BNGO Bionano Genomics, Inc. - Common Stock
$1.19
Price · Aug 24, 2026
Fundamentals as of Aug 10, 2026
52W Range
$1–$6
4% of range
Analyst Rating
BUY
8 analysts
Price Target
$5
+322% upside
P/E (TTM)
-0.3
ROE
-58.8%
Net Profit Margin
-92.6%
BNGO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.19
Market Cap
$13M
P/E (TTM)
-0.3
EPS (TTM)
$-4.85
Revenue (TTM)
$29M
Div Yield
—
ROE
-58.8%
Debt/Equity
—
52W Range
$1 – $6
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$29M
2017-12-31
→
2025-12-31
EPS
$-4.85
2021-12-31
→
2025-12-31
Free Cash Flow
—
2018-12-31
→
2020-12-31
Margins
-92.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BNGO
Peer Median
P/E (TTM)
-0.3
31.3
P/S (TTM)
0.5
0.5
P/B
0.3
1.3
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BNGO
Peer Median
Operating Margin
-117.0%
—
Net Profit Margin
-92.6%
-11.4%
ROA
-35.1%
-27.7%
ROE
-58.8%
-58.6%
ROIC
-75.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BNGO
Peer Median
Current Ratio
2.0
1.7
Quick Ratio
0.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BNGO
Peer Median
Revenue YoY
-7.4%
—
Revenue CAGR 3Y
0.84%
—
Revenue CAGR 5Y
27.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BNGO
Peer Median
BNGO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 5 62.5%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-23
Median
$5.00
← Below all targets
$1.19
Low
$4.00
High
$6.00
Median target
$5.00
+321.9%
Mean target
$5.00
+321.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.76%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.64 | $-0.70 | 0.06% |
| March 31, 2026 | $-0.76 | $-0.90 | 0.14% |
| Dec. 31, 2025 | $-0.03 | $-1.43 | 1.4% |
| Sept. 30, 2025 | $-1.59 | $-1.95 | 0.36% |
| June 30, 2025 | $-1.99 | $-2.46 | 0.47% |
| March 31, 2025 | $-1.15 | $-3.08 | 1.9% |
| Dec. 31, 2024 | $-15.83 | $-6.12 | -9.7% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BNGO | $16M | -0.3 | -7.4% | -92.6% | -58.8% | — |
| HBIO | $30M | -0.5 | -8.1% | -65.5% | -384.8% | 57.7% |
| CDT | — | — | — | — | — | — |
| BNBX | $6M | -0.0 | 1.1% | -709.5% | -264.9% | 39.3% |
| TMO | $257.86B | 32.7 | 3.9% | 15.0% | 13.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29M | $31M | $36M | $28M | $18M | $9M | $10M | $12M | $10M | |
| Cost of Revenue | $15M | $30M | $27M | $22M | $14M | $6M | $7M | $9M | $6M | |
| R&D Expense | $11M | $25M | $54M | $49M | $22M | $10M | $9M | $9M | $12M | |
| SG&A Expense | $35M | $52M | $93M | $89M | $58M | $31M | $20M | $14M | $14M | |
| Operating Expenses | $47M | $104M | $225M | $138M | $81M | $41M | $29M | $24M | $27M | |
| Operating Income | $-33M | $-104M | $-215M | $-132M | $-77M | $-39M | $-26M | $-20M | $-23M | |
| Interest Expense | · | · | $5M | $298.0K | $927.0K | $3M | $2M | $1M | $590.9K | |
| Interest Income | $1M | $2M | $3M | $2M | $400.0K | · | · | · | · | |
| Other Non-op | $6M | $-10M | $-20M | $-223.0K | $-59.0K | $-7.0K | $-4M | $2M | $-128.0K | |
| Pretax Income | $-26M | $-112M | $-232M | $-131M | $-78M | $-41M | $-30M | $-18M | $-23M | |
| Income Tax | $67.0K | $33.0K | $62.0K | $2M | $-6M | $29.0K | $21.0K | $15.5K | $18.6K | |
| Net Income | $-26M | $-112M | $-232M | $-133M | $-72M | $-41M | $-30M | $-18M | $-23M | |
| EPS (Basic) | $-4.85 | $-88.13 | $-408.60 | $-4.58 | $-0.26 | · | · | · | · | |
| EPS (Diluted) | $-4.85 | $-88.13 | $-408.60 | $-4.58 | $-0.26 | · | · | · | · | |
| Shares (Basic) | 5,445,000 | 1,271,000 | 569,000 | 28,921,000 | 276,782,000 | · | · | · | · | |
| Shares (Diluted) | 5,445,000 | 1,271,000 | 569,000 | 28,921,000 | 276,782,000 | · | · | · | · | |
| EBITDA | $-24M | $-90M | $-202M | $-122M | $-74M | $-37M | $-25M | $-19M | · |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3M | $9M | $18M | $5M | $25M | $38M | $17M | $17M | $1M | |
| Receivables | $5M | $5M | $9M | $7M | $5M | $3M | $6M | $5M | $3M | |
| Inventory | $8M | $13M | $28M | $30M | $12M | $3M | $3M | $1M | $2M | |
| Prepaid Expense | $5M | $3M | $6M | $7M | $4M | $2M | $1M | $919.5K | $1M | |
| Other Current Assets | $2M | $1M | $976.0K | $2M | $1M | $462.0K | $457.1K | $384.1K | $550.1K | |
| Current Assets | $45M | $39M | $140M | $157M | $272M | $47M | $28M | $23M | $7M | |
| PP&E (Net) | $15M | $19M | $23M | $18M | $10M | $5M | $2M | $2M | $3M | |
| PP&E (Gross) | $43M | $46M | $42M | $31M | $19M | $12M | $8M | $7M | $7M | |
| Accum. Depreciation | $28M | $27M | $19M | $13M | $9M | $7M | $6M | $5M | $4M | |
| Goodwill | · | · | $0 | $77M | $56M | $7M | $0 | · | · | |
| Intangibles | $4M | $10M | $34M | $41M | $27M | $1M | $0 | · | · | |
| Other Non-current Assets | $3M | $3M | $7M | $2M | $749.0K | $103.0K | $0 | · | · | |
| Total Assets | $74M | $77M | $214M | $308M | $377M | $60M | $30M | $25M | $10M | |
| Accounts Payable | $6M | $7M | $10M | $13M | $11M | $3M | $3M | $1M | $2M | |
| Accrued Liabilities | $5M | $6M | $8M | $11M | $9M | $6M | $3M | $3M | $4M | |
| Current Liabilities | $23M | $37M | $100M | $36M | $22M | $9M | $26M | $5M | $17M | |
| Capital Leases | $2M | $145.0K | $4M | $6M | $5M | $0 | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | $0 | $44.5K | $808.4K | $567.0K | |
| Total Liabilities | $29M | $41M | $118M | $58M | $40M | $25M | $27M | $15M | $17M | |
| Long-term Debt | · | · | · | · | · | $16M | $20M | $9M | $7M | |
| Total Debt | · | · | · | · | $0 | $16M | $20M | $9M | · | |
| Common Stock | $1.0K | $0 | $0 | $3.0K | $29.0K | $19.0K | $3.4K | $1.0K | $8 | |
| Retained Earnings | $-720M | $-693M | $-581M | $-349M | $-216M | $-144M | $-103M | $-73M | $-54M | |
| AOCI | $17.0K | $27.0K | $23.0K | $-1M | $-539.0K | $0 | · | · | · | |
| Stockholders' Equity | $44M | $35M | $96M | $249M | $337M | $35M | $4M | $10M | $-50M | |
| Liabilities + Equity | $74M | $77M | $214M | $308M | $377M | $60M | $30M | $25M | $10M | |
| Shares Outstanding | 10,740,200 | 1,865,400 | 762,600 | 495,300 | 28,960,000 | 189,953,000 | 34,274,469 | 10,055,072 | 77,257 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $14M | $14M | $10M | $3M | $1M | $1M | $1M | $2M | |
| Stock-based Comp | $5M | $10M | $15M | $22M | $10M | $2M | $1M | $1M | $382.8K | |
| Deferred Tax | $0 | $0 | $0 | $2M | $-6M | $0 | · | · | · | |
| Amort. of Intangibles | $5M | $7M | $7M | $6M | $1M | $100.0K | · | · | · | |
| Restructuring | $0 | · | · | · | · | · | · | · | · | |
| Other Non-cash | $-4M | $19M | $78M | $-26M | $-7M | $-241.6K | $-2M | $-4M | · | |
| Operating Cash Flow | $-16M | $-69M | $-125M | $-125M | $-72M | $-38M | $-30M | $-20M | $-21M | |
| CapEx | · | · | · | · | · | $0 | $61.1K | $331.7K | $1M | |
| Investing Cash Flow | $-13M | $74M | $24M | $83M | $-278M | $-2M | $-61.1K | $-331.7K | $-1M | |
| Stock Issued | $31M | $44M | $58M | $23M | · | · | · | · | · | |
| Net Stock Activity | $31M | $44M | $58M | · | · | · | · | · | · | |
| Financing Cash Flow | $24M | $-14M | $114M | $23M | $336M | $62M | $30M | $36M | $18M | |
| Net Change in Cash | $-5M | $-9M | $13M | $-19M | $-14M | $21M | $788.6K | $16M | $-4M | |
| Taxes Paid | $119.0K | $54.0K | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | · | · | $-38M | $-30M | $-20M | · | |
| Levered FCF | · | · | · | · | · | $-41M | $-32M | $-22M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -117.0% | -337.9% | -596.0% | -473.7% | -428.8% | -453.4% | -255.4% | -170.1% | · | |
| Net Margin | -92.6% | -364.0% | -643.7% | -476.9% | -402.8% | -483.4% | -294.3% | -154.1% | · | |
| Pretax Margin | -92.3% | -363.9% | -643.6% | -470.2% | -434.6% | -483.1% | -294.1% | -154.0% | · | |
| EBITDA Margin | -83.5% | -292.3% | -558.0% | -439.1% | -410.2% | -436.0% | -244.3% | -159.1% | · | |
| ROA | -35.1% | -77.0% | -89.1% | -38.7% | -33.1% | -90.7% | -108.4% | -105.8% | · | |
| ROE | -58.8% | -265.9% | -216.1% | -49.9% | -21.3% | -165.2% | 1583.7% | -145.8% | · | |
| ROIC | -75.2% | -294.0% | -223.9% | -53.6% | -21.2% | -75.0% | -109.3% | -106.6% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | 1.1 | 1.4 | 4.4 | 12.5 | 5.2 | 1.1 | 5.1 | · | |
| Quick Ratio | 0.4 | 0.4 | 0.3 | 0.3 | 1.4 | 4.6 | 0.9 | 4.7 | · | |
| Debt / Equity | · | · | · | · | 0.0 | 0.5 | 5.6 | 0.9 | · | |
| LT Debt / Equity | · | · | · | · | 0.0 | 0.5 | 0.0 | 0.9 | · | |
| Interest Coverage | · | · | -42.0 | -441.9 | -83.2 | -15.3 | -11.3 | -14.8 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.4 | 0.7 | · | |
| Inventory Turnover | 1.5 | 1.5 | 0.9 | 1.0 | 1.8 | 1.7 | 3.0 | 6.3 | · | |
| Receivables Turnover | 5.7 | 4.4 | 4.4 | 4.7 | 4.7 | 1.9 | 1.9 | 3.1 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -7.4% | -14.8% | 29.9% | 54.6% | 111.5% | · | · | · | · | |
| Revenue CAGR 3Y | 0.84% | 19.6% | 62.0% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 27.4% | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $29M | $31M | $36M | $28M | $18M | $9M | $10M | $12M | · | |
| Net Income TTM | $-26M | $-112M | $-232M | $-133M | $-72M | $-41M | $-30M | $-18M | · | |
| Market Cap | $16M | $32M | $5.19B | $260.33B | $519.55B | $351.03B | $25.50B | $31.61B | · | |
| Enterprise Value | · | · | · | · | $519.52B | $351.01B | $25.50B | $31.61B | · | |
| P/E | -0.3 | -0.2 | -0.3 | -191.3 | -6900.0 | · | · | · | · | |
| P/S | 0.6 | 1.1 | 143.7 | 9363.8 | 28894.2 | 41283.4 | 2517.4 | 2634.3 | · | |
| P/B | 0.4 | 0.9 | 54.0 | 1043.8 | 1541.1 | 10006.0 | 7056.5 | 3118.5 | · | |
| P / Tangible Book | 0.4 | 1.3 | 83.4 | 1987.8 | 2044.5 | 13279.6 | · | · | · | |
| P / Cash Flow | -1.0 | -0.5 | -41.4 | -2085.7 | -7223.2 | -9161.9 | -863.5 | -1585.1 | · | |
| P / FCF | · | · | · | · | · | -9161.9 | -861.8 | -1559.2 | · | |
| EV / EBITDA | · | · | · | · | -7044.4 | -9468.4 | -1030.5 | -1655.2 | · | |
| EV / FCF | · | · | · | · | · | -9161.3 | -861.9 | -1558.8 | · | |
| EV / Revenue | · | · | · | · | 28892.8 | 41280.8 | 2517.7 | 2633.6 | · | |
| Earnings Yield | -317.0% | -506.5% | -360.3% | -0.52% | -0.01% | · | · | · | · |
Income Statement 17
| 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 | $8M | $7M | $8M | $7M | $7M | $6M | $8M | $6M | $8M | $9M | $11M | $9M | $9M | $7M | $8M | $7M | |
| Cost of Revenue | $4M | $3M | $5M | $4M | $3M | $4M | $5M | $15M | $5M | $6M | $8M | $7M | $6M | $5M | $6M | $5M | |
| R&D Expense | $3M | $3M | $3M | $3M | $3M | $2M | $3M | $5M | $7M | $10M | $12M | $14M | $15M | $14M | $14M | $13M | |
| SG&A Expense | $9M | $8M | $9M | $9M | $8M | $9M | $12M | $9M | $12M | $19M | $15M | $25M | $27M | $26M | $25M | $21M | |
| Operating Expenses | $12M | $11M | $12M | $12M | $11M | $11M | $15M | $35M | $20M | $34M | $27M | $116M | $42M | $40M | $39M | $34M | |
| Operating Income | $-7M | $-8M | $-9M | $-9M | $-8M | $-8M | $-12M | $-44M | $-17M | $-31M | $-25M | $-113M | $-39M | $-38M | $-38M | $-32M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $122.0K | · | $71.0K | $74.0K | $76.0K | $74.0K | $73.0K | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $800.0K | $400.0K | |
| Other Non-op | $-344.0K | $-619.0K | $363.0K | $-219.0K | $676.0K | $5M | $-8M | $-697.0K | $363.0K | $-1M | $-20M | $-45.0K | $-330.0K | $117.0K | $-39.0K | $5.0K | |
| Pretax Income | $-7M | $-8M | $-8M | $-8M | $-7M | $-3M | $-20M | $-44M | $-16M | $-31M | $-44M | $-113M | $-39M | $-37M | $-37M | $-32M | |
| Income Tax | $7.0K | $10.0K | $36.0K | $14.0K | $10.0K | $7.0K | $1.0K | $24.0K | $26.0K | $-18.0K | $-36.0K | $39.0K | $33.0K | $26.0K | $2M | $28.0K | |
| Net Income | $-7M | $-8M | $-8M | $-9M | $-7M | $-3M | $-20M | $-44M | $-16M | $-31M | $-44M | $-113M | $-39M | $-37M | $-39M | $-32M | |
| EPS (Basic) | $-0.64 | $-0.76 | $-0.12 | $-1.59 | $-1.99 | $-1.15 | $-7.05 | $-30.92 | $-14.41 | $-35.75 | $-402.91 | $-3.22 | $-1.24 | $-1.23 | $-2.24 | $-1.10 | |
| EPS (Diluted) | $-0.64 | $-0.76 | $-0.12 | $-1.59 | $-1.99 | $-1.15 | $-7.05 | $-30.92 | $-14.41 | $-35.75 | $-402.91 | $-3.22 | $-1.24 | $-1.23 | $-2.24 | $-1.10 | |
| Shares (Basic) | 11,546,000 | 10,979,000 | -6,028,000 | 5,338,000 | 3,441,000 | 2,694,000 | -2,165,000 | 1,431,000 | 1,126,000 | 879,000 | -96,135,000 | 35,001,000 | 31,498,000 | 30,205,000 | -313,217,000 | 28,970,000 | |
| Shares (Diluted) | 11,546,000 | 10,979,000 | -6,028,000 | 5,338,000 | 3,441,000 | 2,694,000 | -2,165,000 | 1,431,000 | 1,126,000 | 879,000 | -96,135,000 | 35,001,000 | 31,498,000 | 30,205,000 | -313,217,000 | 28,970,000 | |
| EBITDA | $-7M | $-6M | · | $-9M | $-8M | $-6M | · | $-44M | $-17M | $-28M | · | $-113M | $-39M | $-35M | · | $-32M |
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 | $4M | $3M | $3M | $3M | $4M | $4M | $9M | $9M | $10M | $16M | $18M | $35M | $15M | $4M | $5M | $28M | |
| Receivables | $4M | $4M | $5M | $5M | $3M | $3M | $5M | $5M | $6M | $8M | $9M | $9M | $8M | $7M | $7M | $6M | |
| Inventory | $7M | $8M | $8M | $8M | $10M | $11M | $13M | $16M | $23M | $24M | $28M | $34M | $32M | $33M | $30M | $25M | |
| Prepaid Expense | $5M | $5M | $5M | $5M | $3M | $3M | $3M | $4M | $5M | $5M | $6M | $6M | $5M | $7M | $7M | $7M | |
| Other Current Assets | · | · | $2M | · | · | · | $1M | · | · | · | $976.0K | · | · | · | $2M | · | |
| Current Assets | $25M | $39M | $45M | $49M | $43M | $45M | $39M | $47M | $61M | $86M | $140M | $105M | $123M | $143M | $157M | $218M | |
| PP&E (Net) | $13M | $14M | $15M | $16M | $17M | $18M | $19M | $20M | $25M | $25M | $23M | $21M | $20M | $19M | $18M | $16M | |
| PP&E (Gross) | $42M | $43M | $43M | · | · | · | $46M | · | · | · | $42M | · | · | · | $31M | · | |
| Accum. Depreciation | $29M | $29M | $28M | · | · | · | $27M | · | · | · | $19M | · | · | · | $13M | · | |
| Goodwill | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $77M | $77M | $77M | $56M | |
| Intangibles | $2M | $3M | $4M | $6M | $7M | $8M | $10M | $11M | $30M | $32M | $34M | $36M | $38M | $39M | $41M | $23M | |
| Other Non-current Assets | $2M | $3M | $3M | $2M | $2M | $2M | $3M | $3M | $6M | $7M | $7M | $10M | $3M | $3M | $2M | $802.0K | |
| Total Assets | $48M | $65M | $74M | $79M | $76M | $78M | $77M | $87M | $129M | $158M | $214M | $182M | $271M | $292M | $308M | $324M | |
| Accounts Payable | $5M | $5M | $6M | $6M | $6M | $7M | $7M | $9M | $9M | $10M | $10M | $15M | $12M | $16M | $13M | $9M | |
| Accrued Liabilities | $3M | $4M | $5M | $5M | $3M | $4M | $6M | $6M | $6M | $11M | $8M | $12M | $8M | $9M | $11M | $12M | |
| Current Liabilities | $10M | $21M | $23M | $23M | $24M | $26M | $37M | $33M | $37M | $59M | $100M | $40M | $33M | $38M | $36M | $34M | |
| Capital Leases | $2M | $3M | $2M | $3M | $3M | $0 | $145.0K | $2M | $2M | $3M | $4M | $4M | $5M | $5M | $6M | $5M | |
| Total Liabilities | $16M | $27M | $29M | $29M | $31M | $30M | $41M | $38M | $49M | $75M | $118M | $63M | $57M | $61M | $58M | $42M | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $0 | $0 | $0 | $9.0K | $7.0K | $6.0K | $0 | $3.0K | $3.0K | $31.0K | $3.0K | $30.0K | |
| Retained Earnings | $-735M | $-728M | $-720M | $-712M | $-703M | $-696M | $-693M | $-673M | $-629M | $-613M | $-581M | $-537M | $-425M | $-386M | $-349M | $-310M | |
| AOCI | $14.0K | $12.0K | $17.0K | $6.0K | $-10.0K | $14.0K | $27.0K | $2M | $-3.0K | $-16.0K | $23.0K | $-93.0K | $-310.0K | $-665.0K | $-1M | $-2M | |
| Stockholders' Equity | $32M | $37M | $44M | $50M | $45M | $48M | $35M | $49M | $80M | $83M | $96M | $119M | $215M | $231M | $249M | $282M | |
| Liabilities + Equity | $48M | $65M | $74M | $79M | $76M | $78M | $77M | $87M | $129M | $158M | $214M | $182M | $271M | $292M | $308M | $324M | |
| Shares Outstanding | 11,777,300 | 11,276,500 | 10,740,200 | 9,730,400 | 3,909,400 | 3,101,400 | 1,865,400 | 88,468,000 | 70,776,000 | 57,539,000 | 762,533 | 35,349,000 | 33,240,000 | 306,790,000 | 29,718,000 | 296,900,000 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $6M | $3M | $3M | $4M | $4M | $3M | $3M | $3M | $2M | |
| Stock-based Comp | $970.0K | $670.0K | $926.0K | $941.0K | $1M | $2M | $2M | $2M | $3M | $3M | $3M | $4M | $4M | $4M | $5M | $6M | |
| Other Non-cash | · | $-393.0K | · | · | · | $-4M | · | · | · | $-3M | · | · | · | $-2M | · | · | |
| Operating Cash Flow | $-5M | $-6M | $-4M | $-6M | $-3M | $-3M | $-7M | $-13M | $-21M | $-28M | $-30M | $-26M | $-37M | $-32M | $-35M | $-29M | |
| Investing Cash Flow | $14M | $5M | $4M | $-5M | $2M | $-14M | $3M | $-5M | $29M | $48M | $-55M | $33M | $30M | $17M | $12M | $8M | |
| Stock Issued | $620.0K | $705.0K | $2M | $13M | $3M | $13M | $7M | $10M | $12M | $15M | $11M | $13M | $18M | $15M | $0 | $23M | |
| Net Stock Activity | · | $705.0K | · | · | · | $13M | · | · | · | $15M | · | · | · | $15M | · | · | |
| Financing Cash Flow | $-10M | $657.0K | $2M | $10M | $1M | $11M | $4M | $6M | $-2M | $-22M | $68M | $13M | $18M | $15M | $146.0K | $23M | |
| Net Change in Cash | $-681.0K | $403.0K | $1M | $-497.0K | $-63.0K | $-6M | $379.0K | $-13M | $6M | $-2M | $-17M | $20M | $11M | $-987.0K | $-23M | $1M |
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 | -88.3% | -118.1% | · | -115.9% | -115.9% | -131.1% | · | -722.9% | -219.0% | -354.9% | · | -1215.0% | -453.0% | -510.4% | · | -445.2% | |
| Net Margin | -90.8% | -124.2% | · | -115.4% | -101.8% | -48.0% | · | -728.6% | -208.8% | -358.3% | · | -1208.1% | -449.2% | -500.7% | · | -440.5% | |
| Pretax Margin | -90.8% | -124.0% | · | -115.2% | -101.7% | -47.9% | · | -728.2% | -208.4% | -358.5% | · | -1207.6% | -448.9% | -500.3% | · | -440.1% | |
| EBITDA Margin | -88.3% | -83.5% | · | -115.9% | -115.9% | -93.4% | · | -722.9% | -219.0% | -320.6% | · | -1215.0% | -453.0% | -467.3% | · | -445.2% | |
| ROA | -12.0% | -11.6% | · | -10.2% | -6.7% | -2.6% | · | -32.9% | -8.1% | -14.0% | · | -44.5% | -13.1% | -11.6% | · | -9.3% | |
| ROE | -19.3% | -19.4% | · | -17.2% | -10.9% | -4.7% | · | -52.7% | -11.0% | -20.0% | · | -56.2% | -15.6% | -13.7% | · | -10.2% | |
| ROIC | -22.9% | -21.1% | · | -17.2% | -17.2% | -17.6% | · | -89.9% | -21.2% | -37.6% | · | -95.2% | -18.3% | -16.4% | · | -11.4% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.5 | 1.8 | · | 2.1 | 1.8 | 1.7 | · | 1.4 | 1.6 | 1.5 | · | 2.6 | 3.7 | 3.7 | · | 6.5 | |
| Quick Ratio | 0.8 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 1.1 | 0.7 | 0.3 | · | 1.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -255.1 | · | -1594.5 | -530.2 | -497.9 | · | -440.4 |
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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | 0.4 | 0.4 | · | 0.3 | 0.2 | 0.2 | · | 0.6 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Receivables Turnover | 2.1 | 1.8 | · | 1.5 | 1.4 | 1.1 | · | 0.9 | 1.1 | 1.2 | · | 1.3 | 1.4 | 1.2 | · | 1.6 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $29M | $27M | · | $27M | $27M | $29M | · | $32M | $35M | $34M | · | $33M | $30M | $27M | · | $24M | |
| Net Income TTM | $-31M | $-27M | · | $-63M | $-70M | $-95M | · | $-204M | $-199M | $-220M | · | $-220M | $-140M | $-131M | · | $-115M | |
| Market Cap | $13M | $13M | · | $17M | $13M | $9M | · | $2.39B | $2.89B | $3.83B | · | $6.43B | $12.17B | $204.32B | · | $326.00B | |
| P/E | -0.2 | -0.2 | · | -0.0 | -0.1 | -0.0 | · | -0.3 | -0.7 | -1.6 | · | -26.8 | -77.9 | -186.6 | · | -455.6 | |
| P/S | 0.5 | 0.5 | · | 0.6 | 0.5 | 0.3 | · | 74.8 | 83.7 | 112.2 | · | 197.0 | 406.0 | 7566.9 | · | 13447.6 | |
| P/B | 0.4 | 0.4 | · | 0.3 | 0.3 | 0.2 | · | 48.9 | 35.9 | 46.3 | · | 54.0 | 56.6 | 882.7 | · | 1157.1 | |
| P / Tangible Book | 0.4 | 0.4 | · | 0.4 | 0.3 | 0.2 | · | 63.2 | 57.4 | 75.1 | · | 77.2 | 121.8 | 1779.1 | · | 1608.3 | |
| P / Cash Flow | · | -2.3 | · | · | · | -3.1 | · | · | · | -136.2 | · | · | · | -6303.7 | · | · | |
| Earnings Yield | -440.7% | -469.2% | · | -2084.8% | -1477.7% | -2947.3% | · | -312.2% | -133.9% | -62.2% | · | -3.7% | -1.3% | -0.54% | · | -0.22% |
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 | $29M | $31M | $36M | $28M | $18M |
| Operating Margin % | -117.0% | -337.9% | -596.0% | -473.7% | -428.8% |
| Net Income | $-26M | $-112M | $-232M | $-133M | $-72M |
| Diluted EPS | $-4.85 | $-88.13 | $-408.60 | $-4.58 | $-0.26 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.0 |
| Current Ratio | 2.0 | 1.1 | 1.4 | 4.4 | 12.5 |
| Quick Ratio | 0.4 | 0.4 | 0.3 | 0.3 | 1.4 |
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Institutional owners (13F) 35 filers · $661K 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 |
|---|---|---|---|---|
| 8 (-2 vs prior Q) | 7 (0 vs prior Q) | 11 (+3 vs prior Q) | 2 (-2 vs prior Q) | -179K |
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 |
|---|---|---|---|---|
| CARRET ASSET MANAGEMENT, LLC | $141,250 | 125,000 | 21.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $93,098 | 82,388 | 14.09% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $79,987 | 70,784 | 12.11% | Shares |
| VANGUARD GROUP INC | $78,914 | 51,578 | 11.95% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $58,283 | 51,578 | 8.82% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $57,743 | 51,100 | 8.74% | Shares |
| PRUDENTIAL FINANCIAL INC | $35,708 | 31,600 | 5.41% | Shares |
| NORTHERN TRUST CORP | $27,754 | 24,561 | 4.20% | Shares |
| JANE STREET GROUP, LLC | $25,085 | 22,199 | 3.80% | Shares |
| XTX Topco Ltd | $18,413 | 16,295 | 2.79% | Shares |
| Engineers Gate Manager LP | $13,546 | 11,988 | 2.05% | Shares |
| BlackRock, Inc. | $11,228 | 9,936 | 1.70% | Shares |
| OSAIC HOLDINGS, INC. | $8,766 | 7,762 | 1.33% | Shares |
| Tower Research Capital LLC (TRC) | $5,908 | 5,228 | 0.89% | Shares |
| MORGAN STANLEY | $1,170 | 1,035 | 0.18% | Shares |
| Concord Wealth Partners | $1,130 | 1,000 | 0.17% | Shares |
| GROUP ONE TRADING LLC | $1,081 | 957 | 0.16% | Shares |
| UBS Group AG | $918 | 812 | 0.14% | Shares |
| SBI Securities Co., Ltd. | $278 | 246 | 0.04% | Shares |
| GSA CAPITAL PARTNERS LLP | $170 | 150,284 | 0.03% | Shares |
| WELLS FARGO & COMPANY/MN | $128 | 113 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $15 | 13 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $13 | 11 | 0.00% | Shares |
| HRT FINANCIAL LP | $13 | 11,740 | 0.00% | Shares |
| TD Waterhouse Canada Inc. | $6 | 5 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $6 | 5 | 0.00% | Shares |
| AllSquare Wealth Management LLC | $5 | 3 | 0.00% | Shares |
| BARCLAYS PLC | $3 | 3 | 0.00% | Shares |
| Activest Wealth Management | $3 | 3 | 0.00% | Shares |
| CITIGROUP INC | $3 | 3 | 0.00% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $2 | 2 | 0.00% | Shares |
| Rockefeller Capital Management L.P. | $1 | 1 | 0.00% | Shares |
| Atlantic Union Bankshares Corp | $1 | 1 | 0.00% | Shares |
| Medallion Wealth Advisors, LLC | $1 | 1 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $0 | 10 | 0.00% | Shares |
Company insiders 26 insiders · 11 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Erik R. Holmlin | President and CEO | June 3, 2025 F | 1,708 | 0 | 0 | $0 |
| Gulsen Kama | Chief Financial Officer | June 3, 2024 A | 16,000 | 0 | 0 | $0 |
| Christopher P. Stewart | Chief Financial Officer | May 12, 2023 P | 281,373 | 0 | 0 | $0 |
| Michael James Ward | Former Chief Financial Officer | March 1, 2019 A | — | 0 | 0 | $0 |
| Albert Luderer | Interim Chief Executive | Aug. 21, 2026 P | 4,000 | 1 | 0 | $4,880 |
| Soheil Shams | Chief Informatics Officer | Feb. 15, 2022 A | 5,325,378 | 0 | 0 | $0 |
| Richard Shippy | Chief Business Officer | Feb. 15, 2022 A | — | 0 | 0 | $0 |
| Robert J Priar | Chief Commercial Officer | June 1, 2021 A | — | 0 | 0 | $0 |
| Heather Adams | Chief Administrative Officer | Feb. 18, 2020 A | — | 0 | 0 | $0 |
| Warren Robinson | Chief Commercial Officer | March 1, 2019 A | — | 0 | 0 | $0 |
| Han Cao PHD | Chief Scientific Officer | Oct. 1, 2018 A | 112,936 | 0 | 0 | $0 |
| David L Barker | Director | May 14, 2026 A | 58,364 | 0 | 0 | $0 |
| Aleksandar Rajkovic | Director | June 11, 2025 A | — | 0 | 0 | $0 |
| Yvonne Linney | Director | June 11, 2025 A | 0 | 0 | 0 | $0 |
| Hannah Mamuszka | Director | June 11, 2025 A | 65,789 | 0 | 0 | $0 |
| Kristiina Vuori MD | Director | June 11, 2025 A | — | 0 | 0 | $0 |
| Vincent Jung-Fai Wong | Director | June 18, 2024 A | — | 0 | 0 | $0 |
| Junfeng Wang | Director | June 6, 2019 A | 2,906,915 | 0 | 0 | $0 |
| Quan Zhou | Director | June 6, 2019 A | 2,906,915 | 0 | 0 | $0 |
| Darren Cai | Director | June 6, 2019 A | — | 0 | 0 | $0 |
| Alex Reid Hastie | — | Aug. 3, 2026 A | — | 0 | 0 | $0 |
| Mark Adamchak | — | Aug. 3, 2026 A | 253 | 0 | 0 | $0 |
| Jonathan V. Dixon | — | Aug. 3, 2026 A | 239 | 0 | 0 | $0 |
| Mark Borodkin | — | Aug. 3, 2026 A | 868 | 0 | 0 | $0 |
| Alka Chaubey | — | June 3, 2026 F | 620 | 0 | 0 | $0 |
| Christopher J Twomey | — | May 14, 2026 A | 64,500 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| Innovatus Life Sciences GP, LP, Innovatus Life Sciences Lending Fund I, LP, Innovatus Capital Partners, LLC, Innovatus Life Sciences Offshore GP, LP, Innovatus Life Sciences Offshore Fund I-A, LP ×3 filings | Nov. 13, 2019 | — | Initial filing | — | SEC |
| LC Fund VI, L.P. (2), LC Parallel Fund VI, L.P. (2), LC Healthcare Fund I, L.P. (2), Rosy Shine Limited (2), Legend Holdings (2), Legend Capital (2), Junfeng Wang (2), Quan Zhou (2), Linan Zhu (2), Hao Chen (2), Nengguang Wang (2) | June 7, 2019 | — | 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 1 ETF
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 |
|---|---|---|---|---|
| VXF · VANGUARD INDEX FUNDS | 0.00% | 82,388 SH | Aug. 19, 2026 | Daily |