10-Year Performance
Revenue, net income, margins and EPS trends
06
Revenue$720M2017-12-31 → 2025-12-31
EPS$-3.762017-12-31 → 2025-12-31
Free Cash Flow·2017-12-31 → 2023-12-31
Net margin-31.7%2017-12-31 → 2025-12-31
Valuation & Ratios07–12
Valuation
P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ASND
5Y avg
Peer Median
Verdict
P/E
-56.75Y avg ≈-26.1
≈-26.1
·
·
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability
Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ASND
5Y avg
Peer Median
Verdict
Gross Margin
86.8%5Y avg ≈83.6%
≈83.6%
·
·
Operating Margin
-18.9%5Y avg ≈-341.1%
≈-341.1%
·
·
EBITDA Margin
-18.9%5Y avg ≈-341.1%
≈-341.1%
·
·
Pretax Margin
-29.5%5Y avg ≈-359.8%
≈-359.8%
·
·
Net Profit Margin
-31.7%5Y avg ≈-363.9%
≈-363.9%
·
·
ROA
-18.4%5Y avg ≈-40.0%
≈-40.0%
·
·
ROE
169.8%5Y avg ≈-112.4%
≈-112.4%
·
·
ROIC
89.8%5Y avg ≈114.8%
≈114.8%
·
·
Financial Health
Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ASND
5Y avg
Peer Median
Verdict
Current Ratio
1.05Y avg ≈2.8
≈2.8
·
·
Quick Ratio
0.65Y avg ≈1.4
≈1.4
·
·
Interest Coverage
-1.75Y avg ≈-8.6
≈-8.6
·
·
Growth
Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Per Share Metrics
EPS, book value per share, cash flow per share, dividend per share
Metric
5Y trend
ASND
5Y avg
Peer Median
Verdict
EPS (Diluted)
$-3.765Y avg ≈$-7.31
≈$-7.31
·
·
Capital Efficiency
Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ASND
5Y avg
Peer Median
Verdict
Asset Turnover
0.65Y avg ≈0.3
≈0.3
·
·
Inventory Turnover
0.35Y avg ≈0.2
≈0.2
·
·
Revenue / Employee
≈$605.7K
·
·
·
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History
EPS actual vs estimate, surprise %, beat rate, next earnings date
14
Avg Surprise-319.6%
Next ReportNov 09, 2026
Period
Report
EPS Actual
EPS Est
Surprise
June 30, 2026
Aug 13, 2026
$0.72
$1.41
-48.9%
March 31, 2026
$-0.77
$0.21
-471.1%
Dec. 31, 2025
$-0.55
$-0.05
-1098.3%
Sept. 30, 2025
$-1.00
$-0.22
-345.6%
June 30, 2025
$-0.64
$-1.27
49.8%
March 31, 2025
$-1.58
$-1.52
-3.7%
Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
15
Income Statement16
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue
$720M
$364M
$267M
$51M
$8M
$7M
$13M
$11M
$2M
$5M
Cost of Revenue
$95M
$44M
$44M
$12M
$4M
$0
$0
·
·
·
Gross Profit
$625M
$319M
$222M
$39M
$4M
$7M
$13M
·
·
·
R&D Expense
$304M
$307M
$413M
$380M
$296M
$261M
$192M
$140M
$100M
$66M
SG&A Expense
$458M
$291M
$264M
$221M
$160M
$77M
$48M
$25M
$13M
$12M
Operating Income
$-136M
$-279M
$-456M
$-562M
$-452M
$-331M
$-227M
$-155M
$-112M
$-73M
Interest Expense
$81M
$66M
$44M
$31M
$4M
$2M
$1M
$127.0K
$97.0K
$5.0K
Interest Income
$114M
$26M
$44M
$52M
$60M
$2M
$18M
$25M
$923.0K
$7M
Pretax Income
$-213M
$-373M
$-474M
$-578M
$-384M
$-419M
$-218M
$-130M
$-124M
$-69M
Income Tax
$15M
$5M
$7M
$5M
$-367.0K
$-219.0K
$-234.0K
$-394.0K
$-477.0K
$-227.0K
Net Income
$-228M
$-378M
$-481M
$-583M
$-384M
$-419M
$-218M
$-130M
$-124M
$-69M
EPS (Basic)
$-3.76
$-6.53
$-8.55
$-10.40
$-7.00
·
·
·
$-3.68
$-2.58
EPS (Diluted)
$-3.76
$-6.53
$-8.55
$-10.40
$-7.00
·
·
·
$-3.68
$-2.58
Shares (Basic)
60,607,131
57,891,570
56,287,060
56,071,793
54,771,763
50,616,528
46,506,862
41,085,237
33,626,305
26,564,414
Shares (Diluted)
·
·
·
·
·
·
·
·
33,626,305
26,564,414
EBITDA
$-136M
$-279M
$-456M
$-562M
$-452M
$-331M
$-227M
$-155M
$-112M
·
Balance Sheet10
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Cash & Equivalents
$616M
$560M
$392M
$445M
$446M
$585M
$598M
$278M
$195M
$180M
Inventory
$302M
$296M
$209M
$131M
$75M
$0
·
·
·
·
Current Assets
$1.11B
$1.06B
$703M
$923M
$806M
$740M
$611M
$293M
$205M
$184M
PP&E (Net)
$146M
$99M
$111M
$129M
$126M
$108M
$45M
$4M
$3M
$2M
Goodwill
·
·
·
·
·
·
$3M
$3M
$3M
$3M
Total Assets
$1.30B
$1.18B
$826M
$1.09B
$1.08B
$980M
$677M
$319M
$211M
$190M
Accounts Payable
·
·
·
·
·
·
·
·
$24M
$13M
Current Liabilities
$1.07B
$908M
$737M
$171M
$100M
$53M
$48M
$39M
$24M
$13M
Total Liabilities
$1.47B
$1.29B
$971M
$826M
$201M
$141M
$80M
$39M
$24M
$13M
Stockholders' Equity
$-163M
$-106M
$-146M
$263M
$884M
$839M
$597M
$280M
$187M
$177M
Cash Flow6
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Operating Cash Flow
$54M
$-306M
$-467M
$-496M
$-418M
$-272M
$-176M
$-139M
$-95M
$-60M
CapEx
·
·
$2M
$14M
$24M
$20M
$5M
$3M
$941.0K
$672.0K
Investing Cash Flow
$-8M
$7M
$286M
$62M
$-111M
$-291M
$-5M
$-3M
$-941.0K
$-672.0K
Financing Cash Flow
$36M
$444M
$134M
$397M
$351M
$603M
$494M
$203M
$125M
$117M
Free Cash Flow
·
·
$-470M
$-510M
$-441M
$-291M
$-181M
$-141M
$-96M
·
Levered FCF
·
·
$-515M
$-541M
$-445M
$-293M
$-181M
$-142M
$-96M
·
Profitability8
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Gross Margin
86.8%
87.8%
83.4%
76.3%
54.7%
·
·
·
·
·
Operating Margin
-18.9%
-76.7%
-170.8%
-1097.9%
-5808.6%
-4755.1%
-1695.1%
-1462.6%
-7290.3%
·
Net Margin
-31.7%
-104.0%
-180.5%
-1139.6%
-4931.6%
-6025.5%
-1630.0%
-1229.5%
-8097.8%
·
Pretax Margin
-29.5%
-102.6%
-177.8%
-1129.1%
-4936.3%
-6028.7%
-1631.8%
-1233.3%
-8129.0%
·
EBITDA Margin
-18.9%
-76.7%
-170.8%
-1097.9%
-5808.6%
-4755.1%
-1695.1%
-1462.6%
-7290.3%
·
ROA
-18.4%
-37.7%
-50.3%
-53.6%
-37.2%
-50.6%
-43.8%
-49.1%
-61.8%
·
ROE
169.8%
300.8%
-818.4%
-101.7%
-44.5%
-58.4%
-49.7%
-55.7%
-68.1%
·
ROIC
89.8%
267.1%
317.5%
-215.3%
-51.1%
-39.4%
-37.9%
-55.1%
-59.4%
·
Liquidity & Solvency3
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Current Ratio
1.0
1.2
3.6
5.4
8.0
14.0
12.7
7.5
8.6
·
Quick Ratio
0.6
0.6
2.0
2.6
4.4
11.1
12.5
7.1
8.2
·
Interest Coverage
-1.7
-4.3
-10.3
-18.3
-115.5
-172.4
-1095.3
-1218.6
-1149.9
·
Efficiency2
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Asset Turnover
0.6
0.4
0.3
0.0
0.0
0.0
0.0
0.0
0.0
·
Inventory Turnover
0.3
0.2
0.3
0.1
0.1
·
·
·
·
·
Per Share3
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue / Share
·
·
·
·
·
·
·
·
$0.05
·
Cash Flow / Share
·
·
·
·
·
·
·
·
$-2.83
·
EPS (TTM)
$-3.76
$-6.53
$-8.55
$-10.40
$-7.00
·
·
·
$-3.68
·
Valuation (TTM)4
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue TTM
$720M
$364M
$267M
$51M
$8M
$7M
$13M
$11M
$2M
·
Net Income TTM
$-228M
$-378M
$-481M
$-583M
$-384M
$-419M
$-218M
$-130M
$-124M
·
P/E
-56.7
-21.1
-14.7
-11.7
-19.2
·
·
·
-10.9
·
Earnings Yield
-1.8%
-4.7%
-6.8%
-8.5%
-5.2%
·
·
·
-9.2%
·
Per Share1
Metric
Trend
Q4 2016
Q4 2015
Q4 2014
EPS (TTM)
$-2.58
$-1.39
·
Valuation (TTM)4
Metric
Trend
Q4 2016
Q4 2015
Q4 2014
Revenue TTM
$5M
$8M
·
Net Income TTM
$-69M
$-33M
·
P/E
-7.8
-13.2
·
Earnings Yield
-12.8%
-7.6%
·
Most recent period on the left · null values shown as ·
Financial Statements
Income statement, balance sheet, cash flow — annual, last 5 years
16
Metric
2025-12-31
2024-12-31
2023-12-31
2023-01-01
2022-12-31
Revenue
$720M
$364M
$267M
·
$51M
Gross Margin %
86.8%
87.8%
83.4%
·
76.3%
Operating Margin %
-18.9%
-76.7%
-170.8%
·
-1097.9%
Net Income
$-228M
$-378M
$-481M
·
$-583M
Diluted EPS
$-3.76
$-6.53
$-8.55
·
$-10.40
Metric
2025-12-31
2024-12-31
2023-12-31
2023-01-01
2022-12-31
Current Ratio
1.0
1.2
3.6
·
5.4
Quick Ratio
0.6
0.6
2.0
·
2.6
Metric
2025-12-31
2024-12-31
2023-12-31
2023-01-01
2022-12-31
Free Cash Flow
·
·
$-470M
·
$-510M
Institutional owners (13F)
26 filers
· $211.4M total
· As of June 30, 2026
17
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.
Holders26
Value held$211.4M
New positions2
Exited positions254
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
2
254
3
1
·
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. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.
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
OrbiMed Advisors LLC, OrbiMed Capital GP V LLC, OrbiMed Global Healthcare GP LLC, OrbiMed Capital LLC
×16 filings
Vivo Ventures VII, LLC, Vivo Ventures Fund VII, L.P., Vivo Ventures VII Affiliates Fund, L.P., Vivo Opportunity, LLC, Vivo Opportunity Fund, L.P.
×3 filings
Sofinnova Venture Partners IX, L.P. (“SVP IX”), Sofinnova Management IX, L.L.C. (“SM IX”), Dr. Michael F. Powell (“Powell”), Dr. James I. Healy (“Healy”), Dr. Anand Mehra (“Mehra”)
×5 filings
Sofinnova Capital V FCPR (“SC V”), Sofinnova Partners SAS, a French corporation (“SP SAS”), Denis Lucquin (“Lucquin”), Antoine Papiernik (“Papiernik”), Monique Saulnier (“Saulnier”)
×3 filings
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.
Company insiders
5 insiders
· 3 officers · 2 directors