CBIO Crescent Biopharma, Inc. - Common Stock
$17.40
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$9–$27
46% of range
Analyst Rating
BUY
15 analysts
Price Target
$31
+76% upside
P/E (TTM)
-35.5
ROE
-90.0%
Net Profit Margin
-1419.6%
CBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$17.39
Market Cap
$480M
P/E (TTM)
-35.5
EPS (TTM)
$-0.59
Revenue (TTM)
$11M
Div Yield
—
ROE
-90.0%
Debt/Equity
—
52W Range
$9 – $27
CBIO 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
$11M
2016-12-31
→
2025-12-31
EPS
$-0.59
2019-12-31
→
2024-12-31
Free Cash Flow
$-72M
2016-12-31
→
2025-12-31
Margins
-1419.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CBIO
Peer Median
P/E (TTM)
-35.5
19.6
P/S (TTM)
44.2
6.4
P/B
2.4
2.6
Price / FCF
-6.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CBIO
Peer Median
Operating Margin
-1407.5%
—
Net Profit Margin
-1419.6%
-104.2%
ROA
-111.6%
-40.3%
ROE
-90.0%
-42.4%
ROIC
-76.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CBIO
Peer Median
Current Ratio
6.6
5.4
Quick Ratio
6.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CBIO
Peer Median
Revenue YoY
-86.7%
—
Revenue CAGR 3Y
424.9%
—
Revenue CAGR 5Y
1.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CBIO
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Jan. 13, 2023 | $24.0000 |
| Sept. 21, 2022 | $143.0000 |
CBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 6 40.0%
- Buy 7 46.7%
- Hold 2 13.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-19
Median
$28.00
Mean
$30.60
← Below all targets
$17.39
Low
$27.00
High
$35.00
Median target
$28.00
+61.0%
Mean target
$30.60
+75.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.18%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.74 | $-0.81 | 0.07% |
| March 31, 2026 | $-0.70 | $-0.97 | 0.27% |
| Dec. 31, 2025 | $-0.54 | $-2.57 | 2.0% |
| Sept. 30, 2025 | $-1.27 | $-2.02 | 0.75% |
| June 30, 2025 | $-4.93 | $-1.80 | -3.1% |
| March 31, 2025 | $-4.00 | $-5.10 | 1.1% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CBIO | $327M | -24.2 | -86.7% | -1419.6% | -90.0% | — |
| ALLO | $314M | -1.6 | -76.8% | — | -59.9% | — |
| GYRE | $645M | 353.0 | 10.2% | 8.5% | 11.7% | — |
| TECX | $391M | -5.2 | — | — | -27.7% | — |
| SGMT | — | -3.7 | — | — | -42.3% | — |
| NVCT | $194M | -5.7 | — | — | -149.9% | — |
| ASMB | $539M | -61.8 | 153.5% | -8.5% | -5.5% | — |
| MDXG | $1.00B | 21.2 | 20.0% | 11.6% | 20.5% | 82.6% |
| SPRY | $1.16B | -6.7 | -5.5% | -203.3% | -111.8% | — |
| ALT | $400M | -3.6 | 105.0% | -214861.0% | -45.6% | — |
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 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11M | · | $10.0K | $75.0K | $1M | $10M | · | · | · | $18.5K | $20M | $15M | |
| R&D Expense | $138M | $14M | $20M | $28M | $47M | $45M | $47M | $40M | $24M | $23M | $25M | $20M | |
| SG&A Expense | $25M | $18M | $19M | $19M | $17M | $17M | $14M | $11M | $10M | $9M | $8M | $7M | |
| Operating Expenses | $163M | $40M | $39M | $47M | $65M | $62M | $61M | $52M | $34M | $32M | $33M | $26M | |
| Operating Income | $-153M | $-40M | $-39M | $-47M | $-63M | $-52M | $-61M | $-52M | $-34M | $-32M | $-13M | $-11M | |
| Other Non-op | · | $2M | $2M | · | · | · | · | · | $651.2K | $103.6K | $15.3K | $18.2K | |
| Pretax Income | $-152M | · | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $2M | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-154M | $-38M | $-37M | $-47M | $-63M | $-51M | $-58M | $-48M | $-33M | $-32M | $-13M | $-11M | |
| EPS (Basic) | · | $-0.59 | $-0.58 | $-0.89 | $-1.23 | $-1.12 | $-1.34 | · | · | · | · | $-0.60 | |
| EPS (Diluted) | · | $-0.59 | $-0.58 | $-0.89 | $-1.23 | $-1.12 | $-1.34 | · | · | · | · | $-0.60 | |
| Shares (Basic) | · | 64,477,249 | 63,342,465 | 52,531,173 | 51,453,204 | 45,721,139 | 43,254,782 | · | · | · | · | 18,452,252 | |
| Shares (Diluted) | · | 64,477,249 | 63,342,465 | 52,531,173 | 51,453,204 | 45,721,139 | 43,254,782 | · | · | · | · | 18,452,252 | |
| EBITDA | $-153M | $-40M | $-39M | $-47M | $-63M | $-52M | $-61M | $-52M | $-34M | $-32M | $-13M | $-11M |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $213M | $35M | $42M | $48M | $90M | $137M | $158M | $210M | $124M | $40M | $47M | $55M | |
| Receivables | $18M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $5M | $38.0K | $2M | $3M | $533.8K | $1M | $4M | $2M | $3M | $478.5K | $441.8K | $916.2K | |
| Other Current Assets | $5M | $38.0K | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $237M | $35M | $44M | $51M | $91M | $138M | $163M | $212M | $127M | $41M | $47M | $56M | |
| PP&E (Net) | $846.0K | $0 | · | $242.4K | $368.8K | $620.7K | $822.9K | $957.2K | $1M | $1M | $521.4K | $452.3K | |
| PP&E (Gross) | · | · | · | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $1M | $1M | |
| Accum. Depreciation | · | · | · | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $902.1K | $905.5K | |
| Other Non-current Assets | $1M | $813.0K | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $240M | $36M | $45M | $52M | $94M | $143M | $168M | $215M | $129M | $42M | $48M | $57M | |
| Accounts Payable | · | $329.3K | $868.1K | $970.2K | $2M | $2M | $1M | $3M | $3M | $2M | $564.2K | $874.0K | |
| Accrued Liabilities | $16M | $2M | $5M | $7M | $9M | $9M | $9M | $6M | $4M | $3M | $6M | $5M | |
| Current Liabilities | $36M | $10M | $7M | $9M | $12M | $12M | $11M | $9M | $8M | $6M | $8M | $6M | |
| Capital Leases | $1M | $0 | $66.8K | · | $918.6K | $2M | $3M | · | · | · | · | · | |
| Total Liabilities | $37M | $47M | $7M | $9M | $13M | $15M | $14M | $9M | $9M | $7M | $8M | $6M | |
| Common Stock | $28.0K | $1.0K | $64.4K | $54.4K | $52.3K | $49.0K | $43.5K | $43.2K | $34.4K | $23.2K | $19.0K | $18.9K | |
| Paid-in Capital | $371M | $2M | $495M | $462M | $454M | $438M | $413M | $406M | $272M | $154M | $128M | $125M | |
| Retained Earnings | $-172M | $-18M | $-456M | $-420M | $-373M | $-309M | $-258M | $-201M | $-152M | $-119M | $-87M | $-74M | |
| Stockholders' Equity | $203M | $-15M | $38M | $43M | $82M | $128M | $154M | $205M | $120M | $35M | $40M | $51M | |
| Liabilities + Equity | $240M | $36M | $45M | $52M | $94M | $143M | $168M | $215M | $129M | $42M | $48M | $57M | |
| Shares Outstanding | 27,556,767 | 1,018,604 | 64,393,744 | 54,377,798 | 52,313,894 | 49,017,622 | 43,466,933 | 43,160,751 | 34,359,799 | 23,250,023 | 19,050,204 | 18,939,838 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $13M | $5M | $4M | $4M | $6M | $7M | $6M | $5M | $4M | $3M | $2M | $2M | |
| Deferred Tax | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Restructuring | · | $7M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-72M | $-31M | $-35M | $-46M | $-57M | $-39M | $-52M | $-43M | $-30M | $-30M | $-8M | $-4M | |
| CapEx | $919.0K | $10.0K | $21.4K | $84.2K | $14.9K | $68.5K | $144.9K | $125.6K | $294.1K | $704.2K | $268.6K | $212.6K | |
| Investing Cash Flow | $-73M | $20.0K | $-21.4K | $-84.2K | $-14.9K | $-68.5K | $-144.9K | $-125.6K | $-294.1K | $-704.2K | $-268.6K | · | |
| Stock Issued | $0 | · | $29M | $4M | $11M | $18M | · | $128M | $114M | $24M | · | $57M | |
| Net Stock Activity | $0 | · | $29M | $4M | $11M | $18M | · | $128M | $114M | $24M | · | $57M | |
| Financing Cash Flow | $323M | $5.4K | $29M | $4M | $11M | $18M | $412.9K | $129M | $114M | $24M | $114.1K | · | |
| Net Change in Cash | $179M | $-31M | $-6M | $-42M | $-47M | $-21M | $-52M | $86M | $84M | $-7M | $-8M | $53M | |
| Free Cash Flow | $-72M | $-31M | $-35M | $-47M | $-58M | $-39M | $-52M | $-43M | $-30M | $-30M | $-9M | $-4M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1407.5% | · | -392752.9% | -63204.4% | -5470.7% | -506.8% | · | · | · | -172505.3% | -63.7% | -74.1% | |
| Net Margin | -1419.6% | · | -368994.2% | -62251.7% | -5469.0% | -502.1% | · | · | · | -171945.1% | -63.6% | -74.0% | |
| Pretax Margin | -1401.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -1407.5% | · | -392752.9% | -63204.4% | -5470.7% | -506.8% | · | · | · | -172505.3% | -63.7% | -74.1% | |
| ROA | -111.6% | -134.3% | -76.0% | -63.9% | -53.5% | -32.8% | -30.2% | -28.1% | -38.9% | -70.0% | -24.2% | -35.6% | |
| ROE | -90.0% | -1888.5% | -86.9% | -102.6% | -71.2% | -38.3% | -36.0% | -22.8% | -42.9% | -84.0% | -28.0% | -41.4% | |
| ROIC | -76.2% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.6 | 1.9 | 6.4 | 5.7 | 7.7 | 11.1 | 14.8 | 24.2 | 15.6 | 6.4 | 6.1 | 8.7 | |
| Quick Ratio | 6.4 | 1.9 | 6.1 | 5.4 | 7.6 | 11.0 | 14.4 | 24.0 | 15.2 | 6.3 | 6.0 | 8.5 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | 0.0 | 0.0 | 0.0 | 0.1 | · | · | · | 0.0 | 0.4 | 0.5 | |
| Receivables Turnover | 1.2 | · | · | · | · | · | · | · | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | -86.7% | -93.5% | -88.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 424.9% | · | -90.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 1.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11M | · | $10.0K | $75.0K | $1M | $10M | · | · | · | $18.5K | $20M | $15M | |
| Net Income TTM | $-154M | $-38M | $-37M | $-47M | $-63M | $-51M | $-58M | $-48M | $-33M | $-32M | $-13M | $-11M | |
| Market Cap | $327M | $1.61B | $15.20B | $16.48B | $7.53B | $18.43B | $22.99B | $40.87B | $57.69B | $14.18B | $10.90B | $13.64B | |
| P/E | -24.2 | -42.4 | -406.9 | -340.4 | -117.1 | -335.7 | -394.8 | -1262.7 | -2238.7 | -813.3 | -805.6 | -1200.0 | |
| P/S | 30.1 | · | 1519692.4 | 219686.3 | 6495.4 | 1813.5 | · | · | · | 766622.4 | 542.9 | 907.5 | |
| P/B | 1.6 | 303.4 | 395.6 | 383.8 | 92.3 | 143.7 | 149.1 | 198.9 | 481.9 | 401.8 | 269.2 | 268.4 | |
| P / Tangible Book | 1.6 | · | 395.6 | 383.8 | 92.3 | 143.7 | · | · | · | · | · | · | |
| P / Cash Flow | -4.6 | -51.8 | -435.7 | -354.7 | -131.0 | -469.7 | -442.3 | -943.3 | -1938.0 | -477.0 | -1322.1 | -3185.0 | |
| P / FCF | -4.5 | -51.8 | -435.4 | -354.0 | -131.0 | -468.8 | -441.1 | -940.5 | -1919.0 | -466.0 | -1280.4 | -3034.3 | |
| Earnings Yield | -4.1% | -2.4% | -0.25% | -0.29% | -0.85% | -0.30% | -0.25% | -0.08% | -0.04% | -0.12% | -0.12% | -0.08% |
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 | $1M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | $0 | · | |
| R&D Expense | $19M | $18M | $106M | $20M | $12M | $11M | $233.2K | $2M | $6M | $6M | $5M | $5M | $4M | $5M | $6M | $5M | |
| SG&A Expense | $9M | $8M | $9M | $6M | $9M | $4M | $5M | $4M | $4M | $5M | $4M | $5M | $5M | $6M | $5M | $4M | |
| Operating Expenses | $28M | $26M | $114M | $26M | $21M | $14M | $7M | $11M | $10M | $11M | $10M | $10M | $9M | $11M | $11M | $9M | |
| Operating Income | $-26M | $-25M | $-103M | $-26M | $-21M | $-14M | $-7M | $-11M | $-10M | $-11M | $-10M | $-10M | $-9M | $-11M | $-11M | $-9M | |
| Other Non-op | $2M | $1M | · | $1M | $-760.0K | $-924.0K | $110.1K | $1M | · | · | $512.2K | $611.0K | · | · | · | · | |
| Income Tax | $0 | $0 | $2M | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-25M | $-23M | $-23M | $-25M | $-22M | $-15M | $-7M | $-10M | $-10M | $-11M | $-9M | $-9M | $-8M | $-10M | $-10M | $-9M | |
| EPS (Basic) | · | · | · | · | · | $-0.04 | $-0.11 | $-0.15 | $-0.16 | $-0.17 | $-0.14 | $-0.14 | $-0.13 | $-0.17 | $-0.20 | $-0.16 | |
| EPS (Diluted) | · | · | · | · | · | · | $-0.24 | $-0.15 | $-0.16 | $-0.04 | $-0.14 | $-0.14 | $-0.13 | $-0.17 | $-0.20 | $-0.16 | |
| Shares (Basic) | · | · | · | · | · | 64,522,257 | -128,947,790 | 64,483,958 | 64,483,848 | 64,457,233 | -125,633,555 | 64,349,709 | 64,276,184 | 60,350,127 | -104,631,509 | 52,423,944 | |
| Shares (Diluted) | · | · | · | · | · | · | -129,012,814 | 64,483,958 | 64,483,848 | 64,522,257 | -129,740,661 | 64,349,709 | 64,276,184 | 64,457,233 | -104,631,509 | 52,423,944 | |
| EBITDA | $-26M | · | · | $-26M | $-21M | $-2M | · | $-11M | $-10M | $-11M | · | $-10M | $-9M | $-11M | · | $-9M |
Balance Sheet 21
| 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 | $172M | $189M | $213M | $133M | $153M | $6M | $11M | $14M | $22M | $31M | $42M | $49M | $58M | $65M | $48M | $52M | |
| Receivables | $0 | $0 | $18M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $7M | $6M | $5M | $1M | $2M | $378.0K | $371.3K | $1M | $1M | $2M | $2M | $3M | $2M | $3M | $3M | $2M | |
| Other Current Assets | $7M | $6M | $5M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $179M | $196M | $237M | $135M | $154M | $6M | $11M | $16M | $24M | $33M | $44M | $52M | $60M | $68M | $51M | $54M | |
| PP&E (Net) | $876.0K | $929.0K | $846.0K | $782.0K | $193.0K | · | · | · | · | · | · | $133.0K | $167.9K | $200.7K | · | $288.1K | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | $3M | $3M | $3M | · | $3M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | $3M | $2M | $2M | · | $2M | |
| Other Non-current Assets | $1M | $1M | $1M | $1M | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $183M | $199M | $240M | $138M | $157M | $6M | $11M | $16M | $24M | $34M | $45M | $53M | $62M | $69M | $52M | $56M | |
| Accounts Payable | · | · | · | · | · | $104.7K | $329.3K | $581.8K | $950.8K | $755.5K | $868.1K | $329.9K | $241.5K | $480.2K | $970.2K | $852.1K | |
| Accrued Liabilities | $7M | $4M | $16M | $9M | $8M | $3M | $5M | $3M | $3M | $4M | $5M | $5M | $6M | $6M | $7M | $6M | |
| Current Liabilities | $19M | $14M | $36M | $20M | $17M | $3M | $6M | $4M | $4M | $5M | $7M | $6M | $7M | $7M | $9M | $8M | |
| Capital Leases | $966.0K | $1M | $1M | $1M | $1M | · | · | · | · | · | $66.8K | $262.1K | $448.8K | · | · | $95.6K | |
| Total Liabilities | $20M | $15M | $37M | $22M | $18M | $3M | $6M | $4M | $4M | $5M | $7M | $7M | $7M | $7M | $9M | $8M | |
| Common Stock | $28.0K | $28.0K | $28.0K | $14.0K | $14.0K | $64.5K | $64.5K | $64.5K | $64.5K | $64.5K | $64.4K | $64.4K | $64.3K | $64.2K | $54.4K | $52.4K | |
| Paid-in Capital | $379M | $375M | $371M | $192M | $190M | $500M | $500M | $498M | $497M | $496M | $495M | $494M | $493M | $492M | $462M | $457M | |
| Retained Earnings | $-220M | $-195M | $-172M | $-79M | $-55M | $-497M | $-494M | $-487M | $-477M | $-467M | $-456M | $-447M | $-438M | $-430M | $-420M | $-409M | |
| Stockholders' Equity | $163M | $184M | $203M | $117M | $139M | $3M | $5M | $11M | $20M | $29M | $38M | $47M | $55M | $62M | $43M | $48M | |
| Liabilities + Equity | $183M | $199M | $240M | $138M | $157M | $6M | $11M | $16M | $24M | $34M | $45M | $53M | $62M | $69M | $52M | $56M | |
| Shares Outstanding | 27,756,044 | 27,571,935 | 27,556,767 | 13,892,516 | 13,892,562 | 64,532,091 | 64,483,958 | 64,483,958 | 64,483,958 | 64,450,835 | 64,393,744 | 64,368,843 | 64,313,333 | 64,245,224 | 54,377,798 | 52,423,944 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $4M | $5M | $2M | $6M | $1M | $1M | $1M | $1M | $1M | $908.4K | $887.8K | $858.1K | $870.2K | $899.2K | $914.0K | |
| Restructuring | · | · | · | · | · | · | · | $5M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-19M | $-9M | $-27M | $-18M | $-22M | $-11M | $-4M | $-8M | $-9M | $-11M | $-8M | $-9M | $-7M | $-12M | $-8M | $-9M | |
| CapEx | $13.0K | $147.0K | $193.0K | $586.0K | $140.0K | $0 | $0 | $0 | $2.5K | $7.4K | $801 | $7.9K | $10.5K | $2.2K | $1 | $2.5K | |
| Investing Cash Flow | $2M | $-8M | $-72M | $-586.0K | $-140.0K | $0 | $30.0K | $0 | $-2.5K | $-7.4K | $-801 | $-7.9K | $-10.5K | $-2.2K | $-1 | $-2.5K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $29M | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $29M | · | · | |
| Financing Cash Flow | $136.0K | $-7M | $179M | $-1M | $147M | $-1M | $0 | $0 | $500 | $4.9K | $999 | $61.6K | $20.1K | $29M | · | · | |
| Net Change in Cash | $-18M | $-24M | $80M | $-19M | $123M | $-12M | $-4M | $-8M | $-9M | $-11M | $-8M | $-9M | $-7M | $17M | $-4M | $-9M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-11M | · | · | · | $-12M | · | · |
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 | -14.6% | · | · | -32.0% | -24.0% | -11.7% | · | -28.5% | -23.4% | -20.8% | · | -16.9% | -13.0% | -13.8% | · | -10.4% | |
| ROE | -16.4% | · | · | -38.4% | -27.4% | -14.5% | · | -33.9% | -27.0% | -23.6% | · | -19.4% | -14.9% | -15.9% | · | -11.8% |
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 | 9.7 | · | · | 6.6 | 9.2 | 2.3 | · | 3.6 | 5.5 | 6.3 | · | 8.1 | 9.2 | 10.1 | · | 6.9 | |
| Quick Ratio | 9.3 | · | · | 6.6 | 9.1 | 2.1 | · | 3.3 | 5.1 | 5.9 | · | 7.7 | 8.8 | 9.6 | · | 6.7 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 0.0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
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 | $-96M | $-93M | · | $-71M | $-57M | $-46M | · | $-40M | $-38M | $-39M | · | $-36M | $-40M | $-47M | · | $-54M | |
| Market Cap | $500M | · | · | $165M | $224M | $1.36B | · | $1.10B | $1.81B | $19.34B | · | $9.66B | $11.19B | $8.09B | · | $2.88B | |
| P/E | -36.7 | -37.5 | · | -24.3 | -32.9 | -42.9 | · | -34.7 | -59.6 | -625.0 | · | -250.0 | -245.1 | -146.5 | · | -53.4 | |
| P/B | 3.1 | · | · | 1.4 | 1.6 | 401.5 | · | 96.4 | 90.0 | 668.8 | · | 207.4 | 204.2 | 130.2 | · | 59.9 | |
| P / Tangible Book | 3.1 | 2.8 | · | 1.4 | 1.6 | 401.5 | · | 96.4 | 90.0 | 668.8 | · | 207.4 | 204.2 | 130.2 | · | 59.9 | |
| P / Cash Flow | · | · | · | · | · | -265.4 | · | · | · | -1839.9 | · | · | · | -697.4 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -1838.6 | · | · | · | -697.3 | · | · | |
| Earnings Yield | -2.7% | -2.7% | · | -4.1% | -3.0% | -2.3% | · | -2.9% | -1.7% | -0.16% | · | -0.40% | -0.41% | -0.68% | · | -1.9% |
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 | $11M | — | $10.0K | $75.0K | $1M |
| Operating Margin % | -1407.5% | — | -392752.9% | -63204.4% | -5470.7% |
| Net Income | $-154M | $-38M | $-37M | $-47M | $-63M |
| Diluted EPS | — | $-0.59 | $-0.58 | $-0.89 | $-1.23 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 6.6 | 1.9 | 6.4 | 5.7 | 7.7 |
| Quick Ratio | 6.4 | 1.9 | 6.1 | 5.4 | 7.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-72M | $-31M | $-35M | $-47M | $-58M |
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Institutional owners (13F) 82 filers · $470.5M 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 |
|---|---|---|---|---|
| 35 (+21 vs prior Q) | 12 (+2 vs prior Q) | 14 (-3 vs prior Q) | 15 (+7 vs prior Q) | +3.5M |
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 |
|---|---|---|---|---|
| FMR LLC | $51,011,496 | 2,833,972 | 10.84% | Shares |
| BVF INC/IL | $49,477,734 | 2,748,763 | 10.52% | Shares |
| Fairmount Funds Management LLC | $49,461,588 | 2,747,866 | 10.51% | Shares |
| Venrock Adviser, LLC | $38,404,368 | 2,133,576 | 8.16% | Shares |
| Logos Global Management LP | $34,200,000 | 1,900,000 | 7.27% | Shares |
| FCPM III SERVICES B.V. | $30,201,336 | 1,677,852 | 6.42% | Shares |
| Balyasny Asset Management L.P. | $29,932,506 | 1,662,917 | 6.36% | Shares |
| Vestal Point Capital, LP | $29,340,000 | 1,630,000 | 6.24% | Shares |
| Opaleye Management Inc. | $23,748,318 | 1,319,351 | 5.05% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $20,880,000 | 1,160,000 | 4.44% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $13,819,590 | 767,755 | 2.94% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,269,462 | 403,859 | 1.55% | Shares |
| JENNISON ASSOCIATES LLC | $6,813,126 | 378,507 | 1.45% | Shares |
| RTW INVESTMENTS, LP | $6,711,408 | 372,856 | 1.43% | Shares |
| NEXTBio Capital Management LP | $6,711,408 | 372,856 | 1.43% | Shares |
| Remedium Capital Partners, LLC | $6,502,500 | 361,250 | 1.38% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $6,056,873 | 336,411 | 1.29% | Shares |
| VANGUARD GROUP INC | $5,984,722 | 504,614 | 1.27% | Shares |
| STATE STREET CORP | $5,680,566 | 315,587 | 1.21% | Shares |
| AMERIPRISE FINANCIAL INC | $5,446,224 | 302,568 | 1.16% | Shares |
| Point72 Asset Management, L.P. | $5,400,000 | 300,000 | 1.15% | Shares |
| PERCEPTIVE ADVISORS LLC | $3,724,956 | 206,942 | 0.79% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,398,454 | 188,803 | 0.72% | Shares |
| TWO SIGMA INVESTMENTS, LP | $3,363,732 | 186,874 | 0.71% | Shares |
| STEMPOINT CAPITAL LP | $3,282,876 | 182,382 | 0.70% | Shares |
| UBS Group AG | $3,061,674 | 170,093 | 0.65% | Shares |
| Exome Asset Management LLC | $2,299,842 | 127,769 | 0.49% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $2,183,400 | 121,300 | 0.46% | Shares |
| Woodline Partners LP | $1,700,784 | 94,488 | 0.36% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,354,050 | 75,225 | 0.29% | Shares |
| Burkehill Global Management, LP | $1,332,000 | 74,000 | 0.28% | Shares |
| Blackstone Inc. | $1,127,646 | 62,647 | 0.24% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $1,063,872 | 59,104 | 0.23% | Shares |
| Y-Intercept (Hong Kong) Ltd | $914,832 | 50,824 | 0.19% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $904,644 | 50,258 | 0.19% | Shares |
| Nuveen, LLC | $857,322 | 47,629 | 0.18% | Shares |
| Stonepine Capital Management, LLC | $720,000 | 40,000 | 0.15% | Shares |
| RHUMBLINE ADVISERS | $458,766 | 25,487 | 0.10% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $450,000 | 25,000 | 0.10% | Shares |
| Squarepoint Ops LLC | $434,988 | 24,166 | 0.09% | Shares |
| AMERICAN CENTURY COMPANIES INC | $410,490 | 22,805 | 0.09% | Shares |
| TWO SIGMA ADVISERS, LP | $385,450 | 32,500 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $354,600 | 19,700 | 0.08% | Shares |
| ADAR1 Capital Management, LLC | $328,950 | 18,275 | 0.07% | Shares |
| Virtus Investment Advisers, LLC | $328,644 | 18,258 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $319,590 | 17,755 | 0.07% | Shares |
| BANK OF MONTREAL /CAN/ | $247,806 | 13,767 | 0.05% | Shares |
| MetLife Investment Management, LLC | $230,040 | 12,780 | 0.05% | Shares |
| Bank of New York Mellon Corp | $224,892 | 12,494 | 0.05% | Shares |
| BANK OF AMERICA CORP /DE/ | $223,452 | 12,414 | 0.05% | Shares |
| Persistent Asset Partners Ltd | $197,424 | 10,968 | 0.04% | Shares |
| XTX Topco Ltd | $190,152 | 10,564 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $178,218 | 9,901 | 0.04% | Shares |
| CITIGROUP INC | $160,110 | 8,895 | 0.03% | Shares |
| Invesco Ltd. | $154,980 | 8,610 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $136,800 | 7,600 | 0.03% | Shares |
| BlackRock, Inc. | $119,484 | 6,638 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $114,642 | 6,369 | 0.02% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $84,600 | 4,700 | 0.02% | Shares |
| NORTHERN TRUST CORP | $61,128 | 3,396 | 0.01% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $59,454 | 3,303 | 0.01% | Shares |
| MARSHALL WACE, LLP | $59,130 | 3,285 | 0.01% | Shares |
| BARCLAYS PLC | $54,648 | 3,036 | 0.01% | Shares |
| Vanguard Global Advisers, LLC | $48,852 | 2,714 | 0.01% | Shares |
| Legal & General Group Plc | $37,746 | 2,097 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $31,500 | 1,750 | 0.01% | Shares |
| Russell Investments Group, Ltd. | $31,068 | 1,726 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $12,000 | 661 | 0.00% | Shares |
| US BANCORP \DE\ | $7,254 | 403 | 0.00% | Shares |
| Parallel Advisors, LLC | $4,752 | 264 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $4,488 | 249,312 | 0.00% | Shares |
| Allworth Financial LP | $2,898 | 161 | 0.00% | Shares |
| Sterling Capital Management LLC | $1,368 | 76 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $1,224 | 68 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $1,206 | 67 | 0.00% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $900 | 50 | 0.00% | Shares |
| MORGAN STANLEY | $792 | 44 | 0.00% | Shares |
| Fortitude Family Office, LLC | $720 | 40 | 0.00% | Shares |
| Quarry LP | $522 | 29 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $468 | 26 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $378 | 21 | 0.00% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $54 | 3 | 0.00% | Shares |
Company insiders 33 insiders · 15 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joshua T Brumm | Chief Executive Officer | June 22, 2026 S | 281,212 | 0 | 1 | $-761,067 |
| Harout Semerjian | Chief Executive Officer | Jan. 12, 2024 A | 25,000 | 0 | 0 | $0 |
| Richard William Scalzo | Chief Financial Officer | June 22, 2026 S | 20,298 | 0 | 1 | $-20,005 |
| Brian M. Hahn | SVP Finance, CFO | Jan. 12, 2024 A | 53,143 | 0 | 0 | $0 |
| Jonathan Mcneill | President and COO | June 22, 2026 S | 139,158 | 0 | 1 | $-369,677 |
| Jan Pinkas | Chief Scientific Officer | June 22, 2026 S | 22,239 | 0 | 1 | $-23,171 |
| Barbara Harlin Bispham | General Counsel and Corporate Secretary. | June 22, 2026 S | 19,330 | 0 | 1 | $-21,912 |
| Ellie Eunkyung Im | Chief Medical Officer | June 22, 2026 S | 22,069 | 0 | 1 | $-21,930 |
| Ryan Lynch | Treasurer, Senior Vice President of Finance and Chief Accounting Officer. | June 22, 2026 S | 13,871 | 0 | 1 | $-8,365 |
| Bruce S Johnson | SVP & Chief Commercial Officer | Jan. 12, 2024 A | 138,980 | 0 | 0 | $0 |
| Chinmaya Rath | SVP and Chief Business Officer | Jan. 12, 2024 A | — | 0 | 0 | $0 |
| Edwin Rock | Chief Medical Officer | Jan. 12, 2024 A | 375,403 | 0 | 0 | $0 |
| Armand Girard | SVP, Chief Business Officer | Nov. 11, 2022 P | 29,161 | 0 | 0 | $0 |
| John L. Magnani | SVP of Research, CSO | Nov. 11, 2022 P | 366,078 | 0 | 0 | $0 |
| Helen M. Thackray | SVP Clinical Development, CMO | Jan. 20, 2021 A | 183,115 | 0 | 0 | $0 |
| Alexandra Balcom | Director | June 2, 2026 A | — | 0 | 0 | $0 |
| Susan Moran | Director | June 2, 2026 A | — | 0 | 0 | $0 |
| Jonathan Violin | Director | June 2, 2026 A | — | 0 | 0 | $0 |
| David Charles Lubner | Director | June 2, 2026 A | — | 0 | 0 | $0 |
| Rachel K. King | Director | Dec. 29, 2023 A | 511,860 | 0 | 0 | $0 |
| Mark Alan Goldberg | Director | Dec. 29, 2023 A | 20,244 | 0 | 0 | $0 |
| Patricia S Andrews | Director | Dec. 29, 2023 A | 58,608 | 0 | 0 | $0 |
| Scott Koenig | Director | June 1, 2023 M | 36,750 | 0 | 0 | $0 |
| Scott Thomas Jackson | Director | May 19, 2023 A | 5,250 | 0 | 0 | $0 |
| Timothy R Pearson | Director | May 19, 2023 A | 24,650 | 0 | 0 | $0 |
| JUNIUS DANIEL M | Director | May 19, 2023 A | 93,250 | 0 | 0 | $0 |
| James M Barrett | Director | May 18, 2018 A | 4,995,664 | 0 | 0 | $0 |
| John J. Baldwin | Director | June 29, 2016 M | 1,210 | 0 | 0 | $0 |
| Franklin H Top JR | Director | May 17, 2016 A | 12,294 | 0 | 0 | $0 |
| Michael A Henos | Director | July 15, 2015 A | 469,454 | 0 | 0 | $0 |
| William M. Gust | Director | Jan. 15, 2014 C | 409,947 | 0 | 0 | $0 |
| Scott D. Sandell | 10% owner | Jan. 26, 2023 S | 2,237,196 | 0 | 0 | $0 |
| Peter J Barris | 10% owner | May 10, 2018 X | 4,995,664 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Fairmount Funds Management LLC, Fairmount Healthcare Fund II L.P., Peter Harwin, Tomas Kiselak ×3 filings | July 20, 2026 | 16.52% | Amendment | Passive investment | SEC |
| Adage Capital Management, L.P., Robert Atchinson, Phillip Gross ×2 filings | June 20, 2025 | 0.37% | Amendment | — | SEC |
| May 8, 2024 | — | Initial filing | — | SEC | |
| New Enterprise Associates 10, Limited Partnership, NEA Partners 10, Limited Partnership, New Enterprise Associates 13, L.P., NEA Partners 13, L.P., NEA 13 GP, LTD, Anthony A. Florence, Jr, Mohamad H. Makhzoumi, Scott D. Sandell ×4 filings | Feb. 29, 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 10 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.08% | 73,362 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 197,875 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 23,282 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 15,612 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 529,441 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 124,281 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 83,801 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 661,946 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,832 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 39,408 SH | Aug. 8, 2026 | Daily |