BCRX BioCryst Pharmaceuticals, Inc. - Common Stock
$9.88
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$6–$11
74% of range
Analyst Rating
BUY
17 analysts
Price Target
$21
+111% upside
P/E (TTM)
9.7
ROE
-97.6%
Net Profit Margin
30.2%
About BioCryst Pharmaceuticals, Inc. - Common Stock Company overview from Wikipedia
BioCryst Pharmaceuticals, Inc. is an American pharmaceutical company headquartered in Durham, North Carolina. The company is a commercial stage biotech company that focuses on developing and commercializing medicines for hereditary angioedema (HAE) and other rare diseases. BioCryst's antiviral drug peramivir (Rapivab) was approved by the FDA in December 2014 and berotralstat (ORLADEYO) was approved in December 2020.
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BioCryst Pharmaceuticals, Inc. is an American pharmaceutical company headquartered in Durham, North Carolina. The company is a commercial stage biotech company that focuses on developing and commercializing medicines for hereditary angioedema (HAE) and other rare diseases. BioCryst's antiviral drug peramivir (Rapivab) was approved by the FDA in December 2014 and berotralstat (ORLADEYO) was approved in December 2020.
History
The company was founded in 1986 by Charles E. Bugg and John A. Montgomery. In March 1994, BioCryst became a public company when it completed an initial public offering by listing its shares on the NASDAQ stock exchange. In 2008, the company was named one of the fastest growing companies by Deloitte & Touche in its 2008 list of Technology Fast 500.
In October 2010, BioCryst announced its headquarters would move to Durham, North Carolina, where the company has had an office since 2006. In January 2018, BioCryst signed a definitive merger agreement with Idera Pharmaceuticals, with plans for the combined company to change its name and move to Pennsylvania. However, BioCryst shareholders voted down the merger in July.
Pipeline
BioCryst’s core development programs include:
Berotralstat (BCX7353), an oral inhibitor of plasma kallikrein for prevention and treatment of hereditary angioedema (HAE).
FDA has approved Expanded Access Program for berotralstat for eligible patients in the United States.
Berotralstat has a PDUFA date for FDA approval on December 3, 2020.
On December 3, 2020, the FDA approved berotralstat as the first oral hereditary angioedema prophylaxis.
BCX9930, an oral Factor D inhibitor for the treatment of complement-mediated diseases.
FDA has granted Fast Track designation for BCX9930, for the treatment of paroxysmal nocturnal hemoglobinuria (PNH).
BCX9250, an oral ALK-2 inhibitor for treatment of fibrodysplasia ossificans progressiva (FOP).
Galidesivir (BCX4430) is a broad-spectrum antiviral in advanced development for the treatment of viruses including SARS-CoV-2 (the cause of COVID-19), Ebola, Marburg, Yellow Fever and Zika.
Galidesivir was safe and generally well tolerated in Phase 1 clinical safety and pharmacokinetics trials conducted in 2019 by both intravenous and intramuscular routes of administration in healthy human subjects.
In animal studies, galidesivir has demonstrated survival benefits against a variety of serious pathogens, including Ebola, Marburg, Yellow Fever and Zika viruses.
BioCryst is developing galidesivir in collaboration with U.S. government agencies and other institutions.
In September 2013, NIAID contracted with BioCryst for the development of galidesivir as a treatment for Marburg virus disease and potentially for other filoviruses, including Ebola virus.
In March 2015, BioCryst announced that the Biomedical Advanced Research and Development Authority (BARDA) within the U.S. Department of Health & Human Services’ Office of the Assistant Secretary for Preparedness and Response (ASPR) has awarded BioCryst a contract for the continued development of galidesivir as a potential treatment for diseases caused by RNA pathogens, including filoviruses.
In April 2020, BioCryst began enrollment of a randomized, double-blind, placebo-controlled clinical trial to assess the safety, clinical impact and antiviral effects of galidesivir in patients with COVID-19. This clinical trial is (NCT03891420) is being funded by the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health. The company later made the decision to cease conducting further trials.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
BCRX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.88
Market Cap
$2.51B
P/E (TTM)
9.7
EPS (TTM)
$1.21
Revenue (TTM)
$875M
Div Yield
—
ROE
-97.6%
Debt/Equity
0.0
52W Range
$6 – $11
BCRX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$875M
2016-12-31
→
2025-12-31
EPS
$1.21
2020-12-31
→
2025-12-31
Free Cash Flow
$345M
2016-12-31
→
2025-12-31
Margins
30.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BCRX
Peer Median
P/E (TTM)
9.7
97.6
P/S (TTM)
2.9
7.7
P/B
-21.1
8.0
EV / EBITDA
6.5
—
Price / FCF
7.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BCRX
Peer Median
Operating Margin
39.0%
—
Net Profit Margin
30.2%
-51.7%
ROA
52.5%
-44.2%
ROE
-97.6%
-63.5%
ROIC
-282.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BCRX
Peer Median
Debt / Equity
0.0
18.7
Current Ratio
2.1
4.9
Quick Ratio
1.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BCRX
Peer Median
Revenue YoY
94.1%
—
Revenue CAGR 3Y
47.8%
—
Revenue CAGR 5Y
117.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BCRX
Peer Median
BCRX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 5 29.4%
- Buy 10 58.8%
- Hold 2 11.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-17
Median
$17.00
Mean
$20.82
← Below all targets
$9.88
Low
$12.00
High
$32.00
Median target
$17.00
+72.1%
Mean target
$20.82
+110.7%
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 | $0.30 | $0.12 | 0.18% |
| March 31, 2026 | $-0.09 | $0.05 | -0.14% |
| Dec. 31, 2025 | $0.01 | $0.04 | -0.03% |
| Sept. 30, 2025 | $0.06 | $0.04 | 0.02% |
| June 30, 2025 | $0.04 | $0.01 | 0.03% |
| March 31, 2025 | $0.00 | $-0.07 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BCRX | $1.66B | 6.4 | 94.1% | 30.2% | -97.6% | — |
| BEAM | $2.82B | -34.2 | 120.0% | -57.2% | -7.0% | — |
| KOD | $1.73B | -6.5 | — | — | -202.0% | — |
| SLS | $577M | -15.1 | — | — | -55.4% | — |
| RARE | $2.22B | -3.9 | 20.2% | -85.4% | -1613.2% | — |
| COAG | — | — | — | — | — | — |
| KLRA | — | — | — | — | — | — |
| CDNA | $959M | -47.1 | 13.8% | -5.6% | -6.8% | — |
| PGEN | $1.48B | -3.1 | 146.7% | -2588.2% | 3159.1% | — |
| VERA | — | -10.9 | — | — | -55.9% | — |
| MLYS | $2.96B | -15.8 | — | — | -32.2% | — |
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 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $875M | $451M | $331M | $271M | $157M | $18M | $49M | $21M | $25M | $26M | $48M | $14M | |
| Cost of Revenue | $19M | $12M | $4M | $6M | $7M | $2M | $4M | · | $1M | $2M | $1M | $1.0K | |
| R&D Expense | $166M | $175M | $217M | $253M | $209M | $123M | $107M | $85M | $67M | $61M | $73M | $52M | |
| SG&A Expense | $349M | $266M | $214M | $159M | $119M | $68M | $37M | $30M | $14M | $11M | $13M | $7M | |
| Operating Expenses | $534M | $453M | $435M | $419M | $335M | $193M | $148M | $115M | $83M | $75M | $88M | $59M | |
| Operating Income | $341M | $-3M | $-104M | $-148M | $-178M | $-175M | $-99M | $-94M | $-57M | $-49M | $-39M | $-46M | |
| Interest Expense | · | · | $108M | $99M | $59M | $15M | $12M | $9M | $9M | $6M | $5M | $5M | |
| Other Non-op | $-74M | $-84M | $-123M | $-96M | · | · | · | · | · | · | · | · | |
| Pretax Income | $267M | $-87M | $-226M | $-244M | $-182M | $-183M | $-109M | · | · | · | · | · | |
| Income Tax | $4M | $2M | $310.0K | $3M | $2M | $0 | $0 | $0 | $0 | $0 | $0 | · | |
| Net Income | $264M | $-89M | $-227M | $-247M | $-184M | $-183M | $-109M | $-101M | $-66M | $-55M | $-43M | $-45M | |
| EPS (Basic) | $1.26 | $-0.43 | $-1.18 | $-1.33 | $-1.03 | $-1.09 | · | · | · | · | · | · | |
| EPS (Diluted) | $1.21 | $-0.43 | $-1.18 | $-1.33 | $-1.03 | $-1.09 | · | · | · | · | · | · | |
| Shares (Basic) | 209,893,000 | 206,696,000 | 192,198,000 | 185,908,000 | 179,117,000 | 167,267,000 | · | · | · | · | · | · | |
| Shares (Diluted) | 218,581,000 | 206,696,000 | 192,198,000 | 185,908,000 | 179,117,000 | 167,267,000 | 115,600,000 | 103,185,000 | 84,451,000 | 73,699,000 | 72,901,000 | 66,773,000 | |
| EBITDA | $342M | $-1M | $-102M | $-147M | $-177M | $-174M | $-99M | $-93M | · | $-48M | $-39M | $-46M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $90M | $105M | $111M | $305M | $504M | $272M | $114M | $27M | $50M | $22M | $29M | $55M | |
| Short-term Investments | $185M | $216M | · | · | · | · | · | · | · | · | · | · | |
| Receivables | $107M | $79M | $57M | $51M | $29M | $9M | $22M | $4M | $6M | $9M | $6M | $4M | |
| Inventory | $5M | $8M | $29M | $28M | $16M | $7M | $0 | $2M | · | $500.0K | $2M | $683.0K | |
| Prepaid Expense | $17M | $14M | $20M | $13M | $10M | $6M | $4M | $2M | $1M | $1M | $3M | $6M | |
| Current Assets | $404M | $422M | $496M | $516M | $566M | $324M | $164M | $114M | $125M | $67M | $64M | $89M | |
| PP&E (Net) | $9M | $8M | $8M | $9M | $9M | $7M | $7M | $9M | $10M | $10M | $5M | $207.0K | |
| PP&E (Gross) | $18M | $20M | $19M | $18M | $17M | $14M | $14M | $15M | $15M | $15M | $19M | $14M | |
| Accum. Depreciation | $9M | $12M | $11M | $10M | $8M | $7M | $7M | $6M | $5M | $5M | $14M | $14M | |
| Other Non-current Assets | $6M | $5M | $80.0K | $7M | $6M | $4M | $4M | $978.0K | $2M | $4M | $5M | $6M | |
| Total Assets | $514M | $490M | $517M | $550M | $588M | $335M | $175M | $147M | $178M | $90M | $122M | $137M | |
| Accounts Payable | $16M | $12M | $21M | $14M | $28M | $19M | $14M | $8M | $6M | $4M | $9M | $3M | |
| Accrued Liabilities | $126M | $113M | $103M | $88M | $73M | $34M | $21M | $16M | $13M | $11M | $16M | $11M | |
| Short-term Debt | · | · | · | · | · | $30M | $30M | $29M | $29M | $28M | $28M | $30M | |
| Current Liabilities | $196M | $160M | $150M | $106M | $104M | $106M | $92M | $69M | $75M | $54M | $62M | $57M | |
| Capital Leases | $9M | $8M | $8M | $4M | $6M | $4M | · | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | $3M | · | · | · | · | |
| Total Liabilities | $633M | $966M | $972M | · | · | · | · | · | · | · | · | · | |
| Long-term Debt | · | · | · | · | $298M | $123M | $50M | $30M | $23M | $23M | · | · | |
| Total Debt | $0 | $315M | $303M | $232M | $136M | $150M | $30M | $29M | · | $28M | $30M | $30M | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $984.0K | $738.0K | $734.0K | $720.0K | |
| Paid-in Capital | $1.38B | $1.29B | $1.22B | $1.16B | $1.10B | $1.00B | $877M | $780M | $715M | $567M | $558M | $543M | |
| Retained Earnings | $-1.51B | $-1.77B | $-1.68B | $-1.45B | $-1.21B | $-1.02B | $-841M | $-732M | $-632M | $-566M | $-511M | $-468M | |
| AOCI | $38.0K | $921.0K | $1M | $26.0K | $177.0K | $3.0K | $39.0K | $-297.0K | $-243.0K | $-12.0K | $-206.0K | $-130.0K | |
| Stockholders' Equity | $-119M | $-476M | $-456M | $-295M | $-107M | $-19M | $38M | $49M | $84M | $2M | $48M | $76M | |
| Liabilities + Equity | $514M | $490M | $517M | $550M | $588M | $335M | $175M | $147M | $178M | $90M | $122M | $137M | |
| Shares Outstanding | 213,060,000 | 208,543,000 | 205,771,000 | 187,906,000 | 184,350,000 | 176,883,000 | 154,082,000 | 110,063,000 | 98,411,000 | 73,782,000 | 73,355,000 | 71,955,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $1M | $2M | $1M | $777.0K | $748.0K | $724.0K | $770.0K | $704.0K | $483.0K | $180.0K | $177.0K | |
| Stock-based Comp | $85M | $65M | $56M | $45M | $35M | $15M | $18M | $9M | $13M | $8M | $10M | $10M | |
| Deferred Tax | $-1M | $-354.0K | $-682.0K | $11.0K | $-159.0K | · | · | · | · | · | · | · | |
| Other Non-cash | $-2M | $-29M | $75M | $39M | $6M | $30M | $870.0K | $-1M | · | $-7M | $20M | $-4M | |
| Operating Cash Flow | $347M | $-52M | $-95M | $-162M | $-142M | $-135M | $-90M | $-93M | $-41M | $-53M | $-13M | $-39M | |
| CapEx | $2M | $1M | $2M | $1M | $2M | $514.0K | $343.0K | $366.0K | $328.0K | $5M | $5M | $106.0K | |
| Investing Cash Flow | $-14M | $53M | $-131M | $-128M | $16M | $-7M | $78M | $5M | $-65M | $23M | $-18M | · | |
| Debt Issued | $0 | $0 | $300M | $73M | $0 | · | · | · | · | · | · | · | |
| Net Debt Issued | $-300M | $0 | $300M | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | $0 | $0 | $50M | $93M | $58M | $53M | $134M | · | · | $107M | |
| Net Stock Activity | · | · | $0 | $0 | $50M | $93M | $58M | $53M | · | · | · | $107M | |
| Financing Cash Flow | $-350M | $-6M | $32M | $88M | $360M | $301M | $99M | $63M | $136M | $23M | $5M | · | |
| Net Change in Cash | $-15M | $-6M | $-194M | $-201M | $233M | $159M | $87M | $-25M | $30M | $-7M | $-26M | $33M | |
| Taxes Paid | $3M | $2M | $1M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $345M | $-53M | $-97M | $-163M | $-145M | $-138M | $-90M | $-93M | · | $-59M | $-18M | $-39M | |
| Levered FCF | · | · | $-206M | $-263M | $-205M | $-152M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 39.0% | -0.56% | -31.3% | -54.8% | -113.1% | -981.1% | -203.7% | -456.2% | · | -184.4% | -81.7% | -336.4% | |
| Net Margin | 30.2% | -19.7% | -68.4% | -91.2% | -117.1% | -1026.4% | -223.0% | -490.2% | · | -209.2% | -89.1% | -332.1% | |
| Pretax Margin | 30.6% | -19.3% | -68.3% | -90.2% | -115.7% | -1026.4% | · | · | · | · | · | · | |
| EBITDA Margin | 39.1% | -0.29% | -30.8% | -54.3% | -112.6% | -976.9% | -202.2% | -452.5% | · | -182.6% | -81.4% | -335.0% | |
| ROA | 52.5% | -17.6% | -42.5% | -43.4% | -39.9% | -71.7% | -67.6% | -62.3% | · | -52.0% | -32.9% | -48.7% | |
| ROE | -97.6% | 18.8% | 52.3% | 92.0% | 144.9% | -2543.5% | 7257.4% | -165.8% | · | -223.7% | -69.8% | -121.3% | |
| ROIC | -282.4% | 1.6% | 68.2% | 238.4% | -618.4% | -133.9% | · | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 2.6 | 3.3 | 4.9 | 5.5 | 3.1 | 1.8 | 1.6 | · | 1.2 | 1.0 | 1.5 | |
| Quick Ratio | 1.9 | 1.1 | 1.1 | 3.4 | 5.1 | 2.7 | 1.5 | 0.4 | · | 0.6 | 0.5 | 0.9 | |
| Debt / Equity | 0.0 | -0.7 | -0.7 | -0.8 | -1.3 | -7.8 | 0.8 | 0.6 | · | 17.9 | 0.6 | 0.4 | |
| LT Debt / Equity | 0.0 | -0.7 | -0.7 | -0.8 | -1.3 | -6.2 | · | · | · | · | · | · | |
| Interest Coverage | · | · | -1.0 | -1.5 | -3.0 | -12.1 | -8.4 | -10.3 | · | -7.5 | -7.6 | -9.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.7 | 0.9 | 0.6 | 0.5 | 0.3 | 0.1 | 0.3 | 0.1 | · | 0.2 | 0.4 | 0.1 | |
| Inventory Turnover | 2.8 | 0.4 | 0.2 | 0.3 | 0.6 | 0.4 | · | · | · | 2.2 | 1.2 | 0.0 | |
| Receivables Turnover | 9.4 | 6.6 | 6.2 | 6.8 | 8.3 | 1.2 | 3.7 | 4.0 | · | 3.5 | 9.6 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 94.1% | 36.0% | 22.4% | 72.3% | 782.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 47.8% | 42.1% | 165.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 117.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $875M | $451M | $331M | $271M | $157M | $18M | $49M | $21M | $25M | $26M | $48M | $14M | |
| Net Income TTM | $264M | $-89M | $-227M | $-247M | $-184M | $-183M | $-109M | $-101M | $-66M | $-55M | $-43M | $-45M | |
| Market Cap | $1.66B | $1.57B | $1.23B | $2.16B | $2.55B | $1.32B | $532M | $888M | · | $467M | $757M | $875M | |
| Enterprise Value | $1.39B | $1.78B | $1.43B | $2.08B | $2.18B | $1.20B | $447M | $891M | · | $473M | $758M | $850M | |
| P/E | 6.4 | -17.5 | -5.1 | -8.6 | -13.4 | -6.8 | -5.7 | -13.2 | -8.0 | -10.4 | -17.2 | · | |
| P/S | 1.9 | 3.5 | 3.7 | 8.0 | 16.2 | 74.0 | 10.9 | 43.0 | · | 17.7 | 15.7 | 64.3 | |
| P/B | -13.9 | -3.3 | -2.7 | -7.3 | -23.9 | -68.4 | 13.9 | 18.0 | · | 296.0 | 15.9 | 11.6 | |
| P / Cash Flow | 4.8 | -30.1 | -13.0 | -13.3 | -18.0 | -9.6 | -5.9 | -9.6 | · | -8.7 | -57.7 | -22.7 | |
| P / FCF | 4.8 | -29.5 | -12.7 | -13.2 | -17.7 | -9.6 | -5.9 | -9.6 | · | -8.0 | -41.5 | -22.6 | |
| EV / EBITDA | 4.1 | -1371.2 | -14.0 | -14.2 | -12.3 | -6.9 | -4.5 | -9.5 | · | -9.8 | -19.3 | -18.7 | |
| EV / FCF | 4.0 | -33.5 | -14.6 | -12.8 | -15.1 | -8.7 | -5.0 | -9.6 | · | -8.1 | -41.6 | -22.0 | |
| EV / Revenue | 1.6 | 3.9 | 4.3 | 7.7 | 13.9 | 67.1 | 9.2 | 43.1 | · | 18.0 | 15.7 | 62.5 | |
| Earnings Yield | 15.5% | -5.7% | -19.7% | -11.6% | -7.4% | -14.6% | -17.7% | -7.6% | -12.4% | -9.6% | -5.8% | · |
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 | $156M | $407M | $159M | $163M | $146M | $132M | $117M | $109M | $93M | $93M | $87M | $82M | $69M | $80M | $76M | |
| Cost of Revenue | $4M | $5M | $10M | $2M | $3M | $5M | $6M | $3M | $2M | $1M | $2M | $1M | $894.0K | $931.0K | $2M | $4M | |
| R&D Expense | $52M | $60M | $41M | $45M | $43M | $37M | $49M | $41M | $38M | $46M | $70M | $47M | $51M | $48M | $73M | $53M | |
| SG&A Expense | $64M | $95M | $96M | $83M | $87M | $82M | $81M | $65M | $61M | $59M | $65M | $51M | $51M | $48M | $50M | $37M | |
| Operating Expenses | $120M | $858M | $146M | $130M | $134M | $124M | $136M | $109M | $101M | $107M | $136M | $99M | $103M | $97M | $126M | $93M | |
| Operating Income | $98M | $-702M | $260M | $30M | $30M | $21M | $-5M | $8M | $9M | $-14M | $-43M | $-12M | $-21M | $-28M | $-46M | $-17M | |
| Interest Expense | · | · | · | · | · | · | · | · | $25M | $25M | · | $27M | $29M | $27M | · | $25M | |
| Other Non-op | $260.0K | $-1M | $-12M | $-17M | $0 | $0 | $-21M | $-21M | $-21M | $-21M | · | · | · | · | · | · | |
| Pretax Income | $79M | $-721M | $248M | $12M | $6M | $758.0K | $-26M | $-13M | $-13M | $-35M | $-63M | $-36M | $-75M | $-53M | $-71M | $-41M | |
| Income Tax | $1M | $1M | $2M | $-769.0K | $1M | $726.0K | $804.0K | $586.0K | $172.0K | $365.0K | $-1M | $330.0K | $740.0K | $671.0K | $76.0K | $2M | |
| Net Income | $78M | $-722M | $246M | $13M | $5M | $32.0K | $-27M | $-14M | $-13M | $-35M | $-62M | $-36M | $-75M | $-53M | $-72M | $-43M | |
| EPS (Basic) | $0.31 | $-2.98 | $1.18 | $0.06 | $0.02 | $0.00 | $-0.13 | $-0.07 | $-0.06 | $-0.17 | $-0.31 | $-0.19 | $-0.40 | $-0.28 | $-0.38 | $-0.23 | |
| EPS (Diluted) | $0.30 | $-2.98 | $1.13 | $0.06 | $0.02 | $0.00 | $-0.13 | $-0.07 | $-0.06 | $-0.17 | $-0.31 | $-0.19 | $-0.40 | $-0.28 | $-0.38 | $-0.23 | |
| Shares (Basic) | 254,481,000 | 242,258,000 | -418,684,000 | 210,176,000 | 209,519,000 | 208,882,000 | -412,698,000 | 206,905,000 | 206,425,000 | 206,064,000 | -375,073,000 | 189,644,000 | 189,118,000 | 188,509,000 | -370,775,000 | 186,180,000 | |
| Shares (Diluted) | 265,165,000 | 242,258,000 | -436,451,000 | 219,885,000 | 219,886,000 | 215,261,000 | -412,698,000 | 206,905,000 | 206,425,000 | 206,064,000 | -375,073,000 | 189,644,000 | 189,118,000 | 188,509,000 | -370,775,000 | 186,180,000 | |
| EBITDA | $98M | $-702M | · | $30M | $30M | $22M | · | $8M | $9M | $-14M | · | $-12M | $-21M | $-28M | · | $-17M |
Balance Sheet 24
| 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 | $155M | $172M | $90M | $84M | $88M | $105M | $105M | $97M | $78M | $84M | $111M | $151M | $146M | $155M | $305M | $247M | |
| Short-term Investments | $198M | $67M | $185M | $129M | $172M | $190M | $216M | · | · | · | · | · | · | · | · | · | |
| Receivables | $111M | $109M | $107M | $91M | $91M | $93M | $79M | $72M | $69M | $61M | · | $54M | $58M | $49M | · | $43M | |
| Inventory | $6M | $6M | $5M | $5M | $5M | $7M | $8M | $8M | $4M | $30M | · | $30M | $27M | $27M | · | $27M | |
| Prepaid Expense | $15M | $19M | $17M | $17M | $13M | $14M | $14M | $16M | $16M | $18M | · | $20M | $14M | $15M | · | $11M | |
| Current Assets | $485M | $374M | $404M | $356M | $398M | $410M | $422M | $427M | $363M | $447M | · | $502M | $511M | $491M | · | $509M | |
| PP&E (Net) | $9M | $9M | $9M | $8M | $8M | $8M | $8M | $7M | $8M | $8M | · | $9M | $8M | $8M | · | $8M | |
| PP&E (Gross) | · | · | $18M | · | · | · | $20M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $9M | · | · | · | $12M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $20M | $20M | $6M | $4M | $4M | $5M | $5M | $16M | $12M | $13M | · | $11M | $7M | $7M | · | $7M | |
| Total Assets | $558M | $465M | $514M | $446M | $457M | $480M | $490M | $491M | $472M | $468M | · | $523M | $530M | $510M | · | $559M | |
| Accounts Payable | $11M | $11M | $16M | $6M | $9M | $10M | $12M | $13M | $8M | $12M | · | $11M | $14M | $6M | · | $9M | |
| Accrued Liabilities | $122M | $119M | $126M | $119M | $107M | $93M | $113M | $104M | $90M | $79M | · | $77M | $75M | $75M | · | $69M | |
| Current Liabilities | $209M | $195M | $196M | $190M | $177M | $140M | $160M | $154M | $129M | $120M | · | $91M | $93M | $85M | · | $82M | |
| Capital Leases | $11M | $11M | $9M | $8M | $8M | $8M | $8M | $8M | $8M | $9M | · | $10M | $6M | $6M | · | $6M | |
| Total Liabilities | $1.01B | $1.02B | $633M | $834M | $879M | $932M | $966M | $960M | · | · | · | · | · | · | · | · | |
| Total Debt | $395M | $395M | · | $194M | $243M | $315M | · | $314M | $314M | $308M | · | $298M | $293M | $233M | · | $224M | |
| Common Stock | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Paid-in Capital | $1.69B | $1.67B | $1.38B | $1.36B | $1.34B | $1.31B | $1.29B | $1.27B | $1.25B | $1.24B | · | $1.21B | $1.19B | $1.18B | · | $1.14B | |
| Retained Earnings | $-2.15B | $-2.23B | $-1.51B | $-1.75B | $-1.76B | $-1.77B | $-1.77B | $-1.74B | $-1.73B | $-1.72B | · | $-1.62B | $-1.58B | $-1.51B | · | $-1.38B | |
| AOCI | $-528.0K | $-368.0K | $38.0K | $1M | $2M | $1M | $921.0K | $2M | $557.0K | $771.0K | · | $800.0K | $690.0K | $585.0K | · | $-98.0K | |
| Stockholders' Equity | $-454M | $-554M | $-119M | $-388M | $-422M | $-452M | $-476M | $-469M | $-476M | $-476M | $-456M | $-411M | $-389M | $-328M | $-295M | $-243M | |
| Liabilities + Equity | $558M | $465M | $514M | $446M | $457M | $480M | $490M | $491M | $472M | $468M | · | $523M | $530M | $510M | · | $559M | |
| Shares Outstanding | 255,265,000 | 254,014,000 | 213,060,000 | 210,522,000 | 209,905,000 | 209,208,000 | 208,543,000 | 207,119,000 | 206,629,000 | 206,347,000 | 205,771,000 | 189,803,000 | 189,491,000 | 188,883,000 | 187,906,000 | 186,411,000 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | $394.0K | $335.0K | $329.0K | $331.0K | $309.0K | $311.0K | $320.0K | $306.0K | $423.0K | $420.0K | $407.0K | $405.0K | $396.0K | $389.0K | |
| Stock-based Comp | $15M | $16M | $24M | $19M | $21M | $21M | $21M | $17M | $13M | $14M | $16M | $12M | $13M | $14M | $15M | $10M | |
| Amort. of Intangibles | $0 | $600.0K | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | · | · | · | · | $-49M | · | · | · | $-32M | · | · | · | $-9M | · | · | |
| Operating Cash Flow | $104M | $-62M | $292M | $42M | $41M | $-28M | $-5M | $8M | $-1M | $-54M | $-9M | $-20M | $-19M | $-48M | $-24M | $-32M | |
| CapEx | $209.0K | $403.0K | $802.0K | $1M | $179.0K | $143.0K | $675.0K | $59.0K | $155.0K | $235.0K | $554.0K | $987.0K | $467.0K | $160.0K | $526.0K | $175.0K | |
| Investing Cash Flow | $-110M | $-269M | $-83M | $14M | $29M | $27M | $18M | $8M | $-2M | $29M | $-28M | $23M | $-19M | $-107M | $77M | $-70M | |
| Debt Issued | $0 | $400M | · | · | $0 | $0 | $0 | $0 | · | · | $0 | $0 | · | · | $0 | $73M | |
| Net Debt Issued | · | $400M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-11M | $413M | $-218M | $-59M | $-74M | $529.0K | $-4M | $1M | $-2M | $-1M | $-3M | $1M | $29M | $5M | $4M | $76M | |
| Net Change in Cash | $-17M | $82M | · | · | $-17M | $558.0K | $7M | $19M | $-6M | $-26M | $-40M | $5M | $-9M | $-150M | $58M | $-26M | |
| Taxes Paid | $2M | $1M | · | · | $1M | $1.0K | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-62M | · | · | · | $-28M | · | · | · | $-54M | · | · | · | $-48M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-79M | · | · | · | $-75M | · | · |
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 | 45.1% | -448.6% | · | 18.6% | 18.2% | 14.6% | · | 6.6% | 8.0% | -15.6% | · | -13.7% | -25.1% | -41.3% | · | -23.0% | |
| Net Margin | 35.9% | -461.5% | · | 8.1% | 3.1% | 0.02% | · | -12.0% | -11.6% | -38.1% | · | -41.7% | -91.3% | -77.5% | · | -56.1% | |
| Pretax Margin | 36.4% | -460.8% | · | 7.6% | 4.0% | 0.52% | · | -11.5% | -11.4% | -37.8% | · | -41.3% | -90.4% | -76.6% | · | -54.1% | |
| EBITDA Margin | 45.1% | -448.6% | · | 18.6% | 18.2% | 14.8% | · | 6.6% | 8.0% | -15.3% | · | -13.7% | -25.1% | -40.7% | · | -23.0% | |
| ROA | 15.4% | -152.8% | · | 2.8% | 1.1% | 0.01% | · | -2.8% | -2.5% | -7.2% | · | -6.7% | -14.5% | -10.3% | · | -10.3% | |
| ROE | -17.9% | 143.5% | · | -3.0% | -1.1% | -0.01% | · | 3.2% | 2.9% | 8.8% | · | 11.1% | 25.0% | 21.7% | · | 21.8% | |
| ROIC | -164.9% | 442.9% | · | -16.3% | -13.1% | -0.66% | · | -5.2% | -5.5% | 8.7% | · | 10.7% | 21.9% | 30.0% | · | 96.3% |
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 | 2.3 | 1.9 | · | 1.9 | 2.2 | 2.9 | · | 2.8 | 2.8 | 3.7 | · | 5.5 | 5.5 | 5.8 | · | 6.2 | |
| Quick Ratio | 2.2 | 1.8 | · | 1.6 | 2.0 | 2.8 | · | 1.1 | 1.1 | 1.2 | · | 2.3 | 2.2 | 2.4 | · | 3.5 | |
| Debt / Equity | -0.9 | -0.7 | · | -0.5 | -0.6 | -0.7 | · | -0.7 | -0.7 | -0.6 | · | -0.7 | -0.8 | -0.7 | · | -0.9 | |
| LT Debt / Equity | -0.9 | -0.7 | · | -0.5 | -0.6 | -0.7 | · | -0.7 | -0.7 | -0.6 | · | -0.7 | -0.8 | -0.7 | · | -0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 0.4 | -0.6 | · | -0.4 | -0.7 | -1.0 | · | -0.7 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | · | 0.3 | 0.4 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.1 | · | 0.2 | |
| Inventory Turnover | 0.7 | 0.8 | · | 0.3 | 0.6 | 0.2 | · | 0.2 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.2 | |
| Receivables Turnover | 2.2 | 1.5 | · | 1.9 | 2.0 | 1.9 | · | 1.9 | 1.7 | 1.7 | · | 1.8 | 1.7 | 1.6 | · | 2.2 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $697M | $625M | · | $585M | $535M | $465M | · | $406M | $371M | $331M | · | $314M | $293M | $260M | · | $232M | |
| Net Income TTM | $-625M | $-704M | · | $4M | $-22M | $-62M | · | $-98M | $-160M | $-200M | · | $-207M | $-230M | $-229M | · | $-234M | |
| Market Cap | $2.55B | $2.42B | · | $1.60B | $1.88B | $1.57B | · | $1.57B | $1.28B | $1.05B | · | $1.34B | $1.33B | $1.58B | · | $2.35B | |
| Enterprise Value | $2.60B | $2.58B | · | $1.58B | $1.86B | $1.59B | · | $1.79B | $1.51B | $1.27B | · | $1.49B | $1.48B | $1.65B | · | $2.33B | |
| P/E | -3.8 | -3.3 | · | 759.0 | -81.5 | -25.0 | · | -15.5 | -7.5 | -4.9 | · | -6.4 | -5.7 | -6.8 | · | -9.8 | |
| P/S | 3.7 | 3.9 | · | 2.7 | 3.5 | 3.4 | · | 3.9 | 3.4 | 3.2 | · | 4.3 | 4.6 | 6.1 | · | 10.1 | |
| P/B | -5.6 | -4.4 | · | -4.1 | -4.5 | -3.5 | · | -3.4 | -2.7 | -2.2 | · | -3.3 | -3.4 | -4.8 | · | -9.7 | |
| P / Cash Flow | · | -39.1 | · | · | · | -57.0 | · | · | · | -19.5 | · | · | · | -33.2 | · | · | |
| P / FCF | · | -38.9 | · | · | · | -56.7 | · | · | · | -19.4 | · | · | · | -33.0 | · | · | |
| EV / EBITDA | 26.4 | -3.7 | · | 53.4 | 62.6 | 73.7 | · | 232.9 | 172.6 | -89.7 | · | -125.1 | -71.5 | -59.0 | · | -133.3 | |
| EV / FCF | · | -41.4 | · | · | · | -57.5 | · | · | · | -23.6 | · | · | · | -34.7 | · | · | |
| EV / Revenue | 3.7 | 4.1 | · | 2.7 | 3.5 | 3.4 | · | 4.4 | 4.1 | 3.8 | · | 4.8 | 5.1 | 6.4 | · | 10.0 | |
| Earnings Yield | -26.0% | -30.5% | · | 0.13% | -1.2% | -4.0% | · | -6.5% | -13.3% | -20.5% | · | -15.5% | -17.5% | -14.8% | · | -10.2% |
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 | $875M | $451M | $331M | $271M | $157M |
| Operating Margin % | 39.0% | -0.56% | -31.3% | -54.8% | -113.1% |
| Net Income | $264M | $-89M | $-227M | $-247M | $-184M |
| Diluted EPS | $1.21 | $-0.43 | $-1.18 | $-1.33 | $-1.03 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | -0.7 | -0.7 | -0.8 | -1.3 |
| Current Ratio | 2.1 | 2.6 | 3.3 | 4.9 | 5.5 |
| Quick Ratio | 1.9 | 1.1 | 1.1 | 3.4 | 5.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $345M | $-53M | $-97M | $-163M | $-145M |
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Institutional owners (13F) 346 filers · $2.1B 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 |
|---|---|---|---|---|
| 63 (-7 vs prior Q) | 34 (-7 vs prior Q) | 130 (+19 vs prior Q) | 83 (+3 vs prior Q) | +25.9M |
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 |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $158,271,860 | 15,827,186 | 7.51% | Shares |
| STATE STREET CORP | $151,910,980 | 15,191,098 | 7.21% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $150,964,030 | 15,096,403 | 7.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $113,642,360 | 11,364,236 | 5.39% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $111,391,580 | 11,139,158 | 5.29% | Shares |
| TCG Crossover Management, LLC | $110,209,680 | 11,020,968 | 5.23% | Shares |
| PERCEPTIVE ADVISORS LLC | $103,088,880 | 10,308,888 | 4.89% | Shares |
| JANUS HENDERSON GROUP PLC | $83,961,589 | 8,814,865 | 3.98% | Shares |
| Vestal Point Capital, LP | $83,000,000 | 8,300,000 | 3.94% | Shares |
| TWO SIGMA INVESTMENTS, LP | $67,753,490 | 6,775,349 | 3.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $53,581,572 | 5,356,880 | 2.54% | Shares |
| Aberdeen Group plc | $53,108,710 | 5,310,871 | 2.52% | Shares |
| Frazier Life Sciences Management, L.P. | $40,092,400 | 4,009,240 | 1.90% | Shares |
| GOLDMAN SACHS GROUP INC | $35,393,210 | 3,539,321 | 1.68% | Shares |
| MILLENNIUM MANAGEMENT LLC | $33,947,290 | 3,394,729 | 1.61% | Shares |
| TWO SIGMA ADVISERS, LP | $31,895,074 | 4,089,112 | 1.51% | Shares |
| RP Management, LLC | $28,846,155 | 3,846,154 | 1.37% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $27,161,110 | 2,716,111 | 1.29% | Shares |
| Fisher Asset Management, LLC | $26,040,270 | 2,604,027 | 1.24% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $25,302,900 | 2,530,290 | 1.20% | Shares |
| Kynam Capital Management, LP | $25,226,600 | 2,522,660 | 1.20% | Shares |
| Candriam S.C.A. | $25,125,293 | 2,514,949 | 1.19% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $23,532,910 | 2,353,291 | 1.12% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $23,320,430 | 2,332,043 | 1.11% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $21,850,110 | 2,185,011 | 1.04% | Shares |
| Nantahala Capital Management, LLC | $19,011,600 | 1,901,160 | 0.90% | Shares |
| Eversept Partners, LP | $18,656,530 | 1,865,653 | 0.89% | Shares |
| ORBIMED ADVISORS LLC | $18,520,000 | 1,852,000 | 0.88% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $18,449,120 | 1,844,912 | 0.88% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $17,595,730 | 1,759,573 | 0.83% | Shares |
| CITADEL ADVISORS LLC | $17,591,600 | 1,759,160 | 0.83% | Shares |
| IMC-Chicago, LLC | $16,343,360 | 1,634,336 | 0.78% | Shares |
| Parkman Healthcare Partners LLC | $16,242,790 | 1,624,279 | 0.77% | Shares |
| JANE STREET GROUP, LLC | $14,267,680 | 1,426,768 | 0.68% | Shares |
| OP Asset Management Ltd | $13,409,900 | 1,340,990 | 0.64% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,956,510 | 1,195,651 | 0.57% | Shares |
| Pictet Asset Management Holding SA | $11,951,392 | 1,249,771 | 0.57% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $11,740,520 | 1,174,052 | 0.56% | Shares |
| FIRST TRUST ADVISORS LP | $11,204,690 | 1,120,469 | 0.53% | Shares |
| JANE STREET GROUP, LLC | $9,944,130 | 994,413 | 0.47% | Call option |
| Cubist Systematic Strategies, LLC | $9,462,419 | 1,246,696 | 0.45% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $8,483,360 | 848,336 | 0.40% | Shares |
| FMR LLC | $8,062,330 | 806,233 | 0.38% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,754,020 | 775,402 | 0.37% | Shares |
| ExodusPoint Capital Management, LP | $7,449,170 | 744,917 | 0.35% | Shares |
| Man Group plc | $7,324,800 | 732,480 | 0.35% | Shares |
| Rosalind Advisors, Inc. | $7,215,040 | 721,504 | 0.34% | Shares |
| Schonfeld Strategic Advisors LLC | $7,108,160 | 710,816 | 0.34% | Shares |
| BlackRock, Inc. | $5,984,400 | 598,440 | 0.28% | Shares |
| Elmind Capital, LP | $5,200,000 | 520,000 | 0.25% | Shares |
| Bridgewater Associates, LP | $4,910,570 | 491,057 | 0.23% | Shares |
| NAN FUNG TRINITY (HK) LTD | $4,500,000 | 450,000 | 0.21% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $4,220,510 | 422,051 | 0.20% | Shares |
| Swiss National Bank | $4,152,680 | 415,268 | 0.20% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,047,040 | 404,704 | 0.19% | Shares |
| DAFNA Capital Management LLC | $4,002,480 | 400,248 | 0.19% | Shares |
| Hudson Bay Capital Management LP | $4,000,000 | 400,000 | 0.19% | Shares |
| Aquatic Capital Management LLC | $3,628,950 | 362,895 | 0.17% | Shares |
| DOLIVER CAPITAL ADVISORS, INC. | $3,563,603 | 374,328 | 0.17% | Shares |
| Assenagon Asset Management S.A. | $3,530,440 | 353,044 | 0.17% | Shares |
| Kodai Capital Management LP | $3,515,993 | 468,799 | 0.17% | Shares |
| MACKENZIE FINANCIAL CORP | $3,472,990 | 347,299 | 0.16% | Shares |
| CITIGROUP INC | $3,467,520 | 346,752 | 0.16% | Shares |
| Phocas Financial Corp. | $3,405,410 | 340,541 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,238,000 | 323,800 | 0.15% | Call option |
| ALPS ADVISORS INC | $3,179,600 | 317,960 | 0.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,121,694 | 327,909 | 0.15% | Shares |
| RHUMBLINE ADVISERS | $2,798,390 | 279,839 | 0.13% | Shares |
| Rafferty Asset Management, LLC | $2,656,180 | 265,618 | 0.13% | Shares |
| Point72 Asset Management, L.P. | $2,609,170 | 260,917 | 0.12% | Shares |
| Nuveen, LLC | $2,599,030 | 259,903 | 0.12% | Shares |
| NFJ INVESTMENT GROUP, LLC | $2,568,330 | 256,833 | 0.12% | Shares |
| Nebula Research & Development LLC | $2,567,121 | 286,509 | 0.12% | Shares |
| WINTON GROUP Ltd | $2,556,000 | 255,600 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,459,444 | 258,345 | 0.12% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $2,425,080 | 242,508 | 0.12% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,324,670 | 232,467 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $2,322,000 | 232,200 | 0.11% | Call option |
| IEQ CAPITAL, LLC | $2,274,210 | 227,421 | 0.11% | Shares |
| Bank of New York Mellon Corp | $2,251,670 | 225,167 | 0.11% | Shares |
| D. E. Shaw & Co., Inc. | $2,249,120 | 224,912 | 0.11% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $2,221,030 | 222,103 | 0.11% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $2,100,000 | 210,000 | 0.10% | Shares |
| PFM Health Sciences, LP | $2,073,570 | 207,357 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,962,800 | 196,280 | 0.09% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,951,280 | 195,128 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,853,000 | 185,300 | 0.09% | Put option |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $1,820,161 | 233,354 | 0.09% | Shares |
| Engineers Gate Manager LP | $1,750,020 | 175,002 | 0.08% | Shares |
| Squarepoint Ops LLC | $1,747,140 | 174,714 | 0.08% | Shares |
| QTR Family Wealth, LLC | $1,610,820 | 161,082 | 0.08% | Shares |
| Gotham Asset Management, LLC | $1,564,210 | 156,421 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $1,450,000 | 145,000 | 0.07% | Put option |
| Corient Private Wealth LP | $1,429,860 | 142,986 | 0.07% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,386,570 | 138,657 | 0.07% | Shares |
| Quantinno Capital Management LP | $1,374,530 | 137,453 | 0.07% | Shares |
| MetLife Investment Management, LLC | $1,356,700 | 135,670 | 0.06% | Shares |
| PROFUND ADVISORS LLC | $1,340,340 | 134,034 | 0.06% | Shares |
| Virtus Investment Advisers, LLC | $1,336,640 | 133,664 | 0.06% | Shares |
| ADAR1 Capital Management, LLC | $1,330,000 | 133,000 | 0.06% | Shares |
Company insiders 51 insiders · 21 officers · 30 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Babar Ghias | Chief Financial Officer | Dec. 17, 2025 A | 268,700 | 0 | 0 | $0 |
| Anthony Doyle | Chief Financial Officer | Dec. 19, 2024 A | 377,867 | 0 | 0 | $0 |
| Thomas R Staab II | Senior Vice President and CFO | Feb. 21, 2020 A | 125,176 | 0 | 0 | $0 |
| Stuart Grant | SR VP & CFO | March 16, 2011 M | 57,102 | 0 | 0 | $0 |
| Charles K Gayer | President and CCO | Dec. 22, 2025 M | 952,583 | 0 | 0 | $0 |
| Claude J Bennett | Chief Operating Officer | March 14, 2008 A | 65,730 | 0 | 0 | $0 |
| Alane P Barnes | Chief Legal Officer | May 13, 2026 M | 400,703 | 0 | 7 | $-3,461,969 |
| Sandeep Menon | Chief R&D Officer | April 6, 2026 A | 205,150 | 0 | 0 | $0 |
| Helen M. Thackray | Chief R&D Officer | March 31, 2025 F | 377,318 | 0 | 0 | $0 |
| Michael L Jones | Exec. Director, Finance - PAO | Dec. 19, 2022 A | 16,653 | 0 | 0 | $0 |
| Yarlagadda S Babu | Chief Discovery Officer | Nov. 14, 2022 M | 298,541 | 0 | 0 | $0 |
| William P Sheridan | Chief Medical Officer | March 10, 2022 M | 37,954 | 0 | 0 | $0 |
| Megan Sniecinski | Chief Business Officer | Dec. 15, 2020 A | 45,000 | 0 | 0 | $0 |
| Lynne Powell | Senior VP - CCO | Jan. 28, 2019 M | 0 | 0 | 0 | $0 |
| David Mccullough | VP | March 15, 2012 F | 24,124 | 0 | 0 | $0 |
| Robert S Lowrey | Controller, PAO | Feb. 7, 2011 A | 9,766 | 0 | 0 | $0 |
| Mike Mills | Principal Accounting Officer | March 12, 2010 M | 0 | 0 | 0 | $0 |
| Michael A Darwin | Principal Accounting Officer | July 31, 2008 P | 3,048 | 0 | 0 | $0 |
| Jonathan M Nugent | VP Corp Communications | July 31, 2007 P | 508 | 0 | 0 | $0 |
| James W Alexander | SR. VP, Chief Medical Officer | July 31, 2007 P | 3,659 | 0 | 0 | $0 |
| Randall B Riggs | Senior VP Business Development | May 16, 2007 A | 1,928 | 0 | 0 | $0 |
| Amy E Mckee | Director | June 11, 2026 A | 47,177 | 0 | 1 | $-100,285 |
| Theresa Heggie | Director | June 11, 2026 A | 80,646 | 0 | 1 | $-504,823 |
| Machelle Sanders | Director | June 11, 2026 A | 45,936 | 0 | 1 | $-68,544 |
| Jill C. Milne | Director | June 11, 2026 A | 31,938 | 0 | 0 | $0 |
| Steven Frank | Director | June 11, 2026 A | 35,459 | 0 | 0 | $0 |
| Steven K Galson | Director | June 11, 2026 A | 27,794 | 0 | 0 | $0 |
| Jon P Stonehouse | Director | June 11, 2026 A | 1,339,775 | 0 | 0 | $0 |
| Vincent Milano | Director | June 11, 2026 A | 108,483 | 0 | 0 | $0 |
| Alan G Levin | Director | June 11, 2026 A | 79,565 | 0 | 0 | $0 |
| Nancy J Hutson | Director | June 12, 2025 A | 99,138 | 0 | 0 | $0 |
| George B Abercrombie | Director | June 12, 2024 A | 36,431 | 0 | 0 | $0 |
| Steve Aselage | Director | June 12, 2024 A | 70,159 | 0 | 0 | $0 |
| Kenneth B Lee JR | Director | June 13, 2023 A | 68,863 | 0 | 0 | $0 |
| Robert Alexander Ingram | Director | Feb. 28, 2023 A | 100,198 | 0 | 0 | $0 |
| Stanley C Erck | Director | Nov. 28, 2018 M | 48,333 | 0 | 0 | $0 |
| Fred Cohen | Director | June 20, 2018 A | 119,410 | 0 | 0 | $0 |
| Sanj K Patel | Director | May 24, 2017 A | — | 0 | 0 | $0 |
| Charles A Sanders | Director | Feb. 29, 2016 A | 12,971 | 0 | 0 | $0 |
| Peder Jensen | Director | May 2, 2014 A | 60,000 | 0 | 0 | $0 |
| John L Higgins | Director | May 23, 2012 A | — | 0 | 0 | $0 |
| HOROVITZ ZOLA P | Director | May 23, 2012 A | 3,000 | 0 | 0 | $0 |
| Stephen R Biggar | Director | May 12, 2011 A | — | 0 | 0 | $0 |
| Beth C Seidenberg | Director | May 13, 2010 A | 3,000 | 0 | 0 | $0 |
| William W Featheringill | Director | May 13, 2010 A | 231,538 | 0 | 0 | $0 |
| William M Spencer III | Director | May 16, 2007 A | 186,761 | 0 | 0 | $0 |
| Joseph H Sherrill JR | Director | May 16, 2007 A | 451,900 | 0 | 0 | $0 |
| Charles E Bugg | Director | March 18, 2007 A | 62,439 | 0 | 0 | $0 |
| GORDON CARL L | Director | May 17, 2006 A | 1,100,000 | 0 | 0 | $0 |
| John A Montgomery | Director | Nov. 4, 2003 M | 46,785 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 15 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 |
|---|---|---|---|---|---|
| Great Point Partners, LLC, Dr. Jeffrey R. Jay, M.D., Mr. David Kroin ×3 filings | July 31, 2018 | — | Initial filing | — | SEC |
| RA Capital Management, LLC, Peter Kolchinsky, RA Capital Healthcare Fund, L.P. | April 2, 2018 | — | Initial filing | Passive investment | SEC |
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×5 filings | Aug. 16, 2016 | — | Initial filing | — | SEC |
| Baker Bros. Advisors, LLC, Julian C. Baker, Felix J. Baker ×2 filings | Oct. 23, 2012 | — | Initial filing | — | SEC |
| Julian C. Baker, Felix J. Baker ×4 filings | Oct. 13, 2011 | — | Initial filing | — | SEC |
| L. John Doerr III, KPCB Pandemic and Bio Defense Fund, LLC, KPTV, LLC ×2 filings | Aug. 20, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 7, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 7, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 7, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Oct. 13, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 26, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 25, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 24, 2004 | — | Initial filing | — | SEC |
| Biotechnology Value Fund, L.P., Investment 10, L.L.C., Biotechnology Value Fund II, L.P., BVF Investments, L.L.C., BVF Partners L.P., BVF Inc. ×2 filings | Oct. 31, 2003 | — | Initial filing | — | SEC |
| William W. Featheringill | Feb. 14, 2002 | — | 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 53 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 |
|---|---|---|---|---|
| PBE · Invesco Exchange-Traded Fund Trust | 2.65% | 1,023,838 SH | Aug. 8, 2026 | Daily |
| BBP · ETFis Series Trust I | 1.93% | 125,015 NS | April 30, 2026 | N-PORT |
| ABLS · Abacus FCF ETF Trust | 1.26% | 1,682 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.67% | 381,305 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.54% | 612,341 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.41% | 1,556,494 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.28% | 364,624 NS | April 30, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.25% | 59,894 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.24% | 72,535 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.19% | 213,133 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.17% | 758,958 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.16% | 13,830 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.15% | 1,580,105 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.15% | 4,183 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.14% | 249,665 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.13% | 2,097,061 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.11% | 9,271 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 57,134 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 81,871 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.07% | 1,339,774 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.07% | 73,787 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.07% | 5,925,076 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.07% | 206,325 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.06% | 97,958 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.05% | 806,097 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.05% | 10,652 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 1,154,262 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.04% | 1,696,014 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.03% | 10,494 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 96,151 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 2,837,341 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 624,412 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.03% | 8,331 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 8,425 NS | May 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.02% | 2,922,024 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 11,689 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 9,529 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 212 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 80,493 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 74,317 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 72,218 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 937 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 336,352 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 141,645 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 6,314 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 34,873 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.00% | 8,956 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.00% | 129 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 3,019 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 8,070,274 SH | Aug. 8, 2026 | Daily |