AQST Aquestive Therapeutics, Inc. - Common Stock
$4.61
Price · Aug 24, 2026
Fundamentals as of Aug 11, 2026
52W Range
$3–$8
34% of range
Analyst Rating
BUY
15 analysts
Price Target
$9
+103% upside
P/E (TTM)
-5.9
ROE
157.7%
Net Profit Margin
-188.1%
AQST Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.61
Market Cap
$562M
P/E (TTM)
-5.9
EPS (TTM)
$-0.78
Revenue (TTM)
$45M
Div Yield
—
ROE
157.7%
Debt/Equity
—
52W Range
$3 – $8
AQST 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
$45M
2017-12-31
→
2025-12-31
EPS
$-0.78
2020-12-31
→
2025-12-31
Free Cash Flow
$-53M
2018-12-31
→
2025-12-31
Margins
-188.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AQST
Peer Median
P/E (TTM)
-5.9
11.7
P/S (TTM)
12.6
5.4
P/B
-16.7
3.7
Price / FCF
-10.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AQST
Peer Median
Operating Margin
-159.5%
—
Net Profit Margin
-188.1%
-45.6%
ROA
-64.0%
-25.4%
ROE
157.7%
-27.1%
ROIC
211.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AQST
Peer Median
Current Ratio
3.1
4.6
Quick Ratio
0.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AQST
Peer Median
Revenue YoY
-22.6%
—
Revenue CAGR 3Y
-2.2%
—
Revenue CAGR 5Y
-0.58%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AQST
Peer Median
AQST Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 4 26.7%
- Buy 10 66.7%
- Hold 1 6.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-23
Median
$10.00
Mean
$9.33
← Below all targets
$4.61
Low
$6.00
High
$11.00
Median target
$10.00
+117.1%
Mean target
$9.33
+102.7%
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 | $-0.18 | $-0.11 | -0.07% |
| March 31, 2026 | $-0.07 | $-0.14 | 0.07% |
| Dec. 31, 2025 | $-0.15 | $-0.14 | -0.01% |
| Sept. 30, 2025 | $-0.14 | $-0.14 | -0.00% |
| June 30, 2025 | $-0.14 | $-0.17 | 0.03% |
| March 31, 2025 | $-0.24 | $-0.17 | -0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AQST | $788M | -8.3 | -22.6% | -188.1% | 157.7% | — |
| PHAT | $1.18B | -5.5 | 216.9% | -126.4% | 52.4% | 87.1% |
| CRMD | $922M | 5.7 | 617.0% | 52.3% | 52.1% | 88.5% |
| CTNM | — | -5.3 | — | — | -27.7% | — |
| ARVN | $753M | -10.4 | -0.30% | -30.8% | -15.5% | — |
| ZVRA | $509M | 6.6 | 350.9% | 78.2% | 61.2% | — |
| EOLS | $432M | -8.3 | 11.6% | -17.4% | 247.3% | 66.3% |
| RLMD | $354M | -3.3 | 93.7% | — | -112.0% | — |
| AVIR | $279M | -1.8 | — | — | -49.5% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45M | $58M | $51M | $48M | $51M | $46M | $53M | $67M | $67M | |
| Cost of Revenue | $19M | $18M | $21M | $19M | · | $13M | $20M | · | · | |
| R&D Expense | $17M | $20M | $13M | $17M | $17M | $20M | $21M | $23M | $22M | |
| SG&A Expense | $80M | $50M | $32M | $53M | $53M | $56M | $64M | $72M | $25M | |
| Operating Expenses | $116M | $88M | $66M | $90M | $86M | $89M | $105M | $116M | $67M | |
| Operating Income | $-71M | $-31M | $-15M | $-42M | $-35M | $-43M | $-53M | $-49M | $-113.0K | |
| Interest Expense | · | · | $6M | $7M | $10M | $11M | $9M | $8M | $8M | |
| Interest Income | · | · | · | · | · | $132.0K | $636.0K | · | · | |
| Pretax Income | $-84M | $-44M | $-8M | $-54M | $-71M | $-56M | $-66M | $-61M | $-9M | |
| Income Tax | $0 | $-14.0K | $245.0K | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-84M | $-44M | $-8M | $-54M | $-71M | $-56M | $-66M | $-61M | $-9M | |
| EPS (Basic) | $-0.78 | $-0.51 | $-0.13 | $-1.12 | $-1.85 | $-1.66 | · | · | · | |
| EPS (Diluted) | $-0.78 | $-0.51 | $-0.13 | $-1.12 | $-1.85 | $-1.66 | · | · | · | |
| Shares (Basic) | 106,926,528 | 86,726,211 | 61,255,864 | 48,734,377 | 38,077,660 | 33,651,127 | · | · | · | |
| Shares (Diluted) | 106,926,528 | 86,726,211 | 61,255,864 | 48,734,377 | 38,077,660 | 33,651,127 | · | · | · | |
| EBITDA | $-71M | $-31M | $-15M | $-42M | $-35M | $-43M | $-53M | $-46M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $121M | $72M | $24M | $27M | $28M | $32M | $49M | $61M | $17M | |
| Receivables | $18M | $7M | $8M | · | · | · | · | · | $6M | |
| Inventory | $6M | $6M | $7M | $6M | $4M | $2M | $3M | $5M | $4M | |
| Prepaid Expense | $4M | $3M | $2M | $2M | $3M | $3M | $3M | $2M | $591.0K | |
| Current Assets | $149M | $88M | $41M | $40M | $47M | $45M | $68M | $74M | $28M | |
| PP&E (Net) | $4M | $4M | $4M | $4M | $5M | $7M | $10M | $12M | $13M | |
| PP&E (Gross) | $48M | $47M | $47M | $46M | $45M | $48M | $48M | $47M | $45M | |
| Accum. Depreciation | $44M | $44M | $43M | $42M | $40M | $41M | $38M | $35M | $32M | |
| Intangibles | $0 | $0 | $1M | $1M | $51.0K | $102.0K | $153.0K | $204.0K | $254.0K | |
| Other Non-current Assets | $3M | $4M | $5M | $6M | $7M | $8M | $286.0K | $239.0K | $1M | |
| Total Assets | $160M | $101M | $57M | $57M | $62M | $63M | $78M | $87M | $43M | |
| Accounts Payable | $30M | $10M | $9M | $10M | $8M | $7M | $12M | $20M | $10M | |
| Accrued Liabilities | $5M | $6M | $6M | $8M | $9M | $9M | $5M | $7M | $4M | |
| Current Liabilities | $48M | $19M | $18M | $40M | $22M | $21M | $19M | $33M | $15M | |
| Capital Leases | $4M | $5M | $5M | $5M | $2M | $3M | $0 | · | · | |
| Other Non-current Liabilities | $7M | $2M | $2M | $2M | $2M | $2M | $1M | · | · | |
| Total Liabilities | $194M | $162M | $164M | $176M | $144M | $111M | $85M | $77M | $70M | |
| Long-term Debt | $45M | $45M | $45M | · | · | $52M | $70M | · | · | |
| Common Stock | $122.0K | $91.0K | $69.0K | $55.0K | $41.0K | $35.0K | $34.0K | $25.0K | $0 | |
| Paid-in Capital | $413M | $303M | $213M | $193M | $175M | $138M | $124M | $71M | $0 | |
| Retained Earnings | $-447M | $-363M | $-319M | $-311M | $-257M | $-186M | $-130M | $-61M | $-120M | |
| Stockholders' Equity | $-34M | $-60M | $-106M | $-119M | $-82M | $-48M | $-6M | $10M | $-26M | |
| Liabilities + Equity | $160M | $101M | $57M | $57M | $62M | $63M | $78M | $87M | $43M | |
| Shares Outstanding | 122,044,299 | 91,413,742 | 68,533,085 | 54,827,734 | 41,228,736 | 34,569,254 | 33,562,885 | 24,957,309 | · |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $548.0K | $718.0K | $1M | $2M | $3M | $3M | $3M | $3M | $4M | |
| Stock-based Comp | $8M | $7M | $3M | $4M | $7M | $7M | $7M | $30M | $0 | |
| Deferred Tax | $0 | $0 | $0 | $0 | · | · | · | · | · | |
| Amort. of Intangibles | $0 | $78.0K | $157.0K | $116.0K | $51.0K | $51.0K | $50.0K | $50.0K | $51.0K | |
| Other Non-cash | · | · | · | · | · | · | · | $15M | · | |
| Operating Cash Flow | $-52M | $-36M | $-6M | $-10M | $-33M | $-45M | $-60M | $-13M | $6M | |
| CapEx | $562.0K | $159.0K | $995.0K | $1M | $913.0K | $517.0K | $663.0K | $2M | $2M | |
| Investing Cash Flow | $-562.0K | $-159.0K | $-995.0K | $-3M | $-913.0K | $-517.0K | $-663.0K | $-2M | $-2M | |
| Financing Cash Flow | $103M | $84M | $4M | $12M | $30M | $28M | $50M | $58M | $4M | |
| Net Change in Cash | $50M | $48M | $-3M | $-751.0K | $-4M | $-18M | · | $43M | $8M | |
| Taxes Paid | $0 | $305.0K | $0 | · | · | · | · | · | · | |
| Free Cash Flow | $-53M | $-36M | $-7M | $-11M | $-34M | $-46M | $-61M | $-15M | · | |
| Levered FCF | · | · | $-14M | $-17M | $-44M | $-57M | $-70M | $-23M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -159.5% | -53.5% | -29.9% | -88.2% | -68.2% | -93.5% | -100.1% | -72.6% | · | |
| Net Margin | -188.1% | -76.7% | -15.6% | -114.1% | -138.8% | -121.7% | -125.9% | -91.0% | · | |
| Pretax Margin | -188.1% | -76.7% | -15.1% | -114.1% | -138.8% | -121.7% | -125.9% | -91.0% | · | |
| EBITDA Margin | -159.5% | -53.5% | -29.9% | -88.2% | -68.2% | -93.5% | -100.1% | -67.8% | · | |
| ROA | -64.0% | -55.6% | -13.8% | -91.4% | -113.0% | -78.9% | -80.1% | -94.5% | · | |
| ROE | 157.7% | 83.6% | 7.5% | 48.1% | 99.0% | 131.2% | 326.5% | -366.2% | · | |
| ROIC | 211.1% | 51.1% | 14.6% | 35.5% | 42.2% | 88.4% | 860.3% | -485.5% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.1 | 4.7 | 2.2 | 1.0 | 2.2 | 2.1 | 3.7 | 2.3 | · | |
| Quick Ratio | 0.4 | 0.4 | · | · | · | 1.5 | 2.7 | 1.8 | · | |
| Interest Coverage | · | · | -2.4 | -6.4 | -3.5 | -3.9 | -5.7 | -6.3 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.7 | 0.9 | 0.8 | 0.8 | 0.6 | 0.6 | 1.0 | · | |
| Inventory Turnover | 3.0 | 2.8 | 3.3 | · | · | 4.9 | · | · | · | |
| Receivables Turnover | 3.5 | 7.3 | · | · | · | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -22.6% | 13.8% | 6.1% | -6.2% | 10.9% | · | · | · | · | |
| Revenue CAGR 3Y | -2.2% | 4.2% | 3.3% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -0.58% | · | · | · | · | · | · | · | · |
Valuation (TTM) 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $45M | $58M | $51M | $48M | $51M | $46M | $53M | $67M | · | |
| Net Income TTM | $-84M | $-44M | $-8M | $-54M | $-71M | $-56M | $-66M | $-61M | · | |
| Market Cap | $788M | $325M | $138M | $49M | $160M | $185M | $195M | $157M | · | |
| P/E | -8.3 | -7.0 | -15.5 | -0.8 | -2.1 | -3.2 | · | · | · | |
| P/S | 17.7 | 5.7 | 2.7 | 1.0 | 3.2 | 4.0 | 3.7 | 2.3 | · | |
| P/B | -23.4 | -5.4 | -1.3 | -0.4 | -2.0 | -3.8 | -31.9 | 15.6 | · | |
| P / Cash Flow | -15.0 | -9.1 | -21.7 | -5.1 | -4.9 | -4.1 | -3.2 | -12.1 | · | |
| P / FCF | -14.9 | -9.1 | -18.8 | -4.6 | -4.7 | -4.0 | -3.2 | -10.6 | · | |
| Earnings Yield | -12.1% | -14.3% | -6.4% | -124.2% | -47.6% | -31.0% | · | · | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14M | $14M | $13M | $13M | $10M | $9M | $12M | $14M | $20M | $12M | $13M | $13M | $13M | $11M | $11M | $11M | |
| Cost of Revenue | $4M | $3M | $6M | $5M | $5M | $4M | $5M | $4M | $5M | $4M | $5M | $5M | $7M | $5M | $5M | $5M | |
| R&D Expense | $4M | $4M | $3M | $5M | $4M | $5M | $5M | $5M | $4M | $6M | $3M | $3M | $3M | $4M | $4M | $3M | |
| SG&A Expense | $14M | $11M | $33M | $15M | $13M | $19M | $16M | $12M | $11M | $11M | $10M | $7M | $7M | $7M | $12M | $12M | |
| Operating Expenses | $22M | $19M | $42M | $24M | $21M | $28M | $25M | $22M | $20M | $21M | $17M | $15M | $17M | $16M | $21M | $20M | |
| Operating Income | $-8M | $-4M | $-29M | $-11M | $-11M | $-19M | $-14M | $-8M | $55.0K | $-9M | $-4M | $-2M | $-4M | $-5M | $-11M | $-9M | |
| Interest Expense | · | · | · | · | · | · | · | · | $3M | $3M | · | $1M | $1M | $1M | $2M | $2M | |
| Pretax Income | $-23M | $-8M | $-32M | $-15M | $-14M | $-23M | $-17M | $-12M | $-3M | $-13M | $-8M | $-2M | $-6M | $8M | $-12M | $-13M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $-14.0K | $0 | $0 | $0 | $101.0K | $-140.0K | $284.0K | $0 | $0 | $0 | |
| Net Income | $-23M | $-8M | $-32M | $-15M | $-14M | $-23M | $-17M | $-12M | $-3M | $-13M | $-8M | $-2M | $-6M | $8M | $-12M | $-13M | |
| EPS (Basic) | $-0.18 | $-0.07 | $-0.26 | $-0.14 | $-0.14 | $-0.24 | $-0.18 | $-0.13 | $-0.03 | $-0.17 | $-0.15 | $-0.03 | $-0.10 | $0.15 | $-0.21 | $-0.23 | |
| EPS (Diluted) | $-0.18 | $-0.07 | $-0.26 | $-0.14 | $-0.14 | $-0.24 | $-0.18 | $-0.13 | $-0.03 | $-0.17 | $-0.11 | $-0.03 | $-0.10 | $0.11 | $-0.21 | $-0.23 | |
| Shares (Basic) | 124,994,165 | 122,609,995 | -198,481,600 | 110,584,371 | 99,326,701 | 95,497,056 | -168,882,206 | 91,082,081 | 90,911,626 | 73,614,710 | -116,405,746 | 64,678,761 | 57,350,902 | 55,631,947 | -91,618,859 | 53,424,922 | |
| Shares (Diluted) | 124,994,165 | 122,609,995 | -198,481,600 | 110,584,371 | 99,326,701 | 95,497,056 | -168,882,206 | 91,082,081 | 90,911,626 | 73,614,710 | -134,566,685 | 64,678,761 | 57,350,902 | 73,792,886 | -91,618,859 | 53,424,922 | |
| EBITDA | $-8M | $-4M | · | $-11M | $-11M | $-19M | · | $-8M | $55.0K | $-9M | · | $-2M | $-4M | $-5M | · | $-9M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $98M | $111M | · | $129M | $61M | $69M | · | $78M | $90M | $95M | · | $25M | $22M | $27M | · | $19M | |
| Receivables | $9M | $7M | $18M | · | · | · | $7M | · | · | · | $8M | · | · | · | · | · | |
| Inventory | $7M | $8M | $6M | $8M | $8M | $7M | $6M | $7M | $7M | $8M | $7M | $7M | $6M | $7M | $6M | $7M | |
| Prepaid Expense | $3M | $5M | $4M | $3M | $1M | $3M | $3M | $2M | $1M | $2M | $2M | $2M | $1M | $2M | $2M | $2M | |
| Current Assets | $118M | $130M | $149M | $152M | $82M | $89M | $88M | $97M | $104M | $113M | $41M | $42M | $40M | $44M | $40M | $38M | |
| PP&E (Net) | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $4M | $4M | $4M | |
| PP&E (Gross) | $48M | $48M | $48M | $48M | $48M | $47M | $47M | $47M | $47M | $47M | $47M | $47M | $47M | $46M | $46M | $46M | |
| Accum. Depreciation | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $43M | $43M | $43M | $43M | $43M | $42M | $42M | $42M | $42M | |
| Intangibles | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Other Non-current Assets | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | |
| Total Assets | $132M | $141M | $160M | $164M | $94M | $102M | $101M | $110M | $118M | $130M | $57M | $59M | $57M | $61M | $57M | $52M | |
| Accounts Payable | $9M | $12M | $30M | $11M | $12M | $12M | $10M | $8M | $6M | $11M | $9M | $10M | $11M | $12M | $10M | $11M | |
| Accrued Liabilities | $5M | $3M | $5M | $5M | $5M | $3M | $6M | $5M | $6M | $5M | $6M | $5M | $4M | $5M | $8M | $8M | |
| Current Liabilities | $16M | $32M | $48M | $26M | $23M | $18M | $19M | $15M | $14M | $18M | $18M | $24M | $39M | $40M | $40M | $37M | |
| Capital Leases | $8M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | $5M | $1M | |
| Other Non-current Liabilities | $6M | $6M | $7M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Total Liabilities | $189M | $175M | $194M | $168M | $166M | $163M | $162M | $155M | $153M | $166M | $164M | $162M | $164M | $171M | $176M | $160M | |
| Long-term Debt | $55M | $45M | $45M | $45M | $45M | $45M | · | $45M | $45M | $45M | · | $39M | $39M | $42M | · | $52M | |
| Common Stock | $126.0K | $124.0K | $122.0K | $121.0K | $99.0K | $99.0K | $91.0K | $91.0K | $91.0K | $90.0K | $69.0K | $67.0K | $62.0K | $56.0K | $55.0K | $54.0K | |
| Paid-in Capital | $421M | $421M | $413M | $411M | $327M | $325M | $303M | $301M | $299M | $296M | $213M | $208M | $202M | $194M | $193M | $191M | |
| Retained Earnings | $-478M | $-455M | $-447M | $-415M | $-400M | $-386M | $-363M | $-346M | $-335M | $-332M | $-319M | $-311M | $-309M | $-303M | $-311M | $-299M | |
| Stockholders' Equity | $-57M | $-34M | $-34M | $-4M | $-73M | $-61M | $-60M | $-45M | $-35M | $-36M | $-106M | $-103M | $-107M | $-109M | $-119M | $-108M | |
| Liabilities + Equity | $132M | $141M | $160M | $164M | $94M | $102M | $101M | $110M | $118M | $130M | $57M | $59M | $57M | $61M | $57M | $52M | |
| Shares Outstanding | 125,511,648 | 124,284,542 | 122,044,299 | 121,658,113 | 99,353,270 | 99,317,153 | 91,413,742 | 91,178,193 | 91,059,760 | 90,478,731 | 68,533,085 | 66,740,765 | 61,615,959 | 55,922,361 | 54,827,734 | 53,852,126 |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $136.0K | $113.0K | $130.0K | $139.0K | $140.0K | $139.0K | $147.0K | $159.0K | $205.0K | $207.0K | $467.0K | $264.0K | $289.0K | $325.0K | $397.0K | $596.0K | |
| Stock-based Comp | $3M | $2M | $1M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $940.0K | $774.0K | $631.0K | $344.0K | $714.0K | $535.0K | |
| Amort. of Intangibles | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $39.0K | $39.0K | $40.0K | $39.0K | $39.0K | $39.0K | $51.0K | $39.0K | |
| Operating Cash Flow | $-9M | $-15M | $-8M | $-13M | $-8M | $-23M | $-6M | $-12M | $-7M | $-10M | $-5M | $-2M | $-8M | $9M | $8M | $3M | |
| CapEx | $212.0K | $52.0K | $85.0K | $235.0K | $107.0K | $135.0K | $15.0K | $80.0K | $35.0K | $29.0K | $16.0K | $151.0K | $826.0K | $2.0K | $26.0K | $217.0K | |
| Investing Cash Flow | $-212.0K | $-52.0K | $-85.0K | $-235.0K | $-107.0K | $-135.0K | $-15.0K | $-80.0K | $-35.0K | $-29.0K | $-16.0K | $-151.0K | $-826.0K | $-2.0K | $-26.0K | $-2M | |
| Financing Cash Flow | $-3M | $4M | $660.0K | $81M | $-100.0K | $21M | $157.0K | $-17.0K | $2M | $82M | $4M | $5M | $4M | $-9M | $234.0K | $-138.0K | |
| Net Change in Cash | $-12M | $-10M | $-8M | $69M | $-8M | $-3M | $-6M | $-12M | $-5M | $71M | $-1M | $2M | $-4M | $-391.0K | $9M | $954.0K | |
| Taxes Paid | · | · | $0 | $0 | $-2M | $2M | $0 | $0 | $-698.0K | $1M | $0 | $0 | · | · | · | · | |
| Free Cash Flow | · | $-15M | · | · | · | $-24M | · | · | · | $-10M | · | · | · | $9M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-13M | · | · | · | $7M | · | · |
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 | -59.5% | -29.1% | · | -89.6% | -113.7% | -222.1% | · | -61.2% | 0.27% | -74.3% | · | -18.3% | -31.8% | -41.4% | · | -77.2% | |
| Net Margin | -165.5% | -55.8% | · | -120.6% | -135.4% | -263.0% | · | -85.0% | -13.7% | -106.4% | · | -15.7% | -43.7% | 72.5% | · | -109.4% | |
| Pretax Margin | -165.5% | -55.8% | · | -120.6% | -135.4% | -263.0% | · | -85.0% | -13.7% | -106.4% | · | -16.7% | -41.6% | 72.5% | · | -109.4% | |
| EBITDA Margin | -59.5% | -29.1% | · | -89.6% | -113.7% | -222.1% | · | -61.2% | 0.27% | -74.3% | · | -18.3% | -31.8% | -41.4% | · | -77.2% | |
| ROA | -20.2% | -6.6% | · | -11.3% | -12.8% | -19.8% | · | -13.6% | -3.1% | -13.5% | · | -3.7% | -10.2% | 13.7% | · | -21.4% | |
| ROE | 35.4% | 17.0% | · | 62.4% | 25.1% | 47.2% | · | 15.5% | 3.9% | 17.6% | · | 1.9% | 5.7% | -8.0% | · | 14.9% | |
| ROIC | 14.5% | 12.3% | · | 279.4% | 15.7% | 31.8% | · | 18.2% | -0.16% | 24.7% | · | 2.2% | 4.2% | 4.2% | · | 8.2% |
Liquidity & Solvency 3
| 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 | 7.2 | 4.1 | · | 5.9 | 3.5 | 4.9 | · | 6.4 | 7.5 | 6.3 | · | 1.8 | 1.0 | 1.1 | · | 1.0 | |
| Quick Ratio | 6.5 | 3.7 | · | 5.0 | 2.6 | 3.8 | · | 5.1 | 6.5 | 5.3 | · | 1.0 | 0.6 | 0.7 | · | 0.5 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 0.0 | -3.2 | · | -1.9 | -3.1 | -3.2 | · | -5.4 |
Efficiency 3
| 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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.5 | · | 0.6 | 0.7 | 0.6 | · | 0.7 | 1.2 | 0.8 | · | 1.0 | |
| Receivables Turnover | 1.7 | 4.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $51M | $46M | · | $45M | $52M | $54M | · | $59M | $58M | $49M | · | $49M | $49M | $48M | · | $50M | |
| Net Income TTM | $-60M | $-60M | · | $-63M | $-51M | $-50M | · | $-29M | $-23M | $-13M | · | $-12M | $-27M | $-34M | · | $-57M | |
| Market Cap | $522M | $516M | · | $680M | $329M | $288M | · | $454M | $237M | $385M | · | $102M | $102M | $64M | · | $63M | |
| P/E | -7.8 | -7.0 | · | -8.6 | -6.1 | -5.1 | · | -13.8 | -7.9 | -22.4 | · | -6.1 | -2.8 | -1.4 | · | -0.9 | |
| P/S | 10.2 | 11.2 | · | 15.1 | 6.3 | 5.3 | · | 7.7 | 4.1 | 7.8 | · | 2.1 | 2.1 | 1.3 | · | 1.3 | |
| P/B | -9.2 | -15.1 | · | -165.5 | -4.5 | -4.7 | · | -10.0 | -6.7 | -10.6 | · | -1.0 | -1.0 | -0.6 | · | -0.6 | |
| P / Cash Flow | · | -34.8 | · | · | · | -12.3 | · | · | · | -37.1 | · | · | · | 7.2 | · | · | |
| P / FCF | · | -34.7 | · | · | · | -12.2 | · | · | · | -37.0 | · | · | · | 7.2 | · | · | |
| Earnings Yield | -12.7% | -14.2% | · | -11.6% | -16.3% | -19.7% | · | -7.2% | -12.7% | -4.5% | · | -16.3% | -35.1% | -70.2% | · | -109.4% |
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 | $45M | $58M | $51M | $48M | $51M |
| Operating Margin % | -159.5% | -53.5% | -29.9% | -88.2% | -68.2% |
| Net Income | $-84M | $-44M | $-8M | $-54M | $-71M |
| Diluted EPS | $-0.78 | $-0.51 | $-0.13 | $-1.12 | $-1.85 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 3.1 | 4.7 | 2.2 | 1.0 | 2.2 |
| Quick Ratio | 0.4 | 0.4 | — | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-53M | $-36M | $-7M | $-11M | $-34M |
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Institutional owners (13F) 198 filers · $225.7M 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 27 (-22 vs prior Q) | 18 (-29 vs prior Q) | 62 (+4 vs prior Q) | 50 (+4 vs prior Q) | -2.6M |
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 |
|---|---|---|---|---|
| Bratton Capital Management, L.P. | $40,813,585 | 9,810,958 | 18.09% | Shares |
| RTW INVESTMENTS, LP | $30,894,119 | 7,426,471 | 13.69% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $19,071,657 | 4,584,533 | 8.45% | Shares |
| STATE STREET CORP | $12,180,563 | 2,928,020 | 5.40% | Shares |
| SAMSARA BIOCAPITAL, LLC | $10,400,000 | 2,500,000 | 4.61% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,405,448 | 2,260,317 | 4.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,781,266 | 1,630,112 | 3.00% | Shares |
| Sio Capital Management, LLC | $6,182,488 | 1,486,175 | 2.74% | Shares |
| Propel Bio Management, LLC | $6,000,372 | 1,442,397 | 2.66% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,329,904 | 1,281,227 | 2.36% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $4,352,090 | 1,046,175 | 1.93% | Shares |
| BARCLAYS PLC | $4,128,521 | 992,433 | 1.83% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,951,168 | 949,800 | 1.75% | Call option |
| Blue Owl Capital Holdings LP | $3,922,597 | 942,932 | 1.74% | Shares |
| WASATCH ADVISORS LP | $3,645,011 | 878,316 | 1.62% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,305,902 | 794,688 | 1.46% | Shares |
| Balyasny Asset Management L.P. | $3,097,270 | 744,536 | 1.37% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,054,459 | 734,245 | 1.35% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,709,038 | 651,211 | 1.20% | Shares |
| DAFNA Capital Management LLC | $2,687,006 | 645,915 | 1.19% | Shares |
| Everstar Asset Management, LLC | $2,545,683 | 611,943 | 1.13% | Shares |
| TWO SIGMA ADVISERS, LP | $2,147,304 | 332,400 | 0.95% | Shares |
| AWM Investment Company, Inc. | $1,977,664 | 475,400 | 0.88% | Shares |
| Bracebridge Capital, LLC | $1,910,339 | 459,216 | 0.85% | Shares |
| JANE STREET GROUP, LLC | $1,819,958 | 437,490 | 0.81% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,731,592 | 416,248 | 0.77% | Shares |
| GOLDMAN SACHS GROUP INC | $1,585,089 | 381,031 | 0.70% | Shares |
| Man Group plc | $1,463,072 | 351,700 | 0.65% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,286,272 | 309,200 | 0.57% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,274,599 | 306,394 | 0.56% | Shares |
| Walleye Capital LLC | $1,175,483 | 282,568 | 0.52% | Shares |
| Simplify Asset Management Inc. | $1,159,488 | 278,723 | 0.51% | Shares |
| Rosalind Advisors, Inc. | $1,040,000 | 250,000 | 0.46% | Shares |
| Latash Investments, LLC | $1,011,437 | 243,134 | 0.45% | Shares |
| Hudson Bay Capital Management LP | $973,440 | 234,000 | 0.43% | Shares |
| Lido Advisors, LLC | $895,715 | 215,316 | 0.40% | Shares |
| DIADEMA PARTNERS LP | $892,736 | 214,600 | 0.40% | Call option |
| STATE OF WISCONSIN INVESTMENT BOARD | $874,802 | 210,289 | 0.39% | Shares |
| CITADEL ADVISORS LLC | $803,712 | 193,200 | 0.36% | Call option |
| Aquatic Capital Management LLC | $724,381 | 174,130 | 0.32% | Shares |
| FEDERATED HERMES, INC. | $714,076 | 171,653 | 0.32% | Shares |
| Cahill Wealth Management, LLC | $633,305 | 218,381 | 0.28% | Shares |
| RHUMBLINE ADVISERS | $620,021 | 149,046 | 0.27% | Shares |
| CITADEL ADVISORS LLC | $523,690 | 125,887 | 0.23% | Shares |
| PNC Financial Services Group, Inc. | $522,234 | 125,537 | 0.23% | Shares |
| Bleakley Financial Group, LLC | $467,226 | 112,314 | 0.21% | Shares |
| HighTower Advisors, LLC | $441,688 | 106,175 | 0.20% | Shares |
| Financial Engines Advisors L.L.C. | $423,459 | 101,793 | 0.19% | Shares |
| Bank of New York Mellon Corp | $422,523 | 101,568 | 0.19% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $413,808 | 99,473 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $396,906 | 95,640 | 0.18% | Shares |
| VANGUARD GROUP INC | $367,167 | 56,837 | 0.16% | Shares |
| CITIGROUP INC | $363,651 | 87,416 | 0.16% | Shares |
| LPL Financial LLC | $347,206 | 83,463 | 0.15% | Shares |
| Sugar Maple Asset Management, LLC | $345,530 | 83,060 | 0.15% | Shares |
| UBS Group AG | $344,926 | 82,915 | 0.15% | Shares |
| Squarepoint Ops LLC | $292,956 | 70,422 | 0.13% | Shares |
| CORSAIR CAPITAL MANAGEMENT, L.P. | $291,200 | 70,000 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $272,480 | 65,500 | 0.12% | Put option |
| MetLife Investment Management, LLC | $264,376 | 63,552 | 0.12% | Shares |
| Beacon Pointe Advisors, LLC | $251,680 | 60,500 | 0.11% | Shares |
| OPPENHEIMER & CO INC | $212,376 | 51,052 | 0.09% | Shares |
| WINTON GROUP Ltd | $209,664 | 50,400 | 0.09% | Shares |
| Engineers Gate Manager LP | $207,497 | 49,879 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $206,864 | 49,727 | 0.09% | Shares |
| OSAIC HOLDINGS, INC. | $198,138 | 47,630 | 0.09% | Shares |
| Russell Investments Group, Ltd. | $184,075 | 44,249 | 0.08% | Shares |
| Penbrook Management LLC | $180,128 | 43,300 | 0.08% | Shares |
| BlackRock, Inc. | $178,955 | 43,018 | 0.08% | Shares |
| Invesco Ltd. | $177,387 | 42,641 | 0.08% | Shares |
| Voleon Capital Management LP | $172,894 | 41,561 | 0.08% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $165,855 | 39,869 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $160,110 | 38,488 | 0.07% | Shares |
| HBK Sorce Advisory LLC | $159,764 | 42,547 | 0.07% | Shares |
| DAYMARK WEALTH PARTNERS, LLC | $159,236 | 38,278 | 0.07% | Shares |
| VERUS CAPITAL PARTNERS, LLC | $158,496 | 38,100 | 0.07% | Shares |
| D. E. Shaw & Co., Inc. | $156,582 | 37,640 | 0.07% | Shares |
| LETKO, BROSSEAU & ASSOCIATES INC | $146,952 | 35,325 | 0.07% | Shares |
| SUMMIT WEALTH & RETIREMENT PLANNING, INC. | $145,600 | 35,000 | 0.06% | Shares |
| Quantinno Capital Management LP | $143,924 | 34,597 | 0.06% | Shares |
| PROFUND ADVISORS LLC | $136,194 | 32,739 | 0.06% | Shares |
| TRANSCEND CAPITAL ADVISORS, LLC | $131,086 | 31,511 | 0.06% | Shares |
| Nuveen Asset Management, LLC | $124,799 | 35,056 | 0.06% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $121,763 | 29,270 | 0.05% | Shares |
| AXQ CAPITAL, LP | $116,896 | 28,100 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $115,232 | 27,700 | 0.05% | Shares |
| SEI INVESTMENTS CO | $113,776 | 27,350 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $113,568 | 27,300 | 0.05% | Shares |
| Nuveen, LLC | $113,427 | 27,266 | 0.05% | Shares |
| NATIXIS | $108,006 | 25,963 | 0.05% | Shares |
| RAYMOND JAMES FINANCIAL INC | $107,070 | 25,738 | 0.05% | Shares |
| JANE STREET GROUP, LLC | $102,752 | 24,700 | 0.05% | Call option |
| Rafferty Asset Management, LLC | $99,557 | 23,932 | 0.04% | Shares |
| Quantbot Technologies LP | $98,621 | 23,707 | 0.04% | Shares |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | $91,563 | 21,595 | 0.04% | Shares |
| PFG Investments, LLC | $89,028 | 21,401 | 0.04% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $87,938 | 21,139 | 0.04% | Shares |
| Pure Financial Advisors, LLC | $84,124 | 20,222 | 0.04% | Shares |
| JANE STREET GROUP, LLC | $83,616 | 20,100 | 0.04% | Put option |
| China Universal Asset Management Co., Ltd. | $83,054 | 19,965 | 0.04% | Shares |
Company insiders 29 insiders · 18 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Daniel Barber | President and CEO | Aug. 17, 2026 S | 585,574 | 0 | 8 | $-1,653,433 |
| Keith J Kendall | CEO and President | March 10, 2022 A | 1,000 | 0 | 0 | $0 |
| Ernest A Toth JR | Chief Financial Officer | May 5, 2026 F | 283,460 | 0 | 1 | $-242,919 |
| John T. Maxwell | SVP-Chief Financial Officer | Aug. 18, 2020 S | 150,614 | 0 | 0 | $0 |
| Cassie Jung | Chief Operating Officer | May 5, 2026 F | 202,246 | 0 | 3 | $-975,549 |
| Thomas A. Zalewski | Chief Legal Officer | May 18, 2026 A | 100,000 | 0 | 0 | $0 |
| Melina Cioffi | SVP, Regulatory Affairs | May 15, 2026 F | 273,200 | 0 | 1 | $-105,547 |
| Lori J Braender | Corporate Secretary | May 7, 2026 F | 231,042 | 0 | 1 | $-167,225 |
| Peter E. Boyd | Chief People Officer | May 5, 2026 F | 281,731 | 0 | 4 | $-336,824 |
| Matthew J. Greenhawt | Chief Medical Officer | March 9, 2026 A | 75,000 | 0 | 0 | $0 |
| Matthew W. Davis | Chief Development Officer | March 9, 2026 A | 100,000 | 0 | 0 | $0 |
| Carl N Kraus | Chief Medical Officer | Oct. 15, 2025 S | 282,475 | 0 | 1 | $-141,904 |
| Stephen Wargacki | Chief Science Officer | March 7, 2025 A | 343,552 | 0 | 0 | $0 |
| Alexander Mark Schobel | Chief Innovation/Tech Officer | March 9, 2024 F | 980,726 | 0 | 0 | $0 |
| Ken W. Marshall | SVP, Chief Commercial Officer | Aug. 9, 2023 A | 150,000 | 0 | 0 | $0 |
| Kenneth Truitt | Chief Medical Officer | Sept. 6, 2022 A | — | 0 | 0 | $0 |
| Theresa Wood | SVP-HR and Org. Development | March 10, 2022 A | 80,765 | 0 | 0 | $0 |
| Gary H Slatko | SVP, Chief Medical Officer | March 16, 2020 A | — | 0 | 0 | $0 |
| Julie Krop | Director | June 23, 2026 M | 0 | 0 | 1 | $-125,500 |
| Abigail L. Jenkins | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Marco Taglietti | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| John Cochran | Director | June 10, 2026 A | 99,486 | 0 | 0 | $0 |
| Gregory B Brown | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Timothy E Morris | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| COSTA SANTO J | Director | June 20, 2024 A | — | 0 | 0 | $0 |
| Nancy Lurker | Director | June 15, 2021 A | — | 0 | 0 | $0 |
| James S Scibetta | Director | June 15, 2021 A | 31,635 | 0 | 0 | $0 |
| Douglas K Bratton | 10% owner | Dec. 2, 2024 G | 199,841 | 0 | 0 | $0 |
| Sherry Korczynski | — | Aug. 14, 2026 F | 235,689 | 0 | 1 | $-65,640 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 23 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 |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 0.56% | 17,545 NS | April 30, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.55% | 27,815 SH | Aug. 21, 2026 | Daily |
| FSCC · Federated Hermes ETF Trust | 0.23% | 161,474 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.11% | 371,491 SH | Aug. 21, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.04% | 7,314 SH | Aug. 21, 2026 | Daily |
| BIB · ProShares Trust | 0.02% | 4,511 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 59,348 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 638,271 SH | Aug. 21, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 2,775,197 SH | Aug. 21, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 374,338 SH | Aug. 21, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 4,799 NS | May 31, 2026 | N-PORT |
| RB · ProShares Trust | 0.01% | 30 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 621,390 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 43,284 SH | Aug. 19, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 3,753 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 3,792 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 4,028 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 95 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 165,971 SH | Aug. 21, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 34,018 SH | Aug. 21, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,077,349 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,403,709 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 10,223 SH | Aug. 19, 2026 | Daily |