ENSC Ensysce Biosciences, Inc. - Common Stock
$0.38
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026
52W Range
$0–$3
6% of range
Analyst Rating
BUY
7 analysts
Price Target
$8
+2100% upside
P/E (TTM)
-0.1
ROE
-294.0%
Net Profit Margin
-200.9%
ENSC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.38
Market Cap
$2M
P/E (TTM)
-0.1
EPS (TTM)
$-3.98
Revenue (TTM)
$5M
Div Yield
—
ROE
-294.0%
Debt/Equity
0.1
52W Range
$0 – $3
ENSC 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
$5M
2020-12-31
→
2025-12-31
EPS
$-3.98
2020-12-31
→
2025-12-31
Free Cash Flow
$-8M
2025-12-31
→
2025-12-31
Margins
-200.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ENSC
Peer Median
P/E (TTM)
-0.1
—
P/S (TTM)
0.3
2.4
P/B
0.5
1.0
EV / EBITDA
0.2
—
Price / FCF
-0.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ENSC
Peer Median
Operating Margin
-202.1%
—
Net Profit Margin
-200.9%
-313.2%
ROA
-156.0%
-105.1%
ROE
-294.0%
-142.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ENSC
Peer Median
Debt / Equity
0.1
0.0
Current Ratio
1.6
1.6
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ENSC
Peer Median
Revenue YoY
-2.8%
—
Revenue CAGR 3Y
26.2%
—
Revenue CAGR 5Y
5.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ENSC
Peer Median
ENSC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
7 analysts
- Strong Buy 2 28.6%
- Buy 4 57.1%
- Hold 1 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-18
Low
$8.25
High
$8.25
Median target
$8.25
+2100.0%
Mean target
$8.25
+2100.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.39%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.52 | $-0.74 | 0.22% |
| Dec. 31, 2025 | $-0.75 | $-1.29 | 0.54% |
| Sept. 30, 2025 | $-1.29 | $-0.88 | -0.41% |
| June 30, 2025 | $-0.79 | $-1.20 | 0.41% |
| March 31, 2025 | $-1.39 | $-3.08 | 1.7% |
| Dec. 31, 2024 | $-2.90 | $-2.79 | -0.11% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ENSC | $4M | -0.2 | -2.8% | -200.9% | -294.0% | — |
| ALZN | $5M | -0.4 | — | — | -598.1% | — |
| FBLG | — | -0.5 | — | — | — | — |
| ERNA | — | — | — | — | — | — |
| BOLT | $11M | -0.3 | 0.07% | -433.7% | -102.2% | — |
| CDIO | — | — | — | — | — | — |
| ACXP | $6M | -0.5 | — | — | -180.3% | — |
| PMCB | $8M | -0.3 | — | — | -56.7% | — |
| BRTX | $10M | -0.7 | -10.3% | -3959.4% | -547.6% | 93.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $5M | $5M | $2M | $3M | $4M | $4M | |
| R&D Expense | $10M | $7M | $8M | $20M | $5M | $4M | |
| SG&A Expense | $5M | $5M | $5M | $7M | $19M | $1M | |
| Operating Expenses | $15M | $12M | $13M | $27M | $23M | $6M | |
| Operating Income | $-10M | $-7M | $-11M | $-24M | $-20M | $-2M | |
| Interest Expense | · | · | $353.9K | $109.5K | $1M | $995.5K | |
| Interest Income | · | · | · | · | · | $719.6K | |
| Other Non-op | $73.4K | $17.3K | $15.4K | $86.2K | $-282.3K | · | |
| Pretax Income | · | · | · | · | · | $5M | |
| Net Income | $-10M | $-8M | $-11M | $-24M | $-29M | $-160.9K | |
| EPS (Basic) | $-3.98 | $-11.45 | $-70.40 | $-139.42 | $-29.64 | $0.00 | |
| EPS (Diluted) | $-3.98 | $-11.45 | $-70.40 | $-139.42 | $-1.48 | $0.00 | |
| Shares (Basic) | 2,557,377 | 697,686 | 150,937 | 179,925 | 1,008,227 | 15,768,725 | |
| Shares (Diluted) | 2,557,377 | 697,686 | 150,937 | 179,925 | 20,164,503 | 16,507,387 | |
| EBITDA | $-10M | $-7M | $-11M | $-24M | $-20M | $-1M |
Balance Sheet 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4M | $4M | $1M | $3M | $12M | $194.2K | |
| Prepaid Expense | $3M | $2M | $1M | $2M | $3M | $157.5K | |
| Other Current Assets | $20.6K | $18.0K | $18.0K | · | · | · | |
| Current Assets | $7M | $5M | $2M | $5M | $16M | $347.9K | |
| PP&E (Net) | $124.1K | · | · | · | · | $151 | |
| Other Non-current Assets | $83.3K | $252.6K | $419.2K | $585.9K | $754.8K | $3.8K | |
| Total Assets | $7M | $6M | $3M | $6M | $16M | $351.8K | |
| Accounts Payable | $3M | $1M | $2M | $3M | $301.1K | $2M | |
| Short-term Debt | $306.7K | $301.7K | $854.7K | $4M | $13M | $4M | |
| Current Liabilities | $5M | $2M | $3M | $9M | $16M | $7M | |
| Other Non-current Liabilities | · | $10.1K | $26.4K | $310.3K | $4M | · | |
| Total Liabilities | $5M | $2M | $3M | $10M | $25M | $7M | |
| Total Debt | $306.7K | $301.7K | $854.7K | $4M | $13M | · | |
| Common Stock | $459 | $136 | $21 | $53 | $124 | $1.6K | |
| Paid-in Capital | $143M | $133M | $121M | $107M | $78M | $50M | |
| Retained Earnings | $-140M | $-130M | $-122M | $-111M | $-86M | $-56M | |
| Stockholders' Equity | $3M | $4M | $-322.9K | $-4M | $-8M | $-6M | |
| Liabilities + Equity | $7M | $6M | $3M | $6M | $16M | $351.8K | |
| Shares Outstanding | 4,574,977 | 1,355,773 | 209,739 | 534,490 | 1,232,160 | 15,768,725 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $177.1K | $110.7K | $879.2K | $1M | $121.8K | $178.7K | |
| Operating Cash Flow | $-8M | $-8M | $-11M | $-18M | $-8M | $-1M | |
| CapEx | $123.6K | · | · | · | · | · | |
| Investing Cash Flow | $-123.6K | · | · | $4.5K | · | $183M | |
| Stock Issued | · | · | · | · | $7M | · | |
| Stock Repurchased | · | · | · | · | · | $185M | |
| Net Stock Activity | · | · | · | · | $7M | $-185M | |
| Financing Cash Flow | $9M | $10M | $9M | $9M | $20M | $1M | |
| Net Change in Cash | $808.3K | $2M | $-2M | $-9M | $12M | $-147.3K | |
| Taxes Paid | $2.5K | $3.2K | $3.2K | $1.6K | $1.6K | $1.6K | |
| Free Cash Flow | $-8M | · | · | · | · | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -202.1% | -129.2% | -480.5% | -959.9% | -562.7% | · | |
| Net Margin | -200.9% | -153.3% | -476.4% | -959.3% | -825.4% | · | |
| EBITDA Margin | -202.1% | -129.2% | -480.5% | -959.9% | -562.7% | · | |
| ROA | -156.0% | -192.3% | -247.3% | -217.1% | -347.6% | · | |
| ROE | -294.0% | -471.8% | 526.4% | 417.6% | 407.1% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 2.4 | 0.7 | 0.6 | 1.0 | · | |
| Quick Ratio | 0.9 | 1.6 | 0.3 | 0.3 | 0.7 | · | |
| Debt / Equity | 0.1 | 0.1 | -2.6 | -1.1 | -1.6 | · | |
| Interest Coverage | · | · | -30.3 | -221.2 | -15.3 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 1.3 | 0.5 | 0.2 | 0.4 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | -2.8% | 133.6% | -11.6% | -28.5% | -10.2% | · | |
| Revenue CAGR 3Y | 26.2% | 13.8% | -17.2% | · | · | · | |
| Revenue CAGR 5Y | 5.2% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $5M | $5M | $2M | $3M | $4M | $4M | |
| Net Income TTM | $-10M | $-8M | $-11M | $-24M | $-29M | $-160.9K | |
| Market Cap | $4M | $11M | $50M | $866M | $416.96B | · | |
| Enterprise Value | $205.3K | $8M | $50M | $867M | $416.96B | · | |
| P/E | -0.2 | -0.7 | -0.2 | -1.0 | -11432.4 | · | |
| P/S | 0.8 | 2.1 | 22.4 | 343.2 | 118079.5 | · | |
| P/B | 1.3 | 3.0 | -154.9 | -233.1 | -52925.8 | · | |
| P / Tangible Book | 1.3 | 3.0 | · | · | · | · | |
| P / Cash Flow | -0.5 | -1.5 | -4.6 | -48.4 | -50588.8 | · | |
| P / FCF | -0.5 | · | · | · | · | · | |
| EV / EBITDA | -0.0 | -1.2 | -4.6 | -35.8 | -20984.1 | · | |
| EV / FCF | -0.0 | · | · | · | · | · | |
| EV / Revenue | 0.0 | 1.5 | 22.3 | 343.6 | 118079.6 | · | |
| Earnings Yield | -432.6% | -140.7% | -442.8% | -103.3% | -0.01% | 0.00% |
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 | $1M | $961.0K | $2M | $493.1K | $1M | $1M | $1M | $3M | $181.8K | $305.7K | $515.0K | $435.4K | $490.5K | $789.6K | $1M | $279.4K | |
| R&D Expense | $2M | $3M | $4M | $3M | $2M | $2M | $4M | $2M | $947.2K | $778.9K | $2M | $2M | $2M | $2M | $7M | $5M | |
| SG&A Expense | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $1M | $2M | |
| Operating Expenses | $4M | $5M | $5M | $4M | $3M | $3M | $5M | $3M | $2M | $2M | $4M | $3M | $3M | $3M | $8M | $6M | |
| Operating Income | $-3M | $-4M | $-3M | $-4M | $-2M | $-2M | $-4M | $644.7K | $-2M | $-2M | $-3M | $-3M | $-2M | $-3M | $-6M | $-6M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $1M | · | $7.6K | · | $1.5K | $51.9K | $4.9K | |
| Other Non-op | $5.8K | $9.7K | $19.2K | $17.3K | $21.0K | $15.9K | $29.7K | $14.7K | $7.4K | $-34.5K | $-8.0K | $6.9K | $11.0K | $5.4K | $66.7K | $8.7K | |
| Net Income | $-3M | $-4M | $-3M | $-4M | $-2M | $-2M | $-4M | $661.8K | $-2M | $-3M | $-4M | $-3M | $-2M | $-2M | $-5M | $-10M | |
| EPS (Basic) | $-0.20 | $-0.52 | $-0.51 | $-1.29 | $-0.79 | $-1.39 | $-0.89 | $1.00 | $-3.35 | $-8.21 | $-66.47 | $-0.87 | $-0.98 | $-2.08 | $-6.69 | $-61.58 | |
| EPS (Diluted) | $-0.20 | $-0.52 | $-0.51 | $-1.29 | $-0.79 | $-1.39 | $-0.89 | $1.00 | $-3.35 | $-8.21 | $-66.47 | $-0.87 | $-0.98 | $-2.08 | $1.48 | $-61.58 | |
| Shares (Basic) | 13,035,632 | 6,839,385 | -3,932,125 | 2,886,059 | 2,202,299 | 1,401,144 | -929,131 | 659,361 | 587,822 | 379,634 | -6,263,251 | 3,085,873 | 2,274,113 | 1,054,202 | -236,105 | 160,719 | |
| Shares (Diluted) | 13,035,632 | 6,839,385 | -3,932,125 | 2,886,059 | 2,202,299 | 1,401,144 | -929,131 | 659,361 | 587,822 | 379,634 | -6,263,251 | 3,085,873 | 2,274,113 | 1,054,202 | -27,410,027 | 160,719 | |
| EBITDA | $-3M | · | · | $-4M | $-2M | $-2M | · | $644.7K | $-2M | $-2M | · | $-3M | $-2M | $-3M | · | $-6M |
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 | $676.7K | $745.5K | $4M | $2M | $2M | $3M | $4M | $4M | $1M | $3M | $1M | $1M | $4M | $1M | $3M | $5M | |
| Prepaid Expense | $2M | $1M | $3M | $1M | $2M | $1M | $2M | $3M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $3M | |
| Other Current Assets | $20.6K | $25.5K | $18.0K | $68.1K | $241.0K | $222.7K | $18.0K | $18.0K | $64.4K | $25.5K | $18.0K | $8.0K | · | · | · | · | |
| Current Assets | $3M | $2M | $7M | $3M | $5M | $4M | $5M | $9M | $2M | $5M | $2M | $3M | $6M | $3M | $5M | $8M | |
| PP&E (Net) | $111.1K | $117.6K | $124.1K | $123.6K | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | · | $41.7K | $85.9K | $127.6K | $292.9K | $210.9K | $252.6K | $294.2K | $335.9K | $377.6K | $419.2K | $460.9K | $502.6K | $544.2K | $585.9K | $627.5K | |
| Total Assets | $3M | $2M | $7M | $3M | $6M | $5M | $6M | $9M | $3M | $5M | $3M | $3M | $6M | $4M | $6M | $8M | |
| Accounts Payable | $2M | $2M | $3M | $463.5K | $1M | $615.3K | $1M | $2M | $482.0K | $981.7K | $2M | $916.4K | $1M | $2M | $3M | $1M | |
| Short-term Debt | $196.8K | $245.8K | $306.7K | $387.7K | $424.5K | $257.4K | $301.7K | $387.2K | $454.5K | $246.0K | $854.7K | $350.9K | $445.7K | · | $4M | $8M | |
| Current Liabilities | $4M | $3M | $5M | $2M | $3M | $2M | $2M | $3M | $1M | $2M | $3M | $2M | $3M | $4M | $9M | $12M | |
| Other Non-current Liabilities | · | · | · | $35 | $1.0K | $130.2K | $10.1K | · | · | · | $26.4K | · | · | · | $310.3K | $1M | |
| Total Liabilities | $4M | $3M | $5M | $2M | $3M | $2M | $2M | $3M | $1M | $2M | $3M | $2M | $3M | $4M | $10M | $15M | |
| Total Debt | $196.8K | · | · | $387.7K | $424.5K | $257.4K | · | $387.2K | $454.5K | $246.0K | · | $350.9K | $445.7K | · | · | $8M | |
| Common Stock | $1.6K | $929 | $459 | $320 | $241 | $165 | $136 | $1.4K | $815 | $733 | $21 | $287 | $267 | $128 | $53 | $221 | |
| Paid-in Capital | $145M | $143M | $143M | $138M | $137M | $135M | $133M | $133M | $128M | $128M | $121M | $120M | $119M | $113M | $107M | $99M | |
| Retained Earnings | $-146M | $-143M | $-140M | $-137M | $-133M | $-131M | $-130M | $-126M | $-127M | $-125M | $-122M | $-118M | $-115M | $-113M | $-111M | $-105M | |
| Stockholders' Equity | $-781.7K | $-340.0K | $3M | $1M | $3M | $3M | $4M | $7M | $2M | $4M | $-322.9K | $1M | $4M | $166.7K | $-4M | $-6M | |
| Liabilities + Equity | $3M | $2M | $7M | $3M | $6M | $5M | $6M | $9M | $3M | $5M | $3M | $3M | $6M | $4M | $6M | $8M | |
| Shares Outstanding | 16,227,518 | 9,277,819 | 4,574,977 | 3,181,074 | 2,393,256 | 1,644,728 | 1,355,773 | 13,870,510 | 8,151,172 | 7,329,172 | 209,739 | 2,864,004 | 2,669,792 | 1,284,583 | 534,490 | 2,207,458 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $1.9K | $8.7K | $24.3K | $45.9K | $90.6K | $16.3K | $30.1K | $20.8K | $26.5K | $33.2K | $628.9K | $55.7K | $77.4K | $117.1K | $216.7K | $157.1K | |
| Operating Cash Flow | $-2M | $-4M | $-2M | $-2M | $-3M | $-2M | $-764.1K | $-1M | $-2M | $-3M | $-2M | $-2M | $-3M | $-4M | $-3M | $-7M | |
| CapEx | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Investing Cash Flow | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Stock Issued | · | · | · | $-400.0K | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $2M | $-63.9K | $4M | $1M | $2M | $1M | $112.6K | $4M | $-51.2K | $6M | $1M | $-102.5K | $6M | $2M | $2M | $7M | |
| Net Change in Cash | $-68.8K | $-4M | $3M | $-538.4K | $-840.9K | $-449.6K | $-651.5K | $3M | $-2M | $2M | $-340.8K | $-2M | $2M | $-2M | $-1M | $768.4K | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -221.3% | · | · | -758.7% | -127.6% | -149.1% | · | 18.9% | -1075.6% | -602.8% | · | -621.8% | -467.7% | -324.4% | · | -2206.3% | |
| Net Margin | -220.8% | · | · | -756.3% | -126.4% | -147.4% | · | 19.4% | -1082.4% | -1019.4% | · | -618.0% | -456.6% | -277.6% | · | -3528.0% | |
| EBITDA Margin | -221.3% | · | · | -758.7% | -127.6% | -149.1% | · | 18.9% | -1075.6% | -602.8% | · | -621.8% | -467.7% | -324.4% | · | -2206.3% | |
| ROA | -60.3% | · | · | -59.4% | -41.4% | -40.2% | · | 10.5% | -43.0% | -69.3% | · | -46.8% | -31.3% | -26.9% | · | -109.5% | |
| ROE | -197.2% | · | · | -92.0% | -66.7% | -57.2% | · | 15.8% | -66.4% | -159.2% | · | 116.8% | -123.5% | -281.4% | · | 317.9% |
Liquidity & Solvency 4
| 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 | 0.7 | · | · | 1.3 | 2.1 | 2.5 | · | 3.2 | 1.9 | 2.9 | · | 1.4 | 2.3 | 0.8 | · | 0.6 | |
| Quick Ratio | 0.2 | · | · | 0.7 | 0.9 | 1.7 | · | 1.5 | 0.8 | 2.1 | · | 0.7 | 1.5 | 0.4 | · | 0.4 | |
| Debt / Equity | -0.3 | · | · | 0.3 | 0.1 | 0.1 | · | 0.1 | 0.3 | 0.1 | · | 0.2 | 0.1 | · | · | -1.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -1.5 | · | -353.9 | · | -1710.9 | · | -1268.4 |
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 | 0.3 | · | · | 0.1 | 0.3 | 0.3 | · | 0.5 | 0.0 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.0 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4M | $4M | · | $7M | $6M | $5M | · | $4M | $1M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Net Income TTM | $-12M | $-11M | · | $-7M | $-5M | $-6M | · | $-7M | $-10M | $-10M | · | $-17M | $-22M | $-21M | · | $-36M | |
| Market Cap | $5M | · | · | $8M | $5M | $4M | · | $50M | $62M | $87M | · | $59M | $72M | $94M | · | $1.71B | |
| Enterprise Value | $4M | · | · | $6M | $4M | $1M | · | $46M | $61M | $84M | · | $58M | $69M | · | · | $1.71B | |
| P/E | -0.1 | -0.1 | · | -1.0 | -0.5 | -0.2 | · | -0.3 | -0.6 | -1.0 | · | -0.3 | -0.2 | · | · | · | |
| P/S | 1.2 | · | · | 1.1 | 0.8 | 0.8 | · | 11.5 | 43.8 | 43.0 | · | 29.7 | 40.8 | 49.8 | · | 745.9 | |
| P/B | -6.0 | · | · | 6.3 | 1.6 | 1.4 | · | 7.2 | 34.2 | 23.2 | · | 39.9 | 17.5 | 561.7 | · | -280.3 | |
| P / Tangible Book | · | · | · | 6.3 | 1.6 | 1.4 | · | 7.2 | 34.2 | 23.2 | · | 39.9 | 17.5 | 561.7 | · | · | |
| P / Cash Flow | · | · | · | · | · | -2.5 | · | · | · | -25.5 | · | · | · | -26.0 | · | · | |
| EV / EBITDA | -1.6 | · | · | -1.7 | -2.0 | -0.7 | · | 71.6 | -31.3 | -45.4 | · | -21.5 | -29.9 | · | · | -277.7 | |
| EV / Revenue | 1.1 | · | · | 0.9 | 0.6 | 0.3 | · | 10.6 | 43.4 | 41.4 | · | 29.2 | 38.9 | · | · | 747.2 | |
| Earnings Yield | -965.5% | -740.3% | · | -104.2% | -203.1% | -466.8% | · | -317.5% | -176.7% | -102.5% | · | -316.5% | -448.6% | · | · | · |
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 | $5M | $5M | $2M | $3M | $4M |
| Operating Margin % | -202.1% | -129.2% | -480.5% | -959.9% | -562.7% |
| Net Income | $-10M | $-8M | $-11M | $-24M | $-29M |
| Diluted EPS | $-3.98 | $-11.45 | $-70.40 | $-139.42 | $-1.48 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | -2.6 | -1.1 | -1.6 |
| Current Ratio | 1.6 | 2.4 | 0.7 | 0.6 | 1.0 |
| Quick Ratio | 0.9 | 1.6 | 0.3 | 0.3 | 0.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-8M | — | — | — | — |
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Institutional owners (13F) 19 filers · $187K 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 |
|---|---|---|---|---|
| 6 (+2 vs prior Q) | 1 (-5 vs prior Q) | 5 (0 vs prior Q) | 1 (+1 vs prior Q) | +313K |
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 |
|---|---|---|---|---|
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $43,416 | 149,711 | 23.23% | Shares |
| PERCEPTIVE ADVISORS LLC | $25,133 | 86,666 | 13.44% | Shares |
| CITADEL ADVISORS LLC | $24,996 | 86,193 | 13.37% | Shares |
| XTX Topco Ltd | $22,331 | 77,005 | 11.95% | Shares |
| JANE STREET GROUP, LLC | $17,906 | 61,746 | 9.58% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $17,697 | 61,027 | 9.47% | Shares |
| VANGUARD GROUP INC | $11,826 | 12,854 | 6.33% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,941 | 34,280 | 5.32% | Shares |
| TRU INDEPENDENCE ASSET MANAGEMENT 2, LLC | $3,770 | 13,000 | 2.02% | Shares |
| TWO SIGMA SECURITIES, LLC | $3,756 | 12,953 | 2.01% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,728 | 12,854 | 1.99% | Shares |
| Tower Research Capital LLC (TRC) | $1,767 | 6,094 | 0.95% | Shares |
| BARCLAYS PLC | $418 | 1,440 | 0.22% | Shares |
| SBI Securities Co., Ltd. | $186 | 641 | 0.10% | Shares |
| Virtu Financial LLC | $28 | 95,391 | 0.01% | Shares |
| BlackRock, Inc. | $19 | 65 | 0.01% | Shares |
| HRT FINANCIAL LP | $15 | 54,429 | 0.01% | Shares |
| FNY Investment Advisers, LLC | $0 | 3,000 | 0.00% | Shares |
| Clear Street Group Inc. | $0 | 1 | 0.00% | Shares |
Company insiders 11 insiders · 2 officers · 1 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| George Peng | Chief Financial Officer | Dec. 5, 2017 J | 100,265 | 0 | 0 | $0 |
| Eric Carrera | Senior Vice President | Dec. 5, 2017 J | 63,031 | 0 | 0 | $0 |
| Bob G Gower | Director | April 23, 2026 C | 916,740 | 2 | 0 | $444,135 |
| MORGAN STANLEY | 10% owner | June 19, 2020 S | 0 | 0 | 0 | $0 |
| HG Vora Capital Management, LLC | 10% owner | Dec. 5, 2017 J | 2,837,500 | 0 | 0 | $0 |
| Richard Chester Wright | — | June 30, 2021 A | — | 0 | 0 | $0 |
| Andrew Benton | — | June 30, 2021 A | — | 0 | 0 | $0 |
| Kevin Geoffrey Birkett | — | June 30, 2021 A | — | 0 | 0 | $0 |
| Lynn Kirkpatrick | — | June 30, 2021 A | 284,851 | 0 | 0 | $0 |
| Steven Robert Martin | — | June 30, 2021 A | — | 0 | 0 | $0 |
| William K Schmidt | — | June 30, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 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 |
|---|---|---|---|---|---|
| Bob Gene Gower | Aug. 18, 2026 | 6.10% | Amendment | M&A / sale | SEC |
| Bob G. Gower ×2 filings | July 18, 2023 | — | Initial filing | — | SEC |
| MLCP GLL Funding LLC, Matthews Lane Capital Partners LLC, Daniel B. Silvers ×3 filings | July 7, 2022 | — | Initial filing | — | SEC |
| Richard Wright | July 12, 2021 | — | Initial filing | — | SEC |
| William Chang | July 12, 2021 | — | Initial filing | — | SEC |
| Lynn Kirkpatrick | July 12, 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 1 ETF
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 |
|---|---|---|---|---|
| VXF · VANGUARD INDEX FUNDS | 0.00% | 12,854 SH | Aug. 8, 2026 | Daily |