CCCC C4 Therapeutics, Inc. - Common Stock
$4.26
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026
52W Range
$2–$5
73% of range
Analyst Rating
BUY
13 analysts
Price Target
$13
+213% upside
P/E (TTM)
-3.4
ROE
-48.8%
Net Profit Margin
-292.1%
About C4 Therapeutics, Inc. - Common Stock Company overview from Wikipedia
CCCC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.26
Market Cap
$412M
P/E (TTM)
-3.4
EPS (TTM)
$-1.27
Revenue (TTM)
$36M
Div Yield
—
ROE
-48.8%
Debt/Equity
—
52W Range
$2 – $5
CCCC 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
$36M
2021-12-31
→
2025-12-31
EPS
$-1.27
2021-12-31
→
2025-12-31
Free Cash Flow
$-99M
2020-12-31
→
2025-12-31
Margins
-292.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CCCC
Peer Median
P/E (TTM)
-3.4
16.6
P/S (TTM)
11.5
9.4
P/B
1.6
2.4
Price / FCF
-4.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CCCC
Peer Median
Operating Margin
-320.5%
—
Net Profit Margin
-292.1%
-298.0%
ROA
-29.6%
-38.4%
ROE
-48.8%
-63.7%
ROIC
-45.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CCCC
Peer Median
Current Ratio
7.8
3.9
Quick Ratio
2.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CCCC
Peer Median
Revenue YoY
1.0%
—
Revenue CAGR 3Y
5.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CCCC
Peer Median
CCCC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 4 30.8%
- Buy 8 61.5%
- Hold 1 7.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-19
Median
$11.00
Mean
$13.33
← Below all targets
$4.26
Low
$7.00
High
$30.00
Median target
$11.00
+158.5%
Mean target
$13.33
+213.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.20 | $-0.38 | 0.18% |
| Dec. 31, 2025 | $-0.18 | $-0.31 | 0.13% |
| Sept. 30, 2025 | $-0.44 | $-0.41 | -0.03% |
| June 30, 2025 | $-0.37 | $-0.39 | 0.02% |
| March 31, 2025 | $-0.37 | $-0.46 | 0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CCCC | $185M | -1.5 | 1.0% | -292.1% | -48.8% | — |
| PRLD | — | -2.2 | 73.4% | -819.6% | -137.7% | — |
| KYTX | $568M | -2.6 | — | — | -77.4% | — |
| VSTM | $600M | -2.6 | 209.1% | -677.6% | -449.2% | — |
| ZURA | — | — | — | — | — | — |
| EVMN | $540M | -1.5 | 85.7% | -529.8% | -401.2% | — |
| MPLT | $773M | -0.9 | — | — | -151.1% | — |
| CABA | $220M | -1.0 | — | — | -115.5% | — |
| QTTB | $43M | 1.4 | — | 55.5% | 200.3% | — |
| OCGN | $422M | -5.6 | 8.8% | -1537.4% | 1488.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $36M | $36M | $21M | $31M | $46M | |
| R&D Expense | $104M | $111M | $118M | $118M | $95M | |
| SG&A Expense | $36M | $42M | $42M | $43M | $33M | |
| Operating Expenses | $151M | $155M | $160M | $161M | $128M | |
| Operating Income | $-115M | $-120M | $-139M | $-130M | $-82M | |
| Other Non-op | $10M | $14M | $8M | $1M | $-2M | |
| Pretax Income | $-105M | $-105M | $-131M | $-128M | $-84M | |
| Income Tax | $121.0K | $131.0K | $1M | $0 | $0 | |
| Net Income | $-105M | $-105M | $-132M | $-128M | $-84M | |
| EPS (Basic) | $-1.27 | $-1.52 | $-2.67 | $-2.62 | $-1.82 | |
| EPS (Diluted) | $-1.27 | $-1.52 | $-2.67 | $-2.62 | $-1.82 | |
| Shares (Basic) | 82,894,459 | 69,372,993 | 49,640,505 | 48,861,665 | 46,041,733 | |
| Shares (Diluted) | 82,894,459 | 69,372,993 | 49,640,505 | 48,861,665 | 46,041,733 | |
| EBITDA | $-115M | $-120M | $-139M | $-130M | $-82M |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $75M | $55M | $127M | $30M | $76M | |
| Short-term Investments | · | · | · | · | $233M | |
| Receivables | $2M | $3M | $12M | $1M | $6M | |
| Prepaid Expense | $7M | $10M | $6M | $10M | $11M | |
| Current Assets | $258M | $258M | $271M | $288M | $326M | |
| PP&E (Net) | $5M | $6M | $7M | $7M | $3M | |
| PP&E (Gross) | $16M | $15M | $15M | $16M | $10M | |
| Accum. Depreciation | $11M | $9M | $8M | $8M | $7M | |
| Other Non-current Assets | $4M | $3M | $3M | $2M | $544.0K | |
| Total Assets | $359M | $350M | $376M | $431M | $507M | |
| Accounts Payable | $858.0K | $1M | $1M | $1M | $5M | |
| Current Liabilities | $33M | $45M | $43M | $45M | $51M | |
| Capital Leases | $54M | $60M | $66M | $71M | $31M | |
| Total Liabilities | $102M | $134M | $130M | $142M | $117M | |
| Long-term Debt | · | · | $0 | $11M | $11M | |
| Total Debt | · | · | $0 | $11M | $11M | |
| Common Stock | $9.0K | $7.0K | $6.0K | $5.0K | $5.0K | |
| Retained Earnings | $-739M | $-634M | $-528M | $-396M | $-268M | |
| AOCI | $50.0K | $53.0K | $-127.0K | $-4M | $-775.0K | |
| Stockholders' Equity | $257M | $216M | $246M | $289M | $390M | |
| Liabilities + Equity | $359M | $350M | $376M | $431M | $507M | |
| Shares Outstanding | 96,914,418 | 70,625,899 | 60,467,188 | 48,966,216 | 48,688,875 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $2M | $1M | |
| Stock-based Comp | $19M | $30M | $27M | $30M | $22M | |
| Restructuring | $0 | $2M | $0 | · | · | |
| Operating Cash Flow | $-99M | $-65M | $-107M | $-106M | $-87M | |
| CapEx | $607.0K | $180.0K | $2M | $5M | $1M | |
| Investing Cash Flow | $-9M | $-51M | $158M | $58M | $-189M | |
| Stock Issued | · | · | $58M | $0 | · | |
| Stock Repurchased | $193.0K | $194.0K | $110.0K | $0 | · | |
| Net Stock Activity | $-193.0K | $-194.0K | $58M | · | · | |
| Financing Cash Flow | $126M | $45M | $45M | $1M | $171M | |
| Net Change in Cash | $19M | $-71M | $97M | $-46M | $-105M | |
| Taxes Paid | $131.0K | $76.0K | · | · | · | |
| Free Cash Flow | $-99M | $-65M | $-109M | $-111M | $-88M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | -320.5% | -336.1% | -669.8% | -416.6% | · | |
| Net Margin | -292.1% | -296.0% | -638.3% | -412.2% | · | |
| Pretax Margin | -291.7% | -295.6% | -632.2% | · | · | |
| EBITDA Margin | -320.5% | -336.1% | -669.8% | -416.6% | · | |
| ROA | -29.6% | -29.0% | -32.8% | -27.3% | -18.5% | |
| ROE | -48.8% | -45.9% | -57.3% | -42.2% | -21.3% | |
| ROIC | -45.0% | -55.5% | -57.0% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 7.8 | 5.7 | 6.3 | 6.5 | 6.4 | |
| Quick Ratio | 2.3 | 1.3 | 3.2 | 0.7 | 6.1 | |
| Debt / Equity | · | · | 0.0 | 0.0 | 0.0 | |
| LT Debt / Equity | · | · | 0.0 | 0.0 | 0.0 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | · | |
| Receivables Turnover | 13.1 | 4.8 | 3.1 | 8.7 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 1.0% | 71.4% | -33.2% | -32.1% | · | |
| Revenue CAGR 3Y | 5.0% | -8.1% | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $36M | $36M | $21M | $31M | $46M | |
| Net Income TTM | $-105M | $-105M | $-132M | $-128M | $-84M | |
| Market Cap | $185M | $254M | $342M | $289M | $1.57B | |
| Enterprise Value | · | · | $215M | $271M | $1.27B | |
| P/E | -1.5 | -2.4 | -2.1 | -2.3 | -17.7 | |
| P/S | 5.1 | 7.1 | 16.5 | 9.3 | 34.2 | |
| P/B | 0.7 | 1.2 | 1.4 | 1.0 | 4.0 | |
| P / Tangible Book | 0.7 | 1.2 | 1.4 | 1.0 | 4.0 | |
| P / Cash Flow | -1.9 | -3.9 | -3.2 | -2.7 | -18.0 | |
| P / FCF | -1.9 | -3.9 | -3.1 | -2.6 | -17.8 | |
| EV / EBITDA | · | · | -1.5 | -2.1 | -15.5 | |
| EV / FCF | · | · | -2.0 | -2.4 | -14.4 | |
| EV / Revenue | · | · | 10.4 | 8.7 | 27.7 | |
| Earnings Yield | -66.5% | -42.2% | -47.3% | -44.4% | -5.7% |
Income Statement 14
| 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 | $7M | $6M | $11M | $11M | $6M | $7M | $5M | $15M | $12M | $3M | $3M | $11M | $3M | $4M | $3M | $7M | |
| R&D Expense | $24M | $25M | $25M | $26M | $26M | $27M | $33M | $32M | $24M | $23M | $30M | $28M | $30M | $29M | $31M | $30M | |
| SG&A Expense | $9M | $9M | $9M | $9M | $9M | $9M | $10M | $12M | $10M | $10M | $10M | $11M | $10M | $11M | $10M | $10M | |
| Operating Expenses | $33M | $34M | $34M | $46M | $35M | $36M | $43M | $44M | $33M | $35M | $41M | $39M | $40M | $40M | $41M | $39M | |
| Operating Income | $-26M | $-28M | $-23M | $-34M | $-29M | $-29M | $-38M | $-28M | $-21M | $-32M | $-37M | $-28M | $-38M | $-36M | $-38M | $-32M | |
| Other Non-op | $3M | $3M | $3M | $2M | $2M | $3M | $3M | $4M | $4M | $4M | $3M | $2M | $2M | $1M | $1M | $530.0K | |
| Pretax Income | · | · | $-20M | $-32M | $-26M | $-26M | $-34M | $-25M | $-18M | $-28M | $-34M | $-26M | $-36M | $-35M | $-37M | $-32M | |
| Income Tax | $0 | $0 | $121.0K | $0 | $0 | $0 | $131.0K | $0 | $0 | $0 | $277.0K | $1M | $0 | $0 | $0 | $0 | |
| Net Income | $-24M | $-25M | $-20M | $-32M | $-26M | $-26M | $-35M | $-25M | $-18M | $-28M | $-35M | $-27M | $-36M | $-35M | $-37M | $-32M | |
| EPS (Basic) | $-0.18 | $-0.20 | $-0.09 | $-0.44 | $-0.37 | $-0.37 | $-0.50 | $-0.35 | $-0.26 | $-0.41 | $-0.68 | $-0.55 | $-0.73 | $-0.71 | $-0.76 | $-0.65 | |
| EPS (Diluted) | $-0.18 | $-0.20 | $-0.09 | $-0.44 | $-0.37 | $-0.37 | $-0.50 | $-0.35 | $-0.26 | $-0.41 | $-0.68 | $-0.55 | $-0.73 | $-0.71 | $-0.76 | $-0.65 | |
| Shares (Basic) | 130,696,742 | 126,074,555 | -131,507,639 | 72,563,311 | 71,005,743 | 70,833,044 | -137,496,624 | 69,627,190 | 68,810,259 | 68,432,168 | -97,667,571 | 49,212,126 | 49,063,631 | 49,032,319 | -97,618,788 | 48,921,928 | |
| Shares (Diluted) | 130,696,742 | 126,074,555 | -131,507,639 | 72,563,311 | 71,005,743 | 70,833,044 | -137,496,624 | 69,627,190 | 68,810,259 | 68,432,168 | -97,667,571 | 49,212,126 | 49,063,631 | 49,032,319 | -97,618,788 | 48,921,928 | |
| EBITDA | $-26M | $-27M | · | $-34M | $-29M | $-29M | · | $-28M | $-21M | $-32M | · | $-28M | $-38M | $-36M | · | $-32M |
Balance Sheet 22
| 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 | $79M | $61M | $75M | $59M | $78M | $51M | $55M | $60M | $73M | $90M | $127M | $61M | $45M | $49M | $30M | $50M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $264M | |
| Receivables | $1M | $3M | $2M | $7M | $2M | $8M | $3M | $10M | $1M | $14M | $12M | $500.0K | $1M | $528.0K | $1M | $1M | |
| Prepaid Expense | $8M | $7M | $7M | $8M | $8M | $9M | $10M | $7M | $11M | $8M | $6M | $7M | $6M | $8M | $10M | $10M | |
| Current Assets | $263M | $245M | $258M | $207M | $225M | $233M | $258M | $273M | $276M | $280M | $271M | $224M | $274M | $278M | $288M | $325M | |
| PP&E (Net) | $4M | $4M | $5M | $5M | $6M | $5M | $6M | $6M | $7M | $7M | $7M | $7M | $8M | $8M | $7M | $7M | |
| PP&E (Gross) | $16M | $16M | $16M | $16M | $16M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $16M | $16M | $15M | |
| Accum. Depreciation | $11M | $11M | $11M | $10M | $10M | $10M | $9M | $9M | $9M | $8M | $8M | $8M | $8M | $9M | $8M | $8M | |
| Other Non-current Assets | $4M | $4M | $4M | $211.0K | $178.0K | $3M | $3M | $5M | $3M | $5M | $3M | $3M | $3M | $3M | $2M | $1M | |
| Total Assets | $359M | $329M | $359M | $265M | $297M | $320M | $350M | $376M | $381M | $398M | $376M | $333M | $375M | $396M | $431M | $461M | |
| Accounts Payable | $1M | $773.0K | $858.0K | $1M | $2M | $683.0K | $1M | $2M | $913.0K | $2M | $1M | $1M | $2M | $1M | $1M | $2M | |
| Current Liabilities | $48M | $27M | $33M | $36M | $44M | $41M | $45M | $43M | $54M | $55M | $43M | $30M | $48M | $39M | $45M | $45M | |
| Capital Leases | $50M | $52M | $54M | $55M | $57M | $58M | $60M | $61M | $63M | $64M | $66M | $67M | $68M | $70M | $71M | $72M | |
| Total Liabilities | $112M | $95M | $102M | $111M | $122M | $124M | $134M | $133M | $134M | $140M | $130M | $117M | $141M | $134M | $142M | $143M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | $0 | $10M | $12M | $11M | $11M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $11M | · | $11M | |
| Common Stock | $12.0K | $10.0K | $9.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $6.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | |
| Retained Earnings | $-787M | $-764M | $-739M | $-718M | $-686M | $-660M | $-634M | $-599M | $-574M | $-557M | $-528M | $-494M | $-467M | $-431M | $-396M | $-359M | |
| AOCI | $-444.0K | $-322.0K | $50.0K | $87.0K | $-30.0K | $43.0K | $53.0K | $455.0K | $-440.0K | $-380.0K | $-127.0K | $-904.0K | $-2M | $-2M | $-4M | $-5M | |
| Stockholders' Equity | $247M | $234M | $257M | $154M | $174M | $195M | $216M | $243M | $247M | $258M | $246M | $216M | $234M | $262M | $289M | $318M | |
| Liabilities + Equity | $359M | $329M | $359M | $265M | $297M | $320M | $350M | $376M | $381M | $398M | $376M | $333M | $375M | $396M | $431M | $461M | |
| Shares Outstanding | 122,905,756 | 104,036,350 | 96,914,418 | 74,174,515 | 71,007,083 | 70,989,661 | 70,625,899 | 70,562,901 | 68,815,642 | 68,778,591 | 60,467,188 | 49,259,870 | 49,065,098 | 49,052,509 | 48,966,216 | 48,951,283 |
Cash Flow 11
| 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 | $292.0K | $404.0K | · | $460.0K | $615.0K | $456.0K | · | $442.0K | $448.0K | $448.0K | · | $447.0K | · | · | · | · | |
| Stock-based Comp | $3M | $3M | $4M | $5M | $5M | $6M | $8M | $9M | $6M | $6M | $6M | $8M | $6M | $6M | $7M | $6M | |
| Other Non-cash | · | $-8M | · | · | · | $-13M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-2M | $-30M | $-22M | $-31M | $-12M | $-33M | $-18M | $-24M | $-5M | $-18M | $-24M | $-31M | $-19M | $-33M | $-29M | $-28M | |
| CapEx | $37.0K | $64.0K | $11.0K | $411.0K | $185.0K | $0 | $-4.0K | $-13.0K | $197.0K | $0 | $157.0K | $600.0K | $362.0K | $589.0K | $1M | $3M | |
| Investing Cash Flow | $-15M | $16M | $-81M | $4M | $39M | $29M | $14M | $162.0K | $-12M | $-53M | $32M | $58M | $15M | $54M | $9M | $20M | |
| Stock Repurchased | $0 | $200.0K | $14.0K | $24.0K | $0 | $155.0K | $0 | $85.0K | $0 | $109.0K | $0 | $16.0K | $0 | $94.0K | $0 | $0 | |
| Net Stock Activity | · | $-200.0K | · | · | · | $-155.0K | · | · | · | $-109.0K | · | · | · | $-94.0K | · | · | |
| Financing Cash Flow | $34M | $462.0K | $119M | $8M | $0 | $-46.0K | $112.0K | $11M | $135.0K | $35M | $58M | $-11M | $-746.0K | $-684.0K | $47.0K | $361.0K | |
| Net Change in Cash | $17M | $-13M | $16M | $-19M | $27M | $-4M | $-4M | $-13M | $-17M | $-37M | $66M | $16M | $-5M | $20M | $-20M | $-8M | |
| Free Cash Flow | · | $-30M | · | · | · | · | · | · | · | $-18M | · | · | · | $-34M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -397.9% | -451.6% | · | -306.4% | -441.0% | -402.9% | · | -183.9% | -178.6% | -1060.2% | · | -251.2% | -1410.2% | -963.8% | · | -481.0% | |
| Net Margin | -355.9% | -408.5% | · | -286.4% | -402.6% | -363.7% | · | -160.6% | -147.6% | -933.2% | · | -244.2% | -1348.4% | -925.2% | · | -473.2% | |
| Pretax Margin | · | · | · | -286.4% | -402.6% | -363.7% | · | -160.6% | -147.6% | -933.2% | · | -235.1% | · | · | · | · | |
| EBITDA Margin | -397.9% | -445.1% | · | -306.4% | -441.0% | -396.6% | · | -183.9% | -178.6% | -1060.2% | · | -251.2% | -1410.2% | -963.8% | · | -481.0% | |
| ROA | -7.2% | -7.8% | · | -8.8% | -6.6% | -7.6% | · | · | · | -7.8% | · | · | · | -7.6% | · | -6.6% | |
| ROE | -11.2% | -11.7% | · | -13.6% | -10.0% | -12.0% | · | · | · | -12.0% | · | · | · | -11.1% | · | -8.9% | |
| ROIC | · | · | · | -22.3% | · | -14.9% | · | · | · | -12.5% | · | · | · | · | · | · |
Liquidity & Solvency 4
| 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 | 5.4 | 9.0 | · | 5.8 | 5.1 | 5.7 | · | · | · | 5.1 | · | · | · | 7.1 | · | 7.2 | |
| Quick Ratio | 1.7 | 2.4 | · | 1.8 | 1.8 | 1.5 | · | · | · | 1.9 | · | · | · | 1.3 | · | 7.0 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | · | 0.0 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | · | 0.0 |
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 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | 0.0 | · | · | · | 0.0 | · | 0.0 | |
| Receivables Turnover | 3.8 | 1.1 | · | 2.8 | 3.3 | 0.8 | · | · | · | 0.4 | · | · | · | 3.3 | · | 2.1 |
Valuation (TTM) 14
| 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 | $30M | $31M | · | $40M | $41M | $38M | · | $41M | $29M | $21M | · | $24M | $27M | $32M | · | $37M | |
| Net Income TTM | $-107M | $-110M | · | $-109M | $-95M | $-97M | · | $-98M | $-109M | $-126M | · | $-130M | $-130M | $-126M | · | $-116M | |
| Market Cap | $574M | $274M | · | $165M | $102M | $114M | · | · | · | $562M | · | · | · | $154M | · | $429M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | $115M | · | $127M | |
| P/E | -3.9 | -1.9 | · | -1.5 | -1.1 | -1.2 | · | -3.6 | -2.4 | -3.4 | · | -0.7 | -1.0 | -1.2 | · | -3.7 | |
| P/S | 18.8 | 8.8 | · | 4.1 | 2.5 | 3.0 | · | · | · | 27.4 | · | · | · | 4.8 | · | 11.7 | |
| P/B | 2.3 | 1.2 | · | 1.1 | 0.6 | 0.6 | · | · | · | 2.2 | · | · | · | 0.6 | · | 1.3 | |
| P / Tangible Book | 2.3 | 1.2 | · | 1.1 | 0.6 | 0.6 | · | · | · | 2.2 | · | · | · | 0.6 | · | 1.3 | |
| P / Cash Flow | · | -9.1 | · | · | · | -3.4 | · | · | · | -31.0 | · | · | · | -4.6 | · | · | |
| P / FCF | · | -9.1 | · | · | · | · | · | · | · | -31.0 | · | · | · | -4.6 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | -3.2 | · | -3.9 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -3.4 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | 3.6 | · | 3.5 | |
| Earnings Yield | -25.5% | -52.5% | · | -68.9% | -94.4% | -86.9% | · | -27.5% | -42.2% | -29.4% | · | -141.9% | -96.4% | -81.8% | · | -27.0% |
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 | $36M | $36M | $21M | $31M | $46M |
| Operating Margin % | -320.5% | -336.1% | -669.8% | -416.6% | — |
| Net Income | $-105M | $-105M | $-132M | $-128M | $-84M |
| Diluted EPS | $-1.27 | $-1.52 | $-2.67 | $-2.62 | $-1.82 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.0 | 0.0 | 0.0 |
| Current Ratio | 7.8 | 5.7 | 6.3 | 6.5 | 6.4 |
| Quick Ratio | 2.3 | 1.3 | 3.2 | 0.7 | 6.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-99M | $-65M | $-109M | $-111M | $-88M |
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Institutional owners (13F) 164 filers · $417.2M 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 |
|---|---|---|---|---|
| 59 (+26 vs prior Q) | 25 (+16 vs prior Q) | 51 (+11 vs prior Q) | 29 (-2 vs prior Q) | +22.0M |
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 |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $37,360,000 | 8,000,000 | 8.96% | Shares |
| Lynx1 Capital Management LP | $34,215,647 | 7,326,691 | 8.20% | Shares |
| Squadron Capital Management LLC | $33,624,000 | 7,200,000 | 8.06% | Shares |
| Bain Capital Life Sciences Investors, LLC | $33,492,820 | 7,171,910 | 8.03% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $20,630,804 | 4,417,731 | 4.95% | Shares |
| CITADEL ADVISORS LLC | $17,934,243 | 3,840,309 | 4.30% | Shares |
| TWO SIGMA INVESTMENTS, LP | $16,203,532 | 3,469,707 | 3.88% | Shares |
| Soleus Capital Management, L.P. | $15,775,171 | 3,377,981 | 3.78% | Shares |
| GOLDMAN SACHS GROUP INC | $14,897,020 | 3,189,940 | 3.57% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $14,159,720 | 3,032,060 | 3.39% | Shares |
| Ikarian Capital, LLC | $11,362,110 | 2,433,000 | 2.72% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $10,078,978 | 2,157,769 | 2.42% | Shares |
| STATE STREET CORP | $9,879,950 | 2,115,621 | 2.37% | Shares |
| Candriam S.C.A. | $8,383,622 | 1,796,937 | 2.01% | Shares |
| D. E. Shaw & Co., Inc. | $8,130,419 | 1,740,989 | 1.95% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,089,421 | 1,732,210 | 1.94% | Shares |
| WASATCH ADVISORS LP | $7,789,431 | 2,961,761 | 1.87% | Shares |
| Patient Square Capital LP | $7,513,166 | 1,608,815 | 1.80% | Shares |
| VANGUARD GROUP INC | $7,376,137 | 3,861,852 | 1.77% | Shares |
| HighVista Strategies LLC | $6,295,800 | 1,348,136 | 1.51% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,691,848 | 1,218,811 | 1.36% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $5,556,497 | 1,189,828 | 1.33% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $4,982,633 | 1,066,945 | 1.19% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $4,686,051 | 1,003,437 | 1.12% | Shares |
| FMR LLC | $4,172,187 | 893,402 | 1.00% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,647,550 | 781,060 | 0.87% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $3,438,666 | 736,331 | 0.82% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,176,039 | 680,094 | 0.76% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,844,712 | 609,146 | 0.68% | Shares |
| ExodusPoint Capital Management, LP | $2,709,511 | 580,195 | 0.65% | Shares |
| Velan Capital Investment Management LP | $2,661,900 | 570,000 | 0.64% | Shares |
| STEMPOINT CAPITAL LP | $2,445,436 | 523,648 | 0.59% | Shares |
| Rockefeller Capital Management L.P. | $2,315,465 | 495,817 | 0.56% | Shares |
| TWO SIGMA ADVISERS, LP | $2,040,262 | 1,068,200 | 0.49% | Shares |
| Man Group plc | $1,908,386 | 408,648 | 0.46% | Shares |
| Squadron Capital Management LLC | $1,868,000 | 400,000 | 0.45% | Call option |
| PLATINUM INVESTMENT MANAGEMENT LTD | $1,796,857 | 384,766 | 0.43% | Shares |
| Seven Fleet Capital Management LP | $1,780,059 | 381,169 | 0.43% | Shares |
| Qube Research & Technologies Ltd | $1,730,487 | 370,554 | 0.41% | Shares |
| Atom Investors LP | $1,701,519 | 364,351 | 0.41% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,564,819 | 335,079 | 0.38% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $1,517,750 | 325,000 | 0.36% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $1,404,428 | 300,734 | 0.34% | Shares |
| ADAR1 Capital Management, LLC | $1,363,439 | 291,957 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $1,267,158 | 271,340 | 0.30% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $1,237,302 | 264,947 | 0.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,210,931 | 259,300 | 0.29% | Call option |
| LPL Financial LLC | $1,182,281 | 253,165 | 0.28% | Shares |
| MARSHALL WACE, LLP | $1,007,118 | 215,657 | 0.24% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,005,853 | 215,386 | 0.24% | Shares |
| Jump Financial, LLC | $853,209 | 182,700 | 0.20% | Shares |
| Caption Management, LLC | $825,656 | 176,800 | 0.20% | Call option |
| Point72 Asset Management, L.P. | $812,417 | 173,965 | 0.19% | Shares |
| Squarepoint Ops LLC | $797,795 | 170,834 | 0.19% | Shares |
| Headlands Technologies LLC | $719,049 | 153,972 | 0.17% | Shares |
| AMERICAN CENTURY COMPANIES INC | $703,680 | 150,681 | 0.17% | Shares |
| XTX Topco Ltd | $632,495 | 135,438 | 0.15% | Shares |
| Palumbo Wealth Management LLC | $618,388 | 132,417 | 0.15% | Shares |
| RHUMBLINE ADVISERS | $615,859 | 131,877 | 0.15% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $612,237 | 131,100 | 0.15% | Shares |
| Walleye Capital LLC | $537,634 | 115,125 | 0.13% | Shares |
| ALPS ADVISORS INC | $524,039 | 112,214 | 0.13% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $474,005 | 101,500 | 0.11% | Shares |
| WELLS FARGO & COMPANY/MN | $471,623 | 100,990 | 0.11% | Shares |
| DEUTSCHE BANK AG\ | $461,737 | 98,873 | 0.11% | Shares |
| BlackRock, Inc. | $457,039 | 97,867 | 0.11% | Shares |
| Verition Fund Management LLC | $443,650 | 95,000 | 0.11% | Shares |
| Bank of New York Mellon Corp | $410,026 | 87,800 | 0.10% | Shares |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $396,950 | 85,000 | 0.10% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $347,322 | 74,373 | 0.08% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $340,784 | 72,973 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $336,707 | 72,100 | 0.08% | Put option |
| Cubist Systematic Strategies, LLC | $307,819 | 138,657 | 0.07% | Shares |
| CV Advisors LLC | $303,550 | 65,000 | 0.07% | Shares |
| INTREPID FAMILY OFFICE LLC | $303,550 | 65,000 | 0.07% | Shares |
| MetLife Investment Management, LLC | $286,705 | 61,393 | 0.07% | Shares |
| BARCLAYS PLC | $283,454 | 60,697 | 0.07% | Shares |
| Jain Global LLC | $268,815 | 57,562 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $234,901 | 50,300 | 0.06% | Call option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $217,034 | 46,474 | 0.05% | Shares |
| CITIGROUP INC | $203,332 | 43,540 | 0.05% | Shares |
| SEI INVESTMENTS CO | $197,896 | 42,376 | 0.05% | Shares |
| Invesco Ltd. | $188,715 | 40,410 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $178,861 | 38,300 | 0.04% | Put option |
| Quadrature Capital Ltd | $171,510 | 36,726 | 0.04% | Shares |
| ALLIANCEBERNSTEIN L.P. | $170,371 | 64,780 | 0.04% | Shares |
| Caption Management, LLC | $163,450 | 35,000 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $157,995 | 33,832 | 0.04% | Shares |
| Dynamic Technology Lab Private Ltd | $153,000 | 32,828 | 0.04% | Shares |
| PRUDENTIAL FINANCIAL INC | $145,867 | 31,235 | 0.03% | Shares |
| Nuveen, LLC | $142,528 | 30,520 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $139,600 | 29,893 | 0.03% | Shares |
| UBS Group AG | $136,798 | 29,293 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $128,486 | 27,513 | 0.03% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $117,268 | 25,111 | 0.03% | Shares |
| Cresset Asset Management, LLC | $116,750 | 25,000 | 0.03% | Shares |
| CITADEL ADVISORS LLC | $114,882 | 24,600 | 0.03% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $112,547 | 24,100 | 0.03% | Shares |
| StoneX Group Inc. | $102,297 | 22,420 | 0.02% | Shares |
| GROUP ONE TRADING LLC | $101,680 | 21,773 | 0.02% | Shares |
Company insiders 25 insiders · 11 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Andrew Hirsch | President & CEO | May 26, 2022 F | 18,825 | 0 | 0 | $0 |
| Lauren White | Chief Financial Officer | May 26, 2022 F | 2,648 | 0 | 0 | $0 |
| William Mckee | Chief Financial Officer | Oct. 6, 2020 P | 5,263 | 0 | 0 | $0 |
| Leonard Reyno | Chief Medical Officer | July 10, 2026 F | 372,406 | 0 | 0 | $0 |
| Paige Mahaney | Chief Scientific Officer | Oct. 28, 2025 F | 99,356 | 0 | 0 | $0 |
| Scott N Boyle | Chief Business Officer | May 26, 2022 F | 2,648 | 0 | 0 | $0 |
| Adam Crystal | Chief Medical Officer | May 26, 2022 F | 17,648 | 0 | 0 | $0 |
| Stewart Fisher | Chief Scientific Officer | May 26, 2022 F | 74,038 | 0 | 0 | $0 |
| Kelly Schick | Chief People Officer | May 26, 2022 F | 2,648 | 0 | 0 | $0 |
| Jolie Siegel | Chief Legal Officer | May 26, 2022 F | 2,648 | 0 | 0 | $0 |
| Laura Jean Wahlberg | VP of Finance Corp Controller | Feb. 11, 2021 A | — | 0 | 0 | $0 |
| Kenneth Carl Anderson | Director | July 1, 2026 A | 71,950 | 0 | 0 | $0 |
| Donna Roy Grogan | Director | July 1, 2026 A | 74,853 | 0 | 0 | $0 |
| Stephen Fawell | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Laura Bessen | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Utpal Koppikar | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Ronald Harold Wilfred Cooper | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Owen Hughes | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Steven L. Hoerter | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Glenn Dubin | Director | July 1, 2022 A | 2,245 | 0 | 0 | $0 |
| Malcolm Salter | Director | June 22, 2022 A | 11,380 | 0 | 0 | $0 |
| Bruce Downey | Director | June 22, 2022 A | 489,542 | 0 | 0 | $0 |
| Marc A Cohen | Director | June 22, 2022 A | 1,118 | 0 | 0 | $0 |
| Alain J Cohen | Director | April 4, 2022 A | 928 | 0 | 0 | $0 |
| Elena Prokupets | Director | Sept. 27, 2021 S | 503,126 | 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 |
|---|---|---|---|---|---|
| Cobro Ventures Opportunity Fund, L.P., Cobro Opportunity Fund GP, LLC, Marc Cohen, Alain Cohen, Todd Kaloudis ×2 filings | June 15, 2021 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 20 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.42% | 25,589 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.08% | 344,636 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 88,122 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.03% | 731,107 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.03% | 5,955 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 206,890 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 922,673 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.02% | 3,609 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 115,035 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 2,543,253 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 583,446 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 377,039 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 321,952 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 7,360 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 19,202 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 27,023 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 21,949 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,046,993 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,264,924 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 8,526 SH | Aug. 8, 2026 | Daily |