CADL Candel Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 13, 2026
$10.18
· of 52w range
· above low
· to high
$4.3552w low
$14.0052w high
Market Cap (MRQ)
$775M
P/E
-18.9
EPS
$-0.72
your badges
52W Range
$4–$14
Analyst Rating
BUY
Price Target
$22
P/E
-18.9
ROE
-53.7%
Net Profit Margin
·
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CADL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$10.18
Market Cap (MRQ)
$775M
P/E
-18.9
EPS
$-0.72
ROE
-53.7%
Debt/Equity
0.0
52W Range
$4–$14
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue·2020-12-31 → 2022-12-31
EPS$-0.722021-12-31 → 2025-12-31
Free Cash Flow$-39M2021-12-31 → 2025-12-31
Net margin·2021-12-31 → 2021-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | CADL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -18.95Y avg ≈-4.2 | ≈-4.2 | · | · | |
| P/S | 6024.35Y avg ≈2524.3 | ≈2524.3 | 33.4 | Overvalued | |
| P/B (MRQ) | 6.15Y avg ≈5.2 | ≈5.2 | 3.6 | Overvalued | |
| EV / EBITDA | -13.0 | · | · | · | |
| Price / FCF (TTM) | -13.55Y avg ≈-10.8 | ≈-10.8 | · | · | |
| Price / Cash Flow (TTM) | -13.85Y avg ≈-11.1 | ≈-11.1 | · | · | |
| EV / Revenue | 5058.7 | · | · | · | |
| EV / FCF | -16.1 | · | · | · | |
| Price / Tangible Book | 14.45Y avg ≈4.0 | ≈4.0 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | CADL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -32.9%5Y avg ≈-54.7% | ≈-54.7% | -44.7% | Top tier | |
| ROE | -53.7%5Y avg ≈-108.9% | ≈-108.9% | -62.4% | Top tier | |
| ROIC | -93.0% | · | -86.5% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CADL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | · | · | · | |
| Current Ratio (MRQ) | 16.15Y avg ≈10.7 | ≈10.7 | 5.3 | Strong liquidity | |
| Quick Ratio | 13.35Y avg ≈10.5 | ≈10.5 | 2.1 | Strong liquidity | |
| Interest Coverage | -22.8 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-9.6%
Next Report
Nov 11, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 13, 2026 | $-0.52 | $-0.24 | -115.4% |
| March 31, 2026 | May 14, 2026 | $-0.14 | $-0.32 | 56.7% |
| Dec. 31, 2025 | $-0.54 | $-0.25 | -115.3% | |
| Sept. 30, 2025 | $-0.21 | $-0.19 | -11.2% | |
| June 30, 2025 | $-0.09 | $-0.17 | 48.1% | |
| March 31, 2025 | $0.13 | $-0.31 | 142.5% | |
| Dec. 31, 2024 | $-0.40 | $-0.23 | -72.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | $125.0K | $125.0K | $125.0K | |
| R&D Expense | $30M | $19M | $25M | $21M | $15M | $9M | |
| SG&A Expense | $18M | $14M | $14M | $14M | $11M | $5M | |
| Operating Expenses | $48M | $33M | $38M | $35M | $26M | $14M | |
| Operating Income | $-48M | $-33M | $-38M | $-35M | $-26M | $-14M | |
| Interest Expense | $2M | $2M | $-3M | $2M | · | · | |
| Interest Income | · | · | $2M | $1M | · | · | |
| Other Non-op | $10M | $-22M | $452.0K | $16M | $-10M | $-4M | |
| Pretax Income | $-38M | $-55M | · | · | · | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | · | |
| Net Income | $-38M | $-55M | $-38M | $-19M | $-36M | $-18M | |
| EPS (Basic) | $-0.72 | $-1.74 | $-1.31 | $-0.65 | $-1.91 | · | |
| EPS (Diluted) | $-0.72 | $-1.74 | $-1.31 | $-0.65 | $-1.91 | · | |
| Shares (Basic) | 52,958,644 | 31,675,076 | 28,935,289 | 28,823,480 | 18,873,048 | · | |
| Shares (Diluted) | 52,958,644 | 31,675,076 | 28,935,289 | 28,823,480 | 18,873,048 | · | |
| EBITDA | $-48M | $-33M | · | · | $-25M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $120M | $103M | $35M | $70M | $83M | $35M | |
| Prepaid Expense | $2M | $1M | $1M | $2M | $2M | $93.0K | |
| Current Assets | $121M | $104M | $37M | $72M | $85M | $35M | |
| PP&E (Net) | $2M | $2M | $3M | $4M | $4M | $3M | |
| PP&E (Gross) | $5M | $5M | $5M | $6M | $4M | $3M | |
| Accum. Depreciation | $4M | $3M | $2M | $1M | $352.0K | $134.0K | |
| Other Non-current Assets | · | · | · | · | $424.0K | $349.0K | |
| Total Assets | $125M | $107M | $41M | $78M | $89M | $38M | |
| Accounts Payable | $1M | $237.0K | $422.0K | $380.0K | $2M | $921.0K | |
| Accrued Liabilities | $7M | $5M | $4M | $5M | $3M | $3M | |
| Current Liabilities | $9M | $38M | $14M | $6M | $5M | $5M | |
| Capital Leases | $1M | $407.0K | $973.0K | $1M | · | · | |
| Total Liabilities | $73M | $41M | $28M | $30M | $25M | $13M | |
| Long-term Debt | · | $12M | $21M | · | $560.0K | $483.0K | |
| Total Debt | $0 | $12M | · | · | · | · | |
| Common Stock | $550.0K | $469.0K | $290.0K | $290.0K | $286.0K | $116.0K | |
| Retained Earnings | $-230M | $-192M | $-137M | $-99M | $-80M | $-44M | |
| Treasury Stock | $448.0K | $448.0K | $448.0K | $448.0K | · | · | |
| Stockholders' Equity | $52M | $66M | $13M | $48M | $64M | $-24M | |
| Liabilities + Equity | $125M | $107M | $41M | $78M | $89M | $38M | |
| Shares Outstanding | 54,898,303 | 46,933,088 | 29,213,627 | 29,042,418 | 28,689,842 | 11,635,094 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | · | · | · | $778.0K | $232.0K | $91.0K | |
| Stock-based Comp | $4M | $5M | $3M | $2M | $3M | $2M | |
| Other Non-cash | · | · | · | · | $11M | · | |
| Operating Cash Flow | $-38M | $-27M | $-34M | $-31M | $-22M | $-9M | |
| CapEx | $587.0K | $16.0K | $457.0K | $1M | $2M | $1M | |
| Investing Cash Flow | $-560.0K | $-16.0K | $-280.0K | $-1M | $-2M | $38M | |
| Financing Cash Flow | $56M | $94M | $-121.0K | $20M | $72M | $490.0K | |
| Net Change in Cash | $17M | $67M | $-35M | $-13M | $48M | $30M | |
| Taxes Paid | · | · | · | $183.0K | $29.0K | $93.0K | |
| Free Cash Flow | $-39M | $-27M | · | · | $-24M | · | |
| Levered FCF | $-41M | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | -20580.8% | · | |
| Net Margin | · | · | · | · | -28899.2% | · | |
| EBITDA Margin | · | · | · | · | -20395.2% | · | |
| ROA | -32.9% | -74.5% | · | · | -56.7% | · | |
| ROE | -53.7% | -216.1% | · | · | -56.8% | · | |
| ROIC | -93.0% | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 13.5 | 2.8 | · | · | 15.8 | · | |
| Quick Ratio | 13.3 | 2.7 | · | · | 15.4 | · | |
| Debt / Equity | 0.0 | 0.2 | · | · | · | · | |
| LT Debt / Equity | · | 0.0 | · | · | · | · | |
| Interest Coverage | -22.8 | 16.0 | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | 0.0 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.95 | $1.42 | · | · | $2.24 | · | |
| Cash Flow / Share | $-0.72 | $-0.85 | · | · | · | · | |
| Cash / Share | $2.18 | $2.19 | · | · | $2.88 | · | |
| EPS (TTM) | $-0.72 | $-1.74 | $-1.31 | $-0.65 | $-1.91 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | 0.00% | 0.00% | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $124.0K | $124.0K | $124.0K | $125.0K | $125.0K | · | |
| Net Income TTM | $-38M | $-55M | $-38M | $-19M | $-36M | · | |
| Market Cap | $310M | $406M | · | · | $224M | · | |
| Enterprise Value | $190M | $315M | · | · | · | · | |
| P/E | -7.8 | -5.0 | -1.1 | -2.8 | -4.1 | · | |
| P/S | 2501.4 | 3276.7 | · | · | 1794.8 | · | |
| P/B | 6.0 | 6.1 | · | · | 3.5 | · | |
| P / Tangible Book | 6.0 | 6.1 | 3.4 | 1.1 | 3.5 | · | |
| P / Cash Flow | -8.1 | -15.0 | · | · | -10.1 | · | |
| P / FCF | -8.0 | -15.0 | · | · | -9.3 | · | |
| EV / EBITDA | -3.9 | -9.4 | · | · | · | · | |
| EV / FCF | -4.9 | -11.7 | · | · | · | · | |
| EV / Revenue | 1535.8 | 2542.7 | · | · | · | · | |
| Earnings Yield | -12.7% | -20.1% | -89.1% | -36.3% | -24.4% | · |
Income Statement
| 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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $32.0K | $31.0K | |
| R&D Expense | $20M | $10M | $11M | $8M | $7M | $4M | $5M | $5M | $5M | $4M | $7M | $6M | $6M | $5M | $5M | $5M | |
| SG&A Expense | $7M | $6M | $5M | $5M | $4M | $4M | $3M | $3M | $4M | $4M | $3M | $3M | $4M | $4M | $3M | $4M | |
| Operating Expenses | $27M | $16M | $16M | $13M | $11M | $8M | $8M | $9M | $9M | $8M | $10M | $9M | $10M | $10M | $8M | $9M | |
| Operating Income | $-27M | $-16M | $-16M | $-13M | $-11M | $-8M | $-8M | $-9M | $-9M | $-8M | $-10M | $-9M | $-10M | $-10M | $-8M | $-9M | |
| Interest Expense | $2M | $2M | $1M | $161.0K | $236.0K | $306.0K | $390.0K | $487.0K | $567.0K | $646.0K | $-5M | $669.0K | $644.0K | $609.0K | $578.0K | $519.0K | |
| Interest Income | · | · | · | · | · | · | · | · | $240.0K | $320.0K | · | $502.0K | $453.0K | $711.0K | $804.0K | $343.0K | |
| Other Non-op | $-12M | $7M | $-14M | $2M | $6M | $16M | $-6M | $-2M | $-14M | $-319.0K | $-777.0K | $426.0K | $-35.0K | $838.0K | $3M | $193.0K | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-39M | $-9M | $-29M | $-11M | $-5M | $7M | $-14M | $-11M | $-22M | $-8M | $-11M | $-8M | $-10M | $-9M | $-5M | $-9M | |
| EPS (Basic) | $-0.52 | $-0.14 | $-0.57 | $-0.21 | $-0.09 | $0.15 | $-0.39 | $-0.33 | $-0.74 | $-0.28 | $-0.39 | $-0.29 | $-0.33 | $-0.30 | $-0.18 | $-0.30 | |
| EPS (Diluted) | $-0.52 | $-0.14 | $-0.55 | $-0.21 | $-0.09 | $0.13 | $-0.39 | $-0.33 | $-0.74 | $-0.28 | $-0.39 | $-0.29 | $-0.33 | $-0.30 | $-0.18 | $-0.30 | |
| Shares (Basic) | 74,131,229 | 62,361,897 | · | 54,894,347 | 51,489,929 | 50,482,278 | · | 32,013,569 | 29,878,210 | 29,197,537 | · | 28,919,810 | 28,919,810 | 28,919,810 | · | 28,891,909 | |
| Shares (Diluted) | 74,131,229 | 62,361,897 | · | 54,894,347 | 51,489,929 | 54,765,842 | · | 32,013,569 | 29,878,210 | 29,197,537 | · | 28,919,810 | 28,919,810 | 28,919,810 | · | 28,891,909 | |
| EBITDA | $-27M | $-16M | · | $-13M | $-11M | $-8M | · | $-9M | $-9M | $-8M | · | $-9M | $-10M | $-9M | · | $-9M |
Balance Sheet
| 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 | $202M | $195M | $120M | $87M | $101M | $92M | $103M | $17M | $21M | $26M | $35M | $43M | $52M | $59M | $70M | $77M | |
| Prepaid Expense | $3M | $3M | $2M | $3M | $3M | $983.0K | $1M | $2M | $1M | $1M | $1M | $2M | $1M | $3M | $2M | $2M | |
| Current Assets | $204M | $198M | $121M | $90M | $104M | $93M | $104M | $18M | $23M | $27M | $37M | $45M | $53M | $62M | $72M | $79M | |
| PP&E (Net) | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $5M | |
| PP&E (Gross) | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $5M | $6M | $5M | |
| Accum. Depreciation | $4M | $4M | $4M | $3M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $909.0K | |
| Total Assets | $208M | $202M | $125M | $94M | $106M | $96M | $107M | $22M | $26M | $31M | $41M | $50M | $59M | $67M | $78M | $85M | |
| Accounts Payable | $5M | $3M | $1M | $1M | $2M | $760.0K | $237.0K | $296.0K | $433.0K | $472.0K | $422.0K | $250.0K | $480.0K | $592.0K | $380.0K | $970.0K | |
| Accrued Liabilities | $7M | $3M | $7M | $5M | $4M | $3M | $5M | $5M | $3M | $3M | $4M | $3M | $3M | $3M | $5M | $4M | |
| Current Liabilities | $13M | $7M | $9M | $11M | $15M | $20M | $38M | $15M | $14M | $14M | $14M | $10M | $8M | $5M | $6M | $6M | |
| Capital Leases | $1M | $1M | $1M | $2M | $104.0K | $257.0K | $407.0K | $555.0K | $698.0K | $837.0K | $973.0K | $1M | $1M | $1M | $1M | $2M | |
| Total Liabilities | $82M | $64M | $73M | $13M | $16M | $21M | $41M | $37M | $36M | $25M | $28M | $27M | $28M | $28M | $30M | $33M | |
| Long-term Debt | · | · | · | · | · | · | · | $14M | $17M | $19M | · | $20M | $20M | $20M | · | · | |
| Total Debt | · | · | · | $4M | $7M | $9M | · | $14M | $17M | $19M | · | $20M | $20M | $20M | · | · | |
| Common Stock | $761.0K | $733.0K | $550.0K | $550.0K | $549.0K | $493.0K | $469.0K | $322.0K | $303.0K | $292.0K | $290.0K | $290.0K | $290.0K | $290.0K | $290.0K | $290.0K | |
| Retained Earnings | $-278M | $-239M | $-230M | $-201M | $-190M | $-185M | $-192M | $-178M | $-167M | $-145M | $-137M | $-126M | $-117M | $-108M | $-99M | $-94M | |
| Treasury Stock | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | $448.0K | |
| Stockholders' Equity | $126M | $138M | $52M | $80M | $90M | $75M | $66M | $-15M | $-10M | $6M | $13M | $23M | $31M | $40M | $48M | $52M | |
| Liabilities + Equity | $208M | $202M | $125M | $94M | $106M | $96M | $107M | $22M | $26M | $31M | $41M | $50M | $59M | $67M | $78M | $85M | |
| Shares Outstanding | 76,118,276 | 73,257,864 | 54,898,303 | 54,895,849 | 54,889,631 | 49,247,141 | 46,810,480 | 32,125,136 | 31,064,209 | 29,347,468 | 29,091,019 | 28,919,810 | 28,919,810 | 28,919,810 | 28,919,810 | 28,891,909 |
Cash Flow
| 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 | · | · | · | · | · | · | · | · | · | · | · | · | $236.0K | $230.0K | · | $205.0K | |
| Stock-based Comp | $3M | $1M | $1M | $1M | $1M | $314.0K | $1M | $1M | $2M | $1M | $939.0K | $686.0K | $733.0K | $733.0K | $634.0K | $743.0K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | · | · | · | · | $-3M | · | · | |
| Operating Cash Flow | $-17M | $-18M | $-11M | $-10M | $-9M | $-9M | $-6M | $-7M | $-6M | $-8M | $-7M | $-9M | $-7M | $-11M | $-7M | $-9M | |
| CapEx | $69.0K | $675.0K | $409.0K | $144.0K | $31.0K | $3.0K | $3.0K | $0 | $6.0K | $7.0K | $47.0K | $103.0K | $169.0K | $138.0K | $276.0K | $215.0K | |
| Investing Cash Flow | $-69.0K | $-675.0K | $-409.0K | $-117.0K | $-31.0K | $-3.0K | $-3.0K | $0 | $-6.0K | $-7.0K | $-27.0K | $-103.0K | $-169.0K | $19.0K | $-276.0K | $-215.0K | |
| Stock Issued | · | · | · | $0 | $5M | $384.0K | · | $4M | $3M | $186.0K | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | $384.0K | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $24M | $94M | $44M | $-3M | $17M | $-2M | $92M | $2M | $2M | $-1M | $-121.0K | $0 | $0 | $0 | $36.0K | $0 | |
| Net Change in Cash | $7M | $75M | $33M | $-14M | $9M | $-10M | $86M | $-5M | $-4M | $-10M | $-8M | $-9M | $-7M | $-11M | $-18M | $2M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $27.0K | $23.0K | |
| Free Cash Flow | · | $-19M | · | · | · | $-9M | · | · | · | $-8M | · | · | · | $-11M | · | · |
Profitability
| 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 | · | · | · | · | · | · | · | · | · | · | · | · | · | -9444.1% | · | -28648.4% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | -8622.5% | · | -28025.8% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | -9218.6% | · | -28648.4% | |
| ROA | -24.8% | -5.9% | · | -19.6% | -7.2% | 11.6% | · | -29.8% | -52.2% | -16.7% | · | -12.5% | -12.7% | -10.4% | · | -9.6% | |
| ROE | -36.0% | -8.3% | · | -34.7% | -11.9% | 18.3% | · | -274.2% | -213.8% | -36.0% | · | -22.4% | -21.2% | -17.0% | · | -15.1% |
Liquidity & Solvency
| 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 | 16.1 | 28.0 | · | 8.2 | 7.0 | 4.6 | · | 1.2 | 1.6 | 2.0 | · | 4.4 | 6.5 | 11.8 | · | 13.4 | |
| Quick Ratio | 15.9 | 27.6 | · | 8.0 | 6.8 | 4.6 | · | 1.1 | 1.5 | 1.9 | · | 4.2 | 6.4 | 11.3 | · | 13.1 | |
| Debt / Equity | · | · | · | 0.1 | 0.1 | 0.1 | · | -0.9 | -1.7 | 3.2 | · | 0.9 | 0.7 | 0.5 | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | -0.3 | -0.7 | 1.5 | · | 0.6 | 0.5 | 0.5 | · | · | |
| Interest Coverage | -17.0 | -10.4 | · | -82.0 | -47.4 | -26.6 | · | -18.0 | -15.1 | -12.2 | · | -13.2 | -14.9 | · | · | · |
Efficiency
| 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 |
Per Share
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.66 | $1.88 | · | $1.46 | $1.64 | $1.52 | · | $-0.47 | $-0.32 | $0.20 | · | $0.80 | $1.06 | $1.37 | · | $1.80 | |
| Revenue / Share | · | · | · | · | · | · | · | · | · | · | · | · | · | $0.00 | · | $0.00 | |
| Cash Flow / Share | · | $-0.29 | · | · | · | $-0.16 | · | · | · | $-0.29 | · | · | · | $-0.37 | · | · | |
| Cash / Share | $2.65 | $2.66 | · | $1.58 | $1.83 | $1.87 | · | $0.52 | $0.69 | $0.88 | · | $1.49 | $1.79 | $2.05 | · | $2.67 | |
| EPS (TTM) | $-1.42 | $-0.99 | · | $-0.56 | $-0.68 | $-1.33 | · | $-1.74 | $-1.70 | $-1.29 | · | $-1.10 | $-1.11 | $-0.92 | · | $0.04 |
Valuation (TTM)
| 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 | $125.0K | $125.0K | · | $125.0K | $125.0K | $125.0K | · | $125.0K | $125.0K | $125.0K | · | $125.0K | $125.0K | $125.0K | · | $125.0K | |
| Net Income TTM | $-89M | $-54M | · | $-23M | $-22M | $-40M | · | $-52M | $-50M | $-37M | · | $-32M | $-32M | $-27M | · | $-12M | |
| Market Cap | $784M | $359M | · | $280M | $278M | $278M | · | $223M | $193M | $46M | · | $27M | $36M | $39M | · | $91M | |
| Enterprise Value | · | · | · | $197M | $184M | $195M | · | $220M | $188M | $40M | · | $4M | $5M | $59.7K | · | · | |
| P/E | -7.3 | -4.9 | · | -9.1 | -7.4 | -4.2 | · | -4.0 | -3.6 | -1.2 | · | -0.8 | -1.1 | -1.5 | · | 78.5 | |
| P/S | 6272.1 | 2871.7 | · | 2239.8 | 2221.9 | 2226.0 | · | 1781.0 | 1540.8 | 371.0 | · | 212.8 | 291.5 | 312.3 | · | 725.8 | |
| P/B | 6.2 | 2.6 | · | 3.5 | 3.1 | 3.7 | · | -14.6 | -19.3 | 7.8 | · | 1.2 | 1.2 | 1.0 | · | 1.7 | |
| P / Tangible Book | 6.2 | 2.6 | · | 3.5 | 3.1 | 3.7 | · | · | · | 7.8 | · | 1.2 | 1.2 | 1.0 | · | 1.7 | |
| P / Cash Flow | · | -19.9 | · | · | · | -32.3 | · | · | · | -5.5 | · | · | · | -3.6 | · | · | |
| EV / Revenue | · | · | · | 1577.8 | 1470.1 | 1562.0 | · | 1761.2 | 1501.3 | 316.8 | · | 32.5 | 39.2 | 0.5 | · | · | |
| Earnings Yield | -13.8% | -20.2% | · | -11.0% | -13.4% | -23.5% | · | -25.1% | -27.4% | -81.7% | · | -119.6% | -88.1% | -68.2% | · | 1.3% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | · | · | · | $125.0K | $125.0K |
| Operating Margin % | · | · | · | · | -20580.8% |
| Net Income | $-38M | $-55M | $-38M | $-19M | $-36M |
| Diluted EPS | $-0.72 | $-1.74 | $-1.31 | $-0.65 | $-1.91 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.2 | · | · | · |
| Current Ratio | 13.5 | 2.8 | · | · | 15.8 |
| Quick Ratio | 13.3 | 2.7 | · | · | 15.4 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-39M | $-27M | · | · | $-24M |
Institutional owners (13F) 147 filers · $535.8M 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.
Holders
147
Value held
$535.8M
New positions
41
Exited positions
13
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 41 (+2 vs prior Q) | 13 (+7 vs prior Q) | 63 (+21 vs prior Q) | 27 (+4 vs prior Q) | +6.9M |
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 |
|---|---|---|---|---|
| FMR LLC | $113,202,510 | 10,990,535 | 21.13% | Shares |
| RTW INVESTMENTS, LP | $66,146,785 | 6,422,018 | 12.35% | Shares |
| BlackRock, Inc. | $51,181,112 | 4,969,040 | 9.55% | Shares |
| STATE STREET CORP | $36,563,177 | 3,549,823 | 6.82% | Shares |
| ACORN CAPITAL ADVISORS, LLC | $36,028,864 | 3,497,948 | 6.72% | Shares |
| Portolan Capital Management, LLC | $35,951,099 | 3,490,398 | 6.71% | Shares |
| Saturn V Capital Management LP | $34,027,966 | 3,303,686 | 6.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $27,748,612 | 2,694,040 | 5.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $16,183,884 | 1,571,021 | 3.02% | Shares |
| VANGUARD GROUP INC | $13,023,588 | 2,305,060 | 2.43% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,267,222 | 1,093,905 | 2.10% | Shares |
| Halter Ferguson Financial Inc. | $7,956,345 | 772,461 | 1.49% | Shares |
| NORTHERN TRUST CORP | $5,072,389 | 492,465 | 0.95% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $5,029,397 | 488,291 | 0.94% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,502,645 | 437,150 | 0.84% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,244,723 | 412,109 | 0.79% | Shares |
| Sands Capital Alternatives, LLC | $4,180,121 | 405,837 | 0.78% | Shares |
| GOLDMAN SACHS GROUP INC | $3,143,724 | 305,216 | 0.59% | Shares |
| MARSHALL WACE, LLP | $3,096,603 | 300,641 | 0.58% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,873,123 | 278,944 | 0.54% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,347,772 | 227,939 | 0.44% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,119,174 | 205,745 | 0.40% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,054,376 | 199,454 | 0.38% | Shares |
| Tanager Wealth Management LLP | $2,041,203 | 198,175 | 0.38% | Shares |
| Bank of New York Mellon Corp | $1,974,516 | 191,701 | 0.37% | Shares |
| UBS Group AG | $1,743,491 | 169,271 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $1,561,480 | 151,600 | 0.29% | Call option |
| CITADEL ADVISORS LLC | $1,503,965 | 146,016 | 0.28% | Shares |
| Nuveen, LLC | $1,472,674 | 142,978 | 0.27% | Shares |
| Point72 Asset Management, L.P. | $1,330,585 | 129,183 | 0.25% | Shares |
| MORGAN STANLEY | $1,299,294 | 126,145 | 0.24% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $1,193,510 | 115,875 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,175,230 | 114,100 | 0.22% | Call option |
| D. E. Shaw & Co., Inc. | $1,122,010 | 108,933 | 0.21% | Shares |
| Jump Financial, LLC | $1,100,452 | 106,840 | 0.21% | Shares |
| Trexquant Investment LP | $1,043,565 | 101,317 | 0.19% | Shares |
| Ghisallo Capital Management LLC | $1,030,000 | 100,000 | 0.19% | Shares |
| Kynam Capital Management, LP | $996,432 | 96,741 | 0.19% | Shares |
| CITIGROUP INC | $880,753 | 85,510 | 0.16% | Shares |
| JANUS HENDERSON GROUP PLC | $845,272 | 171,978 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $803,856 | 78,045 | 0.15% | Shares |
| Squarepoint Ops LLC | $774,673 | 75,211 | 0.14% | Shares |
| ALPS ADVISORS INC | $765,939 | 74,363 | 0.14% | Shares |
| Balyasny Asset Management L.P. | $756,999 | 73,495 | 0.14% | Shares |
| Torrey Growth & Income Advisors | $739,655 | 66,456 | 0.14% | Shares |
| Y-Intercept (Hong Kong) Ltd | $705,262 | 68,472 | 0.13% | Shares |
| HB Wealth Management, LLC | $694,179 | 67,396 | 0.13% | Shares |
| Creative Planning | $670,407 | 65,088 | 0.13% | Shares |
| DEUTSCHE BANK AG\ | $648,292 | 62,941 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $636,540 | 61,800 | 0.12% | Put option |
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 |
|---|---|---|---|---|---|
| Paul B Manning, The Paul B. Manning Revocable Trust dated May 10, 2000, BKB Growth Investments, LLC | March 18, 2026 | 7.90% | Amendment | · | SEC |
| Paul B. Manning, The Paul B. Manning Revocable Trust dated May 10, 2000, BKB Growth Investments, LLC | Feb. 14, 2022 | · | 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.
Company insiders 22 insiders · 10 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tak Paul Peter | Chief Executive Officer | Sept. 10, 2026 M | 113,321 | 0 | 2 | $-3,161,063 |
| Charles Schoch | Chief Financial Officer | Jan. 26, 2026 A | 43,391 | 0 | 0 | $0 |
| Jason Amello | Chief Financial Officer | Nov. 28, 2023 F | 202,009 | 0 | 0 | $0 |
| John J Canepa | Chief Financial Officer | Feb. 28, 2022 A | 10,125 | 0 | 0 | $0 |
| Seshu Tyagarajan | Chief Technology Officer | Aug. 17, 2026 S | 76,865 | 0 | 2 | $-154,140 |
| Mark E. Sims | Chief Commercial Officer | July 6, 2026 A | · | 0 | 0 | $0 |
| Francesca Barone | Chief Scientific Officer | June 29, 2026 S | 77,362 | 0 | 1 | $-235,877 |
| William Garrett Nichols | Chief Medical Officer | Jan. 26, 2026 A | 52,493 | 0 | 0 | $0 |
| Susan B. Stewart | Chief Regulatory Officer | April 11, 2022 A | · | 0 | 0 | $0 |
| Nathan Caffo | Chief Business Officer | July 29, 2021 P | 6,000 | 0 | 0 | $0 |
| Nicoletta Loggia | Director | Sept. 30, 2026 A | 2,141 | 0 | 0 | $0 |
| Paul B Manning | Director | Sept. 30, 2026 A | 2,763,527 | 1 | 0 | $2,999,996 |
| Joseph C Papa | Director | Sept. 30, 2026 A | 64,239 | 0 | 0 | $0 |
| Martine Zimmermann | Director | Sept. 8, 2026 A | · | 0 | 0 | $0 |
| Maha Radhakrishnan | Director | June 23, 2026 A | · | 0 | 0 | $0 |
| Christopher Martell | Director | June 23, 2026 A | 111,349 | 0 | 0 | $0 |
| Gary J. Nabel | Director | June 23, 2026 A | 5,353 | 0 | 0 | $0 |
| Diem Nguyen | Director | June 23, 2026 A | 10,000 | 0 | 0 | $0 |
| Renee Gaeta | Director | June 23, 2026 A | · | 0 | 0 | $0 |
| Edward J. Benz JR | Director | June 23, 2026 A | · | 0 | 0 | $0 |
| Estuardo Aguilar-Cordova | Director | June 28, 2023 A | 1,097,032 | 0 | 0 | $0 |
| Laura K. Aguilar | 10% owner | May 6, 2022 M | 1,033,840 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 18 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 |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.78% | 36,310 NS | July 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.17% | 215,526 SH | Sept. 11, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.14% | 68,772 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.05% | 5,422 SH | Oct. 1, 2026 | Daily |
| IBB · iShares Trust | 0.05% | 445,923 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 556,180 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 63,489 SH | Aug. 19, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.04% | 940 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 1,620,629 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 30,266 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 364,579 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 658,876 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 122,383 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 20,649 SH | Sept. 10, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,968,034 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,753 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,329 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 32,472 SH | Sept. 11, 2026 | Daily |
CADL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 15 analysts
BUY
Median target
$22.50
+121.0%
4 26.7%
Strong Buy
9 60.0%
Buy
2 13.3%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-09-30Mean target $21.75 +113.7%
← Below all targets
Current price $10.18
Low$15.00
Mean$21.75
High$29.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
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Source: SEC 10-Q filed Aug 13, 2026