EWTX Edgewise Therapeutics, Inc. - Common Stock
$46.22
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$14–$48
94% of range
Analyst Rating
BUY
19 analysts
Price Target
$51
+11% upside
P/E (TTM)
-28.7
ROE
-30.2%
Net Profit Margin
—
EWTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$46.22
Market Cap
$4.97B
P/E (TTM)
-28.7
EPS (TTM)
$-1.63
Revenue (TTM)
—
Div Yield
—
ROE
-30.2%
Debt/Equity
—
52W Range
$14 – $48
EWTX 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
$-1.63
2020-12-31
→
2025-12-31
Free Cash Flow
$-144M
2021-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
EWTX
Peer Median
P/E (TTM)
-28.7
38.7
P/B
9.5
3.8
Price / FCF
-34.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
EWTX
Peer Median
ROA
-32.3%
-6.4%
ROE
-30.2%
-16.8%
ROIC
-36.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
EWTX
Peer Median
Current Ratio
19.9
12.8
Quick Ratio
2.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
EWTX
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
EWTX
Peer Median
EWTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
19 analysts
- Strong Buy 7 36.8%
- Buy 9 47.4%
- Hold 3 15.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-18
Median
$52.00
Now
$46.22
Low
$36.00
High
$66.00
Median target
$52.00
+12.5%
Mean target
$51.15
+10.7%
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 | $-0.53 | $-0.48 | -0.05% |
| March 31, 2026 | $-0.46 | $-0.50 | 0.04% |
| Dec. 31, 2025 | $-0.47 | $-0.44 | -0.03% |
| Sept. 30, 2025 | $-0.39 | $-0.41 | 0.02% |
| June 30, 2025 | $-0.34 | $-0.42 | 0.08% |
| March 31, 2025 | $-0.43 | $-0.44 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EWTX | $2.64B | -15.2 | — | — | -30.2% | — |
| BLTE | — | — | — | — | — | — |
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | — |
| DFTX | $1.32B | -6.5 | 212.0% | — | -71.0% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| INDV | — | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| MANE | — | — | — | — | 82.6% | — |
| ELVN | $915M | -8.4 | — | — | -21.9% | — |
| GPCR | $14.78B | -86.9 | — | — | -12.3% | — |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| 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 21
| 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 9
| 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 3
| 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 2
| 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 | · |
Valuation (TTM) 8
| 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 10
| 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 | -202,632,581 | 105,492,779 | 104,940,493 | 95,130,053 | -182,481,383 | 93,813,346 | 93,515,356 | 87,567,307 | 63,459,560 | 63,380,430 | 63,265,800 | -97,418,492 | 51,844,904 | 49,622,752 | |
| Shares (Diluted) | 107,669,774 | 107,116,709 | -202,632,581 | 105,492,779 | 104,940,493 | 95,130,053 | -182,481,383 | 93,813,346 | 93,515,356 | 87,567,307 | 63,459,560 | 63,380,430 | 63,265,800 | -97,418,492 | 51,844,904 | 49,622,752 | |
| EBITDA | $-62M | $-54M | · | $-47M | $-43M | $-46M | · | $-40M | $-38M | $-35M | $-29M | $-25M | $-26M | · | $-18M | $-16M |
Balance Sheet 24
| 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 9
| 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 2
| 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 3
| 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 | · |
Valuation (TTM) 10
| 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 | $-183M | $-167M | · | $-152M | $-143M | $-135M | · | $-120M | $-107M | $-99M | $-88M | $-78M | $-71M | · | $-61M | $-54M | |
| 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 | -23.6 | -19.4 | · | -10.7 | -8.9 | -15.1 | · | -18.5 | -12.7 | -12.7 | -4.0 | -5.7 | -5.1 | · | -8.1 | -7.3 | |
| 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 | · | · | · | |
| P / FCF | · | -79.1 | · | · | · | · | · | · | · | -58.9 | · | · | -15.5 | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -28.0 | · | |
| Earnings Yield | -4.2% | -5.1% | · | -9.4% | -11.2% | -6.6% | · | -5.4% | -7.9% | -7.9% | -25.3% | -17.5% | -19.8% | · | -12.4% | -13.7% |
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 | $-168M | $-134M | $-100M | $-68M | $-43M |
| Diluted EPS | $-1.63 | $-1.45 | $-1.57 | $-1.26 | $-1.14 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-144M | $-110M | $-98M | $-58M | $-34M |
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Institutional owners (13F) 249 filers · $4.0B 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 |
|---|---|---|---|---|
| 47 (+1 vs prior Q) | 24 (+1 vs prior Q) | 79 (+12 vs prior Q) | 74 (+9 vs prior Q) | +3.3M |
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 | 15.63% | Shares |
| Paradigm Biocapital Advisors LP | $415,053,937 | 10,215,455 | 10.29% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $340,996,620 | 8,392,730 | 8.46% | Shares |
| NOVO HOLDINGS A/S | $217,370,500 | 5,350,000 | 5.39% | Shares |
| Driehaus Capital Management LLC | $192,123,952 | 4,728,623 | 4.76% | Shares |
| PERCEPTIVE ADVISORS LLC | $177,714,564 | 4,373,974 | 4.41% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $156,859,022 | 3,860,670 | 3.89% | Shares |
| BAKER BROS. ADVISORS LP | $150,400,843 | 3,701,719 | 3.73% | Shares |
| Siren, L.L.C. | $129,391,476 | 3,184,629 | 3.21% | Shares |
| FMR LLC | $107,911,899 | 2,655,966 | 2.68% | Shares |
| Cormorant Asset Management, LP | $101,981,300 | 2,510,000 | 2.53% | Shares |
| Integral Health Asset Management, LLC | $81,260,000 | 2,000,000 | 2.01% | Shares |
| BRAIDWELL LP | $81,136,688 | 1,996,965 | 2.01% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $77,257,283 | 1,901,081 | 1.92% | Shares |
| STATE STREET CORP | $74,268,674 | 1,827,927 | 1.84% | Shares |
| ALLIANCEBERNSTEIN L.P. | $66,749,256 | 2,119,024 | 1.66% | Shares |
| MPM BIOIMPACT LLC | $65,852,291 | 1,620,780 | 1.63% | Shares |
| MORGAN STANLEY | $65,647,597 | 1,615,742 | 1.63% | Shares |
| BANK OF AMERICA CORP /DE/ | $56,886,145 | 1,400,102 | 1.41% | Shares |
| Qube Research & Technologies Ltd | $50,889,359 | 1,252,507 | 1.26% | Shares |
| AMERICAN CENTURY COMPANIES INC | $45,793,233 | 1,127,078 | 1.14% | Shares |
| First Light Asset Management, LLC | $44,496,798 | 1,095,171 | 1.10% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $43,383,658 | 1,067,774 | 1.08% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $36,683,608 | 902,870 | 0.91% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $31,953,707 | 786,456 | 0.79% | Shares |
| Aberdeen Group plc | $26,325,233 | 647,926 | 0.65% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $25,212,215 | 620,532 | 0.63% | Shares |
| Tyro Capital Management LLC | $24,904,768 | 612,965 | 0.62% | Shares |
| Parkman Healthcare Partners LLC | $23,444,973 | 577,036 | 0.58% | Shares |
| Artisan Partners Limited Partnership | $23,359,203 | 574,925 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $22,276,820 | 548,285 | 0.55% | Shares |
| NORGES BANK | $20,726,988 | 510,140 | 0.51% | Shares |
| Opaleye Management Inc. | $20,315,000 | 500,000 | 0.50% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $18,771,060 | 462,000 | 0.47% | Shares |
| Soleus Capital Management, L.P. | $18,319,620 | 450,889 | 0.45% | Shares |
| New Leaf Venture Partners, L.L.C. | $16,709,211 | 1,030,161 | 0.41% | Shares |
| GOLDMAN SACHS GROUP INC | $15,838,224 | 389,816 | 0.39% | Shares |
| Sofinnova Investments, Inc. | $15,476,901 | 380,923 | 0.38% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $13,570,989 | 334,014 | 0.34% | Shares |
| CITADEL ADVISORS LLC | $13,539,054 | 333,228 | 0.34% | Shares |
| Squadron Capital Management LLC | $11,782,700 | 290,000 | 0.29% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $11,511,820 | 283,333 | 0.29% | Shares |
| DIADEMA PARTNERS LP | $11,060,055 | 272,214 | 0.27% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $10,425,983 | 256,608 | 0.26% | Shares |
| Schonfeld Strategic Advisors LLC | $10,368,855 | 255,202 | 0.26% | Shares |
| DAFNA Capital Management LLC | $9,215,656 | 226,819 | 0.23% | Shares |
| Woodline Partners LP | $9,112,903 | 224,290 | 0.23% | Shares |
| PRUDENTIAL FINANCIAL INC | $9,053,380 | 222,825 | 0.22% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $8,067,899 | 198,570 | 0.20% | Shares |
| SEB Asset Management AB | $7,884,765 | 194,063 | 0.20% | Shares |
| Granahan Investment Management, LLC | $7,873,200 | 193,778 | 0.20% | Shares |
| BARCLAYS PLC | $7,694,956 | 189,391 | 0.19% | Shares |
| D. E. Shaw & Co., Inc. | $6,616,027 | 162,836 | 0.16% | Shares |
| Caption Management, LLC | $6,480,485 | 159,500 | 0.16% | Call option |
| ADAR1 Capital Management, LLC | $5,818,175 | 143,199 | 0.14% | Shares |
| KVP Capital Advisors, LP | $5,403,790 | 133,000 | 0.13% | Shares |
| NEUBERGER BERMAN GROUP LLC | $5,201,900 | 128,031 | 0.13% | Shares |
| Point72 Asset Management, L.P. | $4,764,355 | 117,262 | 0.12% | Shares |
| Quantum Private Wealth, LLC | $4,606,640 | 113,380 | 0.11% | Shares |
| ALPS ADVISORS INC | $4,420,341 | 108,795 | 0.11% | Shares |
| Moody Aldrich Partners LLC | $4,264,200 | 104,952 | 0.11% | Shares |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $4,063,000 | 100,000 | 0.10% | Put option |
| Artia Global Partners LP | $4,014,244 | 98,800 | 0.10% | Shares |
| Nuveen, LLC | $3,934,203 | 96,830 | 0.10% | Shares |
| Swiss National Bank | $3,932,984 | 96,800 | 0.10% | Shares |
| HighVista Strategies LLC | $3,697,168 | 90,996 | 0.09% | Shares |
| BlackRock, Inc. | $3,668,036 | 90,279 | 0.09% | Shares |
| RHUMBLINE ADVISERS | $3,666,114 | 90,232 | 0.09% | Shares |
| JANUS HENDERSON GROUP PLC | $3,597,171 | 114,215 | 0.09% | Shares |
| Ally Bridge Group (NY) LLC | $3,384,479 | 83,300 | 0.08% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $3,361,482 | 82,734 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,258,404 | 80,197 | 0.08% | Shares |
| Centiva Capital, LP | $3,047,250 | 75,000 | 0.08% | Call option |
| Jefferies Financial Group Inc. | $2,900,535 | 71,389 | 0.07% | Shares |
| Persistent Asset Partners Ltd | $2,821,388 | 69,441 | 0.07% | Shares |
| Bank of New York Mellon Corp | $2,805,298 | 69,045 | 0.07% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $2,638,000 | 64,918 | 0.07% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,313,228 | 56,934 | 0.06% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,312,699 | 73,419 | 0.06% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,312,253 | 56,910 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $2,263,091 | 55,700 | 0.06% | Call option |
| CITIGROUP INC | $2,252,324 | 55,435 | 0.06% | Shares |
| HighMark Wealth Management LLC | $2,160,662 | 53,179 | 0.05% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,013,135 | 49,548 | 0.05% | Shares |
| ALGERT GLOBAL LLC | $1,919,361 | 47,240 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,913,673 | 47,100 | 0.05% | Put option |
| XTX Topco Ltd | $1,862,154 | 45,832 | 0.05% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,770,940 | 43,587 | 0.04% | Shares |
| MetLife Investment Management, LLC | $1,698,497 | 41,804 | 0.04% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,655,957 | 40,757 | 0.04% | Shares |
| Ensign Peak Advisors, Inc | $1,640,599 | 40,379 | 0.04% | Shares |
| Knights of Columbus Asset Advisors LLC | $1,569,984 | 38,641 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,568,318 | 38,600 | 0.04% | Call option |
| Aquatic Capital Management LLC | $1,499,978 | 36,918 | 0.04% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,452,279 | 35,744 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $1,434,361 | 35,303 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,338,312 | 32,939 | 0.03% | Shares |
| JANE STREET GROUP, LLC | $1,178,676 | 29,010 | 0.03% | Shares |
| Invesco Ltd. | $1,158,077 | 28,503 | 0.03% | Shares |
| Verdad Advisers, LP | $1,106,517 | 27,234 | 0.03% | Shares |
Company insiders 15 insiders · 0 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jonathan C Fox | Director | July 1, 2026 A | 24,833 | 0 | 0 | $0 |
| Christopher Nathan Martin | Director | June 5, 2026 A | — | 0 | 0 | $0 |
| Badreddin Edris | Director | June 5, 2026 A | — | 0 | 0 | $0 |
| 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 |
| Alan J Russell | — | Aug. 12, 2026 A | 31,466 | 0 | 5 | $-8,140,060 |
| Behrad Derakhshan | — | Aug. 12, 2026 A | 31,826 | 0 | 4 | $-223,420 |
| Michael Nofi | — | Aug. 12, 2026 A | — | 0 | 0 | $0 |
| Joanne M. Donovan | — | Aug. 12, 2026 A | 8,625 | 0 | 5 | $-412,712 |
| 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
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.
ETF ownership Held by 45 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 | 3.54% | 6,153 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 2.33% | 110,576 NS | May 31, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 1.34% | 5,567 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.97% | 11,685 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 0.74% | 269,166 SH | Aug. 8, 2026 | Daily |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.63% | 9,620 NS | May 31, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.47% | 48,340 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.32% | 5,857 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.27% | 577,144 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.20% | 647,964 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.18% | 3,966 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.17% | 76,681 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 65,171 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 30,264 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.10% | 1,809,565 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 411,642 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.06% | 42,227 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.06% | 29,238 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.06% | 13,816 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.06% | 3,892 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.06% | 9,273 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.06% | 3,175 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 355,389 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 30,883 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.04% | 167,330 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 2,484 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 864,416 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 145,298 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 24,144 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 2,510 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 3,101 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 2,733 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 33,343 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 2,902,915 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.01% | 63 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 5,888 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 7,155 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 105,864 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 6,245 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 105,818 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 20,898 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 15,310 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 44,236 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 9,382 NS | April 30, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,890 SH | Aug. 8, 2026 | Daily |