CGEM Cullinan Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$15.51
· of 52w range
· above low
· to high
$5.7152w low
$23.1952w high
Market Cap (MRQ)
$998M
P/E
-4.8
EPS
$-3.69
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52W Range
$6–$23
Analyst Rating
STRONG BUY
Price Target
$33
P/E
-4.8
ROE
-44.0%
Net Profit Margin
·
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CGEM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.51
Market Cap (MRQ)
$998M
P/E
-4.8
EPS
$-3.69
ROE
-44.0%
52W Range
$6–$23
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue·2020-12-31 → 2022-12-31
EPS$-3.692021-12-31 → 2023-12-31
Free Cash Flow$-176M2022-12-31 → 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 | CGEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -4.85Y avg ≈-3.1 | ≈-3.1 | · | · | |
| P/B (MRQ) | 3.15Y avg ≈1.2 | ≈1.2 | 4.2 | Fair value | |
| Price / FCF | -5.35Y avg ≈-3.9 | ≈-3.9 | · | · | |
| Price / Cash Flow | -5.35Y avg ≈-6.3 | ≈-6.3 | · | · | |
| Price / Tangible Book | 2.35Y avg ≈1.2 | ≈1.2 | · | · |
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 | CGEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -41.1%5Y avg ≈-19.7% | ≈-19.7% | -21.8% | Weak | |
| ROE | -44.0%5Y avg ≈-21.0% | ≈-21.0% | -40.2% | Weak | |
| ROIC | -59.1%5Y avg ≈-27.9% | ≈-27.9% | -34.2% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CGEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 8.45Y avg ≈17.4 | ≈17.4 | 8.4 | In line | |
| Quick Ratio | 10.05Y avg ≈17.0 | ≈17.0 | 1.5 | Strong liquidity |
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
4.3%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $-0.81 | $-0.83 | 1.9% |
| March 31, 2026 | May 7, 2026 | $-0.75 | $-0.85 | 11.3% |
| Dec. 31, 2025 | $-0.77 | $-0.83 | 6.7% | |
| Sept. 30, 2025 | $-0.77 | $-0.98 | 21.1% | |
| June 30, 2025 | $-1.07 | $-0.85 | -25.9% | |
| March 31, 2025 | $-0.74 | $-0.82 | 9.5% | |
| Dec. 31, 2024 | $-0.73 | $-0.77 | 5.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | $0 | $19M | $0 | |
| R&D Expense | $187M | $143M | $148M | $92M | $58M | $43M | |
| SG&A Expense | $54M | $54M | $42M | $40M | $29M | $17M | |
| Operating Expenses | $242M | $197M | $191M | $132M | $87M | $60M | |
| Operating Income | $-242M | $-197M | $-191M | $145M | $-68M | $-60M | |
| Interest Income | $22M | $30M | $22M | $7M | $477.0K | $888.0K | |
| Other Non-op | $-443.0K | $-199.0K | $239.0K | $57.0K | $-8.0K | $-11.0K | |
| Pretax Income | $-220M | $-167M | $-169M | $151M | $-67M | · | |
| Income Tax | $0 | $117.0K | $-14M | $42M | $0 | · | |
| Net Income | $-220M | $-167M | $-153M | $111M | $-66M | $-52M | |
| EPS (Basic) | · | · | $-3.69 | $2.46 | $-1.52 | · | |
| EPS (Diluted) | · | · | $-3.69 | $2.38 | $-1.52 | · | |
| Shares (Basic) | · | · | 41,550,000 | 45,164,000 | 43,077,000 | · | |
| Shares (Diluted) | · | · | 41,550,000 | 46,640,000 | 43,077,000 | · | |
| EBITDA | $-241M | $-197M | $-191M | $145M | $-68M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88M | $83M | $98M | $156M | $60M | $168M | |
| Short-term Investments | $290M | $316M | $369M | $311M | $231M | $42M | |
| Prepaid Expense | $9M | $16M | $13M | $7M | $6M | $2M | |
| Other Current Assets | · | · | $4M | · | · | · | |
| Current Assets | $387M | $415M | $480M | $474M | $297M | $212M | |
| PP&E (Net) | $421.0K | $683.0K | $989.0K | $1M | $77.0K | $130.0K | |
| PP&E (Gross) | $1M | $1M | $1M | $1M | $309.0K | $309.0K | |
| Accum. Depreciation | $969.0K | $658.0K | $352.0K | $135.0K | $232.0K | $179.0K | |
| Other Non-current Assets | $297.0K | $366.0K | $459.0K | $459.0K | $147.0K | $2M | |
| Total Assets | $448M | $622M | $484M | $561M | $437M | $215M | |
| Accounts Payable | $841.0K | $2M | $2M | $3M | $3M | $10M | |
| Accrued Liabilities | $36M | $28M | $24M | $14M | $9M | $5M | |
| Current Liabilities | $38M | $31M | $28M | $22M | $12M | $14M | |
| Capital Leases | $2M | $849.0K | $2M | $4M | · | · | |
| Total Liabilities | $40M | $31M | $30M | $26M | $12M | $14M | |
| Common Stock | $6.0K | $6.0K | $4.0K | $5.0K | $4.0K | $3.0K | |
| Retained Earnings | $-588M | $-368M | $-201M | $-48M | $-159M | $-93M | |
| AOCI | $1M | $-133.0K | $-129.0K | $-3M | $-838.0K | $-2.0K | |
| Stockholders' Equity | $409M | $590M | $454M | $535M | $425M | $199M | |
| Liabilities + Equity | $448M | $622M | $484M | $561M | $437M | $215M | |
| Shares Outstanding | 60,244,136 | 58,510,610 | 42,900,083 | 45,796,449 | 44,292,102 | 29,831,125 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $311.0K | $306.0K | $310.0K | $93.0K | $53.0K | $62.0K | |
| Stock-based Comp | $36M | $38M | $30M | $28M | $24M | $15M | |
| Deferred Tax | · | $3M | $5M | · | $0 | $0 | |
| Other Non-cash | $8M | $-19M | $-17M | $-266M | $-2M | · | |
| Operating Cash Flow | $-176M | $-145M | $-134M | $-127M | $-43M | $-30M | |
| CapEx | $49.0K | $0 | $208.0K | $1M | $0 | $10.0K | |
| Investing Cash Flow | $180M | $-136M | $36M | $249M | $-334M | $-5M | |
| Stock Issued | $0 | $263M | $38M | $0 | $3M | $145M | |
| Stock Repurchased | · | · | · | · | · | $7M | |
| Net Stock Activity | $0 | $263M | $38M | $6M | · | · | |
| Financing Cash Flow | $1M | $266M | $41M | $-26M | $269M | $140M | |
| Taxes Paid | $-3M | $-2M | $-4M | $38M | $0 | · | |
| Free Cash Flow | $-176M | $-145M | $-134M | $-128M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | -358.7% | · | |
| Net Margin | · | · | · | · | -346.1% | · | |
| EBITDA Margin | · | · | · | · | -358.4% | · | |
| ROA | -41.1% | -30.3% | -29.3% | 22.3% | -20.1% | · | |
| ROE | -44.0% | -32.1% | -31.0% | 23.2% | -21.0% | · | |
| ROIC | -59.1% | -33.4% | -38.6% | 19.5% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 10.2 | 13.5 | 17.1 | 21.1 | 25.2 | · | |
| Quick Ratio | 10.0 | 13.0 | 16.6 | 20.8 | 24.7 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.0 | 0.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $6.78 | $10.09 | $10.58 | $11.68 | $9.59 | · | |
| Revenue / Share | · | · | · | $0.00 | · | · | |
| Cash Flow / Share | · | · | $-3.23 | $-2.72 | · | · | |
| Cash / Share | $1.47 | $1.42 | $2.29 | $3.41 | $1.35 | · | |
| EPS (TTM) | $-3.21 | $-3.21 | $-3.69 | $2.38 | $-1.52 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | $0 | $0 | $19M | $0 | |
| Net Income TTM | $-220M | $-167M | $-153M | $111M | $-66M | $-52M | |
| Market Cap | $624M | $713M | $437M | $483M | $683M | · | |
| P/E | -3.2 | -3.8 | -2.8 | 4.4 | -10.2 | · | |
| P/S | · | · | · | · | 36.1 | · | |
| P/B | 1.5 | 1.2 | 1.0 | 0.9 | 1.6 | · | |
| P / Tangible Book | 1.5 | 1.2 | 1.0 | 0.9 | 1.6 | · | |
| P / Cash Flow | -3.5 | -4.9 | -3.3 | -3.8 | -15.7 | · | |
| P / FCF | -3.5 | -4.9 | -3.3 | -3.8 | · | · | |
| Earnings Yield | -31.0% | -26.4% | -36.2% | 22.6% | -9.8% | · |
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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| R&D Expense | $44M | $42M | $43M | $42M | $61M | $41M | $40M | $36M | $36M | $31M | $35M | $34M | $27M | $52M | $21M | $20M | |
| SG&A Expense | $13M | $12M | $12M | $14M | $15M | $14M | $15M | $13M | $14M | $12M | $11M | $11M | $10M | $11M | $11M | $10M | |
| Operating Expenses | $57M | $54M | $55M | $56M | $76M | $55M | $55M | $49M | $50M | $43M | $45M | $45M | $38M | $63M | $33M | $30M | |
| Operating Income | $-57M | $-54M | $-55M | $-56M | $-76M | $-55M | $-55M | $-49M | $-50M | $-43M | $-45M | $-45M | $-38M | $-63M | $-33M | $-30M | |
| Interest Income | $4M | $4M | $5M | $5M | $6M | $7M | $8M | $8M | $8M | $6M | $6M | $6M | $5M | $5M | $3M | $2M | |
| Other Non-op | $-98.0K | $-62.0K | $-69.0K | $-108.0K | $-181.0K | $-85.0K | $6.0K | $-89.0K | $-72.0K | $-44.0K | $-117.0K | $180.0K | $69.0K | $107.0K | $298.0K | $0 | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | $-40M | $-39M | $-32M | $-58M | $-29M | $-27M | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | $-14M | $0 | $0 | $0 | $-2M | $-3M | |
| Net Income | $-54M | $-50M | $-51M | $-51M | $-70M | $-49M | $-48M | $-41M | $-42M | $-37M | $-24M | $-39M | $-32M | $-58M | $-27M | $-25M | |
| EPS (Basic) | · | · | · | · | · | · | · | $-0.69 | $-0.75 | $-0.86 | · | $-0.91 | $-0.82 | $-1.42 | $-0.63 | $-0.54 | |
| EPS (Diluted) | · | · | · | · | · | · | · | $-0.69 | $-0.75 | $-0.86 | · | $-0.91 | $-0.82 | $-1.42 | $-0.58 | $-0.54 | |
| Shares (Basic) | · | · | · | · | · | · | · | 58,337,000 | 55,052,000 | 43,011,000 | · | 42,734,000 | 39,952,000 | 40,682,000 | · | 45,611,000 | |
| Shares (Diluted) | · | · | · | · | · | · | · | 58,337,000 | 55,052,000 | 43,011,000 | · | 42,734,000 | 39,952,000 | 40,682,000 | · | 45,611,000 | |
| EBITDA | $-57M | $-54M | · | $-56M | $-76M | $-55M | · | $-49M | $-50M | $-43M | · | $-45M | $-38M | $-63M | · | $-30M |
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 | $79M | $75M | $88M | $103M | $73M | $77M | $83M | $102M | $115M | $74M | $98M | $65M | $142M | $122M | $156M | $243M | |
| Short-term Investments | $256M | $277M | $290M | $229M | $193M | $227M | $316M | $476M | $547M | $359M | $369M | $402M | $350M | $269M | $311M | $333M | |
| Prepaid Expense | $7M | $10M | $9M | $10M | $10M | $14M | $16M | $14M | $15M | $13M | $13M | $619.0K | $619.0K | $8M | · | $619.0K | |
| Current Assets | $342M | $361M | $387M | $342M | $276M | $318M | $415M | $592M | $678M | $446M | $480M | $477M | $498M | $399M | $474M | $582M | |
| PP&E (Net) | $263.0K | $342.0K | $421.0K | $489.0K | $569.0K | $607.0K | $683.0K | $760.0K | $836.0K | $913.0K | $989.0K | $1M | $1M | $1M | $1M | $792.0K | |
| PP&E (Gross) | · | · | $1M | · | · | · | $1M | · | · | · | $1M | · | · | · | $1M | · | |
| Accum. Depreciation | · | · | $969.0K | · | · | · | $658.0K | · | · | · | $352.0K | · | · | · | $135.0K | · | |
| Other Non-current Assets | $297.0K | $297.0K | $297.0K | $361.0K | $367.0K | $366.0K | $366.0K | $460.0K | $460.0K | $460.0K | $459.0K | $459.0K | $459.0K | $459.0K | $459.0K | $460.0K | |
| Total Assets | $364M | $403M | $448M | $484M | $520M | $580M | $622M | $653M | $681M | $449M | $484M | $495M | $522M | $515M | $561M | $617M | |
| Accounts Payable | $4M | $3M | $841.0K | $2M | $2M | $3M | $2M | $2M | $2M | $4M | $2M | $951.0K | $2M | $2M | $3M | $2M | |
| Accrued Liabilities | $36M | $32M | $36M | $30M | $24M | $23M | $28M | $21M | $21M | $17M | $24M | $21M | $16M | $18M | $14M | $14M | |
| Current Liabilities | $41M | $35M | $38M | $33M | $28M | $27M | $31M | $24M | $23M | $22M | $28M | $23M | $20M | $26M | $22M | $27M | |
| Capital Leases | $1M | $2M | $2M | $0 | $125.0K | $493.0K | $849.0K | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $4M | $4M | |
| Total Liabilities | $42M | $37M | $40M | $33M | $28M | $28M | $31M | $25M | $25M | $24M | $30M | $26M | $22M | $29M | $26M | $31M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $5.0K | $5.0K | |
| Retained Earnings | $-691M | $-638M | $-588M | $-537M | $-487M | $-417M | $-368M | $-321M | $-280M | $-238M | $-201M | $-177M | $-138M | $-106M | $-48M | $-21M | |
| AOCI | $-134.0K | $127.0K | $1M | $973.0K | $607.0K | $505.0K | $-133.0K | $970.0K | $-476.0K | $-331.0K | $-129.0K | $-1M | $-2M | $-1M | $-3M | $-4M | |
| Stockholders' Equity | $322M | $366M | $409M | $451M | $492M | $552M | $590M | $628M | $656M | $426M | $454M | $469M | $500M | $486M | $535M | $586M | |
| Liabilities + Equity | $364M | $403M | $448M | $484M | $520M | $580M | $622M | $653M | $681M | $449M | $484M | $495M | $522M | $515M | $561M | $617M | |
| Shares Outstanding | 64,345,770 | 61,451,380 | 60,244,136 | 59,076,259 | 59,074,391 | 58,698,919 | 58,510,610 | 58,141,130 | 57,871,638 | 43,065,645 | 42,900,083 | 42,760,644 | 42,735,304 | 39,343,601 | 45,796,449 | 45,743,027 |
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 | $79.0K | $79.0K | $79.0K | $79.0K | $77.0K | $76.0K | $77.0K | $76.0K | $77.0K | $76.0K | $77.0K | $80.0K | $81.0K | $72.0K | $59.0K | $9.0K | |
| Stock-based Comp | $8M | $8M | $7M | $9M | $10M | $9M | $10M | $9M | $11M | $8M | $8M | $8M | $8M | $7M | $8M | $5M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Other Non-cash | · | $-4M | · | · | · | $-4M | · | · | · | $-9M | · | · | · | $-366.0K | · | · | |
| Operating Cash Flow | $-38M | $-46M | $-38M | $-37M | $-58M | $-43M | $-37M | $-34M | $-36M | $-38M | $-18M | $-34M | $-31M | $-51M | $-25M | $-54M | |
| CapEx | · | · | $11.0K | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $49.0K | $159.0K | $882.0K | $251.0K | |
| Investing Cash Flow | $41M | $32M | $22M | $67M | $53M | $37M | $16M | $20M | $-185M | $13M | $51M | $-43M | $12M | $15M | $-29M | $-58M | |
| Stock Issued | · | · | $0 | $0 | · | · | $0 | $0 | · | · | $0 | $0 | $38M | $-36.0K | $0 | $-4M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $-36.0K | · | · | |
| Financing Cash Flow | $1M | $380.0K | $715.0K | $0 | $373.0K | $0 | $2M | $1M | $262M | $1M | $248.0K | $112.0K | $39M | $2M | $-33M | $1M | |
| Taxes Paid | · | · | $0 | $0 | $-3M | $0 | $0 | $0 | $2M | $-4M | $-9M | $0 | $5M | $75.0K | $5M | $33M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-38M | · | · | · | $-51M | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -12.2% | -10.1% | · | -8.9% | -11.7% | -9.4% | · | -7.1% | -7.0% | -7.7% | · | -7.0% | -5.4% | -12.2% | · | -4.6% | |
| ROE | -13.2% | -10.8% | · | -9.4% | -12.2% | -9.9% | · | -7.4% | -7.3% | -8.2% | · | -7.4% | -5.8% | -12.8% | · | -4.8% | |
| ROIC | · | · | · | · | · | · | · | · | · | · | · | -9.7% | -7.5% | -12.9% | · | -4.6% |
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 | 8.4 | 10.3 | · | 10.4 | 9.8 | 11.6 | · | 24.5 | 28.9 | 20.3 | · | 20.3 | 25.3 | 15.2 | · | 21.5 | |
| Quick Ratio | 8.2 | 10.0 | · | 10.2 | 9.5 | 11.1 | · | 23.9 | 28.2 | 19.7 | · | 19.9 | 25.0 | 14.9 | · | 21.2 |
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 |
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 | $5.00 | $5.96 | · | $7.64 | $8.33 | $9.40 | · | $10.80 | $11.34 | $9.88 | · | $10.96 | $11.69 | $12.34 | · | $12.81 | |
| Revenue / Share | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0.00 | |
| Cash Flow / Share | · | · | · | · | · | · | · | · | · | $-0.89 | · | · | · | $-1.25 | · | · | |
| Cash / Share | $1.22 | $1.22 | · | $1.75 | $1.23 | $1.31 | · | $1.76 | $1.99 | $1.72 | · | $1.52 | $3.32 | $3.10 | · | $5.30 | |
| EPS (TTM) | · | · | · | · | · | · | · | · | · | · | · | $-3.73 | $-3.36 | $1.23 | · | $2.20 |
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 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income TTM | $-205M | $-221M | · | $-217M | $-207M | $-179M | · | $-144M | $-142M | $-132M | · | $-156M | $-142M | $65M | · | $105M | |
| Market Cap | $1.17B | $873M | · | $350M | $445M | $444M | · | $973M | $1.01B | $734M | · | $387M | $460M | $402M | · | $586M | |
| P/E | · | · | · | · | · | · | · | · | · | · | · | -2.4 | -3.2 | 8.3 | · | 5.8 | |
| P/B | 3.6 | 2.4 | · | 0.8 | 0.9 | 0.8 | · | 1.6 | 1.5 | 1.7 | · | 0.8 | 0.9 | 0.8 | · | 1.0 | |
| P / Tangible Book | 3.6 | 2.4 | · | 0.8 | 0.9 | 0.8 | · | 1.6 | 1.5 | 1.7 | · | 0.8 | 0.9 | 0.8 | · | 1.0 | |
| P / Cash Flow | · | -19.0 | · | · | · | -10.3 | · | · | · | -19.2 | · | · | · | -7.9 | · | · | |
| Earnings Yield | · | · | · | · | · | · | · | · | · | · | · | -41.2% | -31.2% | 12.0% | · | 17.2% |
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 | · | · | · | $0 | $19M |
| Operating Margin % | · | · | · | · | -358.7% |
| Net Income | $-220M | $-167M | $-153M | $111M | $-66M |
| Diluted EPS | · | · | $-3.69 | $2.38 | $-1.52 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 10.2 | 13.5 | 17.1 | 21.1 | 25.2 |
| Quick Ratio | 10.0 | 13.0 | 16.6 | 20.8 | 24.7 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-176M | $-145M | $-134M | $-128M | · |
Institutional owners (13F) 196 filers · $1.3B 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
196
Value held
$1.3B
New positions
32
Exited positions
19
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 32 (-8 vs prior Q) | 19 (+4 vs prior Q) | 82 (+22 vs prior Q) | 47 (+3 vs prior Q) | +6.3M |
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 |
|---|---|---|---|---|
| MPM BIOIMPACT LLC | $177,207,720 | 9,731,341 | 13.90% | Shares |
| Lynx1 Capital Management LP | $163,225,335 | 8,963,500 | 12.81% | Shares |
| BVF INC/IL | $104,719,937 | 5,750,683 | 8.22% | Shares |
| BlackRock, Inc. | $95,288,670 | 5,232,766 | 7.48% | Shares |
| STATE STREET CORP | $66,805,698 | 3,668,627 | 5.24% | Shares |
| Kynam Capital Management, LP | $56,708,344 | 3,114,132 | 4.45% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $47,602,142 | 2,614,066 | 3.73% | Shares |
| RTW INVESTMENTS, LP | $43,054,759 | 2,364,347 | 3.38% | Shares |
| Siren, L.L.C. | $34,478,996 | 1,893,410 | 2.71% | Shares |
| VANGUARD GROUP INC | $34,139,516 | 3,298,504 | 2.68% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $28,182,326 | 1,547,309 | 2.21% | Shares |
| Blue Owl Capital Holdings LP | $28,039,102 | 1,539,764 | 2.20% | Shares |
| Venrock Adviser, LLC | $25,129,163 | 1,379,965 | 1.97% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $19,714,346 | 1,082,611 | 1.55% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $19,061,499 | 1,046,694 | 1.50% | Shares |
| GOLDMAN SACHS GROUP INC | $18,239,100 | 1,001,598 | 1.43% | Shares |
| Affinity Asset Advisors, LLC | $15,947,590 | 875,760 | 1.25% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $13,452,474 | 738,741 | 1.06% | Shares |
| BOONE CAPITAL MANAGEMENT LLC | $12,827,889 | 704,442 | 1.01% | Shares |
| Elmind Capital, LP | $12,564,900 | 690,000 | 0.99% | Shares |
| MORGAN STANLEY | $11,454,726 | 629,035 | 0.90% | Shares |
| TWIN FOCUS CAPITAL PARTNERS, LLC | $10,843,855 | 595,489 | 0.85% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $10,586,165 | 581,338 | 0.83% | Shares |
| NORTHERN TRUST CORP | $10,399,367 | 571,080 | 0.82% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,293,018 | 510,325 | 0.73% | Shares |
| Nuveen, LLC | $8,594,154 | 471,947 | 0.67% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,450,059 | 464,034 | 0.66% | Shares |
| PERCEPTIVE ADVISORS LLC | $7,766,164 | 426,478 | 0.61% | Shares |
| TCG Crossover Management, LLC | $7,407,573 | 406,786 | 0.58% | Shares |
| CITADEL ADVISORS LLC | $7,238,184 | 397,484 | 0.57% | Shares |
| DEUTSCHE BANK AG\ | $6,971,516 | 382,840 | 0.55% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,612,707 | 363,136 | 0.52% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,304,885 | 346,232 | 0.49% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $5,951,228 | 326,811 | 0.47% | Shares |
| GREAT POINT PARTNERS LLC | $5,463,000 | 300,000 | 0.43% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $5,326,425 | 292,500 | 0.42% | Shares |
| JPMORGAN CHASE & CO | $5,206,063 | 282,631 | 0.41% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,963,700 | 272,581 | 0.39% | Shares |
| Bleichroeder LP | $4,552,500 | 250,000 | 0.36% | Shares |
| UBS Group AG | $4,527,498 | 248,627 | 0.36% | Shares |
| FMR LLC | $4,372,486 | 240,115 | 0.34% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $4,333,980 | 238,000 | 0.34% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,258,263 | 233,842 | 0.33% | Shares |
| PFM Health Sciences, LP | $3,504,369 | 192,442 | 0.27% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $3,458,917 | 189,946 | 0.27% | Shares |
| Bank of New York Mellon Corp | $3,114,469 | 171,031 | 0.24% | Shares |
| Squarepoint Ops LLC | $3,061,411 | 168,117 | 0.24% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,051,177 | 167,555 | 0.24% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,999,478 | 164,716 | 0.24% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,846,533 | 156,317 | 0.22% | Shares |
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 |
|---|---|---|---|---|---|
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 19, 2021 | · | 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 23 insiders · 12 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nadim Ahmed | President and CEO | Feb. 24, 2026 S | 390,803 | 0 | 3 | $-517,990 |
| Owen Hughes | President and CEO | Jan. 12, 2021 P | 506,226 | 0 | 0 | $0 |
| Mary Kay Fenton | Chief Financial Officer | June 30, 2026 A | 127,921 | 0 | 1 | $-59,901 |
| Jeffrey Trigilio | Chief Financial Officer | Feb. 22, 2024 A | 133,919 | 0 | 0 | $0 |
| Jennifer Michaelson | Chief Scientific Officer | Sept. 8, 2026 M | 158,844 | 0 | 18 | $-1,615,830 |
| Jacquelyn L Sumer | Chief Legal Officer | June 30, 2026 A | 130,559 | 0 | 3 | $-136,724 |
| Jeffrey Alan Jones | Chief Medical Officer | Feb. 24, 2026 S | 159,968 | 0 | 3 | $-178,948 |
| Corrine Savill | Chief Business Officer | Feb. 18, 2026 A | 240,990 | 0 | 0 | $0 |
| Patrick Baeuerle | Chief Scientific Officer | Feb. 17, 2023 A | 76,000 | 0 | 0 | $0 |
| Leigh Zawel | Chief Scientific Officer, Small Molecules | Feb. 11, 2022 A | 69,785 | 0 | 0 | $0 |
| Raymond T Keane | Chief Legal Officer | Feb. 11, 2022 A | 24,124 | 0 | 0 | $0 |
| Jon Marc Wigginton | Chief Medical Officer | Jan. 7, 2021 A | · | 0 | 0 | $0 |
| Mittie Doyle | Director | June 16, 2026 A | · | 0 | 0 | $0 |
| David D. Meek | Director | June 16, 2026 A | · | 0 | 0 | $0 |
| Anthony Rosenberg | Director | June 16, 2026 A | · | 0 | 0 | $0 |
| Stephen W Webster | Director | June 16, 2026 A | · | 0 | 0 | $0 |
| Andrew R Allen | Director | June 16, 2026 A | · | 0 | 0 | $0 |
| Mary Thistle | Director | June 16, 2026 A | · | 0 | 0 | $0 |
| David P. Ryan | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Anne-Marie Martin | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Thomas Ebeling | Director | June 10, 2024 M | 186,653 | 0 | 0 | $0 |
| ANSBERT GADICKE | Director | June 22, 2022 A | 7,648,268 | 0 | 0 | $0 |
| Morana Jovan-Embiricos | 10% owner | June 24, 2022 M | 207,803 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 33 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 | 0.81% | 22,687 NS | July 31, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 0.69% | 136,657 SH | Oct. 2, 2026 | Daily |
| IWC · iShares Trust | 0.30% | 205,569 SH | Sept. 11, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.27% | 80,791 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.10% | 114,553 SH | Aug. 19, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.08% | 14,989 SH | Oct. 2, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.08% | 1,104 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.07% | 345,074 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.07% | 53,076 SH | Aug. 19, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.06% | 4,556 SH | Oct. 2, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 98,778 SH | Oct. 2, 2026 | Daily |
| IWM · iShares Trust | 0.04% | 1,560,323 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 28,892 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 348,112 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 188,192 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 621,038 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 113,923 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 17,979 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 2,558 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,236 SH | Sept. 10, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 170,697 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 6,292 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 3,792 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 16,447 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 17,021 SH | Sept. 4, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 72,679 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 17,018 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,929,766 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,664 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 567,459 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 2,054 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 10,177 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 117,043 SH | Sept. 11, 2026 | Daily |
CGEM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 19 analysts
BUY
Median target
$35.00
+125.7%
9 47.4%
Strong Buy
9 47.4%
Buy
1 5.3%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
11 analysts · 2026-10-02Mean target $33.45 +115.7%
← Below all targets
Current price $15.51
Low$23.00
Mean$33.45
High$42.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CGEM | $624M | -3.2 | · | · | -44.0% | · |
| AKTS | · | · | · | · | · | · |
| MGTX | $645M | -5.6 | 144.6% | -140.3% | 8062.2% | · |
| ODTX | · | · | · | · | · | · |
| KURA | $913M | -3.3 | 25.2% | -413.0% | -116.2% | · |
| GLUE | $1.03B | · | 63.5% | -31.2% | -15.4% | · |
| CRVS | $575M | -14.5 | · | · | -21.6% | · |
| RIGL | $784M | 2.2 | 64.1% | 124.7% | 155.1% | · |
| SANA | $1.09B | -4.2 | · | · | -172.3% | · |
| JBIO | $761M | -4.8 | · | · | -47.7% | · |
Latest News Recent headlines mentioning this company
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Source: SEC 10-Q filed Aug 6, 2026