ARVN Arvinas, Inc. - Common Stock
$9.59
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$7–$15
35% of range
Analyst Rating
BUY
23 analysts
Price Target
$14
+45% upside
P/E (TTM)
-9.9
ROE
-15.5%
Net Profit Margin
-30.8%
About Arvinas, Inc. - Common Stock Company overview from Wikipedia
ARVN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.59
Market Cap
$714M
P/E (TTM)
-9.9
EPS (TTM)
$-1.14
Revenue (TTM)
$263M
Div Yield
—
ROE
-15.5%
Debt/Equity
0.0
52W Range
$7 – $15
ARVN 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
$263M
2017-12-31
→
2025-12-31
EPS
$-1.14
2019-12-31
→
2025-12-31
Free Cash Flow
$-276M
2018-12-31
→
2025-12-31
Margins
-30.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ARVN
Peer Median
P/E (TTM)
-9.9
11.7
P/S (TTM)
2.7
5.4
P/B
1.6
3.7
EV / EBITDA
-0.3
—
Price / FCF
-2.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ARVN
Peer Median
Operating Margin
-45.1%
—
Net Profit Margin
-30.8%
-45.6%
ROA
-8.9%
-25.4%
ROE
-15.5%
-27.1%
ROIC
-27.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ARVN
Peer Median
Debt / Equity
0.0
—
Current Ratio
4.9
4.6
Quick Ratio
4.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ARVN
Peer Median
Revenue YoY
-0.30%
—
Revenue CAGR 3Y
26.0%
—
Revenue CAGR 5Y
58.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ARVN
Peer Median
ARVN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
23 analysts
- Strong Buy 4 17.4%
- Buy 10 43.5%
- Hold 8 34.8%
- Sell 1 4.3%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-19
Median
$13.00
Now
$9.59
Low
$6.00
High
$21.00
Median target
$13.00
+35.6%
Mean target
$13.93
+45.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.85%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.58 | $-0.38 | 3.0% |
| March 31, 2026 | $-0.90 | $-0.94 | 0.04% |
| Dec. 31, 2025 | $-1.10 | $-0.60 | -0.50% |
| Sept. 30, 2025 | $-0.48 | $-0.81 | 0.33% |
| June 30, 2025 | $-0.84 | $-1.02 | 0.18% |
| March 31, 2025 | $1.14 | $-0.97 | 2.1% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ARVN | $753M | -10.4 | -0.30% | -30.8% | -15.5% | — |
| SGP | — | — | — | — | 50.0% | — |
| ACRS | $363M | -5.7 | -58.2% | -829.6% | -55.3% | — |
| 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% |
| ZVRA | $509M | 6.6 | 350.9% | 78.2% | 61.2% | — |
| CTNM | — | -5.3 | — | — | -27.7% | — |
| EOLS | $432M | -8.3 | 11.6% | -17.4% | 247.3% | 66.3% |
| AQST | $788M | -8.3 | -22.6% | -188.1% | 157.7% | — |
| RLMD | $354M | -3.3 | 93.7% | — | -112.0% | — |
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 | $263M | $263M | $78M | $131M | $54M | $26M | $43M | $14M | $8M | |
| R&D Expense | $285M | $348M | $380M | $315M | $180M | $108M | $67M | $45M | $29M | |
| SG&A Expense | $96M | $165M | $100M | $80M | $62M | $38M | $27M | $13M | $4M | |
| Operating Expenses | $381M | $514M | $480M | $395M | $242M | $147M | $94M | $58M | $32M | |
| Operating Income | $-118M | $-250M | $-402M | $-263M | $-188M | $-121M | $-52M | $-44M | $-25M | |
| Interest Expense | · | $0 | $0 | $0 | $0 | $100.0K | $100.0K | $57.4K | $50.4K | |
| Interest Income | $38M | $55M | $39M | $12M | $2M | $4M | $5M | $2M | $201.4K | |
| Other Non-op | $-400.0K | $-3M | $-1M | $200.0K | $2M | $2M | $1M | $102.7K | $554.2K | |
| Pretax Income | $-80M | $-198M | $-364M | $-251M | $-184M | $-115M | · | · | · | |
| Income Tax | $300.0K | $600.0K | $900.0K | $21M | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-81M | $-199M | $-367M | $-282M | $-191M | $-119M | $-70M | $-41M | $-24M | |
| EPS (Basic) | $-1.14 | $-2.77 | $-6.62 | $-5.31 | $-3.82 | $-3.02 | $-2.13 | · | · | |
| EPS (Diluted) | $-1.14 | $-2.77 | $-6.62 | $-5.31 | $-3.82 | $-3.02 | $-2.13 | · | · | |
| Shares (Basic) | 70,900,000 | 71,900,000 | 55,500,000 | 53,200,000 | 50,000,000 | 39,500,000 | 32,900,000 | · | · | |
| Shares (Diluted) | 70,900,000 | 71,900,000 | 55,500,000 | 53,200,000 | 50,000,000 | 39,500,000 | 32,900,000 | · | · | |
| EBITDA | $-118M | $-250M | $-402M | $-263M | $-195M | $-125M | $-52M | $-44M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $143M | $100M | $312M | $81M | $108M | $588M | $9M | $3M | $31M | |
| Short-term Investments | $542M | $939M | $949M | $1.12B | $1.39B | $100M | $272M | $185M | $8M | |
| Receivables | $1M | $6M | $0 | $1M | $15M | $1M | · | $3M | $25M | |
| Prepaid Expense | $9M | $14M | $6M | $21M | $20M | $6M | $4M | $3M | $316.9K | |
| Current Assets | $701M | $1.07B | $1.28B | $1.24B | $1.55B | $703M | $291M | $196M | $66M | |
| PP&E (Net) | $5M | $7M | $12M | $13M | $13M | $12M | $8M | $4M | $1M | |
| PP&E (Gross) | $33M | $33M | $33M | $30M | $23M | $18M | $12M | $5M | $2M | |
| Accum. Depreciation | $28M | $26M | $21M | $17M | $11M | $6M | $3M | $2M | $1M | |
| Other Non-current Assets | · | · | · | · | · | $28.8K | $26.8K | $20.8K | · | |
| Total Assets | $718M | $1.09B | $1.30B | $1.27B | $1.58B | $717M | $302M | $199M | $67M | |
| Accounts Payable | $24M | $13M | $18M | $6M | $31M | $7M | $5M | $3M | $596.5K | |
| Accrued Liabilities | · | · | · | · | $23M | $19M | $8M | $4M | $4M | |
| Current Liabilities | $142M | $230M | $257M | $295M | $262M | $49M | $33M | $23M | $18M | |
| Capital Leases | $7M | $7M | $500.0K | $3M | $3M | $1M | $2M | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | $150.0K | · | |
| Total Liabilities | $284M | $530M | $645M | $704M | $800M | $75M | $75M | $63M | $67M | |
| Long-term Debt | $600.0K | $800.0K | $1M | $1M | $1M | $2M | $2M | $2M | $310.4K | |
| Total Debt | $600.0K | $800.0K | $1M | $1M | $1M | $2M | $2M | $2M | · | |
| Common Stock | $100.0K | $100.0K | $100.0K | $100.0K | $0 | $0 | $38.5K | $31.2K | · | |
| Paid-in Capital | $2.14B | $2.09B | $2.00B | $1.55B | $1.47B | $1.13B | $599M | $439M | · | |
| Retained Earnings | $-1.61B | $-1.53B | $-1.33B | $-965M | $-683M | $-492M | $-373M | $-302M | $-62M | |
| Treasury Stock | $92M | $0 | · | · | · | · | · | · | · | |
| AOCI | $1M | $1M | $-3M | $-19M | $-5M | $600.0K | $107.6K | $-217.7K | $-9.8K | |
| Stockholders' Equity | $434M | $562M | $660M | $565M | $782M | $642M | $227M | $137M | $-61M | |
| Liabilities + Equity | $718M | $1.09B | $1.30B | $1.27B | $1.58B | $717M | $302M | $199M | $67M | |
| Shares Outstanding | 63,500,000 | 68,800,000 | 68,000,000 | 53,200,000 | 53,000,000 | 48,500,000 | 38,500,000 | 31,200,000 | · |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $5M | $5M | $6M | $5M | $3M | $2M | $706.0K | $347.4K | |
| Stock-based Comp | $44M | $88M | $72M | $76M | $57M | $30M | $20M | $12M | $245.0K | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | |
| Restructuring | $4M | $0 | $0 | · | · | · | · | · | · | |
| Operating Cash Flow | $-274M | $-259M | $-348M | $-274M | $559M | $-90M | $-41M | $-16M | $5M | |
| CapEx | $2M | $2M | $3M | $7M | $5M | $6M | $6M | $3M | $1M | |
| Investing Cash Flow | $408M | $35M | $204M | $243M | $-1.31B | $164M | $-93M | $-180M | $21M | |
| Debt Issued | · | · | · | · | · | $0 | $0 | $2M | $0 | |
| Net Debt Issued | $-200.0K | $-400.0K | · | · | $0 | $0 | $-169.6K | $2M | · | |
| Stock Issued | · | · | · | · | · | · | $138M | $115M | $0 | |
| Stock Repurchased | $92M | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | $-92M | · | · | · | · | · | $138M | $115M | · | |
| Financing Cash Flow | $-91M | $8M | $375M | $5M | $279M | $505M | $140M | $168M | $-161.4K | |
| Net Change in Cash | $42M | $-217M | $230M | $-26M | $-476M | $579M | $6M | $-28M | $26M | |
| Taxes Paid | $-400.0K | $2M | $11M | $11M | $0 | $0 | · | · | · | |
| Free Cash Flow | $-276M | $-261M | $-351M | $-280M | $555M | $-96M | $-47M | $-19M | · | |
| Levered FCF | · | $-261M | $-351M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -45.1% | -95.0% | -511.5% | -200.3% | -418.2% | -572.7% | -119.9% | -305.8% | · | |
| Net Margin | -30.8% | -75.5% | -467.9% | -215.0% | -409.0% | -547.3% | -163.6% | -289.6% | · | |
| Pretax Margin | -30.6% | -75.3% | -463.6% | -191.0% | · | · | · | · | · | |
| EBITDA Margin | -45.1% | -95.0% | -511.5% | -200.3% | -418.2% | -572.7% | -119.9% | -305.8% | · | |
| ROA | -8.9% | -16.6% | -28.5% | -19.8% | -16.6% | -23.4% | -28.1% | -31.2% | · | |
| ROE | -15.5% | -34.7% | -65.8% | -47.6% | -23.9% | -28.2% | -39.0% | 58.4% | · | |
| ROIC | -27.4% | -44.6% | -60.9% | -50.4% | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.9 | 4.6 | 5.0 | 4.2 | 5.9 | 14.3 | 8.9 | 8.5 | · | |
| Quick Ratio | 4.8 | 4.5 | 4.9 | 4.1 | 5.8 | 14.0 | 8.6 | 8.3 | · | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| LT Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Interest Coverage | · | · | · | · | -1953.0 | -1920.9 | -602.1 | -762.6 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.2 | 0.1 | · | |
| Receivables Turnover | 78.4 | 40.5 | 10.0 | 131.4 | 5.5 | 11.5 | · | 1.0 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -0.30% | 235.5% | -40.3% | 145.2% | 106.9% | · | · | · | · | |
| Revenue CAGR 3Y | 26.0% | 70.0% | 44.7% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 58.9% | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $263M | $263M | $78M | $131M | $54M | $26M | $43M | $14M | · | |
| Net Income TTM | $-81M | $-199M | $-367M | $-282M | $-191M | $-119M | $-70M | $-41M | · | |
| Market Cap | $753M | $1.32B | $2.80B | $1.82B | $4.35B | $4.12B | $1.58B | $401M | · | |
| Enterprise Value | $68M | $280M | $1.54B | $616M | $2.85B | $3.43B | $1.30B | $216M | · | |
| P/E | -10.4 | -6.9 | -6.2 | -6.4 | -21.5 | -28.1 | -19.3 | · | · | |
| P/S | 2.9 | 5.0 | 35.7 | 13.9 | 81.2 | 158.9 | 36.8 | 28.0 | · | |
| P/B | 1.7 | 2.3 | 4.2 | 3.2 | 5.6 | 6.4 | 7.0 | 2.9 | · | |
| P / Tangible Book | 1.7 | 2.3 | 4.2 | 3.2 | 5.6 | 6.4 | · | · | · | |
| P / Cash Flow | -2.8 | -5.1 | -8.0 | -6.7 | 7.8 | -45.8 | -38.9 | -24.9 | · | |
| P / FCF | -2.7 | -5.1 | -8.0 | -6.5 | 7.8 | -42.8 | -33.7 | -21.2 | · | |
| EV / EBITDA | -0.6 | -1.1 | -3.8 | -2.3 | -14.6 | -27.5 | -25.3 | -4.9 | · | |
| EV / FCF | -0.2 | -1.1 | -4.4 | -2.2 | 5.1 | -35.6 | -27.8 | -11.4 | · | |
| EV / Revenue | 0.3 | 1.1 | 19.6 | 4.7 | 53.2 | 132.4 | 30.3 | 15.1 | · | |
| Earnings Yield | -9.6% | -14.4% | -16.1% | -15.5% | -4.7% | -3.6% | -5.2% | · | · |
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 | $250M | $16M | $10M | $42M | $22M | $189M | $59M | $102M | $76M | $25M | $-43M | $35M | $54M | $32M | $38M | $33M | |
| R&D Expense | $53M | $60M | $61M | $65M | $69M | $91M | $83M | $87M | $94M | $84M | $95M | $86M | $103M | $95M | $98M | $78M | |
| SG&A Expense | $24M | $19M | $23M | $21M | $25M | $27M | $34M | $76M | $31M | $24M | $27M | $23M | $26M | $25M | $15M | $20M | |
| Operating Expenses | $86M | $79M | $84M | $86M | $94M | $117M | $117M | $163M | $125M | $109M | $122M | $108M | $129M | $120M | $113M | $98M | |
| Operating Income | $164M | $-64M | $-75M | $-44M | $-72M | $71M | $-58M | $-60M | $-48M | $-83M | $-165M | $-74M | $-75M | $-88M | $-75M | $-64M | |
| Interest Expense | · | · | · | · | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | $0 | $0 | |
| Interest Income | $6M | $6M | $7M | $9M | $10M | $12M | $13M | $14M | $14M | $14M | $12M | $10M | $9M | $8M | $6M | $3M | |
| Other Non-op | $0 | $-100.0K | $-12M | $0 | $-300.0K | $0 | $-14M | $-3M | $-100.0K | $14M | $-100.0K | $0 | $0 | $-1M | $600.0K | $-200.0K | |
| Pretax Income | $170M | $-58M | $-67M | $-35M | $-62M | $83M | $-45M | $-49M | $-35M | $-69M | $-153M | $-64M | $-66M | $-81M | $-69M | $-61M | |
| Income Tax | $200.0K | $100.0K | $100.0K | $300.0K | $-300.0K | $200.0K | $-300.0K | $600.0K | $200.0K | $100.0K | $2M | $0 | $-300.0K | $-400.0K | $11M | $2M | |
| Net Income | $169M | $-58M | $-67M | $-35M | $-61M | $83M | $-45M | $-49M | $-35M | $-69M | $-155M | $-64M | $-67M | $-82M | $-83M | $-66M | |
| EPS (Basic) | $2.61 | $-0.90 | $-0.96 | $-0.48 | $-0.84 | $1.14 | $-0.63 | $-0.68 | $-0.49 | $-0.97 | $-2.65 | $-1.18 | $-1.25 | $-1.54 | $-1.55 | $-1.24 | |
| EPS (Diluted) | $2.58 | $-0.90 | $-0.96 | $-0.48 | $-0.84 | $1.14 | $-0.63 | $-0.68 | $-0.49 | $-0.97 | $-2.65 | $-1.18 | $-1.25 | $-1.54 | $-1.55 | $-1.24 | |
| Shares (Basic) | 64,800,000 | 64,000,000 | -147,800,000 | 73,200,000 | 73,000,000 | 72,500,000 | -143,800,000 | 72,100,000 | 71,900,000 | 71,700,000 | -105,300,000 | 54,100,000 | 53,400,000 | 53,300,000 | -106,200,000 | 53,200,000 | |
| Shares (Diluted) | 65,700,000 | 64,000,000 | -148,000,000 | 73,200,000 | 73,000,000 | 72,700,000 | -143,800,000 | 72,100,000 | 71,900,000 | 71,700,000 | -105,300,000 | 54,100,000 | 53,400,000 | 53,300,000 | -106,200,000 | 53,200,000 | |
| EBITDA | $164M | $-64M | · | $-44M | $-72M | $71M | · | $-60M | $-48M | $-83M | · | $-74M | $-75M | $-88M | · | $-67M |
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 | $94M | $87M | $143M | $102M | $115M | $81M | $100M | $85M | $155M | $88M | $312M | $114M | $91M | $130M | $81M | $133M | |
| Short-term Investments | $474M | $528M | $542M | $686M | $746M | $873M | $939M | $1.04B | $1.07B | $1.08B | · | $885M | $948M | $993M | · | $1.14B | |
| Receivables | $50M | $2M | $1M | $20M | $500.0K | $400.0K | $6M | $7M | $2M | $0 | $0 | $16M | $100.0K | $0 | $1M | $1M | |
| Prepaid Expense | $30M | $9M | $9M | $12M | $17M | $17M | $14M | $13M | $12M | $8M | · | $8M | $8M | $14M | · | $22M | |
| Current Assets | $652M | $631M | $701M | $826M | $890M | $980M | $1.07B | $1.15B | $1.26B | $1.19B | · | $1.03B | $1.06B | $1.15B | · | $1.30B | |
| PP&E (Net) | $5M | $6M | $5M | $5M | $6M | $7M | $7M | $7M | $10M | $10M | · | $13M | $13M | $13M | · | $14M | |
| PP&E (Gross) | $34M | $34M | $33M | $33M | $33M | $33M | $33M | $31M | $33M | $33M | · | $33M | $32M | $31M | · | $29M | |
| Accum. Depreciation | $29M | $28M | $28M | $28M | $27M | $26M | $26M | $24M | $23M | $22M | · | $20M | $19M | $18M | · | $15M | |
| Total Assets | $675M | $648M | $718M | $844M | $909M | $1.00B | $1.09B | $1.17B | $1.28B | $1.21B | · | $1.06B | $1.08B | $1.18B | · | $1.33B | |
| Accounts Payable | $8M | $31M | $24M | $18M | $17M | $26M | $13M | $18M | $23M | $18M | · | $34M | $7M | $12M | · | $8M | |
| Current Liabilities | $82M | $116M | $142M | $145M | $158M | $214M | $230M | $276M | $347M | $241M | · | $317M | $307M | $283M | · | $245M | |
| Capital Leases | $6M | $6M | $7M | $7M | $8M | $8M | $7M | $100.0K | $200.0K | $400.0K | · | $1M | $2M | $2M | · | $3M | |
| Total Liabilities | $113M | $261M | $284M | $280M | $300M | $341M | $530M | $581M | $679M | $603M | · | $601M | $620M | $665M | · | $713M | |
| Long-term Debt | $500.0K | $500.0K | $600.0K | $600.0K | $700.0K | $700.0K | $800.0K | $800.0K | $900.0K | $900.0K | · | $1M | $1M | $1M | · | $1M | |
| Total Debt | $500.0K | $500.0K | · | $600.0K | $700.0K | $700.0K | · | $800.0K | $900.0K | $900.0K | · | $1M | $1M | $1M | · | $1M | |
| Common Stock | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | · | $100.0K | $100.0K | $100.0K | · | $100.0K | |
| Paid-in Capital | $2.16B | $2.15B | $2.14B | $2.13B | $2.12B | $2.11B | $2.09B | $2.07B | $2.04B | $2.02B | · | $1.64B | $1.59B | $1.57B | · | $1.53B | |
| Retained Earnings | $-1.50B | $-1.67B | $-1.61B | $-1.54B | $-1.51B | $-1.45B | $-1.53B | $-1.49B | $-1.44B | $-1.40B | · | $-1.18B | $-1.11B | $-1.05B | · | $-882M | |
| Treasury Stock | $92M | $92M | $92M | $20M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| AOCI | $-800.0K | $-400.0K | $1M | $1M | $1M | $2M | $1M | $4M | $-4M | $-4M | · | $-9M | $-12M | $-13M | · | $-25M | |
| Stockholders' Equity | $562M | $387M | $434M | $564M | $609M | $660M | $562M | $586M | $600M | $610M | $660M | $457M | $464M | $511M | $565M | $622M | |
| Liabilities + Equity | $675M | $648M | $718M | $844M | $909M | $1.00B | $1.09B | $1.17B | $1.28B | $1.21B | · | $1.06B | $1.08B | $1.18B | · | $1.33B | |
| Shares Outstanding | 65,300,000 | 64,500,000 | 63,500,000 | 70,800,000 | 73,200,000 | 73,000,000 | 68,800,000 | 68,700,000 | 68,600,000 | 68,300,000 | 68,000,000 | 55,000,000 | 53,400,000 | 53,400,000 | 53,200,000 | 53,200,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $700.0K | $700.0K | $700.0K | $800.0K | $800.0K | $700.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | |
| Stock-based Comp | $6M | $12M | $8M | $10M | $10M | $15M | $23M | $25M | $22M | $19M | $17M | $17M | $18M | $20M | $20M | $19M | |
| Restructuring | $2M | $1M | $3M | $-200.0K | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-48M | $-69M | $-30M | $-59M | $-95M | $-89M | $-84M | $-128M | $50M | $-98M | $-83M | $-85M | $-89M | $-91M | $-71M | $-67M | |
| CapEx | $200.0K | $1M | $200.0K | $100.0K | $1M | $400.0K | $300.0K | $700.0K | $700.0K | $100.0K | $100.0K | $1M | $600.0K | $1M | $1M | $2M | |
| Investing Cash Flow | $55M | $14M | $146M | $64M | $129M | $70M | $99M | $50M | $13M | $-128M | $-54M | $70M | $49M | $139M | $19M | $106M | |
| Net Debt Issued | · | $-100.0K | · | · | · | $-100.0K | · | · | · | $-200.0K | · | · | · | · | · | · | |
| Stock Repurchased | · | · | $74M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $400.0K | $-100.0K | $-74M | $-18M | $500.0K | $-100.0K | $500.0K | $2M | $3M | $2M | $335M | $38M | $500.0K | $2M | $500.0K | $1M | |
| Net Change in Cash | $7M | $-56M | $41M | $-13M | $34M | $-20M | $15M | $-75M | $67M | $-224M | $198M | $23M | $-40M | $49M | $-51M | $40M | |
| Taxes Paid | · | · | $-700.0K | $300.0K | $0 | $0 | $700.0K | $100.0K | $300.0K | $1M | $2M | $100.0K | $9M | $0 | $3M | $8M | |
| Free Cash Flow | · | $-70M | · | · | · | $-89M | · | · | · | $-98M | · | · | · | $-92M | · | · | |
| Levered FCF | · | · | · | · | · | $-89M | · | · | · | $-98M | · | · | · | $-92M | · | · |
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 | 65.7% | -409.0% | · | -104.5% | -319.2% | 37.8% | · | -58.9% | -63.4% | -329.2% | · | -213.6% | -136.9% | -269.9% | · | -221.8% | |
| Net Margin | 67.8% | -369.2% | · | -83.8% | -273.2% | 43.9% | · | -48.0% | -46.0% | -274.3% | · | -185.0% | -122.2% | -252.0% | · | -218.5% | |
| Pretax Margin | 67.9% | -368.6% | · | -83.0% | -274.5% | 44.0% | · | -47.5% | -45.8% | -273.9% | · | -184.7% | -120.4% | -249.8% | · | · | |
| EBITDA Margin | 65.7% | -409.0% | · | -104.5% | -319.2% | 37.8% | · | -58.9% | -63.4% | -329.2% | · | -213.6% | -136.9% | -269.9% | · | -221.8% | |
| ROA | 21.4% | -7.0% | · | -3.5% | -5.6% | 7.5% | · | -4.4% | -3.0% | -5.8% | · | -5.3% | -5.3% | -6.2% | · | -4.5% | |
| ROE | 28.9% | -11.0% | · | -6.1% | -10.1% | 13.1% | · | -9.4% | -6.6% | -12.4% | · | -11.9% | -11.7% | -13.3% | · | -9.2% | |
| ROIC | 29.1% | -16.5% | · | -7.8% | -11.7% | 10.8% | · | -10.4% | -8.1% | -13.7% | · | -16.1% | -16.0% | -17.0% | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.9 | 5.4 | · | 5.7 | 5.6 | 4.6 | · | 4.2 | 3.6 | 4.9 | · | 3.3 | 3.4 | 4.1 | · | 5.3 | |
| Quick Ratio | 7.5 | 5.3 | · | 5.6 | 5.5 | 4.5 | · | 4.1 | 3.5 | 4.9 | · | 3.2 | 3.4 | 4.0 | · | 5.2 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| LT Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.0 | · | 0.0 | 0.0 | 0.2 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 9.8 | 14.2 | · | 3.0 | 19.5 | 944.0 | · | 8.9 | 80.5 | · | · | 4.1 | 72.7 | · | · | 21.0 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $330M | $269M | · | $356M | $390M | $393M | · | $239M | $191M | $147M | · | $155M | $154M | $126M | · | $103M | |
| Net Income TTM | $16M | $-71M | · | $-63M | $-63M | $-71M | · | $-218M | $-235M | $-282M | · | $-279M | $-285M | $-282M | · | $-246M | |
| Market Cap | $543M | $684M | · | $603M | $539M | $512M | · | $1.69B | $1.83B | $2.82B | · | $1.08B | $1.33B | $1.46B | · | $2.37B | |
| Enterprise Value | $-25M | $69M | · | $-184M | $-322M | $-441M | · | $571M | $598M | $1.65B | · | $83M | $288M | $336M | · | $1.10B | |
| P/E | 23.1 | -9.8 | · | -9.9 | -8.5 | -7.0 | · | -7.4 | -6.8 | -8.4 | · | -3.8 | -4.6 | -5.2 | · | -9.5 | |
| P/S | 1.6 | 2.5 | · | 1.7 | 1.4 | 1.3 | · | 7.1 | 9.6 | 19.2 | · | 7.0 | 8.6 | 11.6 | · | 23.0 | |
| P/B | 1.0 | 1.8 | · | 1.1 | 0.9 | 0.8 | · | 2.9 | 3.0 | 4.6 | · | 2.4 | 2.9 | 2.9 | · | 3.8 | |
| P / Tangible Book | 1.0 | 1.8 | · | 1.1 | 0.9 | 0.8 | · | 2.9 | 3.0 | 4.6 | · | 2.4 | 2.9 | 2.9 | · | 3.8 | |
| P / Cash Flow | · | -9.9 | · | · | · | -5.8 | · | · | · | -28.9 | · | · | · | -16.0 | · | · | |
| P / FCF | · | -9.7 | · | · | · | -5.7 | · | · | · | -28.9 | · | · | · | -15.8 | · | · | |
| EV / EBITDA | -0.2 | -1.1 | · | 4.2 | 4.5 | -6.2 | · | -9.5 | -12.3 | -19.8 | · | -1.1 | -3.9 | -3.8 | · | -16.3 | |
| EV / FCF | · | -1.0 | · | · | · | 4.9 | · | · | · | -16.9 | · | · | · | -3.6 | · | · | |
| EV / Revenue | -0.1 | 0.3 | · | -0.5 | -0.8 | -1.1 | · | 2.4 | 3.1 | 11.2 | · | 0.5 | 1.9 | 2.7 | · | 10.7 | |
| Earnings Yield | 4.3% | -10.2% | · | -10.1% | -11.8% | -14.2% | · | -13.5% | -14.6% | -12.0% | · | -26.5% | -21.6% | -19.4% | · | -10.6% |
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 | $263M | $263M | $78M | $131M | $54M |
| Operating Margin % | -45.1% | -95.0% | -511.5% | -200.3% | -418.2% |
| Net Income | $-81M | $-199M | $-367M | $-282M | $-191M |
| Diluted EPS | $-1.14 | $-2.77 | $-6.62 | $-5.31 | $-3.82 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 4.9 | 4.6 | 5.0 | 4.2 | 5.9 |
| Quick Ratio | 4.8 | 4.5 | 4.9 | 4.1 | 5.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-276M | $-261M | $-351M | $-280M | $555M |
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Institutional owners (13F) 222 filers · $383.7M 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 |
|---|---|---|---|---|
| 43 (+14 vs prior Q) | 37 (+7 vs prior Q) | 66 (+10 vs prior Q) | 53 (-19 vs prior Q) | +7.1M |
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 |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $34,265,446 | 4,123,399 | 8.93% | Shares |
| Pfizer Inc | $27,662,520 | 3,457,815 | 7.21% | Shares |
| Nextech Invest Ltd. | $26,998,913 | 1,408,394 | 7.04% | Shares |
| D. E. Shaw & Co., Inc. | $25,317,977 | 3,046,688 | 6.60% | Shares |
| ARMISTICE CAPITAL, LLC | $23,234,760 | 2,796,000 | 6.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,554,695 | 2,714,163 | 5.88% | Shares |
| TWO SIGMA INVESTMENTS, LP | $21,385,345 | 2,573,447 | 5.57% | Shares |
| STATE STREET CORP | $18,256,006 | 2,196,872 | 4.76% | Shares |
| New Leaf Venture Partners, L.L.C. | $13,510,343 | 1,585,721 | 3.52% | Shares |
| Qube Research & Technologies Ltd | $13,231,814 | 1,592,276 | 3.45% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $11,919,953 | 1,434,021 | 3.11% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $11,739,063 | 1,412,643 | 3.06% | Shares |
| TWO SIGMA ADVISERS, LP | $7,352,014 | 619,900 | 1.92% | Shares |
| Hillsdale Investment Management Inc. | $6,239,979 | 750,900 | 1.63% | Shares |
| TCG Crossover Management, LLC | $5,875,984 | 707,098 | 1.53% | Shares |
| CITADEL ADVISORS LLC | $5,106,570 | 614,509 | 1.33% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $5,004,523 | 602,229 | 1.30% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $4,896,568 | 589,238 | 1.28% | Shares |
| MILLENNIUM MANAGEMENT LLC | $4,770,031 | 574,011 | 1.24% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,505,466 | 542,174 | 1.17% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,550,231 | 427,224 | 0.93% | Shares |
| ALGERT GLOBAL LLC | $3,543,509 | 426,415 | 0.92% | Shares |
| BlackRock, Inc. | $3,394,701 | 408,508 | 0.88% | Shares |
| FMR LLC | $3,032,776 | 364,955 | 0.79% | Shares |
| WASATCH ADVISORS LP | $2,987,684 | 281,857 | 0.78% | Shares |
| Ikarian Capital, LLC | $2,977,115 | 358,257 | 0.78% | Shares |
| Nextech Invest Ltd. | $2,964,285 | 356,713 | 0.77% | Shares |
| GOLDMAN SACHS GROUP INC | $2,563,992 | 308,543 | 0.67% | Shares |
| Aquilo Capital Management, LLC | $2,532,577 | 360,766 | 0.66% | Shares |
| Nantahala Capital Management, LLC | $2,493,000 | 300,000 | 0.65% | Shares |
| Arbiter Partners Capital Management LLC | $2,448,076 | 294,594 | 0.64% | Shares |
| Man Group plc | $2,128,224 | 256,104 | 0.55% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,988,782 | 239,324 | 0.52% | Shares |
| MORGAN STANLEY | $1,871,063 | 225,158 | 0.49% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,789,517 | 215,345 | 0.47% | Shares |
| Squarepoint Ops LLC | $1,677,141 | 201,822 | 0.44% | Shares |
| Cubist Systematic Strategies, LLC | $1,598,724 | 187,643 | 0.42% | Shares |
| AMERIPRISE FINANCIAL INC | $1,536,910 | 184,947 | 0.40% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $1,496,000 | 180,000 | 0.39% | Shares |
| Rangeley Capital, LLC | $1,459,153 | 175,590 | 0.38% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $1,332,367 | 160,333 | 0.35% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,315,348 | 158,285 | 0.34% | Shares |
| Point72 Asset Management, L.P. | $1,173,920 | 141,266 | 0.31% | Shares |
| Bank of New York Mellon Corp | $1,159,760 | 139,562 | 0.30% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $1,035,825 | 124,648 | 0.27% | Shares |
| LPL Financial LLC | $944,548 | 113,664 | 0.25% | Shares |
| AMERICAN CENTURY COMPANIES INC | $920,507 | 110,771 | 0.24% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $912,146 | 108,978 | 0.24% | Shares |
| Swiss National Bank | $897,480 | 108,000 | 0.23% | Shares |
| HSBC HOLDINGS PLC | $868,736 | 102,809 | 0.23% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $837,909 | 70,650 | 0.22% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $811,147 | 97,611 | 0.21% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $787,929 | 94,817 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $739,590 | 89,000 | 0.19% | Call option |
| FEDERATED HERMES, INC. | $739,042 | 88,934 | 0.19% | Shares |
| Verition Fund Management LLC | $702,004 | 84,477 | 0.18% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $685,425 | 82,482 | 0.18% | Shares |
| CAXTON ASSOCIATES LLP | $684,021 | 82,313 | 0.18% | Shares |
| BARCLAYS PLC | $679,907 | 81,818 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $676,492 | 63,820 | 0.18% | Shares |
| Graham Capital Management, L.P. | $676,135 | 81,364 | 0.18% | Shares |
| RHUMBLINE ADVISERS | $649,391 | 78,147 | 0.17% | Shares |
| WOLVERINE TRADING, LLC | $645,721 | 75,700 | 0.17% | Call option |
| MANGROVE PARTNERS IM, LLC | $633,388 | 76,220 | 0.17% | Shares |
| Engineers Gate Manager LP | $600,988 | 72,321 | 0.16% | Shares |
| TEMA ETFS LLC | $578,780 | 48,801 | 0.15% | Shares |
| Assenagon Asset Management S.A. | $568,869 | 68,456 | 0.15% | Shares |
| Nebula Research & Development LLC | $564,858 | 76,747 | 0.15% | Shares |
| Quantinno Capital Management LP | $555,075 | 66,796 | 0.14% | Shares |
| Headlands Technologies LLC | $502,223 | 60,436 | 0.13% | Shares |
| Stonepine Capital Management, LLC | $498,600 | 60,000 | 0.13% | Shares |
| GLOBEFLEX CAPITAL L P | $493,041 | 59,331 | 0.13% | Shares |
| AlphaQuest LLC | $491,668 | 41,456 | 0.13% | Shares |
| ADAR1 Capital Management, LLC | $478,581 | 57,591 | 0.12% | Shares |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $477,825 | 57,500 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $459,415 | 43,341 | 0.12% | Shares |
| CITIGROUP INC | $452,696 | 54,476 | 0.12% | Shares |
| Longaeva Partners L.P. | $439,923 | 52,939 | 0.11% | Shares |
| ExodusPoint Capital Management, LP | $423,253 | 50,933 | 0.11% | Shares |
| STRS OHIO | $409,683 | 49,300 | 0.11% | Shares |
| EntryPoint Capital, LLC | $399,894 | 48,122 | 0.10% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $398,182 | 47,916 | 0.10% | Shares |
| Yelin Lapidot Holdings Management Ltd. | $387,786 | 46,665 | 0.10% | Shares |
| Virtus Investment Advisers, LLC | $358,709 | 43,166 | 0.09% | Shares |
| Schonfeld Strategic Advisors LLC | $357,703 | 43,045 | 0.09% | Shares |
| IEQ CAPITAL, LLC | $344,408 | 41,445 | 0.09% | Shares |
| Quinn Opportunity Partners LLC | $342,896 | 41,263 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $324,921 | 39,100 | 0.08% | Call option |
| VOYA INVESTMENT MANAGEMENT LLC | $319,943 | 38,501 | 0.08% | Shares |
| RAYMOND JAMES FINANCIAL INC | $299,135 | 35,997 | 0.08% | Shares |
| MetLife Investment Management, LLC | $295,271 | 35,532 | 0.08% | Shares |
| Jain Global LLC | $283,437 | 34,108 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $278,684 | 33,536 | 0.07% | Shares |
| AlphaCentric Advisors LLC | $254,469 | 30,622 | 0.07% | Shares |
| Brevan Howard Capital Management LP | $254,278 | 30,599 | 0.07% | Shares |
| JANUS HENDERSON GROUP PLC | $247,319 | 23,365 | 0.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $241,314 | 29,039 | 0.06% | Shares |
| Dynamic Technology Lab Private Ltd | $228,000 | 27,450 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $227,561 | 27,384 | 0.06% | Shares |
| Entropy Technologies, LP | $227,021 | 27,319 | 0.06% | Shares |
Company insiders 20 insiders · 7 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John G Houston | President and CEO | March 4, 2022 M | 843,820 | 0 | 0 | $0 |
| Andrew Saik | Chief Financial Officer | June 24, 2026 S | 187,432 | 0 | 1 | $-46,479 |
| Sean A Cassidy | Chief Financial Officer | March 11, 2022 M | 161,447 | 0 | 0 | $0 |
| Angela M Cacace | Chief Scientific Officer | June 17, 2026 S | 180,390 | 0 | 1 | $-19,578 |
| Ian Taylor | Chief Scientific Officer | March 31, 2022 G | 80,962 | 0 | 0 | $0 |
| Ronald Peck | Chief Medical Officer | Feb. 23, 2022 A | 5,402 | 0 | 0 | $0 |
| Andrew Crew | Senior Vice President, Chemistry | March 1, 2019 A | — | 0 | 0 | $0 |
| Edward Moore Kennedy Jr. | Director | June 24, 2026 A | 54,957 | 0 | 0 | $0 |
| Briggs Morrison | Director | June 24, 2026 A | 111,548 | 0 | 0 | $0 |
| Alsup Laurie Smaldone | Director | June 24, 2026 A | 41,572 | 0 | 0 | $0 |
| Linda Bain | Director | June 24, 2026 A | 41,572 | 0 | 0 | $0 |
| Everett Cunningham | Director | June 24, 2026 A | 41,572 | 0 | 0 | $0 |
| Leslie V Norwalk | Director | June 24, 2026 A | 41,572 | 0 | 0 | $0 |
| Bradley Albert Margus | Director | June 16, 2022 A | 2,000 | 0 | 0 | $0 |
| Liam Ratcliffe | Director | June 16, 2022 A | 185,686 | 0 | 0 | $0 |
| Timothy M Shannon | Director | June 16, 2022 A | 1,653,128 | 0 | 0 | $0 |
| Wendy L Dixon | Director | June 16, 2022 A | — | 0 | 0 | $0 |
| Jakob Loven | Director | June 3, 2020 A | 1,694,351 | 0 | 0 | $0 |
| Kush Parmar | Director | Sept. 24, 2019 G | 1,775 | 0 | 0 | $0 |
| Craig Martin Crews | 10% owner | Sept. 26, 2018 J | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Logos Global Management LP, Logos Global Management GP LLC, Logos Global Master Fund LP, Logos GP LLC, Logos Opportunities Fund IV GP LLC, Logos Opportunities Fund IV LP, Arsani William, Graham Walmsley ×3 filings | Oct. 15, 2025 | 3.40% | Amendment | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 46 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 | 0.81% | 10,582 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.58% | 21,940 NS | April 30, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.48% | 12,452 SH | Aug. 8, 2026 | Daily |
| CANC · Tema ETF Trust | 0.43% | 84,124 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.27% | 83,660 NS | May 31, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.18% | 16,936 NS | May 31, 2026 | N-PORT |
| IHE · iShares Trust | 0.12% | 231,021 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.12% | 3,026 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.06% | 202,038 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.04% | 3,479 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.04% | 396,447 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 46,763 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.03% | 502,091 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.03% | 2,363 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.03% | 89,341 NS | May 31, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.02% | 34,025 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 24,118 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 1,518,892 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 212,759 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.01% | 14,334 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 2,618 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 305,573 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 727,130 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 341,952 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 163,348 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 25,043 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 16,551 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 2,046 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 2,431 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 2,073 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 3,938 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 40,807 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 1,599 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,283 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 46,084 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.00% | 52 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 47,280 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 95,479 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 14,773 SH | Aug. 8, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 1,710 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 10,043 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 4,550 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 11,109 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,920,682 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,113 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,186 SH | Aug. 8, 2026 | Daily |