CGEM Cullinan Therapeutics, Inc. - Common Stock
$21.68
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$6–$22
100% of range
Analyst Rating
STRONG BUY
19 analysts
Price Target
$32
+46% upside
P/E (TTM)
-6.8
ROE
-44.0%
Net Profit Margin
—
CGEM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$21.68
Market Cap
$1.31B
P/E (TTM)
-6.8
EPS (TTM)
$-3.69
Revenue (TTM)
—
Div Yield
—
ROE
-44.0%
Debt/Equity
—
52W Range
$6 – $22
CGEM 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
—
2020-12-31
→
2022-12-31
EPS
$-3.69
2021-12-31
→
2023-12-31
Free Cash Flow
$-176M
2022-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CGEM
Peer Median
P/E (TTM)
-6.8
—
P/B
3.2
5.2
Price / FCF
-7.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CGEM
Peer Median
ROA
-41.1%
-44.7%
ROE
-44.0%
-51.5%
ROIC
-59.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CGEM
Peer Median
Current Ratio
10.2
9.5
Quick Ratio
10.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CGEM
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CGEM
Peer Median
CGEM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
19 analysts
- Strong Buy 9 47.4%
- Buy 9 47.4%
- Hold 1 5.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-14
Median
$30.00
Mean
$31.73
← Below all targets
$21.68
Low
$23.00
High
$39.00
Median target
$30.00
+38.4%
Mean target
$31.73
+46.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.81 | $-0.83 | 0.02% |
| March 31, 2026 | $-0.75 | $-0.85 | 0.10% |
| Dec. 31, 2025 | $-0.77 | $-0.83 | 0.06% |
| Sept. 30, 2025 | $-0.77 | $-0.98 | 0.21% |
| June 30, 2025 | $-1.07 | $-0.85 | -0.22% |
| March 31, 2025 | $-0.74 | $-0.82 | 0.08% |
| Dec. 31, 2024 | $-0.73 | $-0.77 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CGEM | $624M | -3.2 | — | — | -44.0% | — |
| JBIO | $761M | -4.8 | — | — | -47.7% | — |
| REPL | $633M | -2.3 | — | — | -146.2% | — |
| MGTX | $645M | -5.6 | 144.6% | -140.3% | 8062.2% | — |
| NVAX | $1.09B | 2.6 | 64.7% | 39.2% | -977.1% | — |
| MNKD | $1.75B | 283.5 | 22.2% | 1.7% | -11.1% | — |
| AKTS | — | — | — | — | — | — |
| GLUE | $1.03B | — | 63.5% | -31.2% | -15.4% | — |
| CRVS | $575M | -14.5 | — | — | -21.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| 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 21
| 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 13
| 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 6
| 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 2
| 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 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.0 | 0.1 | · |
Valuation (TTM) 10
| 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 15
| 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 | -89,752,000 | 45,611,000 | |
| Shares (Diluted) | · | · | · | · | · | · | · | 58,337,000 | 55,052,000 | 43,011,000 | · | 42,734,000 | 39,952,000 | 40,682,000 | -89,784,000 | 45,611,000 | |
| EBITDA | $-57M | $-54M | · | $-56M | $-76M | $-55M | · | $-49M | $-50M | $-43M | · | $-45M | $-38M | $-63M | · | $-30M |
Balance Sheet 20
| 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 12
| 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 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 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 | 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 1
| 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 |
Valuation (TTM) 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income TTM | $-224M | $-219M | · | $-210M | $-201M | $-168M | · | $-159M | $-151M | $-167M | · | $-154M | $60M | $80M | · | $121M | |
| Market Cap | $1.17B | $873M | · | $350M | $445M | $444M | · | $973M | $1.01B | $734M | · | $387M | $460M | $402M | · | $586M | |
| P/E | -5.7 | -4.4 | · | -1.8 | -2.3 | -2.4 | · | -5.2 | -5.2 | -4.2 | · | -2.5 | 10.9 | 6.6 | · | 5.0 | |
| 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 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -19.2 | · | · | · | -7.9 | · | · | |
| Earnings Yield | -17.6% | -22.6% | · | -54.1% | -42.6% | -42.4% | · | -19.2% | -19.1% | -23.5% | · | -40.8% | 9.2% | 15.0% | · | 20.0% |
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 | — | — | — | $0 | $19M |
| Operating Margin % | — | — | — | — | -358.7% |
| Net Income | $-220M | $-167M | $-153M | $111M | $-66M |
| Diluted EPS | — | — | $-3.69 | $2.38 | $-1.52 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-176M | $-145M | $-134M | $-128M | — |
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Institutional owners (13F) 199 filers · $1.1B 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 |
|---|---|---|---|---|
| 39 (-1 vs prior Q) | 19 (+4 vs prior Q) | 73 (+12 vs prior Q) | 47 (+7 vs prior Q) | +7.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| MPM BIOIMPACT LLC | $177,207,720 | 9,731,341 | 16.33% | Shares |
| Lynx1 Capital Management LP | $163,225,335 | 8,963,500 | 15.04% | Shares |
| BVF INC/IL | $104,719,937 | 5,750,683 | 9.65% | Shares |
| STATE STREET CORP | $66,805,698 | 3,668,627 | 6.16% | Shares |
| Kynam Capital Management, LP | $56,708,344 | 3,114,132 | 5.23% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $47,602,142 | 2,614,066 | 4.39% | Shares |
| RTW INVESTMENTS, LP | $43,054,759 | 2,364,347 | 3.97% | Shares |
| Siren, L.L.C. | $34,478,996 | 1,893,410 | 3.18% | Shares |
| Blue Owl Capital Holdings LP | $28,039,102 | 1,539,764 | 2.58% | Shares |
| Venrock Adviser, LLC | $25,129,163 | 1,379,965 | 2.32% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $24,291,232 | 1,333,630 | 2.24% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $19,714,346 | 1,082,611 | 1.82% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $17,886,827 | 982,253 | 1.65% | Shares |
| GOLDMAN SACHS GROUP INC | $17,429,228 | 957,124 | 1.61% | Shares |
| Affinity Asset Advisors, LLC | $15,947,590 | 875,760 | 1.47% | Shares |
| Nextech Invest Ltd. | $13,899,146 | 1,141,145 | 1.28% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $13,452,474 | 738,741 | 1.24% | Shares |
| BOONE CAPITAL MANAGEMENT LLC | $12,827,889 | 704,442 | 1.18% | Shares |
| Elmind Capital, LP | $12,564,900 | 690,000 | 1.16% | Shares |
| TWIN FOCUS CAPITAL PARTNERS, LLC | $10,843,855 | 595,489 | 1.00% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,450,059 | 464,034 | 0.78% | Shares |
| PERCEPTIVE ADVISORS LLC | $7,766,164 | 426,478 | 0.72% | Shares |
| TCG Crossover Management, LLC | $7,407,573 | 406,786 | 0.68% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,294,944 | 400,601 | 0.67% | Shares |
| CITADEL ADVISORS LLC | $7,238,184 | 397,484 | 0.67% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,612,707 | 363,136 | 0.61% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,304,885 | 346,232 | 0.58% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $5,951,228 | 326,811 | 0.55% | Shares |
| GREAT POINT PARTNERS LLC | $5,463,000 | 300,000 | 0.50% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $5,324,385 | 292,388 | 0.49% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,963,700 | 272,581 | 0.46% | Shares |
| Bleichroeder LP | $4,552,500 | 250,000 | 0.42% | Shares |
| FMR LLC | $4,370,036 | 239,980 | 0.40% | Shares |
| JPMORGAN CHASE & CO | $4,357,638 | 236,571 | 0.40% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $4,333,980 | 238,000 | 0.40% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,258,263 | 233,842 | 0.39% | Shares |
| PFM Health Sciences, LP | $3,504,369 | 192,442 | 0.32% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $3,458,917 | 189,946 | 0.32% | Shares |
| Squarepoint Ops LLC | $3,061,411 | 168,117 | 0.28% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,846,533 | 156,317 | 0.26% | Shares |
| Engineers Gate Manager LP | $2,787,041 | 153,050 | 0.26% | Shares |
| Trexquant Investment LP | $2,770,888 | 152,163 | 0.26% | Shares |
| BARCLAYS PLC | $2,555,756 | 140,349 | 0.24% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,266,326 | 124,455 | 0.21% | Shares |
| CITIGROUP INC | $2,201,917 | 120,918 | 0.20% | Shares |
| UBS Group AG | $2,023,350 | 111,112 | 0.19% | Shares |
| Quantinno Capital Management LP | $2,000,842 | 109,876 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,576,986 | 86,600 | 0.15% | Call option |
| Y-Intercept (Hong Kong) Ltd | $1,468,600 | 80,648 | 0.14% | Shares |
| TD Asset Management Inc | $1,468,236 | 80,628 | 0.14% | Shares |
| Apis Capital Advisors, LLC | $1,456,800 | 80,000 | 0.13% | Shares |
| RHUMBLINE ADVISERS | $1,437,306 | 78,930 | 0.13% | Shares |
| XTX Topco Ltd | $1,401,533 | 76,965 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,396,907 | 76,711 | 0.13% | Shares |
| Swiss National Bank | $1,383,960 | 76,000 | 0.13% | Shares |
| Point72 Asset Management, L.P. | $1,365,914 | 75,009 | 0.13% | Shares |
| Mariner, LLC | $1,352,532 | 74,273 | 0.12% | Shares |
| TWO SIGMA ADVISERS, LP | $1,343,523 | 129,809 | 0.12% | Shares |
| Cubist Systematic Strategies, LLC | $1,318,345 | 222,318 | 0.12% | Shares |
| Knott David M Jr | $1,259,804 | 69,182 | 0.12% | Shares |
| Rafferty Asset Management, LLC | $1,203,535 | 66,092 | 0.11% | Shares |
| MARSHALL WACE, LLP | $1,202,789 | 66,051 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $1,187,292 | 65,200 | 0.11% | Put option |
| Longaeva Partners L.P. | $1,179,735 | 64,785 | 0.11% | Shares |
| Bank of New York Mellon Corp | $1,158,921 | 63,642 | 0.11% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $1,127,891 | 61,938 | 0.10% | Shares |
| Assenagon Asset Management S.A. | $1,123,229 | 61,682 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,069,303 | 75,250 | 0.10% | Shares |
| Corient Private Wealth LP | $970,267 | 53,282 | 0.09% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $965,312 | 53,010 | 0.09% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $948,941 | 52,111 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $919,605 | 50,500 | 0.08% | Call option |
| Soleus Capital Management, L.P. | $910,500 | 50,000 | 0.08% | Shares |
| BlackRock, Inc. | $730,512 | 40,116 | 0.07% | Shares |
| ALGERT GLOBAL LLC | $671,057 | 36,851 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $669,709 | 36,777 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $668,307 | 36,700 | 0.06% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $655,560 | 36,000 | 0.06% | Put option |
| Fisher Asset Management, LLC | $655,523 | 35,998 | 0.06% | Shares |
| MetLife Investment Management, LLC | $650,935 | 35,746 | 0.06% | Shares |
| IEQ CAPITAL, LLC | $614,041 | 33,720 | 0.06% | Shares |
| PROFUND ADVISORS LLC | $608,269 | 33,403 | 0.06% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $585,215 | 32,137 | 0.05% | Shares |
| Leonteq Securities AG | $546,300 | 30,000 | 0.05% | Shares |
| Verdad Advisers, LP | $527,853 | 28,987 | 0.05% | Shares |
| ExodusPoint Capital Management, LP | $519,659 | 28,537 | 0.05% | Shares |
| JANE STREET GROUP, LLC | $508,059 | 27,900 | 0.05% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $475,099 | 26,090 | 0.04% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $444,251 | 24,396 | 0.04% | Shares |
| Invesco Ltd. | $438,060 | 24,056 | 0.04% | Shares |
| Virtus Investment Advisers, LLC | $434,909 | 23,883 | 0.04% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $431,941 | 30,397 | 0.04% | Shares |
| TUDOR INVESTMENT CORP ET AL | $410,053 | 22,518 | 0.04% | Shares |
| Optimize Financial Inc | $400,125 | 28,158 | 0.04% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $399,200 | 21,922 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $386,380 | 21,218 | 0.04% | Shares |
| TEMA ETFS LLC | $382,577 | 36,964 | 0.04% | Shares |
| AlphaCentric Advisors LLC | $371,957 | 20,426 | 0.03% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $370,537 | 20,348 | 0.03% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $365,111 | 20,050 | 0.03% | Shares |
Company insiders 23 insiders · 11 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 |
| 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 |
| Jennifer Michaelson | — | Aug. 13, 2026 M | 162,844 | 0 | 17 | $-1,443,270 |
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 |
|---|---|---|---|---|---|
| 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.
ETF ownership Held by 44 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% | 23,153 NS | April 30, 2026 | N-PORT |
| CANC · Tema ETF Trust | 0.59% | 62,826 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.19% | 74,789 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.08% | 133,270 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.05% | 2,185 NS | May 31, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.05% | 941 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 2,539 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 23,373 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 201,369 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 246,130 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 1,986 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 2,013 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.01% | 5,216 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 14,784 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 37,131 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 163,462 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 1,440 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,794 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 50 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 6,292 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 15,101 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 16,447 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 30,330 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 7,488 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IBB · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 20, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | — | — | July 13, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| ISCV · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| SMLF · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| WSML · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | — | — | July 20, 2026 | Daily |