CABA Cabaletta Bio, Inc. - Common Stock
$3.21
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026
52W Range
$1–$4
64% of range
Analyst Rating
BUY
16 analysts
Price Target
$13
+313% upside
P/E (TTM)
-1.7
ROE
-115.5%
Net Profit Margin
—
CABA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.21
Market Cap
$357M
P/E (TTM)
-1.7
EPS (TTM)
$-2.10
Revenue (TTM)
—
Div Yield
—
ROE
-115.5%
Debt/Equity
—
52W Range
$1 – $4
CABA 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
—
EPS
$-2.10
2021-12-31
→
2025-12-31
Free Cash Flow
$-132M
2019-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CABA
Peer Median
P/E (TTM)
-1.7
17.4
P/B
3.2
2.9
Price / FCF
-2.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CABA
Peer Median
ROA
-95.9%
-34.4%
ROE
-115.5%
-51.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CABA
Peer Median
Current Ratio
2.8
5.8
Quick Ratio
2.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CABA
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CABA
Peer Median
CABA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 6 37.5%
- Buy 7 43.8%
- Hold 3 18.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-16
Median
$13.50
Now
$3.21
Low
$3.00
High
$30.00
Median target
$13.50
+321.2%
Mean target
$13.25
+313.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.34 | $-0.38 | 0.04% |
| March 31, 2026 | $-0.39 | $-0.41 | 0.02% |
| Dec. 31, 2025 | $-0.40 | $-0.47 | 0.07% |
| Sept. 30, 2025 | $-0.44 | $-0.48 | 0.04% |
| June 30, 2025 | $-0.73 | $-0.66 | -0.07% |
| March 31, 2025 | $-0.71 | $-0.67 | -0.04% |
| Dec. 31, 2024 | $-0.65 | $-0.64 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CABA | $220M | -1.0 | — | — | -115.5% | — |
| PRLD | — | -2.2 | 73.4% | -819.6% | -137.7% | — |
| CCCC | $185M | -1.5 | 1.0% | -292.1% | -48.8% | — |
| EVMN | $540M | -1.5 | 85.7% | -529.8% | -401.2% | — |
| VSTM | $600M | -2.6 | 209.1% | -677.6% | -449.2% | — |
| ZURA | — | — | — | — | — | — |
| MPLT | $773M | -0.9 | — | — | -151.1% | — |
| EDIT | $201M | -1.1 | 25.4% | -395.0% | -688.8% | — |
| PBYI | $300M | 9.8 | -0.91% | 13.6% | 26.5% | — |
| OCGN | $422M | -5.6 | 8.8% | -1537.4% | 1488.8% | — |
| QTTB | $43M | 1.4 | — | 55.5% | 200.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $143M | $97M | $55M | $39M | $32M | $21M | $12M | $4M | |
| SG&A Expense | $30M | $28M | $19M | $15M | $14M | $12M | $7M | $2M | |
| Operating Expenses | $172M | $125M | $75M | $54M | $46M | $34M | $19M | $6M | |
| Operating Income | $-172M | $-125M | $-75M | $-54M | $-46M | $-34M | $-19M | $-6M | |
| Interest Expense | $2M | $748.0K | $0 | · | · | · | · | · | |
| Interest Income | $6M | $10M | $7M | $1M | $24.0K | $494.0K | $2M | $235.0K | |
| Income Tax | $0 | $0 | · | · | · | · | · | · | |
| Net Income | $-168M | $-116M | $-68M | $-53M | $-46M | $-33M | $-17M | $-12M | |
| EPS (Basic) | $-2.10 | $-2.34 | $-1.65 | $-1.81 | $-1.80 | · | · | · | |
| EPS (Diluted) | $-2.10 | $-2.34 | $-1.65 | $-1.81 | $-1.80 | · | · | · | |
| Shares (Basic) | · | · | 1,168,054 | 5,942,036 | · | · | · | · | |
| EBITDA | $-172M | $-125M | $-75M | $-54M | $-46M | $-34M | $-19M | · |
Balance Sheet 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83M | $164M | $193M | $82M | $122M | $101M | $136M | $33M | |
| Short-term Investments | $51M | $0 | $48M | $25M | $0 | $7M | · | · | |
| Prepaid Expense | $5M | $3M | $3M | $2M | $2M | $5M | $4M | $977.0K | |
| Current Assets | $139M | $167M | $244M | $109M | $125M | $114M | $141M | $34M | |
| PP&E (Net) | $2M | $3M | $3M | $3M | $1M | $890.0K | $815.0K | · | |
| PP&E (Gross) | $9M | $8M | $6M | $5M | $3M | $1M | $919.0K | · | |
| Accum. Depreciation | $7M | $6M | $4M | $2M | $1M | $458.0K | $104.0K | · | |
| Other Non-current Assets | $5M | $2M | $2M | $565.0K | $357.0K | $299.0K | $101.0K | · | |
| Total Assets | $165M | $185M | $254M | $117M | $126M | $115M | $141M | $34M | |
| Accounts Payable | $7M | $5M | $5M | $2M | $2M | $1M | $920.0K | $603.0K | |
| Current Liabilities | $50M | $27M | $16M | $9M | $8M | $5M | $3M | $943.0K | |
| Capital Leases | $0 | $2M | $1M | $3M | $0 | · | · | · | |
| Total Liabilities | $53M | $33M | $17M | $12M | $8M | · | · | · | |
| Common Stock | $1.0K | $1.0K | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-517M | $-349M | $-233M | $-166M | $-113M | $-66M | $-33M | $-12M | |
| AOCI | $25.0K | $0 | $39.0K | $-47.0K | $0 | $6.0K | · | · | |
| Stockholders' Equity | $112M | $152M | $236M | $105M | $118M | $110M | $138M | $-11M | |
| Liabilities + Equity | $165M | $185M | $254M | $117M | $126M | $115M | $141M | $34M | |
| Shares Outstanding | 100,479,323 | 50,743,101 | 47,823,232 | 29,445,134 | 28,927,129 | 24,062,775 | 24,034,022 | 3,848,320 |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $21M | $19M | $11M | $7M | $6M | $4M | $2M | $606.0K | |
| Operating Cash Flow | $-131M | $-88M | $-54M | $-46M | $-34M | $-27M | $-16M | $-5M | |
| CapEx | $1M | $2M | $687.0K | $2M | $1M | $635.0K | $693.0K | · | |
| Investing Cash Flow | $-50M | $47M | $-22M | $-27M | $6M | $-8M | $-693.0K | · | |
| Stock Issued | $94M | $0 | $185M | $33M | $48M | $-192.0K | $71M | · | |
| Net Stock Activity | $94M | $11M | $185M | $33M | $48M | $-192.0K | $71M | · | |
| Financing Cash Flow | $100M | $12M | $188M | $33M | $49M | $-24.0K | $120M | $38M | |
| Net Change in Cash | $-81M | $-29M | $112M | · | · | · | · | · | |
| Free Cash Flow | $-132M | $-90M | $-54M | $-49M | $-35M | $-27M | $-17M | · |
Profitability 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROA | -95.9% | -52.8% | -36.5% | -43.5% | -38.4% | -26.0% | -19.3% | · | |
| ROE | -115.5% | -71.0% | -34.1% | -55.6% | -39.5% | -29.4% | -30.2% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.8 | 6.2 | 15.3 | 11.5 | 14.9 | 21.9 | 44.7 | · | |
| Quick Ratio | 2.7 | 6.1 | 15.1 | 11.2 | 14.6 | 21.0 | 43.3 | · | |
| Interest Coverage | -85.9 | -167.3 | · | · | · | · | · | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-168M | $-116M | $-68M | $-53M | $-46M | $-33M | $-17M | · | |
| Market Cap | $220M | $115M | $1.09B | $272M | $110M | $300M | $336M | · | |
| P/E | -1.0 | -1.0 | -13.8 | -5.1 | -2.1 | · | · | · | |
| P/B | 2.0 | 0.8 | 4.6 | 2.6 | 0.9 | 2.7 | 2.4 | · | |
| P / Tangible Book | 2.0 | 0.8 | 4.6 | 2.6 | 0.9 | 2.7 | · | · | |
| P / Cash Flow | -1.7 | -1.3 | -20.3 | -5.9 | -3.2 | -11.2 | -20.9 | · | |
| P / FCF | -1.7 | -1.3 | -20.0 | -5.6 | -3.1 | -11.0 | -20.1 | · | |
| Earnings Yield | -95.9% | -103.1% | -7.3% | -19.6% | -47.5% | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $44M | $37M | $36M | $40M | $38M | $29M | $26M | $26M | $23M | $22M | $17M | $14M | $12M | $12M | $12M | $8M | |
| SG&A Expense | $8M | $7M | $6M | $7M | $8M | $8M | $8M | $7M | $7M | $6M | $6M | $5M | $4M | $5M | $4M | $4M | |
| Operating Expenses | $52M | $44M | $43M | $47M | $46M | $37M | $34M | $33M | $30M | $28M | $23M | $19M | $16M | $17M | $16M | $12M | |
| Operating Income | $-52M | $-44M | $-43M | $-47M | $-46M | $-37M | $-34M | $-33M | $-30M | $-28M | $-23M | $-19M | $-16M | $-17M | $-16M | $-12M | |
| Interest Expense | $517.0K | $636.0K | $555.0K | $584.0K | $571.0K | $294.0K | $748.0K | $0 | $0 | $0 | · | · | · | · | · | · | |
| Interest Income | $2M | $1M | $1M | $2M | $1M | $1M | $2M | $2M | $3M | $3M | $2M | $2M | $1M | $1M | $610.0K | $351.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income | $-51M | $-44M | $-42M | $-45M | $-45M | $-36M | $-33M | $-31M | $-28M | $-25M | $-21M | $-16M | $-14M | $-16M | $-16M | $-11M | |
| EPS (Basic) | $-0.34 | $-0.39 | $-0.22 | $-0.44 | $-0.73 | $-0.71 | $-0.65 | $-0.62 | $-0.56 | $-0.51 | $-0.46 | $-0.37 | $-0.37 | $-0.45 | $-0.52 | $-0.39 | |
| EPS (Diluted) | $-0.34 | $-0.39 | $-0.22 | $-0.44 | $-0.73 | $-0.71 | $-0.65 | $-0.62 | $-0.56 | $-0.51 | $-0.46 | $-0.37 | $-0.37 | $-0.45 | $-0.52 | $-0.39 | |
| Shares (Basic) | 151,160,280 | 112,025,474 | · | · | 61,876,586 | 50,743,101 | · | -543,480 | 0 | 1,168,054 | -1,177,538 | -1,784,850 | 0 | 4,130,442 | · | · | |
| Shares (Diluted) | 151,160,280 | 112,025,474 | · | · | 61,876,586 | 50,743,101 | · | · | · | · | · | · | · | · | · | · | |
| EBITDA | $-52M | $-44M | · | $-47M | $-46M | $-37M | · | $-33M | $-30M | $-28M | · | $-19M | $-16M | $-17M | · | $-12M |
Balance Sheet 19
| 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 | $225M | $117M | $83M | $60M | $146M | $132M | $164M | $171M | $179M | $175M | $193M | $116M | $128M | $94M | $82M | $61M | |
| Short-term Investments | $0 | $0 | $51M | $100M | $49M | · | $0 | $12M | $25M | $49M | $48M | $49M | $48M | $0 | $25M | $25M | |
| Prepaid Expense | $6M | $6M | $5M | $5M | $4M | $3M | $3M | $3M | $3M | $4M | $3M | $2M | $1M | $2M | $2M | $2M | |
| Current Assets | $231M | $122M | $139M | $165M | $198M | $135M | $167M | $186M | $206M | $227M | $244M | $166M | $178M | $96M | $109M | $88M | |
| PP&E (Net) | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $3M | $3M | $3M | |
| PP&E (Gross) | · | · | $9M | · | · | · | $8M | · | · | · | $6M | · | · | · | $5M | · | |
| Accum. Depreciation | · | · | $7M | · | · | · | $6M | · | · | · | $4M | · | · | · | $2M | · | |
| Other Non-current Assets | $6M | $5M | $5M | $4M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $984.0K | $685.0K | $581.0K | $565.0K | $689.0K | |
| Total Assets | $257M | $148M | $165M | $190M | $224M | $165M | $185M | $204M | $217M | $240M | $254M | $173M | $185M | $103M | $117M | $92M | |
| Accounts Payable | $6M | $6M | $7M | $8M | $7M | $6M | $5M | $2M | $4M | $6M | $5M | $4M | $2M | $4M | $2M | $1M | |
| Current Liabilities | $40M | $42M | $50M | $46M | $42M | $34M | $27M | $23M | $18M | $18M | $16M | $11M | $8M | $9M | $9M | $6M | |
| Capital Leases | $1M | · | $0 | $0 | $580.0K | $1M | $2M | $7M | $0 | $765.0K | $1M | $2M | $2M | $2M | $3M | · | |
| Total Liabilities | $46M | $45M | $53M | $50M | $46M | $44M | $33M | $30M | $18M | $19M | $17M | $12M | $10M | $12M | $12M | · | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-611M | $-560M | $-517M | $-475M | $-430M | $-385M | $-349M | $-317M | $-286M | $-258M | $-233M | $-212M | $-196M | $-181M | $-166M | $-150M | |
| AOCI | $0 | $0 | $25.0K | $23.0K | $1.0K | · | $0 | $1.0K | $-29.0K | $-38.0K | $39.0K | $-21.0K | $-3.0K | $0 | $-47.0K | $-209.0K | |
| Stockholders' Equity | $211M | $103M | $112M | $139M | $178M | $122M | $152M | $174M | $200M | $222M | $236M | $161M | $174M | $92M | $105M | $86M | |
| Liabilities + Equity | $257M | $148M | $165M | $190M | $224M | $165M | $185M | $204M | $217M | $240M | $254M | $173M | $185M | $103M | $117M | $92M | |
| Shares Outstanding | 167,726,537 | 111,324,796 | 100,479,323 | 96,265,204 | 91,451,899 | 50,743,101 | 50,743,101 | 48,850,423 | 48,291,469 | 48,249,115 | 47,823,232 | 41,660,169 | 39,793,682 | 31,340,989 | 29,445,134 | 29,013,995 |
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 | $5M | $5M | $4M | $6M | $6M | $5M | $5M | $5M | $5M | $4M | $3M | $3M | $3M | $2M | $2M | $2M | |
| Operating Cash Flow | $-42M | $-43M | $-35M | $-35M | $-30M | $-31M | $-23M | $-20M | $-21M | $-24M | $-16M | $-13M | $-12M | $-13M | $-12M | $-10M | |
| CapEx | $0 | $0 | $205.0K | $78.0K | $161.0K | $785.0K | $376.0K | $253.0K | $770.0K | $812.0K | $185.0K | $65.0K | $57.0K | $380.0K | $316.0K | $1M | |
| Investing Cash Flow | $0 | $51M | $50M | $-50M | $-49M | $-785.0K | $12M | $12M | $24M | $-812.0K | $1M | $-65.0K | $-48M | $25M | $-316.0K | $24M | |
| Stock Issued | $6M | $7M | $0 | $-25.0K | $94M | $0 | $0 | $-6M | $-6M | $6M | $92M | $-141.0K | $94M | $-232.0K | $33M | $0 | |
| Net Stock Activity | · | $7M | · | · | · | $0 | · | · | · | $6M | · | · | · | $-232.0K | · | · | |
| Financing Cash Flow | $150M | $25M | $8M | $-806.0K | $93M | $-552.0K | $4M | $71.0K | $379.0K | $7M | $93M | $98.0K | $94M | $226.0K | $33M | $0 | |
| Net Change in Cash | $108M | $34M | $23M | $-85M | $14M | $-32M | $-7M | $-8M | $3M | $-18M | · | · | · | · | · | · | |
| Free Cash Flow | · | $-43M | · | · | · | $-32M | · | · | · | $-25M | · | · | · | $-13M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -21.2% | -27.8% | · | -22.8% | -20.4% | -17.7% | · | -16.2% | -13.7% | -14.6% | · | -12.4% | -10.1% | -14.6% | · | -10.7% | |
| ROE | -26.2% | -38.7% | · | -28.6% | -23.9% | -20.9% | · | -18.3% | -14.8% | -16.0% | · | -13.3% | -10.7% | -16.0% | · | -11.3% |
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 | 5.8 | 2.9 | · | 3.6 | 4.8 | 4.0 | · | 8.1 | 11.5 | 12.7 | · | 15.7 | 20.9 | 10.3 | · | 15.2 | |
| Quick Ratio | 5.6 | 2.8 | · | 3.5 | 4.7 | 3.9 | · | 8.0 | 11.4 | 12.5 | · | 15.5 | 20.8 | 10.1 | · | 14.8 | |
| Interest Coverage | -100.6 | -69.6 | · | -79.8 | -80.4 | -126.3 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-185M | $-169M | · | $-157M | $-139M | $-119M | · | $-100M | $-84M | $-72M | · | $-58M | $-55M | $-53M | · | $-49M | |
| Market Cap | $522M | $299M | · | $225M | $139M | $70M | · | $231M | $361M | $823M | · | $634M | $514M | $259M | · | $19M | |
| P/E | -1.6 | -1.2 | · | -0.9 | -0.6 | -0.6 | · | -2.3 | -4.1 | -10.0 | · | -9.6 | -7.8 | -4.8 | · | -0.4 | |
| P/B | 2.5 | 2.9 | · | 1.6 | 0.8 | 0.6 | · | 1.3 | 1.8 | 3.7 | · | 3.9 | 3.0 | 2.8 | · | 0.2 | |
| P / Tangible Book | 2.5 | 2.9 | · | 1.6 | 0.8 | 0.6 | · | 1.3 | 1.8 | 3.7 | · | 3.9 | 3.0 | 2.8 | · | 0.2 | |
| P / Cash Flow | · | -7.0 | · | · | · | -2.3 | · | · | · | -34.3 | · | · | · | -20.6 | · | · | |
| P / FCF | · | -7.0 | · | · | · | -2.2 | · | · | · | -33.2 | · | · | · | -20.0 | · | · | |
| Earnings Yield | -61.1% | -84.4% | · | -106.8% | -172.4% | -173.3% | · | -43.6% | -24.2% | -10.0% | · | -10.4% | -12.9% | -21.0% | · | -267.7% |
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 | |
|---|---|---|---|---|---|
| Net Income | $-168M | $-116M | $-68M | $-53M | $-46M |
| Diluted EPS | $-2.10 | $-2.34 | $-1.65 | $-1.81 | $-1.80 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.8 | 6.2 | 15.3 | 11.5 | 14.9 |
| Quick Ratio | 2.7 | 6.1 | 15.1 | 11.2 | 14.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-132M | $-90M | $-54M | $-49M | $-35M |
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Institutional owners (13F) 155 filers · $372.2M 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 |
|---|---|---|---|---|
| 58 (+26 vs prior Q) | 21 (+12 vs prior Q) | 54 (+22 vs prior Q) | 19 (-11 vs prior Q) | +62.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| JENNISON ASSOCIATES LLC | $56,324,280 | 18,110,701 | 15.13% | Shares |
| Bain Capital Life Sciences Investors, LLC | $53,620,894 | 17,241,445 | 14.40% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $28,533,497 | 9,174,758 | 7.67% | Shares |
| STATE STREET CORP | $24,380,239 | 7,839,305 | 6.55% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,476,026 | 7,227,018 | 6.04% | Shares |
| Cormorant Asset Management, LP | $15,550,000 | 5,000,000 | 4.18% | Shares |
| Woodline Partners LP | $13,062,442 | 4,200,142 | 3.51% | Shares |
| NORGES BANK | $12,789,567 | 4,112,401 | 3.44% | Shares |
| Opaleye Management Inc. | $12,016,418 | 3,863,800 | 3.23% | Shares |
| CITADEL ADVISORS LLC | $10,953,768 | 3,522,112 | 2.94% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,051,892 | 2,909,630 | 2.43% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,771,755 | 2,820,500 | 2.36% | Call option |
| FRANKLIN RESOURCES INC | $7,507,344 | 2,413,937 | 2.02% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,433,007 | 2,068,491 | 1.73% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,774,783 | 1,535,300 | 1.28% | Shares |
| Qube Research & Technologies Ltd | $4,437,472 | 1,426,840 | 1.19% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,410,316 | 1,418,108 | 1.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,387,995 | 1,410,931 | 1.18% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $4,133,227 | 1,329,012 | 1.11% | Shares |
| MORGAN STANLEY | $3,965,200 | 1,274,984 | 1.07% | Shares |
| GOLDMAN SACHS GROUP INC | $3,909,768 | 1,257,160 | 1.05% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $3,478,020 | 1,278,652 | 0.93% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,385,530 | 1,088,595 | 0.91% | Shares |
| Stonepine Capital Management, LLC | $2,852,181 | 917,100 | 0.77% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,769,691 | 890,576 | 0.74% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,664,141 | 856,637 | 0.72% | Shares |
| AMERIPRISE FINANCIAL INC | $2,572,421 | 827,145 | 0.69% | Shares |
| CANTOR FITZGERALD, L. P. | $2,488,003 | 800,001 | 0.67% | Shares |
| HEIGHTS CAPITAL MANAGEMENT, INC | $2,349,997 | 755,626 | 0.63% | Shares |
| Blue Owl Capital Holdings LP | $2,222,748 | 714,710 | 0.60% | Shares |
| Ikarian Capital, LLC | $2,177,000 | 700,000 | 0.58% | Shares |
| Burkehill Global Management, LP | $2,177,000 | 700,000 | 0.58% | Shares |
| Nuveen, LLC | $2,010,133 | 646,345 | 0.54% | Shares |
| Caption Management, LLC | $1,864,445 | 599,500 | 0.50% | Call option |
| TWO SIGMA ADVISERS, LP | $1,616,001 | 737,900 | 0.43% | Shares |
| KVP Capital Advisors, LP | $1,571,890 | 505,431 | 0.42% | Shares |
| CITADEL ADVISORS LLC | $1,529,187 | 491,700 | 0.41% | Call option |
| JANE STREET GROUP, LLC | $1,341,654 | 431,400 | 0.36% | Call option |
| Raiffeisen Bank International AG | $1,337,300 | 430,000 | 0.36% | Shares |
| TD Asset Management Inc | $1,217,478 | 391,472 | 0.33% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,192,044 | 383,294 | 0.32% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,165,895 | 374,886 | 0.31% | Shares |
| MARSHALL WACE, LLP | $1,117,705 | 359,391 | 0.30% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,052,362 | 338,380 | 0.28% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $831,527 | 267,372 | 0.22% | Shares |
| BlackRock, Inc. | $732,903 | 235,660 | 0.20% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $567,435 | 182,455 | 0.15% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $566,191 | 182,055 | 0.15% | Shares |
| CITIGROUP INC | $552,756 | 177,735 | 0.15% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $503,559 | 161,916 | 0.14% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $475,718 | 152,964 | 0.13% | Shares |
| TUDOR INVESTMENT CORP ET AL | $466,500 | 150,000 | 0.13% | Call option |
| Rafferty Asset Management, LLC | $454,393 | 146,107 | 0.12% | Shares |
| Diametric Capital, LP | $421,709 | 135,598 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $409,392 | 131,640 | 0.11% | Shares |
| Almitas Capital LLC | $391,549 | 125,900 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $370,090 | 119,000 | 0.10% | Put option |
| Virtus Investment Advisers, LLC | $338,066 | 108,703 | 0.09% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $297,901 | 95,788 | 0.08% | Shares |
| ALLIANCEBERNSTEIN L.P. | $291,623 | 108,410 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $286,963 | 92,271 | 0.08% | Shares |
| D. E. Shaw & Co., Inc. | $281,928 | 90,652 | 0.08% | Shares |
| LETKO, BROSSEAU & ASSOCIATES INC | $281,377 | 90,475 | 0.08% | Shares |
| Graham Capital Management, L.P. | $252,778 | 81,279 | 0.07% | Shares |
| Bank of New York Mellon Corp | $252,432 | 81,168 | 0.07% | Shares |
| LPL Financial LLC | $245,923 | 79,075 | 0.07% | Shares |
| PROFUND ADVISORS LLC | $228,302 | 73,409 | 0.06% | Shares |
| MetLife Investment Management, LLC | $207,589 | 66,749 | 0.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $196,639 | 63,228 | 0.05% | Shares |
| JANE STREET GROUP, LLC | $190,954 | 61,400 | 0.05% | Put option |
| Vanguard Global Advisers, LLC | $178,427 | 57,372 | 0.05% | Shares |
| MATAURO, LLC | $171,386 | 55,108 | 0.05% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $168,207 | 54,086 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $160,538 | 51,620 | 0.04% | Shares |
| EntryPoint Capital, LLC | $158,383 | 50,927 | 0.04% | Shares |
| ADAR1 Capital Management, LLC | $155,500 | 50,000 | 0.04% | Shares |
| JPMORGAN CHASE & CO | $145,147 | 46,671 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $142,438 | 45,800 | 0.04% | Put option |
| XTX Topco Ltd | $142,133 | 45,702 | 0.04% | Shares |
| Invesco Ltd. | $139,623 | 44,895 | 0.04% | Shares |
| KEYBANK NATIONAL ASSOCIATION/OH | $121,306 | 39,005 | 0.03% | Shares |
| Quantbot Technologies LP | $115,717 | 37,208 | 0.03% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $107,044 | 34,419 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $103,261 | 33,203 | 0.03% | Shares |
| Grey Ledge Advisors, LLC | $93,300 | 30,000 | 0.03% | Shares |
| Cubist Systematic Strategies, LLC | $88,322 | 37,744 | 0.02% | Shares |
| WINTON GROUP Ltd | $83,970 | 27,000 | 0.02% | Shares |
| TWO SIGMA SECURITIES, LLC | $82,922 | 26,663 | 0.02% | Shares |
| China Universal Asset Management Co., Ltd. | $80,705 | 25,950 | 0.02% | Shares |
| VANGUARD GROUP INC | $78,295 | 35,751 | 0.02% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $77,750 | 25,000 | 0.02% | Shares |
| Wealthfront Advisers LLC | $75,850 | 24,389 | 0.02% | Shares |
| BARCLAYS PLC | $75,294 | 24,210 | 0.02% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $72,774 | 23,400 | 0.02% | Shares |
| RAYMOND JAMES FINANCIAL INC | $72,152 | 23,200 | 0.02% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $71,639 | 23,035 | 0.02% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $66,482 | 21,377 | 0.02% | Shares |
| E Fund Management Co., Ltd. | $64,069 | 20,601 | 0.02% | Shares |
| nVerses Capital, LLC | $63,089 | 20,286 | 0.02% | Shares |
| ProShare Advisors LLC | $62,467 | 20,086 | 0.02% | Shares |
Company insiders 14 insiders · 8 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Steven Nichtberger | President & CEO | March 2, 2026 A | 1,031,483 | 1 | 0 | $100,800 |
| Anup Marda | Chief Financial Officer | March 2, 2026 A | 50,000 | 0 | 0 | $0 |
| Gwendolyn Binder | President, Science & Tech. | March 2, 2026 A | 31,312 | 1 | 0 | $24,773 |
| Arun Das | Chief Business Officer | March 2, 2026 A | — | 0 | 0 | $0 |
| Michael Gerard | General Counsel | March 2, 2026 A | 6,600 | 1 | 0 | $14,982 |
| David J. Chang | Chief Medical Officer | March 2, 2026 A | 8,800 | 1 | 0 | $19,888 |
| Steve Gavel | Chief Commercial Officer | Jan. 21, 2026 P | 22,170 | 1 | 0 | $50,104 |
| John Brian Stalter | General Counsel | March 1, 2021 A | — | 0 | 0 | $0 |
| Scott C. Brun | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Catherine Bollard | Director | June 9, 2026 A | 5,405 | 1 | 0 | $9,999 |
| Shawn Tomasello | Director | June 9, 2026 A | 22,725 | 1 | 0 | $50,222 |
| Mark Simon | Director | June 9, 2026 A | 147,205 | 1 | 0 | $25,219 |
| Richard C Henriques JR | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Brian Daniels | — | June 1, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| 5AM Ventures V, L.P., 5AM Partners V, LLC, 5AM Opportunities I, L.P., 5AM Opportunities I (GP), LLC, Dr. Kush Parmar, Andrew J. Schwab, Dr. Scott M. Rocklage ×6 filings | Aug. 3, 2022 | — | 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 19 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 |
|---|---|---|---|---|
| BIB · ProShares Trust | 0.02% | 3,557 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 334,526 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 17,404 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 22,315 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 4,764 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 4, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IBB · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 13, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | — | — | July 20, 2026 | Daily |