EWTX Edgewise Therapeutics, Inc. - Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$41.40
· of 52w range
· above low
· to high
$14.2552w low
$48.5152w high
Market Cap (MRQ)
$4.46B
P/E
-25.7
EPS
$-1.63
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52W Range
$14–$49
Analyst Rating
BUY
Price Target
$53
P/E
-25.7
ROE
-30.2%
Net Profit Margin
·
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EWTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$41.40
Market Cap (MRQ)
$4.46B
P/E
-25.7
EPS
$-1.63
ROE
-30.2%
52W Range
$14–$49
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-1.632020-12-31 → 2025-12-31
Free Cash Flow$-144M2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | EWTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -25.75Y avg ≈-12.2 | ≈-12.2 | · | · | |
| P/B (MRQ) | 10.05Y avg ≈3.5 | ≈3.5 | 6.5 | Overvalued | |
| Price / FCF (TTM) | -28.15Y avg ≈-16.2 | ≈-16.2 | · | · | |
| Price / Cash Flow (TTM) | -28.25Y avg ≈-16.7 | ≈-16.7 | · | · | |
| Price / Tangible Book | 8.55Y avg ≈3.5 | ≈3.5 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | EWTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -32.3%5Y avg ≈-26.9% | ≈-26.9% | -20.0% | Weak | |
| ROE | -30.2%5Y avg ≈-25.1% | ≈-25.1% | -20.8% | Weak | |
| ROIC | -36.6% | · | -17.6% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | EWTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 16.25Y avg ≈21.6 | ≈21.6 | 11.6 | Strong liquidity | |
| Quick Ratio | 2.25Y avg ≈2.4 | ≈2.4 | 5.0 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
2.7%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $-0.53 | $-0.48 | -10.6% |
| March 31, 2026 | May 7, 2026 | $-0.46 | $-0.50 | 7.3% |
| Dec. 31, 2025 | $-0.47 | $-0.44 | -5.7% | |
| Sept. 30, 2025 | $-0.39 | $-0.41 | 3.8% | |
| June 30, 2025 | $-0.34 | $-0.42 | 19.8% | |
| March 31, 2025 | $-0.43 | $-0.44 | 1.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| R&D Expense | $151M | $127M | $91M | $54M | $32M | $15M | |
| SG&A Expense | $40M | $32M | $23M | $18M | $11M | $2M | |
| Operating Expenses | $191M | $159M | $114M | $72M | $43M | $17M | |
| Operating Income | $-191M | $-159M | $-114M | $-72M | $-43M | $-17M | |
| Pretax Income | $-168M | $-134M | $-100M | · | · | · | |
| Income Tax | $4.0K | $3.0K | $4.0K | $0 | $0 | · | |
| Net Income | $-168M | $-134M | $-100M | $-68M | $-43M | $-17M | |
| EPS (Basic) | $-1.63 | $-1.45 | $-1.57 | $-1.26 | $-1.14 | $-23.17 | |
| EPS (Diluted) | $-1.63 | $-1.45 | $-1.57 | $-1.26 | $-1.14 | $-23.17 | |
| Shares (Basic) | 102,930,744 | 92,414,626 | 63,723,600 | 53,593,753 | 37,526,332 | 739,004 | |
| Shares (Diluted) | 102,930,744 | 92,414,626 | 63,723,600 | 53,593,753 | 37,526,332 | 739,004 | |
| EBITDA | $-191M | $-159M | $-114M | $-72M | $-43M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $61M | $42M | $86M | $22M | $16M | $105M | |
| Prepaid Expense | $13M | $5M | $9M | $5M | $3M | $551.0K | |
| Current Assets | $543M | $475M | $327M | $357M | $284M | $130M | |
| PP&E (Net) | $8M | $10M | $10M | $9M | $912.0K | $516.0K | |
| PP&E (Gross) | $15M | $14M | $13M | $10M | $2M | $946.0K | |
| Accum. Depreciation | $7M | $5M | $3M | $1M | $702.0K | $430.0K | |
| Other Non-current Assets | · | $262.0K | $348.0K | $251.0K | $548.0K | $975.0K | |
| Total Assets | $553M | $487M | $340M | $367M | $285M | $131M | |
| Accounts Payable | $6M | $6M | $4M | $6M | $4M | $2M | |
| Accrued Liabilities | $8M | $7M | $6M | $6M | $4M | $2M | |
| Current Liabilities | $27M | $24M | $17M | $17M | $11M | $4M | |
| Capital Leases | $3M | $4M | $4M | $4M | · | · | |
| Other Non-current Liabilities | · | · | · | · | $329.0K | · | |
| Total Liabilities | $30M | $28M | $21M | $20M | $11M | $4M | |
| Common Stock | $10.0K | $9.0K | $7.0K | $6.0K | $5.0K | · | |
| Paid-in Capital | $1.07B | $837M | $563M | $493M | $352M | $727.0K | |
| Retained Earnings | $-546M | $-379M | $-245M | $-145M | $-77M | $-34M | |
| AOCI | $677.0K | $420.0K | $99.0K | $-1M | $-514.0K | · | |
| Stockholders' Equity | $522M | $459M | $319M | $347M | $274M | $-33M | |
| Liabilities + Equity | $553M | $487M | $340M | $367M | $285M | $131M | |
| Shares Outstanding | 106,249,579 | 94,838,466 | 70,453,342 | 63,257,376 | 49,500,308 | 1,009,479 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $35M | $25M | $18M | $11M | $4M | $354.0K | |
| Operating Cash Flow | $-144M | $-109M | $-92M | $-53M | $-34M | $-15M | |
| CapEx | $256.0K | $1M | $6M | $6M | $668.0K | $203.0K | |
| Investing Cash Flow | $-33M | $-185M | $103M | $-71M | $-242M | $-24M | |
| Stock Issued | $187M | $239M | $53M | $129M | · | · | |
| Net Stock Activity | $187M | $239M | $53M | $129M | · | · | |
| Financing Cash Flow | $196M | $249M | $53M | $130M | $186M | $120M | |
| Net Change in Cash | $19M | $-44M | $64M | $6M | $-89M | $81M | |
| Free Cash Flow | $-144M | $-110M | $-98M | $-58M | $-34M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | -32.3% | -32.4% | -28.3% | -20.7% | -20.6% | · | |
| ROE | -30.2% | -28.2% | -32.9% | -19.1% | -15.3% | · | |
| ROIC | -36.6% | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 19.9 | 19.9 | 19.5 | 21.5 | 27.0 | · | |
| Quick Ratio | 2.2 | 1.7 | 5.1 | 1.3 | 1.5 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.92 | $4.84 | $4.53 | $5.48 | $5.54 | · | |
| Cash Flow / Share | $-1.40 | $-1.18 | $-1.44 | $-0.98 | $-0.89 | · | |
| Cash / Share | $0.58 | $0.44 | $1.22 | $0.35 | $0.31 | · | |
| EPS (TTM) | $-1.63 | $-1.45 | $-1.57 | $-1.26 | $-1.14 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-168M | $-134M | $-100M | $-68M | $-43M | · | |
| Market Cap | $2.64B | $2.53B | $771M | $566M | $756M | · | |
| P/E | -15.2 | -18.4 | -7.0 | -7.1 | -13.4 | · | |
| P/B | 5.0 | 5.5 | 2.4 | 1.6 | 2.8 | · | |
| P / Tangible Book | 5.0 | 5.5 | 2.4 | 1.6 | 2.8 | · | |
| P / Cash Flow | -18.3 | -23.2 | -8.4 | -10.7 | -22.6 | · | |
| P / FCF | -18.3 | -22.9 | -7.9 | -9.7 | -22.1 | · | |
| Earnings Yield | -6.6% | -5.4% | -14.3% | -14.1% | -7.5% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $48M | $43M | $44M | $37M | $34M | $37M | $36M | $32M | $31M | $28M | $24M | $20M | $20M | $17M | $14M | $12M | |
| SG&A Expense | $14M | $11M | $12M | $9M | $9M | $9M | $9M | $8M | $7M | $7M | $6M | $6M | $6M | $5M | $4M | $4M | |
| Operating Expenses | $62M | $54M | $56M | $47M | $43M | $46M | $46M | $40M | $38M | $35M | $29M | $25M | $26M | $22M | $18M | $16M | |
| Operating Income | $-62M | $-54M | $-56M | $-47M | $-43M | $-46M | $-46M | $-40M | $-38M | $-35M | $-29M | $-25M | $-26M | $-22M | $-18M | $-16M | |
| Net Income | $-57M | $-49M | $-50M | $-41M | $-36M | $-41M | $-40M | $-34M | $-31M | $-29M | $-26M | $-21M | $-23M | $-19M | $-17M | $-16M | |
| EPS (Basic) | $-0.53 | $-0.46 | $-0.47 | $-0.39 | $-0.34 | $-0.43 | $-0.42 | $-0.36 | $-0.34 | $-0.33 | $-0.41 | $-0.34 | $-0.36 | $-0.30 | $-0.34 | $-0.32 | |
| EPS (Diluted) | $-0.53 | $-0.46 | $-0.47 | $-0.39 | $-0.34 | $-0.43 | $-0.42 | $-0.36 | $-0.34 | $-0.33 | $-0.41 | $-0.34 | $-0.36 | $-0.30 | $-0.34 | $-0.32 | |
| Shares (Basic) | 107,669,774 | 107,116,709 | · | 105,492,779 | 104,940,493 | 95,130,053 | · | 93,813,346 | 93,515,356 | 87,567,307 | 63,459,560 | 63,380,430 | 63,265,800 | · | 51,844,904 | 49,622,752 | |
| Shares (Diluted) | 107,669,774 | 107,116,709 | · | 105,492,779 | 104,940,493 | 95,130,053 | · | 93,813,346 | 93,515,356 | 87,567,307 | 63,459,560 | 63,380,430 | 63,265,800 | · | 51,844,904 | 49,622,752 | |
| EBITDA | $-62M | $-54M | · | $-47M | $-43M | $-46M | · | $-40M | $-38M | $-35M | $-29M | $-25M | $-26M | · | $-18M | $-16M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $72M | $33M | $61M | $46M | $43M | $50M | $42M | $45M | $43M | $30M | $33M | $32M | $48M | $22M | $110M | $18M | |
| Prepaid Expense | $6M | $10M | $13M | $11M | $9M | $7M | $5M | $7M | $8M | $9M | $8M | $7M | $5M | $5M | $5M | $5M | |
| Current Assets | $472M | $510M | $543M | $574M | $603M | $443M | $475M | $499M | $519M | $541M | $298M | $317M | $333M | $357M | $370M | $253M | |
| PP&E (Net) | $7M | $7M | $8M | $8M | $9M | $9M | $10M | $10M | $10M | $10M | $11M | $11M | $10M | $9M | $5M | $2M | |
| PP&E (Gross) | $15M | $15M | $15M | $14M | $14M | $14M | $14M | $14M | $13M | $13M | $13M | $13M | $12M | $10M | $6M | $3M | |
| Accum. Depreciation | $8M | $7M | $7M | $6M | $6M | $5M | $5M | $4M | $4M | $3M | $2M | $2M | $1M | $1M | $977.0K | $882.0K | |
| Other Non-current Assets | · | · | · | · | · | $695.0K | $262.0K | $262.0K | $262.0K | · | $467.0K | $419.0K | $251.0K | $251.0K | $264.0K | $447.0K | |
| Total Assets | $480M | $519M | $553M | $583M | $613M | $454M | $487M | $511M | $532M | $554M | $311M | $331M | $346M | $367M | $377M | $257M | |
| Accounts Payable | $5M | $7M | $6M | $6M | $8M | $9M | $6M | $6M | $7M | $5M | $5M | $4M | $4M | $6M | $6M | $3M | |
| Accrued Liabilities | $5M | $9M | $8M | $6M | $6M | $7M | $7M | $6M | $5M | $6M | $6M | $7M | $6M | $6M | $5M | $4M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $7.0K | · | |
| Current Liabilities | $29M | $23M | $27M | $22M | $21M | $21M | $24M | $19M | $17M | $15M | $16M | $14M | $13M | $17M | $13M | $9M | |
| Capital Leases | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $3M | $4M | $4M | $5M | $5M | $5M | $4M | $2M | $2M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $192.0K | |
| Total Liabilities | $32M | $25M | $30M | $25M | $24M | $25M | $28M | $22M | $21M | $19M | $21M | $19M | $18M | $20M | $16M | $11M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $59.0K | · | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $7.0K | · | |
| Common Stock | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $5.0K | |
| Paid-in Capital | $1.10B | $1.09B | $1.07B | $1.05B | $1.04B | $849M | $837M | $827M | $816M | $809M | $505M | $501M | $497M | $493M | $489M | $356M | |
| Retained Earnings | $-653M | $-595M | $-546M | $-496M | $-455M | $-419M | $-379M | $-339M | $-305M | $-273M | $-215M | $-189M | $-167M | $-145M | $-125M | $-108M | |
| AOCI | $-500.0K | $-252.0K | $677.0K | $701.0K | $204.0K | $401.0K | $420.0K | $1M | $-1M | $-861.0K | $-424.0K | $-547.0K | $-251.0K | $-1M | $-2M | $-2M | |
| Stockholders' Equity | $448M | $493M | $522M | $559M | $589M | $430M | $459M | $489M | $510M | $535M | $290M | $311M | $329M | $347M | $361M | $246M | |
| Liabilities + Equity | $480M | $519M | $553M | $583M | $613M | $454M | $487M | $511M | $532M | $554M | $311M | $331M | $346M | $367M | $377M | $257M | |
| Shares Outstanding | 107,776,380 | 107,481,522 | 106,249,579 | 105,761,949 | 105,341,296 | 95,205,683 | 94,838,466 | 94,408,911 | 93,643,341 | 93,284,528 | 63,460,939 | 63,458,932 | 63,274,732 | 63,257,376 | 63,208,828 | 49,780,365 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $9M | $9M | $10M | $8M | $8M | $9M | $8M | $7M | $5M | $5M | $5M | $4M | $4M | $4M | $3M | $2M | |
| Operating Cash Flow | $-42M | $-43M | $-39M | $-35M | $-33M | $-38M | $-27M | $-27M | $-26M | $-29M | $-22M | $-20M | $-23M | $-12M | $-12M | $-16M | |
| CapEx | $32.0K | $260.0K | $73.0K | $89.0K | $50.0K | $44.0K | $274.0K | $520.0K | $221.0K | $297.0K | $457.0K | $759.0K | $4M | $3M | $1M | $554.0K | |
| Investing Cash Flow | $78M | $2M | $50M | $36M | $-162M | $44M | $21M | $25M | $37M | $-268M | $23M | $3M | $49M | $-76M | $-26M | $-46.0K | |
| Stock Issued | · | · | $0 | $0 | · | · | $0 | $0 | $0 | $239M | · | · | · | $-555.0K | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $239M | · | · | · | · | · | · | |
| Financing Cash Flow | $3M | $12M | $4M | $2M | $188M | $2M | $3M | $3M | $2M | $241M | $-211.0K | $369.0K | $21.0K | $-303.0K | $130M | $179.0K | |
| Net Change in Cash | $39M | $-28M | $15M | $3M | $-7M | $8M | $-3M | $1M | $13M | $-56M | $1M | $-16M | $26M | $-88M | $91M | $-16M | |
| Free Cash Flow | · | $-43M | · | · | · | · | · | · | · | $-29M | · | · | $-27M | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -10.5% | -10.1% | · | -7.4% | -6.3% | -8.1% | · | -8.3% | -7.3% | -6.3% | -7.5% | -7.3% | -7.4% | · | -5.2% | -5.7% | |
| ROE | -11.1% | -10.6% | · | -7.8% | -6.6% | -8.5% | · | -8.8% | -7.7% | -6.6% | -7.9% | -7.7% | -7.8% | · | -5.4% | -5.9% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 16.2 | 22.6 | · | 26.5 | 28.9 | 21.0 | · | 26.3 | 30.2 | 37.1 | 18.2 | 22.0 | 26.2 | · | 27.8 | 27.5 | |
| Quick Ratio | 2.5 | 1.5 | · | 2.1 | 2.1 | 2.4 | · | 2.4 | 2.5 | 2.1 | 2.0 | 2.2 | 3.8 | · | 8.2 | 2.0 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.16 | $4.59 | · | $5.28 | $5.59 | $4.51 | · | $5.18 | $5.45 | $5.73 | $4.58 | $4.91 | $5.20 | · | $5.72 | $4.95 | |
| Cash Flow / Share | · | $-0.40 | · | · | · | $-0.40 | · | · | · | $-0.33 | · | · | $-0.36 | · | · | · | |
| Cash / Share | $0.67 | $0.31 | · | $0.43 | $0.41 | $0.52 | · | $0.47 | $0.46 | $0.32 | $0.52 | $0.50 | $0.76 | · | $1.74 | $0.37 | |
| EPS (TTM) | $-1.85 | $-1.66 | · | $-1.58 | $-1.55 | $-1.55 | · | $-1.49 | $-1.54 | $-1.54 | $-1.41 | $-1.34 | $-1.32 | · | $2.74 | $2.82 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-197M | $-176M | · | $-157M | $-151M | $-146M | · | $-124M | $-116M | $-106M | $-89M | $-81M | $-76M | · | $-61M | $-56M | |
| Market Cap | $4.38B | $3.39B | · | $1.72B | $1.38B | $2.09B | · | $2.52B | $1.69B | $1.70B | $364M | $492M | $422M | · | $622M | $396M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $512M | · | |
| P/E | -22.0 | -19.0 | · | -10.3 | -8.5 | -14.2 | · | -17.9 | -11.7 | -11.8 | -4.1 | -5.8 | -5.1 | · | 3.6 | 2.8 | |
| P/B | 9.8 | 6.9 | · | 3.1 | 2.3 | 4.9 | · | 5.2 | 3.3 | 3.2 | 1.3 | 1.6 | 1.3 | · | 1.7 | 1.6 | |
| P / Tangible Book | 9.8 | 6.9 | · | 3.1 | 2.3 | 4.9 | · | 5.2 | 3.3 | 3.2 | 1.3 | 1.6 | 1.3 | · | 1.7 | 1.6 | |
| P / Cash Flow | · | -79.6 | · | · | · | -55.3 | · | · | · | -59.5 | · | · | -18.5 | · | · | · | |
| Earnings Yield | -4.5% | -5.3% | · | -9.7% | -11.8% | -7.0% | · | -5.6% | -8.6% | -8.4% | -24.6% | -17.3% | -19.8% | · | 27.9% | 35.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-168M | $-134M | $-100M | $-68M | $-43M |
| Diluted EPS | $-1.63 | $-1.45 | $-1.57 | $-1.26 | $-1.14 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 19.9 | 19.9 | 19.5 | 21.5 | 27.0 |
| Quick Ratio | 2.2 | 1.7 | 5.1 | 1.3 | 1.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-144M | $-110M | $-98M | $-58M | $-34M |
Institutional owners (13F) 247 filers · $4.9B total · As of Sept. 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.
Holders
247
Value held
$4.9B
New positions
41
Exited positions
25
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 41 (-11 vs prior Q) | 25 (+2 vs prior Q) | 85 (+18 vs prior Q) | 76 (+8 vs prior Q) | -5.6M |
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 |
|---|---|---|---|---|
| ORBIMED ADVISORS LLC | $630,516,330 | 15,518,492 | 12.91% | Shares |
| Paradigm Biocapital Advisors LP | $415,053,937 | 10,215,455 | 8.50% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $340,996,620 | 8,392,730 | 6.98% | Shares |
| BlackRock, Inc. | $268,415,431 | 6,606,336 | 5.50% | Shares |
| FMR LLC | $223,023,556 | 5,489,135 | 4.57% | Shares |
| NOVO HOLDINGS A/S | $217,370,500 | 5,350,000 | 4.45% | Shares |
| Driehaus Capital Management LLC | $192,123,952 | 4,728,623 | 3.94% | Shares |
| JANUS HENDERSON GROUP PLC | $186,289,082 | 5,915,556 | 3.82% | Shares |
| PERCEPTIVE ADVISORS LLC | $177,714,564 | 4,373,974 | 3.64% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $156,859,022 | 3,860,670 | 3.21% | Shares |
| BAKER BROS. ADVISORS LP | $150,400,843 | 3,701,719 | 3.08% | Shares |
| Siren, L.L.C. | $129,391,476 | 3,184,629 | 2.65% | Shares |
| VANGUARD GROUP INC | $120,889,349 | 4,871,624 | 2.48% | Shares |
| Cormorant Asset Management, LP | $101,981,300 | 2,510,000 | 2.09% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $88,348,054 | 2,174,051 | 1.81% | Shares |
| Integral Health Asset Management, LLC | $81,260,000 | 2,000,000 | 1.66% | Shares |
| BRAIDWELL LP | $81,136,688 | 1,996,965 | 1.66% | Shares |
| MORGAN STANLEY | $79,171,495 | 1,948,597 | 1.62% | Shares |
| STATE STREET CORP | $74,268,674 | 1,827,927 | 1.52% | Shares |
| ALLIANCEBERNSTEIN L.P. | $66,749,256 | 2,119,024 | 1.37% | Shares |
| MPM BIOIMPACT LLC | $65,852,291 | 1,620,780 | 1.35% | Shares |
| BANK OF AMERICA CORP /DE/ | $63,312,105 | 1,558,260 | 1.30% | Shares |
| Qube Research & Technologies Ltd | $50,889,359 | 1,252,507 | 1.04% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $46,309,097 | 1,139,726 | 0.95% | Shares |
| AMERICAN CENTURY COMPANIES INC | $45,793,233 | 1,127,078 | 0.94% | Shares |
| First Light Asset Management, LLC | $44,496,798 | 1,095,171 | 0.91% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $36,683,608 | 902,870 | 0.75% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $31,953,707 | 786,456 | 0.65% | Shares |
| NORTHERN TRUST CORP | $27,273,701 | 671,270 | 0.56% | Shares |
| Aberdeen Group plc | $26,325,233 | 647,926 | 0.54% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $25,212,215 | 620,532 | 0.52% | Shares |
| Tyro Capital Management LLC | $24,904,768 | 612,965 | 0.51% | Shares |
| GOLDMAN SACHS GROUP INC | $24,356,425 | 599,469 | 0.50% | Shares |
| Parkman Healthcare Partners LLC | $23,444,973 | 577,036 | 0.48% | Shares |
| Artisan Partners Limited Partnership | $23,359,203 | 574,925 | 0.48% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $22,276,820 | 548,285 | 0.46% | Shares |
| NORGES BANK | $20,726,988 | 510,140 | 0.42% | Shares |
| Opaleye Management Inc. | $20,315,000 | 500,000 | 0.42% | Shares |
| CITADEL ADVISORS LLC | $19,084,196 | 469,707 | 0.39% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $18,771,060 | 462,000 | 0.38% | Shares |
| Soleus Capital Management, L.P. | $18,319,620 | 450,889 | 0.38% | Shares |
| Nuveen, LLC | $16,849,506 | 414,706 | 0.35% | Shares |
| New Leaf Venture Partners, L.L.C. | $16,709,211 | 1,030,161 | 0.34% | Shares |
| Sofinnova Investments, Inc. | $15,476,901 | 380,923 | 0.32% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $13,570,989 | 334,014 | 0.28% | Shares |
| RAYMOND JAMES FINANCIAL INC | $12,902,666 | 317,565 | 0.26% | Shares |
| Squadron Capital Management LLC | $11,782,700 | 290,000 | 0.24% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $11,511,820 | 283,333 | 0.24% | Shares |
| DIADEMA PARTNERS LP | $11,060,055 | 272,214 | 0.23% | Shares |
| PRUDENTIAL FINANCIAL INC | $10,593,257 | 260,725 | 0.22% | Shares |
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 |
|---|---|---|---|---|---|
| Novo Holdings A/S ×7 filings | April 27, 2026 | 4.90% | Amendment | · | SEC |
| ORBIMED ADVISORS LLC, ORBIMED CAPITAL GP VI LLC, OrbiMed Genesis GP LLC, ORBIMED CAPITAL LLC ×5 filings | May 12, 2025 | 14.50% | Amendment | · | SEC |
| U.S. Venture Partners XI, L.P. (“USVP XI”), Presidio Management Group XI, L.L.C. (“PMG XI”), Casey M. Tansey, Jonathan D. Root ×2 filings | Feb. 1, 2023 | · | 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.
Company insiders 18 insiders · 7 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Nofi | Chief Financial Officer | Aug. 12, 2026 A | · | 0 | 0 | $0 |
| Michael R Carruthers | Chief Financial Officer | Aug. 12, 2025 A | 86,162 | 0 | 0 | $0 |
| Alan J Russell | Chief Scientific Officer | Aug. 12, 2026 A | 31,466 | 0 | 6 | $-10,252,060 |
| Behrad Derakhshan | Chief Business Officer | Aug. 12, 2026 A | 31,826 | 0 | 4 | $-223,420 |
| Joanne M. Donovan | CMO | Aug. 12, 2026 A | 8,625 | 0 | 11 | $-4,623,076 |
| Robert Blaustein | Chief Development Officer | Aug. 12, 2025 A | · | 0 | 0 | $0 |
| Marc Semigran | Chief Development Officer | Dec. 24, 2024 M | 6,716 | 0 | 0 | $0 |
| Jonathan C Fox | Director | Oct. 1, 2026 A | 25,141 | 1 | 0 | $199,448 |
| Christopher Nathan Martin | Director | June 5, 2026 A | · | 0 | 0 | $0 |
| Badreddin Edris | Director | June 5, 2026 A | 19,820 | 0 | 5 | $-3,399,467 |
| Laura Brege | Director | June 5, 2026 A | · | 0 | 0 | $0 |
| Arlene Morris | Director | June 5, 2026 A | · | 0 | 0 | $0 |
| Peter A. Thompson | Director | June 5, 2026 A | 443,792 | 0 | 0 | $0 |
| Jonathan D Root | Director | June 5, 2026 A | 0 | 0 | 0 | $0 |
| Novo Holdings A/S | 10% owner | Sept. 14, 2022 P | 6,071,703 | 0 | 0 | $0 |
| Wellington Biomedical Innovation Master Investors (Cayman) I L.P. | 10% owner | March 30, 2021 C | 681,812 | 0 | 0 | $0 |
| John R Moore | · | Aug. 12, 2026 A | 17,697 | 0 | 4 | $-219,831 |
| Kevin Koch | · | Aug. 12, 2026 A | 52,488 | 0 | 3 | $-785,049 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 35 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 |
|---|---|---|---|---|
| IBRN · iShares Trust | 3.53% | 6,153 SH | Sept. 11, 2026 | Daily |
| PTH · Invesco Exchange-Traded Fund Trust | 1.36% | 96,973 SH | Oct. 2, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.33% | 7,137 NS | July 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.74% | 8,925 NS | July 31, 2026 | N-PORT |
| IHE · iShares Trust | 0.74% | 278,770 SH | Sept. 11, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.35% | 35,134 SH | Oct. 2, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.29% | 7,672 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 0.25% | 599,006 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.20% | 671,171 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.17% | 76,681 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 65,171 SH | Aug. 19, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 23,462 NS | July 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.11% | 2,494 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.10% | 1,832,689 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 411,642 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.09% | 34,242 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.06% | 14,090 SH | Sept. 10, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 33,329 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.04% | 168,775 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 24,755 SH | Oct. 2, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 864,416 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 145,298 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 22,934 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 3,133 SH | Sept. 9, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 6,190 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 2,902,915 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 103,617 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 5,796 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 105,809 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 15,310 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 21,128 SH | Sept. 10, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 9,509 NS | July 31, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,890 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 3,892 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 9,439 SH | Sept. 11, 2026 | Daily |
EWTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 19 analysts
BUY
Median target
$53.00
+28.0%
7 36.8%
Strong Buy
9 47.4%
Buy
3 15.8%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
13 analysts · 2026-09-29Mean target $52.62 +27.1%
Now
Current price $41.40
Low$36.00
Mean$52.62
High$66.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EWTX | $2.64B | -15.2 | · | · | -30.2% | · |
| AMRX | · | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | · |
| DFTX | $1.32B | -6.5 | 212.0% | · | -71.0% | · |
| MANE | · | · | · | · | 82.6% | · |
| INDV | · | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| AMLX | $1.33B | -7.9 | -77.1% | · | -61.2% | · |
| TARS | $3.48B | -51.5 | 146.7% | -14.7% | -19.7% | · |
| ELVN | $915M | -8.4 | · | · | -21.9% | · |
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Source: SEC 10-Q filed Aug 6, 2026