CMPS COMPASS Pathways Plc - American Depository Shares
$13.61
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$4–$15
84% of range
Analyst Rating
BUY
24 analysts
Price Target
$24
+75% upside
P/E (TTM)
-4.4
ROE
-524.8%
Net Profit Margin
—
About COMPASS Pathways Plc - American Depository Shares Company overview from Wikipedia
Compass Pathways, or COMPASS Pathways, is a British pharmaceutical company developing psychedelics as potential medicines. Its main drug candidate, psilocybin (COMP360), has completed phase 3 clinical trials for treatment-resistant depression. The results showed clear benefit to participants as measured on the MADRS depression rating scale. This candidate has received breakthrough therapy status from the U.S. Food and Drug Administration (FDA). It is the most advanced psychedelic drug candidate in development besides Lykos Therapeutics's midomafetamine (MDMA).
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Compass Pathways, or COMPASS Pathways, is a British pharmaceutical company developing psychedelics as potential medicines. Its main drug candidate, psilocybin (COMP360), has completed phase 3 clinical trials for treatment-resistant depression. The results showed clear benefit to participants as measured on the MADRS depression rating scale. This candidate has received breakthrough therapy status from the U.S. Food and Drug Administration (FDA). It is the most advanced psychedelic drug candidate in development besides Lykos Therapeutics's midomafetamine (MDMA).
Compass Pathways is the largest company in the psychedelic medicine industry and, in 2020, was the first psychedelic medicine company to be listed on the NASDAQ. It has faced criticism for patenting psychedelic drugs and even certain psilocybin mushroom species. In October 2024, after the FDA rejected Lykos Therapeutics's MDMA for post-traumatic stress disorder (PTSD) New Drug Application (NDA), Compass Pathways said that it would lay off 30% of its workforce and narrow its research focus.
Compass Pathways has entered partnerships with several independent psychedelic academic scientists, including Jason Wallach, Hamilton Morris, and Adam Halberstadt among others, to develop novel psychedelic drugs for potential medical use. Wallach's lab is said to have sought patents for over 200 novel compounds as of May 2024.
Compass Pathways switched from being a nonprofit organization to a for-profit company in 2016. The pharmaceutical company has been backed and funded by a number of tech entrepreneurs such as Peter Thiel. The media outlet Sifted remarks that the biotech billionaire Christian Angermayer was instrumental in the founding of Compass Pathways."
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CMPS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$13.61
Market Cap
$1.31B
P/E (TTM)
-4.4
EPS (TTM)
$-3.08
Revenue (TTM)
—
Div Yield
—
ROE
-524.8%
Debt/Equity
-0.6
52W Range
$4 – $15
CMPS 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
—
EPS
$-3.08
2019-12-31
→
2025-12-31
Free Cash Flow
—
2021-12-31
→
2024-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CMPS
Peer Median
P/E (TTM)
-4.4
66.9
P/B
-24.7
3.7
EV / EBITDA
-6.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CMPS
Peer Median
ROA
-135.8%
-23.9%
ROE
-524.8%
-27.7%
ROIC
836.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CMPS
Peer Median
Debt / Equity
-0.6
4.4
Current Ratio
0.8
4.0
Quick Ratio
0.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CMPS
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CMPS
Peer Median
CMPS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
24 analysts
- Strong Buy 8 33.3%
- Buy 14 58.3%
- Hold 2 8.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-16
Median
$21.00
Now
$13.61
Low
$13.00
High
$65.00
Median target
$21.00
+54.3%
Mean target
$23.75
+74.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.27%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.88 | $-0.41 | -1.5% |
| March 31, 2026 | $0.71 | $-0.39 | 1.1% |
| Dec. 31, 2025 | $-1.00 | $-0.40 | -0.60% |
| Sept. 30, 2025 | $-1.44 | $-0.40 | -1.0% |
| June 30, 2025 | $-0.41 | $-0.44 | 0.03% |
| March 31, 2025 | $-0.38 | $-0.48 | 0.10% |
| Dec. 31, 2024 | $-0.63 | $-0.64 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CMPS | $663M | -2.2 | — | — | -524.8% | — |
| ROIV | $19.95B | -51.3 | -71.6% | -3629.2% | -6.5% | — |
| BDRX | — | — | — | — | — | — |
| KNSA | $3.15B | 55.0 | 60.1% | 8.7% | 11.1% | — |
| IMCR | $1.76B | -48.9 | 28.9% | -8.9% | -9.2% | — |
| AUTL | — | -1.8 | 644.9% | -381.4% | -109.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| R&D Expense | $118M | $119M | $88M | $65M | $44M | $23M | |
| SG&A Expense | $61M | $59M | $49M | $45M | $39M | $28M | |
| Operating Expenses | $179M | $178M | $137M | $110M | $83M | $51M | |
| Operating Income | $-179M | $-178M | $-137M | $-110M | $-83M | $-51M | |
| Interest Expense | · | · | $2M | $0 | $0 | · | |
| Interest Income | $7M | $8M | $5M | · | · | · | |
| Other Non-op | $1M | $823.0K | $255.0K | $19M | $12M | $-9M | |
| Pretax Income | $-290M | $-154M | $-118M | $-91M | $-72M | $-60M | |
| Income Tax | $-2M | $2M | $780.0K | $408.0K | $199.0K | $32.0K | |
| Net Income | $-288M | $-155M | $-118M | $-92M | $-72M | $-60M | |
| EPS (Basic) | $-3.08 | $-2.30 | $-2.32 | $-2.16 | $-1.79 | $-3.55 | |
| EPS (Diluted) | $-3.08 | $-2.30 | $-2.32 | $-2.16 | $-1.79 | $-3.55 | |
| Shares (Basic) | 93,504,836 | 67,482,902 | 51,028,024 | 42,436,292 | 39,997,587 | 16,991,664 | |
| Shares (Diluted) | 93,504,836 | 67,482,902 | 51,028,024 | 42,436,292 | 39,997,587 | 16,991,664 | |
| EBITDA | $-179M | $-178M | $-137M | $-110M | $-83M | · |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $150M | $165M | $220M | $143M | $273M | $190M | |
| Prepaid Expense | $42M | $36M | $41M | $48M | $22M | $12M | |
| Other Current Assets | $6M | $4M | $2M | $1M | $1M | $509.0K | |
| Current Assets | $191M | $201M | $261M | $192M | $295M | $202M | |
| PP&E (Net) | · | $189.0K | $423.0K | $617.0K | $398.0K | $245.0K | |
| PP&E (Gross) | · | · | · | $1M | $756.0K | $433.0K | |
| Accum. Depreciation | · | · | · | $530.0K | $358.0K | $188.0K | |
| Other Non-current Assets | $12M | $7M | $7M | $1M | $213.0K | $57.0K | |
| Total Assets | $210M | $214M | $276M | $197M | $301M | $203M | |
| Accounts Payable | $15M | $12M | $6M | $5M | $3M | $3M | |
| Current Liabilities | $248M | $34M | $20M | $16M | $15M | $7M | |
| Capital Leases | $1M | $303.0K | $2M | $418.0K | $1M | · | |
| Total Liabilities | $263M | $59M | $50M | $16M | $16M | $7M | |
| Long-term Debt | $32M | $30M | $29M | $0 | · | · | |
| Total Debt | $32M | $30M | · | · | · | · | |
| Common Stock | $973.0K | $702.0K | $635.0K | · | · | · | |
| Paid-in Capital | $784M | $705M | $622M | $459M | $445M | $279M | |
| Retained Earnings | $-823M | $-535M | $-380M | $-261M | $-170M | $-98M | |
| AOCI | $-15M | $-16M | $-17M | $-17M | $9M | $15M | |
| Stockholders' Equity | $-53M | $155M | $226M | $181M | $284M | $197M | |
| Liabilities + Equity | $210M | $214M | $276M | $197M | $301M | $203M | |
| Shares Outstanding | 96,085,785 | 68,552,215 | 61,943,471 | · | · | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | · | · | $242.0K | $330.0K | $175.0K | $112.0K | |
| Stock-based Comp | $14M | $20M | $17M | $13M | $9M | $18M | |
| Deferred Tax | $22.0K | $-437.0K | $-1M | $-1M | $-545.0K | $-221.0K | |
| Other Non-cash | · | · | $5M | $-26M | $-4M | · | |
| Operating Cash Flow | $-157M | $-119M | $-97M | $-105M | $-68M | $-41M | |
| CapEx | · | $0 | $66.0K | $596.0K | $334.0K | $131.0K | |
| Investing Cash Flow | · | $0 | $-64.0K | $-596.0K | $-334.0K | $-628.0K | |
| Debt Issued | · | $0 | $30M | $0 | $0 | · | |
| Net Debt Issued | · | $0 | $30M | · | · | · | |
| Stock Issued | $140M | $26M | $145M | $440.0K | $155M | $0 | |
| Net Stock Activity | $140M | $26M | $145M | $440.0K | $155M | · | |
| Financing Cash Flow | $141M | $64M | $174M | $1M | $157M | $194M | |
| Net Change in Cash | $-15M | $-55M | $77M | $-130M | $83M | $165M | |
| Taxes Paid | $755.0K | · | · | · | · | · | |
| Free Cash Flow | · | $-119M | $-97M | $-106M | $-68M | · | |
| Levered FCF | · | · | $-100M | · | · | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | -135.8% | -63.4% | -50.1% | -36.7% | -28.4% | · | |
| ROE | -524.8% | -89.2% | -49.5% | -48.7% | -24.3% | · | |
| ROIC | 836.7% | -97.4% | -61.1% | -61.2% | -29.3% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 5.9 | 13.3 | 12.3 | 19.5 | · | |
| Quick Ratio | 0.6 | 4.9 | 11.2 | 9.2 | 18.1 | · | |
| Debt / Equity | -0.6 | 0.2 | · | · | · | · | |
| LT Debt / Equity | -0.3 | 0.2 | · | · | · | · | |
| Interest Coverage | · | · | -62.1 | · | · | · |
Valuation (TTM) 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-288M | $-155M | $-118M | $-92M | $-72M | · | |
| Market Cap | $663M | $259M | · | · | · | · | |
| Enterprise Value | $545M | $124M | · | · | · | · | |
| P/E | -2.2 | -1.6 | -3.8 | -3.7 | -12.3 | · | |
| P/B | -12.5 | 1.7 | · | · | · | · | |
| P / Tangible Book | · | 1.7 | · | · | · | · | |
| P / Cash Flow | -4.2 | -2.2 | · | · | · | · | |
| P / FCF | · | -2.2 | · | · | · | · | |
| EV / EBITDA | -3.0 | -0.7 | · | · | · | · | |
| EV / FCF | · | -1.0 | · | · | · | · | |
| Earnings Yield | -44.6% | -60.9% | -26.5% | -26.9% | -8.1% | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $29M | $26M | $30M | $27M | $30M | $31M | $32M | $33M | $29M | $25M | $27M | $22M | $20M | $19M | $20M | $14M | |
| SG&A Expense | $23M | $16M | $16M | $13M | $13M | $19M | $16M | $15M | $14M | $14M | $11M | $13M | $13M | $13M | $12M | $12M | |
| Operating Expenses | $52M | $43M | $46M | $41M | $43M | $50M | $48M | $48M | $43M | $39M | $38M | $34M | $33M | $32M | $32M | $26M | |
| Operating Income | $-52M | $-43M | $-46M | $-41M | $-43M | $-50M | $-48M | $-48M | $-43M | $-39M | $-38M | $-34M | $-33M | $-32M | $-32M | $-26M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $1M | · | $1M | · | $0 | $0 | $0 | |
| Interest Income | $4M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $638.0K | · | · | · | |
| Other Non-op | $546.0K | $484.0K | $370.0K | $383.0K | $-176.0K | $803.0K | $337.0K | $191.0K | $167.0K | $128.0K | $-8M | $112.0K | $-11.0K | $8M | $1M | $7M | |
| Pretax Income | $-253M | $91M | $-97M | $-138M | $-38M | $-18M | $-42M | $-38M | $-38M | $-35M | $-32M | $-33M | $-28M | $-24M | $-31M | $-18M | |
| Income Tax | $331.0K | $-11.0K | $-3M | $-230.0K | $137.0K | $354.0K | $1M | $173.0K | $176.0K | $222.0K | $394.0K | $62.0K | $194.0K | $130.0K | $92.0K | $120.0K | |
| Net Income | $-254M | $91M | $-94M | $-138M | $-38M | $-18M | $-43M | $-39M | $-38M | $-35M | $-33M | $-33M | $-28M | $-24M | $-31M | $-18M | |
| EPS (Basic) | $-1.88 | $0.71 | $-1.03 | $-1.44 | $-0.41 | $-0.20 | $-0.63 | $-0.56 | $-0.56 | $-0.55 | $618.92 | $-0.67 | $-620.00 | $-0.57 | $-0.73 | $-0.43 | |
| EPS (Diluted) | $-1.88 | $-0.30 | $-0.99 | $-1.44 | $-0.41 | $-0.24 | $-0.63 | $-0.56 | $-0.56 | $-0.55 | $618.92 | $-0.67 | $-620.00 | $-0.57 | $-0.73 | $-0.43 | |
| Shares (Basic) | 135,039,810 | 110,064,581 | -184,367,003 | 95,337,993 | 93,341,594 | 89,192,252 | -133,505,758 | 68,395,343 | 68,371,139 | 64,222,178 | -86,896,934 | 49,633,104 | 45,565,991 | 42,725,863 | -84,601,113 | 42,525,855 | |
| Shares (Diluted) | 135,039,810 | 130,266,693 | -193,816,374 | 95,337,993 | 93,341,594 | 98,641,623 | -133,505,758 | 68,395,343 | 68,371,139 | 64,222,178 | -86,896,934 | 49,633,104 | 45,565,991 | 42,725,863 | -84,601,113 | 42,525,855 | |
| EBITDA | $-52M | $-43M | · | $-41M | $-43M | $-50M | · | $-48M | $-43M | $-39M | · | $-34M | $-33M | $-32M | · | $-25M |
Balance Sheet 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $433M | $466M | $150M | $186M | $222M | $260M | $165M | $207M | $229M | $263M | $220M | $248M | $148M | $117M | $143M | $173M | |
| Prepaid Expense | $42M | $44M | $42M | $56M | $54M | $45M | $36M | $26M | $36M | $31M | $41M | $36M | $45M | $50M | $48M | $45M | |
| Other Current Assets | $8M | $7M | $6M | $3M | $2M | $2M | $4M | $2M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | |
| Current Assets | $476M | $511M | $191M | $242M | $276M | $305M | $201M | $234M | $265M | $296M | $261M | $285M | $194M | $168M | $192M | $218M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | $359.0K | $423.0K | $309.0K | $482.0K | $612.0K | $617.0K | $555.0K | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $950.0K | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $395.0K | |
| Other Non-current Assets | $20M | $14M | $12M | $5M | $9M | $8M | $7M | $7M | $6M | $6M | $7M | $6M | $7M | $212.0K | $1M | $299.0K | |
| Total Assets | $505M | $532M | $210M | $256M | $294M | $319M | $214M | $247M | $279M | $309M | $276M | $299M | $210M | $173M | $197M | $225M | |
| Accounts Payable | $12M | $11M | $15M | $5M | $11M | $9M | $12M | $8M | $8M | $9M | $6M | $4M | $2M | $4M | $5M | $20M | |
| Current Liabilities | $367M | $154M | $248M | $197M | $31M | $30M | $34M | $26M | $22M | $19M | $20M | $15M | $13M | $11M | $16M | $30M | |
| Capital Leases | $2M | $779.0K | $1M | $2M | $2M | $259.0K | $303.0K | $459.0K | $799.0K | $1M | $2M | $2M | $3M | $412.0K | $418.0K | $425.0K | |
| Total Liabilities | $420M | $205M | $263M | $218M | $131M | $124M | $59M | $54M | $52M | $50M | $50M | $46M | $43M | $12M | $16M | $30M | |
| Long-term Debt | $51M | $50M | $32M | $31M | $31M | $31M | $30M | $30M | $29M | $29M | $29M | $28M | $28M | · | $0 | · | |
| Total Debt | $51M | $50M | · | $31M | $31M | $31M | · | $28M | · | · | · | · | · | · | · | · | |
| Common Stock | $1M | $1M | $973.0K | $973.0K | $946.0K | $938.0K | $702.0K | $699.0K | $699.0K | $699.0K | $635.0K | · | · | · | · | · | |
| Paid-in Capital | $1.08B | $1.07B | $784M | $781M | $767M | $763M | $705M | $700M | $695M | $690M | $622M | $617M | $496M | $464M | $459M | $455M | |
| Retained Earnings | $-985M | $-731M | $-823M | $-729M | $-591M | $-553M | $-535M | $-491M | $-453M | $-415M | $-380M | $-347M | $-314M | $-285M | $-261M | $-230M | |
| AOCI | $-15M | $-15M | $-15M | $-15M | $-15M | $-16M | $-16M | $-17M | $-17M | $-17M | $-17M | $-17M | $-17M | $-17M | $-17M | $-31M | |
| Stockholders' Equity | $85M | $327M | $-53M | $38M | $163M | $195M | $155M | $193M | $226M | $259M | $226M | $253M | $166M | $162M | $181M | $195M | |
| Liabilities + Equity | $505M | $532M | $210M | $256M | $294M | $319M | $214M | $247M | $279M | $309M | $276M | $299M | $210M | $173M | $197M | $225M | |
| Shares Outstanding | 135,722,306 | 134,923,295 | 96,085,785 | 96,002,044 | 93,586,348 | 92,848,326 | 68,552,215 | 68,409,068 | 68,387,469 | 68,342,534 | 61,943,471 | · | · | · | · | · |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | $59.0K | $63.0K | $61.0K | · | $186.0K | $110.0K | $48.0K | $76.0K | $100.0K | |
| Stock-based Comp | $4M | $3M | $3M | $3M | $4M | $4M | $4M | $5M | $5M | $5M | $4M | $4M | $5M | $4M | $3M | $4M | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $9M | · | · | · | $-8M | · | · | |
| Operating Cash Flow | $-40M | $-48M | $-38M | $-35M | $-39M | $-46M | $-42M | $-22M | $-34M | $-21M | $-28M | $-17M | $-25M | $-28M | $-45M | $-19M | |
| CapEx | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $18.0K | $19.0K | $29.0K | $107.0K | $-5.0K | |
| Investing Cash Flow | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $-18.0K | $-17.0K | $-29.0K | $-107.0K | $5.0K | |
| Debt Issued | $0 | $19M | · | · | $0 | $0 | · | $0 | · | · | $0 | $0 | · | · | $0 | $0 | |
| Net Debt Issued | · | $19M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | $141M | $0 | $0 | $0 | $140M | $0 | $0 | $0 | $26M | $-41.0K | $117M | $27M | $1M | $440.0K | $0 | |
| Net Stock Activity | · | $141M | · | · | · | $140M | · | · | · | $26M | · | · | · | $1M | · | · | |
| Financing Cash Flow | $8M | $362M | $187.0K | $0 | $166.0K | $140M | $155.0K | $-53.0K | $210.0K | $64M | $41.0K | $117M | $56M | $1M | $639.0K | $-1.0K | |
| Net Change in Cash | $-33M | $316M | $-36M | $-36M | $-38M | $95M | $-42M | $-22M | $-34M | $43M | $-28M | $100M | $31M | $-26M | $-30M | $-34M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-21M | · | · | · | $-28M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-22M | · | · | · | · | · | · |
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 | -63.6% | 21.4% | · | -54.8% | -13.4% | -5.7% | · | -14.1% | -15.6% | -14.6% | · | -12.8% | -12.6% | -10.9% | · | -16.4% | |
| ROE | -205.4% | 34.9% | · | -119.4% | -19.8% | -7.9% | · | -17.2% | -19.4% | -16.7% | · | -14.9% | -14.5% | -11.5% | · | -18.9% | |
| ROIC | -38.8% | -11.4% | · | -58.8% | -22.3% | -22.4% | · | -21.8% | -19.2% | -15.0% | · | -13.5% | -19.8% | -19.8% | · | -13.2% |
Liquidity & Solvency 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 3.3 | · | 1.2 | 8.8 | 10.2 | · | 8.9 | 12.0 | 15.2 | · | 18.6 | 15.2 | 14.9 | · | 7.4 | |
| Quick Ratio | 1.2 | 3.0 | · | 0.9 | 7.1 | 8.7 | · | 7.9 | 10.4 | 13.5 | · | 16.2 | 11.6 | 10.4 | · | 5.9 | |
| Debt / Equity | 0.6 | 0.2 | · | 0.8 | 0.2 | 0.2 | · | 0.1 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.6 | 0.2 | · | 0.5 | 0.1 | 0.1 | · | 0.1 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -35.1 | · | -31.5 | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-339M | $-103M | · | $-232M | $-133M | $-130M | · | $-145M | $-135M | $-121M | · | $-104M | $-92M | $-85M | · | $-76M | |
| Market Cap | $1.92B | $746M | · | $550M | $262M | $266M | · | $431M | $413M | $569M | · | · | · | · | · | · | |
| Enterprise Value | $1.54B | $331M | · | $395M | $71M | $36M | · | $252M | · | · | · | · | · | · | · | · | |
| P/E | -3.5 | -2.3 | · | -2.2 | -1.6 | -1.5 | · | -2.7 | -0.0 | -0.0 | · | -0.0 | -0.0 | -5.0 | · | -5.9 | |
| P/B | 22.7 | 2.3 | · | 14.6 | 1.6 | 1.4 | · | 2.2 | 1.8 | 2.2 | · | · | · | · | · | · | |
| P / Tangible Book | 22.7 | 2.3 | · | 14.6 | 1.6 | 1.4 | · | 2.2 | 1.8 | 2.2 | · | · | · | · | · | · | |
| P / Cash Flow | · | -15.6 | · | · | · | -5.8 | · | · | · | -27.3 | · | · | · | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -27.3 | · | · | · | · | · | · | |
| EV / EBITDA | -29.4 | -7.7 | · | -9.8 | -1.7 | -0.7 | · | -5.3 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -28.5% | -43.2% | · | -46.2% | -63.2% | -66.8% | · | -37.1% | -10294.4% | -7473.4% | · | -8401.0% | -7506.0% | -20.1% | · | -16.9% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $-288M | $-155M | $-118M | $-92M | $-72M |
| Diluted EPS | $-3.08 | $-2.30 | $-2.32 | $-2.16 | $-1.79 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -0.6 | 0.2 | — | — | — |
| Current Ratio | 0.8 | 5.9 | 13.3 | 12.3 | 19.5 |
| Quick Ratio | 0.6 | 4.9 | 11.2 | 9.2 | 18.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-119M | $-97M | $-106M | $-68M |
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Institutional owners (13F) 250 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 66 (+6 vs prior Q) | 30 (+7 vs prior Q) | 77 (+3 vs prior Q) | 53 (+26 vs prior Q) | -2.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Deep Track Capital, LP | $172,085,168 | 12,161,496 | 13.73% | Shares |
| RTW INVESTMENTS, LP | $151,418,782 | 10,700,974 | 12.08% | Shares |
| BIT Capital GmbH | $89,835,478 | 6,348,797 | 7.17% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $70,750,000 | 5,000,000 | 5.65% | Shares |
| TWO SIGMA INVESTMENTS, LP | $63,257,363 | 4,470,485 | 5.05% | Shares |
| ARK Investment Management LLC | $48,845,310 | 3,451,965 | 3.90% | Shares |
| Point72 Asset Management, L.P. | $37,085,424 | 2,620,878 | 2.96% | Shares |
| Logos Global Management LP | $31,837,500 | 2,250,000 | 2.54% | Shares |
| Eagle Health Investments LP | $29,155,042 | 2,060,427 | 2.33% | Shares |
| DAFNA Capital Management LLC | $28,469,121 | 2,011,952 | 2.27% | Shares |
| BANK OF AMERICA CORP /DE/ | $28,339,691 | 2,002,805 | 2.26% | Shares |
| Caption Management, LLC | $27,544,390 | 1,946,600 | 2.20% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $26,855,285 | 1,897,900 | 2.14% | Call option |
| NEXTBio Capital Management LP | $25,126,990 | 1,775,759 | 2.00% | Shares |
| MARSHALL WACE, LLP | $20,935,350 | 1,479,530 | 1.67% | Shares |
| Aisling Capital Management LP | $20,267,554 | 1,432,336 | 1.62% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $20,261,229 | 1,431,889 | 1.62% | Shares |
| Candriam S.C.A. | $18,013,686 | 1,274,278 | 1.44% | Shares |
| Woodline Partners LP | $15,366,957 | 1,086,004 | 1.23% | Shares |
| Jefferies Financial Group Inc. | $14,070,661 | 994,393 | 1.12% | Shares |
| Trexquant Investment LP | $12,171,236 | 860,158 | 0.97% | Shares |
| Kalehua Capital Management LLC | $11,598,642 | 819,692 | 0.93% | Shares |
| MILLENNIUM MANAGEMENT LLC | $10,909,466 | 770,987 | 0.87% | Shares |
| Caption Management, LLC | $10,699,041 | 756,116 | 0.85% | Shares |
| Eversept Partners, LP | $9,520,474 | 672,825 | 0.76% | Shares |
| Propel Bio Management, LLC | $8,109,167 | 573,086 | 0.65% | Shares |
| Creek Drive Management Group LLC | $8,093,800 | 572,000 | 0.65% | Shares |
| Occam Crest Management LP | $7,739,000 | 710,000 | 0.62% | Shares |
| CITADEL ADVISORS LLC | $7,567,420 | 534,800 | 0.60% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,140,090 | 504,600 | 0.57% | Put option |
| SILVERARC CAPITAL MANAGEMENT, LLC | $7,122,855 | 503,382 | 0.57% | Shares |
| JANE STREET GROUP, LLC | $7,075,821 | 500,058 | 0.56% | Shares |
| Qube Research & Technologies Ltd | $7,070,415 | 499,676 | 0.56% | Shares |
| Walleye Capital LLC | $6,893,385 | 487,165 | 0.55% | Shares |
| Ensign Peak Advisors, Inc | $6,716,340 | 474,653 | 0.54% | Shares |
| Blue Owl Capital Holdings LP | $6,367,500 | 450,000 | 0.51% | Shares |
| AdvisorShares Investments LLC | $5,962,060 | 421,347 | 0.48% | Shares |
| CITADEL ADVISORS LLC | $5,952,679 | 420,684 | 0.47% | Shares |
| TWO SIGMA ADVISERS, LP | $5,909,850 | 856,500 | 0.47% | Shares |
| GOLDMAN SACHS GROUP INC | $5,540,956 | 391,587 | 0.44% | Shares |
| HighVista Strategies LLC | $5,251,349 | 371,120 | 0.42% | Shares |
| Legal & General Group Plc | $4,700,154 | 332,206 | 0.38% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $4,573,407 | 323,209 | 0.36% | Shares |
| Amova Asset Management Americas, Inc. | $4,517,334 | 319,472 | 0.36% | Shares |
| Squadron Capital Management LLC | $4,315,750 | 305,000 | 0.34% | Call option |
| Affinity Asset Advisors, LLC | $4,261,739 | 301,183 | 0.34% | Shares |
| SEVEN GRAND MANAGERS, LLC | $4,245,000 | 300,000 | 0.34% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $4,245,000 | 300,000 | 0.34% | Shares |
| Squadron Capital Management LLC | $4,245,000 | 300,000 | 0.34% | Shares |
| AMERIPRISE FINANCIAL INC | $4,081,271 | 288,429 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $4,079,445 | 288,300 | 0.33% | Call option |
| STEMPOINT CAPITAL LP | $4,029,481 | 284,769 | 0.32% | Shares |
| TORONTO DOMINION BANK | $3,930,233 | 277,755 | 0.31% | Shares |
| ROYCE & ASSOCIATES LP | $3,778,885 | 267,059 | 0.30% | Shares |
| PFM Health Sciences, LP | $3,503,384 | 247,589 | 0.28% | Shares |
| D. E. Shaw & Co., Inc. | $3,408,367 | 240,874 | 0.27% | Shares |
| Brown University | $3,030,930 | 214,200 | 0.24% | Shares |
| MORGAN STANLEY | $2,973,693 | 210,155 | 0.24% | Shares |
| Caption Management, LLC | $2,950,275 | 208,500 | 0.24% | Put option |
| HEIGHTS CAPITAL MANAGEMENT, INC | $2,913,938 | 205,932 | 0.23% | Shares |
| CITADEL ADVISORS LLC | $2,695,575 | 190,500 | 0.22% | Put option |
| IQ EQ FUND MANAGEMENT (IRELAND) Ltd | $2,481,528 | 175,373 | 0.20% | Shares |
| Engineers Gate Manager LP | $2,432,343 | 171,897 | 0.19% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,378,474 | 168,090 | 0.19% | Shares |
| DISCOVERY CAPITAL MANAGEMENT, LLC / CT | $2,122,500 | 150,000 | 0.17% | Shares |
| Squarepoint Ops LLC | $1,962,195 | 138,671 | 0.16% | Shares |
| Balyasny Asset Management L.P. | $1,959,492 | 138,480 | 0.16% | Shares |
| ALPS ADVISORS INC | $1,930,937 | 136,462 | 0.15% | Shares |
| Founders Fund VII Management, LLC | $1,924,272 | 278,880 | 0.15% | Shares |
| K2 PRINCIPAL FUND, L.P. | $1,911,665 | 135,100 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $1,897,246 | 134,081 | 0.15% | Shares |
| CenterBook Partners LP | $1,777,155 | 125,594 | 0.14% | Shares |
| Creek Drive Management Group LLC | $1,698,000 | 120,000 | 0.14% | Call option |
| BANK OF MONTREAL /CAN/ | $1,686,991 | 119,222 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,639,118 | 115,839 | 0.13% | Shares |
| Palo Alto Investors LP | $1,635,966 | 115,616 | 0.13% | Shares |
| Simplify Asset Management Inc. | $1,617,076 | 114,281 | 0.13% | Shares |
| LPL Financial LLC | $1,550,387 | 109,568 | 0.12% | Shares |
| GROUP ONE TRADING LLC | $1,390,917 | 98,298 | 0.11% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,341,448 | 94,802 | 0.11% | Shares |
| CreativeOne Wealth, LLC | $1,336,312 | 94,439 | 0.11% | Shares |
| STABLEFORD CAPITAL II LLC | $1,300,003 | 91,873 | 0.10% | Shares |
| STATE STREET CORP | $1,150,098 | 81,279 | 0.09% | Shares |
| Lion Point Capital, LP | $1,132,000 | 80,000 | 0.09% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,063,896 | 75,187 | 0.08% | Shares |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $1,016,635 | 71,847 | 0.08% | Shares |
| DLD Asset Management, LP | $990,500 | 70,000 | 0.08% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $941,852 | 66,562 | 0.08% | Shares |
| Aquatic Capital Management LLC | $922,297 | 65,180 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $915,505 | 64,700 | 0.07% | Put option |
| Dorsey Wright & Associates | $883,653 | 62,449 | 0.07% | Shares |
| Campbell & CO Investment Adviser LLC | $874,696 | 61,816 | 0.07% | Shares |
| STIFEL FINANCIAL CORP | $855,639 | 60,469 | 0.07% | Shares |
| Intellectus Partners, LLC | $841,925 | 59,500 | 0.07% | Shares |
| DCF Advisers, LLC | $767,638 | 54,250 | 0.06% | Shares |
| CIBC WORLD MARKET INC. | $737,357 | 52,110 | 0.06% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $731,420 | 51,727 | 0.06% | Shares |
| FLAX POND CAPITAL, LLC | $728,951 | 51,516 | 0.06% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $708,943 | 50,102 | 0.06% | Shares |
| PEAK6 LLC | $707,500 | 50,000 | 0.06% | Call option |
Company insiders 9 insiders · 0 officers · 0 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kabir Nath | — | Aug. 3, 2026 F | 361,028 | 0 | 0 | $0 |
| Robert Mcquade | — | May 27, 2026 A | — | 0 | 0 | $0 |
| Kathleen Tregoning | — | May 27, 2026 A | — | 0 | 0 | $0 |
| Daphne Karydas | — | May 27, 2026 A | — | 0 | 0 | $0 |
| Justin D. Gover | — | May 27, 2026 A | — | 0 | 0 | $0 |
| David Y Norton | — | May 27, 2026 A | — | 0 | 0 | $0 |
| Wayne Joseph Riley | — | May 27, 2026 A | — | 0 | 0 | $0 |
| Gino Santini | — | May 27, 2026 A | — | 0 | 0 | $0 |
| Jeffrey M Jonas | — | May 27, 2026 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| AtaiBeckley Inc. | Feb. 17, 2026 | 4.96% | Amendment | — | 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 6 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 |
|---|---|---|---|---|
| ARKG · ARK ETF Trust | 2.43% | 3,316,076 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.99% | 40,950 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.12% | 7,246 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.11% | 797,974 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.06% | 3,487 NS | May 31, 2026 | N-PORT |
| APIE · Trust for Professional Managers | 0.03% | 21,455 NS | May 31, 2026 | N-PORT |