CGON CG Oncology, Inc. - Common stock
$78.49
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$25–$79
98% of range
Analyst Rating
BUY
21 analysts
Price Target
$91
+16% upside
P/E (TTM)
-37.7
ROE
-22.6%
Net Profit Margin
-3985.0%
CGON Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$78.48
Market Cap
$6.33B
P/E (TTM)
-37.7
EPS (TTM)
$-2.08
Revenue (TTM)
$4M
Div Yield
—
ROE
-22.6%
Debt/Equity
0.0
52W Range
$25 – $79
CGON 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
$4M
2023-12-31
→
2025-12-31
EPS
$-2.08
2023-12-31
→
2025-12-31
Free Cash Flow
$-132M
2024-12-31
→
2025-12-31
Margins
-3985.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CGON
Peer Median
P/E (TTM)
-37.7
16.0
P/S (TTM)
1567.5
47.5
P/B
8.4
8.5
EV / EBITDA
-29.5
—
Price / FCF
-47.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CGON
Peer Median
Operating Margin
-4722.1%
—
Net Profit Margin
-3985.0%
-140.2%
ROA
-20.8%
-45.0%
ROE
-22.6%
-86.5%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CGON
Peer Median
Debt / Equity
0.0
0.0
Current Ratio
24.6
5.8
Quick Ratio
24.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CGON
Peer Median
Revenue YoY
254.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CGON
Peer Median
CGON Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
21 analysts
- Strong Buy 5 23.8%
- Buy 14 66.7%
- Hold 2 9.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-16
Median
$90.00
← Below all targets
$78.48
Low
$79.00
High
$108.00
Median target
$90.00
+14.7%
Mean target
$91.08
+16.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.90 | $-0.68 | -0.22% |
| March 31, 2026 | $-0.71 | $-0.58 | -0.13% |
| Dec. 31, 2025 | $-0.53 | $-0.63 | 0.10% |
| Sept. 30, 2025 | $-0.57 | $-0.57 | 0.00% |
| June 30, 2025 | $-0.54 | $-0.47 | -0.07% |
| March 31, 2025 | $-0.45 | $-0.41 | -0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CGON | $3.35B | -20.0 | 254.7% | -3985.0% | -22.6% | — |
| RYTM | $7.19B | -34.4 | 45.8% | -103.6% | -309.1% | — |
| TGTX | $4.63B | 10.8 | 87.3% | 72.6% | 96.7% | — |
| ORKA | $1.48B | -3.3 | — | — | -25.9% | — |
| SRRK | $4.78B | -13.4 | — | — | -157.9% | — |
| MIRM | $4.10B | -168.1 | 54.7% | -4.5% | -8.2% | — |
| COGT | $5.72B | -16.4 | — | — | -83.1% | — |
| DNTH | $1.78B | -9.8 | -67.3% | -7973.3% | -40.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $4M | $1M | $204.0K | |
| R&D Expense | $117M | $82M | $46M | |
| SG&A Expense | $74M | $34M | $10M | |
| Operating Expenses | · | $116M | $56M | |
| Operating Income | $-191M | $-115M | $-55M | |
| Interest Income | $30M | $27M | $7M | |
| Other Non-op | $-152.0K | $3.0K | $-62.0K | |
| Income Tax | $-270.0K | $1.0K | $1.0K | |
| Net Income | $-161M | $-88M | $-49M | |
| EPS (Basic) | $-2.08 | $-1.41 | $-15.65 | |
| EPS (Diluted) | $-2.08 | $-1.41 | $-15.65 | |
| Shares (Basic) | 77,303,440 | 62,496,725 | 4,330,933 | |
| Shares (Diluted) | 77,303,440 | 62,496,725 | 4,330,933 | |
| EBITDA | $-189M | $-115M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $32M | $257M | $8M | |
| Short-term Investments | $710M | $485M | $179M | |
| Receivables | $688.0K | $0 | · | |
| Inventory | $2M | $0 | · | |
| Prepaid Expense | $15M | $12M | $6M | |
| Current Assets | $759M | $754M | $194M | |
| PP&E (Net) | $16M | $272.0K | $69.0K | |
| PP&E (Gross) | $17M | $359.0K | · | |
| Accum. Depreciation | $1M | $87.0K | · | |
| Goodwill | $10M | $0 | · | |
| Intangibles | $575.0K | $0 | · | |
| Other Non-current Assets | $2M | $94.0K | $19.0K | |
| Total Assets | $792M | $755M | $199M | |
| Accounts Payable | $6M | $7M | $3M | |
| Current Liabilities | $31M | $21M | $14M | |
| Capital Leases | $3M | $52.0K | $244.0K | |
| Other Non-current Liabilities | $2M | $0 | · | |
| Total Liabilities | $39M | $21M | $15M | |
| Total Debt | $3M | · | · | |
| Common Stock | $8.0K | $8.0K | · | |
| Paid-in Capital | $1.13B | $951M | $7M | |
| Retained Earnings | $-379M | $-218M | $-130M | |
| Stockholders' Equity | $753M | $733M | $-123M | |
| Liabilities + Equity | $792M | $755M | $199M | |
| Shares Outstanding | 80,689,128 | 76,154,783 | 5,222,283 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $1M | $32.0K | $17.0K | |
| Stock-based Comp | $27M | $11M | $2M | |
| Deferred Tax | $-278.0K | · | · | |
| Other Non-cash | $806.0K | $-2M | · | |
| Operating Cash Flow | $-132M | $-79M | $-46M | |
| CapEx | $134.0K | $234.0K | · | |
| Investing Cash Flow | $-246M | $-301M | $-121M | |
| Stock Issued | $147M | $223M | · | |
| Net Stock Activity | $147M | $223M | · | |
| Financing Cash Flow | $154M | $628M | $87M | |
| Net Change in Cash | $-225M | $249M | $-80M | |
| Taxes Paid | $16.0K | · | · | |
| Free Cash Flow | $-132M | $-79M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating Margin | -4722.1% | -10067.2% | · | |
| Net Margin | -3985.0% | -7729.5% | · | |
| EBITDA Margin | -4686.4% | -10064.4% | · | |
| ROA | -20.8% | -18.4% | · | |
| ROE | -22.6% | -13.9% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 24.6 | 35.3 | · | |
| Quick Ratio | 24.1 | 34.7 | · | |
| Debt / Equity | 0.0 | · | · | |
| LT Debt / Equity | 0.0 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | |
| Receivables Turnover | 11.7 | · | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 254.7% | 458.3% | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $4M | $1M | $204.0K | |
| Net Income TTM | $-161M | $-88M | $-49M | |
| Market Cap | $3.35B | $2.18B | · | |
| Enterprise Value | $2.61B | · | · | |
| P/E | -20.0 | -20.3 | · | |
| P/S | 829.3 | 1917.6 | · | |
| P/B | 4.5 | 3.0 | · | |
| P / Tangible Book | 4.5 | 3.0 | · | |
| P / Cash Flow | -25.3 | -27.7 | · | |
| P / FCF | -25.3 | -27.7 | · | |
| EV / EBITDA | -13.8 | · | · | |
| EV / FCF | -19.7 | · | · | |
| EV / Revenue | 646.3 | · | · | |
| Earnings Yield | -5.0% | -4.9% | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1M | $1M | $2M | $2M | $0 | $52.0K | $456.0K | $43.0K | $111.0K | $529.0K | $1.0K | $9.0K | $0 | $194.0K | |
| R&D Expense | $55M | $44M | $30M | $28M | $31M | $27M | $27M | $20M | $18M | $17M | $16M | $12M | $10M | $8M | |
| SG&A Expense | $29M | $21M | $18M | $23M | $17M | $15M | $12M | $9M | $7M | $6M | $3M | $2M | $2M | $2M | |
| Operating Expenses | · | · | · | · | $49M | $42M | · | $28M | $26M | $23M | · | $14M | $12M | $10M | |
| Operating Income | $-86M | $-66M | $-49M | $-51M | $-49M | $-42M | $-38M | $-28M | $-26M | $-22M | $-19M | $-14M | $-12M | $-10M | |
| Interest Income | $7M | $6M | $7M | $7M | $7M | $8M | $6M | $8M | $7M | $6M | $3M | $2M | $771.0K | $1M | |
| Other Non-op | $16.0K | $-101.0K | $-53.0K | $-100.0K | $-4.0K | $5.0K | $6.0K | $-2.0K | $8.0K | $-9.0K | $-4.0K | $-8.0K | $-58.0K | $8.0K | |
| Net Income | $-79M | $-60M | $-41M | $-44M | $-41M | $-34M | $-32M | $-20M | $-19M | $-17M | $-17M | $-12M | $-12M | $-9M | |
| EPS (Basic) | $-0.90 | $-0.71 | $-0.52 | $-0.57 | $-0.54 | $-0.45 | $-0.47 | $-0.30 | $-0.28 | $-0.36 | $-4.50 | $-4.00 | $-3.93 | $-3.22 | |
| EPS (Diluted) | $-0.90 | $-0.71 | $-0.52 | $-0.57 | $-0.54 | $-0.45 | $-0.47 | $-0.30 | $-0.28 | $-0.36 | $-4.50 | $-4.00 | $-3.93 | $-3.22 | |
| Shares (Basic) | 88,200,023 | 84,518,512 | -151,840,736 | 76,729,726 | 76,226,829 | 76,187,621 | -118,361,230 | 67,143,744 | 66,649,443 | 47,064,768 | -7,826,090 | 4,383,131 | 3,918,509 | 3,855,383 | |
| Shares (Diluted) | 88,200,023 | 84,518,512 | -151,840,736 | 76,729,726 | 76,226,829 | 76,187,621 | -118,361,230 | 67,143,744 | 66,649,443 | 47,064,768 | -7,826,090 | 4,383,131 | 3,918,509 | 3,855,383 | |
| EBITDA | $-86M | $-66M | · | $-51M | $-49M | $-42M | · | $-28M | $-26M | $-22M | · | · | · | · |
Balance Sheet 25
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20M | $34M | $32M | $45M | $15M | $41M | $257M | $43M | $25M | $77M | · | · | · | · | |
| Short-term Investments | $1.01B | $1.04B | $710M | $635M | $646M | $647M | $485M | $497M | $528M | $489M | · | · | · | · | |
| Receivables | $417.0K | $1M | $688.0K | $515.0K | · | · | $0 | · | · | · | · | · | · | · | |
| Inventory | $1M | $1M | $2M | $2M | · | · | $0 | · | · | · | · | · | · | · | |
| Prepaid Expense | $20M | $23M | $15M | $14M | $11M | $12M | $12M | $11M | $11M | $12M | · | · | · | · | |
| Current Assets | $1.05B | $1.10B | $759M | $696M | $673M | $701M | $754M | $552M | $564M | $579M | · | · | · | · | |
| PP&E (Net) | $15M | $15M | $16M | $15M | $253.0K | $264.0K | $272.0K | $63.0K | $84.0K | $77.0K | · | · | · | · | |
| PP&E (Gross) | $18M | $17M | $17M | $16M | · | · | $359.0K | · | · | · | · | · | · | · | |
| Accum. Depreciation | $3M | $2M | $1M | $623.0K | · | · | $87.0K | · | · | · | · | · | · | · | |
| Goodwill | $10M | $10M | $10M | $13M | · | · | $0 | · | · | · | · | · | · | · | |
| Intangibles | $545.0K | $560.0K | $575.0K | $2M | · | · | $0 | · | · | · | · | · | · | · | |
| Other Non-current Assets | $5M | $3M | $2M | $114.0K | $522.0K | $516.0K | $94.0K | $53.0K | $53.0K | $53.0K | · | · | · | · | |
| Total Assets | $1.09B | $1.14B | $792M | $730M | $701M | $728M | $755M | $552M | $564M | $579M | · | · | · | · | |
| Accounts Payable | $13M | $8M | $6M | $9M | $7M | $7M | $7M | $4M | $4M | $5M | · | · | · | · | |
| Current Liabilities | $47M | $35M | $31M | $31M | $30M | $23M | $21M | $16M | $12M | $10M | · | · | · | · | |
| Capital Leases | $5M | $4M | $3M | $3M | $706.0K | $781.0K | $52.0K | $71.0K | $118.0K | $184.0K | · | · | · | · | |
| Other Non-current Liabilities | $1M | $1M | $2M | $4M | · | · | $0 | · | · | · | · | · | · | · | |
| Total Liabilities | $57M | $43M | $39M | $42M | $31M | $23M | $21M | $16M | $12M | $10M | · | · | · | · | |
| Total Debt | $3M | $3M | · | $3M | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $9.0K | $9.0K | $8.0K | $8.0K | $8.0K | $8.0K | $8.0K | $7.0K | $7.0K | $7.0K | · | · | · | · | |
| Paid-in Capital | $1.55B | $1.53B | $1.13B | $1.03B | $964M | $957M | $951M | $723M | $718M | $716M | · | · | · | · | |
| Retained Earnings | $-518M | $-439M | $-379M | $-338M | $-294M | $-252M | $-218M | $-186M | $-166M | $-147M | · | · | · | · | |
| Stockholders' Equity | $1.03B | $1.09B | $753M | $688M | $670M | $705M | $733M | $537M | $552M | $569M | $-123M | · | · | · | |
| Liabilities + Equity | $1.09B | $1.14B | $792M | $730M | $701M | $728M | $755M | $552M | $564M | $579M | · | · | · | · | |
| Shares Outstanding | 88,306,390 | 88,007,761 | 80,689,128 | 78,277,452 | 76,231,859 | 76,221,289 | 76,154,783 | 67,537,858 | 66,659,852 | 66,636,252 | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $850.0K | $841.0K | $849.0K | $416.0K | $156.0K | $24.0K | $0 | $21.0K | $7.0K | $4.0K | $4.0K | $5.0K | $4.0K | $4.0K | |
| Stock-based Comp | $14M | $6M | $7M | $7M | $7M | $5M | $5M | $3M | $2M | $2M | $778.0K | $394.0K | $177.0K | $179.0K | |
| Other Non-cash | · | $-4M | · | · | · | $0 | · | · | · | $-11M | · | · | · | · | |
| Operating Cash Flow | $-46M | $-57M | $-36M | $-39M | $-28M | $-29M | $-21M | $-16M | $-16M | $-26M | $-15M | $-12M | $-11M | $-8M | |
| CapEx | $468.0K | $304.0K | $7.0K | $97.0K | $14.0K | $16.0K | $209.0K | $-1.0K | $14.0K | $12.0K | · | · | · | · | |
| Investing Cash Flow | $30M | $-335M | $-76M | $15M | $1M | $-187M | $11M | $32M | $-36M | $-307M | $16M | $-161M | $103M | $-79M | |
| Stock Issued | $0 | $392M | $98M | · | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $392M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $2M | $393M | $99M | $54M | $-296.0K | $450.0K | $223M | $2M | $40.0K | $403M | $-3M | $106M | $-15M | $-765.0K | |
| Net Change in Cash | $-14M | $1M | $-13M | $31M | $-27M | $-216M | $214M | $18M | $-52M | $69M | $-2M | $-68M | $77M | $-87M | |
| Taxes Paid | · | · | $0 | $5.0K | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-57M | · | · | · | $-29M | · | · | · | $-26M | · | · | · | · |
Profitability 5
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -7467.7% | -6130.1% | · | -3069.0% | · | -81161.5% | · | -65802.3% | -23291.0% | -4247.4% | · | · | · | · | |
| Net Margin | -6832.8% | -5558.8% | · | -2629.5% | · | -66253.9% | · | -47453.5% | -17028.8% | -3200.8% | · | · | · | · | |
| EBITDA Margin | -7467.7% | -6052.5% | · | -3069.0% | · | -81115.4% | · | -65802.3% | -23291.0% | -4246.7% | · | · | · | · | |
| ROA | -8.8% | -6.5% | · | -6.8% | -6.6% | -5.3% | · | -7.4% | -6.7% | -5.9% | · | · | · | · | |
| ROE | -9.3% | -6.7% | · | -7.2% | -6.8% | -5.4% | · | -7.6% | -6.8% | -5.9% | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.2 | 31.3 | · | 22.8 | 22.2 | 31.0 | · | 35.3 | 47.6 | 58.0 | · | · | · | · | |
| Quick Ratio | 21.8 | 30.6 | · | 22.3 | 21.8 | 30.4 | · | 34.6 | 46.6 | 56.7 | · | · | · | · | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | · | · | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.0 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | · | |
| Receivables Turnover | 5.5 | 1.7 | · | 6.5 | · | · | · | · | · | · | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4M | $3M | · | $2M | $206.0K | $735.0K | · | $692.0K | $649.0K | $732.0K | · | · | · | · | |
| Net Income TTM | $-224M | $-180M | · | $-140M | $-115M | $-91M | · | $-68M | $-59M | $-49M | · | · | · | · | |
| Market Cap | $6.27B | $5.96B | · | $3.15B | $1.98B | $1.87B | · | $2.55B | $2.10B | $2.93B | · | · | · | · | |
| Enterprise Value | $5.25B | $4.88B | · | $2.48B | · | · | · | · | · | · | · | · | · | · | |
| P/E | -26.1 | -29.8 | · | -21.7 | -16.6 | -17.6 | · | -7.6 | -3.7 | -3.8 | · | · | · | · | |
| P/S | 1606.3 | 2126.5 | · | 1790.5 | 9621.5 | 2539.7 | · | 3682.4 | 3242.6 | 3996.4 | · | · | · | · | |
| P/B | 6.1 | 5.5 | · | 4.6 | 3.0 | 2.6 | · | 4.7 | 3.8 | 5.1 | · | · | · | · | |
| P / Tangible Book | 6.2 | 5.5 | · | 4.7 | 3.0 | 2.6 | · | 4.7 | 3.8 | 5.1 | · | · | · | · | |
| P / Cash Flow | · | -104.6 | · | · | · | -63.8 | · | · | · | -112.5 | · | · | · | · | |
| P / FCF | · | -104.0 | · | · | · | -63.7 | · | · | · | -112.4 | · | · | · | · | |
| EV / EBITDA | -60.8 | -74.5 | · | -48.4 | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -85.3 | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 1343.8 | 1743.3 | · | 1405.9 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -3.8% | -3.4% | · | -4.6% | -6.0% | -5.7% | · | -13.1% | -27.2% | -26.2% | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | $4M | $1M | $204.0K |
| Operating Margin % | -4722.1% | -10067.2% | — |
| Net Income | $-161M | $-88M | $-49M |
| Diluted EPS | $-2.08 | $-1.41 | $-15.65 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Debt / Equity | 0.0 | — | — |
| Current Ratio | 24.6 | 35.3 | — |
| Quick Ratio | 24.1 | 34.7 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Free Cash Flow | $-132M | $-79M | — |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 251 filers · $5.0B 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 |
|---|---|---|---|---|
| 48 (-22 vs prior Q) | 36 (+15 vs prior Q) | 89 (+10 vs prior Q) | 69 (+5 vs prior Q) | +8.2M |
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 |
|---|---|---|---|---|
| RTW INVESTMENTS, LP | $604,961,620 | 8,514,590 | 12.14% | Shares |
| Decheng Capital LLC | $452,707,083 | 6,371,669 | 9.09% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $328,192,952 | 4,619,183 | 6.59% | Shares |
| TCG Crossover Management, LLC | $260,768,136 | 3,670,206 | 5.23% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $246,202,247 | 3,465,197 | 4.94% | Shares |
| STATE STREET CORP | $244,240,770 | 3,437,590 | 4.90% | Shares |
| FMR LLC | $239,485,890 | 3,370,667 | 4.81% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $235,658,143 | 3,316,793 | 4.73% | Shares |
| Foresite Capital Management VI LLC | $168,358,233 | 2,369,574 | 3.38% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $133,495,712 | 1,878,497 | 2.68% | Shares |
| Caption Management, LLC | $126,412,160 | 1,779,200 | 2.54% | Call option |
| EcoR1 Capital, LLC | $106,170,015 | 1,494,300 | 2.13% | Shares |
| DV Trading LLC | $102,268,873 | 1,439,393 | 2.05% | Shares |
| Avidity Partners Management LP | $99,395,255 | 1,398,948 | 2.00% | Shares |
| ALLIANCEBERNSTEIN L.P. | $93,002,404 | 1,374,149 | 1.87% | Shares |
| Caption Management, LLC | $84,918,960 | 1,195,200 | 1.70% | Put option |
| ACORN CAPITAL ADVISORS, LLC | $80,393,115 | 1,131,500 | 1.61% | Shares |
| Foresite Capital Management V, LLC | $76,666,503 | 1,079,050 | 1.54% | Shares |
| Logos Global Management LP | $71,050,000 | 1,000,000 | 1.43% | Shares |
| ORBIMED ADVISORS LLC | $69,117,440 | 972,800 | 1.39% | Shares |
| Jefferies Financial Group Inc. | $54,704,734 | 769,947 | 1.10% | Shares |
| Clearbridge Investments, LLC | $52,274,048 | 735,736 | 1.05% | Shares |
| AMERICAN CENTURY COMPANIES INC | $51,593,416 | 726,154 | 1.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $46,196,710 | 650,200 | 0.93% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $44,561,494 | 627,185 | 0.89% | Shares |
| EcoR1 Capital, LLC | $39,894,575 | 561,500 | 0.80% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $38,245,433 | 538,289 | 0.77% | Shares |
| Bellevue Group AG | $35,069,996 | 493,596 | 0.70% | Shares |
| Woodline Partners LP | $35,019,906 | 492,891 | 0.70% | Shares |
| GOLDMAN SACHS GROUP INC | $34,928,322 | 491,602 | 0.70% | Shares |
| Caption Management, LLC | $34,420,954 | 484,461 | 0.69% | Shares |
| Candriam S.C.A. | $33,302,456 | 469,170 | 0.67% | Shares |
| Fisher Asset Management, LLC | $32,468,286 | 456,978 | 0.65% | Shares |
| BANK OF AMERICA CORP /DE/ | $31,761,908 | 447,036 | 0.64% | Shares |
| Seven Fleet Capital Management LP | $31,748,195 | 446,843 | 0.64% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $29,735,064 | 418,509 | 0.60% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $28,420,000 | 400,000 | 0.57% | Call option |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $27,742,041 | 390,458 | 0.56% | Shares |
| Ensign Peak Advisors, Inc | $27,037,793 | 380,546 | 0.54% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $26,286,286 | 369,839 | 0.53% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $21,611,065 | 304,167 | 0.43% | Shares |
| TORONTO DOMINION BANK | $20,436,254 | 287,632 | 0.41% | Shares |
| Pictet Asset Management Holding SA | $18,121,942 | 255,059 | 0.36% | Shares |
| TimesSquare Capital Management, LLC | $17,170,957 | 253,708 | 0.34% | Shares |
| JENNISON ASSOCIATES LLC | $16,641,899 | 234,228 | 0.33% | Shares |
| FIRST TRUST ADVISORS LP | $16,591,382 | 233,517 | 0.33% | Shares |
| AMERIPRISE FINANCIAL INC | $13,212,669 | 185,963 | 0.27% | Shares |
| TD Asset Management Inc | $13,055,864 | 183,756 | 0.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,559,835 | 162,700 | 0.23% | Put option |
| STEMPOINT CAPITAL LP | $11,321,746 | 159,349 | 0.23% | Shares |
| ArrowMark Colorado Holdings LLC | $11,037,902 | 155,354 | 0.22% | Shares |
| MORGAN STANLEY | $10,969,981 | 154,398 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $10,600,660 | 149,200 | 0.21% | Call option |
| CITIGROUP INC | $9,305,134 | 130,966 | 0.19% | Shares |
| PFM Health Sciences, LP | $9,114,720 | 128,286 | 0.18% | Shares |
| LMR Partners LLP | $8,803,095 | 123,900 | 0.18% | Call option |
| ADAR1 Capital Management, LLC | $8,431,077 | 118,664 | 0.17% | Shares |
| BARCLAYS PLC | $8,083,643 | 113,774 | 0.16% | Shares |
| Swiss National Bank | $7,225,785 | 101,700 | 0.15% | Shares |
| Bank of New York Mellon Corp | $6,582,285 | 92,643 | 0.13% | Shares |
| JANE STREET GROUP, LLC | $6,557,915 | 92,300 | 0.13% | Call option |
| RHUMBLINE ADVISERS | $6,454,809 | 90,849 | 0.13% | Shares |
| ALPS ADVISORS INC | $6,338,939 | 89,218 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5,766,205 | 81,157 | 0.12% | Shares |
| JPMORGAN CHASE & CO | $5,635,921 | 73,802 | 0.11% | Shares |
| BlackRock, Inc. | $5,022,667 | 70,692 | 0.10% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $4,537,752 | 63,867 | 0.09% | Shares |
| Alyeska Investment Group, L.P. | $4,385,845 | 61,729 | 0.09% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $3,881,604 | 54,632 | 0.08% | Shares |
| Man Group plc | $3,683,871 | 51,849 | 0.07% | Shares |
| Rafferty Asset Management, LLC | $3,571,186 | 50,263 | 0.07% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,485,452 | 51,499 | 0.07% | Shares |
| ALGERT GLOBAL LLC | $3,317,324 | 46,690 | 0.07% | Shares |
| DEUTSCHE BANK AG\ | $3,189,363 | 44,889 | 0.06% | Shares |
| Polar Capital Holdings Plc | $3,089,467 | 43,483 | 0.06% | Shares |
| MetLife Investment Management, LLC | $3,057,068 | 43,027 | 0.06% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,971,809 | 41,827 | 0.06% | Shares |
| Balyasny Asset Management L.P. | $2,935,147 | 41,311 | 0.06% | Shares |
| D. E. Shaw & Co., Inc. | $2,827,790 | 39,800 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $2,763,916 | 38,901 | 0.06% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,703,808 | 38,055 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,522,914 | 35,509 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $2,347,066 | 33,034 | 0.05% | Shares |
| Lynx1 Capital Management LP | $2,230,331 | 31,391 | 0.04% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,110,816 | 28,629 | 0.04% | Shares |
| Invesco Ltd. | $2,075,015 | 29,205 | 0.04% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,933,697 | 27,216 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,847,016 | 25,996 | 0.04% | Shares |
| DLD Asset Management, LP | $1,846,780 | 26,000 | 0.04% | Put option |
| PROFUND ADVISORS LLC | $1,845,311 | 25,972 | 0.04% | Shares |
| Sicart Associates LLC | $1,776,250 | 25,000 | 0.04% | Shares |
| UBS Group AG | $1,769,856 | 24,910 | 0.04% | Shares |
| Cubist Systematic Strategies, LLC | $1,734,739 | 43,067 | 0.03% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,659,302 | 23,354 | 0.03% | Shares |
| AlphaQuest LLC | $1,614,879 | 38,894 | 0.03% | Shares |
| WESBANCO BANK INC | $1,584,415 | 22,300 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $1,546,545 | 21,767 | 0.03% | Shares |
| TEMA ETFS LLC | $1,497,087 | 36,057 | 0.03% | Shares |
| GUGGENHEIM CAPITAL LLC | $1,489,492 | 20,964 | 0.03% | Shares |
| Knights of Columbus Asset Advisors LLC | $1,482,813 | 20,870 | 0.03% | Shares |
Company insiders 13 insiders · 6 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Arthur Kuan | Chief Executive Officer | April 15, 2026 A | — | 0 | 0 | $0 |
| James M. Detore | Chief Financial Officer | April 15, 2026 A | — | 0 | 0 | $0 |
| Corleen M. Roche | CFO | April 15, 2025 A | 2,000 | 0 | 0 | $0 |
| Ambaw Bellete | President and COO | April 15, 2026 A | — | 0 | 0 | $0 |
| Vijay Kasturi | Chief Medical Officer | April 15, 2026 A | 1,315 | 0 | 0 | $0 |
| Joshua F. Patterson | General Counsel and Chief Compliance Officer | April 15, 2026 A | — | 0 | 0 | $0 |
| Leonard E Post | Director | Aug. 14, 2026 M | 0 | 0 | 10 | $-1,223,440 |
| James Mulay | Director | July 10, 2026 M | 0 | 0 | 16 | $-6,279,033 |
| Brian Guan-Chyun Liu | Director | June 25, 2026 P | 1,886,236 | 2 | 0 | $74,814,437 |
| Victor Edward Tong Jr | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Christina Rossi | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Susan E Graf | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Hong Fang Song | Director | June 5, 2025 A | 3,703,931 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Seven Fleet Master Fund LP, Seven Fleet Capital Management LP, Seven Fleet Capital Management GP LLC, Brian Liu | Oct. 28, 2025 | 2.00% | Amendment | — | SEC |
| Seven Fleet Partners LP, Seven Fleet Advisors LLC, Brian Liu | Sept. 18, 2025 | 2.00% | Initial filing | Passive investment | SEC |
| Longitude Capital Partners IV, LLC, Longitude Venture Partners IV, L.P., Longitude Prime Partners, LLC, Longitude Prime Fund, L.P., Patrick G. Enright, Juliet Tammenoms Bakker | Sept. 18, 2025 | 6.00% | 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 58 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 |
|---|---|---|---|---|
| SBIO · ALPS ETF Trust | 3.35% | 87,032 NS | May 31, 2026 | N-PORT |
| CANC · Tema ETF Trust | 2.43% | 68,702 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 1.21% | 6,741 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.94% | 73,170 NS | April 30, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 0.78% | 1,304 NS | April 30, 2026 | N-PORT |
| GDOC · Goldman Sachs ETF Trust | 0.75% | 2,432 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.65% | 50,655 NS | April 30, 2026 | N-PORT |
| AGNG · Global X Funds | 0.37% | 4,873 NS | May 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.34% | 67,215 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.34% | 14,965 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.26% | 3,123 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.25% | 979 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.25% | 2,118 NS | May 31, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.23% | 44,165 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.21% | 22,855 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.19% | 13,927 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.17% | 2,055 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.12% | 25,575 NS | April 30, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.09% | 2,159 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.09% | 2,784 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.09% | 329,010 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.06% | 91 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.05% | 2,173 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 7,511 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.05% | 19,705 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.04% | 83,362 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.04% | 2,203 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 2,328 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.02% | 55 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 21,265 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 4,156 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 58,331 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 2,592 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 13,756 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 39,404 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 7,388 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBR · 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 |
| VTWG · 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 |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IBB · iShares Trust | — | — | Aug. 18, 2026 | Daily |