AXSM Axsome Therapeutics, Inc. - Common Stock
$219.18
Price · Aug 18, 2026
Fundamentals as of Aug 10, 2026
52W Range
$110–$260
73% of range
Analyst Rating
BUY
28 analysts
Price Target
$284
+30% upside
P/E (TTM)
-59.6
ROE
-227.0%
Net Profit Margin
-28.7%
AXSM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$219.18
Market Cap
$11.15B
P/E (TTM)
-59.6
EPS (TTM)
$-3.68
Revenue (TTM)
$638M
Div Yield
—
ROE
-227.0%
Debt/Equity
2.1
52W Range
$110 – $260
AXSM 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
$638M
2022-12-31
→
2025-12-31
EPS
$-3.68
2020-12-31
→
2025-12-31
Free Cash Flow
$-94M
2016-12-31
→
2025-12-31
Margins
-28.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AXSM
Peer Median
P/E (TTM)
-59.6
47.9
P/S (TTM)
17.5
16.2
P/B
126.3
9.3
EV / EBITDA
-66.1
—
Price / FCF
-118.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AXSM
Peer Median
Operating Margin
-26.1%
—
Net Profit Margin
-28.7%
5.1%
ROA
-29.1%
0.81%
ROE
-227.0%
-15.3%
ROIC
-60.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AXSM
Peer Median
Debt / Equity
2.1
—
Current Ratio
1.6
2.7
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AXSM
Peer Median
Revenue YoY
65.5%
—
Revenue CAGR 3Y
133.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AXSM
Peer Median
AXSM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
28 analysts
- Strong Buy 10 35.7%
- Buy 16 57.1%
- Hold 2 7.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-14
Median
$276.00
← Below all targets
$219.18
Low
$246.00
High
$380.00
Median target
$276.00
+25.9%
Mean target
$283.90
+29.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.99 | $-0.86 | -0.13% |
| March 31, 2026 | $-1.26 | $-0.91 | -0.35% |
| Dec. 31, 2025 | $-0.56 | $-0.68 | 0.12% |
| Sept. 30, 2025 | $-0.94 | $-0.88 | -0.06% |
| June 30, 2025 | $-0.97 | $-1.12 | 0.15% |
| March 31, 2025 | $-1.22 | $-1.35 | 0.13% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AXSM | $9.29B | -49.6 | 65.5% | -28.7% | -227.0% | — |
| VTRS | — | -4.2 | -3.0% | -24.6% | -23.2% | 35.1% |
| CORT | $3.69B | 42.4 | 12.8% | 13.1% | 15.5% | — |
| ELAN | $11.25B | -48.1 | 6.2% | -4.9% | -3.5% | 55.0% |
| CRNX | $4.45B | -9.4 | 640.7% | -6046.2% | -43.0% | — |
| LQDA | $3.01B | -43.1 | 1031.2% | -43.5% | -230.0% | — |
| BLTE | — | — | — | — | — | — |
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | — |
| DFTX | $1.32B | -6.5 | 212.0% | — | -71.0% | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $638M | $386M | $271M | $50M | |
| Cost of Revenue | · | · | · | $5M | |
| R&D Expense | $183M | $187M | $98M | $58M | |
| SG&A Expense | $571M | $411M | $323M | $159M | |
| Operating Expenses | $805M | $666M | $502M | $230M | |
| Operating Income | $-167M | $-281M | $-232M | $-180M | |
| Interest Expense | $-16M | $-22M | $-20M | $-10M | |
| Interest Income | $9M | $15M | $14M | $2M | |
| Pretax Income | $-184M | $-287M | $-238M | $-187M | |
| Income Tax | $-530.0K | $85.0K | $960.0K | $0 | |
| Net Income | $-183M | $-287M | $-239M | $-187M | |
| EPS (Basic) | $-3.68 | $-5.99 | $-5.27 | $-4.60 | |
| EPS (Diluted) | $-3.68 | $-5.99 | $-5.27 | $-4.60 | |
| Shares (Basic) | 49,747,178 | 47,914,253 | 45,425,212 | 40,655,941 | |
| Shares (Diluted) | 49,747,178 | 47,914,253 | 45,425,212 | 40,655,941 | |
| EBITDA | $-167M | $-281M | $-232M | $-180M |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $323M | $315M | $386M | $201M | |
| Receivables | $224M | $142M | $95M | $38M | |
| Inventory | $28M | $16M | $15M | $4M | |
| Prepaid Expense | $14M | $12M | $8M | $3M | |
| Current Assets | $589M | $485M | $504M | $246M | |
| PP&E (Net) | $562.0K | $584.0K | $846.0K | $722.0K | |
| Goodwill | $12M | $12M | $12M | $10M | |
| Intangibles | $41M | $47M | $53M | $60M | |
| Total Assets | $690M | $568M | $588M | $331M | |
| Accounts Payable | $66M | $72M | $41M | $39M | |
| Current Liabilities | $379M | $230M | $139M | $97M | |
| Capital Leases | $23M | $6M | $7M | · | |
| Total Liabilities | $602M | $511M | $397M | $222M | |
| Long-term Debt | $188M | $181M | · | · | |
| Total Debt | $188M | $181M | $178M | $94M | |
| Common Stock | $5.0K | $5.0K | $5.0K | $4.0K | |
| Retained Earnings | $-1.31B | $-1.12B | $-836M | $-596M | |
| Stockholders' Equity | $88M | $57M | $191M | $110M | |
| Liabilities + Equity | $690M | $568M | $588M | $331M | |
| Shares Outstanding | 50,882,766 | 48,667,587 | 47,351,363 | 43,498,617 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Stock-based Comp | $94M | $85M | $63M | $38M | |
| Amort. of Intangibles | $6M | $6M | $6M | $4M | |
| Operating Cash Flow | $-93M | $-128M | $-145M | $-117M | |
| CapEx | $480.0K | $270.0K | $582.0K | $702.0K | |
| Investing Cash Flow | $-480.0K | $-270.0K | $-582.0K | $-54M | |
| Net Debt Issued | $-332M | · | · | · | |
| Stock Issued | $68M | $41M | $259M | $244M | |
| Net Stock Activity | $68M | $41M | $259M | $237M | |
| Financing Cash Flow | $101M | $58M | $331M | $285M | |
| Net Change in Cash | $8M | $-71M | $185M | $114M | |
| Taxes Paid | $-180.0K | · | · | · | |
| Free Cash Flow | $-94M | $-129M | $-146M | $-117M | |
| Levered FCF | $-78M | $-107M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | -26.1% | -72.7% | -85.7% | · | |
| Net Margin | -28.7% | -74.5% | -88.4% | · | |
| Pretax Margin | -28.8% | -74.5% | -88.1% | · | |
| EBITDA Margin | -26.1% | -72.7% | -85.7% | · | |
| ROA | -29.1% | -49.7% | -52.0% | -89.3% | |
| ROE | -227.0% | -383.2% | -103.9% | -140.2% | |
| ROIC | -60.2% | -118.1% | -63.1% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.6 | 2.1 | 3.6 | 2.5 | |
| Quick Ratio | 1.4 | 2.0 | 3.5 | 2.5 | |
| Debt / Equity | 2.1 | 3.2 | 0.9 | 0.9 | |
| LT Debt / Equity | 1.3 | 3.2 | 0.9 | 0.9 | |
| Interest Coverage | 10.5 | 13.0 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 0.7 | 0.6 | 0.0 | |
| Inventory Turnover | · | · | · | 2.4 | |
| Receivables Turnover | 3.5 | 3.3 | 4.1 | 0.0 |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 65.5% | 42.5% | 440.8% | · | |
| Revenue CAGR 3Y | 133.7% | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $638M | $386M | $271M | $50M | |
| Net Income TTM | $-183M | $-287M | $-239M | $-187M | |
| Market Cap | $9.29B | $4.12B | $3.77B | $3.36B | |
| Enterprise Value | $9.16B | $3.98B | $3.56B | $3.25B | |
| P/E | -49.6 | -14.1 | -15.1 | -16.8 | |
| P/S | 14.6 | 10.7 | 13.9 | 67.1 | |
| P/B | 105.3 | 72.2 | 19.7 | 30.6 | |
| P / Tangible Book | 260.1 | · | 30.0 | 84.8 | |
| P / Cash Flow | -99.5 | -32.1 | -26.0 | -28.8 | |
| P / FCF | -99.0 | -32.0 | -25.9 | -28.6 | |
| EV / EBITDA | -54.9 | -14.2 | -15.4 | -18.1 | |
| EV / FCF | -97.5 | -31.0 | -24.4 | -27.7 | |
| EV / Revenue | 14.3 | 10.3 | 13.2 | 64.9 | |
| Earnings Yield | -2.0% | -7.1% | -6.6% | -6.0% |
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 | $218M | $191M | $196M | $171M | $150M | $121M | $119M | $105M | $87M | $75M | $72M | $58M | $47M | $95M | $24M | $17M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $2M | |
| R&D Expense | $46M | $53M | $49M | $40M | $50M | $45M | $55M | $45M | $50M | $37M | $31M | $29M | $21M | $18M | $15M | $15M | |
| SG&A Expense | $208M | $185M | $169M | $150M | $130M | $121M | $113M | $96M | $104M | $99M | $87M | $83M | $79M | $74M | $61M | $41M | |
| Operating Expenses | $268M | $255M | $223M | $217M | $187M | $178M | $191M | $167M | $165M | $142M | $170M | $120M | $112M | $101M | $84M | $59M | |
| Operating Income | $-50M | $-63M | $-27M | $-46M | $-37M | $-57M | $-73M | $-63M | $-78M | $-67M | $-98M | $-62M | $-65M | $-6M | $-60M | $-42M | |
| Interest Expense | $-3M | $3M | $-3M | $-3M | $-4M | $5M | $-5M | $-6M | $-5M | $-5M | · | · | · | · | · | · | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $4M | $4M | $4M | · | · | · | · | · | · | |
| Pretax Income | $-51M | $-65M | $-28M | $-47M | $-49M | $-59M | $-75M | $-65M | $-79M | $-68M | $-99M | $-63M | $-68M | $-9M | $-61M | $-45M | |
| Income Tax | $128.0K | $0 | $430.0K | $0 | $-960.0K | $0 | $85.0K | $0 | $0 | $0 | $-325.0K | $-678.0K | $-617.0K | $3M | · | $0 | |
| Net Income | $-51M | $-65M | $-29M | $-47M | $-48M | $-59M | $-75M | $-65M | $-79M | $-68M | $-99M | $-62M | $-67M | $-11M | $-61M | $-45M | |
| EPS (Basic) | $-0.99 | $-1.26 | $-0.55 | $-0.94 | $-0.97 | $-1.22 | $-1.54 | $-1.34 | $-1.67 | $-1.44 | $-2.15 | $-1.32 | $-1.54 | $-0.26 | $-1.41 | $-1.07 | |
| EPS (Diluted) | $-0.99 | $-1.26 | $-0.55 | $-0.94 | $-0.97 | $-1.22 | $-1.54 | $-1.34 | $-1.67 | $-1.44 | $-2.15 | $-1.32 | $-1.54 | $-0.26 | $-1.41 | $-1.07 | |
| Shares (Basic) | 51,799,708 | 51,198,349 | -98,587,837 | 50,021,851 | 49,442,001 | 48,871,163 | -95,193,058 | 48,140,519 | 47,573,229 | 47,393,563 | -88,885,435 | 47,117,196 | 43,669,820 | 43,523,631 | -78,452,688 | 41,704,362 | |
| Shares (Diluted) | 51,799,708 | 51,198,349 | -98,587,837 | 50,021,851 | 49,442,001 | 48,871,163 | -95,193,058 | 48,140,519 | 47,573,229 | 47,393,563 | -88,885,435 | 47,117,196 | 43,669,820 | 43,523,631 | -78,452,688 | 41,704,362 | |
| EBITDA | $-50M | $-63M | · | $-46M | $-37M | $-57M | · | $-63M | $-78M | $-67M | · | $-62M | $-65M | $-6M | · | $-42M |
Balance Sheet 20
| 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 | $320M | $305M | $323M | $325M | $303M | $301M | $315M | $327M | $316M | $331M | · | $417M | $437M | $247M | · | $228M | |
| Receivables | $277M | $251M | $224M | $197M | $199M | $161M | $142M | $124M | $120M | $101M | · | $78M | $67M | $45M | · | $20M | |
| Inventory | $38M | $32M | $28M | $24M | $18M | $16M | $16M | $14M | $15M | $16M | · | $10M | $9M | $8M | · | $2M | |
| Prepaid Expense | $21M | $24M | $14M | $20M | $16M | $16M | $12M | $13M | $12M | $12M | · | $7M | $6M | $5M | · | $2M | |
| Current Assets | $657M | $611M | $589M | $565M | $537M | $495M | $485M | $479M | $463M | $460M | · | $512M | $520M | $304M | · | $252M | |
| PP&E (Net) | $874.0K | $567.0K | $562.0K | $605.0K | $667.0K | $773.0K | $584.0K | $683.0K | $724.0K | $812.0K | · | $971.0K | $736.0K | $703.0K | · | $627.0K | |
| Goodwill | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | · | $12M | $12M | $10M | · | $12M | |
| Intangibles | $37M | $39M | $41M | $42M | $44M | $45M | $47M | $49M | $50M | $52M | · | $55M | $56M | $58M | · | $61M | |
| Total Assets | $761M | $714M | $690M | $669M | $640M | $597M | $568M | $561M | $548M | $546M | · | $601M | $612M | $389M | · | $339M | |
| Accounts Payable | $79M | $107M | $66M | $54M | $92M | $86M | $72M | $64M | $61M | $54M | · | $29M | $43M | $36M | · | $13M | |
| Current Liabilities | $460M | $439M | $379M | $360M | $342M | $244M | $230M | $196M | $187M | $144M | · | $115M | $115M | $101M | · | $60M | |
| Capital Leases | $22M | $22M | $23M | $23M | $24M | $24M | $6M | $6M | $7M | $7M | · | $8M | $8M | · | · | · | |
| Total Liabilities | $678M | $659M | $602M | $596M | $567M | $543M | $511M | $469M | $445M | $402M | · | $331M | $333M | $277M | · | $182M | |
| Long-term Debt | $188M | $188M | $188M | $188M | $188M | · | $181M | · | · | · | · | · | · | · | · | · | |
| Total Debt | $188M | $188M | · | $188M | $188M | $181M | · | $180M | $179M | $179M | · | $177M | $177M | $148M | · | $94M | |
| Common Stock | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | · | $5.0K | $5.0K | $4.0K | · | $4.3K | |
| Retained Earnings | $-1.42B | $-1.37B | $-1.31B | $-1.28B | $-1.23B | $-1.18B | $-1.12B | $-1.05B | $-983M | $-904M | · | $-737M | $-675M | $-608M | · | $-535M | |
| Stockholders' Equity | $83M | $55M | $88M | $74M | $73M | $53M | $57M | $93M | $103M | $144M | $191M | $270M | $279M | $112M | $110M | $157M | |
| Liabilities + Equity | $761M | $714M | $690M | $669M | $640M | $597M | $568M | $561M | $548M | $546M | · | $601M | $612M | $389M | · | $339M | |
| Shares Outstanding | 52,299,889 | 51,420,445 | 50,882,766 | 50,307,834 | 49,815,301 | 49,216,759 | 48,667,587 | 48,436,108 | 47,801,578 | 47,464,575 | · | 47,317,381 | 46,726,794 | 43,548,466 | · | 43,425,707 |
Cash Flow 12
| 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 | $27M | $23M | $23M | $23M | $25M | $23M | $22M | $22M | $21M | $20M | $19M | $15M | $16M | $13M | $11M | $9M | |
| Amort. of Intangibles | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Operating Cash Flow | $-33M | $-21M | $-19M | $1M | $-32M | $-43M | $-26M | $-19M | $-30M | $-53M | $-30M | $-54M | $-55M | $-6M | $-28M | $-23M | |
| CapEx | $450.0K | $121.0K | $71.0K | $58.0K | $13.0K | $338.0K | $30.0K | $90.0K | $52.0K | $98.0K | $7.0K | $371.0K | $133.0K | $71.0K | $181.0K | $65.8K | |
| Investing Cash Flow | $-450.0K | $-121.0K | $-71.0K | $-58.0K | $-13.0K | $-338.0K | $-30.0K | $-90.0K | $-52.0K | $-98.0K | $-7.0K | $-371.0K | $-133.0K | $-71.0K | $-181.0K | $-65.8K | |
| Net Debt Issued | · | $-70M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | $13M | $6M | $6M | $10M | $33M | $20M | $16M | $13M | · | · | $0 | $34M | · | · | $0 | $182M | |
| Net Stock Activity | · | $6M | · | · | · | $20M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $48M | $3M | $16M | $21M | $35M | $29M | $14M | $30M | $14M | $-1M | $-2.0K | $33M | $246M | $52M | $1M | $177M | |
| Net Change in Cash | $15M | $-18M | $-2M | $22M | $2M | $-14M | $-12M | $12M | $-16M | $-55M | $-30M | $-21M | $191M | $46M | $-27M | $154M | |
| Free Cash Flow | · | $-21M | · | · | · | $-44M | · | · | · | $-54M | · | · | · | $-6M | · | · | |
| Levered FCF | · | $-24M | · | · | · | $-38M | · | · | · | · | · | · | · | · | · | · |
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 | -22.7% | -33.1% | · | -27.0% | -24.5% | -46.9% | · | -59.8% | -89.5% | -89.7% | · | -107.5% | · | -6.7% | · | · | |
| Net Margin | -23.5% | -33.8% | · | -27.6% | -32.0% | -48.9% | · | -61.7% | -91.0% | -91.1% | · | -107.6% | · | -11.9% | · | · | |
| Pretax Margin | -23.4% | -33.8% | · | -27.6% | -32.6% | -48.9% | · | -61.7% | -91.0% | -91.1% | · | -108.8% | · | -9.1% | · | · | |
| EBITDA Margin | -22.7% | -33.1% | · | -27.0% | -24.5% | -46.9% | · | -59.8% | -89.5% | -89.7% | · | -107.5% | · | -6.7% | · | · | |
| ROA | -7.3% | -9.8% | · | -7.7% | -8.1% | -10.4% | · | -11.1% | -13.7% | -14.6% | · | -13.2% | -17.0% | -4.7% | · | -19.7% | |
| ROE | -65.6% | -119.8% | · | -56.7% | -54.5% | -60.2% | · | -35.6% | -41.6% | -53.4% | · | -29.1% | -45.7% | -17.7% | · | -44.8% | |
| ROIC | -18.4% | -26.1% | · | -17.6% | -13.8% | -24.3% | · | -22.9% | -27.7% | -20.8% | · | -13.8% | -14.1% | -3.2% | · | · |
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 | 1.4 | 1.4 | · | 1.6 | 1.6 | 2.0 | · | 2.4 | 2.5 | 3.2 | · | 4.5 | 4.5 | 3.0 | · | 4.2 | |
| Quick Ratio | 1.3 | 1.3 | · | 1.4 | 1.5 | 1.9 | · | 2.3 | 2.3 | 3.0 | · | 4.3 | 4.4 | 2.9 | · | 4.1 | |
| Debt / Equity | 2.3 | 3.4 | · | 2.5 | 2.6 | 3.4 | · | 1.9 | 1.7 | 1.2 | · | 0.7 | 0.6 | 1.3 | · | 0.6 | |
| LT Debt / Equity | 1.4 | 2.2 | · | 1.6 | 1.6 | 3.4 | · | 1.9 | 1.7 | 1.2 | · | 0.7 | 0.6 | 1.3 | · | 0.6 | |
| Interest Coverage | 15.5 | -20.5 | · | 13.7 | 9.0 | 10.8 | · | · | · | · | · | · | · | · | · | · |
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 | · | 0.3 | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | · | 0.4 | · | · | |
| Inventory Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 1.8 | |
| Receivables Turnover | 0.9 | 0.9 | · | 1.1 | 0.9 | 0.9 | · | 1.0 | 0.9 | 1.0 | · | 1.2 | · | 4.2 | · | · |
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 | $731M | $634M | · | $547M | $463M | $388M | · | $325M | $267M | $274M | · | $216M | · | · | · | · | |
| Net Income TTM | $-211M | $-219M | · | $-219M | $-251M | $-272M | · | $-275M | $-277M | $-209M | · | $-185M | $-165M | $-137M | · | $-161M | |
| Market Cap | $12.80B | $8.69B | · | $6.11B | $5.20B | $5.74B | · | $4.35B | $3.85B | $3.79B | · | $3.31B | $3.36B | $2.69B | · | $1.94B | |
| Enterprise Value | $12.67B | $8.57B | · | $5.97B | $5.08B | $5.62B | · | $4.21B | $3.71B | $3.63B | · | $3.07B | $3.10B | $2.59B | · | $1.80B | |
| P/E | -58.8 | -38.5 | · | -27.2 | -20.1 | -20.6 | · | -15.6 | -13.5 | -17.5 | · | -16.7 | -18.3 | -17.9 | · | -10.8 | |
| P/S | 17.5 | 13.7 | · | 11.2 | 11.2 | 14.8 | · | 13.4 | 14.4 | 13.8 | · | 15.3 | · | · | · | · | |
| P/B | 153.7 | 159.2 | · | 82.9 | 71.2 | 107.9 | · | 46.9 | 37.4 | 26.3 | · | 12.3 | 12.0 | 24.0 | · | 12.3 | |
| P / Tangible Book | 377.6 | 2415.5 | · | 312.4 | 300.6 | · | · | 134.5 | 94.5 | 47.2 | · | 16.3 | 16.0 | 61.9 | · | 23.0 | |
| P / Cash Flow | · | -419.9 | · | · | · | -132.3 | · | · | · | -70.8 | · | · | · | -461.4 | · | · | |
| P / FCF | · | -417.4 | · | · | · | -131.3 | · | · | · | -70.7 | · | · | · | -455.9 | · | · | |
| EV / EBITDA | -255.2 | -135.3 | · | -129.5 | -138.5 | -98.6 | · | -67.2 | -47.6 | -54.0 | · | -49.4 | -47.6 | -405.9 | · | -42.5 | |
| EV / FCF | · | -411.8 | · | · | · | -128.6 | · | · | · | -67.9 | · | · | · | -439.1 | · | · | |
| EV / Revenue | 17.3 | 13.5 | · | 10.9 | 11.0 | 14.5 | · | 13.0 | 13.9 | 13.3 | · | 14.2 | · | · | · | · | |
| Earnings Yield | -1.7% | -2.6% | · | -3.7% | -5.0% | -4.9% | · | -6.4% | -7.4% | -5.7% | · | -6.0% | -5.5% | -5.6% | · | -9.2% |
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 | $638M | $386M | $271M | $50M | — |
| Operating Margin % | -26.1% | -72.7% | -85.7% | — | — |
| Net Income | $-183M | $-287M | $-239M | $-187M | $-130M |
| Diluted EPS | $-3.68 | $-5.99 | $-5.27 | $-4.60 | $-3.47 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 2.1 | 3.2 | 0.9 | 0.9 | 3.1 |
| Current Ratio | 1.6 | 2.1 | 3.6 | 2.5 | 3.8 |
| Quick Ratio | 1.4 | 2.0 | 3.5 | 2.5 | 3.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-94M | $-129M | $-146M | $-117M | $-109M |
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Institutional owners (13F) 554 filers · $7.0B 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 |
|---|---|---|---|---|
| 150 (+75 vs prior Q) | 32 (-20 vs prior Q) | 156 (+13 vs prior Q) | 155 (+7 vs prior Q) | +6.8M |
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 | $485,504,722 | 1,983,514 | 6.95% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $480,994,100 | 1,965,086 | 6.88% | Shares |
| FMR LLC | $320,410,784 | 1,309,028 | 4.59% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $209,486,017 | 855,638 | 3.00% | Shares |
| STATE STREET CORP | $192,289,814 | 785,661 | 2.75% | Shares |
| Deep Track Capital, LP | $171,339,000 | 700,000 | 2.45% | Shares |
| TWO SIGMA INVESTMENTS, LP | $163,868,130 | 669,478 | 2.35% | Shares |
| ALETHEA CAPITAL MANAGEMENT, LLC | $158,796,006 | 648,756 | 2.27% | Shares |
| MILLENNIUM MANAGEMENT LLC | $136,113,660 | 556,088 | 1.95% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $132,031,000 | 539,407 | 1.89% | Shares |
| NORGES BANK | $125,876,889 | 514,266 | 1.80% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $118,906,084 | 485,787 | 1.70% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $118,811,358 | 485,400 | 1.70% | Put option |
| FIRST TRUST ADVISORS LP | $117,994,070 | 482,061 | 1.69% | Shares |
| Assenagon Asset Management S.A. | $111,292,513 | 454,682 | 1.59% | Shares |
| Pictet Asset Management Holding SA | $104,399,930 | 426,527 | 1.49% | Shares |
| Qube Research & Technologies Ltd | $104,354,263 | 426,336 | 1.49% | Shares |
| Point72 Asset Management, L.P. | $101,950,621 | 416,516 | 1.46% | Shares |
| AMERIPRISE FINANCIAL INC | $101,059,520 | 412,873 | 1.45% | Shares |
| Hood River Capital Management LLC | $98,563,494 | 402,678 | 1.41% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $91,315,610 | 373,067 | 1.31% | Shares |
| Driehaus Capital Management LLC | $91,170,461 | 372,474 | 1.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $81,802,134 | 334,200 | 1.17% | Call option |
| PRINCIPAL FINANCIAL GROUP INC | $81,420,780 | 332,642 | 1.17% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $77,534,680 | 316,820 | 1.11% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $77,371,552 | 316,099 | 1.11% | Shares |
| Integral Health Asset Management, LLC | $73,431,000 | 300,000 | 1.05% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $68,471,470 | 279,738 | 0.98% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $64,129,740 | 262,000 | 0.92% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $63,403,752 | 259,034 | 0.91% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $62,240,116 | 254,280 | 0.89% | Shares |
| Clearbridge Investments, LLC | $60,109,141 | 245,574 | 0.86% | Shares |
| BANK OF AMERICA CORP /DE/ | $56,991,512 | 232,837 | 0.82% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $56,530,611 | 230,954 | 0.81% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $55,171,158 | 225,400 | 0.79% | Shares |
| PFM Health Sciences, LP | $53,750,513 | 219,596 | 0.77% | Shares |
| Tri Locum Partners LP | $53,680,019 | 219,308 | 0.77% | Shares |
| First Turn Management, LLC | $53,461,440 | 218,415 | 0.77% | Shares |
| LOOMIS SAYLES & CO L P | $48,747,659 | 199,157 | 0.70% | Shares |
| JANE STREET GROUP, LLC | $42,859,227 | 175,100 | 0.61% | Call option |
| JANE STREET GROUP, LLC | $41,782,239 | 170,700 | 0.60% | Put option |
| Woodline Partners LP | $39,706,834 | 162,221 | 0.57% | Shares |
| Sofinnova Investments, Inc. | $39,268,206 | 160,429 | 0.56% | Shares |
| CITADEL ADVISORS LLC | $38,257,551 | 156,300 | 0.55% | Put option |
| Squarepoint Ops LLC | $37,842,666 | 154,605 | 0.54% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $35,527,142 | 145,145 | 0.51% | Shares |
| TWO SIGMA ADVISERS, LP | $34,427,640 | 188,500 | 0.49% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $33,091,680 | 135,195 | 0.47% | Shares |
| CITIGROUP INC | $33,040,768 | 134,987 | 0.47% | Shares |
| NEUBERGER BERMAN GROUP LLC | $31,997,069 | 130,723 | 0.46% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $29,127,385 | 118,999 | 0.42% | Shares |
| PERCEPTIVE ADVISORS LLC | $28,993,007 | 118,450 | 0.42% | Shares |
| ORBIMED ADVISORS LLC | $28,779,567 | 117,578 | 0.41% | Shares |
| Public Sector Pension Investment Board | $28,393,320 | 116,000 | 0.41% | Shares |
| GOLDMAN SACHS GROUP INC | $28,165,439 | 115,069 | 0.40% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $27,257,832 | 111,361 | 0.39% | Shares |
| EMERALD ADVISERS, LLC | $25,514,090 | 104,237 | 0.37% | Shares |
| JANE STREET GROUP, LLC | $25,423,770 | 103,868 | 0.36% | Shares |
| CITADEL ADVISORS LLC | $25,211,310 | 103,000 | 0.36% | Call option |
| Nicholas Investment Partners, LP | $24,225,866 | 98,974 | 0.35% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $23,913,539 | 97,698 | 0.34% | Shares |
| ALGERT GLOBAL LLC | $23,335,148 | 95,335 | 0.33% | Shares |
| SAMLYN CAPITAL, LLC | $22,984,882 | 93,904 | 0.33% | Shares |
| ROYCE & ASSOCIATES LP | $22,284,106 | 91,041 | 0.32% | Shares |
| MetLife Investment Management, LLC | $21,946,568 | 89,662 | 0.31% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $21,494,478 | 87,815 | 0.31% | Shares |
| Voleon Capital Management LP | $20,666,665 | 84,433 | 0.30% | Shares |
| Cannell & Spears LLC | $20,598,375 | 84,154 | 0.29% | Shares |
| Trexquant Investment LP | $20,482,109 | 83,679 | 0.29% | Shares |
| Man Group plc | $20,199,889 | 82,526 | 0.29% | Shares |
| Granite Investment Partners, LLC | $19,611,951 | 80,124 | 0.28% | Shares |
| Weiss Asset Management LP | $19,581,600 | 80,000 | 0.28% | Shares |
| Swiss National Bank | $19,459,215 | 79,500 | 0.28% | Shares |
| Aberdeen Group plc | $19,149,826 | 78,236 | 0.27% | Shares |
| Balyasny Asset Management L.P. | $18,663,713 | 76,250 | 0.27% | Shares |
| California Public Employees Retirement System | $18,303,411 | 74,778 | 0.26% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $18,255,919 | 75,713 | 0.26% | Shares |
| Science & Technology Partners, L.P. | $17,878,001 | 73,040 | 0.26% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $16,447,320 | 67,195 | 0.24% | Shares |
| US BANCORP \DE\ | $16,295,807 | 66,576 | 0.23% | Shares |
| DNB Asset Management AS | $15,958,759 | 65,199 | 0.23% | Shares |
| Eagle Health Investments LP | $15,922,533 | 65,051 | 0.23% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $15,555,379 | 63,551 | 0.22% | Shares |
| Rhenman & Partners Asset Management AB | $15,432,748 | 63,050 | 0.22% | Shares |
| IFP Advisors, Inc | $15,242,562 | 62,273 | 0.22% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $14,936,844 | 61,024 | 0.21% | Shares |
| BlackRock, Inc. | $14,689,872 | 60,015 | 0.21% | Shares |
| Caption Management, LLC | $14,686,200 | 60,000 | 0.21% | Call option |
| ALLIANCEBERNSTEIN L.P. | $14,487,718 | 85,716 | 0.21% | Shares |
| M&G PLC | $14,449,120 | 58,976 | 0.21% | Shares |
| Bridgewater Associates, LP | $14,249,775 | 58,217 | 0.20% | Shares |
| Nuveen, LLC | $14,087,982 | 57,556 | 0.20% | Shares |
| HighTower Advisors, LLC | $13,783,733 | 56,313 | 0.20% | Shares |
| PEAK6 LLC | $13,756,074 | 56,200 | 0.20% | Call option |
| Hillsdale Investment Management Inc. | $13,462,350 | 55,000 | 0.19% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $13,197,019 | 53,916 | 0.19% | Shares |
| Caption Management, LLC | $13,095,195 | 53,500 | 0.19% | Put option |
| OMERS ADMINISTRATION Corp | $12,402,741 | 50,671 | 0.18% | Shares |
| HB Wealth Management, LLC | $12,346,199 | 50,440 | 0.18% | Shares |
| IRIDIAN ASSET MANAGEMENT LLC/CT | $11,730,357 | 47,924 | 0.17% | Shares |
Company insiders 14 insiders · 8 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nick Pizzie | Chief Financial Officer | June 9, 2026 M | 42,867 | 0 | 2 | $-10,178,010 |
| John Golubieski | Chief Financial Officer | Aug. 4, 2017 A | — | 0 | 0 | $0 |
| Mark L. Jacobson | Chief Operating Officer | May 5, 2026 M | 0 | 0 | 6 | $-13,210,489 |
| Ari Maizel | Chief Commercial Officer | April 22, 2026 M | 0 | 0 | 2 | $-2,751,450 |
| Hunter R. Murdock | General Counsel | April 21, 2026 A | 0 | 0 | 0 | $0 |
| David C Marek | Chief Commercial Officer | March 17, 2020 A | — | 0 | 0 | $0 |
| Constance Ames | Vice President, Finance | March 15, 2017 A | 4,358 | 0 | 0 | $0 |
| Randall Kaye | Chief Medical Officer | Dec. 23, 2015 P | 6,022 | 0 | 0 | $0 |
| Roger Jeffs | Director | June 11, 2026 S | 58,367 | 0 | 8 | $-13,515,499 |
| Mark Coleman | Director | June 8, 2026 M | 30,389 | 3 | 5 | $-8,006,861 |
| Susan Mahony | Director | June 8, 2026 M | 829 | 0 | 2 | $-145,017 |
| Mark E Saad | Director | June 8, 2026 M | 11,431 | 0 | 3 | $-7,348,483 |
| Myrtle S Potter | Director | June 7, 2019 A | — | 0 | 0 | $0 |
| Herriot Tabuteau | — | Aug. 6, 2026 M | 7,229 | 0 | 20 | $-110,582,644 |
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 |
|---|---|---|---|---|---|
| Antecip Capital LLC, Herriot Tabuteau, M.D. | Dec. 4, 2015 | — | Initial filing | 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 69 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 | 3.87% | 44,930 SH | Aug. 8, 2026 | Daily |
| IBRN · iShares Trust | 3.45% | 1,265 SH | Aug. 8, 2026 | Daily |
| LFSC · RBB Fund, Inc. | 2.84% | 12,723 NS | May 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 2.24% | 6,386 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 2.00% | 154,403 SH | Aug. 8, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.74% | 1,081 NS | April 30, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.57% | 2,752 NS | May 31, 2026 | N-PORT |
| SAWS · ETF Series Solutions | 0.89% | 301 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.75% | 2,802 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.70% | 316,215 SH | Aug. 8, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.65% | 16,227 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.62% | 7,314 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.60% | 1,890 NS | May 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 0.60% | 42,533 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.57% | 712 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.57% | 787 NS | May 31, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.51% | 1,129 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.41% | 82,609 SH | Aug. 8, 2026 | Daily |
| HQGO · Lattice Strategies Trust | 0.35% | 813 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.35% | 14,725 NS | May 31, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.30% | 2,075 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.29% | 579,303 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.28% | 13,202 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.26% | 17,928 NS | April 30, 2026 | N-PORT |
| IWP · iShares Trust | 0.26% | 248,939 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.25% | 16,111 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.25% | 3,431 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.24% | 1,951 NS | May 31, 2026 | N-PORT |
| SXQG · EXCHANGE TRADED CONCEPTS TRUST | 0.21% | 610 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.21% | 203,437 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.20% | 6,089 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.19% | 4,463 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.18% | 14,304 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 15,904 NS | April 30, 2026 | N-PORT |
| IYH · iShares Trust | 0.15% | 25,759 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.14% | 1,526 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.14% | 119,127 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.14% | 1,874 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.13% | 1,003,143 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.12% | 21,500 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.12% | 495,949 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.12% | 16,077 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.11% | 14,809 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.10% | 1,544 NS | May 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.10% | 1,871 SH | Aug. 8, 2026 | Daily |
| LRGF · iShares Trust | 0.09% | 16,283 SH | Aug. 8, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.08% | 2,350 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.08% | 2,422 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 2,924 SH | Aug. 8, 2026 | Daily |
| IWR · iShares Trust | 0.06% | 175,575 SH | Aug. 8, 2026 | Daily |