EQ Equillium, Inc. - Common Stock
$2.37
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026
52W Range
$1–$4
58% of range
Analyst Rating
BUY
18 analysts
Price Target
$9
+261% upside
P/E (TTM)
-6.1
ROE
-133.1%
Net Profit Margin
—
EQ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.37
Market Cap
$146M
P/E (TTM)
-6.1
EPS (TTM)
$-0.39
Revenue (TTM)
$41M
Div Yield
—
ROE
-133.1%
Debt/Equity
—
52W Range
$1 – $4
EQ 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
$41M
2022-12-31
→
2024-12-31
EPS
$-0.39
2021-12-31
→
2025-12-31
Free Cash Flow
$-23M
2018-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
EQ
Peer Median
P/E (TTM)
-6.1
—
P/S (TTM)
3.2
28.5
P/B
5.1
2.2
Price / FCF
-6.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
EQ
Peer Median
ROA
-77.9%
-100.0%
ROE
-133.1%
-154.7%
ROIC
-82.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
EQ
Peer Median
Current Ratio
10.6
2.9
Quick Ratio
10.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
EQ
Peer Median
Revenue YoY
13.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
EQ
Peer Median
EQ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 8 44.4%
- Buy 9 50.0%
- Hold 1 5.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-17
Median
$7.00
Mean
$8.56
← Below all targets
$2.37
Low
$4.00
High
$20.00
Median target
$7.00
+195.4%
Mean target
$8.56
+261.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.06 | $-0.04 | -0.02% |
| Dec. 31, 2025 | $-0.04 | $-0.06 | 0.02% |
| Sept. 30, 2025 | $-0.06 | $-0.15 | 0.09% |
| June 30, 2025 | $-0.16 | $-0.19 | 0.03% |
| March 31, 2025 | $-0.24 | $-0.35 | 0.11% |
| Dec. 31, 2024 | $-0.16 | $-0.32 | 0.16% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EQ | $95M | -4.0 | 13.9% | — | -133.1% | — |
| CNTB | $159M | -2.8 | -99.8% | -86687.5% | -97.9% | — |
| TNYA | $154M | -1.2 | — | — | -81.2% | — |
| CNTN | $112M | -2.7 | — | — | -18.0% | — |
| HUMA | — | — | — | — | — | — |
| UNCY | $128M | -3.5 | -29.0% | — | -113.9% | — |
| HURA | — | -1.2 | — | — | — | — |
| SPRB | $120M | -1.7 | -51.3% | — | -139.9% | — |
| IMDX | $215M | -4.5 | 115.6% | -1238.5% | 330.8% | 56.7% |
| INDP | $6M | -0.1 | — | — | -2820.8% | — |
| OTLK | $57M | -0.6 | — | -4416.2% | 193.1% | 4.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | · | $41M | $36M | $16M | |
| R&D Expense | · | · | $37M | $38M | |
| SG&A Expense | $11M | $12M | $14M | $17M | |
| Operating Expenses | $24M | $49M | $51M | $78M | |
| Operating Income | $-24M | $-8M | $-15M | $-62M | |
| Interest Income | $833.0K | $1M | $2M | $420.0K | |
| Other Non-op | · | · | $-76.0K | $281.0K | |
| Pretax Income | $-22M | $-8M | $-13M | $-62M | |
| Income Tax | $0 | $361.0K | $580.0K | $0 | |
| Net Income | $-22M | $-8M | $-13M | $-62M | |
| EPS (Basic) | $-0.39 | $-0.23 | $-0.38 | $-1.85 | |
| EPS (Diluted) | $-0.39 | $-0.23 | $-0.38 | $-1.85 | |
| Shares (Basic) | 57,304,181 | 35,357,641 | 34,726,384 | 33,727,945 | |
| Shares (Diluted) | 57,304,181 | 35,357,641 | 34,726,384 | 33,727,945 | |
| EBITDA | $-24M | $-8M | $-15M | $-62M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $30M | $18M | $23M | $59M | |
| Receivables | · | $0 | $4M | $3M | |
| Prepaid Expense | $761.0K | $2M | $5M | $3M | |
| Other Current Assets | $214.0K | $429.0K | $235.0K | $8.0K | |
| Current Assets | $31M | $25M | $49M | $77M | |
| PP&E (Net) | $164.0K | $262.0K | $315.0K | $391.0K | |
| Accum. Depreciation | $562.0K | $499.0K | $364.0K | $249.0K | |
| Other Non-current Assets | $27.0K | · | $70.0K | $104.0K | |
| Total Assets | $32M | $26M | $51M | $78M | |
| Accounts Payable | $755.0K | $3M | $5M | $4M | |
| Accrued Liabilities | $2M | $3M | $7M | $7M | |
| Short-term Debt | · | · | · | $6M | |
| Current Liabilities | $3M | $6M | $28M | $32M | |
| Capital Leases | $356.0K | $187.0K | $384.0K | $824.0K | |
| Total Liabilities | $3M | $7M | $28M | $46M | |
| Long-term Debt | · | · | · | $9M | |
| Total Debt | · | · | · | $15M | |
| Common Stock | $5.0K | $3.0K | $3.0K | $3.0K | |
| Retained Earnings | $-216M | $-194M | $-186M | $-172M | |
| AOCI | $363.0K | $781.0K | $140.0K | $76.0K | |
| Stockholders' Equity | $29M | $19M | $23M | $32M | |
| Liabilities + Equity | $32M | $26M | $51M | $78M | |
| Shares Outstanding | 61,464,368 | 35,557,563 | 35,254,752 | 34,414,149 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | · | · | · | $118.0K | |
| Stock-based Comp | $2M | $4M | $4M | $5M | |
| Deferred Tax | · | · | · | $0 | |
| Operating Cash Flow | $-23M | $-19M | $-22M | $-9M | |
| CapEx | $48.0K | $85.0K | $50.0K | $279.0K | |
| Investing Cash Flow | $4M | $14M | $-5M | $19M | |
| Stock Repurchased | · | · | $260.0K | · | |
| Net Stock Activity | · | · | $-260.0K | · | |
| Financing Cash Flow | $30M | $164.0K | $-9M | $-1M | |
| Net Change in Cash | $12M | $-5M | $-36M | $9M | |
| Taxes Paid | $352.0K | · | · | · | |
| Free Cash Flow | $-23M | $-19M | $-22M | $-9M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | · | -20.1% | -40.2% | -393.9% | |
| Net Margin | · | -19.6% | -37.0% | -396.1% | |
| Pretax Margin | · | -18.8% | -35.4% | -396.1% | |
| EBITDA Margin | · | -20.1% | -40.2% | -393.9% | |
| ROA | -77.9% | -21.2% | -20.7% | -76.2% | |
| ROE | -133.1% | -38.2% | -57.1% | -207.7% | |
| ROIC | -82.7% | -45.4% | -67.3% | -133.2% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 10.6 | 3.9 | 1.8 | 2.4 | |
| Quick Ratio | 10.3 | 2.8 | 1.0 | 1.9 | |
| Debt / Equity | · | · | · | 0.5 | |
| LT Debt / Equity | · | · | · | 0.1 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | · | 1.1 | 0.6 | 0.2 | |
| Receivables Turnover | · | 22.0 | 11.0 | 11.1 |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | · | 13.9% | 129.0% | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $46M | $41M | $36M | $16M | |
| Net Income TTM | $-22M | $-8M | $-13M | $-62M | |
| Market Cap | $95M | $27M | $25M | $36M | |
| Enterprise Value | · | · | · | $-8M | |
| P/E | -4.0 | -3.3 | -1.9 | -0.6 | |
| P/S | 2.1 | 0.6 | 0.7 | 2.3 | |
| P/B | 3.3 | 1.4 | 1.1 | 1.1 | |
| P / Tangible Book | 3.3 | 1.4 | 1.1 | 1.1 | |
| P / Cash Flow | -4.2 | -1.4 | -1.2 | -4.2 | |
| P / FCF | -4.2 | -1.4 | -1.2 | -4.0 | |
| EV / EBITDA | · | · | · | 0.1 | |
| EV / FCF | · | · | · | 0.9 | |
| EV / Revenue | · | · | · | -0.5 | |
| Earnings Yield | -25.2% | -30.7% | -52.8% | -174.5% |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | $4M | $12M | $14M | $11M | $9M | $9M | $9M | $9M | |
| SG&A Expense | $2M | $3M | $2M | $3M | $2M | $3M | $2M | $3M | $3M | $4M | $3M | $4M | $3M | $4M | |
| Operating Expenses | $5M | $6M | $4M | $5M | $6M | $9M | $9M | $13M | $14M | $13M | $12M | $12M | $13M | $13M | |
| Operating Income | $-5M | $-6M | $-4M | $-5M | $-6M | $-9M | $-5M | $-679.0K | $-100.0K | $-3M | $-3M | $-4M | $-4M | $-4M | |
| Interest Income | $509.0K | $309.0K | $303.0K | $235.0K | $122.0K | $173.0K | $240.0K | $331.0K | $371.0K | $439.0K | $517.0K | $551.0K | $627.0K | $639.0K | |
| Other Non-op | · | · | · | · | · | · | · | · | · | $-382.0K | · | $-142.0K | $-112.0K | $-179.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | · | $-3M | $-2M | $-3M | $-3M | $-4M | |
| Income Tax | · | · | $0 | $0 | $0 | $0 | $361.0K | $0 | $0 | $0 | $16.0K | $496.0K | $8.0K | $60.0K | |
| Net Income | $-5M | $-5M | $-4M | $-4M | $-6M | $-9M | $-6M | $-7.0K | $468.0K | $-3M | $-2M | $-4M | $-3M | $-4M | |
| EPS (Basic) | $-0.04 | $-0.06 | $0.07 | $-0.06 | $-0.16 | $-0.24 | $-0.16 | $0.00 | $0.01 | $-0.08 | $-0.06 | $-0.11 | $-0.10 | $-0.11 | |
| EPS (Diluted) | $-0.04 | $-0.06 | $0.07 | $-0.06 | $-0.16 | $-0.24 | $-0.16 | $0.00 | $0.01 | $-0.08 | $-0.06 | $-0.11 | $-0.10 | $-0.11 | |
| Shares (Basic) | 111,805,635 | 96,279,216 | -79,324,750 | 65,322,753 | 35,719,317 | 35,586,861 | -70,613,534 | 35,424,388 | 35,292,035 | 35,254,752 | -69,016,234 | 34,878,700 | 34,449,769 | 34,414,149 | |
| Shares (Diluted) | 111,805,635 | 96,279,216 | -79,324,750 | 65,322,753 | 35,719,317 | 35,586,861 | -71,911,273 | 35,424,388 | 36,589,774 | 35,254,752 | -69,016,234 | 34,878,700 | 34,449,769 | 34,414,149 | |
| EBITDA | $-5M | $-6M | · | $-5M | $-6M | $-9M | · | $-679.0K | $-100.0K | $-3M | · | $-4M | $-4M | $-4M |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $57M | $61M | $30M | $33M | $11M | $15M | $18M | $15M | $11M | $12M | $23M | $34M | $26M | $25M | |
| Receivables | · | · | · | · | · | · | · | $5M | $6M | $5M | $4M | $4M | $4M | $3M | |
| Prepaid Expense | $812.0K | $953.0K | $761.0K | $459.0K | $457.0K | $2M | $2M | $3M | $3M | $5M | $5M | $4M | $5M | $5M | |
| Other Current Assets | · | · | $214.0K | $110.0K | $37.0K | $36.0K | $429.0K | $381.0K | $317.0K | $275.0K | $235.0K | · | · | · | |
| Current Assets | $58M | $62M | $31M | $34M | $12M | $16M | $25M | $34M | $42M | $42M | $49M | $54M | $57M | $70M | |
| PP&E (Net) | $188.0K | $214.0K | $164.0K | $174.0K | $201.0K | $233.0K | $262.0K | $293.0K | $329.0K | $361.0K | $315.0K | $313.0K | $329.0K | $360.0K | |
| Accum. Depreciation | · | · | $562.0K | · | · | · | $499.0K | · | · | · | $364.0K | · | · | · | |
| Other Non-current Assets | $27.0K | $27.0K | $27.0K | · | · | · | · | $45.0K | $53.0K | $62.0K | $70.0K | $79.0K | $87.0K | $96.0K | |
| Total Assets | $59M | $63M | $32M | $35M | $12M | $17M | $26M | $34M | $43M | $44M | $51M | $55M | $59M | $72M | |
| Accounts Payable | $850.0K | $1M | $755.0K | $1M | $5M | $3M | $3M | $4M | $4M | $3M | $5M | $4M | $3M | $6M | |
| Accrued Liabilities | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $5M | $7M | $6M | $7M | $8M | $8M | $5M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $6M | |
| Current Liabilities | $2M | $3M | $3M | $3M | $7M | $6M | $6M | $11M | $20M | $22M | $28M | $28M | $25M | $32M | |
| Capital Leases | $172.0K | $251.0K | $356.0K | $473.0K | $109.0K | $149.0K | $187.0K | $223.0K | $259.0K | $295.0K | $384.0K | $498.0K | $609.0K | $719.0K | |
| Total Liabilities | $3M | $4M | $3M | $4M | $7M | $6M | $7M | $11M | $20M | $23M | $28M | $31M | $32M | $43M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $8M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $13M | |
| Common Stock | $5.0K | $5.0K | $5.0K | $5.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | |
| Retained Earnings | $-226M | $-222M | $-216M | $-212M | $-208M | $-202M | $-194M | $-188M | $-188M | $-188M | $-186M | $-183M | $-180M | $-176M | |
| AOCI | $381.0K | $370.0K | $363.0K | $270.0K | $385.0K | $731.0K | $781.0K | $-3.0K | $251.0K | $423.0K | $140.0K | $458.0K | $340.0K | $305.0K | |
| Stockholders' Equity | $56M | $59M | $29M | $31M | $5M | $11M | $19M | $23M | $22M | $21M | $23M | $24M | $27M | $29M | |
| Liabilities + Equity | $59M | $63M | $32M | $35M | $12M | $17M | $26M | $34M | $43M | $44M | $51M | $55M | $59M | $72M | |
| Shares Outstanding | 63,408,082 | 63,226,556 | 61,464,368 | 60,676,837 | 35,719,317 | 35,719,317 | 35,557,563 | 35,424,388 | 35,424,388 | 35,254,752 | 35,254,752 | 35,119,248 | 34,568,500 | 34,414,149 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | · | · | · | · | $31.0K | $31.0K | $31.0K | |
| Stock-based Comp | $1M | $930.0K | $737.0K | $401.0K | $563.0K | $621.0K | $821.0K | $1M | $952.0K | $972.0K | $1M | $979.0K | $934.0K | $1M | |
| Operating Cash Flow | $-4M | $-4M | $-3M | $-8M | $-3M | $-8M | $-3M | $-8M | $730.0K | $-9M | $-6M | $-2M | $-6M | $-8M | |
| CapEx | $71.0K | $3.0K | $44.0K | $0 | $0 | $4.0K | $4.0K | $0 | $62.0K | $19.0K | $35.0K | · | · | · | |
| Investing Cash Flow | $-71.0K | $-3.0K | $-32.0K | $0 | $0 | $4M | $6M | $12M | $-1M | $-3M | $-6M | $11M | $15M | $-25M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | |
| Financing Cash Flow | $42.0K | $35M | $283.0K | $30M | $-16.0K | $91.0K | $73.0K | $0 | · | · | $79.0K | $-260.0K | $-8M | $-1M | |
| Net Change in Cash | $-4M | $31M | $-3M | $22M | $-3M | $-4M | $3M | $4M | $-511.0K | $-12M | $-11M | $9M | $1M | $-35M | |
| Free Cash Flow | · | $-4M | · | · | · | $-8M | · | · | · | $-9M | · | · | · | · |
Profitability 7
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | -5.6% | -0.72% | -26.1% | · | -40.8% | -39.4% | -46.3% | |
| Net Margin | · | · | · | · | · | · | · | -0.06% | 3.4% | -25.6% | · | -41.8% | -36.6% | -44.4% | |
| Pretax Margin | · | · | · | · | · | · | · | · | · | -25.6% | · | -36.2% | -36.5% | -43.7% | |
| EBITDA Margin | · | · | · | · | · | · | · | -5.6% | -0.72% | -26.1% | · | -40.8% | -39.4% | -46.3% | |
| ROA | -13.2% | -13.3% | · | -12.3% | -20.8% | -28.7% | · | -0.02% | 0.92% | -4.7% | · | -7.1% | -5.5% | -5.4% | |
| ROE | -15.4% | -15.2% | · | -15.6% | -41.8% | -54.6% | · | -0.03% | 1.9% | -10.9% | · | -14.2% | -9.9% | -9.6% | |
| ROIC | · | · | · | · | · | · | · | · | · | -13.2% | · | -17.3% | -13.3% | -9.8% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 23.4 | 18.6 | · | 10.9 | 1.7 | 2.7 | · | 3.0 | 2.1 | 1.9 | · | 1.9 | 2.3 | 2.2 | |
| Quick Ratio | 23.1 | 18.3 | · | 10.7 | 1.6 | 2.4 | · | 1.9 | 0.8 | 0.7 | · | 1.4 | 1.2 | 0.9 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.5 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.1 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | · | 0.3 | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.1 | |
| Receivables Turnover | · | · | · | · | · | · | · | 2.8 | 2.9 | 2.5 | · | 4.7 | 4.9 | 5.2 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $46M | $46M | · | $46M | $46M | $46M | · | $46M | $43M | $38M | · | · | · | · | |
| Net Income TTM | $-20M | $-24M | · | $-19M | $-14M | $-11M | · | $-6M | $-9M | $-14M | · | $-25M | $-35M | $-69M | |
| Market Cap | $203M | $126M | · | $87M | $11M | $14M | · | $29M | $24M | $81M | · | $26M | $26M | $25M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | $14M | |
| P/E | -10.0 | -3.8 | · | -3.1 | -0.8 | -1.3 | · | -4.6 | -2.5 | -5.8 | · | -1.0 | -0.7 | -0.3 | |
| P/S | 4.5 | 2.8 | · | 1.9 | 0.3 | 0.3 | · | 0.6 | 0.6 | 2.2 | · | · | · | · | |
| P/B | 3.6 | 2.1 | · | 2.8 | 2.3 | 1.3 | · | 1.3 | 1.1 | 3.9 | · | 1.1 | 1.0 | 0.9 | |
| P / Tangible Book | 3.6 | 2.1 | · | 2.8 | 2.3 | 1.3 | · | 1.3 | 1.1 | 3.9 | · | 1.1 | 1.0 | 0.9 | |
| P / Cash Flow | · | -29.4 | · | · | · | -1.7 | · | · | · | -9.3 | · | · | · | -3.1 | |
| P / FCF | · | -29.4 | · | · | · | -1.7 | · | · | · | -9.2 | · | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | -3.4 | |
| Earnings Yield | -10.0% | -26.0% | · | -32.2% | -121.9% | -79.5% | · | -21.7% | -40.6% | -17.3% | · | -97.3% | -136.0% | -286.3% |
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 | |
|---|---|---|---|---|---|
| Revenue | — | $41M | $36M | $16M | — |
| Operating Margin % | — | -20.1% | -40.2% | -393.9% | — |
| Net Income | $-22M | $-8M | $-13M | $-62M | $-39M |
| Diluted EPS | $-0.39 | $-0.23 | $-0.38 | $-1.85 | $-1.36 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.5 | 0.2 |
| Current Ratio | 10.6 | 3.9 | 1.8 | 2.4 | 9.4 |
| Quick Ratio | 10.3 | 2.8 | 1.0 | 1.9 | 5.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-23M | $-19M | $-22M | $-9M | $-32M |
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Institutional owners (13F) 72 filers · $130.2M 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 |
|---|---|---|---|---|
| 24 (+7 vs prior Q) | 8 (+5 vs prior Q) | 14 (+5 vs prior Q) | 17 (+5 vs prior Q) | -3.4M |
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 |
|---|---|---|---|---|
| Decheng Capital LLC | $14,231,386 | 4,447,308 | 10.93% | Shares |
| Affinity Asset Advisors, LLC | $13,120,000 | 4,100,000 | 10.07% | Shares |
| JANUS HENDERSON GROUP PLC | $12,956,669 | 6,494,571 | 9.95% | Shares |
| ADAR1 Capital Management, LLC | $12,027,421 | 3,758,569 | 9.23% | Shares |
| Aberdeen Group plc | $11,621,309 | 3,631,659 | 8.92% | Shares |
| Woodline Partners LP | $11,202,883 | 3,500,901 | 8.60% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $9,908,275 | 3,096,336 | 7.61% | Shares |
| STEMPOINT CAPITAL LP | $6,453,142 | 2,016,607 | 4.95% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,832,998 | 1,822,812 | 4.48% | Shares |
| Eversept Partners, LP | $4,866,637 | 1,520,824 | 3.74% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $4,448,810 | 1,390,253 | 3.42% | Shares |
| VANGUARD GROUP INC | $2,673,854 | 1,725,067 | 2.05% | Shares |
| TAKEDA PHARMACEUTICAL CO LTD | $2,609,717 | 1,824,977 | 2.00% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,040,374 | 637,617 | 1.57% | Shares |
| Exome Asset Management LLC | $1,769,459 | 552,956 | 1.36% | Shares |
| DG Capital Management, LLC | $1,482,867 | 463,396 | 1.14% | Shares |
| DIADEMA PARTNERS LP | $1,280,902 | 400,282 | 0.98% | Shares |
| Balyasny Asset Management L.P. | $1,102,109 | 344,409 | 0.85% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,024,320 | 320,100 | 0.79% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $994,780 | 310,682 | 0.76% | Shares |
| Ikarian Capital, LLC | $971,376 | 303,555 | 0.75% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $909,856 | 284,330 | 0.70% | Shares |
| TWO SIGMA INVESTMENTS, LP | $661,930 | 206,853 | 0.51% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $610,592 | 190,810 | 0.47% | Shares |
| STATE STREET CORP | $556,992 | 174,060 | 0.43% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $478,080 | 149,400 | 0.37% | Put option |
| CANTOR FITZGERALD, L. P. | $348,998 | 109,062 | 0.27% | Shares |
| Persistent Asset Partners Ltd | $326,432 | 102,010 | 0.25% | Shares |
| CITADEL ADVISORS LLC | $318,918 | 99,662 | 0.24% | Shares |
| Soleus Capital Management, L.P. | $288,000 | 90,000 | 0.22% | Shares |
| RAYMOND JAMES FINANCIAL INC | $237,632 | 74,260 | 0.18% | Shares |
| NORTHERN TRUST CORP | $228,989 | 71,559 | 0.18% | Shares |
| Cota Capital Management, LLC | $177,230 | 562,278 | 0.14% | Shares |
| AlphaCore Capital LLC | $167,504 | 52,345 | 0.13% | Shares |
| JANE STREET GROUP, LLC | $149,440 | 46,700 | 0.11% | Put option |
| ExodusPoint Capital Management, LP | $141,405 | 44,189 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $141,120 | 44,100 | 0.11% | Call option |
| MILLENNIUM MANAGEMENT LLC | $137,082 | 42,838 | 0.11% | Shares |
| XTX Topco Ltd | $125,642 | 39,263 | 0.10% | Shares |
| Invesco Ltd. | $116,131 | 36,291 | 0.09% | Shares |
| BARCLAYS PLC | $112,000 | 35,000 | 0.09% | Shares |
| JANE STREET GROUP, LLC | $111,926 | 34,977 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $111,040 | 34,700 | 0.09% | Call option |
| Jefferies Financial Group Inc. | $109,120 | 34,100 | 0.08% | Shares |
| High Net Worth Advisory Group LLC | $107,200 | 33,500 | 0.08% | Shares |
| CITIGROUP INC | $104,624 | 32,695 | 0.08% | Shares |
| Quadrature Capital Ltd | $91,696 | 28,655 | 0.07% | Shares |
| AMERICAN CENTURY COMPANIES INC | $82,864 | 25,895 | 0.06% | Shares |
| China Universal Asset Management Co., Ltd. | $80,000 | 25,000 | 0.06% | Shares |
| TWO SIGMA ADVISERS, LP | $68,355 | 44,100 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $67,875 | 21,211 | 0.05% | Shares |
| Chung Wu Investment Group, LLC | $52,800 | 16,500 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $52,480 | 16,400 | 0.04% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $49,066 | 15,333 | 0.04% | Shares |
| Coastal Bridge Advisors, LLC | $48,000 | 15,000 | 0.04% | Shares |
| Apollon Wealth Management, LLC | $44,400 | 13,875 | 0.03% | Shares |
| Focus Partners Wealth | $41,642 | 13,013 | 0.03% | Shares |
| Callan Capital, LLC | $39,108 | 99,688 | 0.03% | Shares |
| TWO SIGMA SECURITIES, LLC | $34,550 | 10,797 | 0.03% | Shares |
| BlackRock, Inc. | $31,552 | 9,860 | 0.02% | Shares |
| Vanguard Global Advisers, LLC | $18,643 | 5,826 | 0.01% | Shares |
| MORGAN STANLEY | $17,162 | 5,363 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $7,632 | 2,385 | 0.01% | Shares |
| GROUP ONE TRADING LLC | $7,162 | 2,238 | 0.01% | Shares |
| WELLS FARGO & COMPANY/MN | $3,200 | 1,000 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,525 | 500 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $749 | 234 | 0.00% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $326 | 102 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $218 | 68 | 0.00% | Shares |
| UBS Group AG | $128 | 40 | 0.00% | Shares |
| HRT FINANCIAL LP | $86 | 26,978 | 0.00% | Shares |
| HUNTINGTON NATIONAL BANK | $42 | 1 | 0.00% | Shares |
Company insiders 16 insiders · 9 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Bruce D. Steel | President and CEO | Jan. 2, 2024 A | 48,495 | 0 | 0 | $0 |
| Jason A Keyes | Chief Financial Officer | Jan. 2, 2024 A | 58,913 | 0 | 0 | $0 |
| Stephen Connelly | President and CSO | June 4, 2026 S | 762,025 | 0 | 1 | $-632,760 |
| Christine Zedelmayer | Sr. Vice President and COO | June 5, 2026 M | 62,586 | 0 | 2 | $-69,254 |
| Penny Tom | Principal Accounting Officer | May 28, 2026 M | 0 | 0 | 1 | $-191,750 |
| Daniel Bradbury | CHAIRMAN | May 28, 2026 A | 2,969,596 | 0 | 0 | $0 |
| Joel Rothman | Chief Development Officer | Jan. 2, 2024 A | 58,150 | 0 | 0 | $0 |
| Dolca Thomas | Chief Medical Officer | Jan. 11, 2021 A | — | 0 | 0 | $0 |
| Krishna R Polu | Chief Medical Officer | April 22, 2020 A | — | 0 | 0 | $0 |
| Charles Douglas Mcdermott | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Barbara Troupin | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Mark Pruzanski | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Martha J Demski | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Yu (Katherine) Xu | Director | May 22, 2023 A | — | 0 | 0 | $0 |
| Bala S Manian | Director | May 22, 2023 A | — | 0 | 0 | $0 |
| Biocon SA | 10% owner | Oct. 16, 2018 A | 2,316,134 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Decheng Capital Global Life Sciences Fund IV, L.P., Decheng Capital Management IV (Cayman), LLC, Decheng Capital Global Healthcare Fund (Master), LP, Decheng Capital Global Healthcare GP, LLC, Xiangmin Cui | Feb. 16, 2021 | — | Initial filing | Passive investment | 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 6 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.36% | 38,559 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.02% | 147,697 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 10,623 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 7,665 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 373,367 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,401,958 SH | Aug. 8, 2026 | Daily |