ARDX Ardelyx, Inc. - Common Stock
$4.05
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$4–$8
4% of range
Analyst Rating
STRONG BUY
18 analysts
Price Target
$13
+221% upside
P/E (TTM)
-15.6
ROE
-40.2%
Net Profit Margin
-15.1%
About Ardelyx, Inc. - Common Stock Company overview from Wikipedia
ARDX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.04
Market Cap
$988M
P/E (TTM)
-15.6
EPS (TTM)
$-0.26
Revenue (TTM)
$407M
Div Yield
—
ROE
-40.2%
Debt/Equity
—
52W Range
$4 – $8
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$407M
2017-12-31
→
2025-12-31
EPS
$-0.26
2019-12-31
→
2025-12-31
Free Cash Flow
$-44M
2016-12-31
→
2025-12-31
Margins
-15.1%
2017-12-31
→
2019-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ARDX
Peer Median
P/E (TTM)
-15.6
—
P/S (TTM)
2.4
12.8
P/B
5.9
3.4
Price / FCF
-22.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ARDX
Peer Median
Operating Margin
-10.1%
—
Net Profit Margin
-15.1%
-294.4%
ROA
-13.1%
-31.3%
ROE
-40.2%
-38.1%
ROIC
-24.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ARDX
Peer Median
Current Ratio
4.3
10.9
Quick Ratio
1.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ARDX
Peer Median
Revenue YoY
22.1%
—
Revenue CAGR 3Y
98.4%
—
Revenue CAGR 5Y
121.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ARDX
Peer Median
ARDX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
STRONG BUY
18 analysts
- Strong Buy 10 55.6%
- Buy 7 38.9%
- Hold 1 5.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-14
Median
$13.50
← Below all targets
$4.04
Low
$8.00
High
$18.00
Median target
$13.50
+233.7%
Mean target
$13.00
+221.4%
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 | $-0.07 | $-0.07 | -0.00% |
| March 31, 2026 | $-0.15 | $-0.15 | -0.00% |
| Dec. 31, 2025 | $0.00 | $0.01 | -0.01% |
| Sept. 30, 2025 | $0.00 | $-0.06 | 0.06% |
| June 30, 2025 | $-0.08 | $-0.14 | 0.06% |
| March 31, 2025 | $-0.17 | $-0.12 | -0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ARDX | $1.42B | -22.4 | 22.1% | -15.1% | -40.2% | — |
| SANA | $1.09B | -4.2 | — | — | -172.3% | — |
| SVRA | $1.23B | -11.4 | — | — | -73.4% | — |
| AVTX | $336M | -3.1 | -86.6% | -132642.4% | -83.4% | — |
| ODTX | — | — | — | — | — | — |
| KURA | $913M | -3.3 | 25.2% | -413.0% | -116.2% | — |
| JANX | $833M | -7.5 | -5.5% | -1136.2% | -11.7% | — |
| CLYM | $191M | -4.5 | — | — | -34.6% | — |
| GERN | $845M | -10.2 | -60.2% | — | -34.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $407M | $334M | $124M | $52M | $10M | $8M | $5M | $3M | $42M | · | $24M | $32M | |
| Cost of Revenue | $40M | $51M | $18M | $4M | $1M | $145.0K | $600.0K | $466.0K | $8M | · | · | · | |
| Gross Profit | · | · | · | · | · | · | $5M | $2M | $34M | · | $24M | · | |
| R&D Expense | $72M | $52M | $36M | $35M | $91M | $65M | $72M | $69M | $75M | $94M | $40M | $26M | |
| SG&A Expense | $337M | $259M | $134M | $77M | $72M | $33M | $24M | $24M | $23M | $19M | $14M | $7M | |
| Operating Expenses | $448M | $362M | $188M | $112M | $163M | $98M | $97M | $94M | $99M | $113M | $53M | $33M | |
| Operating Income | $-41M | $-28M | $-63M | $-64M | $-154M | $-91M | $-91M | $-91M | $-65M | $-113M | $-29M | $-2M | |
| Interest Expense | · | · | $5M | $3M | $5M | $5M | $6M | $4M | · | · | · | · | |
| Other Non-op | $9M | $9M | $7M | $2M | $687.0K | $2M | $2M | $3M | $2M | $508.0K | $-261.0K | $10.0K | |
| Pretax Income | $-61M | $-39M | $-66M | $-67M | $-158M | $-94M | $-95M | $-91M | $-63M | $-112M | $-30M | $-3M | |
| Income Tax | $969.0K | $266.0K | $547.0K | $8.0K | $4.0K | $2.0K | $303.0K | $4.0K | $1M | · | $-29.0K | $67.0K | |
| Net Income | $-62M | $-39M | $-66M | $-67M | $-158M | $-94M | $-95M | $-91M | $-64M | $-112M | $-30M | $-3M | |
| EPS (Basic) | $-0.26 | $-0.17 | $-0.30 | $-0.42 | $-1.52 | $-1.05 | $-1.47 | · | · | · | · | · | |
| EPS (Diluted) | $-0.26 | $-0.17 | $-0.30 | $-0.42 | $-1.52 | $-1.05 | $-1.47 | · | · | · | · | · | |
| Shares (Basic) | 241,033,750 | 235,232,927 | 219,331,253 | 158,690,083 | 104,205,645 | 89,582,138 | 64,478,066 | · | · | · | · | · | |
| Shares (Diluted) | 241,033,750 | 235,232,927 | 219,331,253 | 158,690,083 | 104,205,645 | 89,582,138 | 64,478,066 | · | · | · | · | · | |
| EBITDA | $-38M | $-26M | $-62M | $-63M | $-154M | $-91M | $-91M | $-91M | $-65M | $-113M | $-29M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $68M | $65M | $21M | $96M | $72M | $91M | $181M | $79M | $75M | $75M | $107M | $107M | |
| Receivables | $72M | $58M | $22M | $8M | $502.0K | $0 | · | · | · | · | · | $3M | |
| Inventory | $123M | $91M | $49M | $28M | $0 | · | · | · | · | · | · | · | |
| Prepaid Expense | $14M | $11M | $8M | $5M | $7M | $8M | $4M | $3M | $5M | $3M | $5M | $1M | |
| Current Assets | $382M | $356M | $246M | $154M | $134M | $195M | $252M | $176M | $150M | $204M | $112M | $111M | |
| PP&E (Net) | $2M | $1M | $1M | $1M | $2M | $2M | $3M | $6M | $8M | $9M | $5M | $2M | |
| PP&E (Gross) | $5M | $12M | $11M | $11M | $18M | $16M | $16M | $16M | $16M | $14M | $9M | $6M | |
| Accum. Depreciation | $3M | $11M | $10M | $10M | $16M | $14M | $13M | $10M | $8M | $5M | $4M | $4M | |
| Other Non-current Assets | $7M | $5M | $4M | $881.0K | $1M | $552.0K | $314.0K | $1M | $159.0K | $148.0K | $104.0K | $104.0K | |
| Total Assets | $502M | $436M | $298M | $190M | $150M | $202M | $260M | $183M | $158M | $213M | $117M | $113M | |
| Accounts Payable | $19M | $16M | $11M | $11M | $4M | $6M | $2M | $1M | $4M | $6M | $3M | $3M | |
| Accrued Liabilities | · | · | · | · | · | · | · | $13M | $11M | $10M | $1M | · | |
| Current Liabilities | $89M | $78M | $50M | $66M | $53M | $28M | $22M | $18M | $18M | $19M | $8M | $22M | |
| Capital Leases | $4M | $1M | $2M | $6M | $10M | $413.0K | $2M | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | $0 | · | · | · | · | $720.0K | $779.0K | $322.0K | $122.0K | |
| Total Liabilities | $335M | $262M | $131M | $92M | $67M | $75M | $73M | $68M | $19M | $20M | $8M | $53M | |
| Long-term Debt | $203M | $151M | $50M | $27M | $32M | $51M | $50M | $52M | · | · | · | · | |
| Common Stock | $24.0K | $24.0K | $23.0K | $20.0K | $13.0K | $9.0K | $9.0K | $6.0K | $5.0K | $5.0K | $3.0K | $2.0K | |
| Retained Earnings | $-947M | $-885M | $-846M | $-780M | $-713M | $-555M | $-460M | $-366M | $-278M | $-214M | $-101M | $-72M | |
| AOCI | $198.0K | $57.0K | $224.0K | $-54.0K | $-6.0K | $-4.0K | $20.0K | $-38.0K | $-47.0K | $-71.0K | · | · | |
| Stockholders' Equity | $167M | $173M | $167M | $98M | $83M | $126M | $187M | $116M | $139M | $193M | $109M | $61M | |
| Liabilities + Equity | $502M | $436M | $298M | $190M | $150M | $202M | $260M | $183M | $158M | $213M | $117M | $113M | |
| Shares Outstanding | 244,351,501 | 238,015,825 | 232,453,190 | 198,575,016 | 130,182,535 | 93,599,975 | 88,817,741 | 62,516,627 | 47,534,979 | 47,309,422 | 25,964,886 | 18,589,245 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $2M | $1M | $1M | $3M | $3M | $2M | $3M | $3M | $1M | $800.0K | $300.0K | |
| Stock-based Comp | $49M | $37M | $14M | $11M | $12M | $11M | $10M | $9M | $10M | $5M | $3M | $2M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $-30.0K | · | · | · | |
| Restructuring | · | · | · | · | $6M | · | · | · | · | · | · | · | |
| Other Non-cash | $-33M | $-45M | $-38M | $-15M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-42M | $-45M | $-90M | $-70M | $-153M | $-81M | $-76M | $-70M | $-65M | $-93M | $-72M | $13M | |
| CapEx | $1M | $1M | $344.0K | $55.0K | $2M | $324.0K | $325.0K | $311.0K | $2M | $5M | $3M | $2M | |
| Investing Cash Flow | $-9M | $-18M | $-131M | $18M | $51M | $-31M | $23M | $-30M | $65M | $-131M | $-3M | · | |
| Stock Issued | $0 | $0 | $119M | $72M | $101M | $21M | $0 | · | · | $191M | $74M | $61M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | $2.0K | |
| Net Stock Activity | $0 | $0 | $119M | $72M | $101M | · | · | · | · | $191M | $74M | · | |
| Financing Cash Flow | $55M | $107M | $146M | $75M | $83M | $23M | $155M | $104M | $685.0K | $191M | $75M | · | |
| Net Change in Cash | $3M | $43M | $-75M | $24M | $-19M | $-90M | $102M | $3M | $785.0K | $-32M | $-282.0K | $73M | |
| Taxes Paid | $485.0K | $266.0K | $51.0K | $6.0K | $4.0K | $1.0K | $2.0K | $4.0K | $3.0K | · | $69.0K | · | |
| Free Cash Flow | $-44M | $-46M | $-90M | $-70M | $-154M | $-82M | $-77M | $-71M | $-68M | $-97M | $-75M | · | |
| Levered FCF | · | · | $-95M | $-73M | $-159M | $-87M | $-83M | $-74M | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | 88.6% | 82.1% | 80.0% | · | · | · | |
| Operating Margin | -10.1% | -8.4% | -50.8% | -122.2% | -1528.6% | -1199.1% | -1728.1% | -3488.6% | -155.0% | · | -122.3% | · | |
| Net Margin | -15.1% | -11.7% | -53.1% | -128.8% | -1566.5% | -1245.7% | -1797.8% | -3502.0% | -153.2% | · | -123.3% | · | |
| Pretax Margin | -14.9% | -11.7% | -52.6% | -128.8% | -1566.4% | -1245.7% | -1792.0% | -3501.9% | -150.4% | · | -123.4% | · | |
| EBITDA Margin | -9.3% | -7.8% | -49.8% | -120.0% | -1528.6% | -1199.1% | -1728.1% | -3488.6% | -155.0% | · | -122.3% | · | |
| ROA | -13.1% | -10.7% | -27.1% | -39.5% | -90.0% | -40.9% | -42.9% | -53.5% | -34.7% | -68.1% | -25.7% | · | |
| ROE | -40.2% | -23.6% | -36.9% | -81.4% | -192.8% | -73.3% | -80.5% | -71.0% | -38.7% | -74.4% | -34.9% | · | |
| ROIC | -24.9% | -16.2% | -38.2% | -64.8% | -186.8% | -72.0% | -49.0% | -78.5% | -47.6% | · | -27.0% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.3 | 4.6 | 4.9 | 2.3 | 2.5 | 6.9 | 11.3 | 9.9 | 8.4 | 10.6 | 14.5 | · | |
| Quick Ratio | 1.6 | 1.6 | 0.9 | 1.6 | 1.4 | 3.2 | 8.2 | 4.4 | 4.2 | 3.9 | 13.9 | · | |
| Interest Coverage | · | · | -12.8 | -18.8 | -34.3 | -17.8 | -15.9 | -25.7 | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.9 | 0.5 | 0.3 | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | · | 0.2 | · | |
| Inventory Turnover | 0.4 | 0.7 | 0.5 | 0.3 | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 6.3 | 8.4 | 8.4 | 12.7 | 40.2 | · | · | · | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 22.1% | 168.1% | 138.6% | 416.6% | 33.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 98.4% | 220.9% | 154.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 121.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $407M | $334M | $124M | $52M | $10M | $8M | $5M | $3M | $42M | $38M | $24M | $32M | |
| Net Income TTM | $-62M | $-39M | $-66M | $-67M | $-158M | $-94M | $-95M | $-91M | $-64M | $-112M | $-30M | $-3M | |
| Market Cap | $1.42B | $1.21B | $1.44B | $566M | $143M | $606M | $667M | $112M | $314M | $672M | $470M | · | |
| P/E | -22.4 | -29.8 | -20.7 | -6.8 | -0.7 | -6.2 | -5.1 | -1.3 | -4.9 | -8.1 | -16.2 | -7.6 | |
| P/S | 3.5 | 3.6 | 11.6 | 10.9 | 14.2 | 80.0 | 126.2 | 42.9 | 7.5 | 17.7 | 19.6 | · | |
| P/B | 8.5 | 7.0 | 8.6 | 5.8 | 1.7 | 4.8 | 3.6 | 1.0 | 2.3 | 3.5 | 4.3 | · | |
| P / Tangible Book | 8.5 | 7.0 | 8.6 | 5.8 | 1.7 | 4.8 | · | · | · | · | · | · | |
| P / Cash Flow | -33.5 | -26.9 | -16.1 | -8.1 | -0.9 | -7.4 | -8.7 | -1.6 | -4.8 | -7.3 | -6.5 | · | |
| P / FCF | -32.4 | -26.3 | -16.0 | -8.1 | -0.9 | -7.4 | -8.7 | -1.6 | -4.6 | -6.9 | -6.2 | · | |
| Earnings Yield | -4.5% | -3.4% | -4.8% | -14.7% | -138.2% | -16.2% | -19.6% | -76.0% | -20.6% | -12.4% | -6.2% | -13.1% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $121M | $94M | $125M | $110M | $98M | $74M | $116M | $98M | $73M | $46M | $34M | $56M | $22M | $11M | $44M | $5M | |
| Cost of Revenue | $6M | $5M | $11M | $4M | $12M | $12M | $18M | $16M | $9M | $7M | $5M | $8M | $3M | $2M | $3M | $732.0K | |
| R&D Expense | $26M | $20M | $23M | $18M | $16M | $15M | $14M | $15M | $13M | $11M | $10M | $9M | $8M | $9M | $9M | $7M | |
| SG&A Expense | $101M | $102M | $86M | $84M | $84M | $83M | $76M | $65M | $65M | $53M | $48M | $33M | $27M | $27M | $20M | $19M | |
| Operating Expenses | $133M | $127M | $149M | $102M | $112M | $110M | $140M | $80M | $77M | $64M | $75M | $41M | $35M | $36M | $29M | $26M | |
| Operating Income | $-12M | $-33M | $5M | $5M | $-14M | $-36M | $8M | $2M | $-14M | $-25M | $-28M | $7M | $-17M | $-26M | $12M | $-22M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $2M | · | $1M | $1M | $1M | · | $886.0K | |
| Other Non-op | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $1M | $375.0K | $704.0K | |
| Pretax Income | $-17M | $-38M | $-400.0K | $-867.0K | $-19M | $-40M | $5M | $-766.0K | $-16M | $-26M | $-28M | $7M | $-17M | $-27M | $11M | $-23M | |
| Income Tax | $110.0K | $8.0K | $7.0K | $102.0K | $1.0K | $859.0K | $35.0K | $43.0K | $67.0K | $121.0K | $333.0K | $200.0K | $0 | $14.0K | $0 | $0 | |
| Net Income | $-17M | $-38M | $-407.0K | $-969.0K | $-19M | $-41M | $5M | $-809.0K | $-16M | $-27M | $-29M | $7M | $-17M | $-27M | $11M | $-23M | |
| EPS (Basic) | $-0.07 | $-0.15 | $-0.01 | $0.00 | $-0.08 | $-0.17 | $0.01 | $0.00 | $-0.07 | $-0.11 | $-0.12 | $0.03 | $-0.08 | $-0.13 | $0.12 | $-0.14 | |
| EPS (Diluted) | $-0.07 | $-0.15 | $-0.01 | $0.00 | $-0.08 | $-0.17 | $0.01 | $0.00 | $-0.07 | $-0.11 | $-0.12 | $0.03 | $-0.08 | $-0.13 | $0.12 | $-0.14 | |
| Shares (Basic) | 248,067,253 | 245,855,082 | -479,427,372 | 241,908,407 | 239,928,570 | 238,624,145 | -468,315,624 | 235,911,399 | 234,571,192 | 233,065,960 | -425,425,230 | 222,782,229 | 214,951,127 | 207,023,127 | -282,893,873 | 165,104,789 | |
| Shares (Diluted) | 248,067,253 | 245,855,082 | -479,427,372 | 241,908,407 | 239,928,570 | 238,624,145 | -468,315,624 | 235,911,399 | 234,571,192 | 233,065,960 | -430,537,336 | 227,894,335 | 214,951,127 | 207,023,127 | -282,893,873 | 165,104,789 | |
| EBITDA | $-12M | $-32M | · | $5M | $-14M | $-36M | · | $2M | $-14M | $-24M | · | $7M | $-17M | $-26M | · | $-22M |
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 | $97M | $31M | $68M | $43M | $90M | $31M | $65M | $47M | $42M | $36M | · | $34M | $30M | $92M | · | $62M | |
| Receivables | $100M | $83M | $72M | $77M | $63M | $46M | $58M | $53M | $37M | $28M | · | $43M | $9M | $12M | · | $5M | |
| Inventory | $139M | $128M | $123M | $129M | $123M | $106M | $91M | $85M | $83M | $79M | · | $47M | $48M | $45M | · | $10M | |
| Prepaid Expense | $19M | $24M | $14M | $15M | $16M | $15M | $11M | $12M | $11M | $12M | · | $7M | $5M | $6M | · | $7M | |
| Current Assets | $442M | $382M | $382M | $368M | $352M | $313M | $356M | $284M | $263M | $258M | · | $241M | $162M | $167M | · | $120M | |
| PP&E (Net) | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| PP&E (Gross) | · | · | $5M | · | · | · | $12M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $3M | · | · | · | $11M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $7M | $7M | $7M | $7M | $7M | $7M | $5M | $5M | $5M | $6M | · | $2M | $673.0K | $774.0K | · | $13M | |
| Total Assets | $576M | $505M | $502M | $486M | $467M | $410M | $436M | $368M | $343M | $342M | · | $289M | $211M | $217M | · | $145M | |
| Accounts Payable | $38M | $28M | $19M | $18M | $22M | $14M | $16M | $16M | $11M | $17M | · | $8M | $5M | $11M | · | $3M | |
| Current Liabilities | $132M | $110M | $89M | $83M | $82M | $76M | $78M | $70M | $62M | $57M | · | $44M | $62M | $63M | · | $52M | |
| Capital Leases | $3M | $3M | $4M | $4M | $4M | $3M | $1M | $1M | $1M | $778.0K | · | $3M | $4M | $5M | · | $7M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | $170.0K | $172.0K | · | · | · | |
| Total Liabilities | $427M | $356M | $335M | $332M | $327M | $265M | $262M | $210M | $196M | $191M | · | $98M | $88M | $92M | · | $78M | |
| Long-term Debt | $252M | $204M | $203M | $202M | $201M | $151M | $151M | $101M | $100M | $100M | · | $27M | $27M | $27M | · | $27M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $27M | |
| Common Stock | $25.0K | $25.0K | $24.0K | $24.0K | $24.0K | $24.0K | $24.0K | $24.0K | $23.0K | $23.0K | · | $23.0K | $22.0K | $21.0K | · | $19.0K | |
| Retained Earnings | $-1.00B | $-985M | $-947M | $-947M | $-946M | $-926M | $-885M | $-890M | $-889M | $-873M | · | $-817M | $-824M | $-807M | · | $-791M | |
| AOCI | $-193.0K | $-124.0K | $198.0K | $124.0K | $-38.0K | $18.0K | $57.0K | $185.0K | $-101.0K | $-20.0K | · | $-201.0K | $-210.0K | $-20.0K | · | $-114.0K | |
| Stockholders' Equity | $149M | $149M | $167M | $154M | $140M | $146M | $173M | $158M | $147M | $151M | $167M | $191M | $123M | $125M | $98M | $67M | |
| Liabilities + Equity | $576M | $505M | $502M | $486M | $467M | $410M | $436M | $368M | $343M | $342M | · | $289M | $211M | $217M | · | $145M | |
| Shares Outstanding | 249,147,061 | 246,973,414 | 244,351,501 | 242,971,838 | 240,765,516 | 239,201,256 | 238,015,825 | 236,890,431 | 235,401,398 | 233,959,744 | · | 232,133,132 | 217,862,921 | 214,462,050 | · | 187,399,645 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $604.0K | $915.0K | $921.0K | $905.0K | $631.0K | $602.0K | $515.0K | $544.0K | $569.0K | $435.0K | $362.0K | $291.0K | $642.0K | $-3.0K | $127.0K | $279.0K | |
| Stock-based Comp | $15M | $14M | $12M | $13M | $12M | $12M | $10M | $9M | $11M | $8M | $4M | $3M | $3M | $3M | $2M | $2M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Other Non-cash | · | $-10M | · | · | · | $-10M | · | · | · | $-17M | · | · | · | $-21M | · | · | |
| Operating Cash Flow | $-6M | $-32M | $21M | $365.0K | $-25M | $-38M | $10M | $501.0K | $-19M | $-36M | $-9M | $-21M | $-15M | $-45M | $14M | $-25M | |
| CapEx | $13.0K | $69.0K | $361.0K | $156.0K | $650.0K | $325.0K | $593.0K | $137.0K | $131.0K | $150.0K | $43.0K | $194.0K | $93.0K | $14.0K | $55.0K | $0 | |
| Investing Cash Flow | $23M | $-10M | $4M | $-51M | $35M | $3M | $-42M | $2M | $24M | $-3M | $-30M | $-33M | $-59M | $-10M | $1M | $-832.0K | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $-12.0K | $57M | $11M | $51M | $19M | $34M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $51M | · | · | |
| Financing Cash Flow | $50M | $5M | $557.0K | $3M | $50M | $1M | $49M | $3M | $2M | $53M | $26M | $58M | $12M | $51M | $19M | $34M | |
| Net Change in Cash | $66M | $-37M | $25M | $-47M | $59M | $-34M | $18M | $6M | $6M | $15M | $-12M | $4M | $-62M | $-4M | $35M | $8M | |
| Taxes Paid | $170.0K | $-69.0K | $-6.0K | $51.0K | $438.0K | $2.0K | $-6.0K | $0 | $271.0K | $1.0K | $32.0K | $0 | $19.0K | $0 | $0 | $0 | |
| Free Cash Flow | · | $-32M | · | · | · | $-39M | · | · | · | $-36M | · | · | · | $-45M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-38M | · | · | · | $-46M | · | · |
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 | -10.3% | -34.7% | · | 4.2% | -14.7% | -49.0% | · | 2.3% | -18.6% | -53.6% | · | 13.1% | -74.4% | -229.2% | · | -438.8% | |
| Net Margin | -13.8% | -39.8% | · | -0.88% | -19.5% | -55.5% | · | -0.82% | -22.5% | -57.6% | · | 11.8% | -76.7% | -235.5% | · | -459.1% | |
| Pretax Margin | -13.7% | -39.8% | · | -0.79% | -19.5% | -54.4% | · | -0.78% | -22.4% | -57.4% | · | 12.1% | -76.7% | -235.4% | · | -459.1% | |
| EBITDA Margin | -10.3% | -33.7% | · | 4.2% | -14.7% | -48.2% | · | 2.3% | -18.6% | -52.7% | · | 13.1% | -74.4% | -229.3% | · | -438.8% | |
| ROA | -3.2% | -8.2% | · | -0.23% | -4.7% | -10.9% | · | -0.25% | -5.9% | -9.5% | · | 3.0% | -10.0% | -15.5% | · | -14.5% | |
| ROE | -11.6% | -25.6% | · | -0.62% | -13.3% | -27.8% | · | -0.46% | -12.2% | -19.2% | · | 5.1% | -19.4% | -28.2% | · | -30.9% | |
| ROIC | -8.4% | -22.1% | · | 3.4% | -10.3% | -25.5% | · | 1.5% | -9.3% | -16.4% | · | 3.8% | -13.5% | -20.8% | · | -23.4% |
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 | 3.3 | 3.5 | · | 4.4 | 4.3 | 4.1 | · | 4.0 | 4.2 | 4.5 | · | 5.5 | 2.6 | 2.6 | · | 2.3 | |
| Quick Ratio | 1.5 | 1.0 | · | 1.4 | 1.9 | 1.0 | · | 1.4 | 1.3 | 1.1 | · | 1.8 | 0.6 | 1.7 | · | 1.3 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.4 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -10.5 | · | 6.7 | -15.5 | -25.4 | · | -24.7 |
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 | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.1 | 0.1 | · | 0.0 | |
| Inventory Turnover | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | 0.2 | 0.1 | 0.1 | · | 0.3 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.5 | 1.5 | · | 1.7 | 2.0 | 2.0 | · | 2.0 | 3.2 | 2.3 | · | 2.3 | 3.0 | 1.4 | · | 1.8 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $423M | $377M | · | $380M | $343M | $292M | · | $274M | $198M | $136M | · | $95M | $41M | $19M | · | $9M | |
| Net Income TTM | $-74M | $-99M | · | $-62M | $-77M | $-85M | · | $-37M | $-53M | $-64M | · | $-60M | $-94M | $-105M | · | $-121M | |
| Market Cap | $1.27B | $1.48B | · | $1.34B | $944M | $1.17B | · | $1.63B | $1.74B | $1.71B | · | $947M | $739M | $1.03B | · | $223M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $188M | |
| P/E | -17.0 | -15.0 | · | -22.0 | -12.2 | -14.0 | · | -45.9 | -32.2 | -25.2 | · | -12.8 | -6.3 | -7.1 | · | -1.2 | |
| P/S | 3.0 | 3.9 | · | 3.5 | 2.7 | 4.0 | · | 6.0 | 8.8 | 12.5 | · | 10.0 | 17.9 | 53.1 | · | 24.4 | |
| P/B | 8.5 | 10.0 | · | 8.7 | 6.8 | 8.1 | · | 10.3 | 11.9 | 11.3 | · | 5.0 | 6.0 | 8.2 | · | 3.3 | |
| P / Tangible Book | 8.5 | 10.0 | · | 8.7 | 6.8 | 8.1 | · | 10.3 | 11.9 | 11.3 | · | 5.0 | 6.0 | 8.2 | · | 3.3 | |
| P / Cash Flow | · | -45.9 | · | · | · | -30.5 | · | · | · | -47.8 | · | · | · | -22.9 | · | · | |
| P / FCF | · | -45.8 | · | · | · | -30.3 | · | · | · | -47.6 | · | · | · | -22.9 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -8.6 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 20.5 | |
| Earnings Yield | -5.9% | -6.7% | · | -4.5% | -8.2% | -7.1% | · | -2.2% | -3.1% | -4.0% | · | -7.8% | -15.9% | -14.0% | · | -80.7% |
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 | $407M | $334M | $124M | $52M | $10M |
| Operating Margin % | -10.1% | -8.4% | -50.8% | -122.2% | -1528.6% |
| Net Income | $-62M | $-39M | $-66M | $-67M | $-158M |
| Diluted EPS | $-0.26 | $-0.17 | $-0.30 | $-0.42 | $-1.52 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 4.3 | 4.6 | 4.9 | 2.3 | 2.5 |
| Quick Ratio | 1.6 | 1.6 | 0.9 | 1.6 | 1.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-44M | $-46M | $-90M | $-70M | $-154M |
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Institutional owners (13F) 272 filers · $726.5M 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 |
|---|---|---|---|---|
| 50 (+1 vs prior Q) | 31 (-1 vs prior Q) | 84 (-21 vs prior Q) | 84 (+28 vs prior Q) | +17.4M |
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 |
|---|---|---|---|---|
| Rubric Capital Management LP | $82,633,770 | 16,202,700 | 11.37% | Shares |
| MILLENNIUM MANAGEMENT LLC | $70,893,942 | 13,900,773 | 9.76% | Shares |
| STATE STREET CORP | $68,116,253 | 13,356,128 | 9.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $53,404,619 | 10,471,494 | 7.35% | Shares |
| JANUS HENDERSON GROUP PLC | $49,211,025 | 8,215,530 | 6.77% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $48,688,000 | 9,546,732 | 6.70% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $40,936,547 | 8,026,774 | 5.64% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $27,984,544 | 5,485,881 | 3.85% | Shares |
| TWO SIGMA INVESTMENTS, LP | $26,570,097 | 5,209,823 | 3.66% | Shares |
| GOLDMAN SACHS GROUP INC | $11,716,944 | 2,297,440 | 1.61% | Shares |
| Rock Springs Capital Management LP | $11,433,022 | 2,241,769 | 1.57% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11,279,976 | 2,211,760 | 1.55% | Shares |
| ORACLE INVESTMENT MANAGEMENT INC | $10,917,398 | 1,872,624 | 1.50% | Shares |
| Qube Research & Technologies Ltd | $10,662,443 | 2,090,675 | 1.47% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $9,800,923 | 1,765,932 | 1.35% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $8,949,577 | 1,754,819 | 1.23% | Shares |
| Eversept Partners, LP | $8,559,560 | 1,678,345 | 1.18% | Shares |
| J. Goldman & Co LP | $8,057,123 | 1,579,828 | 1.11% | Shares |
| TWO SIGMA ADVISERS, LP | $7,862,921 | 1,348,700 | 1.08% | Shares |
| FIRST TRUST ADVISORS LP | $6,638,282 | 1,301,624 | 0.91% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $6,053,500 | 1,157,457 | 0.83% | Shares |
| MORGAN STANLEY | $5,612,208 | 1,100,433 | 0.77% | Shares |
| CITADEL ADVISORS LLC | $5,252,102 | 1,029,824 | 0.72% | Shares |
| BlackRock, Inc. | $4,905,211 | 961,806 | 0.68% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,671,789 | 916,037 | 0.64% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,552,224 | 892,593 | 0.63% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $4,543,814 | 890,944 | 0.63% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,414,050 | 865,500 | 0.61% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,132,642 | 810,322 | 0.57% | Shares |
| AIGH Capital Management LLC | $3,967,448 | 777,931 | 0.55% | Shares |
| ExodusPoint Capital Management, LP | $3,839,907 | 752,923 | 0.53% | Shares |
| Squarepoint Ops LLC | $3,647,836 | 715,262 | 0.50% | Shares |
| SECTOR GAMMA AS | $3,502,904 | 686,844 | 0.48% | Shares |
| Trexquant Investment LP | $3,368,989 | 660,586 | 0.46% | Shares |
| Redmile Group, LLC | $3,272,925 | 641,750 | 0.45% | Shares |
| Cubist Systematic Strategies, LLC | $3,139,766 | 569,831 | 0.43% | Shares |
| MACKENZIE FINANCIAL CORP | $2,417,879 | 474,094 | 0.33% | Shares |
| Swiss National Bank | $2,384,760 | 467,600 | 0.33% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $2,142,000 | 420,000 | 0.29% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,098,069 | 411,386 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,033,880 | 398,800 | 0.28% | Put option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,815,791 | 303,137 | 0.25% | Shares |
| Clay Northam Wealth Management, LLC | $1,703,987 | 334,115 | 0.23% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,585,972 | 264,770 | 0.22% | Shares |
| Raiffeisen Bank International AG | $1,569,000 | 300,000 | 0.22% | Shares |
| RHUMBLINE ADVISERS | $1,559,570 | 305,800 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,558,560 | 305,600 | 0.21% | Call option |
| DIADEMA PARTNERS LP | $1,545,428 | 303,025 | 0.21% | Shares |
| CITADEL ADVISORS LLC | $1,545,300 | 303,000 | 0.21% | Put option |
| MILLENNIUM MANAGEMENT LLC | $1,530,000 | 300,000 | 0.21% | Call option |
| CITIGROUP INC | $1,521,549 | 298,343 | 0.21% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,480,295 | 290,254 | 0.20% | Shares |
| Knott David M Jr | $1,342,157 | 263,168 | 0.18% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,311,735 | 257,203 | 0.18% | Shares |
| Freestone Grove Partners LP | $1,293,829 | 253,692 | 0.18% | Shares |
| IEQ CAPITAL, LLC | $1,228,070 | 240,798 | 0.17% | Shares |
| Headlands Technologies LLC | $1,228,060 | 240,796 | 0.17% | Shares |
| Pekin Hardy Strauss, Inc. | $1,154,640 | 226,400 | 0.16% | Shares |
| Bank of New York Mellon Corp | $1,137,504 | 223,040 | 0.16% | Shares |
| LPL Financial LLC | $1,074,121 | 210,612 | 0.15% | Shares |
| Rafferty Asset Management, LLC | $1,051,431 | 206,163 | 0.14% | Shares |
| Stonepine Capital Management, LLC | $1,050,000 | 150,000 | 0.14% | Call option |
| JANE STREET GROUP, LLC | $1,049,070 | 205,700 | 0.14% | Put option |
| Virtus Investment Advisers, LLC | $1,042,302 | 204,373 | 0.14% | Shares |
| FRANKLIN RESOURCES INC | $1,027,370 | 201,445 | 0.14% | Shares |
| Caption Management, LLC | $1,020,000 | 200,000 | 0.14% | Put option |
| MONIMUS CAPITAL MANAGEMENT, LP | $997,616 | 195,611 | 0.14% | Shares |
| Carrera Capital Advisors | $995,311 | 195,159 | 0.14% | Shares |
| Nuveen, LLC | $921,106 | 180,609 | 0.13% | Shares |
| JANE STREET GROUP, LLC | $875,160 | 171,600 | 0.12% | Call option |
| Walleye Capital LLC | $872,171 | 171,014 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $849,257 | 166,521 | 0.12% | Shares |
| SIMPLEX TRADING, LLC | $772,277 | 151,427 | 0.11% | Shares |
| Caption Management, LLC | $765,000 | 150,000 | 0.11% | Call option |
| STATE OF WISCONSIN INVESTMENT BOARD | $731,468 | 143,425 | 0.10% | Shares |
| MetLife Investment Management, LLC | $727,525 | 142,652 | 0.10% | Shares |
| CWM, LLC | $703,406 | 117,430 | 0.10% | Shares |
| PFG Investments, LLC | $702,066 | 137,660 | 0.10% | Shares |
| Caption Management, LLC | $663,000 | 130,000 | 0.09% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $659,772 | 129,367 | 0.09% | Shares |
| Lion Point Capital, LP | $656,115 | 128,650 | 0.09% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $624,209 | 122,394 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $575,810 | 112,904 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $574,071 | 112,563 | 0.08% | Shares |
| GROUP ONE TRADING LLC | $540,105 | 105,903 | 0.07% | Shares |
| PROFUND ADVISORS LLC | $537,224 | 105,338 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $535,102 | 104,922 | 0.07% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $527,819 | 103,494 | 0.07% | Shares |
| HSBC HOLDINGS PLC | $509,286 | 100,550 | 0.07% | Shares |
| DIVERSIFIED TRUST CO | $495,959 | 97,247 | 0.07% | Shares |
| Invesco Ltd. | $495,159 | 97,090 | 0.07% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $451,825 | 85,573 | 0.06% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $449,009 | 88,041 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $442,680 | 86,800 | 0.06% | Call option |
| BARCLAYS PLC | $433,776 | 85,054 | 0.06% | Shares |
| PRUDENTIAL FINANCIAL INC | $431,919 | 84,690 | 0.06% | Shares |
| NATIXIS | $398,856 | 78,207 | 0.05% | Shares |
| Persistent Asset Partners Ltd | $394,592 | 77,371 | 0.05% | Shares |
| Arax Advisory Partners | $392,348 | 76,931 | 0.05% | Shares |
| Balyasny Asset Management L.P. | $390,650 | 76,598 | 0.05% | Shares |
Company insiders 43 insiders · 15 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Raab | President & CEO | July 15, 2026 M | 1,678,366 | 0 | 9 | $-1,557,439 |
| Justin A Renz | Chief Financial Officer | May 23, 2023 S | 336,733 | 0 | 0 | $0 |
| Mark Kaufmann | Chief Financial Officer | July 26, 2018 A | 151,386 | 0 | 0 | $0 |
| Reginald Seeto | Chief Operating Officer | Jan. 16, 2018 A | 149,885 | 0 | 0 | $0 |
| Laura A Williams | Chief Patient Officer | June 18, 2026 M | 378,195 | 0 | 1 | $-490,569 |
| Robert Ora Felsch | SVP Finance and Chief Accounting Officer | May 23, 2023 S | 116,158 | 0 | 0 | $0 |
| Robert Blanks | Chief Regulatory and Quality Affairs Officer | May 23, 2023 S | 266,134 | 0 | 0 | $0 |
| Susan Rodriguez | Chief Commercial Officer | May 23, 2023 S | 353,420 | 0 | 0 | $0 |
| David P. Rosenbaum | Chief Development Officer | May 23, 2023 S | 112,162 | 0 | 0 | $0 |
| Elizabeth A Grammer | Chief Legal and Administrative Officer | May 23, 2023 S | 330,451 | 0 | 0 | $0 |
| Jeremy S Caldwell | EVP, Chief Scientific Officer | Jan. 16, 2018 A | 44,497 | 0 | 0 | $0 |
| Jeffrey W Jacobs | SVP, Technical Operations | March 1, 2017 M | 68,450 | 0 | 0 | $0 |
| Paul Korner | EVP, Chief Medical Officer | Jan. 19, 2017 A | 72,608 | 0 | 0 | $0 |
| Narani Arasaratnam | VP, Corporate Controller | Jan. 15, 2016 A | 1,232 | 0 | 0 | $0 |
| George Jue | VP, Operations | March 2, 2015 S | 24,134 | 0 | 0 | $0 |
| Muna Bhanji | Director | June 16, 2026 A | 163,808 | 0 | 0 | $0 |
| Onaiza Cadoret-Manier | Director | June 16, 2026 A | 178,156 | 0 | 0 | $0 |
| Merdad Parsey | Director | June 16, 2026 A | 83,746 | 0 | 0 | $0 |
| Robert B Bazemore | Director | June 16, 2026 A | 68,006 | 0 | 0 | $0 |
| Richard J Rodgers | Director | June 16, 2026 A | 439,998 | 0 | 0 | $0 |
| William C Bertrand JR | Director | June 16, 2026 A | 329,507 | 0 | 0 | $0 |
| David M Mott | Director | June 16, 2026 A | 3,349,655 | 0 | 0 | $0 |
| Annalisa Jenkins | Director | June 13, 2018 A | 13,399 | 0 | 0 | $0 |
| Jan M Lundberg | Director | June 13, 2018 A | 11,786 | 0 | 0 | $0 |
| Gordon Ringold | Director | June 13, 2018 A | 25,000 | 0 | 0 | $0 |
| Peter G Schultz | Director | June 11, 2015 A | 910,339 | 0 | 0 | $0 |
| Forest Baskett | 10% owner | Dec. 15, 2021 S | 2,258,850 | 0 | 0 | $0 |
| Scott D. Sandell | 10% owner | Dec. 15, 2021 S | 2,258,850 | 0 | 0 | $0 |
| New Enterprise Associates 12, Limited Partnership | 10% owner | June 10, 2020 J | 8,086,401 | 0 | 0 | $0 |
| Patrick J. Kerins | 10% owner | June 10, 2020 J | 11,324 | 0 | 0 | $0 |
| NEA 15 GP, LLC | 10% owner | Dec. 9, 2019 A | 3,482,186 | 0 | 0 | $0 |
| Mohamad Makhzoumi | 10% owner | Dec. 9, 2019 A | 3,482,186 | 0 | 0 | $0 |
| Anthony A. Florence, Jr. | 10% owner | Dec. 9, 2019 A | 3,482,186 | 0 | 0 | $0 |
| Peter W. Sonsini | 10% owner | Dec. 9, 2019 A | 3,482,186 | 0 | 0 | $0 |
| Joshua Makower | 10% owner | Dec. 9, 2019 A | 3,482,186 | 0 | 0 | $0 |
| Peter J Barris | 10% owner | Dec. 9, 2019 A | 3,482,186 | 0 | 0 | $0 |
| Jon Sakoda | 10% owner | May 25, 2018 A | 3,082,186 | 0 | 0 | $0 |
| Ravi Viswanathan | 10% owner | May 25, 2018 A | 3,082,186 | 0 | 0 | $0 |
| James M Barrett | 10% owner | May 25, 2018 A | 9,169,210 | 0 | 0 | $0 |
| Harry R Weller | 10% owner | July 18, 2016 P | 2,665,519 | 0 | 0 | $0 |
| Krishna Kittu Kolluri | 10% owner | July 18, 2016 P | 2,665,519 | 0 | 0 | $0 |
| Ryan D Drant | 10% owner | June 5, 2015 P | 7,488,893 | 0 | 0 | $0 |
| John E Bishop | — | May 21, 2026 S | 336,845 | 0 | 1 | $-14,459 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Dec. 29, 2021 | — | Initial filing | — | SEC | |
| New Enterprise Associates 12, Limited Partnership, New Enterprise Associates 15, L.P., NEA 15 Opportunity Fund, L.P., NEA Partners 12, Limited Partnership, NEA Partners 15, L.P., NEA Partners 15-OF, L.P., NEA 12 GP, LLC, NEA 15 GP, LLC, Forest Baskett, Anthony A. Florence, Jr., Patrick J. Kerins, Mohamad H. Makhzoumi, Joshua Makower, Scott D. Sandell, Peter W. Sonsini ×7 filings | June 18, 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 37 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 |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.63% | 152,393 NS | April 30, 2026 | N-PORT |
| PBE · Invesco Exchange-Traded Fund Trust | 1.53% | 1,387,554 SH | Aug. 8, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.54% | 438,991 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.47% | 779,797 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.21% | 8,632 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.18% | 346,769 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.10% | 72,709 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.07% | 9,066 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 85,753 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.07% | 3,899 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.07% | 2,201,424 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.07% | 262,064 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.07% | 13,445 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 1,406,578 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.04% | 6,233,216 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.04% | 11,276 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 1,166,243 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 111,086 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.02% | 8,820 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 41,767 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.02% | 86,948 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 701,169 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.02% | 10,655 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 117,949 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 23,168 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 8,927 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 14,232 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 2,830,493 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 9,712 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 224 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 92,325 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 16,392 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 144,359 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 366,020 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 56,940 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 7,404,867 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 19,726 SH | Aug. 8, 2026 | Daily |