FENC Fennec Pharmaceuticals Inc. - Common Stock
$11.87
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026
52W Range
$6–$13
82% of range
Analyst Rating
BUY
12 analysts
Price Target
$18
+49% upside
P/E (TTM)
-34.9
ROE
-69.6%
Net Profit Margin
-21.8%
FENC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$11.87
Market Cap
$406M
P/E (TTM)
-34.9
EPS (TTM)
$-0.34
Revenue (TTM)
$45M
Div Yield
—
ROE
-69.6%
Debt/Equity
—
52W Range
$6 – $13
FENC 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
$45M
2017-12-31
→
2025-12-31
EPS
$-0.34
2020-12-31
→
2025-12-31
Free Cash Flow
—
Margins
-21.8%
2023-12-31
→
2023-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FENC
Peer Median
P/E (TTM)
-34.9
17.4
P/S (TTM)
9.1
52.3
P/B
11.4
4.8
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FENC
Peer Median
Operating Margin
-14.1%
—
Net Profit Margin
-21.8%
-670.1%
ROA
-16.9%
-41.1%
ROE
-69.6%
-52.6%
ROIC
-17.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FENC
Peer Median
Current Ratio
6.4
7.7
Quick Ratio
3.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FENC
Peer Median
Revenue YoY
-6.1%
—
Revenue CAGR 3Y
207.5%
—
Revenue CAGR 5Y
204.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FENC
Peer Median
FENC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 3 25.0%
- Buy 8 66.7%
- Hold 1 8.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-14
Median
$18.00
Mean
$17.67
← Below all targets
$11.87
Low
$16.00
High
$20.00
Median target
$18.00
+51.6%
Mean target
$17.67
+48.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.05 | $0.01 | 0.04% |
| March 31, 2026 | $0.01 | $-0.01 | 0.02% |
| Dec. 31, 2025 | $-0.10 | $0.04 | -0.14% |
| Sept. 30, 2025 | $-0.02 | $-0.02 | 0.00% |
| June 30, 2025 | $-0.11 | $-0.04 | -0.07% |
| March 31, 2025 | $-0.04 | $-0.09 | 0.05% |
| Dec. 31, 2024 | $-0.06 | $0.17 | -0.23% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FENC | $263M | -22.6 | -6.1% | -21.8% | -69.6% | — |
| BNTC | $307M | -11.1 | — | — | -43.8% | — |
| LRMR | $317M | -2.2 | — | — | -167.4% | — |
| PROK | — | — | 1075.0% | -7725.2% | 6.9% | — |
| LXEO | $725M | -5.3 | — | — | -51.9% | — |
| CAPR | $1.66B | -12.8 | -11.6% | — | -51.1% | — |
| FHTX | $306M | -4.6 | 36.8% | -240.3% | 80.2% | — |
| LYEL | $654M | -1.9 | -41.0% | -762355.6% | -100.3% | — |
| ENTA | $256M | -3.1 | -3.4% | -125.4% | -103.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45M | $48M | $21M | $2M | · | $200.0K | $0 | $0 | $0 | $0 | $0 | $0 | |
| Cost of Revenue | · | · | $1M | $86.0K | · | · | · | · | · | · | · | · | |
| Gross Profit | · | · | $20M | $1M | · | · | · | · | · | · | · | · | |
| R&D Expense | $250.0K | $307.0K | $56.0K | $4M | $5M | $5M | $6M | $5M | $2M | $472.0K | $256.0K | $357.0K | |
| SG&A Expense | $28M | $23M | $21M | $18M | $12M | $13M | $7M | $5M | $5M | $2M | $2M | $3M | |
| Operating Expenses | $51M | $45M | $34M | $24M | $17M | $18M | $13M | · | · | · | · | · | |
| Operating Income | $-6M | $3M | $-13M | $-23M | $-17M | $-18M | $-13M | $-10M | $-7M | $-3M | $-2M | $-3M | |
| Interest Income | $787.0K | $2M | $441.0K | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $-3M | $-3M | $-3M | $-1M | $-123.0K | $-224.0K | $-17.0K | $6.0K | $-8.0K | $-14.0K | $-9.0K | $701.0K | |
| Pretax Income | $-10M | $-71.0K | $-16M | · | · | · | · | · | $-7M | $-3M | $-658.0K | $-2M | |
| Income Tax | $106.0K | $365.0K | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-10M | $-436.0K | $-16M | $-24M | $-17M | $-18M | $-13M | $-10M | $-7M | $-3M | $-659.0K | $-2M | |
| EPS (Basic) | $-0.34 | $-0.02 | $-0.60 | $-0.90 | $-0.67 | $-0.76 | · | · | · | · | $-0.06 | $-0.22 | |
| EPS (Diluted) | $-0.34 | $-0.02 | $-0.60 | $-0.90 | $-0.67 | $-0.76 | · | · | · | · | $-0.06 | $-0.22 | |
| Shares (Basic) | 28,577,000 | 27,294,000 | 26,574,000 | 26,275,000 | 26,006,000 | 23,704 | 19,896,000 | 18,942,000 | 15,014,000 | 12,765,000 | 10,827,000 | 9,871,000 | |
| Shares (Diluted) | 28,577,000 | 27,294,000 | 26,574,000 | 26,275,000 | 26,006,000 | 23,704 | 19,896,000 | 18,942,000 | 15,014,000 | 12,765,000 | 10,827,000 | 9,871,000 | |
| EBITDA | $-6M | $3M | $-13M | $-23M | $-17M | $-18M | $-13M | $-10M | $-7M | $-3M | $-2M | $-3M |
Balance Sheet 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37M | $27M | $13M | $24M | $21M | $30M | $14M | $23M | $28M | $4M | $942.0K | $2M | |
| Prepaid Expense | $4M | $3M | $3M | $770.0K | $1M | $797.0K | $226.0K | $168.0K | $128.0K | $43.0K | $76.0K | $48.0K | |
| Other Current Assets | $2M | $466.0K | $44.0K | $63.0K | $253.0K | $276.0K | $8.0K | $1.0K | $13.0K | $3.0K | $1.0K | $17.0K | |
| Current Assets | $67M | $44M | $27M | $27M | $22M | $31M | $14M | $23M | $28M | · | · | · | |
| Other Non-current Assets | $717.0K | $822.0K | $816.0K | · | · | · | · | · | · | · | · | · | |
| Total Assets | $71M | $45M | $27M | $27M | $22M | $31M | $14M | $23M | $28M | $4M | $1M | $2M | |
| Accounts Payable | $5M | $3M | $4M | $2M | $777.0K | $2M | $2M | $1M | $855.0K | $244.0K | $297.0K | $308.0K | |
| Accrued Liabilities | $6M | $3M | $4M | $2M | $877.0K | $776.0K | $659.0K | $605.0K | $622.0K | $125.0K | $92.0K | $132.0K | |
| Current Liabilities | $11M | $7M | $8M | $5M | $2M | $2M | $2M | $2M | $2M | $402.0K | $471.0K | $2M | |
| Capital Leases | · | · | $2.0K | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $35M | $51M | $38M | $30M | $7M | $2M | $2M | $2M | $2M | $402.0K | $471.0K | $2M | |
| Long-term Debt | · | $19M | $31M | $25M | · | · | · | · | · | · | · | · | |
| Common Stock | $190M | $146M | $144M | $143M | $141M | $141M | $106M | $106M | $103M | $75M | $69M | $69M | |
| Retained Earnings | $-229M | $-220M | $-219M | $-203M | $-179M | $-162M | $-144M | $-131M | $-121M | $-114M | $-112M | $-111M | |
| AOCI | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Stockholders' Equity | $35M | $-6M | $-12M | $-3M | $16M | $29M | $12M | $21M | $27M | $4M | $548.0K | $613.0K | |
| Liabilities + Equity | $71M | $45M | $27M | $27M | $22M | $31M | $14M | $23M | $28M | $4M | $1M | $2M | |
| Shares Outstanding | 34,163,000 | 27,527,000 | 27,027,000 | 26,361,000 | 26,014,000 | 26,003,000 | 19,896,000 | 19,896,000 | 18,411,000 | 13,643,000 | 10,940,000 | 10,593,000 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $7M | $5M | $5M | $4M | $4M | $3M | $3M | $2M | $2M | $615.0K | $97.0K | $627.0K | |
| Operating Cash Flow | $-12M | $27M | $-17M | $-18M | $-14M | $-16M | $-9M | $-8M | $-4M | $-2M | $-2M | $-2M | |
| Investing Cash Flow | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $0 | |
| Debt Issued | · | · | $5M | $25M | $5M | · | · | · | · | · | · | · | |
| Net Debt Issued | $-19M | $-13M | $5M | $25M | $5M | · | · | · | · | · | · | · | |
| Stock Issued | · | · | · | · | · | $32M | $0 | $0 | $27M | $5M | $0 | $2M | |
| Net Stock Activity | · | · | · | · | · | $32M | · | $0 | $27M | $5M | $0 | $2M | |
| Financing Cash Flow | $23M | $-14M | $7M | $21M | $5M | $32M | $-71.0K | $2M | $28M | $5M | · | $2M | |
| Net Change in Cash | $10M | $13M | $-11M | $3M | $-9M | $17M | $-9M | $-5M | $24M | $3M | $-1M | $644.0K | |
| Taxes Paid | $748.0K | · | · | · | · | · | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | 94.1% | · | · | · | · | · | · | · | · | · | |
| Operating Margin | -14.1% | 5.4% | -60.1% | · | · | · | · | · | · | · | · | · | |
| Net Margin | -21.8% | -0.92% | -75.5% | · | · | · | · | · | · | · | · | · | |
| Pretax Margin | -21.6% | -0.15% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -14.1% | 5.4% | -60.1% | · | · | · | · | · | · | · | · | · | |
| ROA | -16.9% | -1.2% | -68.5% | -96.1% | -64.5% | -79.5% | -68.9% | -38.5% | -43.5% | -111.8% | -38.9% | -105.5% | |
| ROE | -69.6% | 7.9% | 144.9% | -20355.4% | -99.7% | -60.1% | -95.1% | -44.8% | -38.7% | -71.6% | -84.1% | 107.6% | |
| ROIC | -17.9% | -268.6% | · | · | · | · | · | · | -26.0% | -80.4% | · | -469.3% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.4 | 6.4 | 3.6 | 5.8 | 13.5 | 13.4 | 6.1 | · | · | · | · | · | |
| Quick Ratio | 3.5 | 3.8 | 1.8 | 5.2 | 12.8 | 12.9 | 6.0 | 13.9 | 17.2 | 9.8 | 2.0 | 1.3 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 1.3 | 0.9 | · | · | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -6.1% | 123.7% | 1284.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 207.5% | · | 400.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 204.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $45M | $48M | $21M | $2M | $0 | $200.0K | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income TTM | $-10M | $-436.0K | $-16M | $-24M | $-17M | $-18M | $-13M | $-10M | $-7M | $-3M | $-659.0K | $-2M | |
| Market Cap | $263M | $174M | $303M | $253M | $114M | $194M | $129M | $127M | $184M | · | · | · | |
| P/E | -22.6 | -316.0 | -18.7 | -10.7 | -6.6 | -9.8 | -19.7 | -12.3 | -27.8 | · | · | · | |
| P/S | 5.9 | 3.7 | 14.3 | 164.9 | · | 968.6 | · | · | · | · | · | · | |
| P/B | 7.4 | -29.6 | -26.1 | -98.5 | 7.3 | 6.7 | 10.9 | 6.0 | 6.9 | · | · | · | |
| P / Tangible Book | 7.4 | · | · | · | 7.3 | 6.7 | · | · | · | · | · | · | |
| P / Cash Flow | -21.1 | 6.4 | -17.7 | -14.0 | -8.0 | -12.4 | -14.3 | -16.2 | -50.7 | · | · | · | |
| Earnings Yield | -4.4% | -0.32% | -5.3% | -9.4% | -15.2% | -10.2% | -5.1% | -8.2% | -3.6% | · | · | · |
Income Statement 17
| 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 | $18M | $15M | $14M | $12M | $10M | $9M | $8M | $7M | $7M | $25M | $10M | $7M | $3M | $2M | · | · | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | · | · | $331.0K | $148.0K | $95.0K | · | · | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | $6M | $3M | $2M | · | · | |
| R&D Expense | $118.0K | $49.0K | $20.0K | $29.0K | $107.0K | $94.0K | $50.0K | $97.0K | $157.0K | $3.0K | $32.0K | $12.0K | $8.0K | $4.0K | $117.0K | $846.0K | |
| SG&A Expense | $5M | $3M | $8M | $7M | $7M | $6M | $4M | $6M | $7M | $6M | $7M | $4M | $5M | $4M | $5M | $7M | |
| Operating Expenses | $16M | $15M | $16M | $13M | $12M | $10M | $9M | $12M | $12M | $12M | $12M | $8M | $8M | $7M | $18M | $8M | |
| Operating Income | $2M | $-119.0K | $-3M | $-189.0K | $-3M | $-808.0K | $-934.0K | $-5M | $-5M | $14M | $-2M | $-1M | $-5M | $-5M | $-6M | $-8M | |
| Interest Income | $287.0K | $339.0K | $228.0K | $152.0K | $171.0K | $236.0K | $399.0K | $516.0K | $570.0K | $197.0K | $115.0K | $102.0K | · | · | · | · | |
| Other Non-op | $278.0K | $320.0K | $-2M | $-449.0K | $-420.0K | $-357.0K | $-686.0K | $-533.0K | $-514.0K | $-906.0K | $-864.0K | $-850.0K | $-778.0K | $-782.0K | $-722.0K | $-190.0K | |
| Pretax Income | $2M | · | · | · | $-3M | · | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $42.0K | · | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $2M | $201.0K | $-5M | $-638.0K | $-3M | $-1M | $-2M | $-6M | $-6M | $13M | $-3M | $-2M | $-5M | $-6M | $-7M | $-8M | |
| EPS (Basic) | $0.06 | $0.01 | $-0.17 | $-0.02 | $-0.11 | $-0.04 | $-0.08 | $-0.21 | $-0.20 | $0.47 | $-0.09 | $-0.07 | $-0.21 | $-0.23 | $-0.26 | $-0.31 | |
| EPS (Diluted) | $0.05 | $0.01 | $-0.17 | $-0.02 | $-0.11 | $-0.04 | $-0.02 | $-0.21 | $-0.20 | $0.41 | $-0.09 | $-0.07 | $-0.21 | $-0.23 | $-0.26 | $-0.31 | |
| Shares (Basic) | 34,545,000 | 34,336,000 | -54,554,000 | 27,889,000 | 27,664,000 | 27,578,000 | -54,419,000 | 27,371,000 | 27,297,000 | 27,045,000 | -53,039,000 | 26,596,000 | 26,458,000 | 26,559,000 | -51,904,000 | 26,108,000 | |
| Shares (Diluted) | 36,430,000 | 35,548,000 | -54,554,000 | 27,889,000 | 27,664,000 | 27,578,000 | -58,465,000 | 27,371,000 | 27,297,000 | 31,091,000 | -53,039,000 | 26,596,000 | 26,458,000 | 26,559,000 | -51,904,000 | 26,108,000 | |
| EBITDA | $2M | $-119.0K | · | $-189.0K | $-3M | $-808.0K | · | $-5M | · | $14M | · | $-1M | $-5M | $-5M | · | $-8M |
Balance Sheet 19
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41M | $40M | $37M | $22M | $19M | $23M | $27M | $40M | $43M | $51M | $13M | $12M | $15M | $18M | $24M | $30M | |
| Prepaid Expense | $4M | $3M | $4M | $1M | $1M | $2M | $3M | $3M | $4M | $4M | $3M | $247.0K | $457.0K | $639.0K | $770.0K | $278.0K | |
| Other Current Assets | $2M | $3M | $2M | $898.0K | $965.0K | $1M | $466.0K | $546.0K | $283.0K | $161.0K | $44.0K | $20.0K | $32.0K | $32.0K | $63.0K | $123.0K | |
| Current Assets | $72M | $67M | $67M | $46M | $41M | $43M | $44M | $58M | $62M | $68M | $27M | $19M | $19M | $22M | $27M | $30M | |
| Other Non-current Assets | $666.0K | $691.0K | $717.0K | $743.0K | $768.0K | $794.0K | $822.0K | $956.0K | $989.0K | $1M | $816.0K | · | · | · | · | · | |
| Total Assets | $76M | $72M | $71M | $49M | $45M | $46M | $45M | $59M | $63M | $69M | $27M | $19M | $19M | $22M | $27M | $30M | |
| Accounts Payable | $6M | $6M | $5M | $6M | $6M | $5M | $3M | $4M | $4M | $5M | $4M | $3M | $3M | $3M | $2M | $3M | |
| Accrued Liabilities | $4M | $3M | $6M | $4M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $951.0K | $773.0K | $1M | $2M | $394.0K | |
| Current Liabilities | $12M | $10M | $11M | $10M | $8M | $8M | $7M | $7M | $8M | $10M | $8M | $4M | $4M | $4M | $5M | $3M | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | $7.0K | · | · | · | · | |
| Total Liabilities | $33M | $34M | $35M | $54M | $52M | $52M | $51M | $64M | $65M | $66M | $38M | $30M | $29M | $29M | $30M | $28M | |
| Long-term Debt | · | · | · | $19M | $19M | $19M | · | $32M | $32M | $31M | · | $26M | $25M | $25M | · | $25M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $25M | |
| Common Stock | $193M | $191M | $190M | $148M | $146M | $146M | $146M | $145M | $145M | $145M | $144M | $144M | $143M | $143M | $143M | $141M | |
| Retained Earnings | $-227M | $-229M | $-229M | $-225M | $-224M | $-221M | $-220M | $-218M | $-212M | $-206M | $-219M | $-217M | $-215M | $-209M | $-203M | $-196M | |
| AOCI | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Stockholders' Equity | $42M | $38M | $35M | $-4M | $-7M | $-6M | $-6M | $-5M | $-1M | $3M | $-12M | $-11M | $-10M | $-7M | $-3M | $3M | |
| Liabilities + Equity | $76M | $72M | $71M | $49M | $45M | $46M | $45M | $59M | $63M | $69M | $27M | $19M | $19M | $22M | $27M | $30M | |
| Shares Outstanding | 35,034,000 | 34,541,000 | 34,163,000 | 28,062,000 | 27,733,000 | 27,594,000 | 27,527,000 | 27,422,000 | 27,329,000 | 27,105,000 | 27,027,000 | 26,635,000 | 26,509,000 | 26,411,000 | 26,361,000 | 26,238,000 |
Cash Flow 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $990.0K | $3M | $2M | $1M | $798.0K | $1M | $2M | $925.0K | $1M | $857.0K | $865.0K | $3M | $1M | $827.0K | $2M | |
| Operating Cash Flow | $50.0K | $2M | $-6M | $1M | $-4M | $-4M | $-1M | $-2M | $-8M | $39M | $-5M | $-3M | $-4M | $-6M | $-7M | $-5M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-65.0K | · | |
| Financing Cash Flow | $1M | $1M | $21M | $2M | $-284.0K | $359.0K | $-12M | $-528.0K | $257.0K | $-1M | $6M | $201.0K | $514.0K | $193.0K | $824.0K | $20M | |
| Net Change in Cash | $1M | $3M | $15M | $3M | $-4M | $-4M | $-14M | $-3M | $-8M | $38M | $870.0K | $-3M | $-3M | $-5M | $-6M | $15M |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | · | · | · | 94.9% | · | · | · | · | |
| Operating Margin | 9.7% | -0.79% | · | -1.5% | -28.3% | -9.2% | · | -74.6% | · | 54.2% | · | -15.6% | · | · | · | · | |
| Net Margin | 11.0% | 1.3% | · | -5.1% | -32.7% | -13.3% | · | -82.2% | · | 50.6% | · | -28.7% | · | · | · | · | |
| Pretax Margin | 11.3% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 9.7% | -0.79% | · | -1.5% | -28.3% | -9.2% | · | -74.6% | · | 54.2% | · | -15.6% | · | · | · | · | |
| ROA | 3.3% | 0.34% | · | -1.2% | -5.8% | -2.0% | · | -14.7% | · | 28.2% | · | -7.5% | -31.1% | -29.5% | · | -28.7% | |
| ROE | 11.3% | 1.3% | · | 13.2% | 71.5% | 81.3% | · | 73.0% | · | -593.6% | · | 48.3% | 918.0% | -233.4% | · | -74.2% | |
| ROIC | 4.0% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.8 | 7.0 | · | 4.7 | 4.8 | 5.1 | · | 7.8 | · | 6.9 | · | 4.8 | 5.1 | 5.4 | · | 10.3 | |
| Quick Ratio | 3.3 | 4.2 | · | 2.2 | 2.2 | 2.7 | · | 5.4 | · | 5.2 | · | 3.2 | 4.0 | 4.6 | · | 10.2 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 8.9 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 8.9 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | · | 0.6 | · | 0.3 | · | · | · | · |
Valuation (TTM) 11
| 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 | $55M | $46M | · | $38M | $33M | $48M | · | $46M | $42M | $37M | · | · | · | · | · | $0 | |
| Net Income TTM | $-2M | $-5M | · | $-11M | $-16M | $384.0K | · | $-318.0K | $-27.0K | $-526.0K | · | $-21M | $-25M | $-23M | · | $-21M | |
| Market Cap | $377M | $212M | · | $263M | $230M | $168M | · | $137M | · | $301M | · | $200M | $234M | $220M | · | $213M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $208M | |
| P/E | -153.6 | -38.4 | · | -24.6 | -14.8 | -152.2 | · | -71.4 | -87.3 | -111.2 | · | -9.2 | -9.4 | -9.6 | · | -10.1 | |
| P/S | 6.8 | 4.6 | · | 6.9 | 7.1 | 3.5 | · | 3.0 | · | 8.2 | · | · | · | · | · | · | |
| P/B | 8.9 | 5.6 | · | -58.5 | -30.8 | -28.6 | · | -26.5 | · | 100.0 | · | -19.0 | -24.1 | -29.9 | · | 75.8 | |
| P / Tangible Book | 8.9 | 5.6 | · | · | · | · | · | · | · | 100.0 | · | · | · | · | · | 75.8 | |
| P / Cash Flow | · | 89.3 | · | · | · | -38.9 | · | · | · | 7.7 | · | · | · | -39.4 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -26.3 | |
| Earnings Yield | -0.65% | -2.6% | · | -4.1% | -6.8% | -0.66% | · | -1.4% | -1.1% | -0.90% | · | -10.9% | -10.7% | -10.5% | · | -9.9% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2022-12-31 | |
|---|---|---|---|---|---|
| Revenue | $45M | $48M | $21M | — | $2M |
| Gross Margin % | — | — | 94.1% | — | — |
| Operating Margin % | -14.1% | 5.4% | -60.1% | — | — |
| Net Income | $-10M | $-436.0K | $-16M | — | $-24M |
| Diluted EPS | $-0.34 | $-0.02 | $-0.60 | — | $-0.90 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2022-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 6.4 | 6.4 | 3.6 | — | 5.8 |
| Quick Ratio | 3.5 | 3.8 | 1.8 | — | 5.2 |
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Institutional owners (13F) 114 filers · $137.1M 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 |
|---|---|---|---|---|
| 30 (+16 vs prior Q) | 8 (-11 vs prior Q) | 40 (+5 vs prior Q) | 17 (-1 vs prior Q) | -328K |
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 |
|---|---|---|---|---|
| Rosalind Advisors, Inc. | $34,271,011 | 3,188,001 | 25.01% | Shares |
| Solas Capital Management, LLC | $20,310,685 | 1,889,366 | 14.82% | Shares |
| Sonic GP LLC | $15,214,496 | 2,407,357 | 11.10% | Shares |
| AWM Investment Company, Inc. | $12,473,182 | 1,160,296 | 9.10% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $9,022,540 | 839,306 | 6.58% | Shares |
| AIGH Capital Management LLC | $6,812,737 | 633,743 | 4.97% | Shares |
| STATE STREET CORP | $4,579,543 | 426,004 | 3.34% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,884,985 | 361,394 | 2.83% | Shares |
| Potomac Capital Management, Inc. | $2,412,300 | 224,400 | 1.76% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,149,979 | 199,998 | 1.57% | Shares |
| JANE STREET GROUP, LLC | $1,668,701 | 155,228 | 1.22% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,442,650 | 134,200 | 1.05% | Shares |
| Trexquant Investment LP | $1,280,562 | 119,122 | 0.93% | Shares |
| CenterBook Partners LP | $1,274,757 | 118,582 | 0.93% | Shares |
| Lion Point Capital, LP | $1,208,666 | 112,434 | 0.88% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,161,054 | 108,005 | 0.85% | Shares |
| Cornerstone Capital, Inc. | $1,128,750 | 105,000 | 0.82% | Shares |
| Nuveen, LLC | $1,033,333 | 96,124 | 0.75% | Shares |
| XTX Topco Ltd | $1,009,060 | 93,866 | 0.74% | Shares |
| BlackRock, Inc. | $830,835 | 77,287 | 0.61% | Shares |
| Quadrature Capital Ltd | $814,055 | 75,726 | 0.59% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $757,918 | 70,504 | 0.55% | Shares |
| 1492 Capital Management LLC | $700,352 | 65,149 | 0.51% | Shares |
| TWO SIGMA INVESTMENTS, LP | $648,569 | 60,332 | 0.47% | Shares |
| Qube Research & Technologies Ltd | $626,639 | 58,292 | 0.46% | Shares |
| Point72 Asset Management, L.P. | $606,375 | 56,407 | 0.44% | Shares |
| Hartford Financial Management Inc. | $544,445 | 50,646 | 0.40% | Shares |
| Round Rock Advisors LLC | $523,342 | 48,683 | 0.38% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $488,050 | 45,400 | 0.36% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $415,004 | 38,605 | 0.30% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $394,815 | 36,727 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $378,400 | 35,200 | 0.28% | Call option |
| RHUMBLINE ADVISERS | $375,911 | 34,969 | 0.27% | Shares |
| GOLDMAN SACHS GROUP INC | $359,609 | 33,452 | 0.26% | Shares |
| Squarepoint Ops LLC | $334,669 | 31,132 | 0.24% | Shares |
| Eleva Capital SAS | $327,389 | 53,234 | 0.24% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $318,189 | 29,599 | 0.23% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $289,433 | 26,924 | 0.21% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $287,093 | 26,052 | 0.21% | Shares |
| WELLS FARGO & COMPANY/MN | $284,757 | 26,489 | 0.21% | Shares |
| MILLENNIUM MANAGEMENT LLC | $282,908 | 26,317 | 0.21% | Shares |
| VANGUARD GROUP INC | $277,985 | 36,102 | 0.20% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $272,094 | 25,311 | 0.20% | Shares |
| Prospect Capital Advisors, LLC | $245,100 | 22,800 | 0.18% | Shares |
| Brevan Howard Capital Management LP | $230,846 | 21,474 | 0.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $214,377 | 19,942 | 0.16% | Shares |
| Bank of New York Mellon Corp | $201,412 | 18,736 | 0.15% | Shares |
| Engineers Gate Manager LP | $192,318 | 17,890 | 0.14% | Shares |
| MetLife Investment Management, LLC | $181,611 | 16,894 | 0.13% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $177,375 | 16,500 | 0.13% | Shares |
| Nuveen Asset Management, LLC | $164,358 | 26,006 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $150,317 | 13,983 | 0.11% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $143,749 | 13,372 | 0.10% | Shares |
| MARSHALL WACE, LLP | $136,483 | 12,696 | 0.10% | Shares |
| Kemnay Advisory Services Inc. | $135,300 | 12,586 | 0.10% | Shares |
| CITIGROUP INC | $128,834 | 11,931 | 0.09% | Shares |
| MASTER'S WEALTH MANAGEMENT INC. | $124,238 | 11,557 | 0.09% | Shares |
| Invesco Ltd. | $123,292 | 11,469 | 0.09% | Shares |
| Police & Firemen's Retirement System of New Jersey | $113,498 | 10,558 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $104,845 | 9,753 | 0.08% | Shares |
| ALLIANCEBERNSTEIN L.P. | $101,906 | 16,570 | 0.07% | Shares |
| TWO SIGMA ADVISERS, LP | $100,100 | 13,000 | 0.07% | Shares |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P | $80,625 | 7,500 | 0.06% | Shares |
| STRS OHIO | $67,725 | 6,300 | 0.05% | Shares |
| FMR LLC | $59,458 | 5,531 | 0.04% | Shares |
| NORTHERN TRUST CORP | $49,665 | 4,620 | 0.04% | Shares |
| BARCLAYS PLC | $40,689 | 3,785 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $37,356 | 3,475 | 0.03% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $32,347 | 3,009 | 0.02% | Shares |
| Legal & General Group Plc | $29,176 | 2,714 | 0.02% | Shares |
| Ameritas Investment Partners, Inc. | $28,326 | 2,635 | 0.02% | Shares |
| IFG Advisory, LLC | $21,500 | 2,000 | 0.02% | Shares |
| Russell Investments Group, Ltd. | $20,124 | 1,872 | 0.01% | Shares |
| MORGAN STANLEY | $19,350 | 1,800 | 0.01% | Shares |
| UBS Group AG | $18,909 | 1,759 | 0.01% | Shares |
| CIBC Private Wealth Group LLC | $14,648 | 1,565 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,858 | 1,603 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $9,000 | 875 | 0.01% | Shares |
| Arax Advisory Partners | $7,020 | 653 | 0.01% | Shares |
| PNC Financial Services Group, Inc. | $6,934 | 645 | 0.01% | Shares |
| CWM, LLC | $6,537 | 1,063 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $6,020 | 560 | 0.00% | Shares |
| Pinnacle Wealth Planning Services, Inc. | $5,450 | 507 | 0.00% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $4,730 | 440 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $4,594 | 427 | 0.00% | Shares |
| MassMutual Private Wealth & Trust, FSB | $3,838 | 357 | 0.00% | Shares |
| GAMMA Investing LLC | $3,752 | 349 | 0.00% | Shares |
| Allworth Financial LP | $2,946 | 274 | 0.00% | Shares |
| Private Wealth Management Group, LLC | $2,656 | 247 | 0.00% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $2,160 | 141 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,863 | 303 | 0.00% | Shares |
| Smartleaf Asset Management LLC | $1,213 | 110 | 0.00% | Shares |
| Sterling Capital Management LLC | $1,097 | 102 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $1,032 | 95 | 0.00% | Shares |
| IFP Advisors, Inc | $989 | 92 | 0.00% | Shares |
| Cornerstone Planning Group LLC | $908 | 88 | 0.00% | Shares |
| Essential Partners LLC | $860 | 80 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $806 | 75 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $794 | 72 | 0.00% | Shares |
| Hughes Financial Services, LLC | $763 | 71 | 0.00% | Shares |
Company insiders 25 insiders · 10 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey S. Hackman | Chief Executive Officer | July 31, 2026 A | 65,143 | 0 | 0 | $0 |
| William P Peters | Chairman and CEO | Feb. 27, 2008 A | — | 0 | 0 | $0 |
| Robert Andrade | CHIEF FINANCIAL OFFICER | July 31, 2026 A | 292,675 | 0 | 0 | $0 |
| James A Klein JR | CFO | Feb. 27, 2008 A | — | 0 | 0 | $0 |
| Christiana Marie Cioffi | Chief Strategy Officer | July 31, 2026 A | 24,488 | 0 | 0 | $0 |
| Pierre Sargis Sayad | Chief Medical Officer | July 31, 2026 A | 21,351 | 0 | 0 | $0 |
| Terry L Evans | Chief Commercial Officer | July 31, 2026 A | 21,351 | 0 | 0 | $0 |
| Shubh Goel | Chief Commercial Officer | Dec. 20, 2021 A | — | 0 | 0 | $0 |
| Thomas Spector | NA | Aug. 18, 2010 A | — | 0 | 0 | $0 |
| Scott D Murray | SVP, Gen Counsel & Corp Secty | Feb. 27, 2008 A | — | 0 | 0 | $0 |
| Jodi A Cook | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Khalid Islam | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Marco Maria Brughera | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Chris A Rallis | Director | June 10, 2026 A | 63,077 | 0 | 2 | $-75,157 |
| Adrian Haigh | Director | June 14, 2022 A | — | 0 | 0 | $0 |
| Claudio F Bussandri | Director | Aug. 18, 2010 A | — | 0 | 0 | $0 |
| William G Breen | Director | Aug. 18, 2010 A | — | 0 | 0 | $0 |
| Arthur T Porter | Director | Aug. 18, 2010 A | — | 0 | 0 | $0 |
| Robert W Butts | Director | June 8, 2010 P | 41,504,000 | 0 | 0 | $0 |
| Michael G Martin | Director | Dec. 3, 2007 A | — | 0 | 0 | $0 |
| Donald W Kufe | Director | Dec. 3, 2007 A | — | 0 | 0 | $0 |
| Peter Morand | Director | Dec. 3, 2007 A | — | 0 | 0 | $0 |
| Fred H Mermelstein | Director | Dec. 3, 2007 A | — | 0 | 0 | $0 |
| Rosty Raykov | — | Aug. 3, 2026 S | 131,633 | 0 | 3 | $-289,492 |
| Robin J Norris | — | Nov. 16, 2009 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 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 |
|---|---|---|---|---|---|
| Essetifin S.p.A. (2), Paolo Cavazza (2), Enrico Cavazza (2), Francesca Cavazza (2), Silvia Cavazza (2), Martina Cavazza Preta (2) ×2 filings | May 4, 2020 | — | Initial filing | — | SEC |
| Manchester Management PR, LLC, Manchester Management Company, LLC, Manchester Explorer, L.P., James E. Besser, Morgan C. Frank ×5 filings | Sept. 10, 2018 | — | Initial filing | — | SEC |
| Varana Capital, LLC, Varana Capital Partners, LP, Varana Capital Focused, LP, Philip Broenniman, Ezra Gardner | May 18, 2017 | — | Initial filing | Passive investment | SEC |
| Manchester Management Company, LLC, Manchester Explorer, L.P., JEB Partners, L.P., James E. Besser, Morgan C. Frank | Nov. 26, 2013 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | Sept. 9, 2010 | — | Initial filing | — | SEC |
| Southpoint Master Fund, LP, Southpoint Fund LP, Southpoint Qualified Fund LP, Southpoint Offshore Fund, Ltd., Southpoint Capital Advisors LP, Southpoint GP, LP, Southpoint Capital Advisors LLC, Southpoint GP, LLC, John S. Clark II ×6 filings | Aug. 30, 2010 | — | Initial filing | — | SEC |
| Robert W. Butts (2) | June 14, 2010 | — | 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 | 0.07% | 98,945 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 30,929 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 266,081 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 166,974 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 738,250 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 1,365 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 12,541 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 1,068 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,081 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 27 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 601 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 815,192 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,095 SH | Aug. 8, 2026 | Daily |