CRBP Corbus Pharmaceuticals Holdings, Inc. - Common Stock
$10.57
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$7–$21
26% of range
Analyst Rating
BUY
16 analysts
Price Target
$35
+227% upside
P/E (TTM)
-1.8
ROE
-60.8%
Net Profit Margin
—
CRBP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$10.57
Market Cap
$186M
P/E (TTM)
-1.8
EPS (TTM)
$-5.90
Revenue (TTM)
—
Div Yield
—
ROE
-60.8%
Debt/Equity
—
52W Range
$7 – $21
CRBP 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
—
2016-12-31
→
2022-12-31
EPS
$-5.90
2021-12-31
→
2025-12-31
Free Cash Flow
$-64M
2016-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CRBP
Peer Median
P/E (TTM)
-1.8
1.2
P/B
1.3
1.6
Price / FCF
-2.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CRBP
Peer Median
ROA
-48.5%
-56.8%
ROE
-60.8%
-83.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CRBP
Peer Median
Current Ratio
8.1
8.5
Quick Ratio
7.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CRBP
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CRBP
Peer Median
CRBP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 7 43.8%
- Buy 8 50.0%
- Hold 1 6.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-19
Median
$34.50
← Below all targets
$10.57
Low
$17.25
High
$48.00
Median target
$34.50
+226.5%
Mean target
$34.52
+226.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.81 | $-1.28 | -0.53% |
| March 31, 2026 | $-1.23 | $-1.24 | 0.01% |
| Dec. 31, 2025 | $-1.25 | $-1.61 | 0.36% |
| Sept. 30, 2025 | $-1.90 | $-1.74 | -0.16% |
| June 30, 2025 | $-1.44 | $-1.54 | 0.10% |
| March 31, 2025 | $-1.39 | $-1.31 | -0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CRBP | $143M | -1.4 | — | — | -60.8% | — |
| TNXP | $200M | -1.1 | 29.8% | -946.2% | -60.0% | — |
| WHWK | $114M | -7.3 | -72.5% | -288.3% | -13.4% | — |
| PEPG | $448M | -3.1 | — | — | -82.0% | — |
| KROS | $398M | 8.9 | — | 35.7% | 17.2% | — |
| DTIL | $100M | -1.2 | -50.1% | -133.4% | -72.4% | — |
| KRRO | $75M | -0.6 | 181.5% | -1834.5% | -140.8% | — |
| ABOS | $128M | -1.1 | — | — | -129.4% | — |
| CUE | $29M | -1.1 | 195.8% | -96.9% | -119.3% | — |
| VYGR | $232M | -1.9 | -49.5% | -296.5% | -54.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | $0 | $881.7K | $4M | $36M | $5M | $2M | $2M | $648.4K | |
| R&D Expense | $70M | $32M | $31M | $16M | $36M | $98M | $90M | $49M | $26M | $15M | $6M | |
| SG&A Expense | $15M | $16M | $14M | $19M | $20M | $28M | $24M | $13M | $9M | $6M | $4M | |
| Operating Expenses | $85M | $49M | $45M | $40M | $57M | $127M | $113M | $62M | $35M | $22M | $10M | |
| Operating Income | $-85M | $-49M | $-45M | $-40M | $-56M | $-123M | $-77M | $-57M | $-33M | $-20M | $-9M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | $2.4K | |
| Interest Income | · | · | · | · | · | · | $1M | $982.8K | · | · | $3.4K | |
| Other Non-op | $1M | $4M | $3M | $-48.8K | $12M | $13M | $6M | $1M | $141.2K | $-13.6K | $3.0K | |
| Income Tax | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Net Income | $-79M | $-40M | $-45M | $-42M | $-46M | $-111M | $-71M | $-56M | $-32M | $-20M | $-9M | |
| EPS (Basic) | $-5.90 | $-3.68 | $-10.31 | $-10.15 | $-11.15 | $-1.42 | · | · | · | · | · | |
| EPS (Diluted) | $-5.90 | $-3.68 | $-10.31 | $-10.15 | $-11.15 | · | · | · | · | · | · | |
| Shares (Basic) | 13,317,116 | 10,915,413 | 4,327,568 | 4,170,675 | 4,094,935 | 78,133,289 | · | · | · | · | · | |
| Shares (Diluted) | 13,317,116 | 10,915,413 | 4,327,568 | 4,170,675 | 4,094,935 | · | · | · | · | · | · | |
| EBITDA | $-85M | $-49M | · | $-40M | $-56M | $-123M | $-77M | $-57M | $-33M | $-20M | $-9M |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28M | $17M | $14M | $17M | $25M | $85M | $32M | $42M | $63M | $15M | $12M | |
| Short-term Investments | $135M | $132M | $7M | $42M | $73M | · | · | · | · | · | · | |
| Prepaid Expense | $3M | $4M | $2M | $791.6K | $2M | $4M | $4M | $2M | $3M | $930.3K | $376.5K | |
| Current Assets | $167M | $153M | $24M | $60M | $100M | $92M | $38M | $44M | $66M | $17M | $13M | |
| PP&E (Net) | $159.0K | $385.0K | $973.0K | $2M | $2M | $4M | $5M | $3M | $1M | $435.3K | $124.1K | |
| PP&E (Gross) | $4M | $4M | $5M | $5M | $5M | $6M | $6M | $3M | $2M | $543.5K | $178.5K | |
| Accum. Depreciation | $4M | $4M | $4M | $3M | $2M | $2M | $1M | $666.6K | $363.9K | $108.2K | $54.3K | |
| Other Non-current Assets | · | $0 | $212.0K | $155.3K | $46.4K | $234.0K | $85.0K | $43.8K | $40.8K | · | · | |
| Total Assets | $168M | $156M | $28M | $66M | $108M | $102M | $49M | $47M | $67M | $18M | $13M | |
| Accounts Payable | $2M | $5M | $3M | $2M | $2M | $7M | $11M | $6M | $3M | $3M | $1M | |
| Accrued Liabilities | $17M | $5M | $11M | $6M | $10M | $22M | $22M | $10M | $5M | $3M | $562.3K | |
| Short-term Debt | · | $0 | $301.0K | $353.3K | $767.9K | $710.2K | $752.7K | $394.3K | $332.9K | $271.8K | $162.0K | |
| Current Liabilities | $21M | $12M | $32M | $13M | $17M | $32M | $35M | $18M | $8M | $9M | $4M | |
| Capital Leases | $0 | $2M | $3M | $5M | $6M | $7M | $8M | · | · | · | · | |
| Other Non-current Liabilities | · | $0 | $44.0K | $22.2K | $22.2K | · | · | · | $375 | $4.6K | · | |
| Total Liabilities | $21M | $13M | $35M | $33M | $39M | $57M | $43M | $19M | $9M | $9M | $4M | |
| Long-term Debt | · | · | $18M | $22M | $21M | $21M | · | · | · | · | · | |
| Total Debt | · | $0 | · | $19M | $19M | $19M | $752.7K | $394.3K | $332.9K | $271.8K | $162.0K | |
| Common Stock | $2.0K | $1.0K | $0 | $417 | $416 | $9.9K | $6.5K | $5.7K | $5.6K | $4.5K | $3.8K | |
| Paid-in Capital | $703M | $619M | $430M | $425M | $419M | $349M | $199M | $149M | · | · | · | |
| Retained Earnings | $-555M | $-477M | $-437M | $-392M | $-350M | $-304M | $-193M | $-121M | $-66M | $-33M | $-13M | |
| AOCI | $-53.0K | $35.0K | $-1.0K | $-126.1K | $-62.4K | · | · | · | · | · | · | |
| Stockholders' Equity | $148M | $142M | $-7M | $33M | $69M | $45M | $6M | $28M | $58M | $9M | $9M | |
| Liabilities + Equity | $168M | $156M | $28M | $66M | $108M | $102M | $49M | $47M | $67M | $18M | $13M | |
| Shares Outstanding | 17,611,511 | 12,179,482 | 4,423,683 | 4,171,297 | 4,169,631 | 98,852,696 | 64,672,893 | 57,247,496 | 55,603,427 | 44,681,745 | 37,605,134 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $233.0K | $588.0K | $641.0K | $763.0K | $999.8K | $1M | $739.4K | $493.9K | $255.7K | $87.7K | $43.9K | |
| Stock-based Comp | $6M | $6M | $3M | $6M | $9M | $12M | $12M | $8M | $6M | $3M | $1M | |
| Operating Cash Flow | $-64M | $-42M | $-36M | $-38M | $-48M | $-100M | $-46M | $-30M | $-28M | $-14M | $-5M | |
| CapEx | $7.0K | $0 | $0 | $13.4K | $54.2K | $484.5K | $3M | $2M | $707.4K | $353.0K | $114.0K | |
| Investing Cash Flow | $-2M | $-121M | $36M | $30M | $-73M | $-484.5K | $-3M | $-2M | $-707.4K | · | · | |
| Debt Issued | · | · | · | $1M | · | $19M | · | · | · | · | · | |
| Net Debt Issued | · | · | · | $1M | · | $19M | · | · | · | · | · | |
| Stock Issued | $77M | $182M | $53.0K | · | $63M | $142M | $41M | $12M | $79M | $17M | $11M | |
| Net Stock Activity | $77M | $182M | · | · | $63M | $142M | $41M | $12M | $79M | $17M | $11M | |
| Financing Cash Flow | $77M | $167M | $-3M | $-533.6K | $61M | $155M | $38M | $11M | $76M | · | · | |
| Net Change in Cash | $11M | $3M | $-3M | $-8M | $-61M | $55M | $-10M | $-21M | $48M | · | $6M | |
| Free Cash Flow | $-64M | · | · | $-38M | $-48M | $-100M | $-48M | $-32M | $-29M | $-14M | $-5M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | -6350.1% | -3119.2% | -213.3% | -1176.8% | -1334.4% | -1045.6% | -1365.5% | |
| Net Margin | · | · | · | · | -5176.4% | -2826.1% | -197.7% | -1154.5% | -1328.7% | -1046.3% | -1365.0% | |
| EBITDA Margin | · | · | · | · | -6350.1% | -3119.2% | -213.3% | -1176.8% | -1334.4% | -1045.6% | -1365.5% | |
| ROA | -48.5% | -43.7% | · | -48.7% | -43.5% | -146.9% | -148.7% | -97.7% | -76.4% | -130.0% | -90.9% | |
| ROE | -60.8% | -27.5% | · | -113.0% | -62.2% | -298.7% | -399.2% | -158.2% | -97.2% | -223.4% | -119.2% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.1 | 12.9 | · | 4.8 | 5.9 | 2.9 | 1.1 | 2.4 | 8.0 | 2.0 | 3.5 | |
| Quick Ratio | 7.9 | 12.6 | · | 4.7 | 5.7 | 2.7 | 0.9 | 2.3 | 7.6 | 1.7 | 3.4 | |
| Debt / Equity | · | 0.0 | · | 0.6 | 0.3 | 0.4 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |
| LT Debt / Equity | · | · | · | 0.5 | 0.2 | 0.4 | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | -3628.6 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.0 | 0.0 | 0.1 | 0.8 | 0.1 | 0.1 | 0.1 | 0.1 |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | · | -77.6% | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | $0 | $881.7K | $4M | $36M | $5M | $2M | $2M | $648.4K | |
| Net Income TTM | $-79M | $-40M | $-45M | $-42M | $-46M | $-111M | $-71M | $-56M | $-32M | $-20M | $-9M | |
| Market Cap | $143M | $144M | · | $14M | $2.31B | $3.71B | $10.59B | $10.03B | $11.84B | $11.33B | $1.86B | |
| Enterprise Value | · | $-5M | · | $-26M | $2.24B | $3.64B | $10.56B | $9.99B | $11.78B | $11.31B | $1.85B | |
| P/E | -1.4 | -3.2 | -0.6 | -0.3 | -1.7 | · | · | · | · | · | · | |
| P/S | · | · | · | · | 2624.8 | 941.5 | 293.1 | 2079.9 | 4853.5 | 5925.9 | 2870.9 | |
| P/B | 1.0 | 1.0 | · | 0.4 | 33.5 | 81.9 | 1720.4 | 364.4 | 205.0 | 1269.9 | 207.2 | |
| P / Tangible Book | 1.0 | 1.0 | · | 0.4 | 33.5 | 81.9 | · | · | · | · | · | |
| P / Cash Flow | -2.2 | -3.4 | · | -0.4 | -48.0 | -37.2 | -231.7 | -333.6 | -426.1 | -834.6 | -400.5 | |
| P / FCF | -2.2 | · | · | -0.4 | -48.0 | -37.0 | -218.6 | -309.9 | -415.5 | -813.5 | -390.9 | |
| EV / EBITDA | · | 0.1 | · | 0.7 | -39.9 | -29.6 | -137.0 | -176.0 | -361.8 | -566.0 | -208.9 | |
| EV / FCF | · | · | · | 0.7 | -46.4 | -36.3 | -217.9 | -308.6 | -413.3 | -812.4 | -388.4 | |
| EV / Revenue | · | · | · | · | 2536.1 | 924.6 | 292.2 | 2071.3 | 4828.0 | 5918.2 | 2852.1 | |
| Earnings Yield | -72.5% | -31.2% | -170.7% | -304.8% | -60.3% | · | · | · | · | · | · |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| R&D Expense | $31M | $20M | $18M | $21M | $15M | $16M | $9M | $11M | $7M | $6M | $7M | $7M | $4M | $13M | $6M | $4M | |
| SG&A Expense | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $4M | $4M | $3M | $3M | $4M | $4M | $5M | $4M | |
| Operating Expenses | $36M | $24M | $22M | $24M | $19M | $20M | $13M | $16M | $11M | $10M | $10M | $9M | $8M | $17M | $11M | $8M | |
| Operating Income | $-36M | $-24M | $-22M | $-24M | $-19M | $-20M | $-13M | $-16M | $-11M | $-10M | $-10M | $-9M | $-8M | $-17M | $-11M | $-8M | |
| Interest Expense | · | · | · | · | · | · | · | · | $652.0K | · | · | · | $1M | · | · | · | |
| Other Non-op | $-11.0K | $-67.0K | $1.0K | $-50.0K | $176.0K | $1M | $1M | $200.0K | $43.0K | $3M | $2M | $218.0K | $183.0K | $229.5K | $275.5K | $77.7K | |
| Net Income | $-35M | $-23M | $-21M | $-23M | $-18M | $-17M | $-10M | $-14M | $-10M | $-7M | $-8M | $-10M | $-9M | $-18M | $-11M | $-9M | |
| EPS (Basic) | $-1.81 | $-1.23 | $-1.17 | $-1.90 | $-1.44 | $-1.39 | $-0.80 | $-1.15 | $-0.90 | $-0.83 | $-1.75 | $-2.27 | $-2.05 | $-4.24 | $-2.60 | $-2.11 | |
| EPS (Diluted) | $-1.81 | $-1.23 | $-1.17 | $-1.90 | $-1.44 | $-1.39 | $-0.80 | $-1.15 | $-0.90 | $-0.83 | $-1.75 | $-2.27 | $-2.05 | $-4.24 | $-2.60 | $-2.11 | |
| Shares (Basic) | 19,407,688 | 18,706,622 | -23,432,717 | 12,307,298 | 12,240,443 | 12,202,092 | -20,463,036 | 12,014,700 | 11,053,241 | 8,310,508 | -8,555,306 | 4,423,617 | 4,277,701 | 4,181,556 | -8,340,713 | 4,170,881 | |
| Shares (Diluted) | 19,407,688 | 18,706,622 | -23,432,717 | 12,307,298 | 12,240,443 | 12,202,092 | -20,463,036 | 12,014,700 | 11,053,241 | 8,310,508 | -8,555,306 | 4,423,617 | 4,277,701 | 4,181,556 | -8,340,713 | 4,170,881 | |
| EBITDA | $-36M | $-24M | · | $-24M | $-19M | $-20M | · | $-16M | $-11M | $-10M | · | $-9M | $-8M | $-17M | · | $-8M |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23M | $26M | $28M | $27M | $20M | $19M | $17M | $19M | $24M | $14M | $14M | $11M | $8M | $7M | $17M | $12M | |
| Short-term Investments | $95M | $113M | $135M | $77M | $97M | $114M | $132M | $140M | $123M | $106M | $7M | $17M | $28M | $37M | $42M | $54M | |
| Prepaid Expense | $5M | $5M | $3M | $3M | $6M | $4M | $4M | $1M | $1M | $1M | $2M | $2M | $2M | $1M | $791.6K | $926.2K | |
| Current Assets | $123M | $144M | $167M | $108M | $123M | $137M | $153M | $161M | $148M | $122M | $24M | $31M | $38M | $46M | $60M | $67M | |
| PP&E (Net) | $71.0K | $116.0K | $159.0K | $201.0K | $251.0K | $304.0K | $385.0K | $519.0K | $671.0K | $821.5K | $973.0K | $1M | $1M | $1M | $2M | $2M | |
| PP&E (Gross) | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | |
| Accum. Depreciation | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | |
| Other Non-current Assets | · | · | · | · | · | · | · | $0 | $0 | $0 | $212.0K | $201.3K | $211.9K | $182.4K | $155.3K | $133.1K | |
| Total Assets | $127M | $144M | $168M | $110M | $125M | $140M | $156M | $164M | $152M | $126M | $28M | $36M | $44M | $52M | $66M | $74M | |
| Accounts Payable | $5M | $435.0K | $2M | $3M | $4M | $4M | $5M | $3M | $1M | $2M | $3M | $5M | $2M | $1M | $2M | $1M | |
| Accrued Liabilities | $15M | $16M | $17M | $13M | $8M | $6M | $5M | $7M | $10M | $9M | $11M | $8M | $6M | $6M | $6M | $5M | |
| Short-term Debt | · | · | · | · | · | · | · | $0 | $77.0K | $189.8K | $301.0K | $0 | $51.2K | $203.3K | $353.3K | $0 | |
| Current Liabilities | $21M | $18M | $21M | $17M | $13M | $12M | $12M | $12M | $24M | $26M | $32M | $32M | $16M | $14M | $13M | $17M | |
| Capital Leases | $3M | · | $0 | $307.0K | $761.0K | $1M | $2M | $2M | $2M | $3M | $3M | $4M | $4M | $4M | $5M | $5M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | $0 | $0 | $0 | $44.0K | $44.4K | $22.2K | $3M | $22.2K | $22.2K | |
| Total Liabilities | $25M | $18M | $21M | $17M | $14M | $13M | $13M | $14M | $26M | $29M | $35M | $36M | $34M | $35M | $33M | $32M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | $13M | · | $20M | $21M | $22M | $19M | $21M | |
| Total Debt | · | · | · | · | · | · | · | $0 | $77.0K | $13M | · | $18M | $18M | $19M | · | $19M | |
| Common Stock | $2.0K | $2.0K | $2.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.1K | $0 | $442 | $442 | $422 | $417 | $12.5K | |
| Paid-in Capital | $716M | $705M | $703M | $627M | $623M | $621M | $619M | $618M | $580M | $541M | $430M | $429M | $428M | $426M | $425M | $423M | |
| Retained Earnings | $-613M | $-578M | $-555M | $-535M | $-512M | $-494M | $-477M | $-467M | $-454M | $-444M | $-437M | $-429M | $-419M | $-410M | $-392M | $-381M | |
| AOCI | $-107.0K | $-161.0K | $-53.0K | $-3.0K | $-39.0K | $-23.0K | $35.0K | $207.0K | $-388.0K | $-328.5K | $-1.0K | $-8.0K | $-23.8K | $-68.5K | $-126.1K | $-206.9K | |
| Stockholders' Equity | $102M | $126M | $148M | $92M | $111M | $127M | $142M | $150M | $126M | $97M | $-7M | $311.0K | $10M | $16M | $33M | $42M | |
| Liabilities + Equity | $127M | $144M | $168M | $110M | $125M | $140M | $156M | $164M | $152M | $126M | $28M | $36M | $44M | $52M | $66M | $74M | |
| Shares Outstanding | 18,671,498 | 17,738,870 | 17,611,511 | 12,534,853 | 12,254,069 | 12,232,853 | 12,179,482 | 12,179,482 | 11,498,917 | 10,507,237 | 4,423,683 | 4,423,683 | 4,422,741 | 4,215,133 | 4,171,297 | 125,280,881 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $51.0K | $49.0K | $49.0K | $50.0K | $53.0K | $81.0K | $134.0K | $152.0K | $150.3K | $152.0K | $148.0K | $152.8K | $158.1K | $181.9K | $184.4K | $190.8K | |
| Stock-based Comp | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $1M | $982.0K | $799.0K | $821.2K | $823.6K | $1M | $1M | $1M | |
| Operating Cash Flow | $-30M | $-26M | $-16M | $-16M | $-17M | $-16M | $-11M | $-14M | $-9M | $-8M | $-6M | $-7M | $-8M | $-15M | $-7M | $-7M | |
| CapEx | $6.0K | $6.0K | · | · | $0 | $0 | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Investing Cash Flow | $18M | $22M | $-57M | $20M | $18M | $18M | $9M | $-15M | $-16M | $-98M | $10M | $11M | $9M | $6M | $12M | $-6M | |
| Stock Issued | · | · | $75M | $3M | $0 | $0 | $-13.0K | $36M | $31M | $109M | $-74.0K | $-109.6K | $169.9K | $37.1K | · | $0 | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $116M | · | · | · | $37.1K | · | · | |
| Financing Cash Flow | · | · | $75M | $3M | $0 | $0 | $-13.0K | $25M | $35M | $107M | $-2M | $-820.7K | $18.0K | $-113.0K | $234.3K | $-110.7K | |
| Net Change in Cash | $-2M | $-3M | $2M | $7M | $1M | $2M | $-2M | $-4M | $10M | $379.0K | $2M | $3M | $1M | $-10M | $5M | $-13M | |
| Free Cash Flow | · | $-26M | · | · | · | · | · | · | · | · | · | · | · | $-15M | · | · |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | -1304.0% | -1212.8% | 5436.1% | · | 1242.9% | 1055.9% | 2551.1% | · | · | |
| Net Margin | · | · | · | · | · | · | · | -1159.2% | -1103.4% | 3897.3% | · | 1317.0% | 1132.5% | 2617.1% | · | · | |
| EBITDA Margin | · | · | · | · | · | · | · | -1304.0% | -1212.8% | 5436.1% | · | 1242.9% | 1055.9% | 2551.1% | · | · | |
| ROA | -27.8% | -16.2% | · | -17.1% | -12.8% | -12.8% | · | -13.8% | -10.2% | -7.8% | · | -18.3% | -14.0% | -24.1% | · | -9.1% | |
| ROE | -32.9% | -18.1% | · | -19.2% | -14.9% | -15.2% | · | -18.3% | -14.8% | -12.2% | · | -47.6% | -29.8% | -45.7% | · | -14.7% |
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 | 5.7 | 7.9 | · | 6.3 | 9.2 | 11.8 | · | 13.8 | 6.2 | 4.7 | · | 1.0 | 2.3 | 3.2 | · | 3.9 | |
| Quick Ratio | 5.5 | 7.6 | · | 6.1 | 8.7 | 11.4 | · | 13.7 | 6.1 | 4.6 | · | 0.9 | 2.2 | 3.1 | · | 3.8 | |
| Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.1 | · | 57.4 | 1.9 | 1.2 | · | 0.5 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | 0.0 | · | 0.0 | 1.2 | 0.8 | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -16.9 | · | · | · | · | · | · | · |
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 | 0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | 0.0 |
Valuation (TTM) 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-99M | $-81M | · | $-72M | $-58M | $-48M | · | $-41M | $-36M | $-43M | · | $-45M | $-49M | $-49M | · | $-34M | |
| Market Cap | $175M | $167M | · | $159M | $85M | $65M | · | $251M | $520M | $412M | · | $30M | $35M | $31M | · | $620M | |
| Enterprise Value | · | · | · | · | · | · | · | $92M | $373M | $305M | · | $19M | $16M | $6M | · | $573M | |
| P/E | -1.5 | -1.6 | · | -2.2 | -1.4 | -1.2 | · | -4.0 | -7.5 | -4.2 | · | -0.6 | -0.7 | -0.6 | · | -0.7 | |
| P/B | 1.7 | 1.3 | · | 1.7 | 0.8 | 0.5 | · | 1.7 | 4.1 | 4.3 | · | 95.9 | 3.6 | 1.9 | · | 14.8 | |
| P / Tangible Book | 1.7 | 1.3 | · | 1.7 | 0.8 | 0.5 | · | 1.7 | 4.1 | 4.3 | · | 95.9 | 3.6 | 1.9 | · | 14.8 | |
| P / Cash Flow | · | -6.5 | · | · | · | -4.0 | · | · | · | -51.7 | · | · | · | -2.0 | · | · | |
| P / FCF | · | -6.5 | · | · | · | · | · | · | · | · | · | · | · | -2.0 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | -5.9 | -34.0 | -31.7 | · | -2.0 | -2.0 | -0.3 | · | -70.1 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -0.4 | · | · | |
| Earnings Yield | -68.0% | -63.5% | · | -46.5% | -70.7% | -80.4% | · | -25.0% | -13.4% | -23.9% | · | -158.3% | -147.7% | -162.2% | · | -152.9% |
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 | |
|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $881.7K |
| Operating Margin % | — | — | — | — | -6350.1% |
| Net Income | $-79M | $-40M | $-45M | $-42M | $-46M |
| Diluted EPS | $-5.90 | $-3.68 | $-10.31 | $-10.15 | $-11.15 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | — | 0.6 | 0.3 |
| Current Ratio | 8.1 | 12.9 | — | 4.8 | 5.9 |
| Quick Ratio | 7.9 | 12.6 | — | 4.7 | 5.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-64M | — | — | $-38M | $-48M |
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Institutional owners (13F) 124 filers · $137.4M 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 |
|---|---|---|---|---|
| 31 (+2 vs prior Q) | 23 (+11 vs prior Q) | 31 (-3 vs prior Q) | 26 (+7 vs prior Q) | +2.2M |
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 |
|---|---|---|---|---|
| Cormorant Asset Management, LP | $21,995,828 | 2,344,971 | 16.00% | Shares |
| ORBIMED ADVISORS LLC | $16,295,752 | 1,737,287 | 11.86% | Shares |
| Aberdeen Group plc | $12,398,015 | 1,321,750 | 9.02% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $7,137,617 | 760,940 | 5.19% | Shares |
| VANGUARD GROUP INC | $6,173,954 | 758,471 | 4.49% | Shares |
| Jones Hill Capital LP | $6,130,505 | 653,572 | 4.46% | Shares |
| Prosight Management, LP | $6,097,000 | 650,000 | 4.44% | Shares |
| DIADEMA PARTNERS LP | $5,945,044 | 633,800 | 4.33% | Call option |
| Caption Management, LLC | $5,368,174 | 572,300 | 3.91% | Call option |
| Stonepine Capital Management, LLC | $3,986,500 | 425,000 | 2.90% | Shares |
| ADAR1 Capital Management, LLC | $3,956,362 | 421,787 | 2.88% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,407,503 | 363,180 | 2.48% | Shares |
| DIADEMA PARTNERS LP | $2,825,856 | 301,264 | 2.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,750,244 | 293,203 | 2.00% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,511,964 | 267,800 | 1.83% | Call option |
| STATE STREET CORP | $2,388,823 | 254,672 | 1.74% | Shares |
| Exome Asset Management LLC | $1,734,493 | 184,914 | 1.26% | Shares |
| COMERICA BANK | $1,628,008 | 200,001 | 1.18% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,529,062 | 163,013 | 1.11% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,351,283 | 144,060 | 0.98% | Shares |
| JANE STREET GROUP, LLC | $1,305,068 | 139,133 | 0.95% | Shares |
| CITADEL ADVISORS LLC | $1,071,196 | 114,200 | 0.78% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $1,054,284 | 112,397 | 0.77% | Shares |
| BlackRock, Inc. | $1,054,078 | 112,375 | 0.77% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,044,013 | 111,302 | 0.76% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,039,510 | 110,822 | 0.76% | Shares |
| DAFNA Capital Management LLC | $1,010,911 | 107,773 | 0.74% | Shares |
| CITADEL ADVISORS LLC | $864,405 | 92,154 | 0.63% | Shares |
| Advisory Services Network, LLC | $843,609 | 89,937 | 0.61% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $732,766 | 78,120 | 0.53% | Shares |
| Persistent Asset Partners Ltd | $721,500 | 76,919 | 0.52% | Shares |
| Susquehanna Portfolio Strategies, LLC | $712,683 | 75,979 | 0.52% | Shares |
| XTX Topco Ltd | $634,595 | 67,654 | 0.46% | Shares |
| Verdad Advisers, LP | $596,596 | 63,603 | 0.43% | Shares |
| ADAR1 Capital Management, LLC | $562,800 | 60,000 | 0.41% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $520,168 | 55,455 | 0.38% | Shares |
| HSBC HOLDINGS PLC | $504,747 | 55,224 | 0.37% | Shares |
| Rangeley Capital, LLC | $412,720 | 44,000 | 0.30% | Shares |
| CANTOR FITZGERALD, L. P. | $376,117 | 40,098 | 0.27% | Shares |
| GOLDMAN SACHS GROUP INC | $368,259 | 39,260 | 0.27% | Shares |
| Driehaus Capital Management LLC | $365,604 | 38,977 | 0.27% | Shares |
| LMR Partners LLP | $332,990 | 35,500 | 0.24% | Shares |
| Engineers Gate Manager LP | $279,524 | 29,800 | 0.20% | Shares |
| Caption Management, LLC | $261,252 | 27,852 | 0.19% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $250,446 | 26,700 | 0.18% | Put option |
| Velan Capital Investment Management LP | $243,880 | 26,000 | 0.18% | Shares |
| Jump Financial, LLC | $242,004 | 25,800 | 0.18% | Shares |
| Pale Fire Capital SE | $227,943 | 24,301 | 0.17% | Shares |
| Y-Intercept (Hong Kong) Ltd | $212,419 | 22,646 | 0.15% | Shares |
| AMERICAN CENTURY COMPANIES INC | $211,116 | 22,507 | 0.15% | Shares |
| Brevan Howard Capital Management LP | $210,834 | 22,477 | 0.15% | Shares |
| Nuveen, LLC | $209,249 | 22,308 | 0.15% | Shares |
| Seven Fleet Capital Management LP | $201,032 | 21,432 | 0.15% | Shares |
| Persistent Asset Partners Ltd | $196,925 | 1,276 | 0.14% | Call option |
| RHUMBLINE ADVISERS | $191,938 | 20,463 | 0.14% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $187,600 | 20,000 | 0.14% | Shares |
| AlphaQuest LLC | $186,455 | 22,906 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $181,972 | 19,400 | 0.13% | Call option |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $176,832 | 18,852 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $172,592 | 18,400 | 0.13% | Put option |
| PANAGORA ASSET MANAGEMENT INC | $150,896 | 16,087 | 0.11% | Shares |
| DEUTSCHE BANK AG\ | $150,746 | 16,071 | 0.11% | Shares |
| Bank of New York Mellon Corp | $142,173 | 15,157 | 0.10% | Shares |
| SHERBROOKE PARK ADVISERS LLC | $125,437 | 15,410 | 0.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $124,322 | 13,254 | 0.09% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $116,312 | 12,400 | 0.08% | Shares |
| Quadrature Capital Ltd | $114,427 | 12,199 | 0.08% | Shares |
| JANE STREET GROUP, LLC | $110,684 | 11,800 | 0.08% | Put option |
| Mariner, LLC | $109,146 | 11,636 | 0.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $107,288 | 11,438 | 0.08% | Shares |
| CITIGROUP INC | $97,261 | 10,369 | 0.07% | Shares |
| FMR LLC | $81,146 | 8,651 | 0.06% | Shares |
| MARSHALL WACE, LLP | $60,679 | 6,469 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $59,928 | 6,600 | 0.04% | Shares |
| BARCLAYS PLC | $54,535 | 5,814 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $51,402 | 5,480 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $44,039 | 4,695 | 0.03% | Shares |
| NORTHERN TRUST CORP | $24,125 | 2,572 | 0.02% | Shares |
| Global Retirement Partners, LLC | $16,884 | 1,800 | 0.01% | Shares |
| Legal & General Group Plc | $14,970 | 1,596 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $14,014 | 1,494 | 0.01% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $11,493 | 1,224 | 0.01% | Shares |
| Nuveen Asset Management, LLC | $9,888 | 838 | 0.01% | Shares |
| Pinnacle Wealth Planning Services, Inc. | $8,902 | 949 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $8,761 | 934 | 0.01% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $8,442 | 900 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $6,000 | 616 | 0.00% | Shares |
| Versant Capital Management, Inc | $5,637 | 601 | 0.00% | Shares |
| Atlantic Private Wealth, LLC | $4,690 | 500 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $4,183 | 446 | 0.00% | Shares |
| FEDERATED HERMES, INC. | $3,330 | 355 | 0.00% | Shares |
| GAMMA Investing LLC | $3,152 | 336 | 0.00% | Shares |
| Sterling Capital Management LLC | $3,114 | 332 | 0.00% | Shares |
| UBS Group AG | $2,861 | 305 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $2,692 | 287 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $1,771 | 189 | 0.00% | Shares |
| ORG Partners LLC | $814 | 100 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $685 | 73 | 0.00% | Shares |
| Golden State Wealth Management, LLC | $685 | 73 | 0.00% | Shares |
| CWM, LLC | $648 | 69 | 0.00% | Shares |
Company insiders 24 insiders · 7 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mark Tepper | President and CSO | Jan. 18, 2019 A | 2,110,400 | 0 | 0 | $0 |
| Ian Hodgson | Chief Operating Officer | Feb. 17, 2026 S | 51,080 | 0 | 2 | $-25,788 |
| Craig Stuart Millian | Chief Operating Officer | Feb. 13, 2023 A | 27,000 | 0 | 0 | $0 |
| Robert Paul Discordia | Chief Operating Officer | March 17, 2020 P | 35,490 | 0 | 0 | $0 |
| Dominic Smethurst | Chief Medical Officer | March 2, 2026 S | 89,790 | 0 | 2 | $-77,181 |
| Rachael Louise Brake | Chief Scientific Officer | Feb. 13, 2023 A | — | 0 | 0 | $0 |
| Barbara White | Chief Medical Officer | Feb. 2, 2021 A | 206,217 | 0 | 0 | $0 |
| Anne Altmeyer | Director | June 10, 2026 S | 7,579 | 0 | 2 | $-40,809 |
| John Kenneth Jenkins | Director | June 10, 2026 S | 3,833 | 0 | 1 | $-37,968 |
| Winston Kung | Director | June 10, 2026 S | 12,140 | 0 | 1 | $-16,026 |
| Brent Pfeiffenberger | Director | May 19, 2026 A | 7,500 | 0 | 0 | $0 |
| Yong Ben | Director | May 19, 2026 A | 11,383 | 0 | 0 | $0 |
| Rachelle Suzanne Jacques | Director | May 19, 2026 A | 11,383 | 0 | 0 | $0 |
| Alan F Holmer | Director | May 30, 2025 A | 10,629 | 0 | 0 | $0 |
| Peter Salzmann | Director | May 30, 2024 A | 2,783 | 0 | 0 | $0 |
| Avery W Catlin | Director | May 30, 2024 A | 4,350 | 0 | 0 | $0 |
| David P Hochman | Director | May 20, 2020 A | 7,000 | 0 | 0 | $0 |
| Paris Panayiotopoulos | Director | May 22, 2019 A | 14,285 | 0 | 0 | $0 |
| Renu Gupta | Director | May 25, 2017 A | 15,000 | 0 | 0 | $0 |
| Leonardo Viana Nicacio | — | Aug. 16, 2026 A | 58,333 | 0 | 0 | $0 |
| Nishant C Saxena | — | Aug. 11, 2026 P | 77,900 | 3 | 0 | $126,243 |
| Yuval Cohen | — | Aug. 7, 2026 S | 157,316 | 0 | 4 | $-750,480 |
| Sean F. Moran | — | Aug. 7, 2026 S | 84,694 | 0 | 3 | $-378,471 |
| Sumner Burstein | — | Nov. 16, 2015 G | 3,594,471 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 12 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.04% | 55,352 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 155,622 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 14,313 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 22,053 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.00% | 398,678 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 58,383 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,791 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 4,229 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 208,310 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 533,575 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 95,158 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,831 SH | Aug. 8, 2026 | Daily |