CVRX CVRx, Inc. - Common Stock
$2.73
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$2–$11
6% of range
Analyst Rating
BUY
13 analysts
Price Target
$6
+116% upside
P/E (TTM)
-1.3
ROE
-109.6%
Net Profit Margin
-94.1%
About CVRx, Inc. - Common Stock Company overview from Wikipedia
CVRX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.73
Market Cap
$72M
P/E (TTM)
-1.3
EPS (TTM)
$-2.04
Revenue (TTM)
$57M
Div Yield
—
ROE
-109.6%
Debt/Equity
1.3
52W Range
$2 – $11
CVRX 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
$57M
2020-12-31
→
2025-12-31
EPS
$-2.04
2021-12-31
→
2025-12-31
Free Cash Flow
$-41M
2021-12-31
→
2025-12-31
Margins
-94.1%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CVRX
Peer Median
P/E (TTM)
-1.3
27.5
P/S (TTM)
1.3
2.8
P/B
1.8
4.5
EV / EBITDA
-0.9
—
Price / FCF
-1.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CVRX
Peer Median
Gross Margin
85.3%
59.5%
Operating Margin
-90.5%
—
Net Profit Margin
-94.1%
-21.3%
ROA
-44.8%
-19.0%
ROE
-109.6%
-25.2%
ROIC
-57.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CVRX
Peer Median
Debt / Equity
1.3
—
Current Ratio
7.6
2.9
Quick Ratio
6.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CVRX
Peer Median
Revenue YoY
10.4%
—
Revenue CAGR 3Y
36.1%
—
Revenue CAGR 5Y
56.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CVRX
Peer Median
CVRX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 8 61.5%
- Hold 1 7.7%
- Sell 1 7.7%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-15
Median
$4.50
Mean
$5.92
← Below all targets
$2.73
Low
$3.50
High
$13.00
Median target
$4.50
+64.6%
Mean target
$5.92
+116.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.53 | $-0.53 | 0.00% |
| March 31, 2026 | $-0.50 | $-0.51 | 0.01% |
| Dec. 31, 2025 | $-0.46 | $-0.45 | -0.01% |
| Sept. 30, 2025 | $-0.49 | $-0.51 | 0.02% |
| June 30, 2025 | $-0.57 | $-0.53 | -0.04% |
| March 31, 2025 | $-0.53 | $-0.58 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CVRX | $187M | -3.5 | 10.4% | -94.1% | -109.6% | 85.3% |
| OM | $67M | -0.7 | 5.1% | -68.3% | -58.0% | 39.1% |
| VANI | $94M | -2.9 | — | — | -257.8% | — |
| ODYS | $54M | -3.1 | -23.9% | -565.0% | -58.7% | 28.9% |
| DXR | — | — | — | — | — | — |
| COCH | — | — | — | — | — | — |
| MDAI | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $57M | $51M | $39M | $22M | $13M | $6M | |
| Cost of Revenue | $8M | $8M | $6M | $5M | $4M | $1M | |
| Gross Profit | $48M | $43M | $33M | $17M | $9M | $5M | |
| R&D Expense | $11M | $11M | $12M | $10M | $8M | $6M | |
| SG&A Expense | $88M | $91M | $65M | $50M | $28M | $10M | |
| Operating Expenses | $100M | $102M | $76M | $60M | $35M | $16M | |
| Operating Income | $-51M | $-59M | $-43M | $-43M | $-26M | $-12M | |
| Interest Expense | · | · | $2M | $165.0K | $2M | $2M | |
| Other Non-op | $4M | $4M | $4M | $1M | $-15M | $-40.0K | |
| Pretax Income | $-53M | $-60M | $-41M | $-41M | $-43M | $-14M | |
| Income Tax | $-18.0K | $55.0K | $147.0K | $109.0K | $91.0K | $85.0K | |
| Net Income | $-53M | $-60M | $-41M | $-41M | $-43M | $-14M | |
| EPS (Basic) | $-2.04 | $-2.65 | $-1.99 | $-2.02 | $-4.16 | · | |
| EPS (Diluted) | $-2.04 | $-2.65 | $-1.99 | $-2.02 | $-4.16 | · | |
| Shares (Basic) | 26,084,709 | 22,596,229 | 20,754,375 | 20,532,838 | 10,360,054 | · | |
| Shares (Diluted) | 26,084,709 | 22,596,229 | 20,754,375 | 20,532,838 | 10,360,054 | · | |
| EBITDA | $-51M | $-59M | $-43M | $-43M | $-26M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $76M | $106M | $91M | $106M | $142M | $59M | |
| Receivables | $11M | $9M | $8M | $6M | $3M | $1M | |
| Inventory | $12M | $12M | $11M | $7M | $4M | $3M | |
| Prepaid Expense | $3M | $3M | $3M | $4M | $3M | $605.0K | |
| Current Assets | $102M | $130M | $112M | $123M | $151M | $64M | |
| PP&E (Net) | $2M | $3M | $2M | $2M | $1M | $410.0K | |
| PP&E (Gross) | $6M | $6M | $5M | $4M | $3M | $2M | |
| Accum. Depreciation | $4M | $3M | $3M | $2M | $2M | $2M | |
| Other Non-current Assets | $26.0K | $27.0K | $27.0K | $27.0K | $26.0K | $26.0K | |
| Total Assets | $105M | $133M | $115M | $125M | $153M | $65M | |
| Accounts Payable | $4M | $3M | $2M | $2M | $510.0K | $483.0K | |
| Accrued Liabilities | $9M | $8M | $6M | $6M | $5M | $4M | |
| Current Liabilities | $13M | $11M | $8M | $8M | $6M | $8M | |
| Capital Leases | $638.0K | $877.0K | $1M | $117.0K | $0 | · | |
| Other Non-current Liabilities | $2M | $1M | $1M | $805.0K | $681.0K | $777.0K | |
| Total Liabilities | $65M | $62M | $39M | $16M | $7M | $28M | |
| Long-term Debt | · | · | · | · | · | $19M | |
| Total Debt | $50M | $49M | $29M | $7M | $0 | · | |
| Common Stock | $263.0K | $253.0K | $209.0K | $207.0K | $204.0K | $4.0K | |
| Retained Earnings | $-591M | $-537M | $-477M | $-436M | $-395M | $-352M | |
| AOCI | $-203.0K | $-206.0K | $-207.0K | $-207.0K | $-198.0K | $-190.0K | |
| Stockholders' Equity | $39M | $71M | $76M | $109M | $146M | $-293M | |
| Liabilities + Equity | $105M | $133M | $115M | $125M | $153M | $65M | |
| Shares Outstanding | 26,311,607 | 25,324,684 | 20,879,199 | 20,663,736 | 20,399,337 | 360,412 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $11M | $19M | $6M | $4M | $2M | $132.0K | |
| Operating Cash Flow | $-40M | $-39M | $-39M | $-43M | $-28M | $-16M | |
| CapEx | $580.0K | $1M | $591.0K | $685.0K | $1M | $311.0K | |
| Investing Cash Flow | $-580.0K | $-1M | $-591.0K | $-685.0K | $-1M | $-311.0K | |
| Net Debt Issued | · | · | · | $0 | $-21M | · | |
| Stock Issued | $9M | $33M | $0 | $0 | $133M | $0 | |
| Net Stock Activity | $9M | $33M | · | $0 | $133M | · | |
| Financing Cash Flow | $11M | $56M | $24M | $7M | $112M | $50M | |
| Net Change in Cash | $-30M | $15M | $-16M | $-36M | $83M | $33M | |
| Free Cash Flow | $-41M | $-41M | $-40M | $-43M | $-29M | · | |
| Levered FCF | · | · | $-41M | $-44M | $-31M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 85.3% | 83.8% | 84.1% | 77.8% | 72.1% | · | |
| Operating Margin | -90.5% | -116.0% | -109.7% | -189.3% | -199.2% | · | |
| Net Margin | -94.1% | -116.9% | -104.8% | -184.4% | -330.4% | · | |
| Pretax Margin | -94.1% | -116.8% | -104.5% | -183.9% | -329.8% | · | |
| EBITDA Margin | -90.5% | -116.0% | -109.7% | -189.3% | -199.2% | · | |
| ROA | -44.8% | -48.2% | -34.3% | -29.9% | -39.6% | · | |
| ROE | -109.6% | -88.0% | -51.9% | -36.4% | -28.5% | · | |
| ROIC | -57.7% | -49.5% | -41.1% | -36.8% | -17.8% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 7.6 | 12.1 | 14.3 | 15.2 | 25.6 | · | |
| Quick Ratio | 6.5 | 10.7 | 12.5 | 13.8 | 24.5 | · | |
| Debt / Equity | 1.3 | 0.7 | 0.4 | 0.1 | 0.0 | · | |
| LT Debt / Equity | 1.3 | 0.7 | 0.4 | 0.1 | 0.0 | · | |
| Interest Coverage | · | · | -24.0 | -257.7 | -11.7 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.3 | 0.2 | 0.1 | · | |
| Inventory Turnover | 0.7 | 0.7 | 0.7 | 0.9 | 1.0 | · | |
| Receivables Turnover | 5.7 | 6.1 | 6.0 | 5.6 | 6.8 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.4% | 30.5% | 74.9% | 72.4% | 115.4% | · | |
| Revenue CAGR 3Y | 36.1% | 57.9% | 86.6% | · | · | · | |
| Revenue CAGR 5Y | 56.4% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $57M | $51M | $39M | $22M | $13M | · | |
| Net Income TTM | $-53M | $-60M | $-41M | $-41M | $-43M | · | |
| Market Cap | $187M | $321M | $656M | $379M | $249M | · | |
| Enterprise Value | $161M | $264M | $595M | $279M | $107M | · | |
| P/E | -3.5 | -4.8 | -15.8 | -9.1 | -2.9 | · | |
| P/S | 3.3 | 6.3 | 16.7 | 16.9 | 19.1 | · | |
| P/B | 4.8 | 4.5 | 8.6 | 3.5 | 1.7 | · | |
| P / Tangible Book | 4.8 | 4.5 | 8.6 | 3.5 | 1.7 | · | |
| P / Cash Flow | -4.7 | -8.2 | -16.8 | -8.9 | -9.0 | · | |
| P / FCF | -4.6 | -7.9 | -16.6 | -8.7 | -8.6 | · | |
| EV / EBITDA | -3.1 | -4.4 | -13.8 | -6.6 | -4.1 | · | |
| EV / FCF | -3.9 | -6.5 | -15.0 | -6.4 | -3.7 | · | |
| EV / Revenue | 2.8 | 5.2 | 15.1 | 12.4 | 8.2 | · | |
| Earnings Yield | -28.7% | -20.9% | -6.3% | -11.0% | -34.0% | · |
Income Statement 17
| 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 | $16M | $15M | $16M | $15M | $14M | $12M | $15M | $13M | $12M | $11M | $11M | $11M | $10M | $8M | $7M | $6M | |
| Cost of Revenue | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $1M | |
| Gross Profit | $14M | $13M | $14M | $13M | $11M | $10M | $13M | $11M | $10M | $9M | $10M | $9M | $8M | $7M | $6M | $5M | |
| R&D Expense | $3M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $2M | |
| SG&A Expense | $24M | $22M | $22M | $22M | $23M | $21M | $20M | $22M | $21M | $28M | $17M | $16M | $16M | $15M | $14M | $13M | |
| Operating Expenses | $27M | $25M | $25M | $25M | $26M | $24M | $23M | $24M | $24M | $31M | $19M | $18M | $20M | $19M | $17M | $15M | |
| Operating Income | $-13M | $-12M | $-11M | $-12M | $-14M | $-13M | $-10M | $-13M | $-14M | $-22M | $-10M | $-10M | $-12M | $-12M | $-11M | $-10M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $960.0K | · | $499.0K | $481.0K | $240.0K | $165.0K | $0 | |
| Other Non-op | $560.0K | $593.0K | $660.0K | $875.0K | $1M | $1M | $1M | $917.0K | $944.0K | $1M | $1M | $1M | $616.0K | $1M | $1M | $328.0K | |
| Pretax Income | $-14M | $-13M | $-12M | $-13M | $-15M | $-14M | $-11M | $-13M | $-14M | $-22M | $-9M | $-9M | $-12M | $-11M | $-11M | $-10M | |
| Income Tax | $3.0K | $1.0K | $-7.0K | $-3.0K | $-3.0K | $-5.0K | $-71.0K | $47.0K | $41.0K | $38.0K | $39.0K | $40.0K | $34.0K | $34.0K | $28.0K | $32.0K | |
| Net Income | $-14M | $-13M | $-12M | $-13M | $-15M | $-14M | $-11M | $-13M | $-14M | $-22M | $-9M | $-9M | $-12M | $-11M | $-11M | $-10M | |
| EPS (Basic) | $-0.53 | $-0.50 | $-0.45 | $-0.49 | $-0.57 | $-0.53 | $-0.39 | $-0.57 | $-0.65 | $-1.04 | $-0.45 | $-0.43 | $-0.56 | $-0.55 | $-0.51 | $-0.48 | |
| EPS (Diluted) | $-0.53 | $-0.50 | $-0.45 | $-0.49 | $-0.57 | $-0.53 | $-0.39 | $-0.57 | $-0.65 | $-1.04 | $-0.45 | $-0.43 | $-0.56 | $-0.55 | $-0.51 | $-0.48 | |
| Shares (Basic) | 26,515,442 | 26,355,591 | -52,031,231 | 26,168,562 | 26,071,316 | 25,876,062 | -43,047,659 | 22,783,337 | 21,628,542 | 21,232,009 | -41,452,049 | 20,801,350 | 20,711,850 | 20,693,224 | -41,002,569 | 20,576,838 | |
| Shares (Diluted) | 26,515,442 | 26,355,591 | -52,031,231 | 26,168,562 | 26,071,316 | 25,876,062 | -43,047,659 | 22,783,337 | 21,628,542 | 21,232,009 | -41,452,049 | 20,801,350 | 20,711,850 | 20,693,224 | -41,002,569 | 20,576,838 | |
| EBITDA | $-13M | $-12M | · | $-12M | $-14M | $-13M | · | $-13M | $-14M | $-22M | · | $-10M | $-12M | $-12M | · | $-10M |
Balance Sheet 23
| 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 | $65M | $72M | $76M | $85M | $95M | $103M | $106M | $100M | $70M | $80M | $91M | $83M | $91M | $103M | $106M | $110M | |
| Receivables | $9M | $9M | $11M | $8M | $7M | $9M | $9M | $9M | $9M | $8M | $8M | $6M | $7M | $6M | $6M | $5M | |
| Inventory | $13M | $12M | $12M | $11M | $12M | $12M | $12M | $12M | $11M | $11M | $11M | $11M | $11M | $8M | $7M | $6M | |
| Prepaid Expense | $2M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $4M | $3M | $4M | $3M | |
| Current Assets | $89M | $97M | $102M | $108M | $116M | $126M | $130M | $124M | $92M | $102M | $112M | $104M | $112M | $121M | $123M | $124M | |
| PP&E (Net) | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | |
| PP&E (Gross) | $5M | $5M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | |
| Accum. Depreciation | $3M | $3M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | |
| Other Non-current Assets | $26.0K | $26.0K | $26.0K | $26.0K | $26.0K | $26.0K | $27.0K | $26.0K | $26.0K | $26.0K | $27.0K | $26.0K | $27.0K | $27.0K | $27.0K | $26.0K | |
| Total Assets | $92M | $100M | $105M | $111M | $120M | $130M | $133M | $128M | $96M | $106M | $115M | $106M | $115M | $123M | $125M | $127M | |
| Accounts Payable | $4M | $3M | $4M | $4M | $3M | $3M | $3M | $3M | $4M | $3M | $2M | $1M | $3M | $2M | $2M | $1M | |
| Accrued Liabilities | $7M | $6M | $9M | $8M | $7M | $6M | $8M | $8M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | |
| Current Liabilities | $11M | $9M | $13M | $11M | $10M | $9M | $11M | $11M | $9M | $8M | $8M | $7M | $9M | $8M | $8M | $7M | |
| Capital Leases | $448.0K | $544.0K | $638.0K | $730.0K | $819.0K | $802.0K | $877.0K | $951.0K | $1M | $1M | $1M | $916.0K | $946.0K | $59.0K | $117.0K | $175.0K | |
| Other Non-current Liabilities | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $960.0K | $885.0K | $815.0K | $805.0K | $761.0K | |
| Total Liabilities | $72M | $71M | $65M | $63M | $62M | $60M | $62M | $62M | $41M | $40M | $39M | $24M | $25M | $23M | $16M | $8M | |
| Total Debt | $59M | $58M | · | $49M | $49M | $49M | · | $49M | $29M | $29M | · | $14M | $14M | $14M | · | · | |
| Common Stock | $266.0K | $264.0K | $263.0K | $262.0K | $261.0K | $261.0K | $253.0K | $242.0K | $217.0K | $216.0K | $209.0K | $208.0K | $208.0K | $207.0K | $207.0K | $206.0K | |
| Retained Earnings | $-618M | $-604M | $-591M | $-579M | $-566M | $-551M | $-537M | $-527M | $-514M | $-500M | $-477M | $-468M | $-459M | $-448M | $-436M | $-426M | |
| AOCI | $-204.0K | $-203.0K | $-203.0K | $-204.0K | $-203.0K | $-205.0K | $-206.0K | $-208.0K | $-210.0K | $-210.0K | $-207.0K | $-208.0K | $-187.0K | $-204.0K | $-207.0K | $-219.0K | |
| Stockholders' Equity | $20M | $29M | $39M | $48M | $58M | $69M | $71M | $65M | $55M | $66M | $76M | $83M | $90M | $100M | $109M | $118M | |
| Liabilities + Equity | $92M | $100M | $105M | $111M | $120M | $130M | $133M | $128M | $96M | $106M | $115M | $106M | $115M | $123M | $125M | $127M | |
| Shares Outstanding | 26,641,597 | 26,428,767 | 26,311,607 | 26,193,733 | 26,145,951 | 26,051,992 | 25,324,684 | 24,203,658 | 21,712,357 | 21,593,173 | 20,879,199 | 20,813,612 | 20,750,910 | 20,708,940 | 20,663,736 | 20,578,963 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $3M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $11M | $2M | $2M | $1M | $2M | $1M | $929.0K | |
| Operating Cash Flow | $-9M | $-12M | $-10M | $-10M | $-8M | $-13M | $-8M | $-10M | $-10M | $-11M | $-8M | $-8M | $-13M | $-10M | $-11M | $-11M | |
| CapEx | $112.0K | $122.0K | $68.0K | $295.0K | $103.0K | $114.0K | $52.0K | $37.0K | $355.0K | $917.0K | $169.0K | $39.0K | $143.0K | $240.0K | $79.0K | $264.0K | |
| Investing Cash Flow | $-112.0K | $-122.0K | $-68.0K | $-295.0K | $-103.0K | $-114.0K | $-52.0K | $-37.0K | $-355.0K | $-917.0K | $-169.0K | $-39.0K | $-143.0K | $-240.0K | $-79.0K | $-264.0K | |
| Stock Issued | $739.0K | $-43.0K | $-179.0K | $-45.0K | $0 | $9M | $12M | $20M | $-1.0K | $547.0K | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-43.0K | · | · | · | $9M | · | · | · | $547.0K | · | · | · | · | · | · | |
| Financing Cash Flow | $1M | $9M | $410.0K | $103.0K | $392.0K | $10M | $14M | $40M | $472.0K | $1M | $16M | $363.0K | $473.0K | $8M | $7M | $7.0K | |
| Net Change in Cash | $-8M | $-3M | $-9M | $-10M | $-8M | $-3M | $6M | $30M | $-10M | $-10M | $8M | $-8M | $-12M | $-3M | $-4M | $-11M | |
| Free Cash Flow | · | $-12M | · | · | · | $-13M | · | · | · | $-12M | · | · | · | $-10M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-13M | · | · | · | $-11M | · | · |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.4% | 87.2% | · | 86.8% | 84.3% | 83.5% | · | 83.2% | 83.9% | 85.0% | · | 83.9% | 84.0% | 83.4% | · | 78.3% | |
| Operating Margin | -82.9% | -82.3% | · | -83.5% | -105.8% | -108.8% | · | -97.3% | -118.3% | -206.4% | · | -90.6% | -123.7% | -152.4% | · | -163.7% | |
| Net Margin | -89.4% | -88.8% | · | -87.6% | -108.4% | -111.5% | · | -98.0% | -118.8% | -206.0% | · | -85.7% | -122.6% | -142.6% | · | -158.9% | |
| Pretax Margin | -89.4% | -88.8% | · | -87.6% | -108.5% | -111.5% | · | -97.6% | -118.5% | -205.7% | · | -85.4% | -122.3% | -142.1% | · | -158.4% | |
| EBITDA Margin | -82.9% | -82.3% | · | -83.5% | -105.8% | -108.8% | · | -97.3% | -118.3% | -206.4% | · | -90.6% | -123.7% | -152.4% | · | -163.7% | |
| ROA | -13.3% | -11.4% | · | -10.8% | -13.7% | -11.7% | · | -11.2% | -13.3% | -19.4% | · | -7.7% | -9.4% | -8.5% | · | -6.4% | |
| ROE | -36.1% | -26.7% | · | -22.7% | -26.0% | -20.3% | · | -17.7% | -19.3% | -26.8% | · | -9.0% | -10.7% | -9.6% | · | -7.2% | |
| ROIC | -16.6% | -13.9% | · | -12.6% | -13.4% | -11.3% | · | -11.4% | -16.6% | -23.3% | · | -9.8% | -11.3% | -10.7% | · | -8.6% |
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 | 8.0 | 10.2 | · | 9.6 | 12.0 | 14.8 | · | 11.3 | 10.1 | 12.2 | · | 14.0 | 12.6 | 15.2 | · | 16.8 | |
| Quick Ratio | 6.7 | 8.6 | · | 8.3 | 10.5 | 13.1 | · | 10.0 | 8.7 | 10.6 | · | 12.1 | 10.9 | 13.8 | · | 15.6 | |
| Debt / Equity | 2.9 | 2.0 | · | 1.0 | 0.9 | 0.7 | · | 0.8 | 0.5 | 0.4 | · | 0.2 | 0.2 | 0.1 | · | · | |
| LT Debt / Equity | 2.9 | 2.0 | · | 1.0 | 0.9 | 0.7 | · | 0.8 | 0.5 | 0.4 | · | 0.2 | 0.2 | 0.1 | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -23.2 | · | -19.1 | -24.4 | -50.7 | · | · |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | |
| Inventory Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Receivables Turnover | 1.9 | 1.6 | · | 1.7 | 1.7 | 1.4 | · | 1.7 | 1.5 | 1.4 | · | 1.8 | 1.8 | 1.6 | · | 1.4 |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $59M | $55M | · | $54M | $51M | $48M | · | $46M | $43M | $39M | · | $34M | $29M | $23M | · | $19M | |
| Net Income TTM | $-55M | $-54M | · | $-54M | $-56M | $-63M | · | $-58M | $-57M | $-54M | · | $-42M | $-44M | $-42M | · | $-37M | |
| Market Cap | $137M | $250M | · | $211M | $154M | $319M | · | $213M | $260M | $393M | · | $316M | $320M | $193M | · | $192M | |
| Enterprise Value | $131M | $236M | · | $176M | $108M | $265M | · | $162M | $219M | $342M | · | $247M | $244M | $104M | · | · | |
| P/E | -2.5 | -4.5 | · | -3.7 | -2.5 | -4.4 | · | -3.3 | -4.5 | -7.1 | · | -7.5 | -7.2 | -4.5 | · | -5.2 | |
| P/S | 2.3 | 4.5 | · | 3.9 | 3.0 | 6.6 | · | 4.6 | 6.1 | 10.1 | · | 9.2 | 11.2 | 8.3 | · | 10.3 | |
| P/B | 6.9 | 8.6 | · | 4.4 | 2.7 | 4.6 | · | 3.3 | 4.7 | 5.9 | · | 3.8 | 3.6 | 1.9 | · | 1.6 | |
| P / Tangible Book | 6.9 | 8.6 | · | 4.4 | 2.7 | 4.6 | · | 3.3 | 4.7 | 5.9 | · | 3.8 | 3.6 | 1.9 | · | 1.6 | |
| P / Cash Flow | · | -20.6 | · | · | · | -25.0 | · | · | · | -36.1 | · | · | · | -18.8 | · | · | |
| P / FCF | · | -20.3 | · | · | · | -24.7 | · | · | · | -33.3 | · | · | · | -18.4 | · | · | |
| EV / EBITDA | -10.1 | -19.4 | · | -14.3 | -7.5 | -19.7 | · | -12.5 | -15.7 | -15.4 | · | -25.9 | -20.7 | -8.5 | · | · | |
| EV / FCF | · | -19.2 | · | · | · | -20.6 | · | · | · | -29.0 | · | · | · | -9.9 | · | · | |
| EV / Revenue | 2.2 | 4.3 | · | 3.3 | 2.1 | 5.5 | · | 3.5 | 5.1 | 8.8 | · | 7.2 | 8.5 | 4.5 | · | · | |
| Earnings Yield | -40.7% | -22.1% | · | -26.8% | -39.5% | -22.8% | · | -30.5% | -22.4% | -14.2% | · | -13.3% | -13.8% | -22.1% | · | -19.4% |
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 | $57M | $51M | $39M | $22M | $13M |
| Gross Margin % | 85.3% | 83.8% | 84.1% | 77.8% | 72.1% |
| Operating Margin % | -90.5% | -116.0% | -109.7% | -189.3% | -199.2% |
| Net Income | $-53M | $-60M | $-41M | $-41M | $-43M |
| Diluted EPS | $-2.04 | $-2.65 | $-1.99 | $-2.02 | $-4.16 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.3 | 0.7 | 0.4 | 0.1 | 0.0 |
| Current Ratio | 7.6 | 12.1 | 14.3 | 15.2 | 25.6 |
| Quick Ratio | 6.5 | 10.7 | 12.5 | 13.8 | 24.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-41M | $-41M | $-40M | $-43M | $-29M |
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Institutional owners (13F) 100 filers · $63.2M 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 |
|---|---|---|---|---|
| 13 (-11 vs prior Q) | 17 (+4 vs prior Q) | 28 (-1 vs prior Q) | 29 (+8 vs prior Q) | +2K |
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 |
|---|---|---|---|---|
| JOHNSON & JOHNSON | $20,687,786 | 4,024,861 | 32.73% | Shares |
| NEA Management Company, LLC | $10,045,822 | 1,954,440 | 15.89% | Shares |
| GSK plc | $5,178,977 | 1,007,583 | 8.19% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $4,680,361 | 910,576 | 7.41% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $4,513,480 | 878,109 | 7.14% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,942,206 | 377,698 | 3.07% | Shares |
| PFM Health Sciences, LP | $1,899,600 | 369,572 | 3.01% | Shares |
| STATE STREET CORP | $1,883,049 | 366,352 | 2.98% | Shares |
| Nuveen Asset Management, LLC | $1,471,114 | 116,110 | 2.33% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,182,200 | 230,000 | 1.87% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,057,216 | 205,684 | 1.67% | Shares |
| Kestra Advisory Services, LLC | $680,536 | 132,400 | 1.08% | Shares |
| TWO SIGMA INVESTMENTS, LP | $680,526 | 132,398 | 1.08% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $662,829 | 128,955 | 1.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $544,403 | 105,915 | 0.86% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $543,704 | 105,779 | 0.86% | Shares |
| Cresset Asset Management, LLC | $533,784 | 103,849 | 0.84% | Shares |
| AlphaQuest LLC | $502,645 | 70,795 | 0.80% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $500,168 | 97,309 | 0.79% | Shares |
| Quantinno Capital Management LP | $423,192 | 82,333 | 0.67% | Shares |
| CITADEL ADVISORS LLC | $271,844 | 52,888 | 0.43% | Shares |
| Nuveen, LLC | $254,666 | 49,546 | 0.40% | Shares |
| WOLVERINE TRADING, LLC | $228,312 | 29,346 | 0.36% | Shares |
| ALLIANCEBERNSTEIN L.P. | $220,986 | 23,360 | 0.35% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $210,226 | 40,900 | 0.33% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $181,946 | 35,398 | 0.29% | Shares |
| Point72 Asset Management, L.P. | $137,613 | 26,773 | 0.22% | Shares |
| XTX Topco Ltd | $112,181 | 21,825 | 0.18% | Shares |
| Jain Global LLC | $109,482 | 21,300 | 0.17% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $106,532 | 20,726 | 0.17% | Shares |
| RBF Capital, LLC | $102,800 | 20,000 | 0.16% | Shares |
| BANK OF AMERICA CORP /DE/ | $102,085 | 19,861 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $96,688 | 18,812 | 0.15% | Shares |
| Corton Capital Inc. | $85,461 | 10,590 | 0.14% | Shares |
| MILLENNIUM MANAGEMENT LLC | $84,476 | 16,435 | 0.13% | Shares |
| Graham Capital Management, L.P. | $76,884 | 14,958 | 0.12% | Shares |
| CWM, LLC | $76,238 | 8,059 | 0.12% | Shares |
| WELLS FARGO & COMPANY/MN | $71,986 | 14,005 | 0.11% | Shares |
| JPMORGAN CHASE & CO | $71,613 | 12,056 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $69,390 | 13,500 | 0.11% | Call option |
| UBS Group AG | $69,118 | 13,447 | 0.11% | Shares |
| R Squared Ltd | $68,907 | 13,406 | 0.11% | Shares |
| Arax Advisory Partners | $67,689 | 13,169 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $59,588 | 11,593 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $58,596 | 11,400 | 0.09% | Call option |
| GOLDMAN SACHS GROUP INC | $55,836 | 10,863 | 0.09% | Shares |
| Centiva Capital, LP | $55,065 | 10,713 | 0.09% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $44,255 | 8,610 | 0.07% | Shares |
| Bank of New York Mellon Corp | $42,909 | 8,348 | 0.07% | Shares |
| VANGUARD GROUP INC | $41,329 | 5,821 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $36,340 | 7,070 | 0.06% | Shares |
| WHITTIER TRUST CO | $33,780 | 6,000 | 0.05% | Shares |
| CITIGROUP INC | $32,469 | 6,317 | 0.05% | Shares |
| BlackRock, Inc. | $32,074 | 6,240 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $29,920 | 5,821 | 0.05% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $29,031 | 5,648 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $21,557 | 4,194 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $19,378 | 3,770 | 0.03% | Shares |
| HighMark Wealth Management LLC | $15,420 | 3,000 | 0.02% | Shares |
| CAROLINAS WEALTH CONSULTING LLC | $15,127 | 1,237 | 0.02% | Shares |
| NORTHERN TRUST CORP | $11,282 | 2,195 | 0.02% | Shares |
| BARCLAYS PLC | $10,999 | 2,140 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $9,648 | 1,877 | 0.02% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $8,221 | 869 | 0.01% | Shares |
| Legal & General Group Plc | $7,134 | 1,388 | 0.01% | Shares |
| GAMMA Investing LLC | $5,392 | 1,049 | 0.01% | Shares |
| JNBA Financial Advisors | $5,140 | 1,000 | 0.01% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $4,911 | 838 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $4,719 | 918 | 0.01% | Shares |
| Jump Financial, LLC | $2,570 | 500 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $2,174 | 423 | 0.00% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $2,077 | 404 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $2,000 | 467 | 0.00% | Shares |
| FMR LLC | $1,789 | 348 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $1,542 | 300 | 0.00% | Shares |
| Archer Investment Corp | $1,285 | 250 | 0.00% | Shares |
| THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. | $1,156 | 225 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $1,121 | 218 | 0.00% | Shares |
| PROEQUITIES, INC. | $1,032 | 60 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $971 | 189 | 0.00% | Shares |
| True Wealth Design, LLC | $895 | 174 | 0.00% | Shares |
| Allworth Financial LP | $736 | 143 | 0.00% | Shares |
| ROTHSCHILD INVESTMENT LLC | $493 | 96 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $350 | 68 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $259 | 50,358 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $225 | 44 | 0.00% | Shares |
| SJS Investment Consulting Inc. | $222 | 43 | 0.00% | Shares |
| Sunbelt Securities, Inc. | $208 | 22 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $191 | 37 | 0.00% | Shares |
| Sterling Capital Management LLC | $185 | 36 | 0.00% | Shares |
| Versant Capital Management, Inc | $180 | 35 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $149 | 29 | 0.00% | Shares |
| Clearstead Advisors, LLC | $125 | 24 | 0.00% | Shares |
| IFP Advisors, Inc | $93 | 18 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $87 | 17 | 0.00% | Shares |
| PHILADELPHIA TRUST CO | $77 | 15,000 | 0.00% | Shares |
| MORGAN STANLEY | $67 | 13 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $62 | 12,051 | 0.00% | Shares |
| Essential Partners LLC | $41 | 8 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $36 | 7 | 0.00% | Shares |
Company insiders 21 insiders · 6 officers · 2 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nadim Yared | Chief Executive Officer | Feb. 3, 2022 M | 21,276 | 0 | 0 | $0 |
| Jared Oasheim | Chief Financial Officer | Jan. 18, 2022 A | — | 0 | 0 | $0 |
| Dean Bruhn-Ding | VP of Reg. Affairs and QA | Feb. 8, 2022 M | 54,648 | 0 | 0 | $0 |
| Paul Verrastro | Chief Marketing Officer | Jan. 18, 2022 A | — | 0 | 0 | $0 |
| Liz Galle | VP of Global Clinical Research | Jan. 18, 2022 A | — | 0 | 0 | $0 |
| John Brintnall | Chief Strategy Officer and Sec | Dec. 30, 2021 M | 10,450 | 0 | 0 | $0 |
| Ali Behbahani | Director | June 4, 2024 A | 316 | 0 | 0 | $0 |
| Johnson & Johnson Innovation - JJDC, Inc. | 10% owner | Sept. 15, 2023 J | 0 | 0 | 0 | $0 |
| New Enterprise Associates 10, Limited Partnership | 10% owner | July 2, 2021 C | 2,026,083 | 0 | 0 | $0 |
| Brent Binkowski | — | Aug. 13, 2026 P | 56,514 | 1 | 1 | $72,971 |
| Martha Shadan | — | June 1, 2026 A | 8,720 | 0 | 0 | $0 |
| Mitch C. Hill, | — | June 1, 2026 A | 8,720 | 0 | 0 | $0 |
| Mudit K. Jain | — | June 1, 2026 A | 14,370 | 0 | 0 | $0 |
| Kevin J. Ballinger | — | June 1, 2026 A | 8,720 | 0 | 0 | $0 |
| Kirk Nielsen | — | June 1, 2026 A | 8,720 | 0 | 0 | $0 |
| Joseph P Slattery | — | June 1, 2026 A | 39,365 | 0 | 0 | $0 |
| DALE MICHAEL D | — | June 1, 2026 A | 29,005 | 0 | 0 | $0 |
| Gregory Morrison | — | March 2, 2026 A | 34,000 | 0 | 0 | $0 |
| Geoffrey B Pardo | — | July 2, 2021 C | 1,829,022 | 0 | 0 | $0 |
| GSK plc | — | July 2, 2021 C | 1,007,583 | 0 | 0 | $0 |
| John M Nehra | — | July 2, 2021 P | 28,266 | 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 |
|---|---|---|---|---|---|
| New Enterprise Associates 10, Limited Partnership, New Enterprise Associates 8A, Limited Partnership, NEA Partners 10, Limited Partnership, New Enterprise Associates VIII, Limited Partnership, NEA Partners VIII, Limited Partnership, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell | Feb. 20, 2025 | 7.80% | Amendment | — | SEC |
| Cooperatieve Gilde Healthcare IV U.A., Gilde Healthcare IV Management B.V., Gilde Healthcare Holding B.V., Manapouri B.V., Martemanshurk B.V. ×4 filings | Feb. 6, 2025 | 4.90% | Amendment | — | SEC |
| New Enterprise Associates 8A, Limited Partnership, New Enterprise Associates 10, Limited Partnership, NEA Partners 10, Limited Partnership, New Enterprise Associates VIII, Limited Partnership, NEA Partners VIII, Limited Partnership, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell ×2 filings | Nov. 7, 2024 | — | Initial filing | — | 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 21 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 | 0.02% | 51,597 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 152,223 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.00% | 7,117 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.00% | 364,103 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.00% | 758 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 41,696 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 591 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 595 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 577 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 15 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,354 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 5,239 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 358 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 5,367 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 204,533 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 684,121 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 89,003 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 15,722 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,190 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.00% | 22 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 4 NS | April 30, 2026 | N-PORT |