FBRX Forte Biosciences, Inc. - Common Stock
$76.93
Price · Aug 19, 2026
Fundamentals as of Aug 12, 2026
52W Range
$10–$77
100% of range
Analyst Rating
HOLD
11 analysts
Price Target
$74
P/E (TTM)
-16.3
ROE
-86.9%
Net Profit Margin
-2555.2%
FBRX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$76.93
Market Cap
$996M
P/E (TTM)
-16.3
EPS (TTM)
$-4.71
Revenue (TTM)
—
Div Yield
—
ROE
-86.9%
Debt/Equity
—
52W Range
$10 – $77
FBRX 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
—
2016-12-31
→
2019-12-31
EPS
$-4.71
2021-12-31
→
2025-12-31
Free Cash Flow
$-51M
2017-12-31
→
2025-12-31
Margins
-2555.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FBRX
Peer Median
P/E (TTM)
-16.3
—
P/S (TTM)
55.2
22.4
P/B
16.3
2.7
Price / FCF
-19.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FBRX
Peer Median
Operating Margin
-2602.5%
—
Net Profit Margin
-2555.2%
-638.9%
ROA
-96.1%
-43.1%
ROE
-86.9%
-49.0%
ROIC
-117.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FBRX
Peer Median
Current Ratio
3.9
9.0
Quick Ratio
3.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FBRX
Peer Median
Revenue YoY
106.6%
—
Revenue CAGR 3Y
155.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FBRX
Peer Median
FBRX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 2 18.2%
- Buy 4 36.4%
- Hold 5 45.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-13
Median
$77.00
Mean
$73.80
Now
$76.93
Low
$61.00
High
$77.00
Median target
$77.00
+0.1%
Mean target
$73.80
-4.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.97 | $-0.90 | -0.07% |
| March 31, 2026 | $-1.24 | $-1.22 | -0.02% |
| Dec. 31, 2025 | $-1.39 | $-1.24 | -0.15% |
| Sept. 30, 2025 | $-0.99 | $-1.09 | 0.10% |
| June 30, 2025 | $-0.96 | $-1.13 | 0.17% |
| March 31, 2025 | $-1.37 | $-0.97 | -0.40% |
| Dec. 31, 2024 | $-2.45 | $-3.34 | 0.89% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FBRX | $353M | -5.8 | 106.6% | -2555.2% | -86.9% | — |
| ANAB | — | -105.4 | 157.0% | — | — | — |
| NTLA | $1.05B | -2.4 | 16.9% | -609.8% | -59.5% | — |
| RXRX | $2.16B | -2.8 | 26.9% | -863.4% | -62.9% | — |
| ZYME | $1.97B | -24.4 | 38.9% | -76.6% | -26.9% | — |
| BCAX | $953M | -6.7 | — | — | -33.0% | — |
| XNCR | $1.10B | -12.3 | 13.7% | -73.2% | -14.0% | — |
| TRAX | — | — | — | — | — | — |
| ABSI | $529M | -4.2 | -38.2% | -4113.7% | -63.5% | — |
| TYRA | $1.41B | -13.1 | — | — | -42.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | $36.0K | $18M | $41.0K | $49.0K | |
| R&D Expense | · | · | · | · | · | · | $45M | $51M | $29M | $27M | |
| SG&A Expense | $12M | $15M | $11M | $8M | $8M | $4M | $1M | $13M | $9M | $5M | |
| Operating Expenses | $71M | $37M | $32M | $14M | $21M | $46M | $4M | $64M | $38M | $32M | |
| Operating Income | $-71M | $-37M | $-32M | $-14M | $-21M | $-46M | $-4M | $-46M | $-38M | $-32M | |
| Other Non-op | $-396.0K | $-190.0K | $-114.0K | $-145.0K | $-222.0K | $-205.0K | $-5.0K | · | $-1M | $-2M | |
| Pretax Income | $-68M | $-35M | $-31M | · | · | · | $-64M | $-47M | $-39M | $-33M | |
| Income Tax | $1M | $0 | · | · | · | · | $1.0K | $2M | $1.0K | $1.0K | |
| Net Income | $-69M | $-35M | $-31M | $-14M | $-22M | $-46M | $-4M | $-49M | $-39M | $-33M | |
| EPS (Basic) | $-4.71 | $-12.17 | $-24.92 | $-0.80 | $-1.55 | · | · | · | · | · | |
| EPS (Diluted) | $-4.71 | $-12.17 | $-24.92 | $-0.80 | $-1.55 | · | · | · | · | · | |
| Shares (Basic) | · | · | · | 17,383,531 | 13,967,818 | · | · | · | · | · | |
| Shares (Diluted) | · | · | · | 17,383,531 | 13,967,818 | · | · | · | · | · | |
| EBITDA | $-71M | $-37M | · | · | $-21M | $-46M | · | $-46M | $-38M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $77M | $22M | $37M | $41M | $42M | $59M | $7M | $41M | $36M | $6M | |
| Short-term Investments | $0 | $36M | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $4M | $3M | $1M | $411.0K | $476.0K | $1M | $567.0K | $2M | $2M | $1M | |
| Current Assets | $81M | $61M | $38M | $42M | $43M | $60M | $8M | $98M | $91M | $32M | |
| PP&E (Net) | $129.0K | $77.0K | $109.0K | · | · | $97.0K | $152.0K | $4M | $1M | $743.0K | |
| PP&E (Gross) | $241.0K | $125.0K | $118.0K | · | · | · | $3M | $7M | $4M | $3M | |
| Accum. Depreciation | $112.0K | $48.0K | $9.0K | · | · | · | $2M | $3M | $3M | $2M | |
| Other Non-current Assets | $2M | $138.0K | $544.0K | $486.0K | $786.0K | $1M | $0 | $1M | $227.0K | $2M | |
| Total Assets | $83M | $62M | $39M | $42M | $43M | $61M | $8M | $103M | $92M | $35M | |
| Accounts Payable | $10M | $5M | $1M | $1M | $946.0K | $1M | $2M | $3M | $2M | $2M | |
| Accrued Liabilities | $11M | $4M | $2M | $2M | $812.0K | $1M | $343.0K | $13M | $8M | $5M | |
| Short-term Debt | · | · | · | · | · | · | $5M | · | $7M | $7M | |
| Current Liabilities | $21M | $9M | $4M | $3M | $2M | $2M | $2M | $17M | $17M | $14M | |
| Capital Leases | · | · | · | · | · | · | $4M | · | · | · | |
| Other Non-current Liabilities | $1M | · | · | · | · | · | $81.0K | · | · | · | |
| Total Liabilities | $22M | $9M | · | · | · | · | $17M | $45M | $21M | $28M | |
| Total Debt | · | · | · | · | · | · | · | $26M | $11M | · | |
| Common Stock | $13.0K | $6.0K | $1.0K | $21.0K | $15.0K | $13.0K | $2.0K | $23.0K | $20.0K | $2.0K | |
| Retained Earnings | $-223M | $-154M | $-119M | $-87M | $-73M | $-51M | $-5M | $-216M | $-167M | $-128M | |
| AOCI | $3.0K | $11.0K | $4.0K | · | · | · | $10.0K | $-23.0K | $-34.0K | · | |
| Stockholders' Equity | $61M | $52M | $35M | $39M | $42M | $59M | $-5M | $-736.0K | $71M | $-124M | |
| Liabilities + Equity | $83M | $62M | $39M | $42M | $43M | $61M | $8M | $103M | $92M | $35M | |
| Shares Outstanding | 12,948,308 | 6,393,323 | 1,453,402 | 21,000,069 | 14,754,447 | 12,830,598 | 2,108,266 | 23,000,151 | 19,882,551 | 2,202,517 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $6M | $3M | $3M | $4M | $4M | $956.0K | $36.0K | $7M | $4M | $1M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | |
| Operating Cash Flow | $-51M | $-31M | $-29M | $-8M | $-17M | $-18M | $-3M | $-34M | $-31M | $-30M | |
| CapEx | $116.0K | $37.0K | $88.0K | · | · | · | $162.0K | $2M | $655.0K | $525.0K | |
| Investing Cash Flow | $36M | $-36M | $47.0K | · | · | $4M | $-162.0K | $-4M | $-28M | $25M | |
| Stock Issued | $2M | $0 | · | $7M | · | $67M | $551.0K | $661.0K | $507.0K | $10.0K | |
| Net Stock Activity | $2M | · | · | · | · | $67M | · | $661.0K | $507.0K | · | |
| Financing Cash Flow | $69M | $52M | $25M | $7M | $-44.0K | $67M | $5M | $44M | $89M | $2M | |
| Net Change in Cash | $55M | $-15M | $-4M | $-944.0K | $-17M | $52M | $2M | $5M | $30M | $-3M | |
| Free Cash Flow | $-51M | $-31M | · | · | · | · | · | $-36M | $-32M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2602.5% | -2785.5% | · | · | · | · | · | -254.2% | · | · | |
| Net Margin | -2555.2% | -2700.0% | · | · | · | · | · | -271.4% | · | · | |
| Pretax Margin | -2517.1% | -2700.0% | · | · | · | · | · | -262.0% | · | · | |
| EBITDA Margin | -2602.5% | -2785.5% | · | · | · | · | · | -254.2% | · | · | |
| ROA | -96.1% | -70.6% | · | · | -41.5% | -134.9% | · | -50.2% | -61.1% | · | |
| ROE | -86.9% | -114.7% | · | · | -51.0% | -117.2% | · | -92.5% | 146.0% | · | |
| ROIC | -117.6% | · | · | · | · | · | · | -56.3% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.9 | 6.8 | · | · | 24.2 | 26.5 | · | 5.9 | 5.2 | · | |
| Quick Ratio | 3.7 | 6.4 | · | · | 23.9 | 26.0 | · | 2.5 | 2.1 | · | |
| Debt / Equity | · | · | · | · | · | · | · | 0.5 | 0.2 | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.5 | 0.1 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | · | · | · | · | 0.2 | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 106.6% | 16.9% | 593.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 155.9% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18M | $18M | $18M | $18M | $18M | $18M | $36.0K | $18M | $41.0K | · | |
| Net Income TTM | $-69M | $-35M | $-31M | $-14M | $-22M | $-46M | $-4M | $-49M | $-39M | · | |
| Market Cap | $353M | $145M | · | · | $789M | $11.68B | · | $70.81B | $76.42B | · | |
| Enterprise Value | · | · | · | · | · | · | · | $70.80B | $76.40B | · | |
| P/E | -5.8 | -1.9 | -0.8 | -31.2 | -34.5 | · | · | · | · | · | |
| P/S | 19.6 | 8.1 | · | · | 43.8 | 647.5 | · | 3926.1 | 1863989.2 | · | |
| P/B | 5.8 | 2.8 | · | · | 19.0 | 198.0 | · | 1217.8 | 1075.1 | · | |
| P / Tangible Book | 5.8 | 2.8 | 21.1 | 13.5 | 19.0 | 198.0 | · | · | · | · | |
| P / Cash Flow | -6.9 | -4.7 | · | · | -47.3 | -633.9 | · | -2054.4 | -2454.7 | · | |
| P / FCF | -6.9 | -4.7 | · | · | · | · | · | -1943.4 | -2404.2 | · | |
| EV / EBITDA | · | · | · | · | · | · | · | -1544.0 | -2030.3 | · | |
| EV / FCF | · | · | · | · | · | · | · | -1943.0 | -2403.4 | · | |
| EV / Revenue | · | · | · | · | · | · | · | 3925.3 | 1863376.8 | · | |
| Earnings Yield | -17.3% | -53.6% | -121.3% | -3.2% | -2.9% | · | · | · | · | · |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $2M | $2M | $3M | $3M | $3M | $3M | $2M | $3M | $7M | $3M | $3M | $4M | $2M | $2M | $2M | $2M | |
| Operating Expenses | $25M | $22M | $25M | $18M | $12M | $16M | $7M | $9M | $13M | $8M | $6M | $10M | $9M | $7M | $5M | $3M | |
| Operating Income | $-25M | $-22M | $-25M | $-18M | $-12M | $-16M | $-7M | $-9M | $-13M | $-8M | $-6M | $-10M | $-9M | $-7M | $-5M | $-3M | |
| Other Non-op | $1M | $676.0K | $-2M | $701.0K | $330.0K | $468.0K | $-1M | $237.0K | $307.0K | $384.0K | $-615.0K | $261.0K | $138.0K | $102.0K | $-100.0K | $23.0K | |
| Pretax Income | $-23M | $-22M | · | · | $-11M | $-16M | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $193.0K | $373.0K | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-23M | $-22M | $-25M | $-18M | $-11M | $-16M | $-7M | $-8M | $-13M | $-7M | $-6M | $-10M | $-9M | $-7M | $-5M | $-3M | |
| EPS (Basic) | $-0.97 | $-1.24 | $-1.39 | $-0.99 | $-0.96 | $-1.37 | $3.18 | $-4.54 | $-6.78 | $-4.03 | $-17.61 | $-6.57 | $-0.42 | $-0.32 | $-0.24 | $-0.18 | |
| EPS (Diluted) | $-0.97 | $-1.24 | $-1.39 | $-0.99 | $-0.96 | $-1.37 | $3.18 | $-4.54 | $-6.78 | $-4.03 | $-17.61 | $-6.57 | $-0.42 | $-0.32 | $-0.24 | $-0.18 | |
| Shares (Basic) | · | · | · | · | · | · | · | · | · | · | · | · | 21,046,831 | 21,006,680 | · | 18,927,446 | |
| Shares (Diluted) | · | · | · | · | · | · | · | · | · | · | · | · | 21,046,831 | 21,006,680 | · | 18,927,446 | |
| EBITDA | $-25M | $-22M | · | $-18M | $-12M | $-16M | · | $-9M | $-13M | $-8M | · | $-10M | $-9M | $-7M | · | $-3M |
Balance Sheet 20
| 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 | $50M | $58M | $77M | $93M | $106M | $46M | $22M | $16M | $24M | $30M | $37M | $46M | $20M | $36M | $41M | $44M | |
| Short-term Investments | $149M | · | · | · | · | · | $36M | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $5M | $7M | $4M | $2M | $1M | $1M | $3M | $1M | $1M | $1M | $1M | $917.0K | $322.0K | $369.0K | $411.0K | $546.0K | |
| Current Assets | $203M | $65M | $81M | $95M | $108M | $47M | $61M | $18M | $26M | $32M | $38M | $47M | $31M | $36M | $42M | $45M | |
| PP&E (Net) | $90.0K | $110.0K | $129.0K | $148.0K | $110.0K | $125.0K | $77.0K | $86.0K | $96.0K | $106.0K | $109.0K | $98.0K | $30.0K | · | · | · | |
| PP&E (Gross) | $241.0K | $241.0K | $241.0K | $241.0K | $186.0K | $186.0K | $125.0K | $124.0K | $124.0K | $124.0K | $118.0K | · | · | · | · | · | |
| Accum. Depreciation | $151.0K | $131.0K | $112.0K | $93.0K | $76.0K | $61.0K | $48.0K | $38.0K | $28.0K | $18.0K | $9.0K | · | · | · | · | · | |
| Other Non-current Assets | $3M | $2M | $2M | $2M | $57.0K | $176.0K | $138.0K | $192.0K | $271.0K | $409.0K | $544.0K | $679.0K | $407.0K | $437.0K | $486.0K | $534.0K | |
| Total Assets | $206M | $67M | $83M | $97M | $108M | $47M | $62M | $18M | $26M | $32M | $39M | $48M | $31M | $37M | $42M | $45M | |
| Accounts Payable | $14M | $13M | $10M | $5M | $5M | $5M | $5M | $5M | $5M | $2M | $1M | $5M | $3M | $1M | $1M | $1M | |
| Accrued Liabilities | $6M | $11M | $11M | $8M | $4M | $4M | $4M | $3M | $4M | $2M | $2M | $2M | $3M | $2M | $2M | $1M | |
| Current Liabilities | $20M | $24M | $21M | $13M | $9M | $9M | $9M | $9M | $9M | $3M | $4M | $7M | $6M | $4M | $3M | $2M | |
| Other Non-current Liabilities | $2M | $1M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $22M | $25M | $22M | · | · | · | $9M | · | · | · | · | · | · | · | · | · | |
| Common Stock | $21.0K | $14.0K | $13.0K | $13.0K | $12.0K | $6.0K | $6.0K | $1.0K | $36.0K | $36.0K | $1.0K | $36.0K | $21.0K | $21.0K | $21.0K | $21.0K | |
| Retained Earnings | $-269M | $-246M | $-223M | $-199M | $-181M | $-170M | $-154M | $-147M | $-138M | $-126M | $-119M | $-113M | $-103M | $-94M | $-87M | $-82M | |
| AOCI | $-54.0K | $-4.0K | $3.0K | $-6.0K | · | · | $11.0K | $1.0K | $-7.0K | $-2.0K | $4.0K | $-5.0K | $1.0K | · | · | · | |
| Stockholders' Equity | $184M | $42M | $61M | $84M | $99M | $38M | $52M | $9M | $17M | $29M | $35M | $40M | $25M | $33M | $39M | $43M | |
| Liabilities + Equity | $206M | $67M | $83M | $97M | $108M | $47M | $62M | $18M | $26M | $32M | $39M | $48M | $31M | $37M | $42M | $45M | |
| Shares Outstanding | 20,482,400 | 13,910,668 | 12,948,308 | 12,523,845 | 12,282,024 | 6,581,667 | 6,393,323 | 1,460,007 | 36,442,380 | 36,394,882 | 1,453,402 | 36,281,772 | 21,051,195 | 21,007,069 | 21,000,069 | 21,000,069 |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $3M | $2M | $1M | $1M | $2M | $697.0K | $791.0K | $802.0K | $805.0K | $780.0K | $772.0K | $855.0K | $877.0K | $860.0K | $906.0K | |
| Operating Cash Flow | $-23M | $-19M | $-16M | $-14M | $-10M | $-10M | $-10M | $-8M | $-6M | $-7M | $-9M | $-9M | $-5M | $-5M | $-3M | $-2M | |
| CapEx | $0 | $0 | $0 | $55.0K | $0 | $61.0K | $31.0K | $0 | $0 | $6.0K | $17.0K | · | · | · | · | · | |
| Investing Cash Flow | $-148M | $0 | $0 | $-55.0K | $0 | $36M | $-36M | $0 | $0 | $-6.0K | $-16.0K | $10M | · | · | · | · | |
| Stock Issued | · | · | $0 | $-73M | · | · | · | · | $0 | $8.0K | · | $25M | $0 | $6.0K | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $8.0K | · | · | · | · | · | · | |
| Financing Cash Flow | $162M | $74.0K | $9.0K | $1M | $70M | $-2M | $52M | $-2.0K | $-10.0K | $-8.0K | $-75.0K | $25M | $-24.0K | $6.0K | $-55.0K | $7M | |
| Net Change in Cash | $-9M | $-19M | $-16M | $-13M | $60M | $24M | $6M | $-8M | $-6M | $-7M | $-9M | $26M | $-15M | $-5M | $-3M | $6M | |
| Free Cash Flow | · | $-19M | · | · | · | $-10M | · | · | · | $-7M | · | · | · | · | · | · |
Profitability 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -14.9% | -38.6% | · | -30.7% | -16.8% | -39.4% | · | -25.5% | -43.7% | -21.6% | · | -21.4% | -25.1% | -17.3% | · | -7.3% | |
| ROE | -16.5% | -55.0% | · | -37.8% | -19.5% | -46.7% | · | -33.7% | -59.8% | -24.1% | · | -23.9% | -28.2% | -18.5% | · | -7.9% | |
| ROIC | -13.5% | -54.2% | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.0 | 2.8 | · | 7.3 | 11.7 | 5.2 | · | 2.1 | 2.8 | 9.5 | · | 6.3 | 4.9 | 9.6 | · | 19.4 | |
| Quick Ratio | 9.8 | 2.5 | · | 7.2 | 11.6 | 5.1 | · | 1.9 | 2.7 | 9.1 | · | 6.2 | 3.2 | 9.5 | · | 19.2 |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18M | $18M | · | $18M | $18M | $18M | · | $18M | $18M | $18M | · | $18M | $18M | $18M | · | $18M | |
| Net Income TTM | $-74M | $-67M | · | $-53M | $-48M | $-44M | · | $-38M | $-39M | $-33M | · | $-29M | $-22M | $-16M | · | $-17M | |
| Market Cap | $435M | $360M | · | $188M | $159M | $51M | · | $8M | $489M | $633M | · | $600M | $547M | $530M | · | $562M | |
| P/E | -5.1 | -5.7 | · | -1.9 | -0.9 | -0.5 | · | -0.3 | -0.8 | -1.5 | · | -2.2 | -23.0 | -28.7 | · | -24.3 | |
| P/S | 24.1 | 20.0 | · | 10.4 | 8.8 | 2.8 | · | 0.5 | 27.1 | 35.1 | · | 33.3 | 30.3 | 29.4 | · | 31.1 | |
| P/B | 2.4 | 8.6 | · | 2.2 | 1.6 | 1.3 | · | 0.9 | 28.8 | 22.1 | · | 14.9 | 22.0 | 16.1 | · | 13.1 | |
| P / Tangible Book | 2.4 | 8.6 | · | 2.2 | 1.6 | 1.3 | · | 0.9 | 28.8 | 22.1 | · | 14.9 | 22.0 | 16.1 | · | 13.1 | |
| P / Cash Flow | · | -19.2 | · | · | · | -4.9 | · | · | · | -95.0 | · | · | · | -101.9 | · | · | |
| P / FCF | · | -19.2 | · | · | · | -4.9 | · | · | · | -94.9 | · | · | · | · | · | · | |
| Earnings Yield | -19.6% | -17.6% | · | -52.4% | -105.6% | -215.5% | · | -392.1% | -132.6% | -65.2% | · | -45.3% | -4.3% | -3.5% | · | -4.1% |
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 | |
|---|---|---|---|---|---|
| Operating Margin % | -2602.5% | -2785.5% | — | — | — |
| Net Income | $-69M | $-35M | $-31M | $-14M | $-22M |
| Diluted EPS | $-4.71 | $-12.17 | $-24.92 | $-0.80 | $-1.55 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 3.9 | 6.8 | — | — | 24.2 |
| Quick Ratio | 3.7 | 6.4 | — | — | 23.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-51M | $-31M | — | — | — |
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Institutional owners (13F) 91 filers · $409.8M 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 |
|---|---|---|---|---|
| 34 (+15 vs prior Q) | 13 (+6 vs prior Q) | 30 (+13 vs prior Q) | 16 (-4 vs prior Q) | +5.5M |
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 |
|---|---|---|---|---|
| FEDERATED HERMES, INC. | $44,848,465 | 2,110,516 | 10.94% | Shares |
| ORBIMED ADVISORS LLC | $33,526,231 | 1,577,705 | 8.18% | Shares |
| JANUS HENDERSON GROUP PLC | $30,812,336 | 1,188,060 | 7.52% | Shares |
| FRED ALGER MANAGEMENT, LLC | $30,593,561 | 1,439,697 | 7.47% | Shares |
| Affinity Asset Advisors, LLC | $24,339,559 | 1,145,391 | 5.94% | Shares |
| MPM BIOIMPACT LLC | $20,983,270 | 987,448 | 5.12% | Shares |
| TCG Crossover Management, LLC | $19,550,000 | 920,000 | 4.77% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $18,311,911 | 861,737 | 4.47% | Shares |
| Woodline Partners LP | $15,146,001 | 712,753 | 3.70% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $14,875,000 | 700,000 | 3.63% | Shares |
| Integral Health Asset Management, LLC | $14,343,750 | 675,000 | 3.50% | Shares |
| MILLENNIUM MANAGEMENT LLC | $13,922,979 | 655,199 | 3.40% | Shares |
| TYBOURNE CAPITAL MANAGEMENT (HK) LTD | $11,799,705 | 786,647 | 2.88% | Shares |
| CITADEL ADVISORS LLC | $11,388,789 | 535,943 | 2.78% | Shares |
| FMR LLC | $10,685,053 | 502,826 | 2.61% | Shares |
| AMERIPRISE FINANCIAL INC | $8,898,586 | 418,757 | 2.17% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $8,502,392 | 400,003 | 2.07% | Shares |
| Cable Car Capital, LP | $8,500,000 | 400,000 | 2.07% | Shares |
| STATE STREET CORP | $6,981,093 | 328,522 | 1.70% | Shares |
| Candriam S.C.A. | $6,434,678 | 303,100 | 1.57% | Shares |
| Boxer Capital Management, LLC | $5,833,125 | 274,500 | 1.42% | Shares |
| Trails Edge Capital Partners, LP | $5,805,097 | 273,181 | 1.42% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $5,305,976 | 249,693 | 1.29% | Shares |
| Squadron Capital Management LLC | $4,781,250 | 225,000 | 1.17% | Shares |
| AWM Investment Company, Inc. | $4,728,125 | 222,500 | 1.15% | Shares |
| UBS Group AG | $3,463,198 | 162,974 | 0.85% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,893,698 | 136,174 | 0.71% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,842,634 | 133,771 | 0.69% | Shares |
| Nuveen, LLC | $2,302,374 | 108,347 | 0.56% | Shares |
| VANGUARD GROUP INC | $1,842,770 | 67,575 | 0.45% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,797,750 | 84,600 | 0.44% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $999,664 | 47,043 | 0.24% | Shares |
| J. Goldman & Co LP | $981,368 | 46,182 | 0.24% | Shares |
| Balyasny Asset Management L.P. | $826,583 | 38,898 | 0.20% | Shares |
| MANGROVE PARTNERS IM, LLC | $708,603 | 33,346 | 0.17% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $639,795 | 30,108 | 0.16% | Shares |
| XTX Topco Ltd | $636,374 | 29,947 | 0.16% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $559,470 | 26,328 | 0.14% | Shares |
| Trexquant Investment LP | $534,820 | 25,168 | 0.13% | Shares |
| Weil Company, Inc. | $526,256 | 24,765 | 0.13% | Shares |
| AlphaQuest LLC | $512,785 | 18,804 | 0.13% | Shares |
| RHUMBLINE ADVISERS | $470,662 | 22,149 | 0.11% | Shares |
| Ikarian Capital, LLC | $445,655 | 20,972 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $418,370 | 19,688 | 0.10% | Shares |
| Persistent Asset Partners Ltd | $388,089 | 18,263 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $375,360 | 17,664 | 0.09% | Shares |
| Russell Investments Group, Ltd. | $349,180 | 16,432 | 0.09% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $346,162 | 16,290 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $304,109 | 14,311 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $293,250 | 13,800 | 0.07% | Call option |
| TWO SIGMA INVESTMENTS, LP | $284,984 | 13,411 | 0.07% | Shares |
| Squarepoint Ops LLC | $261,736 | 12,317 | 0.06% | Shares |
| BANK OF AMERICA CORP /DE/ | $251,345 | 11,828 | 0.06% | Shares |
| MetLife Investment Management, LLC | $243,759 | 11,471 | 0.06% | Shares |
| Bank of New York Mellon Corp | $237,958 | 11,198 | 0.06% | Shares |
| GOLDMAN SACHS GROUP INC | $236,576 | 11,133 | 0.06% | Shares |
| BlackRock, Inc. | $218,153 | 10,266 | 0.05% | Shares |
| ExodusPoint Capital Management, LP | $217,239 | 10,223 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $188,700 | 8,880 | 0.05% | Shares |
| China Universal Asset Management Co., Ltd. | $170,000 | 8,000 | 0.04% | Shares |
| CITIGROUP INC | $169,660 | 7,984 | 0.04% | Shares |
| Invesco Ltd. | $164,114 | 7,723 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $144,500 | 6,800 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $142,418 | 6,702 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $121,380 | 5,712 | 0.03% | Shares |
| NORTHERN TRUST CORP | $64,558 | 3,038 | 0.02% | Shares |
| BARCLAYS PLC | $58,438 | 2,750 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $45,475 | 2,140 | 0.01% | Shares |
| Legal & General Group Plc | $39,950 | 1,880 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $37,358 | 1,758 | 0.01% | Shares |
| STRS OHIO | $36,125 | 1,700 | 0.01% | Shares |
| Quantbot Technologies LP | $30,685 | 1,444 | 0.01% | Shares |
| State of Wyoming | $21,675 | 1,020 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $16,000 | 748 | 0.00% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $12,155 | 572 | 0.00% | Shares |
| Steward Partners Investment Advisory, LLC | $10,476 | 493 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $7,884 | 371 | 0.00% | Shares |
| LORD, ABBETT & CO. LLC | $4,472 | 210,442 | 0.00% | Shares |
| COMERICA BANK | $4,091 | 150 | 0.00% | Shares |
| FIFTH THIRD BANCORP | $3,188 | 150 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $2,401 | 113 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $2,210 | 104 | 0.00% | Shares |
| Sterling Capital Management LLC | $1,445 | 68 | 0.00% | Shares |
| MORGAN STANLEY | $829 | 39 | 0.00% | Shares |
| ASSETMARK, INC | $723 | 34 | 0.00% | Shares |
| Quarry LP | $574 | 27 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $338 | 15,900 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $256 | 12 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $255 | 12 | 0.00% | Shares |
| REAP Financial Group, LLC | $64 | 3 | 0.00% | Shares |
| Allworth Financial LP | $22 | 1 | 0.00% | Shares |
Company insiders 26 insiders · 9 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Paul A. Wagner | CEO, Secretary and Chair of the Board | July 1, 2026 M | 85,482 | 0 | 0 | $0 |
| Martin J Duvall | Chief Executive Officer | Oct. 4, 2019 A | 13,605 | 0 | 0 | $0 |
| Antony A Riley | CHIEF FINANCIAL OFFICER | July 1, 2026 M | 42,600 | 1 | 0 | $254,874 |
| Mark G Foletta | EVP & Chief Financial Officer | Oct. 4, 2019 A | 15,042 | 0 | 0 | $0 |
| Hubert C Chen | President and Chief Scientific Officer | Jan. 1, 2024 M | 93,405 | 0 | 0 | $0 |
| Harry E Gruber | President, Science&Innovation | Feb. 26, 2020 A | 23,685 | 0 | 0 | $0 |
| Fairooz Kabbinavar | SVP Clinical Development | Oct. 4, 2019 A | — | 0 | 0 | $0 |
| Douglas Jolly | EVP, Research & Pharm Devel | Oct. 4, 2019 A | 393,478 | 0 | 0 | $0 |
| Asha Das | SVP & Chief Medical Officer | March 1, 2018 A | 5,000 | 0 | 0 | $0 |
| Shivpreet Singh Kapoor | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Scott C. Brun | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Steven Kornfeld | Director | May 29, 2026 A | 99,009 | 0 | 0 | $0 |
| Stephen K Doberstein | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Richard G Vincent | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| David W Gryska | Director | May 29, 2026 A | 148,514 | 0 | 0 | $0 |
| Lawrence Eichenfield | Director | Sept. 19, 2023 A | — | 0 | 0 | $0 |
| Donald Allen Williams | Director | Sept. 19, 2023 A | 59,405 | 0 | 0 | $0 |
| Barbara K Finck | Director | Sept. 19, 2023 A | — | 0 | 0 | $0 |
| Patricia S Walker | Director | June 1, 2022 A | — | 0 | 0 | $0 |
| Thomas E Darcy | Director | Jan. 13, 2021 M | 2,358 | 0 | 0 | $0 |
| Lori Anne Kunkel | Director | Oct. 4, 2019 A | — | 0 | 0 | $0 |
| David Ross Parkinson | Director | Oct. 4, 2019 A | — | 0 | 0 | $0 |
| Faheem Hasnain | Director | Oct. 4, 2019 A | 245,857 | 0 | 0 | $0 |
| Franklin M Berger | Director | Oct. 4, 2019 A | 25,335 | 0 | 0 | $0 |
| SCHIMMEL PAUL | Director | Oct. 4, 2019 A | 13,623 | 0 | 0 | $0 |
| Steven Michael Oliveira | 10% owner | April 14, 2020 P | 2,873,450 | 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 |
|---|---|---|---|---|---|
| Camac Partners, LLC, Camac Capital, LLC, Camac Fund, LP, Eric Shahinian, ATG Fund II LLC, ATG Capital Management, LLC, Gabriel Gliksberg, Michael G. Hacke, McIntyre Partnerships, LP, McIntyre Capital GP, LLC, McIntyre Capital Management, LP, McIntyre Capital Management GP, LLC, Chris McIntyre ×11 filings | June 17, 2024 | — | Initial filing | — | SEC |
| BML Investment Partners, L.P. ×6 filings | Jan. 11, 2024 | — | Initial filing | — | SEC |
| Funicular Funds, LP, Jacob Ma-Weaver ×6 filings | Jan. 9, 2024 | — | Initial filing | — | SEC |
| Paul A. Wagner, Ph.D. (2) ×2 filings | Aug. 15, 2023 | — | Initial filing | — | SEC |
| ATG Fund II LLC, ATG Capital Management, LLC, Gabriel Gliksberg ×2 filings | Aug. 10, 2023 | — | Initial filing | — | SEC |
| Paul A. Wagner, Ph.D. | June 25, 2020 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 13 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.34% | 65,797 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 0.15% | 12,912 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.09% | 177,467 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.05% | 1,757 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 485,030 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 20,646 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 111,500 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 30,190 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 5,159 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 1,062 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 217,359 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 622,927 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,625 SH | Aug. 8, 2026 | Daily |