ELVN Enliven Therapeutics, Inc. - Common Stock
$58.97
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$15–$62
93% of range
Analyst Rating
BUY
18 analysts
Price Target
$72
+22% upside
P/E (TTM)
-32.2
ROE
-21.9%
Net Profit Margin
—
ELVN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$58.97
Market Cap
$3.51B
P/E (TTM)
-32.2
EPS (TTM)
$-1.83
Revenue (TTM)
—
Div Yield
—
ROE
-21.9%
Debt/Equity
—
52W Range
$15 – $62
ELVN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
$-1.83
2021-12-31
→
2025-12-31
Free Cash Flow
$-70M
2020-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ELVN
Peer Median
P/E (TTM)
-32.2
38.7
P/B
7.6
3.8
Price / FCF
-49.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ELVN
Peer Median
ROA
-25.9%
-6.4%
ROE
-21.9%
-16.8%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ELVN
Peer Median
Current Ratio
28.7
12.8
Quick Ratio
27.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ELVN
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ELVN
Peer Median
ELVN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 7 38.9%
- Buy 10 55.6%
- Hold 1 5.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-17
Median
$70.00
Mean
$72.22
← Below all targets
$58.97
Low
$62.00
High
$82.00
Median target
$70.00
+18.7%
Mean target
$72.22
+22.5%
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 | $-0.49 | $-0.41 | -0.08% |
| March 31, 2026 | $-0.38 | $-0.47 | 0.09% |
| Dec. 31, 2025 | $-0.48 | $-0.39 | -0.09% |
| Sept. 30, 2025 | $-0.32 | $-0.44 | 0.12% |
| June 30, 2025 | $-0.49 | $-0.54 | 0.05% |
| March 31, 2025 | $-0.57 | $-0.51 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ELVN | $915M | -8.4 | — | — | -21.9% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | — |
| EWTX | $2.64B | -15.2 | — | — | -30.2% | — |
| INDV | — | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| MANE | — | — | — | — | 82.6% | — |
| GPCR | $14.78B | -86.9 | — | — | -12.3% | — |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| MBX | $1.42B | -13.3 | — | — | -29.6% | — |
| ALMS | — | -3.4 | — | -1011.8% | -61.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| R&D Expense | $86M | $81M | $65M | $31M | $38M | $32M | $19M | |
| SG&A Expense | $34M | $24M | $19M | $8M | $13M | $10M | $5M | |
| Operating Expenses | $120M | $105M | $84M | $39M | $51M | $42M | $24M | |
| Operating Income | $-120M | $-105M | $-84M | $-39M | $-51M | $-42M | $-24M | |
| Other Non-op | $-49.0K | $-2.0K | $-22.0K | $0 | $-175.0K | $-145.0K | $75.0K | |
| Pretax Income | · | · | · | $2M | $-51M | · | · | |
| Income Tax | $0 | $232.0K | $0 | $0 | · | · | · | |
| Net Income | $-104M | $-89M | $-72M | $-38M | $-51M | $-41M | $-23M | |
| EPS (Basic) | $-1.83 | $-1.89 | $-2.01 | $-12.05 | $-2.37 | · | · | |
| EPS (Diluted) | $-1.83 | $-1.89 | $-2.01 | $-12.05 | $-2.37 | · | · | |
| Shares (Basic) | 56,664,226 | 47,072,532 | 35,546,215 | 3,124,274 | 21,661,450 | · | · | |
| Shares (Diluted) | 56,664,226 | 47,072,532 | 35,546,215 | 3,124,274 | 21,661,450 | · | · | |
| EBITDA | $-119M | $-104M | $-83M | $730.0K | $-51M | $-42M | · |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $99M | $124M | $100M | $76M | $48M | $48M | $5M | |
| Short-term Investments | $364M | $189M | $153M | $0 | · | · | · | |
| Prepaid Expense | $12M | $5M | $3M | $2M | $2M | $2M | $2M | |
| Current Assets | $475M | $318M | $266M | $78M | $93M | $90M | $31M | |
| PP&E (Net) | $34.0K | $458.0K | $742.0K | $890.0K | $250.0K | $349.0K | $442.0K | |
| PP&E (Gross) | $263.0K | $1M | $1M | $1M | $479.0K | $479.0K | $475.0K | |
| Accum. Depreciation | $229.0K | $919.0K | $671.0K | $374.0K | $229.0K | $130.0K | $33.0K | |
| Other Non-current Assets | $656.0K | $7M | $4M | $0 | $175.0K | $88.0K | $2M | |
| Total Assets | $476M | $326M | $272M | $83M | $94M | $91M | $33M | |
| Accounts Payable | $2M | $1M | $532.0K | $3M | $2M | $2M | $2M | |
| Accrued Liabilities | · | · | · | $2M | $5M | $4M | $3M | |
| Current Liabilities | $17M | $16M | $26M | $10M | $7M | $6M | $4M | |
| Capital Leases | $0 | · | $0 | · | $406.0K | · | · | |
| Other Non-current Liabilities | $0 | $0 | $67.0K | $659.0K | · | · | · | |
| Total Liabilities | $17M | $16M | $26M | $10M | $8M | $6M | $4M | |
| Common Stock | $59.0K | $49.0K | $41.0K | $1.0K | $27.0K | $18.0K | $1.0K | |
| Paid-in Capital | $806M | $553M | $400M | $6M | $234M | $181M | $6M | |
| Retained Earnings | $-347M | $-243M | $-154M | $-83M | $-147M | $-96M | $-55M | |
| AOCI | $334.0K | $55.0K | $141.0K | $0 | $-16.0K | $4.0K | $32.0K | |
| Stockholders' Equity | $460M | $310M | $246M | $-77M | $-43M | $84M | $-49M | |
| Liabilities + Equity | $476M | $326M | $272M | $83M | $94M | $91M | $33M | |
| Shares Outstanding | 59,440,045 | 48,936,459 | 41,292,027 | 3,570,019 | 26,287,264 | 17,548,263 | 702,510 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $300.0K | $300.0K | $300.0K | $200.0K | · | · | · | |
| Stock-based Comp | $34M | $20M | $13M | $3M | $4M | $2M | $899.0K | |
| Other Non-cash | $-926.0K | $-5M | $-3M | · | · | · | · | |
| Operating Cash Flow | $-70M | $-73M | $-61M | $-32M | $-47M | $-37M | $-22M | |
| CapEx | $158.0K | $44.0K | $149.0K | $612.0K | $12.0K | $18.0K | $140.0K | |
| Investing Cash Flow | $-174M | $-36M | $-148M | $-612.0K | $-2M | $-17M | $-24M | |
| Stock Issued | · | $0 | $161M | $0 | · | · | · | |
| Net Stock Activity | · | $0 | $161M | · | · | · | · | |
| Financing Cash Flow | $219M | $133M | $234M | $-2M | $49M | $97M | $44M | |
| Taxes Paid | $0 | $209.0K | · | · | · | · | · | |
| Free Cash Flow | $-70M | $-73M | $-61M | $-36M | $-47M | $-37M | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| ROA | -25.9% | -29.8% | -40.3% | 1.6% | -55.7% | -66.6% | · | |
| ROE | -21.9% | -29.8% | -28.2% | 13.5% | -55.4% | -46.2% | · | |
| ROIC | · | · | · | 0.76% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 28.7 | 20.0 | 10.3 | 49.0 | 12.9 | 14.5 | · | |
| Quick Ratio | 27.9 | 19.7 | 9.8 | 48.2 | 6.7 | 7.6 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-104M | $-89M | $-72M | $-38M | $-51M | $-41M | · | |
| Market Cap | $915M | $1.10B | $571M | $430M | $237M | $1.55B | · | |
| P/E | -8.4 | -11.9 | -6.9 | -1.4 | -3.8 | · | · | |
| P/B | 2.0 | 3.6 | 2.3 | 4.8 | 2.8 | 18.3 | · | |
| P / Tangible Book | 2.0 | 3.6 | 2.3 | · | · | 18.3 | · | |
| P / Cash Flow | -13.0 | -15.0 | -9.3 | -12.1 | -5.1 | -41.4 | · | |
| P / FCF | -13.0 | -15.0 | -9.3 | -12.0 | -5.1 | -41.4 | · | |
| Earnings Yield | -11.9% | -8.4% | -14.5% | -73.7% | -26.3% | · | · |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $29M | $21M | $21M | $18M | $21M | $25M | $21M | $21M | $19M | $20M | $18M | $20M | $15M | $12M | $8M | $8M | |
| SG&A Expense | $8M | $7M | $13M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | $5M | $5M | $5M | $5M | $2M | $3M | |
| Operating Expenses | $37M | $28M | $34M | $25M | $29M | $32M | $27M | $27M | $25M | $26M | $23M | $24M | $20M | $16M | $10M | $11M | |
| Operating Income | $-37M | $-28M | $-34M | $-25M | $-29M | $-32M | $-27M | $-27M | $-25M | $-26M | $-23M | $-24M | $-20M | $-16M | $-10M | $-11M | |
| Other Non-op | $-8.0K | $0 | $0 | $0 | $-2.0K | $-47.0K | $0 | $0 | $-1.0K | $-1.0K | $-9.0K | $-13.0K | $0 | $0 | $-136.0K | $0 | |
| Income Tax | · | · | $0 | $0 | $0 | · | $0 | $0 | $232.0K | · | $0 | $0 | · | · | · | · | |
| Net Income | $-32M | $-24M | $-30M | $-20M | $-25M | $-29M | $-23M | $-23M | $-20M | $-23M | $-19M | $-21M | $-17M | $-15M | $-10M | $-11M | |
| EPS (Basic) | $-0.49 | $-0.38 | $-0.45 | $-0.32 | $-0.49 | $-0.57 | $-0.46 | $-0.48 | $-0.41 | $-0.54 | $-0.29 | $-0.51 | $-0.41 | $-0.80 | $-2.91 | $-3.27 | |
| EPS (Diluted) | $-0.49 | $-0.38 | $-0.45 | $-0.32 | $-0.49 | $-0.57 | $-0.46 | $-0.48 | $-0.41 | $-0.54 | $-0.29 | $-0.51 | $-0.41 | $-0.80 | $-2.91 | $-3.27 | |
| Shares (Basic) | 66,171,581 | 62,799,326 | -107,585,904 | 62,093,795 | 52,105,052 | 50,051,283 | -91,315,569 | 48,267,458 | 48,075,035 | 42,045,608 | -87,406,707 | 41,030,874 | 40,961,024 | 40,961,024 | -6,085,171 | 3,228,692 | |
| Shares (Diluted) | 66,171,581 | 62,799,326 | -107,585,904 | 62,093,795 | 52,105,052 | 50,051,283 | -91,315,569 | 48,267,458 | 48,075,035 | 42,045,608 | -87,406,707 | 41,030,874 | 40,961,024 | 40,961,024 | -6,085,171 | 3,228,692 | |
| EBITDA | $-37M | $-28M | · | $-25M | $-29M | $-32M | · | $-27M | $-25M | $-26M | · | $-24M | $-20M | $51M | · | $-5M |
Balance Sheet 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $136M | $132M | $99M | $102M | $119M | $102M | $124M | $101M | $97M | $149M | $100M | $74M | $126M | $292M | $76M | $49M | |
| Short-term Investments | $760M | $320M | $364M | $376M | $371M | $188M | $189M | $191M | $216M | $171M | $153M | $190M | $152M | · | $0 | · | |
| Prepaid Expense | $12M | $11M | $12M | $5M | $5M | $5M | $5M | $5M | $6M | $7M | $3M | $5M | $5M | $6M | $2M | $3M | |
| Current Assets | $907M | $463M | $475M | $483M | $496M | $294M | $318M | $297M | $318M | $337M | $266M | $269M | $283M | $298M | $78M | $59M | |
| PP&E (Net) | $140.0K | $20.0K | $34.0K | $399.0K | $462.0K | $404.0K | $458.0K | $549.0K | $630.0K | $683.0K | $742.0K | $806.0K | $867.0K | $853.0K | $890.0K | · | |
| PP&E (Gross) | $390.0K | · | $263.0K | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | |
| Accum. Depreciation | $250.0K | $243.0K | $229.0K | $1M | $1M | $993.0K | $919.0K | $908.0K | $828.0K | $750.0K | $671.0K | $593.0K | $515.0K | $441.0K | $374.0K | · | |
| Other Non-current Assets | $1M | $1M | $656.0K | $7M | $7M | $7M | $7M | $7M | $8M | $4M | $4M | $4M | $3M | $3M | $0 | · | |
| Total Assets | $910M | $465M | $476M | $491M | $504M | $303M | $326M | $305M | $327M | $343M | $272M | $274M | $289M | $303M | $83M | $59M | |
| Accounts Payable | $371.0K | $2M | $2M | $1M | $2M | $2M | $1M | $1M | $1M | $3M | $532.0K | $1M | $3M | $6M | $3M | $767.0K | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1M | |
| Current Liabilities | $14M | $11M | $17M | $15M | $15M | $14M | $16M | $17M | $22M | $25M | $26M | $12M | $9M | $11M | $10M | $2M | |
| Capital Leases | $913.0K | $0 | $0 | $103.0K | $204.0K | $302.0K | · | $0 | $0 | $0 | · | $81.0K | $162.0K | $242.0K | · | · | |
| Other Non-current Liabilities | $913.0K | · | · | $103.0K | $204.0K | $302.0K | · | $0 | $6.0K | $34.0K | $67.0K | $214.0K | $360.0K | $508.0K | $659.0K | · | |
| Total Liabilities | $15M | $11M | $17M | $15M | $15M | $14M | $16M | $17M | $22M | $25M | $26M | $12M | $10M | $11M | $10M | $2M | |
| Common Stock | $73.0K | $61.0K | $59.0K | $59.0K | $59.0K | $49.0K | $49.0K | $47.0K | $47.0K | $47.0K | $41.0K | $41.0K | $41.0K | $41.0K | $1.0K | $27.0K | |
| Paid-in Capital | $1.30B | $824M | $806M | $793M | $786M | $560M | $553M | $508M | $502M | $495M | $400M | $397M | $393M | $389M | $6M | $235M | |
| Retained Earnings | $-403M | $-371M | $-347M | $-317M | $-297M | $-272M | $-243M | $-220M | $-197M | $-177M | $-154M | $-135M | $-114M | $-98M | $-83M | $-178M | |
| AOCI | $-2M | $-382.0K | $334.0K | $221.0K | $-177.0K | $-16.0K | $55.0K | $242.0K | $-139.0K | $-53.0K | $141.0K | $-147.0K | $-111.0K | · | $0 | $-4.0K | |
| Stockholders' Equity | $895M | $453M | $460M | $476M | $488M | $288M | $310M | $288M | $305M | $318M | $246M | $262M | $279M | $291M | $-77M | $57M | |
| Liabilities + Equity | $910M | $465M | $476M | $491M | $504M | $303M | $326M | $305M | $327M | $343M | $272M | $274M | $289M | $303M | $83M | $59M | |
| Shares Outstanding | 73,251,648 | 60,889,655 | 59,440,045 | 59,261,286 | 59,226,171 | 49,038,730 | 48,936,459 | 47,254,280 | 47,173,466 | 46,782,639 | 41,292,027 | 41,204,973 | 41,151,111 | 41,106,277 | 3,570,019 | 26,287,264 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7.0K | $14.0K | $83.0K | $62.0K | $81.0K | $74.0K | $62.0K | $80.0K | $79.0K | $79.0K | $80.0K | $79.0K | $74.0K | $67.0K | $-39M | $60.0K | |
| Stock-based Comp | $14M | $7M | $12M | $7M | $8M | $7M | $5M | $5M | $5M | $5M | $3M | $3M | $4M | $2M | $735.0K | $1M | |
| Other Non-cash | · | $-3M | · | · | · | $-2M | · | · | · | $-5M | · | · | · | $-75M | · | · | |
| Operating Cash Flow | $-19M | $-19M | $-16M | $-13M | $-17M | $-24M | $-17M | $-12M | $-20M | $-23M | $-12M | $-16M | $-12M | $-21M | $-8M | $6M | |
| CapEx | $99.0K | $0 | $0 | $-1.0K | $139.0K | $20.0K | $0 | $22.0K | $2.0K | $20.0K | $14.0K | $16.0K | $88.0K | $31.0K | $101.0K | $169.0K | |
| Investing Cash Flow | $-442M | $43M | $12M | $-4M | $-184M | $1M | $727.0K | $15M | $-34M | $-18M | $39M | $-36M | $-152M | $-31.0K | $-101.0K | $-12M | |
| Stock Issued | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $-2M | $163M | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $163M | · | · | |
| Financing Cash Flow | $463M | $10M | $623.0K | $-368.0K | $218M | $234.0K | $40M | $1M | $2M | $90M | $90.0K | $-425.0K | $-3M | $237M | $-2M | $164.0K | |
| Taxes Paid | · | · | $0 | · | · | · | $-23.0K | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-19M | · | · | · | $-24M | · | · | · | $-23M | · | · | · | $-21M | · | · |
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 | -4.6% | -6.2% | · | -5.1% | -6.1% | -8.8% | · | -8.0% | -6.5% | -7.0% | · | -12.5% | -9.5% | -7.7% | · | -5.5% | |
| ROE | -4.7% | -6.4% | · | -5.3% | -6.4% | -9.4% | · | -8.4% | -6.8% | -7.5% | · | -13.0% | -9.8% | -8.1% | · | -5.9% |
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 | 64.1 | 40.3 | · | 32.9 | 32.6 | 21.1 | · | 17.4 | 14.4 | 13.5 | · | 22.2 | 31.0 | 27.2 | · | 32.5 | |
| Quick Ratio | 63.2 | 39.4 | · | 32.6 | 32.2 | 20.7 | · | 17.1 | 14.1 | 12.8 | · | 21.8 | 30.4 | 26.7 | · | 27.2 |
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 | $-102M | $-98M | · | $-97M | $-97M | $-94M | · | $-87M | $-80M | $-75M | · | $-63M | $-51M | $-43M | · | $-42M | |
| Market Cap | $3.72B | $2.39B | · | $1.21B | $1.19B | $965M | · | $1.21B | $1.10B | $823M | · | $563M | $840M | $900M | · | $240M | |
| P/E | -30.2 | -22.3 | · | -11.0 | -10.3 | -9.8 | · | -13.2 | -12.5 | -7.8 | · | -2.7 | -2.8 | -2.2 | · | -0.9 | |
| P/B | 4.2 | 5.3 | · | 2.5 | 2.4 | 3.3 | · | 4.2 | 3.6 | 2.6 | · | 2.2 | 3.0 | 3.1 | · | 4.2 | |
| P / Tangible Book | 4.2 | 5.3 | · | 2.5 | 2.4 | 3.3 | · | 4.2 | 3.6 | 2.6 | · | 2.2 | 3.0 | 3.1 | · | 4.2 | |
| P / Cash Flow | · | -123.7 | · | · | · | -40.0 | · | · | · | -35.2 | · | · | · | -43.2 | · | · | |
| P / FCF | · | -123.7 | · | · | · | -40.0 | · | · | · | -35.2 | · | · | · | -43.1 | · | · | |
| Earnings Yield | -3.3% | -4.5% | · | -9.1% | -9.7% | -10.2% | · | -7.6% | -8.0% | -12.8% | · | -36.5% | -36.0% | -45.4% | · | -108.3% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $-104M | $-89M | $-72M | $-38M | $-51M |
| Diluted EPS | $-1.83 | $-1.89 | $-2.01 | $-12.05 | $-2.37 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 28.7 | 20.0 | 10.3 | 49.0 | 12.9 |
| Quick Ratio | 27.9 | 19.7 | 9.8 | 48.2 | 6.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-70M | $-73M | $-61M | $-36M | $-47M |
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Institutional owners (13F) 221 filers · $3.4B 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 |
|---|---|---|---|---|
| 62 (-10 vs prior Q) | 15 (0 vs prior Q) | 77 (+19 vs prior Q) | 51 (+18 vs prior Q) | +12.8M |
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 |
|---|---|---|---|---|
| FMR LLC | $449,607,902 | 8,859,269 | 13.25% | Shares |
| ORBIMED ADVISORS LLC | $343,914,074 | 6,776,632 | 10.13% | Shares |
| Polar Capital Holdings Plc | $326,354,777 | 6,430,636 | 9.62% | Shares |
| Vestal Point Capital, LP | $203,000,000 | 4,000,000 | 5.98% | Shares |
| Commodore Capital LP | $166,206,250 | 3,275,000 | 4.90% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $130,376,852 | 2,569,002 | 3.84% | Shares |
| CITADEL ADVISORS LLC | $101,874,840 | 2,007,386 | 3.00% | Shares |
| Fairmount Funds Management LLC | $94,173,933 | 1,855,644 | 2.78% | Shares |
| Siren, L.L.C. | $90,051,358 | 1,774,411 | 2.65% | Shares |
| Bellevue Group AG | $75,617,500 | 1,490,000 | 2.23% | Shares |
| First Light Asset Management, LLC | $69,058,063 | 1,360,750 | 2.04% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $62,098,160 | 1,223,306 | 1.83% | Shares |
| STATE STREET CORP | $61,591,012 | 1,213,616 | 1.82% | Shares |
| Pictet Asset Management Holding SA | $58,960,538 | 1,161,784 | 1.74% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $54,978,135 | 1,083,313 | 1.62% | Shares |
| NOVO HOLDINGS A/S | $50,750,000 | 1,000,000 | 1.50% | Shares |
| First Turn Management, LLC | $48,433,770 | 954,360 | 1.43% | Shares |
| BAKER BROS. ADVISORS LP | $45,938,443 | 905,191 | 1.35% | Shares |
| Candriam S.C.A. | $45,918,733 | 905,674 | 1.35% | Shares |
| Tri Locum Partners LP | $43,985,837 | 866,716 | 1.30% | Shares |
| ALLIANCEBERNSTEIN L.P. | $35,129,511 | 896,161 | 1.04% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $31,686,828 | 624,371 | 0.93% | Shares |
| Balyasny Asset Management L.P. | $30,814,842 | 607,189 | 0.91% | Shares |
| AMERICAN CENTURY COMPANIES INC | $28,732,976 | 566,165 | 0.85% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $28,560,222 | 562,763 | 0.84% | Shares |
| Avidity Partners Management LP | $27,912,500 | 550,000 | 0.82% | Shares |
| MARSHALL WACE, LLP | $26,713,227 | 526,369 | 0.79% | Shares |
| Venrock Adviser, LLC | $26,711,298 | 526,331 | 0.79% | Shares |
| Affinity Asset Advisors, LLC | $25,375,000 | 500,000 | 0.75% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $24,836,137 | 489,382 | 0.73% | Shares |
| Logos Global Management LP | $23,598,750 | 465,000 | 0.70% | Shares |
| Rock Springs Capital Management LP | $23,579,719 | 464,625 | 0.69% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $21,540,330 | 424,440 | 0.63% | Shares |
| MILLENNIUM MANAGEMENT LLC | $20,876,622 | 411,362 | 0.62% | Shares |
| Nicholas Investment Partners, LP | $19,870,097 | 391,529 | 0.59% | Shares |
| ADAR1 Capital Management, LLC | $19,676,689 | 387,718 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $19,462,118 | 383,490 | 0.57% | Shares |
| SAMLYN CAPITAL, LLC | $17,678,966 | 348,354 | 0.52% | Shares |
| Woodline Partners LP | $17,617,457 | 347,142 | 0.52% | Shares |
| STEMPOINT CAPITAL LP | $17,605,886 | 346,914 | 0.52% | Shares |
| Spruce Street Capital LP | $16,697,055 | 329,006 | 0.49% | Shares |
| Longaeva Partners L.P. | $15,862,420 | 312,560 | 0.47% | Shares |
| JENNISON ASSOCIATES LLC | $15,692,866 | 309,219 | 0.46% | Shares |
| Assenagon Asset Management S.A. | $15,558,631 | 306,574 | 0.46% | Shares |
| D. E. Shaw & Co., Inc. | $15,514,427 | 305,703 | 0.46% | Shares |
| Seven Fleet Capital Management LP | $14,673,652 | 289,136 | 0.43% | Shares |
| GOLDMAN SACHS GROUP INC | $14,142,655 | 278,673 | 0.42% | Shares |
| AMERIPRISE FINANCIAL INC | $12,518,808 | 246,676 | 0.37% | Shares |
| Deep Track Capital, LP | $11,418,750 | 225,000 | 0.34% | Shares |
| Blackstone Inc. | $10,949,008 | 215,744 | 0.32% | Shares |
| Patient Square Capital LP | $10,784,375 | 212,500 | 0.32% | Shares |
| Soleus Capital Management, L.P. | $8,408,108 | 165,677 | 0.25% | Shares |
| Squadron Capital Management LLC | $8,120,000 | 160,000 | 0.24% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $8,044,992 | 158,522 | 0.24% | Shares |
| Integral Health Asset Management, LLC | $7,612,500 | 150,000 | 0.22% | Shares |
| Cormorant Asset Management, LP | $7,612,500 | 150,000 | 0.22% | Shares |
| NEUBERGER BERMAN GROUP LLC | $7,131,187 | 140,516 | 0.21% | Shares |
| HighVista Strategies LLC | $6,996,700 | 137,866 | 0.21% | Shares |
| Eversept Partners, LP | $6,934,023 | 136,631 | 0.20% | Shares |
| Ikarian Capital, LLC | $6,421,957 | 126,541 | 0.19% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $5,722,824 | 112,765 | 0.17% | Shares |
| J. Goldman & Co LP | $5,690,547 | 112,129 | 0.17% | Shares |
| TD Asset Management Inc | $5,569,204 | 109,738 | 0.16% | Shares |
| Cinctive Capital Management LP | $5,465,166 | 107,688 | 0.16% | Shares |
| Exome Asset Management LLC | $5,085,302 | 100,203 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,892,300 | 96,400 | 0.14% | Call option |
| Swiss National Bank | $4,799,580 | 94,573 | 0.14% | Shares |
| VANGUARD GROUP INC | $4,679,767 | 303,881 | 0.14% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,977,531 | 78,375 | 0.12% | Shares |
| DV EQUITIES, LLC | $3,869,688 | 76,250 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $3,819,699 | 75,265 | 0.11% | Shares |
| Artia Global Partners LP | $3,659,075 | 72,100 | 0.11% | Shares |
| ALGERT GLOBAL LLC | $3,658,568 | 72,090 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $3,654,000 | 72,000 | 0.11% | Put option |
| Informed Momentum Co LLC | $3,574,424 | 70,432 | 0.11% | Shares |
| SEVEN GRAND MANAGERS, LLC | $3,552,500 | 70,000 | 0.10% | Shares |
| GREAT POINT PARTNERS LLC | $3,552,500 | 70,000 | 0.10% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,407,913 | 67,151 | 0.10% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $3,307,581 | 65,174 | 0.10% | Shares |
| BlackRock, Inc. | $3,106,306 | 61,208 | 0.09% | Shares |
| RHUMBLINE ADVISERS | $2,904,972 | 57,241 | 0.09% | Shares |
| Schonfeld Strategic Advisors LLC | $2,836,112 | 55,884 | 0.08% | Shares |
| Atom Investors LP | $2,543,692 | 50,122 | 0.07% | Shares |
| Caption Management, LLC | $2,537,500 | 50,000 | 0.07% | Call option |
| Jones Hill Capital LP | $2,529,888 | 49,850 | 0.07% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,318,514 | 45,685 | 0.07% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,035,989 | 40,118 | 0.06% | Shares |
| WELLS FARGO & COMPANY/MN | $1,983,259 | 39,079 | 0.06% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,980,823 | 39,031 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $1,908,200 | 37,600 | 0.06% | Call option |
| Trexquant Investment LP | $1,902,668 | 37,491 | 0.06% | Shares |
| Bank of New York Mellon Corp | $1,766,658 | 34,811 | 0.05% | Shares |
| TimesSquare Capital Management, LLC | $1,764,000 | 45,000 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,696,674 | 33,432 | 0.05% | Shares |
| Ishara Investments LP | $1,664,600 | 32,800 | 0.05% | Shares |
| Brevan Howard Capital Management LP | $1,660,439 | 32,718 | 0.05% | Shares |
| Engineers Gate Manager LP | $1,479,464 | 29,152 | 0.04% | Shares |
| CITIGROUP INC | $1,433,180 | 28,240 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $1,361,775 | 26,833 | 0.04% | Shares |
| JANE STREET GROUP, LLC | $1,344,875 | 26,500 | 0.04% | Put option |
Company insiders 28 insiders · 7 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Samuel Kintz | President and CEO | Jan. 25, 2024 M | 0 | 0 | 0 | $0 |
| Benjamin Hohl | CHIEF FINANCIAL OFFICER | July 17, 2026 M | 46,054 | 0 | 8 | $-580,338 |
| Michael Gray | CFO & COO | Feb. 22, 2023 S | 27,610 | 0 | 0 | $0 |
| Anish Patel | Chief Operating Officer | Jan. 22, 2024 S | 17,222 | 0 | 0 | $0 |
| Helen Louise Collins | CHIEF MEDICAL OFFICER | July 17, 2026 M | 25,000 | 0 | 8 | $-482,386 |
| Joseph P Lyssikatos | Chief Scientific Officer | Dec. 29, 2023 M | 0 | 0 | 0 | $0 |
| Kenneth Attie | SVP, CMO | Jan. 28, 2022 A | 34,100 | 0 | 0 | $0 |
| Lori Anne Kunkel | Director | July 6, 2026 S | 41,884 | 0 | 3 | $-771,524 |
| Rishi Gupta | Director | May 16, 2024 S | 7,663,349 | 0 | 0 | $0 |
| Richard A. Heyman | Director | Dec. 22, 2023 S | 29,216 | 0 | 0 | $0 |
| Andrew John Phillips | Director | Feb. 23, 2023 A | — | 0 | 0 | $0 |
| Rahul D. Ballal | Director | Feb. 23, 2023 A | 87,835 | 0 | 0 | $0 |
| Jake Bauer | Director | Feb. 23, 2023 A | 87,372 | 0 | 0 | $0 |
| Andrew J. Schwab | Director | Feb. 23, 2023 A | 960,383 | 0 | 0 | $0 |
| Laura A Williams | Director | June 2, 2022 A | — | 0 | 0 | $0 |
| Mark Chin | Director | June 2, 2022 A | 2,344,072 | 0 | 0 | $0 |
| Edward R. Conner | Director | June 2, 2022 A | — | 0 | 0 | $0 |
| Barbara Dalton | Director | June 2, 2022 A | 1,557,722 | 0 | 0 | $0 |
| David P Bonita | Director | June 2, 2022 A | 4,199,068 | 0 | 0 | $0 |
| David M Mott | Director | June 2, 2022 A | 229,224 | 0 | 0 | $0 |
| Carl Goldfischer | Director | June 2, 2022 A | — | 0 | 0 | $0 |
| James G Mcarthur | Director | March 16, 2020 A | — | 0 | 0 | $0 |
| Mette Kirstine Agger | Director | March 16, 2020 A | 1,432,722 | 0 | 0 | $0 |
| Alexandria Venture Investments, LLC | 10% owner | March 16, 2020 C | 293,013 | 0 | 0 | $0 |
| Lundbeckfond Invest A/S | 10% owner | March 16, 2020 C | 1,432,722 | 0 | 0 | $0 |
| H LUNDBECK A S | 10% owner | March 16, 2020 C | 522,499 | 0 | 0 | $0 |
| Mika K Derynck | — | Aug. 4, 2026 M | 0 | 0 | 1 | $-9,561,047 |
| Sara M. Nayeem | — | June 29, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 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 |
|---|---|---|---|---|---|
| ORBIMED ADVISORS LLC, ORBIMED CAPITAL GP VII LLC, ORBIMED GENESIS GP LLC, ORBIMED CAPITAL LLC ×7 filings | June 24, 2026 | 9.50% | Amendment | — | SEC |
| 5AM Ventures VI, L.P., 5AM Partners VI, LLC, 5AM Opportunities I, L.P., 5AM Opportunities I (GP), LLC, Kush Parmar, Andrew J. Schwab ×5 filings | July 29, 2024 | — | Initial filing | — | SEC |
| 5AM Partners VI, LLC, 5AM Opportunities I, L.P., 5AM Opportunities I (GP), LLC, Kush Parmar, Andrew J. Schwab | March 6, 2023 | — | Initial filing | Passive investment | SEC |
| May 24, 2022 | — | Initial filing | — | SEC | |
| New Enterprise Associates 14, L.P., NEA Partners 14, L.P., NEA 14 GP, LTD, Forest Baskett, Anthony A. Florence, Jr., Patrick J. Kerins, Scott D. Sandell, Peter W. Sonsini ×3 filings | April 25, 2022 | — | Initial filing | Passive investment | SEC |
| Arix Bioscience Plc, Arix Bioscience Holdings Limited, Mark Chin ×3 filings | July 20, 2021 | — | Initial filing | — | SEC |
| Arix Bioscience Plc (2), Arix Bioscience Holdings Limited (2), Mark Chin (1) (2) | March 24, 2020 | — | 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 48 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 |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 1.81% | 16,370 NS | April 30, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.80% | 73,604 SH | Aug. 8, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.80% | 5,620 NS | April 30, 2026 | N-PORT |
| CANC · Tema ETF Trust | 1.31% | 58,197 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.03% | 10,703 NS | May 31, 2026 | N-PORT |
| IHE · iShares Trust | 0.72% | 194,624 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.51% | 38,057 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.26% | 407,872 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.25% | 3,315 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.23% | 1,424 NS | April 30, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.16% | 51,358 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.16% | 388,661 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.13% | 45,928 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.12% | 47,349 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.12% | 2,196 NS | May 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.11% | 34,350 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.09% | 61,669 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.08% | 1,094,617 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.07% | 12,024 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.07% | 246,533 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.07% | 33,580 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.05% | 2,494 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.05% | 175,955 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.04% | 141,971 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.04% | 1,852 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 214,005 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.03% | 3,976 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 624,513 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.03% | 2,892 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 1,449 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 14,804 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 8,632 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 1,465 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,649 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 22,815 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 37 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 4,666 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 569 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 66,943 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 12,036 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 14,379 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 7,755 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 30,821 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 28,939 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 154 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 691 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,883,832 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,533 SH | Aug. 8, 2026 | Daily |