DSGN Design Therapeutics, Inc. - Common Stock
$16.01
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$5–$17
90% of range
Analyst Rating
BUY
13 analysts
Price Target
$21
+31% upside
P/E (TTM)
-13.1
ROE
-32.8%
Net Profit Margin
—
DSGN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$16.01
Market Cap
$967M
P/E (TTM)
-13.1
EPS (TTM)
$-1.22
Revenue (TTM)
$0
Div Yield
—
ROE
-32.8%
Debt/Equity
—
52W Range
$5 – $17
DSGN 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
$0
2020-12-31
→
2025-12-31
EPS
$-1.22
2021-12-31
→
2025-12-31
Free Cash Flow
$-55M
2021-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
DSGN
Peer Median
P/E (TTM)
-13.1
—
P/B
4.6
3.4
Price / FCF
-17.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
DSGN
Peer Median
ROA
-29.2%
-31.3%
ROE
-32.8%
-38.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
DSGN
Peer Median
Current Ratio
17.1
10.9
Quick Ratio
16.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
DSGN
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
DSGN
Peer Median
DSGN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 5 38.5%
- Buy 7 53.8%
- Hold 1 7.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-18
Median
$21.00
← Below all targets
$16.01
Low
$20.00
High
$22.00
Median target
$21.00
+31.2%
Mean target
$21.00
+31.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.32 | $-0.35 | 0.03% |
| March 31, 2026 | $-0.29 | $-0.33 | 0.04% |
| Dec. 31, 2025 | $-0.27 | $-0.36 | 0.09% |
| Sept. 30, 2025 | $-0.30 | $-0.35 | 0.05% |
| June 30, 2025 | $-0.34 | $-0.34 | -0.00% |
| March 31, 2025 | $-0.31 | $-0.29 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DSGN | $567M | -7.7 | — | — | -32.8% | — |
| CLYM | $191M | -4.5 | — | — | -34.6% | — |
| GERN | $845M | -10.2 | -60.2% | — | -34.4% | — |
| ANNX | $750M | -3.7 | — | — | -100.7% | — |
| SLDB | $445M | -2.8 | — | — | -79.5% | — |
| OLMA | $2.03B | -13.4 | — | — | -39.4% | — |
| CADL | $310M | -7.8 | — | — | -53.7% | — |
| FTH | — | — | — | — | — | — |
| IMMX | $277M | -5.9 | — | — | -59.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | · | · | · | $226.0K | |
| R&D Expense | $59M | $44M | $57M | $49M | $25M | $6M | |
| SG&A Expense | $20M | $18M | $21M | $19M | $11M | $2M | |
| Operating Expenses | $79M | $62M | $78M | $68M | $36M | $9M | |
| Operating Income | $-79M | $-62M | $-78M | $-68M | $-36M | $-8M | |
| Interest Income | $10M | $13M | $11M | · | · | · | |
| Other Non-op | · | · | $11M | $4M | $298.0K | $50.0K | |
| Income Tax | $0 | $0 | · | · | · | · | |
| Net Income | $-70M | $-50M | $-67M | $-63M | $-36M | $-8M | |
| EPS (Basic) | $-1.22 | $-0.88 | $-1.19 | $-1.14 | $-0.77 | · | |
| EPS (Diluted) | $-1.22 | $-0.88 | $-1.19 | $-1.14 | $-0.77 | · | |
| Shares (Basic) | 57,330,192 | 56,587,142 | 55,984,670 | 55,707,517 | 45,936,235 | · | |
| Shares (Diluted) | 57,330,192 | 56,587,142 | 55,984,670 | 55,707,517 | 45,936,235 | · | |
| EBITDA | $-79M | $-62M | $-78M | $-68M | $-36M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17M | $23M | $21M | $26M | $299M | $2M | |
| Short-term Investments | $203M | $223M | $261M | $304M | $85M | $34M | |
| Prepaid Expense | $4M | $3M | $3M | $5M | $1M | $142.0K | |
| Other Current Assets | · | · | · | · | $7.0K | $25.0K | |
| Current Assets | $224M | $248M | $285M | $335M | $385M | $36M | |
| PP&E (Net) | $981.0K | $1M | $2M | $2M | $2M | $71.0K | |
| PP&E (Gross) | $3M | $3M | $3M | $2M | $2M | $76.0K | |
| Accum. Depreciation | $2M | $2M | $1M | $522.0K | $134.0K | $5.0K | |
| Total Assets | $226M | $252M | $290M | $341M | $391M | $37M | |
| Accounts Payable | $2M | $2M | $2M | $3M | $2M | $1M | |
| Accrued Liabilities | $11M | $6M | $8M | $8M | $4M | $931.0K | |
| Current Liabilities | $13M | $8M | $10M | $11M | $5M | $2M | |
| Capital Leases | $645.0K | $2M | $2M | $3M | $3M | · | |
| Other Non-current Liabilities | · | · | · | · | · | $145.0K | |
| Total Liabilities | $14M | $10M | $12M | $14M | $8M | $2M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $1.0K | |
| Retained Earnings | $-297M | $-227M | $-178M | $-111M | $-47M | $-12M | |
| AOCI | $403.0K | $475.0K | $62.0K | $-3M | $-244.0K | $156.0K | |
| Stockholders' Equity | $213M | $242M | $278M | $327M | $382M | $-11M | |
| Liabilities + Equity | $226M | $252M | $290M | $341M | $391M | $37M | |
| Shares Outstanding | 60,398,051 | 56,754,341 | 56,473,598 | 55,895,596 | 55,441,926 | 15,957,821 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $15M | $13M | $13M | $11M | $5M | $450.0K | |
| Deferred Tax | $0 | $0 | · | · | · | · | |
| Operating Cash Flow | $-54M | $-43M | $-59M | $-51M | $-29M | $-9M | |
| CapEx | $193.0K | $340.0K | $256.0K | $918.0K | $2M | $76.0K | |
| Investing Cash Flow | $23M | $44M | $53M | $-221M | $-54M | $-34M | |
| Stock Issued | $25M | $0 | · | · | · | · | |
| Net Stock Activity | $25M | · | · | · | · | · | |
| Financing Cash Flow | $26M | $513.0K | $724.0K | $235.0K | $379M | $45M | |
| Net Change in Cash | $-6M | $1M | $-5M | $-272M | $296M | $2M | |
| Taxes Paid | $0 | $0 | · | · | · | · | |
| Free Cash Flow | $-55M | $-43M | $-59M | $-52M | $-31M | · |
Profitability 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | -29.2% | -18.3% | -21.2% | -17.3% | -16.6% | · | |
| ROE | -32.8% | -20.1% | -23.8% | -18.9% | -9.2% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 17.1 | 29.3 | 29.6 | 31.1 | 73.0 | · | |
| Quick Ratio | 16.8 | 29.0 | 29.3 | 30.7 | 72.7 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | · | · | · |
Valuation (TTM) 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | · | · | · | · | |
| Net Income TTM | $-70M | $-50M | $-67M | $-63M | $-36M | · | |
| Market Cap | $567M | $350M | $150M | $573M | $1.19B | · | |
| P/E | -7.7 | -7.0 | -2.2 | -9.0 | -27.8 | · | |
| P/B | 2.7 | 1.4 | 0.5 | 1.8 | 3.1 | · | |
| P / Tangible Book | 2.7 | 1.4 | 0.5 | 1.8 | 3.1 | · | |
| P / Cash Flow | -10.4 | -8.1 | -2.6 | -11.2 | -40.4 | · | |
| P / FCF | -10.4 | -8.1 | -2.5 | -11.0 | -38.4 | · | |
| Earnings Yield | -13.0% | -14.3% | -44.9% | -11.1% | -3.6% | · |
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 | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| R&D Expense | $16M | $14M | $13M | $15M | $16M | $15M | $12M | $12M | $11M | $10M | $11M | $13M | $17M | $16M | $14M | $14M | |
| SG&A Expense | $6M | $5M | $5M | $5M | $6M | $5M | $5M | $4M | $5M | $5M | $4M | $6M | $6M | $6M | $5M | $5M | |
| Operating Expenses | $22M | $20M | $18M | $19M | $22M | $20M | $17M | $16M | $15M | $14M | $15M | $19M | $23M | $22M | $19M | $19M | |
| Operating Income | $-22M | $-20M | $-18M | $-19M | $-22M | $-20M | $-17M | $-16M | $-15M | $-14M | $-15M | $-19M | $-23M | $-22M | $-19M | $-19M | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | · | · | · | · | · | · | |
| Other Non-op | · | · | · | · | · | · | · | $3M | $3M | $3M | · | $3M | $3M | $2M | $2M | $1M | |
| Net Income | $-20M | $-18M | $-16M | $-17M | $-19M | $-18M | $-14M | $-13M | $-12M | $-11M | $-12M | $-16M | $-20M | $-19M | $-17M | $-18M | |
| EPS (Basic) | $-0.32 | $-0.29 | $-0.27 | $-0.30 | $-0.34 | $-0.31 | $-0.24 | $-0.23 | $-0.21 | $-0.20 | $-0.20 | $-0.28 | $-0.36 | $-0.35 | $-0.31 | $-0.32 | |
| EPS (Diluted) | $-0.32 | $-0.29 | $-0.27 | $-0.30 | $-0.34 | $-0.31 | $-0.24 | $-0.23 | $-0.21 | $-0.20 | $-0.20 | $-0.28 | $-0.36 | $-0.35 | $-0.31 | $-0.32 | |
| Shares (Basic) | 62,505,340 | 61,434,457 | -113,238,022 | 56,950,999 | 56,859,388 | 56,757,827 | -113,078,076 | 56,620,731 | 56,555,960 | 56,488,527 | -111,861,044 | 55,988,691 | 55,948,990 | 55,908,033 | -111,252,930 | 55,782,329 | |
| Shares (Diluted) | 62,505,340 | 61,434,457 | -113,238,022 | 56,950,999 | 56,859,388 | 56,757,827 | -113,078,076 | 56,620,731 | 56,555,960 | 56,488,527 | -111,861,044 | 55,988,691 | 55,948,990 | 55,908,033 | -111,252,930 | 55,782,329 | |
| EBITDA | $-22M | $-20M | · | $-19M | $-22M | $-20M | · | $-16M | $-15M | $-14M | · | $-19M | $-23M | $-22M | · | $-19M |
Balance Sheet 19
| 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 | $13M | $13M | $17M | $15M | $20M | $14M | $23M | $30M | $46M | $29M | $21M | $28M | $27M | $29M | $26M | $43M | |
| Short-term Investments | $194M | $210M | $203M | $191M | $197M | $216M | $223M | $224M | $215M | $241M | $261M | $263M | $276M | $287M | $304M | $302M | |
| Prepaid Expense | $5M | $4M | $4M | $3M | $4M | $4M | $3M | $3M | $4M | $3M | $3M | $4M | $3M | $4M | $5M | $4M | |
| Current Assets | $212M | $227M | $224M | $209M | $220M | $234M | $248M | $257M | $265M | $274M | $285M | $295M | $306M | $319M | $335M | $348M | |
| PP&E (Net) | $694.0K | $824.0K | $981.0K | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| PP&E (Gross) | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | |
| Accum. Depreciation | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $921.0K | $784.0K | $651.0K | $522.0K | $398.0K | |
| Total Assets | $215M | $230M | $226M | $212M | $223M | $237M | $252M | $262M | $270M | $279M | $290M | $300M | $312M | $325M | $341M | $355M | |
| Accounts Payable | $3M | $2M | $2M | $2M | $1M | $3M | $2M | $1M | $1M | $1M | $2M | $2M | $2M | $3M | $3M | $3M | |
| Accrued Liabilities | $8M | $8M | $11M | $9M | $8M | $5M | $6M | $6M | $5M | $6M | $8M | $10M | $10M | $6M | $8M | $8M | |
| Current Liabilities | $11M | $10M | $13M | $11M | $9M | $8M | $8M | $7M | $6M | $7M | $10M | $12M | $12M | $9M | $11M | $10M | |
| Capital Leases | $2M | $2M | $645.0K | $877.0K | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | |
| Total Liabilities | $13M | $12M | $14M | $12M | $10M | $10M | $10M | $9M | $8M | $9M | $12M | $15M | $15M | $12M | $14M | $14M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | |
| Retained Earnings | $-335M | $-315M | $-297M | $-281M | $-264M | $-245M | $-227M | $-214M | $-201M | $-189M | $-178M | $-166M | $-150M | $-130M | $-111M | $-93M | |
| AOCI | $-771.0K | $-268.0K | $403.0K | $358.0K | $305.0K | $450.0K | $475.0K | $914.0K | $-217.0K | $-167.0K | $62.0K | $-1M | $-2M | $-2M | $-3M | $-4M | |
| Stockholders' Equity | $202M | $218M | $213M | $200M | $213M | $228M | $242M | $252M | $261M | $270M | $278M | $285M | $297M | $313M | $327M | $341M | |
| Liabilities + Equity | $215M | $230M | $226M | $212M | $223M | $237M | $252M | $262M | $270M | $279M | $290M | $300M | $312M | $325M | $341M | $355M | |
| Shares Outstanding | 62,580,096 | 62,441,429 | 60,398,051 | 56,963,757 | 56,948,126 | 56,768,678 | 56,754,341 | 56,621,037 | 56,620,014 | 56,494,271 | 56,473,598 | 55,997,987 | 55,979,199 | 55,919,561 | 55,895,596 | 55,840,625 |
Cash Flow 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $4M | $3M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $3M | $3M | $3M | |
| Operating Cash Flow | $-16M | $-16M | $-12M | $-11M | $-14M | $-17M | $-10M | $-10M | $-11M | $-12M | $-13M | $-15M | $-14M | $-17M | $-15M | $-14M | |
| CapEx | $21.0K | $0 | $34.0K | $0 | $87.0K | $72.0K | $0 | $-16.0K | $161.0K | $195.0K | $27.0K | $53.0K | $89.0K | $87.0K | $288.0K | $310.0K | |
| Investing Cash Flow | $15M | $-8M | $-12M | $7M | $20M | $8M | $2M | $-6M | $27M | $21M | $6M | $15M | $12M | $20M | $-1M | $-63M | |
| Stock Issued | $0 | $20M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | $0 | |
| Net Stock Activity | · | $20M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $605.0K | $20M | $25M | $37.0K | $361.0K | $23.0K | $263.0K | $1.0K | $229.0K | $20.0K | $501.0K | $13.0K | · | · | $130.0K | $151.0K | |
| Net Change in Cash | $137.0K | $-4M | $2M | $-5M | $6M | $-9M | $-8M | $-15M | $16M | $8M | $-7M | $745.0K | $-2M | $2M | $-16M | $-77M | |
| Free Cash Flow | · | $-16M | · | · | · | $-17M | · | · | · | $-13M | · | · | · | $-18M | · | · |
Profitability 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -9.2% | -7.5% | · | -7.2% | -7.8% | -6.9% | · | -4.6% | -4.1% | -3.7% | · | -4.8% | -5.9% | -5.5% | · | -4.7% | |
| ROE | -9.7% | -7.9% | · | -7.5% | -8.1% | -7.1% | · | -4.9% | -4.2% | -3.8% | · | -5.1% | -6.1% | -5.7% | · | -4.8% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 18.9 | 22.3 | · | 18.7 | 25.1 | 28.4 | · | 34.6 | 41.4 | 38.6 | · | 23.8 | 25.2 | 35.3 | · | 33.5 | |
| Quick Ratio | 18.5 | 21.9 | · | 18.4 | 24.7 | 27.9 | · | 34.2 | 40.8 | 38.2 | · | 23.5 | 25.0 | 34.9 | · | 33.1 |
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 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-74M | $-71M | · | $-67M | $-62M | $-54M | · | $-52M | $-59M | $-66M | · | $-73M | $-72M | $-65M | · | $-57M | |
| Market Cap | $906M | $664M | · | $429M | $192M | $219M | · | $305M | $190M | $228M | · | $132M | $353M | $323M | · | $934M | |
| P/E | -11.6 | -8.6 | · | -6.4 | -3.1 | -4.1 | · | -5.8 | -3.2 | -3.4 | · | -1.8 | -4.8 | -4.9 | · | -16.1 | |
| P/B | 4.5 | 3.0 | · | 2.1 | 0.9 | 1.0 | · | 1.2 | 0.7 | 0.8 | · | 0.5 | 1.2 | 1.0 | · | 2.7 | |
| P / Tangible Book | 4.5 | 3.0 | · | 2.1 | 0.9 | 1.0 | · | 1.2 | 0.7 | 0.8 | · | 0.5 | 1.2 | 1.0 | · | 2.7 | |
| P / Cash Flow | · | -40.4 | · | · | · | -13.1 | · | · | · | -18.3 | · | · | · | -18.5 | · | · | |
| P / FCF | · | -40.4 | · | · | · | -13.0 | · | · | · | -18.0 | · | · | · | -18.4 | · | · | |
| Earnings Yield | -8.6% | -11.7% | · | -15.7% | -32.3% | -24.6% | · | -17.1% | -31.3% | -29.5% | · | -55.5% | -20.6% | -20.4% | · | -6.2% |
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 | $0 | — | — | — |
| Net Income | $-70M | $-50M | $-67M | $-63M | $-36M |
| Diluted EPS | $-1.22 | $-0.88 | $-1.19 | $-1.14 | $-0.77 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 17.1 | 29.3 | 29.6 | 31.1 | 73.0 |
| Quick Ratio | 16.8 | 29.0 | 29.3 | 30.7 | 72.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-55M | $-43M | $-59M | $-52M | $-31M |
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Institutional owners (13F) 145 filers · $574.5M 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 |
|---|---|---|---|---|
| 38 (+20 vs prior Q) | 16 (+3 vs prior Q) | 47 (-3 vs prior Q) | 36 (+7 vs prior Q) | +8.4M |
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 |
|---|---|---|---|---|
| SR One Capital Management, LP | $94,438,108 | 6,526,476 | 16.44% | Shares |
| Logos Global Management LP | $43,410,000 | 3,000,000 | 7.56% | Shares |
| BAKER BROS. ADVISORS LP | $38,756,882 | 2,678,430 | 6.75% | Shares |
| Driehaus Capital Management LLC | $38,506,334 | 2,661,115 | 6.70% | Shares |
| Point72 Asset Management, L.P. | $34,242,575 | 2,366,453 | 5.96% | Shares |
| Trails Edge Capital Partners, LP | $28,958,550 | 2,001,282 | 5.04% | Shares |
| Frazier Life Sciences Management, L.P. | $26,188,587 | 1,809,854 | 4.56% | Shares |
| Vivo Capital, LLC | $23,338,706 | 1,612,903 | 4.06% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,732,688 | 1,571,022 | 3.96% | Shares |
| Caption Management, LLC | $21,705,000 | 1,500,000 | 3.78% | Call option |
| Caption Management, LLC | $16,178,878 | 1,118,098 | 2.82% | Shares |
| Almitas Capital LLC | $14,859,142 | 1,026,893 | 2.59% | Shares |
| Sofinnova Investments, Inc. | $12,518,503 | 865,135 | 2.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $12,132,029 | 838,198 | 2.11% | Shares |
| FMR LLC | $11,233,987 | 776,364 | 1.96% | Shares |
| STATE STREET CORP | $10,653,118 | 736,221 | 1.85% | Shares |
| Woodline Partners LP | $10,134,122 | 700,354 | 1.76% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $8,886,736 | 614,149 | 1.55% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $8,184,189 | 565,597 | 1.42% | Shares |
| Siren, L.L.C. | $7,570,878 | 523,212 | 1.32% | Shares |
| GOLDMAN SACHS GROUP INC | $6,730,981 | 465,168 | 1.17% | Shares |
| Qube Research & Technologies Ltd | $6,324,533 | 437,079 | 1.10% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $5,613,101 | 387,913 | 0.98% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $5,557,001 | 384,036 | 0.97% | Shares |
| ALGERT GLOBAL LLC | $4,284,350 | 296,085 | 0.75% | Shares |
| ACUTA CAPITAL PARTNERS, LLC | $4,088,701 | 282,564 | 0.71% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,925,190 | 271,264 | 0.68% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,638,366 | 251,442 | 0.63% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,331,023 | 230,202 | 0.58% | Shares |
| Eversept Partners, LP | $2,749,300 | 190,000 | 0.48% | Shares |
| KVP Capital Advisors, LP | $2,676,950 | 185,000 | 0.47% | Shares |
| D. E. Shaw & Co., Inc. | $2,671,596 | 184,630 | 0.47% | Shares |
| J. Goldman & Co LP | $2,557,862 | 176,770 | 0.45% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,479,724 | 171,370 | 0.43% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,137,422 | 147,714 | 0.37% | Shares |
| VANGUARD GROUP INC | $1,724,551 | 183,854 | 0.30% | Shares |
| Balyasny Asset Management L.P. | $1,607,660 | 111,103 | 0.28% | Shares |
| Elmind Capital, LP | $1,561,313 | 107,900 | 0.27% | Shares |
| DAFNA Capital Management LLC | $1,484,622 | 102,600 | 0.26% | Shares |
| China Universal Asset Management Co., Ltd. | $1,301,432 | 89,940 | 0.23% | Shares |
| MORGAN STANLEY | $1,245,809 | 86,096 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $1,186,120 | 81,971 | 0.21% | Shares |
| SummitTX Capital, L.P. | $1,167,194 | 80,663 | 0.20% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,111,658 | 76,825 | 0.19% | Shares |
| Palumbo Wealth Management LLC | $1,038,136 | 71,744 | 0.18% | Shares |
| AMERIPRISE FINANCIAL INC | $978,143 | 67,598 | 0.17% | Shares |
| ALPS ADVISORS INC | $917,268 | 63,391 | 0.16% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $857,333 | 59,249 | 0.15% | Shares |
| STRS OHIO | $730,735 | 50,500 | 0.13% | Shares |
| Verdad Advisers, LP | $688,150 | 47,557 | 0.12% | Shares |
| Bank of New York Mellon Corp | $599,405 | 41,424 | 0.10% | Shares |
| ExodusPoint Capital Management, LP | $597,408 | 41,286 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $578,800 | 40,000 | 0.10% | Call option |
| RHUMBLINE ADVISERS | $551,760 | 38,132 | 0.10% | Shares |
| Vanguard Global Advisers, LLC | $514,177 | 35,534 | 0.09% | Shares |
| Susquehanna Portfolio Strategies, LLC | $482,936 | 33,375 | 0.08% | Shares |
| TWO SIGMA INVESTMENTS, LP | $476,425 | 32,925 | 0.08% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $471,722 | 32,600 | 0.08% | Shares |
| OPPENHEIMER & CO INC | $464,299 | 32,087 | 0.08% | Shares |
| ALLIANCEBERNSTEIN L.P. | $459,967 | 43,230 | 0.08% | Shares |
| Virtus Investment Advisers, LLC | $431,597 | 29,827 | 0.08% | Shares |
| Squarepoint Ops LLC | $428,746 | 29,630 | 0.07% | Shares |
| Trexquant Investment LP | $407,331 | 28,150 | 0.07% | Shares |
| WELLS FARGO & COMPANY/MN | $406,202 | 28,072 | 0.07% | Shares |
| Corient Private Wealth LP | $393,136 | 27,169 | 0.07% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $390,690 | 27,000 | 0.07% | Shares |
| Quantinno Capital Management LP | $389,257 | 26,901 | 0.07% | Shares |
| BANK OF AMERICA CORP /DE/ | $345,472 | 23,875 | 0.06% | Shares |
| XTX Topco Ltd | $323,882 | 22,383 | 0.06% | Shares |
| AlphaCentric Advisors LLC | $311,640 | 21,537 | 0.05% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $299,529 | 20,700 | 0.05% | Shares |
| MetLife Investment Management, LLC | $298,212 | 20,609 | 0.05% | Shares |
| TWO SIGMA ADVISERS, LP | $237,314 | 25,300 | 0.04% | Shares |
| Creative Planning | $229,263 | 15,844 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $226,456 | 15,650 | 0.04% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $214,503 | 14,824 | 0.04% | Shares |
| BlackRock, Inc. | $212,231 | 14,667 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $205,054 | 14,171 | 0.04% | Shares |
| CITIGROUP INC | $204,085 | 14,104 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $201,133 | 13,900 | 0.04% | Call option |
| Y-Intercept (Hong Kong) Ltd | $186,808 | 12,910 | 0.03% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $181,642 | 12,553 | 0.03% | Shares |
| Invesco Ltd. | $176,028 | 12,165 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $156,652 | 10,826 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $142,515 | 9,849 | 0.02% | Shares |
| BARCLAYS PLC | $120,999 | 8,362 | 0.02% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $89,714 | 6,200 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $83,217 | 5,751 | 0.01% | Shares |
| Clearstead Advisors, LLC | $81,177 | 5,610 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $71,019 | 4,908 | 0.01% | Shares |
| NORTHERN TRUST CORP | $69,905 | 4,831 | 0.01% | Shares |
| Nuveen, LLC | $66,808 | 4,617 | 0.01% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $58,806 | 4,064 | 0.01% | Shares |
| JPMORGAN CHASE & CO | $55,707 | 3,912 | 0.01% | Shares |
| Russell Investments Group, Ltd. | $54,393 | 3,759 | 0.01% | Shares |
| CAZ INVESTMENTS LP | $50,645 | 3,500 | 0.01% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $43,772 | 3,025 | 0.01% | Shares |
| Legal & General Group Plc | $43,222 | 2,987 | 0.01% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $42,940 | 5,702 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $40,415 | 2,793 | 0.01% | Shares |
Company insiders 16 insiders · 5 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Pratik Shah | President, CEO and Chairperson | Sept. 1, 2023 A | 129,923 | 0 | 0 | $0 |
| Joao Siffert MD | President and CEO | Feb. 1, 2023 A | 132,619 | 0 | 0 | $0 |
| Sean Jeffries | Chief Operating Officer | Jan. 2, 2024 A | 3,050 | 0 | 0 | $0 |
| Julie Burgess | Chief Accounting Officer | Jan. 2, 2024 A | — | 0 | 0 | $0 |
| Justin Thacker | Vice President, Finance | March 30, 2021 P | 17,500 | 0 | 0 | $0 |
| Justin D. Gover | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Heather A. Berger | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Simeon George | Director | June 9, 2026 A | 6,526,476 | 0 | 0 | $0 |
| Rodney W Lappe | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| David Shapiro | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| John P. Schmid | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Deepa Prasad | Director | Aug. 29, 2023 P | 23,806 | 0 | 0 | $0 |
| Stella Xu | Director | May 31, 2023 A | 4,129,950 | 0 | 0 | $0 |
| Arsani William | Director | March 30, 2021 P | 700,000 | 0 | 0 | $0 |
| Aseem Z. Ansari | 10% owner | Dec. 1, 2023 A | — | 0 | 0 | $0 |
| Quan Venture Fund II, L.P. | 10% owner | March 30, 2021 C | 4,720,830 | 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 |
|---|---|---|---|---|---|
| SR One Capital Fund I Aggregator, LP, SR One Capital Partners I, LP, SR One Capital Management, LLC, Simeon George ×2 filings | March 11, 2026 | 10.70% | Amendment | — | SEC |
| Logos Global Management LP, Logos Global Management GP LLC, Logos Global Master Fund LP, Logos GP LLC, Arsani William ×4 filings | Nov. 18, 2025 | 4.40% | Amendment | Board campaign | SEC |
| OR | April 9, 2021 | — | 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 37 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 |
|---|---|---|---|---|
| IDNA · iShares Trust | 0.57% | 81,808 SH | Aug. 8, 2026 | Daily |
| IBRN · iShares Trust | 0.53% | 2,953 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 0.41% | 63,568 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.10% | 104,686 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.06% | 3,397 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.04% | 274,635 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.03% | 39,047 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 32,807 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.03% | 2,105 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.03% | 71,086 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.03% | 281,987 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 8,639 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 799,807 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 122,782 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 373,755 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 177,257 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 10,499 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 1,744 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 1,545 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 144,577 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 1,125 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 878 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 37,213 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 890 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,150 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 22 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 7,355 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 1,394 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,895 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 9,054 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 26,443 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 154 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 3,370 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 2,010 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,161,075 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,331 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.00% | 256 NS | April 30, 2026 | N-PORT |