ARQT Arcutis Biotherapeutics, Inc. - Common stock
$27.03
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$15–$32
72% of range
Analyst Rating
BUY
14 analysts
Price Target
$37
+36% upside
P/E (TTM)
-207.9
ROE
-9.8%
Net Profit Margin
-4.3%
ARQT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$27.03
Market Cap
$3.33B
P/E (TTM)
-207.9
EPS (TTM)
$-0.13
Revenue (TTM)
$376M
Div Yield
—
ROE
-9.8%
Debt/Equity
0.6
52W Range
$15 – $32
ARQT 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
$376M
2020-12-31
→
2025-12-31
EPS
$-0.13
2019-12-31
→
2025-12-31
Free Cash Flow
$-6M
2020-12-31
→
2025-12-31
Margins
-4.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ARQT
Peer Median
P/E (TTM)
-207.9
—
P/S (TTM)
8.9
18.3
P/B
17.6
3.3
EV / EBITDA
-278.1
—
Price / FCF
-528.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ARQT
Peer Median
Operating Margin
-3.2%
—
Net Profit Margin
-4.3%
-180.4%
ROA
-4.1%
-36.2%
ROE
-9.8%
-43.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ARQT
Peer Median
Debt / Equity
0.6
—
Current Ratio
3.2
9.7
Quick Ratio
1.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ARQT
Peer Median
Revenue YoY
91.3%
—
Revenue CAGR 3Y
367.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ARQT
Peer Median
ARQT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 4 28.6%
- Buy 8 57.1%
- Hold 2 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-13
Median
$37.00
← Below all targets
$27.03
Low
$34.00
High
$40.00
Median target
$37.00
+36.9%
Mean target
$36.88
+36.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.11 | $0.04 | 0.07% |
| March 31, 2026 | $-0.09 | $-0.08 | -0.01% |
| Dec. 31, 2025 | $0.13 | $0.12 | 0.01% |
| Sept. 30, 2025 | $0.06 | $-0.10 | 0.16% |
| June 30, 2025 | $-0.13 | $-0.16 | 0.03% |
| March 31, 2025 | $-0.20 | $-0.21 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ARQT | $3.58B | -223.4 | 91.3% | -4.3% | -9.8% | — |
| RCUS | $2.99B | -7.2 | -4.3% | -142.9% | -59.8% | — |
| VCYT | $3.34B | 51.3 | 16.0% | 12.8% | 5.2% | 70.1% |
| IDYA | $3.04B | -27.0 | 3024.4% | -52.0% | -11.5% | — |
| CLDX | $1.81B | -7.0 | -78.0% | -16748.0% | -43.8% | — |
| GRAL | $3.45B | -7.7 | 17.2% | -277.5% | -16.7% | — |
| IOVA | $1.12B | -2.5 | 60.6% | -148.4% | -56.0% | — |
| IMNM | $2.43B | -8.8 | -23.2% | -3060.0% | -47.0% | — |
| IRON | $3.01B | -13.2 | — | — | -31.3% | — |
| NRIX | $1.80B | -5.8 | 53.9% | -314.9% | -53.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $376M | $197M | $60M | $4M | $0 | $0 | |
| Cost of Revenue | $37M | $19M | $5M | $754.0K | $0 | · | |
| R&D Expense | $77M | $76M | $111M | $182M | $146M | $115M | |
| SG&A Expense | $275M | $229M | $185M | $122M | $61M | $21M | |
| Operating Expenses | $388M | $325M | $301M | $305M | $207M | $137M | |
| Operating Income | $-12M | $-128M | $-241M | $-302M | $-207M | $-137M | |
| Interest Expense | · | · | $30M | $16M | $0 | $0 | |
| Other Non-op | $443.0K | $47.0K | $-731.0K | $6M | $173.0K | $967.0K | |
| Income Tax | $1M | $647.0K | $3M | $0 | $0 | $0 | |
| Net Income | $-16M | $-140M | $-262M | $-311M | $-206M | $-136M | |
| EPS (Basic) | $-0.13 | $-1.16 | $-3.78 | $-5.66 | $-4.18 | $-3.80 | |
| EPS (Diluted) | $-0.13 | $-1.16 | $-3.78 | $-5.66 | $-4.18 | $-3.80 | |
| Shares (Basic) | 127,234,000 | 120,958,000 | 69,305,000 | 55,032,265 | 49,405,575 | 35,668,152 | |
| Shares (Diluted) | 127,234,000 | 120,958,000 | 69,305,000 | 55,032,265 | 49,405,575 | 35,668,152 | |
| EBITDA | $-12M | $-128M | $-241M | · | · | $-137M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $43M | $71M | $88M | $54M | $96M | $65M | |
| Receivables | $146M | $73M | $26M | $8M | $0 | · | |
| Inventory | $23M | $15M | $13M | $8M | $0 | · | |
| Prepaid Expense | $21M | $20M | $19M | $11M | $14M | $7M | |
| Current Assets | $411M | $336M | $330M | $437M | $403M | $293M | |
| PP&E (Net) | $1M | $1M | $2M | $2M | $2M | $2M | |
| PP&E (Gross) | $4M | $4M | $3M | $3M | $3M | $2M | |
| Accum. Depreciation | $3M | $3M | $2M | $1M | $532.0K | $78.0K | |
| Intangibles | $15M | $9M | $6M | $7M | $0 | · | |
| Other Non-current Assets | $1M | $596.0K | $596.0K | $78.0K | $78.0K | $78.0K | |
| Total Assets | $433M | $349M | $341M | $449M | $408M | $298M | |
| Accounts Payable | $13M | $14M | $12M | $9M | $7M | $7M | |
| Accrued Liabilities | $116M | $67M | $34M | $28M | $26M | $15M | |
| Current Liabilities | $130M | $81M | $47M | $38M | $33M | $23M | |
| Capital Leases | $5M | $3M | $3M | $4M | $5M | $5M | |
| Other Non-current Liabilities | $431.0K | $570.0K | $849.0K | $0 | $25.0K | $82.0K | |
| Total Liabilities | $243M | $191M | $253M | $240M | $110M | $28M | |
| Long-term Debt | $109M | $107M | $202M | $198M | $72M | $0 | |
| Total Debt | $109M | $107M | $202M | · | · | · | |
| Common Stock | $12.0K | $12.0K | $9.0K | $6.0K | $5.0K | $4.0K | |
| Paid-in Capital | $1.33B | $1.28B | $1.07B | $930M | $706M | $473M | |
| Retained Earnings | $-1.14B | $-1.12B | $-982M | $-720M | $-408M | $-202M | |
| AOCI | $-44.0K | $-7.0K | $4.0K | $-1M | $-255.0K | $-2.0K | |
| Stockholders' Equity | $189M | $158M | $89M | $210M | $298M | $271M | |
| Liabilities + Equity | $433M | $349M | $341M | $449M | $408M | $298M | |
| Shares Outstanding | 123,333,000 | 117,848,033 | 96,787,343 | 61,037,403 | 50,255,614 | 43,338,438 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $40M | $42M | $39M | $33M | $24M | $8M | |
| Deferred Tax | $54.0K | $-152.0K | $0 | $0 | $0 | · | |
| Amort. of Intangibles | $5M | $2M | $750.0K | $312.0K | $0 | $0 | |
| Operating Cash Flow | $-6M | $-112M | $-247M | $-258M | $-175M | $-113M | |
| CapEx | $686.0K | $143.0K | $428.0K | $333.0K | $995.0K | $321.0K | |
| Investing Cash Flow | $-30M | $29M | $180M | $-87M | $-76M | $-182M | |
| Debt Issued | · | $0 | $0 | $125M | $74M | $0 | |
| Net Debt Issued | $0 | $-100M | $0 | · | · | · | |
| Stock Issued | $0 | $162M | $0 | $162M | $207M | $128M | |
| Net Stock Activity | $0 | $162M | $0 | · | · | $128M | |
| Financing Cash Flow | $7M | $66M | $101M | $302M | $282M | $298M | |
| Net Change in Cash | $-29M | $-17M | $34M | $-43M | $31M | $3M | |
| Taxes Paid | $0 | $0 | $0 | · | · | · | |
| Free Cash Flow | $-6M | $-112M | $-247M | · | · | $-113M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -3.2% | -65.3% | -404.5% | · | · | · | |
| Net Margin | -4.3% | -71.2% | -439.8% | · | · | · | |
| EBITDA Margin | -3.2% | -65.3% | -404.5% | · | · | · | |
| ROA | -4.1% | -40.6% | -66.3% | · | · | -67.0% | |
| ROE | -9.8% | -89.1% | -387.2% | · | · | -61.2% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 4.1 | 7.1 | · | · | 13.0 | |
| Quick Ratio | 1.5 | 1.8 | 2.4 | · | · | 2.9 | |
| Debt / Equity | 0.6 | 0.7 | 2.3 | · | · | · | |
| LT Debt / Equity | 0.6 | 0.7 | 2.3 | · | · | · | |
| Interest Coverage | · | · | -8.1 | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 0.6 | 0.2 | · | · | · | |
| Inventory Turnover | 2.0 | 1.4 | 0.5 | · | · | · | |
| Receivables Turnover | 3.4 | 4.0 | 3.5 | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 91.3% | 229.7% | 1517.1% | · | · | · | |
| Revenue CAGR 3Y | 367.3% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $376M | $197M | $60M | $4M | $0 | $0 | |
| Net Income TTM | $-16M | $-140M | $-262M | $-311M | $-206M | $-136M | |
| Market Cap | $3.58B | $1.64B | $313M | · | · | $1.22B | |
| Enterprise Value | $3.65B | $1.68B | $426M | · | · | · | |
| P/E | -223.4 | -12.0 | -0.9 | -2.6 | -5.0 | -7.4 | |
| P/S | 9.5 | 8.4 | 5.2 | · | · | · | |
| P/B | 18.9 | 10.4 | 3.5 | · | · | 4.5 | |
| P / Tangible Book | 20.5 | 11.1 | 3.8 | 4.5 | 3.5 | 4.5 | |
| P / Cash Flow | -636.7 | -14.6 | -1.3 | · | · | -10.8 | |
| P / FCF | -567.5 | -14.6 | -1.3 | · | · | -10.8 | |
| EV / EBITDA | -298.3 | -13.1 | -1.8 | · | · | · | |
| EV / FCF | -578.0 | -14.9 | -1.7 | · | · | · | |
| EV / Revenue | 9.7 | 8.5 | 7.1 | · | · | · | |
| Earnings Yield | -0.45% | -8.3% | -117.0% | -38.2% | -20.2% | -13.5% |
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 | $130M | $105M | $130M | $99M | $82M | $66M | $71M | $45M | $31M | $50M | $14M | $38M | $5M | $3M | $3M | $725.0K | |
| Cost of Revenue | $11M | $10M | $12M | $9M | $7M | $9M | $7M | $6M | $3M | $3M | $2M | $1M | $776.0K | $783.0K | · | · | |
| R&D Expense | $20M | $31M | $20M | $20M | $19M | $18M | $14M | $20M | $19M | $23M | $24M | $26M | $25M | $35M | $34M | $70M | |
| SG&A Expense | $82M | $74M | $79M | $62M | $69M | $64M | $58M | $59M | $58M | $55M | $49M | $48M | $46M | $43M | $37M | $35M | |
| Operating Expenses | $113M | $114M | $111M | $91M | $96M | $90M | $79M | $84M | $81M | $81M | $75M | $75M | $72M | $79M | $71M | $105M | |
| Operating Income | $16M | $-9M | $18M | $9M | $-15M | $-25M | $-8M | $-39M | $-50M | $-32M | $-61M | $-37M | $-67M | $-76M | $-68M | $-105M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $7M | · | $8M | $7M | $7M | · | $5M | |
| Interest Income | $2M | · | · | · | $2M | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $-157.0K | $-20.0K | $-6M | $2M | $20.0K | $193.0K | $-13M | $4M | $5M | $4M | $-10M | $3M | $3M | $3M | $3M | $2M | |
| Income Tax | $136.0K | $93.0K | $470.0K | $80.0K | $342.0K | $279.0K | $323.0K | $0 | $0 | $324.0K | $90.0K | $3M | $0 | $0 | $0 | $0 | |
| Net Income | $15M | $-11M | $17M | $7M | $-16M | $-25M | $-11M | $-42M | $-52M | $-35M | $-66M | $-45M | $-71M | $-80M | $-72M | $-108M | |
| EPS (Basic) | $0.11 | $-0.09 | $0.14 | $0.06 | $-0.13 | $-0.20 | $-0.09 | $-0.33 | $-0.42 | $-0.32 | $-0.58 | $-0.73 | $-1.16 | $-1.31 | $-1.19 | $-1.89 | |
| EPS (Diluted) | $0.11 | $-0.09 | $0.14 | $0.06 | $-0.13 | $-0.20 | $-0.09 | $-0.33 | $-0.42 | $-0.32 | $-0.58 | $-0.73 | $-1.16 | $-1.31 | $-1.19 | $-1.89 | |
| Shares (Basic) | 130,522,000 | 129,365 | -253,422,862 | 127,623,000 | 126,997,000 | 126,037 | -237,873,525 | 124,302,000 | 123,481,000 | 111,048,525 | -115,021,987 | 61,727,278 | 61,430,620 | 61,169,089 | -103,995,388 | 57,091,743 | |
| Shares (Diluted) | 135,898,000 | 129,365 | -258,684,862 | 132,885,000 | 126,997,000 | 126,037 | -237,873,525 | 124,302,000 | 123,481,000 | 111,048,525 | -115,021,987 | 61,727,278 | 61,430,620 | 61,169,089 | -103,995,388 | 57,091,743 | |
| EBITDA | $16M | $-9M | · | $9M | $-15M | $-25M | · | $-39M | $-50M | · | · | $-37M | · | · | · | $-105M |
Balance Sheet 26
| 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 | $34M | $35M | $43M | $47M | $73M | $53M | $71M | $135M | $84M | $190M | · | $107M | $105M | $81M | · | $82M | |
| Receivables | $155M | $144M | $146M | $115M | $107M | $85M | $73M | $60M | $43M | $37M | · | $19M | $17M | $13M | · | $2M | |
| Inventory | $39M | $37M | $23M | $22M | $16M | $17M | $15M | $14M | $14M | $13M | · | $14M | $10M | $9M | · | $4M | |
| Prepaid Expense | $35M | $32M | $21M | $20M | $19M | $23M | $20M | $18M | $14M | $13M | · | $20M | $12M | $13M | · | $12M | |
| Current Assets | $468M | $438M | $411M | $349M | $333M | $324M | $336M | $424M | $435M | $468M | · | $282M | $309M | $368M | · | $497M | |
| PP&E (Net) | $872.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $2M | $2M | $2M | · | $2M | |
| PP&E (Gross) | · | · | $4M | · | · | · | $4M | · | · | · | · | $3M | $3M | $3M | · | $3M | |
| Accum. Depreciation | · | · | $3M | · | · | · | $3M | · | · | · | · | $2M | $2M | $1M | · | $993.0K | |
| Intangibles | $14M | $14M | $15M | $15M | $16M | $16M | $9M | $10M | $6M | $6M | · | $7M | $7M | $7M | · | $7M | |
| Other Non-current Assets | $2M | $2M | $1M | $596.0K | $596.0K | $596.0K | $596.0K | $596.0K | $595.0K | $596.0K | · | $596.0K | $596.0K | $78.0K | · | $78.0K | |
| Total Assets | $489M | $460M | $433M | $371M | $352M | $344M | $349M | $437M | $445M | $479M | · | $293M | $321M | $379M | · | $509M | |
| Accounts Payable | $7M | $18M | $13M | $6M | $15M | $25M | $14M | $19M | $8M | $13M | · | $13M | $17M | $12M | · | $9M | |
| Accrued Liabilities | $147M | $137M | $116M | $93M | $88M | $66M | $67M | $53M | $43M | $34M | · | $28M | $19M | $24M | · | $28M | |
| Current Liabilities | $160M | $163M | $130M | $100M | $104M | $91M | $81M | $172M | $51M | $47M | · | $42M | $37M | $37M | · | $37M | |
| Capital Leases | $5M | $5M | $5M | $5M | $2M | $2M | $3M | $3M | $3M | $3M | · | $4M | $4M | $4M | · | $4M | |
| Other Non-current Liabilities | $431.0K | $431.0K | $431.0K | $360.0K | $360.0K | $360.0K | $570.0K | $420.0K | $194.0K | $306.0K | · | · | · | · | · | $0 | |
| Total Liabilities | $268M | $270M | $243M | $213M | $213M | $201M | $191M | $281M | $258M | $254M | · | $246M | $240M | $240M | · | $238M | |
| Long-term Debt | $109M | $109M | $109M | $108M | $108M | $108M | $107M | $205M | $204M | $203M | · | $201M | $200M | $199M | · | $197M | |
| Total Debt | $109M | $109M | · | $108M | $108M | $108M | · | $205M | $204M | · | · | $201M | · | · | · | $197M | |
| Common Stock | $12.0K | $12.0K | $12.0K | $12.0K | $12.0K | $12.0K | $12.0K | $12.0K | $12.0K | $12.0K | · | $6.0K | $6.0K | $6.0K | · | $6.0K | |
| Paid-in Capital | $1.36B | $1.34B | $1.33B | $1.31B | $1.30B | $1.29B | $1.28B | $1.27B | $1.26B | $1.24B | · | $963M | $952M | $940M | · | $920M | |
| Retained Earnings | $-1.13B | $-1.15B | $-1.14B | $-1.16B | $-1.16B | $-1.15B | $-1.12B | $-1.11B | $-1.07B | $-1.02B | · | $-916M | $-871M | $-800M | · | $-648M | |
| AOCI | $-656.0K | $-514.0K | $-44.0K | $-62.0K | $-35.0K | $-140.0K | $-7.0K | $533.0K | $-294.0K | $-133.0K | · | $-184.0K | $-292.0K | $-414.0K | · | $-2M | |
| Stockholders' Equity | $221M | $190M | $189M | $158M | $139M | $143M | $158M | $157M | $186M | $225M | $89M | $47M | $81M | $140M | $210M | $271M | |
| Liabilities + Equity | $489M | $460M | $433M | $371M | $352M | $344M | $349M | $437M | $445M | $479M | · | $293M | $321M | $379M | · | $509M | |
| Shares Outstanding | 125,591,000 | 125,042,000 | 123,332,672 | 120,288,146 | 119,797,738 | 119,137,785 | 117,848,033 | 116,998,829 | 116,480,267 | 115,505,437 | · | 61,858,044 | 61,630,018 | 61,357,932 | · | 60,908,641 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $13M | $11M | $10M | $10M | $10M | $10M | $9M | $10M | $13M | $10M | $9M | $10M | $11M | $9M | $9M | $9M | |
| Amort. of Intangibles | $563.0K | $562.0K | $563.0K | $562.0K | $563.0K | $3M | $313.0K | $1M | $200.0K | $188.0K | $-188M | $188M | $200.0K | $188.0K | $187.0K | $125.0K | |
| Operating Cash Flow | $13M | $2M | $26M | $-2M | $324.0K | $-30M | $-748.0K | $-35M | $-45M | $-32M | $-56M | $-44M | $-66M | $-80M | $-71M | $-68M | |
| CapEx | $158.0K | $0 | $0 | $0 | $78.0K | $608.0K | $0 | $143.0K | $0 | $0 | $6.0K | $64.0K | $276.0K | $82.0K | $123.0K | $6.0K | |
| Investing Cash Flow | $-15M | $-11M | $-34M | $-25M | $17M | $12M | $35M | $85M | $-62M | $-29M | $-62M | $46M | $89M | $108M | $42M | $-197M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | |
| Stock Issued | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $162M | $0 | $0 | $0 | $0 | $0 | $162M | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $2M | $1M | $4M | $1M | $1M | $395.0K | $-97M | $394.0K | $1M | $162M | $99M | $867.0K | $1M | $100.0K | $962.0K | $285M | |
| Net Change in Cash | $-641.0K | $-8M | $-4M | $-26M | $19M | $-18M | $-64M | $51M | $-106M | $101M | $-19M | $2M | $24M | $27M | $-28M | $20M | |
| Free Cash Flow | · | $2M | · | · | · | $-31M | · | · | · | · | · | · | · | · | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 12.7% | -8.6% | · | 8.6% | -17.9% | -37.2% | · | -87.3% | -162.3% | · | · | -96.8% | · | · | · | -14448.0% | |
| Net Margin | 11.6% | -10.7% | · | 7.5% | -19.5% | -38.1% | · | -92.8% | -169.6% | · | · | -117.5% | · | · | · | -14856.4% | |
| EBITDA Margin | 12.7% | -8.6% | · | 8.6% | -17.9% | -37.2% | · | -87.3% | -162.3% | · | · | -96.8% | · | · | · | -14448.0% | |
| ROA | 3.6% | -2.8% | · | 1.8% | -4.0% | -6.1% | · | -11.4% | -13.7% | · | · | -11.2% | · | · | · | -24.0% | |
| ROE | 8.3% | -6.8% | · | 4.7% | -9.8% | -13.6% | · | -40.8% | -39.2% | · | · | -28.2% | · | · | · | -34.0% |
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 | 2.9 | 2.7 | · | 3.5 | 3.2 | 3.6 | · | 2.5 | 8.5 | · | · | 6.7 | · | · | · | 13.4 | |
| Quick Ratio | 1.2 | 1.1 | · | 1.6 | 1.7 | 1.5 | · | 1.1 | 2.5 | · | · | 3.0 | · | · | · | 2.3 | |
| Debt / Equity | 0.5 | 0.6 | · | 0.7 | 0.8 | 0.8 | · | 1.3 | 1.1 | · | · | 4.3 | · | · | · | 0.7 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.7 | 0.8 | 0.8 | · | 0.7 | 1.1 | · | · | 4.3 | · | · | · | 0.7 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | -4.9 | · | · | · | -21.4 |
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 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | · | · | 0.1 | · | · | · | 0.0 | |
| Inventory Turnover | 0.4 | 0.4 | · | 0.5 | 0.5 | 0.6 | · | 0.4 | 0.3 | · | · | · | · | · | · | · | |
| Receivables Turnover | 1.0 | 0.9 | · | 1.1 | 1.1 | 1.1 | · | 1.1 | 1.0 | · | · | 3.5 | · | · | · | 0.6 |
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 | $416M | $352M | · | $291M | $223M | $191M | · | $163M | $124M | $96M | · | $47M | $9M | $4M | · | $725.0K | |
| Net Income TTM | $-5M | $-45M | · | $-75M | $-135M | $-154M | · | $-174M | $-203M | $-231M | · | $-304M | $-326M | $-320M | · | $-296M | |
| Market Cap | $3.29B | $2.95B | · | $2.27B | $1.68B | $1.86B | · | $1.09B | $1.08B | · | · | $328M | · | · | · | $1.16B | |
| Enterprise Value | $3.37B | $3.02B | · | $2.33B | $1.71B | $1.92B | · | $1.16B | $1.20B | · | · | $422M | · | · | · | $1.28B | |
| P/E | -524.4 | -65.4 | · | -31.4 | -13.0 | -12.3 | · | -5.2 | -3.5 | -2.8 | · | -1.0 | -1.7 | -1.9 | · | -3.4 | |
| P/S | 7.9 | 8.4 | · | 7.8 | 7.5 | 9.8 | · | 6.7 | 8.8 | · | · | 7.0 | · | · | · | 1605.5 | |
| P/B | 14.9 | 15.5 | · | 14.3 | 12.1 | 13.1 | · | 6.9 | 5.8 | · | · | 7.0 | · | · | · | 4.3 | |
| P / Tangible Book | 15.9 | 16.8 | · | 15.9 | 13.7 | 14.8 | · | 7.4 | 6.0 | 5.2 | · | 8.2 | 8.0 | 5.1 | · | 4.4 | |
| P / Cash Flow | · | 1315.8 | · | · | · | -61.3 | · | · | · | · | · | · | · | · | · | · | |
| P / FCF | · | 1315.8 | · | · | · | -60.1 | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | 205.0 | -332.3 | · | 273.1 | -117.4 | -78.2 | · | -29.6 | -24.0 | · | · | -11.4 | · | · | · | -12.2 | |
| EV / FCF | · | 1349.1 | · | · | · | -61.9 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 8.1 | 8.6 | · | 8.0 | 7.7 | 10.0 | · | 7.1 | 9.7 | · | · | 9.0 | · | · | · | 1764.4 | |
| Earnings Yield | -0.19% | -1.5% | · | -3.2% | -7.7% | -8.1% | · | -19.4% | -28.3% | -35.5% | · | -95.9% | -59.5% | -52.5% | · | -29.4% |
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 | $376M | $197M | $60M | $4M | $0 |
| Operating Margin % | -3.2% | -65.3% | -404.5% | — | — |
| Net Income | $-16M | $-140M | $-262M | $-311M | $-206M |
| Diluted EPS | $-0.13 | $-1.16 | $-3.78 | $-5.66 | $-4.18 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | 0.7 | 2.3 | — | — |
| Current Ratio | 3.2 | 4.1 | 7.1 | — | — |
| Quick Ratio | 1.5 | 1.8 | 2.4 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-6M | $-112M | $-247M | — | — |
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Institutional owners (13F) 292 filers · $2.6B 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 |
|---|---|---|---|---|
| 47 (+10 vs prior Q) | 33 (-9 vs prior Q) | 90 (-8 vs prior Q) | 96 (+4 vs prior Q) | +5.9M |
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 |
|---|---|---|---|---|
| MONTANOVA CAPITAL, LLC | $326,098,140 | 12,437,000 | 12.35% | Shares |
| Frazier Life Sciences Management, L.P. | $258,909,678 | 9,874,511 | 9.80% | Shares |
| Rubric Capital Management LP | $216,880,749 | 8,271,577 | 8.21% | Shares |
| Polar Capital Holdings Plc | $173,234,098 | 6,606,945 | 6.56% | Shares |
| STATE STREET CORP | $152,674,865 | 5,822,840 | 5.78% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $130,805,182 | 4,988,756 | 4.95% | Shares |
| JENNISON ASSOCIATES LLC | $86,505,943 | 3,299,235 | 3.28% | Shares |
| D. E. Shaw & Co., Inc. | $81,220,383 | 3,097,650 | 3.08% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $67,179,379 | 2,561,595 | 2.54% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $63,688,511 | 2,429,005 | 2.41% | Shares |
| ORBIMED ADVISORS LLC | $53,541,240 | 2,042,000 | 2.03% | Shares |
| AMERICAN CENTURY COMPANIES INC | $50,474,363 | 1,925,031 | 1.91% | Shares |
| JANUS HENDERSON GROUP PLC | $42,621,972 | 1,809,466 | 1.61% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $35,998,513 | 1,372,941 | 1.36% | Shares |
| GILDER GAGNON HOWE & CO LLC | $34,432,392 | 1,313,211 | 1.30% | Shares |
| Pivotal bioVenture Partners Investment Advisor LLC | $33,175,720 | 1,265,283 | 1.26% | Shares |
| BANK OF AMERICA CORP /DE/ | $33,121,130 | 1,263,201 | 1.25% | Shares |
| BAMCO INC /NY/ | $32,856,806 | 1,253,120 | 1.24% | Shares |
| CITADEL ADVISORS LLC | $29,766,543 | 1,135,261 | 1.13% | Shares |
| Aberdeen Group plc | $28,635,465 | 1,092,123 | 1.08% | Shares |
| Jones Hill Capital LP | $28,571,960 | 1,089,701 | 1.08% | Shares |
| GOLDMAN SACHS GROUP INC | $28,558,011 | 1,089,169 | 1.08% | Shares |
| Perpetual Ltd | $27,642,802 | 1,054,264 | 1.05% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $27,555,489 | 1,050,934 | 1.04% | Shares |
| Ensign Peak Advisors, Inc | $25,552,281 | 974,534 | 0.97% | Shares |
| Candriam S.C.A. | $24,880,817 | 949,839 | 0.94% | Shares |
| Driehaus Capital Management LLC | $23,032,330 | 878,426 | 0.87% | Shares |
| VANGUARD GROUP INC | $22,159,001 | 763,051 | 0.84% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $21,372,918 | 815,138 | 0.81% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $21,284,137 | 811,752 | 0.81% | Shares |
| TWO SIGMA INVESTMENTS, LP | $17,406,855 | 663,877 | 0.66% | Shares |
| FISHMAN JAY A LTD/MI | $15,601,031 | 595,005 | 0.59% | Shares |
| MILLENNIUM MANAGEMENT LLC | $14,789,968 | 564,072 | 0.56% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $14,349,629 | 547,278 | 0.54% | Shares |
| Squarepoint Ops LLC | $14,099,726 | 537,747 | 0.53% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $13,110,000 | 500,000 | 0.50% | Shares |
| Nearwater Capital Markets, Ltd | $12,761,274 | 486,700 | 0.48% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $12,218,520 | 466,000 | 0.46% | Shares |
| Privium Fund Management B.V. | $10,471,403 | 399,367 | 0.40% | Shares |
| NORGES BANK | $10,286,106 | 392,300 | 0.39% | Shares |
| Patient Square Capital LP | $9,701,400 | 370,000 | 0.37% | Shares |
| Point72 Asset Management, L.P. | $9,503,413 | 362,449 | 0.36% | Shares |
| Qube Research & Technologies Ltd | $9,482,778 | 361,662 | 0.36% | Shares |
| Longaeva Partners L.P. | $9,040,551 | 344,796 | 0.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,741,748 | 333,400 | 0.33% | Call option |
| FMR LLC | $8,001,453 | 305,166 | 0.30% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $7,641,740 | 291,447 | 0.29% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $7,467,168 | 284,789 | 0.28% | Shares |
| FIRST TRUST ADVISORS LP | $7,448,184 | 284,065 | 0.28% | Shares |
| AMERIPRISE FINANCIAL INC | $7,133,676 | 272,070 | 0.27% | Shares |
| Walleye Capital LLC | $6,818,065 | 260,033 | 0.26% | Shares |
| Balyasny Asset Management L.P. | $6,374,580 | 243,119 | 0.24% | Shares |
| PFM Health Sciences, LP | $6,347,049 | 242,069 | 0.24% | Shares |
| MYDA Advisors LLC | $6,292,800 | 240,000 | 0.24% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $6,054,329 | 230,905 | 0.23% | Shares |
| Swiss National Bank | $5,873,280 | 224,000 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,763,549 | 219,815 | 0.22% | Shares |
| Pictet Asset Management Holding SA | $5,350,188 | 200,275 | 0.20% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $5,235,688 | 199,683 | 0.20% | Shares |
| Woodline Partners LP | $5,113,765 | 195,033 | 0.19% | Shares |
| BlackRock, Inc. | $4,724,084 | 180,171 | 0.18% | Shares |
| Cormorant Asset Management, LP | $4,588,500 | 175,000 | 0.17% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $4,586,166 | 174,911 | 0.17% | Shares |
| TWO SIGMA ADVISERS, LP | $4,533,144 | 156,100 | 0.17% | Shares |
| RHUMBLINE ADVISERS | $4,471,596 | 170,542 | 0.17% | Shares |
| Holocene Advisors, LP | $4,293,053 | 163,732 | 0.16% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $4,127,788 | 157,429 | 0.16% | Shares |
| PDT Partners, LLC | $4,066,067 | 155,075 | 0.15% | Shares |
| CITIGROUP INC | $3,796,394 | 144,790 | 0.14% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $3,616,499 | 137,929 | 0.14% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $3,605,250 | 137,500 | 0.14% | Shares |
| CASTLEARK MANAGEMENT LLC | $3,603,152 | 137,420 | 0.14% | Shares |
| Eversept Partners, LP | $3,549,008 | 135,355 | 0.13% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $3,491,088 | 133,146 | 0.13% | Shares |
| TUDOR INVESTMENT CORP ET AL | $3,458,785 | 131,914 | 0.13% | Shares |
| MORGAN STANLEY | $3,424,175 | 130,594 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,213,419 | 136,393 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $3,088,716 | 117,800 | 0.12% | Call option |
| 1492 Capital Management LLC | $3,047,052 | 116,211 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,023,149 | 128,317 | 0.11% | Shares |
| Tejara Capital Ltd | $2,965,062 | 113,084 | 0.11% | Shares |
| LPL Financial LLC | $2,914,353 | 111,150 | 0.11% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,776,671 | 103,762 | 0.11% | Shares |
| STEMPOINT CAPITAL LP | $2,594,338 | 98,945 | 0.10% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $2,496,000 | 95,197 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $2,480,412 | 94,600 | 0.09% | Call option |
| Aquatic Capital Management LLC | $2,258,329 | 86,130 | 0.09% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $2,255,628 | 86,027 | 0.09% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,135,488 | 81,445 | 0.08% | Shares |
| WESBANCO BANK INC | $2,126,442 | 81,100 | 0.08% | Shares |
| Rafferty Asset Management, LLC | $2,117,973 | 80,777 | 0.08% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,981,498 | 75,572 | 0.08% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $1,980,685 | 75,541 | 0.07% | Shares |
| Erste Asset Management GmbH | $1,956,156 | 73,100 | 0.07% | Shares |
| FEDERATED HERMES, INC. | $1,952,315 | 74,459 | 0.07% | Shares |
| Jain Global LLC | $1,917,757 | 73,141 | 0.07% | Shares |
| Vontobel Holding Ltd. | $1,789,305 | 68,242 | 0.07% | Shares |
| MetLife Investment Management, LLC | $1,747,012 | 66,629 | 0.07% | Shares |
| Focus Partners Wealth | $1,651,363 | 62,981 | 0.06% | Shares |
| CenterBook Partners LP | $1,597,925 | 60,943 | 0.06% | Shares |
Company insiders 18 insiders · 2 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Scott L Burrows | Chief Financial Officer | Dec. 27, 2021 S | 22,679 | 0 | 0 | $0 |
| David W Osborne | Chief Technical Officer | Feb. 4, 2020 C | 270,279 | 0 | 0 | $0 |
| Howard G. Welgus | Director | July 15, 2026 M | 37,109 | 0 | 3 | $-243,567 |
| Christopher Peetz | Director | July 15, 2026 A | 4,315 | 0 | 0 | $0 |
| Sue-Jean Lin | Director | June 15, 2026 S | 27,567 | 0 | 1 | $-120,583 |
| Neha Krishnamohan | Director | June 5, 2026 A | 27,901 | 0 | 0 | $0 |
| Terrie Curran | Director | June 5, 2026 A | 23,526 | 0 | 0 | $0 |
| Amit Munshi | Director | June 5, 2026 A | 9,799 | 0 | 0 | $0 |
| Halley E Gilbert | Director | June 5, 2026 A | 27,901 | 0 | 0 | $0 |
| Keith R Leonard | Director | June 5, 2026 A | 27,901 | 0 | 0 | $0 |
| Patrick J. Heron | Director | June 5, 2026 A | 32,213 | 0 | 0 | $0 |
| Jonathan Silverstein | Director | Oct. 2, 2020 P | 902,286 | 0 | 0 | $0 |
| Bhaskar Chaudhuri | Director | Feb. 4, 2020 C | 49,981 | 0 | 0 | $0 |
| Joseph L Turner | Director | Jan. 30, 2020 A | — | 0 | 0 | $0 |
| Patrick Burnett | — | Aug. 12, 2026 M | 119,289 | 0 | 3 | $-419,797 |
| Todd Franklin Watanabe | — | Aug. 3, 2026 S | 717,203 | 0 | 1 | $-114,275 |
| Masaru Matsuda | — | Aug. 3, 2026 S | 126,171 | 0 | 1 | $-32,128 |
| Ricky Sun | — | June 9, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| Frazier Life Sciences VIII, L.P., FHM LIFE SCIENCES VIII, L.P., FHM LIFE SCIENCES VIII, L.L.C., Frazier Life Sciences X, L.P., FHMLS X, L.P., FHMLS X, L.L.C., Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences Public Overage Fund, L.P., FHMLSP Overage, L.P., FHMLSP Overage, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., Frazier Life Sciences XII, L.P., FHMLS XII, L.P., FHMLS XII, L.L.C., James N. Topper, Patrick J. Heron ×8 filings | Aug. 20, 2025 | 7.50% | Amendment | — | SEC |
| OrbiMed Advisors LLC, OrbiMed Capital GP VII LLC, OrbiMed Capital LLC ×7 filings | Aug. 26, 2022 | — | Initial filing | — | SEC |
| Bain Capital Life Sciences Fund, L.P., BCIP Life Sciences Associates, LP ×4 filings | Aug. 8, 2022 | — | 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 45 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 |
|---|---|---|---|---|
| PTH · Invesco Exchange-Traded Fund Trust | 1.38% | 134,950 SH | Aug. 8, 2026 | Daily |
| BBP · ETFis Series Trust I | 1.28% | 32,610 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 0.95% | 23,918 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.88% | 196,991 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.54% | 70,043 NS | May 31, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.36% | 64,844 SH | Aug. 8, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.32% | 145,888 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.23% | 812,141 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.22% | 6,809 SH | Aug. 8, 2026 | Daily |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.20% | 9,018 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.19% | 1,035,865 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.18% | 122,691 SH | Aug. 8, 2026 | Daily |
| OASC · Unified Series Trust | 0.17% | 6,744 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.17% | 88,401 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.16% | 74,441 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.13% | 4,587 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 41,766 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.11% | 3,711 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.09% | 2,886,529 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 658,480 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.09% | 33,974 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.08% | 85,491 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.08% | 47,709 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.07% | 55,080 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.07% | 13,604 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.06% | 5,179 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 534,058 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.05% | 5,598 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 51,951 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.04% | 4,781 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.04% | 50,560 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.04% | 335,913 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.03% | 4,051 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 1,307,970 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.03% | 4,104 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 6,296 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 4,427 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 103 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 33,557 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 152,941 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 31,312 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 3,054 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 64,126 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,565,928 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 9,521 SH | Aug. 8, 2026 | Daily |