BDTX Black Diamond Therapeutics, Inc. - Common Stock
$2.19
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$2–$5
18% of range
Analyst Rating
BUY
15 analysts
Price Target
$10
+357% upside
P/E (TTM)
5.6
ROE
18.3%
Net Profit Margin
31.9%
BDTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.19
Market Cap
$125M
P/E (TTM)
5.6
EPS (TTM)
$0.39
Revenue (TTM)
$70M
Div Yield
—
ROE
18.3%
Debt/Equity
—
52W Range
$2 – $5
BDTX 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
$70M
2018-12-31
→
2025-12-31
EPS
$0.39
2020-12-31
→
2025-12-31
Free Cash Flow
—
2019-12-31
→
2024-12-31
Margins
31.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BDTX
Peer Median
P/E (TTM)
5.6
61.9
P/S (TTM)
1.8
28.5
P/B
1.1
2.6
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BDTX
Peer Median
Operating Margin
17.9%
—
Net Profit Margin
31.9%
-1767.3%
ROA
16.8%
-100.0%
ROE
18.3%
-154.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BDTX
Peer Median
Current Ratio
8.4
3.0
Quick Ratio
1.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BDTX
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BDTX
Peer Median
BDTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 5 33.3%
- Buy 8 53.3%
- Hold 2 13.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-17
Median
$10.00
← Below all targets
$2.19
Low
$8.00
High
$14.00
Median target
$10.00
+356.6%
Mean target
$10.00
+356.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.16%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.17 | $-0.20 | 0.03% |
| March 31, 2026 | $-0.16 | $-0.19 | 0.03% |
| Dec. 31, 2025 | $-0.27 | $-0.19 | -0.08% |
| Sept. 30, 2025 | $-0.15 | $-0.24 | 0.09% |
| June 30, 2025 | $-0.19 | $-0.25 | 0.06% |
| March 31, 2025 | $0.98 | $0.02 | 0.96% |
| Dec. 31, 2024 | $-0.28 | $-0.32 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BDTX | $139M | 6.2 | — | 31.9% | 18.3% | — |
| OTLK | $57M | -0.6 | — | -4416.2% | 193.1% | 4.0% |
| CBUS | — | -0.6 | -14.6% | -3492.3% | -223.0% | — |
| VTVT | — | — | — | — | -70.4% | — |
| GNLX | $166M | -5.1 | 0.00% | -401812.5% | -181.4% | — |
| ANIX | $136M | -12.1 | 0.00% | — | -62.2% | — |
| INO | $120M | -1.0 | -70.0% | -130000.0% | -322.8% | — |
| XGN | $139M | -6.5 | 19.7% | -30.0% | -103.7% | 58.3% |
| COYA | $121M | -4.6 | 123.6% | -267.1% | -59.5% | — |
| CADL | $310M | -7.8 | — | — | -53.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $70M | $0 | · | · | · | $0 | $0 | $0 | |
| R&D Expense | $34M | $51M | $59M | $64M | $97M | $48M | $22M | $7M | |
| SG&A Expense | $17M | $27M | $27M | $28M | $30M | $21M | $8M | $2M | |
| Operating Expenses | $57M | $79M | $86M | $93M | $127M | $70M | $29M | $9M | |
| Operating Income | $13M | $-79M | $-86M | $-93M | $-127M | $-70M | $-29M | $-9M | |
| Interest Expense | · | · | · | · | $0 | $1.0K | $0 | · | |
| Other Non-op | $6M | $7M | $2M | $-354.0K | $-2M | $-2M | $6.0K | $-16.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $22M | $-70M | $-82M | $-91M | $-126M | $-67M | $-35M | $-9M | |
| EPS (Basic) | $0.39 | $-1.27 | $-1.88 | $-2.52 | $-3.47 | $-2.05 | · | · | |
| EPS (Diluted) | $0.39 | $-1.27 | $-1.88 | $-2.52 | $-3.47 | $-2.05 | · | · | |
| Shares (Basic) | 56,868,111 | 55,028,371 | 43,954,649 | 36,325,586 | 36,189,002 | 32,907,100 | · | · | |
| Shares (Diluted) | 57,562,746 | 55,028,371 | 43,954,649 | 36,325,586 | 36,189,002 | 32,907,100 | · | · | |
| EBITDA | $13M | $-79M | $-86M | $-93M | $-127M | $-70M | $-29M | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21M | $36M | $56M | $34M | $66M | $35M | $155M | $52M | |
| Prepaid Expense | $4M | $3M | $3M | $5M | $6M | $4M | $1M | $24.0K | |
| Current Assets | $132M | $101M | $134M | $128M | $216M | $320M | $156M | $52M | |
| PP&E (Net) | $365.0K | $1M | $2M | $3M | $3M | $385.0K | $164.0K | $134.0K | |
| PP&E (Gross) | $2M | $3M | $3M | $3M | $3M | $549.0K | $276.0K | $234.0K | |
| Accum. Depreciation | $1M | $1M | $799.0K | $750.0K | $369.0K | $164.0K | $112.0K | $100.0K | |
| Other Non-current Assets | $73.0K | $249.0K | $0 | $0 | $16.0K | $106.0K | $59.0K | $8.0K | |
| Total Assets | $143M | $123M | $159M | $156M | $248M | $330M | $158M | $52M | |
| Accounts Payable | $579.0K | $4M | $2M | $2M | $4M | $3M | $2M | $416.0K | |
| Accrued Liabilities | $15M | $17M | $17M | $13M | $20M | $12M | $3M | $452.0K | |
| Current Liabilities | $16M | $21M | $20M | $15M | $24M | $14M | $5M | $3M | |
| Capital Leases | $15M | $19M | $22M | $25M | $28M | $8M | · | · | |
| Total Liabilities | $31M | $39M | $42M | $41M | $52M | $22M | $5M | $7M | |
| Common Stock | $8.0K | $7.0K | $7.0K | $5.0K | $5.0K | $5.0K | $1.0K | $1.0K | |
| Paid-in Capital | $577M | $570M | $534M | $453M | $440M | $425M | $4M | $169.0K | |
| Retained Earnings | $-465M | $-487M | $-417M | $-335M | $-244M | $-118M | $-51M | $-16M | |
| AOCI | $101.0K | $24.0K | $-27.0K | $-2M | $-414.0K | $614.0K | $0 | · | |
| Stockholders' Equity | $112M | $83M | $117M | $116M | $196M | $308M | $-47M | $-16M | |
| Liabilities + Equity | $143M | $123M | $159M | $156M | $248M | $330M | $158M | $52M | |
| Shares Outstanding | 57,138,057 | 56,644,655 | 51,645,557 | 36,434,297 | 36,234,624 | 36,078,383 | 2,236,672 | 2,173,684 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $7M | $11M | $10M | $12M | $14M | $8M | $4M | $64.0K | |
| Restructuring | · | $3M | · | · | · | · | · | · | |
| Operating Cash Flow | $30M | $-62M | $-67M | $-85M | $-100M | $-52M | $-25M | $-8M | |
| CapEx | · | $0 | $33.0K | $192.0K | $3M | $142.0K | $21.0K | $76.0K | |
| Investing Cash Flow | $-45M | $17M | $16M | $53M | $131M | $-282M | $-21.0K | $-76.0K | |
| Stock Issued | $0 | $24M | $72M | $0 | · | · | · | · | |
| Net Stock Activity | $0 | $24M | $72M | · | · | · | · | · | |
| Financing Cash Flow | $-146.0K | $26M | $72M | $177.0K | $729.0K | $215M | $128M | $52M | |
| Net Change in Cash | $-15M | $-20M | $22M | $-32M | $31M | $-119M | $103M | $44M | |
| Free Cash Flow | · | $-62M | $-67M | $-85M | $-103M | $-52M | $-25M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 17.9% | · | · | · | · | · | · | · | |
| Net Margin | 31.9% | · | · | · | · | · | · | · | |
| EBITDA Margin | 17.9% | · | · | · | · | · | · | · | |
| ROA | 16.8% | -49.5% | -52.4% | -45.1% | -43.5% | -27.6% | -33.6% | · | |
| ROE | 18.3% | -77.1% | -65.7% | -73.2% | -60.6% | -21.2% | 81.1% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.4 | 4.9 | 6.8 | 8.4 | 9.1 | 22.5 | 32.0 | · | |
| Quick Ratio | 1.3 | 1.8 | 2.9 | 2.2 | 2.8 | 2.4 | 31.8 | · | |
| Interest Coverage | · | · | · | · | · | -69570.0 | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | · | · | · | · | 0.0 | 0.0 | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $70M | $0 | $0 | $0 | $0 | $0 | $0 | · | |
| Net Income TTM | $22M | $-70M | $-82M | $-91M | $-126M | $-67M | $-35M | · | |
| Market Cap | $139M | $121M | $145M | $66M | $193M | $1.16B | · | · | |
| P/E | 6.2 | -1.7 | -1.5 | -0.7 | -1.5 | -15.6 | · | · | |
| P/S | 2.0 | · | · | · | · | · | · | · | |
| P/B | 1.2 | 1.5 | 1.2 | 0.6 | 1.0 | 3.8 | · | · | |
| P / Tangible Book | 1.2 | 1.5 | 1.2 | 0.6 | 1.0 | 3.8 | · | · | |
| P / Cash Flow | 4.7 | -1.9 | -2.2 | -0.8 | -1.9 | -22.2 | · | · | |
| P / FCF | · | -1.9 | -2.2 | -0.8 | -1.9 | -22.1 | · | · | |
| Earnings Yield | 16.1% | -59.4% | -66.9% | -140.0% | -65.1% | -6.4% | · | · |
Income Statement 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 | $0 | $0 | $0 | $0 | $0 | $70M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| R&D Expense | $7M | $7M | $6M | $7M | $9M | $11M | $12M | $13M | $13M | $14M | $15M | $16M | $13M | $15M | $15M | $16M | |
| SG&A Expense | $5M | $4M | $4M | $4M | $4M | $5M | $6M | $5M | $10M | $7M | $6M | $8M | $7M | $7M | $7M | $6M | |
| Operating Expenses | $12M | $11M | $18M | $11M | $13M | $15M | $18M | $18M | $22M | $20M | $21M | $24M | $20M | $22M | $22M | $22M | |
| Operating Income | $-12M | $-11M | $-18M | $-11M | $-13M | $55M | $-18M | $-18M | $-22M | $-20M | $-21M | $-24M | $-20M | $-22M | $-22M | $-22M | |
| Other Non-op | $1M | $1M | $1M | $1M | $2M | $1M | $2M | $2M | $2M | $1M | $1M | $566.0K | $341.0K | $64.0K | $115.0K | $-92.0K | |
| Income Tax | · | · | · | · | $0 | $226.0K | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-10M | $-9M | $-15M | $-8M | $-11M | $57M | $-16M | $-16M | $-20M | $-18M | $-19M | $-23M | $-19M | $-21M | $-21M | $-22M | |
| EPS (Basic) | $-0.17 | $-0.16 | $-0.27 | $-0.15 | $-0.19 | $1.00 | $-0.28 | $-0.28 | $-0.36 | $-0.35 | $-0.34 | $-0.45 | $-0.52 | $-0.57 | $-0.59 | $-0.60 | |
| EPS (Diluted) | $-0.17 | $-0.16 | $-0.25 | $-0.15 | $-0.19 | $0.98 | $-0.28 | $-0.28 | $-0.36 | $-0.35 | $-0.34 | $-0.45 | $-0.52 | $-0.57 | $-0.59 | $-0.60 | |
| Shares (Basic) | 57,367,283 | 57,233,413 | -113,528,240 | 56,929,103 | 56,803,450 | 56,663,798 | -108,443,654 | 56,507,956 | 55,155,220 | 51,808,849 | -79,988,498 | 50,943,155 | 36,516,114 | 36,483,878 | -72,585,742 | 36,346,181 | |
| Shares (Diluted) | 57,367,283 | 57,233,413 | -113,842,906 | 56,929,103 | 56,803,450 | 57,673,099 | -108,443,654 | 56,507,956 | 55,155,220 | 51,808,849 | -79,988,498 | 50,943,155 | 36,516,114 | 36,483,878 | -72,585,742 | 36,346,181 | |
| EBITDA | $-12M | $-11M | · | $-11M | $-13M | $55M | · | $-18M | $-22M | $-20M | · | $-24M | $-20M | $-22M | · | $-22M |
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 | $19M | $30M | $21M | $31M | $30M | $98M | $36M | $23M | $33M | $25M | $56M | $58M | $42M | $39M | $34M | $54M | |
| Prepaid Expense | $5M | $5M | $4M | $3M | $4M | $3M | $3M | $3M | $4M | $4M | $3M | $3M | $3M | $5M | $5M | $7M | |
| Current Assets | $115M | $123M | $132M | $139M | $147M | $156M | $101M | $116M | $127M | $119M | $134M | $147M | $93M | $108M | $128M | $151M | |
| PP&E (Net) | $310.0K | $338.0K | $365.0K | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | |
| PP&E (Gross) | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Accum. Depreciation | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $971.0K | $885.0K | $799.0K | $738.0K | $959.0K | $845.0K | $750.0K | $710.0K | |
| Other Non-current Assets | $285.0K | $29.0K | $73.0K | $117.0K | $161.0K | $205.0K | $249.0K | $293.0K | $337.0K | · | $0 | · | · | · | · | $0 | |
| Total Assets | $125M | $133M | $143M | $158M | $166M | $176M | $123M | $138M | $150M | $143M | $159M | $172M | $120M | $136M | $156M | $180M | |
| Accounts Payable | $1M | $3M | $579.0K | $975.0K | $771.0K | $3M | $4M | $2M | $763.0K | $1M | $2M | $694.0K | $3M | $3M | $2M | $6M | |
| Accrued Liabilities | $14M | $12M | $15M | $15M | $16M | $14M | $17M | $19M | $18M | $16M | $17M | $14M | $11M | $10M | $13M | $15M | |
| Current Liabilities | $16M | $15M | $16M | $16M | $17M | $17M | $21M | $21M | $18M | $17M | $20M | $15M | $14M | $13M | $15M | $21M | |
| Capital Leases | $13M | $14M | $15M | $16M | $17M | $18M | $19M | $20M | $21M | $21M | $22M | $23M | $24M | $25M | $25M | $26M | |
| Total Liabilities | $29M | $29M | $31M | $32M | $34M | $35M | $39M | $40M | $39M | $38M | $42M | $38M | $38M | $37M | $41M | $47M | |
| Common Stock | $8.0K | $8.0K | $8.0K | $8.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $5.0K | $5.0K | $5.0K | $5.0K | |
| Paid-in Capital | $580M | $578M | $577M | $576M | $574M | $572M | $570M | $568M | $567M | $540M | $534M | $533M | $458M | $455M | $453M | $450M | |
| Retained Earnings | $-484M | $-474M | $-465M | $-450M | $-441M | $-431M | $-487M | $-471M | $-456M | $-436M | $-417M | $-398M | $-375M | $-356M | $-335M | $-314M | |
| AOCI | $-68.0K | $-36.0K | $101.0K | $142.0K | $-25.0K | $-19.0K | $24.0K | $107.0K | $-115.0K | $-95.0K | $-27.0K | $-364.0K | $-661.0K | $-1M | $-2M | $-2M | |
| Stockholders' Equity | $96M | $104M | $112M | $126M | $133M | $142M | $83M | $97M | $111M | $104M | $117M | $134M | $82M | $98M | $116M | $133M | |
| Liabilities + Equity | $125M | $133M | $143M | $158M | $166M | $176M | $123M | $138M | $150M | $143M | $159M | $172M | $120M | $136M | $156M | $180M | |
| Shares Outstanding | 57,446,349 | 57,301,774 | 57,138,057 | 56,943,413 | 56,886,939 | 56,676,716 | 56,644,655 | 56,521,914 | 56,408,487 | 52,527,626 | 51,645,557 | 51,635,184 | 36,533,525 | 36,511,947 | 36,434,297 | 36,366,206 |
Cash Flow 9
| 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 | $2M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $5M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | |
| Operating Cash Flow | $-8M | $-10M | $-7M | $-8M | $-9M | $53M | $-15M | $-11M | $-15M | $-21M | $-14M | $-18M | $-14M | $-20M | $-22M | $-16M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | $0 | $33.0K | $0 | $0 | $0 | $-8.0K | |
| Investing Cash Flow | $-3M | $20M | $-3M | $9M | $-59M | $9M | $28M | $2M | $740.0K | $-14M | $12M | $-38M | $17M | $25M | $2M | $15M | |
| Stock Issued | · | · | $0 | $0 | $0 | $0 | $0 | $-500.0K | $21M | $4M | $0 | $72M | $0 | $0 | $0 | · | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $4M | · | · | · | · | · | · | |
| Financing Cash Flow | $217.0K | $-185.0K | $-196.0K | $134.0K | $-116.0K | $32.0K | $291.0K | $-252.0K | $21M | $4M | $-46.0K | $72M | $0 | $51.0K | $-28.0K | $52.0K | |
| Net Change in Cash | $-11M | $9M | $-10M | $874.0K | $-68M | $62M | $13M | $-9M | $7M | $-31M | $-2M | $16M | $3M | $5M | $-20M | $-2M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $-20M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | 77.9% | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | · | · | · | · | · | 80.8% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | · | · | · | · | · | 77.9% | · | · | · | · | · | · | · | · | · | · | |
| ROA | -6.8% | -5.9% | · | -5.8% | -6.7% | 35.5% | · | -10.0% | -14.8% | -13.1% | · | -13.0% | -12.0% | -11.8% | · | -9.5% | |
| ROE | -8.7% | -7.3% | · | -7.6% | -8.7% | 46.0% | · | -13.4% | -20.6% | -18.0% | · | -17.2% | -16.3% | -15.4% | · | -12.3% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.3 | 8.5 | · | 8.9 | 8.7 | 9.2 | · | 5.6 | 6.9 | 7.0 | · | 9.8 | 6.7 | 8.4 | · | 7.1 | |
| Quick Ratio | 1.2 | 2.1 | · | 2.0 | 1.8 | 5.8 | · | 1.1 | 1.8 | 1.5 | · | 3.8 | 3.0 | 3.0 | · | 2.6 |
Efficiency 1
| 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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.4 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| 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 | $0 | $70M | · | $70M | $70M | $70M | · | · | · | · | · | $0 | $0 | $0 | · | $0 | |
| Net Income TTM | $-38M | $28M | · | $22M | $11M | $3M | · | $-77M | $-80M | $-81M | · | $-85M | $-85M | $-91M | · | $-105M | |
| Market Cap | $106M | $122M | · | $216M | $141M | $88M | · | $246M | $263M | $266M | · | $148M | $184M | $69M | · | $61M | |
| P/E | -2.8 | 4.4 | · | 10.5 | 16.5 | -155.0 | · | -3.0 | -2.8 | -2.7 | · | -1.3 | -2.2 | -0.8 | · | -0.6 | |
| P/S | · | 1.7 | · | 3.1 | 2.0 | 1.3 | · | · | · | · | · | · | · | · | · | · | |
| P/B | 1.1 | 1.2 | · | 1.7 | 1.1 | 0.6 | · | 2.5 | 2.4 | 2.6 | · | 1.1 | 2.2 | 0.7 | · | 0.5 | |
| P / Tangible Book | 1.1 | 1.2 | · | 1.7 | 1.1 | 0.6 | · | 2.5 | 2.4 | 2.6 | · | 1.1 | 2.2 | 0.7 | · | 0.5 | |
| P / Cash Flow | · | -11.9 | · | · | · | 1.6 | · | · | · | -12.6 | · | · | · | -3.4 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -3.4 | · | · | |
| Earnings Yield | -36.2% | 22.5% | · | 9.5% | 6.0% | -0.65% | · | -33.1% | -36.0% | -37.3% | · | -74.6% | -45.9% | -132.3% | · | -171.6% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $70M | $0 | — | — | — |
| Operating Margin % | 17.9% | — | — | — | — |
| Net Income | $22M | $-70M | $-82M | $-91M | $-126M |
| Diluted EPS | $0.39 | $-1.27 | $-1.88 | $-2.52 | $-3.47 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 8.4 | 4.9 | 6.8 | 8.4 | 9.1 |
| Quick Ratio | 1.3 | 1.8 | 2.9 | 2.2 | 2.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-62M | $-67M | $-85M | $-103M |
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Institutional owners (13F) 109 filers · $41.2M 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 |
|---|---|---|---|---|
| 27 (+4 vs prior Q) | 30 (+11 vs prior Q) | 34 (0 vs prior Q) | 25 (-5 vs prior Q) | -6.5M |
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 |
|---|---|---|---|---|
| NEA Management Company, LLC | $8,230,200 | 4,448,757 | 19.97% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,931,750 | 2,125,270 | 9.54% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,630,429 | 1,962,394 | 8.81% | Shares |
| Defilade Capital Management, L.P. | $3,098,748 | 1,674,999 | 7.52% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,405,130 | 1,300,070 | 5.84% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,021,837 | 1,092,885 | 4.91% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,936,922 | 1,046,551 | 4.70% | Shares |
| AWM Investment Company, Inc. | $1,850,000 | 1,000,000 | 4.49% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,464,153 | 791,434 | 3.55% | Shares |
| FMR LLC | $1,190,697 | 643,620 | 2.89% | Shares |
| Balyasny Asset Management L.P. | $1,003,018 | 542,172 | 2.43% | Shares |
| STATE STREET CORP | $971,274 | 525,013 | 2.36% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $753,087 | 407,074 | 1.83% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $573,228 | 309,853 | 1.39% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $546,068 | 295,172 | 1.33% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $534,411 | 288,871 | 1.30% | Shares |
| JANE STREET GROUP, LLC | $491,815 | 265,846 | 1.19% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $491,290 | 265,562 | 1.19% | Shares |
| Empowered Funds, LLC | $459,048 | 248,134 | 1.11% | Shares |
| GOLDMAN SACHS GROUP INC | $446,264 | 241,224 | 1.08% | Shares |
| TORONTO DOMINION BANK | $395,900 | 214,000 | 0.96% | Call option |
| RITHOLTZ WEALTH MANAGEMENT | $330,186 | 178,479 | 0.80% | Shares |
| MORGAN STANLEY | $320,200 | 173,081 | 0.78% | Shares |
| D. E. Shaw & Co., Inc. | $291,079 | 157,340 | 0.71% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $199,223 | 107,688 | 0.48% | Shares |
| MARSHALL WACE, LLP | $198,429 | 107,259 | 0.48% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $191,660 | 103,600 | 0.47% | Shares |
| Bank of New York Mellon Corp | $181,872 | 98,309 | 0.44% | Shares |
| CITADEL ADVISORS LLC | $166,500 | 90,000 | 0.40% | Call option |
| AMERICAN CENTURY COMPANIES INC | $150,425 | 81,311 | 0.37% | Shares |
| Quadrature Capital Ltd | $141,906 | 76,706 | 0.34% | Shares |
| Nuveen, LLC | $119,882 | 64,801 | 0.29% | Shares |
| CITADEL ADVISORS LLC | $112,850 | 61,000 | 0.27% | Put option |
| Graham Capital Management, L.P. | $100,329 | 54,232 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $97,865 | 52,900 | 0.24% | Call option |
| BANK OF AMERICA CORP /DE/ | $96,050 | 51,919 | 0.23% | Shares |
| BlackRock, Inc. | $88,687 | 47,939 | 0.22% | Shares |
| DEUTSCHE BANK AG\ | $85,170 | 46,038 | 0.21% | Shares |
| XTX Topco Ltd | $81,957 | 44,301 | 0.20% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $78,121 | 20,613 | 0.19% | Shares |
| TWO SIGMA INVESTMENTS, LP | $77,700 | 42,000 | 0.19% | Shares |
| DLK Investment Management, LLC | $75,562 | 16,215 | 0.18% | Shares |
| LPL Financial LLC | $75,471 | 40,795 | 0.18% | Shares |
| RB Capital Management, LLC | $74,550 | 35,000 | 0.18% | Shares |
| SEI INVESTMENTS CO | $73,414 | 39,683 | 0.18% | Shares |
| WELLS FARGO & COMPANY/MN | $73,121 | 39,525 | 0.18% | Shares |
| TWO SIGMA ADVISERS, LP | $69,498 | 28,600 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $68,884 | 32,340 | 0.17% | Shares |
| RHUMBLINE ADVISERS | $68,065 | 36,795 | 0.17% | Shares |
| RAYMOND JAMES FINANCIAL INC | $66,600 | 36,000 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $64,770 | 35,011 | 0.16% | Shares |
| BARCLAYS PLC | $60,720 | 32,822 | 0.15% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $56,055 | 30,300 | 0.14% | Shares |
| EFG International AG | $49,950 | 27,000 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $48,840 | 26,400 | 0.12% | Put option |
| Nuveen Asset Management, LLC | $48,796 | 22,802 | 0.12% | Shares |
| HSBC HOLDINGS PLC | $46,369 | 26,421 | 0.11% | Shares |
| Police & Firemen's Retirement System of New Jersey | $44,557 | 24,085 | 0.11% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $40,204 | 21,732 | 0.10% | Shares |
| VANGUARD GROUP INC | $38,071 | 15,667 | 0.09% | Shares |
| CITIGROUP INC | $37,762 | 20,412 | 0.09% | Shares |
| DIVERSIFIED TRUST CO | $34,891 | 18,860 | 0.08% | Shares |
| Invesco Ltd. | $34,817 | 18,820 | 0.08% | Shares |
| SHERBROOKE PARK ADVISERS LLC | $29,286 | 12,052 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $28,984 | 15,667 | 0.07% | Shares |
| Beacon Capital Management, LLC | $28,888 | 15,615 | 0.07% | Shares |
| J. Safra Sarasin Holding AG | $28,684 | 15,500 | 0.07% | Shares |
| Spark Investment Management LLC | $28,675 | 15,500 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $25,160 | 13,600 | 0.06% | Call option |
| Brookstone Capital Management | $24,945 | 13,484 | 0.06% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $20,505 | 11,084 | 0.05% | Shares |
| NEUBERGER BERMAN GROUP LLC | $19,375 | 10,473 | 0.05% | Shares |
| Kathmere Capital Management, LLC | $18,959 | 10,248 | 0.05% | Shares |
| Vontobel Holding Ltd. | $18,500 | 10,000 | 0.04% | Shares |
| Tower Research Capital LLC (TRC) | $18,228 | 9,853 | 0.04% | Shares |
| China Universal Asset Management Co., Ltd. | $16,872 | 9,120 | 0.04% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $14,850 | 8,027 | 0.04% | Shares |
| Optiver Holding B.V. | $13,945 | 7,538 | 0.03% | Shares |
| NORTHERN TRUST CORP | $13,514 | 7,305 | 0.03% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $9,235 | 4,992 | 0.02% | Shares |
| Legal & General Group Plc | $8,443 | 4,564 | 0.02% | Shares |
| Ameritas Investment Partners, Inc. | $7,924 | 4,283 | 0.02% | Shares |
| T. Rowe Price Investment Management, Inc. | $7,453 | 4,028,202 | 0.02% | Shares |
| NewEdge Advisors, LLC | $6,475 | 3,500 | 0.02% | Shares |
| FEDERATED HERMES, INC. | $6,111 | 3,303 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $4,742 | 2,563 | 0.01% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $4,338 | 2,348,651 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $3,000 | 1,500 | 0.01% | Shares |
| JPMORGAN CHASE & CO | $2,594 | 1,482 | 0.01% | Shares |
| GF FUND MANAGEMENT CO. LTD. | $2,192 | 1,185 | 0.01% | Shares |
| Sterling Capital Management LLC | $1,759 | 951 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $888 | 480 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $732 | 428 | 0.00% | Shares |
| STIFEL FINANCIAL CORP | $731 | 395 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $586 | 275 | 0.00% | Shares |
| Point72 (DIFC) Ltd | $544 | 143 | 0.00% | Shares |
| Rialto Wealth Management, LLC | $530 | 286 | 0.00% | Shares |
| Federation des caisses Desjardins du Quebec | $518 | 280 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $463 | 250 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $409 | 220,907 | 0.00% | Shares |
Company insiders 20 insiders · 9 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David M. Epstein | Officer Title: President and Chief Executive Officer | Feb. 13, 2023 A | 696,423 | 0 | 0 | $0 |
| Fang Ni | Officer Title: Chief Business Officer and interim Chief Financial Officer | Feb. 13, 2023 A | — | 0 | 0 | $0 |
| Thomas Leggett | Chief Financial Officer | Feb. 17, 2021 A | 0 | 0 | 0 | $0 |
| Brent Hatzis-Schoch | Officer Title: Chief Operating Officer and General Counsel | Feb. 13, 2023 A | 8,400 | 0 | 0 | $0 |
| Erika Jones | Officer Title: Vice President, Finance and Corporate Controller | Feb. 13, 2023 A | 10,150 | 0 | 0 | $0 |
| Elizabeth Buck | CHIEF SCIENTIFIC OFFICER | Feb. 13, 2023 A | — | 0 | 0 | $0 |
| Sergey Yurasov | CHIEF MEDICAL OFFICER | Feb. 13, 2023 A | — | 0 | 0 | $0 |
| Christopher D. Roberts | Chief Scientific Officer | April 5, 2021 M | 3,200 | 0 | 0 | $0 |
| Rachel Humphrey | Chief Medical Officer | Feb. 17, 2021 A | 10,000 | 0 | 0 | $0 |
| Shannon Campbell | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Prakash Raman | Director | June 26, 2026 A | 45,039 | 0 | 0 | $0 |
| Samarth Kulkarni | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Ali Behbahani | Director | June 26, 2026 A | 102,529 | 0 | 0 | $0 |
| Garry E Menzel | Director | June 26, 2026 A | 51,825 | 0 | 0 | $0 |
| Kapil Dhingra | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Rajeev Shah | Director | June 10, 2022 A | 0 | 0 | 0 | $0 |
| Alexander Mayweg | Director | June 18, 2021 A | — | 0 | 0 | $0 |
| Bradley J Bolzon PhD | Director | June 18, 2021 A | 21,851 | 0 | 0 | $0 |
| Robert Alexander Ingram | Director | June 18, 2021 A | 7,437 | 0 | 0 | $0 |
| Wellington Biomedical Innovation Master Investors (Cayman) I L.P. | — | Feb. 3, 2020 C | 568,185 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Versant Venture Capital VI, L.P., Versant Ventures VI GP, L.P., Versant Ventures VI GP-GP, LLC, Versant Voyageurs I Parallel, L.P., Versant Voyageurs I GP, L.P., Versant Voyageurs I, L.P., Versant Voyageurs I GP Company, Versant Vantage I, L.P., Versant Vantage I GP, L.P., Versant Vantage I GP-GP, LLC ×7 filings | Aug. 8, 2024 | — | Initial filing | — | SEC |
| New Enterprise Associates 16, L.P., NEA Partners 16, L.P., NEA 16 GP, LLC, Forest Baskett, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell, Paul Walker ×2 filings | May 13, 2024 | — | Initial filing | — | SEC |
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah ×2 filings | May 9, 2024 | — | 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 20 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 |
|---|---|---|---|---|
| SMLF · iShares Trust | 0.02% | 472,666 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.02% | 159,482 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 41,055 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.01% | 3,086 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 358,732 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 9,664 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 94,127 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.01% | 2,105 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.01% | 461,040 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 73,654 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.01% | 160,494 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 190,895 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.00% | 1,184,654 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.00% | 90,447 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 68,533 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.00% | 12,801 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 511,250 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,556,251 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 272,839 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 929 NS | April 30, 2026 | N-PORT |