $386.0K | $4M | $4M | $5M | $5M | $6M | $6M | $7M | $7M | $9M | $9M | $9M | · | $6M | |
| Total Assets | $203M | $240M | $293M | $335M | $356M | $408M | $468M | $516M | $571M | $635M | $622M | $672M | $709M | $748M | · | $837M | |
| Accounts Payable | $2M | $1M | $2M | $5M | $2M | $2M | $2M | $5M | $4M | $5M | $4M | $5M | $5M | $3M | · | $5M | |
| Accrued Liabilities | $7M | $11M | $19M | $18M | $14M | $17M | $29M | $26M | $23M | $19M | $30M | $30M | $23M | $19M | · | $23M | |
| Short-term Debt | · | $1M | $366.0K | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $34M | $41M | $70M | $80M | $84M | $110M | $125M | $143M | $148M | $165M | $178M | $155M | $132M | $99M | · | $161M | |
| Capital Leases | $14M | $16M | $17M | $19M | $21M | $23M | $24M | $26M | $28M | $29M | $30M | $32M | $33M | $34M | · | $36M | |
| Other Non-current Liabilities | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $898.0K | $898.0K | $898.0K | · | $233.0K | |
| Total Liabilities | $213M | $230M | $263M | $278M | $285M | $314M | $342M | $397M | $420M | $457M | $488M | $510M | $512M | $565M | · | $584M | |
| Long-term Debt | $10M | · | $10M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Debt | $10M | $10M | · | $10M | $10M | $9M | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $11.0K | $11.0K | $11.0K | $10.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $8.0K | $8.0K | $8.0K | $8.0K | · | $8.0K | |
| Paid-in Capital | $1.01B | $1.01B | $1.00B | $992M | $971M | $964M | $956M | $945M | $936M | $925M | $844M | $832M | $822M | $811M | · | $787M | |
| Retained Earnings | $-1.02B | $-995M | $-972M | $-935M | $-900M | $-870M | $-829M | $-827M | $-785M | $-746M | $-710M | $-669M | $-624M | $-626M | · | $-527M | |
| AOCI | $-126.0K | $-104.0K | $166.0K | $197.0K | $96.0K | $191.0K | $261.0K | $931.0K | $-620.0K | $-403.0K | $184.0K | $-721.0K | $-1M | $-2M | · | $-7M | |
| Stockholders' Equity | $-10M | $10M | $31M | $58M | $71M | $95M | $127M | $119M | $151M | $179M | $134M | $163M | $196M | $183M | $214M | $253M | |
| Liabilities + Equity | $203M | $240M | $293M | $335M | $356M | $408M | $468M | $516M | $571M | $635M | $622M | $672M | $709M | $748M | · | $837M | |
| Shares Outstanding | 111,656,805 | 111,025,187 | 110,362,581 | 107,446,056 | 101,212,329 | 99,992,600 | 99,085,888 | 97,929,897 | 97,321,062 | 96,384,562 | 84,879,693 | 84,136,381 | 83,830,300 | 83,351,778 | 82,895,718 | 81,986,192 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $1M | $1M | $1M | $2M | $984.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Stock-based Comp | $3M | $3M | $5M | $6M | $7M | $8M | $10M | $9M | $10M | $10M | $12M | $10M | $10M | $11M | $11M | $11M | |
| Restructuring | $700.0K | $-300.0K | $100.0K | $-100.0K | $0 | $2M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-34M | $-50M | $-42M | $-33M | $-49M | $-61M | $-55M | $-51M | $-63M | $-61M | $-46M | $-47M | $-43M | $-49M | $-49M | $-49M | |
| CapEx | $31.0K | $118.0K | $0 | $11.0K | $10.0K | $20.0K | $173.0K | $212.0K | $337.0K | $533.0K | $233.0K | $-94.0K | $1M | $1M | $766.0K | $2M | |
| Investing Cash Flow | $17M | $61M | $26M | $50M | $56M | $66M | $41M | $40M | $37M | $-12M | $18M | $17M | $-22M | $89M | $18M | $61M | |
| Stock Issued | · | · | $5M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $50.0K | $25.0K | $5M | $15M | $122.0K | $0 | $10M | $0 | $644.0K | $71M | $590.0K | $0 | $881.0K | $1M | $636.0K | $489.0K | |
| Net Change in Cash | $-17M | $11M | $-11M | $32M | $7M | $5M | $-4M | $-10M | $-25M | $-2M | $-27M | $-30M | $-64M | $41M | $-30M | $12M | |
| Free Cash Flow | · | $-50M | · | · | · | $-61M | · | · | · | $-62M | · | · | · | $-50M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -734.7% | -2382.3% | · | -1153.6% | -433.5% | -1208.0% | · | -315.7% | -302.4% | -275.0% | · | -555.3% | -6.4% | -302.8% | · | -321.5% | |
| Net Margin | -692.5% | -2192.2% | · | -1063.4% | -387.7% | -1093.8% | · | -275.2% | -256.4% | -227.0% | · | -488.2% | 2.5% | -277.1% | · | -310.7% | |
| Pretax Margin | -688.6% | -2192.2% | · | -1063.4% | -387.7% | -1094.6% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -734.7% | -2382.3% | · | -1153.6% | -433.5% | -1208.0% | · | -315.7% | -302.4% | -275.0% | · | -555.3% | -6.4% | -302.8% | · | -321.5% | |
| ROA | -8.2% | -7.1% | · | -8.1% | -6.6% | -7.8% | · | -7.1% | -6.0% | -5.2% | · | -5.9% | 0.17% | -5.4% | · | -5.5% | |
| ROE | -75.1% | -43.7% | · | -39.2% | -27.5% | -29.6% | · | -30.0% | -22.3% | -19.9% | · | -21.4% | 0.57% | -20.4% | · | -15.7% | |
| ROIC | 20108.0% | -123.7% | · | -55.9% | -42.3% | -43.0% | · | · | · | · | · | · | · | · | · | · |
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 | 5.3 | 5.3 | · | 3.8 | 3.8 | 3.3 | · | 3.3 | 3.5 | 3.5 | · | 3.9 | 4.9 | 6.9 | · | 4.8 | |
| Quick Ratio | 5.0 | 5.0 | · | 3.6 | 3.6 | 3.2 | · | 3.2 | 3.4 | 3.4 | · | 3.8 | 4.8 | 6.7 | · | 4.7 | |
| Debt / Equity | -1.0 | 0.9 | · | 0.2 | 0.1 | 0.1 | · | · | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.0 | 0.8 | · | 0.2 | 0.1 | 0.1 | · | · | · | · | · | · | · | · | · | · |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.0 |
Valuation (TTM) 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 TTM | $16M | $16M | · | $30M | $42M | $50M | · | $55M | $96M | $98M | · | $97M | $167M | $136M | · | $302M | |
| Net Income TTM | $-111M | $-129M | · | $-148M | $-152M | $-157M | · | $-161M | $-118M | $-125M | · | $-135M | $-81M | $-127M | · | $46M | |
| Market Cap | $224M | $239M | · | $318M | $142M | $123M | · | $456M | $442M | $580M | · | $545M | $504M | $516M | · | $776M | |
| Enterprise Value | $61M | $42M | · | $37M | $-156M | $-222M | · | · | · | · | · | · | · | · | · | · | |
| P/E | -1.9 | -1.7 | · | -2.0 | -0.9 | -0.8 | · | -2.7 | -3.5 | -4.2 | · | -4.0 | -6.2 | -4.0 | · | 18.5 | |
| P/S | 14.5 | 15.1 | · | 10.5 | 3.4 | 2.5 | · | 8.2 | 4.6 | 5.9 | · | 5.6 | 3.0 | 3.8 | · | 2.6 | |
| P/B | -22.5 | 23.0 | · | 5.5 | 2.0 | 1.3 | · | 3.8 | 2.9 | 3.2 | · | 3.4 | 2.6 | 2.8 | · | 3.1 | |
| P / Tangible Book | · | 23.0 | · | 5.5 | 2.0 | 1.3 | · | 3.8 | 2.9 | 3.2 | · | 3.4 | 2.6 | 2.8 | · | 3.1 | |
| P / Cash Flow | · | -4.8 | · | · | · | -2.0 | · | · | · | -9.5 | · | · | · | -10.6 | · | · | |
| P / FCF | · | -4.8 | · | · | · | -2.0 | · | · | · | -9.4 | · | · | · | -10.4 | · | · | |
| EV / EBITDA | -2.5 | -1.7 | · | -1.0 | 4.6 | 5.0 | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -0.8 | · | · | · | 3.7 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 4.0 | 2.6 | · | 1.2 | -3.7 | -4.4 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -52.7% | -58.6% | · | -50.0% | -110.0% | -131.7% | · | -37.3% | -28.4% | -23.9% | · | -25.0% | -16.1% | -24.7% | · | 5.4% |
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 | $21M | $101M | $97M | $134M | $207M |
| Operating Margin % | -741.3% | -144.1% | -156.3% | -103.2% | -18.0% |
| Net Income | $-143M | $-119M | $-130M | $-133M | $-36M |
| Diluted EPS | $-1.39 | $-1.23 | $-1.56 | $-1.62 | $-0.45 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.1 | — | — | — |
| Current Ratio | 3.8 | 3.4 | 3.2 | 7.7 | 5.4 |
| Quick Ratio | 3.7 | 3.3 | 3.1 | 7.6 | 5.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-184M | $-231M | $-187M | $-24M | $295M |
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Institutional owners (13F) 156 filers · $158.2M 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 |
|---|---|---|---|---|
| 24 (-1 vs prior Q) | 8 (-10 vs prior Q) | 55 (+15 vs prior Q) | 33 (-5 vs prior Q) | +10.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| TCG Crossover Management, LLC | $20,100,000 | 10,000,000 | 12.70% | Shares |
| VANGUARD GROUP INC | $9,832,137 | 6,302,652 | 6.21% | Shares |
| Nantahala Capital Management, LLC | $8,679,399 | 4,318,109 | 5.49% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $8,058,773 | 4,009,340 | 5.09% | Shares |
| Kynam Capital Management, LP | $7,655,073 | 3,808,494 | 4.84% | Shares |
| Merck & Co., Inc. | $7,126,896 | 3,545,719 | 4.50% | Shares |
| Balyasny Asset Management L.P. | $6,527,326 | 3,247,426 | 4.13% | Shares |
| 683 Capital Management, LLC | $6,432,000 | 3,200,000 | 4.07% | Shares |
| ADAR1 Capital Management, LLC | $5,796,002 | 2,883,583 | 3.66% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $5,669,191 | 2,820,493 | 3.58% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,223,305 | 2,100,653 | 2.67% | Shares |
| Spruce Street Capital LP | $4,223,147 | 2,101,068 | 2.67% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,997,558 | 1,988,835 | 2.53% | Shares |
| Ikarian Capital, LLC | $3,985,038 | 1,982,606 | 2.52% | Shares |
| STATE STREET CORP | $3,778,328 | 1,879,765 | 2.39% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $3,549,517 | 1,765,929 | 2.24% | Shares |
| MEDICI CAPITAL LLC | $3,321,565 | 1,652,520 | 2.10% | Shares |
| Affinity Asset Advisors, LLC | $3,035,100 | 1,510,000 | 1.92% | Shares |
| Eversept Partners, LP | $2,861,985 | 1,423,873 | 1.81% | Shares |
| FMR LLC | $2,806,016 | 1,396,028 | 1.77% | Shares |
| Euclidean Capital LLC | $2,628,795 | 1,307,858 | 1.66% | Shares |
| MACKENZIE FINANCIAL CORP | $2,230,638 | 1,109,770 | 1.41% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $2,120,936 | 1,055,192 | 1.34% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,101,206 | 1,045,376 | 1.33% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,879,684 | 935,166 | 1.19% | Shares |
| DAFNA Capital Management LLC | $1,825,786 | 908,351 | 1.15% | Shares |
| Elmind Capital, LP | $1,809,000 | 900,000 | 1.14% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $1,700,458 | 845,999 | 1.07% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,645,850 | 818,831 | 1.04% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,333,820 | 663,592 | 0.84% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,071,029 | 532,850 | 0.68% | Shares |
| TWO SIGMA ADVISERS, LP | $1,016,808 | 651,800 | 0.64% | Shares |
| D. E. Shaw & Co., Inc. | $1,015,669 | 505,308 | 0.64% | Shares |
| Balyasny Asset Management L.P. | $1,012,839 | 503,900 | 0.64% | Call option |
| New Leaf Venture Partners, L.L.C. | $1,005,124 | 339,569 | 0.64% | Shares |
| BlackRock, Inc. | $942,989 | 469,149 | 0.60% | Shares |
| XTX Topco Ltd | $803,359 | 399,681 | 0.51% | Shares |
| CITADEL ADVISORS LLC | $643,051 | 319,926 | 0.41% | Shares |
| CANTOR FITZGERALD, L. P. | $593,939 | 295,492 | 0.38% | Shares |
| GOLDMAN SACHS GROUP INC | $551,379 | 274,318 | 0.35% | Shares |
| UBS Group AG | $550,298 | 273,780 | 0.35% | Shares |
| AMERIPRISE FINANCIAL INC | $451,305 | 224,530 | 0.29% | Shares |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P | $402,000 | 200,000 | 0.25% | Shares |
| LMR Partners LLP | $402,000 | 200,000 | 0.25% | Shares |
| Utah Retirement Systems | $310,123 | 154,290 | 0.20% | Shares |
| Cubist Systematic Strategies, LLC | $296,197 | 100,067 | 0.19% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $286,425 | 142,500 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $273,159 | 135,900 | 0.17% | Call option |
| CANADA PENSION PLAN INVESTMENT BOARD | $263,913 | 131,300 | 0.17% | Shares |
| JANE STREET GROUP, LLC | $241,401 | 120,100 | 0.15% | Call option |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $240,736 | 119,769 | 0.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $234,221 | 108,940 | 0.15% | Shares |
| RHUMBLINE ADVISERS | $220,149 | 109,532 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $218,889 | 108,900 | 0.14% | Put option |
| STRS OHIO | $204,216 | 101,600 | 0.13% | Shares |
| BANK OF AMERICA CORP /DE/ | $185,720 | 92,398 | 0.12% | Shares |
| WELLS FARGO & COMPANY/MN | $178,317 | 88,715 | 0.11% | Shares |
| SIMPLEX TRADING, LLC | $171,830 | 85,488 | 0.11% | Shares |
| Bank of New York Mellon Corp | $163,160 | 81,174 | 0.10% | Shares |
| Blackstone Inc. | $155,061 | 77,145 | 0.10% | Shares |
| Jasper Ridge Partners, L.P. | $147,797 | 73,531 | 0.09% | Shares |
| SEI INVESTMENTS CO | $143,014 | 71,151 | 0.09% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $140,028 | 69,666 | 0.09% | Shares |
| IEQ CAPITAL, LLC | $121,746 | 60,570 | 0.08% | Shares |
| Verdad Advisers, LP | $121,623 | 60,509 | 0.08% | Shares |
| MetLife Investment Management, LLC | $117,979 | 58,696 | 0.07% | Shares |
| Mariner, LLC | $105,955 | 52,709 | 0.07% | Shares |
| Vanguard Personalized Indexing Management, LLC | $99,384 | 49,445 | 0.06% | Shares |
| HSBC HOLDINGS PLC | $98,016 | 48,523 | 0.06% | Shares |
| Graham Capital Management, L.P. | $93,457 | 46,496 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $90,832 | 45,190 | 0.06% | Shares |
| MARSHALL WACE, LLP | $86,820 | 43,194 | 0.05% | Shares |
| DIVERSIFIED TRUST CO | $85,125 | 42,351 | 0.05% | Shares |
| JPMORGAN CHASE & CO | $84,656 | 40,700 | 0.05% | Shares |
| BARCLAYS PLC | $83,047 | 41,317 | 0.05% | Shares |
| CITIGROUP INC | $80,884 | 40,241 | 0.05% | Shares |
| Invesco Ltd. | $77,960 | 38,786 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $62,917 | 31,302 | 0.04% | Shares |
| CWM, LLC | $62,318 | 28,985 | 0.04% | Shares |
| Cannell & Spears LLC | $60,987 | 30,342 | 0.04% | Shares |
| Vontobel Holding Ltd. | $60,300 | 30,000 | 0.04% | Shares |
| Cerity Partners LLC | $55,650 | 27,687 | 0.04% | Shares |
| Point72 Asset Management, L.P. | $53,665 | 26,699 | 0.03% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $51,263 | 25,504 | 0.03% | Shares |
| GROUP ONE TRADING LLC | $50,668 | 25,208 | 0.03% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $49,305 | 24,530 | 0.03% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $48,704 | 30,251 | 0.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $48,487 | 24,123 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $47,086 | 23,426 | 0.03% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $44,015 | 21,898 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $42,612 | 21,200 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $38,988 | 19,397 | 0.02% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $37,422 | 18,618 | 0.02% | Shares |
| Qube Research & Technologies Ltd | $33,304 | 16,569 | 0.02% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $32,234 | 16,037 | 0.02% | Shares |
| PRUDENTIAL FINANCIAL INC | $32,190 | 16,015 | 0.02% | Shares |
| NORTHERN TRUST CORP | $30,813 | 15,330 | 0.02% | Shares |
| Creative Planning | $30,180 | 15,015 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $29,044 | 14,450 | 0.02% | Shares |
| Point72 (DIFC) Ltd | $29,030 | 9,807 | 0.02% | Shares |
Company insiders 22 insiders · 11 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Arnon Rosenthal | Chief Executive Officer | June 2, 2026 S | 2,367,206 | 0 | 1 | $-171,816 |
| Neil Lindsay Berkley | CFO & Chief Business Officer | June 2, 2026 S | 379,900 | 0 | 1 | $-38,139 |
| Marc Grasso | Chief Financial Officer | March 3, 2025 S | 312,560 | 0 | 0 | $0 |
| Sara Kenkare-Mitra | President and Head of R&D | July 1, 2025 A | 566,977 | 0 | 0 | $0 |
| Shehnaaz Suliman | President and COO | Dec. 13, 2021 M | 102,598 | 0 | 0 | $0 |
| Grace Wong-Sarad | Principal Accounting Officer | July 9, 2026 A | 115,461 | 0 | 5 | $-35,451 |
| Gary Romano | Chief Medical Officer | March 3, 2025 S | 332,977 | 0 | 0 | $0 |
| Robert King | Chief Development Officer | Oct. 1, 2022 A | 550,871 | 0 | 0 | $0 |
| Robert Paul | Chief Medical Officer | Aug. 9, 2021 M | 234,319 | 0 | 0 | $0 |
| Calvin Yu | Vice President, Finance | July 6, 2021 M | 76,686 | 0 | 0 | $0 |
| Sabah Oney | Chief Business Officer | Oct. 1, 2020 A | 573,918 | 0 | 0 | $0 |
| Elizabeth A. Garofalo | Director | June 17, 2026 A | 118,650 | 0 | 0 | $0 |
| Paula Hammond | Director | June 17, 2026 A | 103,609 | 0 | 0 | $0 |
| Kristine Yaffe | Director | June 17, 2026 A | 124,109 | 0 | 0 | $0 |
| Mark Altmeyer | Director | June 17, 2026 A | 98,650 | 0 | 0 | $0 |
| Richard H Scheller | Director | June 17, 2026 A | 134,899 | 0 | 0 | $0 |
| Louis J Lavigne JR | Director | June 17, 2026 A | 128,109 | 0 | 0 | $0 |
| Errol B Desouza | Director | June 17, 2026 A | 98,650 | 0 | 0 | $0 |
| David M. Wehner | Director | June 12, 2024 A | 115,330 | 0 | 0 | $0 |
| Terrance McGuire | Director | Sept. 11, 2023 S | 10,853,817 | 0 | 0 | $0 |
| Tillman U. Gerngross | Director | June 14, 2023 A | 2,644,319 | 0 | 0 | $0 |
| GORDON CARL L | Director | May 10, 2019 A | 203,200 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| OrbiMed Advisors LLC, OrbiMed Capital GP IV LLC ×10 filings | July 16, 2020 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 26 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 |
|---|---|---|---|---|
| UAE · iShares Trust | 0.45% | 3,639,585 SH | Aug. 8, 2026 | Daily |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.41% | 51,769 SH | Aug. 8, 2026 | Daily |
| IBRN · iShares Trust | 0.15% | 6,349 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.04% | 330,159 SH | Aug. 8, 2026 | Daily |
| EEMS · iShares, Inc. | 0.02% | 207,850 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 563,396 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 94,277 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 801,009 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 154,865 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 2,496,592 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.00% | 4,283 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 441,696 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 3,348 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 3,385 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.00% | 159,667 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 59,910 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 85 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,341 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 3,867 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 87,957 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 16,436 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,071,545 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,837,922 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 9,493 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,223 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 230,061 SH | Aug. 8, 2026 | Daily |