ALXO ALX Oncology Holdings Inc. - Common Stock
$2.08
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$1–$3
69% of range
Analyst Rating
BUY
13 analysts
Price Target
$5
+121% upside
P/E (TTM)
-2.8
ROE
-225.0%
Net Profit Margin
—
ALXO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.08
Market Cap
$287M
P/E (TTM)
-2.8
EPS (TTM)
$-1.90
Revenue (TTM)
—
Div Yield
—
ROE
-225.0%
Debt/Equity
0.4
52W Range
$1 – $3
ALXO 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
—
2018-12-31
→
2022-12-31
EPS
$-1.90
2020-12-31
→
2025-12-31
Free Cash Flow
$-84M
2020-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ALXO
Peer Median
P/E (TTM)
-2.8
—
P/S (TTM)
77.0
50.2
P/B
11.1
1.0
EV / EBITDA
-2.4
—
Price / FCF
-3.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ALXO
Peer Median
ROA
-98.3%
-40.4%
ROE
-225.0%
-43.7%
ROIC
-291.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ALXO
Peer Median
Debt / Equity
0.4
0.0
Current Ratio
2.1
7.3
Quick Ratio
1.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ALXO
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ALXO
Peer Median
ALXO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 8 61.5%
- Hold 2 15.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-17
Median
$4.00
Mean
$4.60
← Below all targets
$2.08
Low
$4.00
High
$6.00
Median target
$4.00
+92.3%
Mean target
$4.60
+121.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.12 | $-0.15 | 0.03% |
| March 31, 2026 | $-0.15 | $-0.20 | 0.05% |
| Dec. 31, 2025 | $-0.37 | $-0.37 | -0.00% |
| Sept. 30, 2025 | $-0.41 | $-0.37 | -0.04% |
| June 30, 2025 | $-0.43 | $-0.46 | 0.03% |
| March 31, 2025 | $-0.58 | $-0.47 | -0.11% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ALXO | $61M | -0.6 | — | — | -225.0% | — |
| SRZN | — | — | — | — | — | — |
| SION | $1.84B | -21.9 | — | — | -23.4% | — |
| ZSQR | — | — | — | — | — | — |
| MGNX | $102M | -1.4 | -0.31% | -49.9% | -87.0% | — |
| CNXU | — | — | — | — | — | — |
| GLSI | $300M | -14.7 | — | — | -2159.7% | — |
| PYXS | $72M | -0.9 | -14.2% | -574.5% | -112.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | $0 | $0 | $1M | $5M | |
| R&D Expense | $77M | $116M | $142M | $98M | $60M | $29M | $16M | |
| SG&A Expense | $24M | $26M | $28M | $29M | $23M | $15M | $3M | |
| Operating Expenses | $104M | $142M | $170M | $127M | $84M | $45M | $24M | |
| Operating Income | $-104M | $-142M | $-170M | $-127M | $-84M | $-44M | $-19M | |
| Interest Expense | $2M | $2M | $2M | $238.0K | $13.0K | · | · | |
| Interest Income | $4M | $9M | $11M | $4M | $91.0K | · | · | |
| Other Non-op | $-36.0K | $-20.0K | $389.0K | $-22.0K | $-7.0K | $-1M | $-5.0K | |
| Pretax Income | $-102M | $-135M | $-161M | $-123M | $-83M | $-45M | $-19M | |
| Income Tax | $0 | $0 | $0 | $64.0K | $-21.0K | $241.0K | $34.0K | |
| Net Income | $-102M | $-135M | $-161M | $-123M | $-83M | $-46M | $-19M | |
| EPS (Basic) | $-1.90 | $-2.58 | $-3.74 | $-3.03 | $-2.07 | $-2.76 | · | |
| EPS (Diluted) | $-1.90 | $-2.58 | $-3.74 | $-3.03 | $-2.07 | $-2.76 | · | |
| Shares (Basic) | 53,658,399 | 52,174,904 | 42,987,767 | 40,699,612 | 40,308,050 | 18,485,343 | 3,076,461 | |
| Shares (Diluted) | 53,658,399 | 52,174,904 | 42,987,767 | 40,699,612 | 40,308,050 | 18,485,343 | · | |
| EBITDA | $-103M | $-142M | $-169M | $-127M | $-84M | $-43M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16M | $18M | $22M | $49M | $364M | $434M | $9M | |
| Short-term Investments | $28M | $110M | $160M | $217M | · | · | · | |
| Prepaid Expense | $6M | $7M | $6M | $5M | $3M | $2M | $256.0K | |
| Other Current Assets | $20.0K | $27.0K | $439.0K | · | · | · | · | |
| Current Assets | $51M | $134M | $189M | $271M | $367M | $436M | $10M | |
| PP&E (Net) | $1M | $3M | $4M | $4M | $897.0K | $52.0K | $860.0K | |
| PP&E (Gross) | $3M | $5M | $5M | $4M | $960.0K | $77.0K | $2M | |
| Accum. Depreciation | $2M | $2M | $1M | $403.0K | $63.0K | $25.0K | $1M | |
| Other Non-current Assets | $4M | $7M | $15M | $15M | $12M | $10.0K | $7.0K | |
| Total Assets | $59M | $148M | $243M | $306M | $380M | $436M | $11M | |
| Accounts Payable | $5M | $4M | $9M | $8M | $4M | $4.0K | $4M | |
| Current Liabilities | $25M | $18M | $36M | $28M | $15M | $6M | $5M | |
| Capital Leases | $3M | $3M | $4M | $5M | $2M | · | · | |
| Other Non-current Liabilities | $4M | $6M | $7M | $5M | $2M | $5.0K | $547.0K | |
| Total Liabilities | $33M | $34M | $53M | $43M | $17M | $6M | $11M | |
| Long-term Debt | $10M | $11M | $11M | $11M | · | · | · | |
| Total Debt | $10M | $10M | $10M | $9M | · | · | · | |
| Common Stock | $54.0K | $53.0K | $50.0K | $41.0K | $41.0K | $40.0K | $3.0K | |
| Retained Earnings | $-723M | $-621M | $-486M | $-325M | $-202M | $-119M | $-73M | |
| AOCI | $28.0K | $275.0K | $256.0K | $-845.0K | · | · | · | |
| Stockholders' Equity | $26M | $114M | $190M | $263M | $363M | $430M | $-71M | |
| Liabilities + Equity | $59M | $148M | $243M | $306M | $380M | $436M | $11M | |
| Shares Outstanding | 54,388,022 | 53,052,912 | 49,951,989 | 40,861,386 | 40,587,067 | 39,844,522 | 3,166,946 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $706.0K | $872.0K | $836.0K | $342.0K | $51.0K | $202.0K | $429.0K | |
| Stock-based Comp | $13M | $27M | $26M | $24M | $14M | $5M | $297.0K | |
| Deferred Tax | $0 | $0 | $0 | · | · | · | · | |
| Other Non-cash | $4M | $-15M | $3M | $10M | $1M | $2M | · | |
| Operating Cash Flow | $-84M | $-122M | $-130M | $-89M | $-68M | $-38M | $-14M | |
| CapEx | $212.0K | $447.0K | $1M | $1M | $666.0K | $31.0K | $353.0K | |
| Investing Cash Flow | $83M | $86M | $45M | $-235M | $-5M | $610.0K | $-353.0K | |
| Stock Issued | $2M | $30M | · | · | · | $368M | · | |
| Net Stock Activity | $2M | $30M | · | · | · | $368M | · | |
| Financing Cash Flow | $362.0K | $31M | $59M | $10M | $2M | $463M | $15M | |
| Free Cash Flow | $-84M | $-122M | $-132M | $-91M | $-69M | $-38M | · | |
| Levered FCF | $-86M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | -3694.0% | · | |
| Net Margin | · | · | · | · | · | -3869.7% | · | |
| Pretax Margin | · | · | · | · | · | -3849.3% | · | |
| EBITDA Margin | · | · | · | · | · | -3676.9% | · | |
| ROA | -98.3% | -69.1% | -58.6% | -36.0% | -20.4% | -20.5% | · | |
| ROE | -225.0% | -107.7% | -89.7% | -44.9% | -22.3% | -13.4% | · | |
| ROIC | -291.1% | · | · | -46.7% | -23.0% | -10.2% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 7.3 | 5.2 | 9.6 | 24.0 | 70.3 | · | |
| Quick Ratio | 1.8 | 6.9 | 5.1 | 9.4 | 23.8 | 70.0 | · | |
| Debt / Equity | 0.4 | 0.1 | 0.1 | 0.0 | · | · | · | |
| LT Debt / Equity | 0.2 | 0.1 | 0.1 | 0.0 | · | · | · | |
| Interest Coverage | -64.9 | -82.4 | -108.8 | · | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.0 | · | 0.0 | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4M | $4M | $4M | $0 | $0 | $1M | · | |
| Net Income TTM | $-102M | $-135M | $-161M | $-123M | $-83M | $-46M | · | |
| Market Cap | $61M | $89M | $744M | $461M | $872M | $3.43B | · | |
| Enterprise Value | $26M | $-29M | $571M | $204M | · | · | · | |
| P/E | -0.6 | -0.6 | -4.0 | -3.7 | -10.4 | -31.2 | · | |
| P/S | 16.5 | 23.7 | 199.2 | · | · | 2905.8 | · | |
| P/B | 2.4 | 0.8 | 3.9 | 1.7 | 2.4 | 8.0 | · | |
| P / Tangible Book | 2.4 | 0.8 | 3.9 | 1.7 | 2.4 | 8.0 | · | |
| P / Cash Flow | -0.7 | -0.7 | -5.7 | -5.2 | -12.8 | -89.7 | · | |
| P / FCF | -0.7 | -0.7 | -5.7 | -5.1 | -12.7 | -89.6 | · | |
| EV / EBITDA | -0.3 | 0.2 | -3.4 | -1.6 | · | · | · | |
| EV / FCF | -0.3 | 0.2 | -4.3 | -2.2 | · | · | · | |
| EV / Revenue | 7.1 | -7.8 | 152.9 | · | · | · | · | |
| Earnings Yield | -168.1% | -154.5% | -25.1% | -26.9% | -9.6% | -3.2% | · |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $13M | $14M | $18M | $17M | $18M | $24M | $24M | $26M | $35M | $32M | $42M | $46M | $29M | $25M | $25M | $29M | |
| SG&A Expense | $5M | $5M | $5M | $5M | $5M | $8M | $7M | $6M | $7M | $6M | $6M | $8M | $7M | $7M | $7M | $7M | |
| Operating Expenses | $18M | $19M | $23M | $23M | $27M | $32M | $31M | $33M | $42M | $38M | $48M | $53M | $37M | $32M | $32M | $37M | |
| Operating Income | $-18M | $-19M | $-23M | $-23M | $-27M | $-32M | $-31M | $-33M | $-42M | $-38M | $-48M | $-53M | $-37M | $-32M | $-32M | $-37M | |
| Interest Expense | $285.0K | $331.0K | $383.0K | $408.0K | $405.0K | $406.0K | $427.0K | $446.0K | $429.0K | $427.0K | $415.0K | $391.0K | $372.0K | $387.0K | $231.0K | $2.0K | |
| Interest Income | $2M | $1M | $573.0K | $802.0K | $1M | $1M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $1M | |
| Other Non-op | $-257.0K | $188.0K | $-17.0K | $-6.0K | $-2.0K | $-11.0K | $-1.0K | $3.0K | $-8.0K | $-14.0K | $-29.0K | $-1.0K | $324.0K | $95.0K | $-2.0K | $-7.0K | |
| Net Income | $-18M | $-18M | $-23M | $-22M | $-26M | $-31M | $-29M | $-31M | $-39M | $-36M | $-45M | $-51M | $-34M | $-30M | $-31M | $-35M | |
| EPS (Basic) | $-0.13 | $-0.17 | $-0.42 | $-0.41 | $-0.49 | $-0.58 | $-0.53 | $-0.58 | $-0.76 | $-0.71 | $-0.92 | $-1.24 | $-0.84 | $-0.74 | $-0.75 | $-0.87 | |
| EPS (Diluted) | $-0.13 | $-0.17 | $-0.42 | $-0.41 | $-0.49 | $-0.58 | $-0.53 | $-0.58 | $-0.76 | $-0.71 | $-0.92 | $-1.24 | $-0.84 | $-0.74 | $-0.75 | $-0.87 | |
| Shares (Basic) | 135,639,684 | 104,573,657 | -106,723,636 | 53,577,066 | 53,445,631 | 53,359,338 | -102,470,889 | 52,693,878 | 51,831,157 | 50,120,758 | -79,898,141 | 41,147,938 | 40,875,457 | 40,862,513 | -81,351,467 | 40,747,026 | |
| Shares (Diluted) | 135,639,684 | 104,573,657 | -106,723,636 | 53,577,066 | 53,445,631 | 53,359,338 | -102,470,889 | 52,693,878 | 51,831,157 | 50,120,758 | -79,898,141 | 41,147,938 | 40,875,457 | 40,862,513 | -81,351,467 | 40,747,026 | |
| EBITDA | $-18M | $-19M | · | $-23M | $-27M | $-32M | · | $-33M | $-42M | $-38M | · | $-53M | $-37M | $-32M | · | $-37M |
Balance Sheet 23
| 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 | $23M | $32M | $16M | $23M | $19M | $21M | $18M | $16M | $16M | $14M | $22M | $20M | $38M | $63M | $49M | $49M | |
| Short-term Investments | $116M | $108M | $28M | $37M | $60M | $77M | $110M | $132M | $141M | $143M | · | $170M | $175M | $165M | · | $236M | |
| Prepaid Expense | $5M | $5M | $6M | $6M | $6M | $5M | $7M | $7M | $12M | $10M | · | $9M | $7M | $5M | · | $6M | |
| Other Current Assets | $542.0K | $25.0K | $20.0K | · | $4.0K | · | $27.0K | $1M | $315.0K | · | · | · | · | · | · | · | |
| Current Assets | $143M | $146M | $51M | $67M | $85M | $103M | $134M | $156M | $169M | $168M | · | $199M | $220M | $233M | · | $291M | |
| PP&E (Net) | $166.0K | $1M | $1M | $1M | $1M | $3M | $3M | $3M | $3M | $3M | · | $4M | $4M | $4M | · | $2M | |
| PP&E (Gross) | $1M | $3M | $3M | $3M | $3M | $5M | $5M | $5M | $5M | $5M | · | $5M | $5M | $5M | · | $3M | |
| Accum. Depreciation | $938.0K | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | · | $1M | $823.0K | $616.0K | · | $300.0K | |
| Other Non-current Assets | $2M | $3M | $4M | $9M | $4M | $7M | $7M | $13M | $13M | $14M | · | $11M | $11M | $13M | · | $16M | |
| Total Assets | $161M | $178M | $59M | $83M | $95M | $121M | $148M | $186M | $215M | $213M | · | $220M | $246M | $278M | · | $318M | |
| Accounts Payable | $3M | $4M | $5M | $7M | $5M | $4M | $4M | $8M | $8M | $6M | · | $13M | $4M | $10M | · | $6M | |
| Current Liabilities | $15M | $20M | $25M | $28M | $19M | $19M | $18M | $32M | $38M | $32M | · | $35M | $18M | $22M | · | $25M | |
| Capital Leases | $0 | $2M | $3M | $3M | $3M | $3M | · | $4M | $4M | $4M | · | $5M | $5M | $5M | · | $5M | |
| Other Non-current Liabilities | $152.0K | $4M | $4M | $4M | $5M | $6M | $6M | $7M | $7M | $7M | · | $7M | $6M | $6M | · | $5M | |
| Total Liabilities | $25M | $27M | $33M | $38M | $31M | $33M | $34M | $49M | $55M | $48M | · | $51M | $33M | $38M | · | $31M | |
| Long-term Debt | $10M | $9M | $10M | $11M | $11M | $11M | $10M | $11M | $11M | $11M | · | $11M | $11M | $11M | · | · | |
| Total Debt | $10M | $9M | · | $10M | $10M | $10M | · | $10M | $10M | $10M | · | $10M | $10M | $9M | · | · | |
| Common Stock | $138.0K | $135.0K | $54.0K | $54.0K | $54.0K | $53.0K | $53.0K | $53.0K | $52.0K | $50.0K | · | $41.0K | $41.0K | $41.0K | · | $41.0K | |
| Retained Earnings | $-759M | $-741M | $-723M | $-700M | $-678M | $-652M | $-621M | $-592M | $-561M | $-522M | · | $-441M | $-390M | $-356M | · | $-295M | |
| AOCI | $-224.0K | $-245.0K | $28.0K | $43.0K | $36.0K | $118.0K | $275.0K | $563.0K | $-73.0K | $28.0K | · | $-226.0K | $-312.0K | $-88.0K | · | $-2M | |
| Stockholders' Equity | $136M | $151M | $26M | $45M | $64M | $88M | $114M | $137M | $159M | $164M | $190M | $169M | $213M | $240M | $263M | $287M | |
| Liabilities + Equity | $161M | $178M | $59M | $83M | $95M | $121M | $148M | $186M | $215M | $213M | · | $220M | $246M | $278M | · | $318M | |
| Shares Outstanding | 138,216,247 | 134,540,741 | 54,388,022 | 53,577,566 | 53,506,777 | 53,384,145 | 53,052,912 | 52,743,104 | 52,452,749 | 50,277,193 | · | 41,151,819 | 40,992,179 | 40,863,049 | · | 40,748,290 |
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 | $86.0K | $150.0K | $151.0K | $153.0K | $191.0K | $211.0K | $214.0K | $224.0K | $220.0K | $214.0K | $207.0K | $209.0K | $207.0K | $213.0K | $105.0K | $95.0K | |
| Stock-based Comp | $3M | $3M | $3M | $3M | $2M | $5M | $6M | $7M | $7M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | |
| Other Non-cash | · | $-3M | · | · | · | $664.0K | · | · | · | $-10M | · | · | · | $-4M | · | · | |
| Operating Cash Flow | $-16M | $-19M | $-19M | $-17M | $-23M | $-25M | $-32M | $-25M | $-27M | $-38M | $-40M | $-31M | $-32M | $-28M | $-21M | $-31M | |
| CapEx | $17.0K | $50.0K | $49.0K | $56.0K | $47.0K | $60.0K | $60.0K | $149.0K | $90.0K | $148.0K | $148.0K | $-1M | $2M | $690.0K | $389.0K | $192.0K | |
| Investing Cash Flow | $7M | $-105M | $11M | $21M | $22M | $28M | $33M | $26M | $907.0K | $26M | $-17M | $13M | $6M | $42M | $11M | $14M | |
| Stock Issued | $0 | $11.0K | $1M | $0 | $0 | $372.0K | $359.0K | $75.0K | $26M | $3M | · | · | · | · | · | · | |
| Net Stock Activity | · | $11.0K | · | · | · | $372.0K | · | · | · | $3M | · | · | · | · | · | · | |
| Financing Cash Flow | $137.0K | $140M | $678.0K | $-159.0K | $-222.0K | $65.0K | $328.0K | $251.0K | $27M | $3M | $59M | $-111.0K | $343.0K | $-107.0K | $9M | $-136.0K | |
| Free Cash Flow | · | $-19M | · | · | · | $-25M | · | · | · | $-38M | · | · | · | $-29M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -14.0% | -12.0% | · | -16.5% | -16.7% | -18.4% | · | -15.1% | -17.1% | -14.5% | · | -19.0% | -11.5% | -9.4% | · | -9.8% | |
| ROE | -17.9% | -15.0% | · | -24.4% | -23.2% | -24.4% | · | -20.1% | -21.2% | -17.6% | · | -22.4% | -12.9% | -10.3% | · | -10.5% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.7 | 7.2 | · | 2.4 | 4.5 | 5.5 | · | 4.8 | 4.4 | 5.2 | · | 5.7 | 12.5 | 10.6 | · | 11.5 | |
| Quick Ratio | 9.4 | 7.0 | · | 2.2 | 4.2 | 5.2 | · | 4.6 | 4.1 | 4.9 | · | 5.4 | 12.1 | 10.4 | · | 11.3 | |
| Debt / Equity | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | · | |
| LT Debt / Equity | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | · | |
| Interest Coverage | -63.3 | -57.3 | · | -55.2 | -65.8 | -78.4 | · | -73.0 | -96.8 | -88.4 | · | -136.3 | -98.9 | -83.2 | · | · |
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 | $4M | $4M | · | $4M | $4M | $4M | · | $4M | $4M | $4M | · | $4M | $4M | $4M | · | $4M | |
| Net Income TTM | $-84M | $-97M | · | $-110M | $-127M | $-136M | · | $-157M | $-160M | $-151M | · | $-151M | $-133M | $-123M | · | $-117M | |
| Market Cap | $286M | $270M | · | $98M | $22M | $33M | · | $96M | $316M | $561M | · | $198M | $308M | $185M | · | $390M | |
| Enterprise Value | $158M | $138M | · | $48M | $-47M | $-55M | · | $-43M | $169M | $413M | · | $17M | $105M | $-34M | · | · | |
| P/E | -1.7 | -1.2 | · | -0.9 | -0.2 | -0.2 | · | -0.6 | -1.7 | -3.2 | · | -1.3 | -2.3 | -1.5 | · | -3.3 | |
| P/S | 76.6 | 72.3 | · | 26.3 | 5.9 | 8.9 | · | 25.7 | 84.7 | 150.2 | · | 52.9 | 82.5 | 49.5 | · | 104.5 | |
| P/B | 2.1 | 1.8 | · | 2.2 | 0.3 | 0.4 | · | 0.7 | 2.0 | 3.4 | · | 1.2 | 1.4 | 0.8 | · | 1.4 | |
| P / Tangible Book | 2.1 | 1.8 | · | 2.2 | 0.3 | 0.4 | · | 0.7 | 2.0 | 3.4 | · | 1.2 | 1.4 | 0.8 | · | 1.4 | |
| P / Cash Flow | · | -14.5 | · | · | · | -1.3 | · | · | · | -14.8 | · | · | · | -6.6 | · | · | |
| P / FCF | · | -14.4 | · | · | · | -1.3 | · | · | · | -14.7 | · | · | · | -6.5 | · | · | |
| EV / EBITDA | -8.7 | -7.3 | · | -2.1 | 1.8 | 1.7 | · | 1.3 | -4.1 | -11.0 | · | -0.3 | -2.8 | 1.1 | · | · | |
| EV / FCF | · | -7.4 | · | · | · | 2.2 | · | · | · | -10.8 | · | · | · | 1.2 | · | · | |
| EV / Revenue | 42.2 | 37.0 | · | 12.7 | -12.6 | -14.6 | · | -11.5 | 45.4 | 110.6 | · | 4.6 | 28.0 | -9.1 | · | · | |
| Earnings Yield | -58.0% | -82.3% | · | -112.6% | -580.7% | -422.1% | · | -180.8% | -58.9% | -31.7% | · | -76.9% | -43.4% | -66.8% | · | -30.2% |
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 | — | — | — | $0 | $0 |
| Net Income | $-102M | $-135M | $-161M | $-123M | $-83M |
| Diluted EPS | $-1.90 | $-2.58 | $-3.74 | $-3.03 | $-2.07 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.4 | 0.1 | 0.1 | 0.0 | — |
| Current Ratio | 2.1 | 7.3 | 5.2 | 9.6 | 24.0 |
| Quick Ratio | 1.8 | 6.9 | 5.1 | 9.4 | 23.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-84M | $-122M | $-132M | $-91M | $-69M |
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Institutional owners (13F) 102 filers · $188.1M 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 |
|---|---|---|---|---|
| 43 (+23 vs prior Q) | 11 (+1 vs prior Q) | 21 (+3 vs prior Q) | 13 (0 vs prior Q) | +11.4M |
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 |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $26,934,527 | 13,011,849 | 14.32% | Shares |
| venBio Partners LLC | $26,671,201 | 12,884,638 | 14.18% | Shares |
| Redmile Group, LLC | $15,302,483 | 7,392,504 | 8.13% | Shares |
| Blackstone Inc. | $13,648,634 | 6,593,543 | 7.26% | Shares |
| Driehaus Capital Management LLC | $12,472,247 | 6,025,240 | 6.63% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $11,891,647 | 5,744,757 | 6.32% | Shares |
| TCG Crossover Management, LLC | $11,706,858 | 5,655,487 | 6.22% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,295,013 | 4,973,436 | 5.47% | Shares |
| Vivo Capital, LLC | $6,592,356 | 3,184,713 | 3.50% | Shares |
| 5AM Venture Management, LLC | $6,328,663 | 3,057,325 | 3.36% | Shares |
| Almitas Capital LLC | $6,082,552 | 2,938,431 | 3.23% | Shares |
| ORBIMED ADVISORS LLC | $5,933,150 | 2,866,256 | 3.15% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,900,930 | 2,367,377 | 2.61% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,508,824 | 2,178,176 | 2.40% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,195,240 | 1,543,594 | 1.70% | Shares |
| STATE STREET CORP | $3,102,733 | 1,498,905 | 1.65% | Shares |
| Ensign Peak Advisors, Inc | $1,677,315 | 810,297 | 0.89% | Shares |
| VANGUARD GROUP INC | $1,607,644 | 1,422,694 | 0.85% | Shares |
| Nantahala Capital Management, LLC | $1,552,500 | 750,000 | 0.83% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,550,904 | 749,229 | 0.82% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,539,026 | 743,491 | 0.82% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,249,860 | 603,797 | 0.66% | Shares |
| ADAR1 Capital Management, LLC | $1,104,676 | 533,660 | 0.59% | Shares |
| UBS Group AG | $894,341 | 432,049 | 0.48% | Shares |
| TWO SIGMA ADVISERS, LP | $802,752 | 710,400 | 0.43% | Shares |
| GOLDMAN SACHS GROUP INC | $644,037 | 311,129 | 0.34% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $499,104 | 241,113 | 0.27% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $467,969 | 226,072 | 0.25% | Shares |
| Atom Investors LP | $454,121 | 219,382 | 0.24% | Shares |
| IEQ CAPITAL, LLC | $363,041 | 175,382 | 0.19% | Shares |
| Nuveen, LLC | $297,345 | 143,645 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $254,935 | 123,157 | 0.14% | Shares |
| RHUMBLINE ADVISERS | $223,350 | 107,902 | 0.12% | Shares |
| WELLS FARGO & COMPANY/MN | $203,742 | 98,426 | 0.11% | Shares |
| Verdad Advisers, LP | $170,154 | 82,200 | 0.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $157,386 | 76,032 | 0.08% | Shares |
| Graham Capital Management, L.P. | $154,879 | 74,821 | 0.08% | Shares |
| BlackRock, Inc. | $146,579 | 70,811 | 0.08% | Shares |
| XTX Topco Ltd | $144,190 | 69,657 | 0.08% | Shares |
| MetLife Investment Management, LLC | $134,465 | 64,959 | 0.07% | Shares |
| Bank of New York Mellon Corp | $129,176 | 62,404 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $102,842 | 49,682 | 0.05% | Shares |
| Nuveen Asset Management, LLC | $101,528 | 60,795 | 0.05% | Shares |
| Squarepoint Ops LLC | $97,019 | 46,869 | 0.05% | Shares |
| CITIGROUP INC | $91,925 | 44,408 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $89,089 | 43,038 | 0.05% | Shares |
| Invesco Ltd. | $89,064 | 43,026 | 0.05% | Shares |
| AXQ CAPITAL, LP | $83,945 | 40,553 | 0.04% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $80,773 | 38,011 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $74,934 | 36,200 | 0.04% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $68,517 | 33,100 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $65,872 | 31,822 | 0.04% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $64,164 | 30,997 | 0.03% | Shares |
| BARCLAYS PLC | $52,963 | 25,586 | 0.03% | Shares |
| ALLIANCEBERNSTEIN L.P. | $52,812 | 26,340 | 0.03% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $52,799 | 25,507 | 0.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $51,336 | 24,800 | 0.03% | Call option |
| HC Advisors, LLC | $47,403 | 22,900 | 0.03% | Shares |
| Callan Family Office, LLC | $46,407 | 22,419 | 0.02% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $44,424 | 21,461 | 0.02% | Shares |
| AMERICAN CENTURY COMPANIES INC | $44,368 | 21,434 | 0.02% | Shares |
| CAXTON CORP | $43,358 | 20,946 | 0.02% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $40,208 | 19,424 | 0.02% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $38,190 | 18,451 | 0.02% | Shares |
| Bronte Capital Management Pty Ltd. | $37,457 | 18,095 | 0.02% | Shares |
| JSF Financial, LLC | $36,225 | 17,500 | 0.02% | Shares |
| NORTHERN TRUST CORP | $34,942 | 16,880 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $34,395 | 16,616 | 0.02% | Shares |
| PRUDENTIAL FINANCIAL INC | $33,917 | 16,385 | 0.02% | Shares |
| MARSHALL WACE, LLP | $32,317 | 15,612 | 0.02% | Shares |
| MONETA GROUP INVESTMENT ADVISORS LLC | $31,456 | 15,196 | 0.02% | Shares |
| ProShare Advisors LLC | $29,238 | 14,125 | 0.02% | Shares |
| Lido Advisors, LLC | $27,365 | 13,220 | 0.01% | Shares |
| FMR LLC | $27,183 | 13,132 | 0.01% | Shares |
| Abel Hall, LLC | $26,353 | 12,731 | 0.01% | Shares |
| China Universal Asset Management Co., Ltd. | $25,875 | 12,500 | 0.01% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $25,449 | 13,907 | 0.01% | Shares |
| Beacon Pointe Advisors, LLC | $25,063 | 12,500 | 0.01% | Shares |
| Legal & General Group Plc | $21,700 | 10,483 | 0.01% | Shares |
| HSBC HOLDINGS PLC | $21,574 | 10,105 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $21,522 | 10,397 | 0.01% | Shares |
| XPONANCE LLC | $21,071 | 10,179 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $20,269 | 9,792 | 0.01% | Shares |
| Russell Investments Group, Ltd. | $17,859 | 8,628 | 0.01% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $16,943 | 8,185 | 0.01% | Shares |
| Cubist Systematic Strategies, LLC | $14,687 | 8,025 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $7,000 | 3,494 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $4,324 | 2,089 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $2,713 | 1,313,490 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $2,289 | 1,106 | 0.00% | Shares |
| Bradley & Co. Private Wealth Management, LLC | $2,070 | 1,000 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $1,873 | 905 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $856 | 413,545 | 0.00% | Shares |
| Sterling Capital Management LLC | $785 | 379 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $270 | 130 | 0.00% | Shares |
| MORGAN STANLEY | $242 | 117 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $218 | 99 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $207 | 100 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $186 | 89,779 | 0.00% | Shares |
| CWM, LLC | $130 | 65 | 0.00% | Shares |
Company insiders 19 insiders · 10 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jason Lettmann | CHIEF EXECUTIVE OFFICER | Aug. 17, 2026 S | 294,379 | 2 | 3 | $66,858 |
| Harish Shantharam | Chief Financial Officer | Jan. 26, 2026 A | 75,000 | 1 | 0 | $58,500 |
| Peter S Garcia | Chief Financial Officer | Dec. 29, 2023 S | 85,348 | 0 | 0 | $0 |
| Jaume Pons | President & CSO | Dec. 29, 2023 S | 618,359 | 0 | 0 | $0 |
| Shelly Pinto | SVP, FINANCE AND CAO | Aug. 17, 2026 S | 87,828 | 0 | 6 | $-11,961 |
| Jeff E. Knight | Chief Dev & Operating Officer | April 16, 2026 A | — | 0 | 0 | $0 |
| Barbara Klencke | Chief Medical Officer | April 16, 2026 A | — | 0 | 0 | $0 |
| Sophia Randolph | Chief Medical Officer | Dec. 29, 2023 S | 312,349 | 0 | 0 | $0 |
| Nathan Caffo | Chief Business Officer | July 21, 2020 C | 11,254 | 0 | 0 | $0 |
| Steffen Pietzke | VP Fin & Chief Acct Officer | July 21, 2020 P | 3,000 | 0 | 0 | $0 |
| Daniel J. Curran | Director | Jan. 20, 2026 A | — | 0 | 0 | $0 |
| Alan B. Sandler | Director | Jan. 20, 2026 A | — | 0 | 0 | $0 |
| Rekha Hemrajani | Director | Jan. 20, 2026 A | 3,000 | 0 | 0 | $0 |
| Chris H Takimoto | Director | Jan. 20, 2026 A | — | 0 | 0 | $0 |
| Scott J. Garland | Director | Jan. 20, 2026 A | — | 0 | 0 | $0 |
| Itziar Canamasas | Director | June 20, 2023 A | — | 0 | 0 | $0 |
| Jack Nielsen | Director | June 20, 2023 A | — | 0 | 0 | $0 |
| Graham Walmsley | Director | June 11, 2021 A | 995,000 | 0 | 0 | $0 |
| Corey S Goodman | — | Feb. 2, 2026 P | 8,453,038 | 1 | 0 | $4,999,999 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| LSV Associates, LLC, Lightstone Ventures, L.P., Lightstone Ventures (A), L.P., LSV Associates II, LLC, Lightstone Ventures II, L.P., Lightstone Ventures II (A), L.P., Michael A Carusi, Jean George, Henry A. Plain Jr | May 27, 2026 | 2.20% | Amendment | — | SEC |
| venBio Global Strategic Fund, L.P., venBio Global Strategic Fund II L.P., venBio Global Strategic GP, L.P., venBio Global Strategic GP II, L.P., venBio Global Strategic GP, Ltd., venBio Global Strategic GP II, Ltd., Adelman Robert J, GOODMAN COREY S ×2 filings | Feb. 4, 2026 | 10.00% | Amendment | — | SEC |
| Lightstone Ventures, L.P., Lightstone Ventures (A), L.P., LSV Associates, LLC, Lightstone Ventures II, L.P., Lightstone Ventures II (A), L.P., LSV Associates II, LLC, Michael A. Carusi, Jean M. George, Henry A. Plain, Jr. ×3 filings | Feb. 14, 2024 | — | Initial filing | — | SEC |
| Logos Global Management LP, Logos Global Management GP LLC, Arsani William, Graham Walmsley, Logos Opportunities Fund I LP, Logos Opportunities GP LLC, Logos GP LLC ×2 filings | June 15, 2021 | — | 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 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 … | 0.55% | 58,924 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.05% | 368,867 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 988,668 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 623,766 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 116,302 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 2,546,108 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 35,651 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 7,659 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,226,065 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,642,854 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 9,161 SH | Aug. 8, 2026 | Daily |