FHTX Foghorn Therapeutics Inc. - Common Stock
$6.96
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$3–$7
96% of range
Analyst Rating
BUY
16 analysts
Price Target
$11
+64% upside
P/E (TTM)
-6.1
ROE
80.2%
Net Profit Margin
-240.3%
FHTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.96
Market Cap
$409M
P/E (TTM)
-6.1
EPS (TTM)
$-1.18
Revenue (TTM)
$31M
Div Yield
—
ROE
80.2%
Debt/Equity
—
52W Range
$3 – $7
FHTX 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
$31M
2020-12-31
→
2025-12-31
EPS
$-1.18
2020-12-31
→
2025-12-31
Free Cash Flow
$-86M
2021-12-31
→
2025-12-31
Margins
-240.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FHTX
Peer Median
P/E (TTM)
-6.1
—
P/S (TTM)
13.2
10.1
P/B
-3.8
4.8
Price / FCF
-4.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FHTX
Peer Median
Operating Margin
-279.5%
—
Net Profit Margin
-240.3%
-175.8%
ROA
-30.8%
-28.5%
ROE
80.2%
-51.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FHTX
Peer Median
Current Ratio
2.7
5.4
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FHTX
Peer Median
Revenue YoY
36.8%
—
Revenue CAGR 3Y
17.1%
—
Revenue CAGR 5Y
135.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FHTX
Peer Median
FHTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 7 43.8%
- Buy 8 50.0%
- Hold 1 6.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-16
Median
$12.00
Mean
$11.44
← Below all targets
$6.96
Low
$9.00
High
$14.00
Median target
$12.00
+72.4%
Mean target
$11.44
+64.4%
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 | $-0.10 | $-0.26 | 0.16% |
| March 31, 2026 | $-0.29 | $-0.31 | 0.02% |
| Dec. 31, 2025 | $-0.34 | $-0.25 | -0.09% |
| Sept. 30, 2025 | $-0.25 | $-0.34 | 0.09% |
| June 30, 2025 | $-0.28 | $-0.37 | 0.09% |
| March 31, 2025 | $-0.30 | $-0.35 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FHTX | $306M | -4.6 | 36.8% | -240.3% | 80.2% | — |
| CMPX | $958M | — | — | — | -45.9% | — |
| PROK | — | — | 1075.0% | -7725.2% | 6.9% | — |
| FENC | $263M | -22.6 | -6.1% | -21.8% | -69.6% | — |
| LXEO | $725M | -5.3 | — | — | -51.9% | — |
| CAPR | $1.66B | -12.8 | -11.6% | — | -51.1% | — |
| UPB | $1.47B | -10.2 | 20.4% | -5026.0% | -38.3% | — |
| PALI | $375M | -7.8 | — | — | -25.4% | — |
| RCKT | — | — | — | — | — | — |
| XFOR | $364M | -2.1 | 150.0% | -1218.5% | -83.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $31M | $23M | $34M | $19M | $1M | $430.0K | |
| R&D Expense | $85M | $95M | $110M | $106M | $80M | $58M | |
| SG&A Expense | $28M | $28M | $32M | $31M | $22M | $11M | |
| Operating Expenses | $117M | $125M | $142M | $136M | $102M | $69M | |
| Operating Income | $-86M | $-103M | $-108M | $-117M | $-101M | $-69M | |
| Interest Expense | · | · | · | · | $2M | $979.0K | |
| Other Non-op | $12M | $16M | $14M | $8M | $2M | $-269.0K | |
| Pretax Income | · | $-87M | $-94M | $-109M | · | · | |
| Income Tax | $0 | $0 | $4M | $0 | · | $0 | |
| Net Income | $-74M | $-87M | $-98M | $-109M | $-101M | $-69M | |
| EPS (Basic) | $-1.18 | $-1.58 | $-2.34 | $-2.62 | $-2.73 | $-6.23 | |
| EPS (Diluted) | $-1.18 | $-1.58 | $-2.34 | $-2.62 | $-2.73 | $-6.23 | |
| Shares (Basic) | 62,980,959 | 54,899,432 | 41,974,484 | 41,591,433 | 37,171,147 | 11,046,802 | |
| Shares (Diluted) | 62,980,959 | 54,899,432 | 41,974,484 | 41,591,433 | 37,171,147 | 11,046,802 | |
| EBITDA | $-83M | $-100M | $-104M | $-114M | $-98M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $81M | $55M | $80M | $52M | $101M | $93M | |
| Prepaid Expense | $3M | $6M | $6M | $6M | $5M | $5M | |
| Current Assets | $163M | $250M | $240M | $351M | $460M | $191M | |
| PP&E (Net) | · | · | · | · | · | $20M | |
| PP&E (Gross) | · | · | · | · | · | $22M | |
| Accum. Depreciation | · | · | · | · | · | $2M | |
| Other Non-current Assets | $4.0K | $68.0K | $1M | $2M | $2M | $842.0K | |
| Total Assets | $198M | $284M | $286M | $405M | $520M | $256M | |
| Accounts Payable | $4M | $4M | $6M | $5M | $4M | $4M | |
| Accrued Liabilities | $11M | $9M | $9M | $11M | $10M | $9M | |
| Current Liabilities | $60M | $67M | $58M | $55M | $49M | $19M | |
| Capital Leases | $40M | $28M | $37M | $46M | $51M | $58M | |
| Other Non-current Liabilities | $556.0K | $0 | $0 | $29.0K | $143.0K | $0 | |
| Total Liabilities | $307M | $330M | $363M | $405M | $423M | $109M | |
| Long-term Debt | · | · | · | · | · | $20M | |
| Total Debt | · | · | · | · | $0 | · | |
| Common Stock | $6.0K | $6.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $524M | $513M | $395M | $377M | $361M | $309M | |
| Retained Earnings | $-632M | $-558M | $-472M | $-373M | $-264M | $-163M | |
| AOCI | $24.0K | $135.0K | $-826.0K | $-4M | $-10.0K | $-7.0K | |
| Stockholders' Equity | $-108M | $-46M | $-77M | $112.0K | $97M | $146M | |
| Liabilities + Equity | $198M | $284M | $286M | $405M | $520M | $256M | |
| Shares Outstanding | 56,657,329 | 55,594,131 | 42,282,040 | 41,803,436 | 41,299,720 | 36,790,946 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $3M | $3M | $3M | $1M | |
| Stock-based Comp | $10M | $12M | $16M | $14M | $8M | $3M | |
| Other Non-cash | $-26M | $-29M | $-39M | $285M | $39M | · | |
| Operating Cash Flow | $-86M | $-100M | $-118M | $194M | $-50M | $-31M | |
| CapEx | $50.0K | $906.0K | $1M | $1M | $3M | $16M | |
| Investing Cash Flow | $112M | $-30M | $144M | $-244M | $36M | $-109M | |
| Stock Issued | · | $103M | $0 | · | · | · | |
| Net Stock Activity | · | $103M | · | · | · | · | |
| Financing Cash Flow | $1M | $105M | $2M | $2M | $22M | $217M | |
| Taxes Paid | $9.0K | $860.0K | $4M | · | · | · | |
| Free Cash Flow | $-86M | $-101M | $-119M | $192M | $-54M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -279.5% | -454.3% | -315.9% | -609.2% | -7637.1% | · | |
| Net Margin | -240.3% | -383.2% | -288.2% | -566.3% | -7681.6% | · | |
| Pretax Margin | · | -383.2% | -275.8% | · | · | · | |
| EBITDA Margin | -268.7% | -440.5% | -305.8% | -591.9% | -7392.5% | · | |
| ROA | -30.8% | -30.4% | -28.5% | -23.5% | · | · | |
| ROE | 80.2% | 234.7% | 146.3% | -891.2% | · | · | |
| ROIC | · | 225.5% | 146.1% | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 3.7 | 4.1 | 6.4 | · | · | |
| Quick Ratio | 1.4 | 0.8 | 1.4 | 0.9 | · | · | |
| Interest Coverage | · | · | · | · | -52.9 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.0 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 36.8% | -33.8% | 77.6% | 1357.8% | 206.7% | · | |
| Revenue CAGR 3Y | 17.1% | 157.8% | 329.9% | · | · | · | |
| Revenue CAGR 5Y | 135.1% | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $31M | $23M | $34M | $19M | $1M | $430.0K | |
| Net Income TTM | $-74M | $-87M | $-98M | $-109M | $-101M | $-69M | |
| Market Cap | $306M | $262M | $273M | $267M | · | · | |
| P/E | -4.6 | -3.0 | -2.8 | -2.4 | -8.4 | -3.3 | |
| P/S | 9.9 | 11.6 | 8.0 | 13.9 | · | · | |
| P/B | -2.8 | -5.8 | -3.5 | 2381.3 | · | · | |
| P / Tangible Book | · | · | · | 2381.3 | 9.8 | 5.1 | |
| P / Cash Flow | -3.6 | -2.6 | -2.3 | 1.4 | · | · | |
| P / FCF | -3.6 | -2.6 | -2.3 | 1.4 | · | · | |
| Earnings Yield | -21.9% | -33.5% | -36.3% | -41.1% | -11.9% | -30.7% |
Income Statement 15
| 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 | $16M | $3M | $9M | $8M | $8M | $6M | $3M | $8M | $7M | $5M | $6M | $17M | $6M | $5M | $4M | $7M | |
| R&D Expense | $19M | $18M | $22M | $20M | $22M | $22M | $21M | $25M | $24M | $26M | $24M | $26M | $29M | $30M | $28M | $27M | |
| SG&A Expense | $6M | $7M | $7M | $7M | $7M | $7M | $6M | $7M | $7M | $8M | $7M | $8M | $8M | $9M | $8M | $8M | |
| Operating Expenses | $25M | $25M | $33M | $27M | $29M | $29M | $27M | $32M | $34M | $33M | $31M | $35M | $38M | $39M | $36M | $35M | |
| Operating Income | $-9M | $-22M | $-24M | $-19M | $-21M | $-23M | $-24M | $-24M | $-27M | $-28M | $-25M | $-17M | $-32M | $-33M | $-32M | $-28M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Other Non-op | $2M | $2M | $2M | $3M | $3M | $4M | $5M | $5M | $4M | $3M | $3M | $3M | $4M | $3M | $3M | $2M | |
| Pretax Income | · | · | · | · | · | · | · | $-19M | $-23M | $-25M | $-22M | $-14M | $-29M | $-30M | $-29M | $-26M | |
| Income Tax | · | · | · | · | · | · | · | $0 | $0 | $0 | $2M | $738.0K | $942.0K | $560.0K | $0 | $0 | |
| Net Income | $-7M | $-20M | $-22M | $-16M | $-18M | $-19M | $-20M | $-19M | $-23M | $-25M | $-24M | $-14M | $-29M | $-30M | $-29M | $-26M | |
| EPS (Basic) | $-0.10 | $-0.29 | $-0.35 | $-0.25 | $-0.28 | $-0.30 | $-0.23 | $-0.31 | $-0.45 | $-0.59 | $-0.57 | $-0.34 | $-0.70 | $-0.73 | $-0.69 | $-0.62 | |
| EPS (Diluted) | $-0.10 | $-0.29 | $-0.35 | $-0.25 | $-0.28 | $-0.30 | $-0.23 | $-0.31 | $-0.45 | $-0.59 | $-0.57 | $-0.34 | $-0.70 | $-0.73 | $-0.69 | $-0.62 | |
| Shares (Basic) | 70,629,419 | 69,540,075 | -125,875,226 | 63,029,293 | 62,978,219 | 62,848,673 | -101,712,539 | 62,602,848 | 51,580,310 | 42,428,813 | -83,688,096 | 42,025,938 | 41,825,555 | 41,811,087 | -82,966,679 | 41,672,621 | |
| Shares (Diluted) | 70,629,419 | 69,540,075 | -125,875,226 | 63,029,293 | 62,978,219 | 62,848,673 | -101,712,539 | 62,602,848 | 51,580,310 | 42,428,813 | -83,688,096 | 42,025,938 | 41,825,555 | 41,811,087 | -82,966,679 | 41,672,621 | |
| EBITDA | $-9M | $-21M | · | $-18M | $-20M | $-22M | · | $-23M | $-26M | $-27M | · | $-16M | $-31M | $-32M | · | $-27M |
Balance Sheet 18
| 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 | $68M | $88M | $81M | $89M | $73M | $61M | $55M | $58M | $139M | $79M | $80M | $70M | $58M | $51M | $52M | $88M | |
| Prepaid Expense | $2M | $3M | $3M | $3M | $4M | $5M | $6M | $4M | $4M | $5M | $6M | $6M | $6M | $5M | $6M | $4M | |
| Current Assets | $170M | $188M | $163M | $184M | $204M | $225M | $250M | $271M | $290M | $212M | $240M | $265M | $290M | $321M | $351M | $378M | |
| Other Non-current Assets | $3.0K | $3.0K | $4.0K | $5.0K | $6.0K | $24.0K | $68.0K | $848.0K | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | |
| Total Assets | $203M | $222M | $198M | $205M | $226M | $259M | $284M | $308M | $329M | $255M | $286M | $313M | $340M | $373M | $405M | $434M | |
| Accounts Payable | $3M | $3M | $4M | $3M | $3M | $4M | $4M | $3M | $5M | $6M | $6M | $6M | $7M | $7M | $5M | $5M | |
| Accrued Liabilities | $8M | $7M | $11M | $10M | $9M | $6M | $9M | $11M | $6M | $6M | $9M | $9M | $8M | $9M | $11M | $10M | |
| Current Liabilities | $51M | $64M | $60M | $85M | $78M | $71M | $67M | $57M | $51M | $52M | $58M | $52M | $57M | $56M | $55M | $55M | |
| Capital Leases | $40M | $40M | $40M | $16M | $18M | $26M | $28M | $30M | $33M | $34M | $37M | $39M | $40M | $43M | $46M | $46M | |
| Other Non-current Liabilities | $350.0K | $453.0K | $556.0K | $656.0K | $757.0K | $856.0K | $0 | · | · | · | · | $0 | $0 | $0 | $29.0K | $58.0K | |
| Total Liabilities | $284M | $299M | $307M | $295M | $303M | $320M | $330M | $337M | $343M | $352M | $363M | $371M | $389M | $397M | $405M | $410M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $579M | $576M | $524M | $521M | $518M | $515M | $513M | $510M | $506M | $400M | $395M | $392M | $386M | $382M | $377M | $373M | |
| Retained Earnings | $-660M | $-652M | $-632M | $-611M | $-595M | $-577M | $-558M | $-539M | $-520M | $-497M | $-472M | $-447M | $-433M | $-404M | $-373M | $-344M | |
| AOCI | $-134.0K | $-133.0K | $24.0K | $24.0K | $-44.0K | $14.0K | $135.0K | $360.0K | $-338.0K | $-497.0K | $-826.0K | $-2M | $-3M | $-3M | $-4M | $-5M | |
| Stockholders' Equity | $-81M | $-76M | $-108M | $-90M | $-77M | $-62M | $-46M | $-28M | $-14M | $-97M | $-77M | $-57M | $-49M | $-25M | $112.0K | $24M | |
| Liabilities + Equity | $203M | $222M | $198M | $205M | $226M | $259M | $284M | $308M | $329M | $255M | $286M | $313M | $340M | $373M | $405M | $434M | |
| Shares Outstanding | 58,714,272 | 58,710,490 | 56,657,329 | 56,542,877 | 55,803,195 | 55,721,340 | 55,594,131 | 55,593,131 | 55,328,655 | 42,585,616 | 42,282,040 | 42,217,126 | 41,852,438 | 41,824,758 | 41,803,436 | 41,799,368 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $200.0K | $238.0K | $705.0K | $900.0K | $900.0K | $827.0K | $785.0K | $700.0K | $800.0K | $835.0K | $892.0K | $900.0K | $800.0K | $859.0K | $810.0K | $900.0K | |
| Stock-based Comp | $3M | $2M | $2M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $5M | $4M | $4M | |
| Other Non-cash | · | $-8M | · | · | · | $-9M | · | · | · | $-8M | · | · | · | $-6M | · | · | |
| Operating Cash Flow | $-18M | $-25M | $-22M | $-19M | $-21M | $-24M | $-25M | $-21M | $-26M | $-29M | $-28M | $-27M | $-32M | $-31M | $-29M | $-20M | |
| CapEx | $50.0K | $0 | $0 | $0 | $22.0K | $28.0K | $479.0K | $309.0K | $17.0K | $101.0K | $37.0K | $82.0K | $469.0K | $636.0K | $269.0K | $330.0K | |
| Investing Cash Flow | $-3M | $-18M | $13M | $36M | $34M | $29M | $22M | $-61M | $-18M | $27M | $37M | $38M | $39M | $30M | $-7M | $46M | |
| Stock Issued | $0 | $50M | · | $0 | $0 | $0 | · | $0 | · | · | $0 | $0 | · | · | · | · | |
| Net Stock Activity | · | $50M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-22.0K | $50M | $581.0K | $49.0K | $254.0K | $139.0K | $4.0K | $1M | $103M | $1M | $186.0K | $1M | $103.0K | $102.0K | $16.0K | $333.0K | |
| Net Change in Cash | · | · | · | · | · | · | · | $-81M | $60M | $-1M | · | $13M | $7M | $-2M | · | $26M | |
| Taxes Paid | $0 | $2.0K | $1.0K | $0 | $4.0K | $4.0K | $47.0K | $59.0K | $705.0K | $49.0K | $865.0K | $996.0K | $2M | $0 | · | $0 | |
| Free Cash Flow | · | $-25M | · | · | · | $-24M | · | · | · | $-29M | · | · | · | $-32M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -54.8% | -660.3% | · | -226.9% | -279.2% | -385.0% | · | -305.5% | -386.6% | -558.3% | · | -97.7% | -572.4% | -627.6% | · | -426.0% | |
| Net Margin | -44.7% | -608.4% | · | -194.4% | -237.3% | -316.4% | · | -244.9% | -333.6% | -495.4% | · | -82.1% | -526.6% | -574.3% | · | -388.4% | |
| Pretax Margin | · | · | · | · | · | · | · | -244.9% | -333.6% | -495.4% | · | -77.8% | -509.8% | -563.7% | · | · | |
| EBITDA Margin | -53.5% | -653.0% | · | -215.9% | -267.3% | -371.1% | · | -296.5% | -375.0% | -541.8% | · | -92.6% | -558.1% | -611.4% | · | -412.4% | |
| ROA | -3.4% | -8.3% | · | -6.2% | -6.5% | -7.3% | · | -6.2% | -6.9% | -8.0% | · | -3.8% | -7.4% | -7.1% | · | -8.3% | |
| ROE | 9.1% | 28.8% | · | 26.9% | 39.4% | 23.7% | · | 44.6% | 72.2% | 41.0% | · | 86.8% | 3432.7% | -127.5% | · | -48.9% | |
| ROIC | · | · | · | · | · | · | · | 84.3% | 185.9% | 28.9% | · | 31.4% | 67.1% | 138.1% | · | · |
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 | 3.4 | 2.9 | · | 2.2 | 2.6 | 3.2 | · | 4.8 | 5.7 | 4.1 | · | 5.1 | 5.1 | 5.7 | · | 6.8 | |
| Quick Ratio | 1.3 | 1.4 | · | 1.0 | 0.9 | 0.9 | · | 1.0 | 2.7 | 1.5 | · | 1.4 | 1.0 | 0.9 | · | 1.6 |
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 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $35M | $25M | · | $29M | $28M | $26M | · | $37M | $35M | $33M | · | $35M | $22M | $20M | · | $15M | |
| Net Income TTM | $-61M | $-72M | · | $-72M | $-79M | $-86M | · | $-81M | $-92M | $-99M | · | $-100M | $-113M | $-110M | · | $-106M | |
| Market Cap | $287M | $281M | · | $276M | $262M | $203M | · | $518M | $318M | $286M | · | $211M | $295M | $259M | · | $359M | |
| P/E | -5.3 | -4.3 | · | -4.3 | -3.5 | -2.2 | · | -5.5 | -2.8 | -2.8 | · | -2.1 | -2.6 | -2.3 | · | -3.2 | |
| P/S | 8.2 | 11.3 | · | 9.4 | 9.3 | 7.9 | · | 13.9 | 9.1 | 8.5 | · | 6.0 | 13.4 | 12.7 | · | 23.8 | |
| P/B | -3.5 | -3.7 | · | -3.1 | -3.4 | -3.3 | · | -18.3 | -22.2 | -2.9 | · | -3.7 | -6.0 | -10.5 | · | 14.7 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 14.7 | |
| P / Cash Flow | · | -11.1 | · | · | · | -8.5 | · | · | · | -9.7 | · | · | · | -8.3 | · | · | |
| P / FCF | · | -11.1 | · | · | · | -8.5 | · | · | · | -9.7 | · | · | · | -8.2 | · | · | |
| Earnings Yield | -18.9% | -23.4% | · | -23.3% | -28.5% | -45.2% | · | -18.1% | -36.2% | -35.2% | · | -47.8% | -38.5% | -42.9% | · | -30.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $31M | $23M | $34M | $19M | $1M |
| Operating Margin % | -279.5% | -454.3% | -315.9% | -609.2% | -7637.1% |
| Net Income | $-74M | $-87M | $-98M | $-109M | $-101M |
| Diluted EPS | $-1.18 | $-1.58 | $-2.34 | $-2.62 | $-2.73 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.7 | 3.7 | 4.1 | 6.4 | — |
| Quick Ratio | 1.4 | 0.8 | 1.4 | 0.9 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-86M | $-101M | $-119M | $192M | $-54M |
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Institutional owners (13F) 109 filers · $197.4M 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 |
|---|---|---|---|---|
| 21 (+3 vs prior Q) | 14 (+5 vs prior Q) | 31 (-4 vs prior Q) | 27 (+7 vs prior Q) | +2.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Flagship Pioneering, LLC | $61,849,706 | 12,674,120 | 31.33% | Shares |
| BVF INC/IL | $28,508,960 | 5,842,000 | 14.44% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $21,444,511 | 4,394,367 | 10.86% | Shares |
| FMR LLC | $14,551,574 | 2,981,880 | 7.37% | Shares |
| RAYMOND JAMES FINANCIAL INC | $12,151,093 | 2,489,978 | 6.16% | Shares |
| VANGUARD GROUP INC | $9,049,131 | 1,675,765 | 4.58% | Shares |
| Euclidean Capital LLC | $7,679,954 | 1,573,761 | 3.89% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $7,293,702 | 1,494,611 | 3.70% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,784,788 | 775,353 | 1.92% | Shares |
| Siren, L.L.C. | $3,517,114 | 720,720 | 1.78% | Shares |
| STATE STREET CORP | $3,403,649 | 697,469 | 1.72% | Shares |
| AMERIPRISE FINANCIAL INC | $2,726,383 | 558,685 | 1.38% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,844,328 | 377,936 | 0.93% | Shares |
| Candriam S.C.A. | $1,529,700 | 313,765 | 0.77% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,490,518 | 305,434 | 0.76% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,485,628 | 304,432 | 0.75% | Shares |
| Birchview Capital, LP | $1,375,853 | 281,937 | 0.70% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,290,379 | 264,422 | 0.65% | Shares |
| Qube Research & Technologies Ltd | $992,084 | 203,296 | 0.50% | Shares |
| Woodline Partners LP | $986,468 | 202,145 | 0.50% | Shares |
| B Group, Inc. | $976,000 | 200,000 | 0.49% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $855,981 | 175,406 | 0.43% | Shares |
| CITADEL ADVISORS LLC | $775,051 | 158,822 | 0.39% | Shares |
| Squarepoint Ops LLC | $636,088 | 130,346 | 0.32% | Shares |
| DAFNA Capital Management LLC | $545,872 | 111,859 | 0.28% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $535,731 | 109,781 | 0.27% | Shares |
| SCS Capital Management LLC | $522,062 | 106,980 | 0.26% | Shares |
| Palumbo Wealth Management LLC | $447,687 | 91,739 | 0.23% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $437,248 | 89,600 | 0.22% | Shares |
| DIADEMA PARTNERS LP | $326,511 | 66,908 | 0.17% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $315,580 | 64,668 | 0.16% | Shares |
| Lynx1 Capital Management LP | $300,549 | 61,588 | 0.15% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $283,499 | 58,094 | 0.14% | Shares |
| MORGAN STANLEY | $270,679 | 55,467 | 0.14% | Shares |
| MILLENNIUM MANAGEMENT LLC | $261,124 | 53,509 | 0.13% | Shares |
| Verdad Advisers, LP | $259,767 | 53,231 | 0.13% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $224,358 | 45,975 | 0.11% | Shares |
| GOLDMAN SACHS GROUP INC | $216,789 | 44,424 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $193,152 | 39,582 | 0.10% | Shares |
| Jump Financial, LLC | $177,549 | 36,383 | 0.09% | Shares |
| ALLIANCEBERNSTEIN L.P. | $142,253 | 29,760 | 0.07% | Shares |
| BANK OF AMERICA CORP /DE/ | $127,383 | 26,103 | 0.06% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $122,488 | 25,100 | 0.06% | Shares |
| Bank of New York Mellon Corp | $109,395 | 22,417 | 0.06% | Shares |
| BARCLAYS PLC | $89,811 | 18,404 | 0.05% | Shares |
| Persistent Asset Partners Ltd | $82,950 | 16,998 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $82,091 | 16,822 | 0.04% | Shares |
| CITIGROUP INC | $80,222 | 16,439 | 0.04% | Shares |
| EntryPoint Capital, LLC | $75,557 | 15,483 | 0.04% | Shares |
| DIVERSIFIED TRUST CO | $72,370 | 14,830 | 0.04% | Shares |
| Invesco Ltd. | $70,472 | 14,441 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $62,625 | 12,833 | 0.03% | Shares |
| TWO SIGMA INVESTMENTS, LP | $60,732 | 12,445 | 0.03% | Shares |
| TWO SIGMA ADVISERS, LP | $56,160 | 10,400 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $55,271 | 11,326 | 0.03% | Shares |
| BlackRock, Inc. | $55,222 | 11,316 | 0.03% | Shares |
| Fiduciary Trust Co | $53,090 | 10,879 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $51,025 | 10,456 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $45,599 | 9,344 | 0.02% | Shares |
| STRS OHIO | $41,968 | 8,600 | 0.02% | Shares |
| Evelyn Partners Asset Management Ltd | $33,938 | 7,100 | 0.02% | Shares |
| UBS Group AG | $33,765 | 6,919 | 0.02% | Shares |
| JPMORGAN CHASE & CO | $25,821 | 5,313 | 0.01% | Shares |
| NORTHERN TRUST CORP | $24,703 | 5,062 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $16,314 | 3,343 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $16,016 | 3,282 | 0.01% | Shares |
| CWM, LLC | $15,989 | 3,345 | 0.01% | Shares |
| Legal & General Group Plc | $14,567 | 2,985 | 0.01% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $13,747 | 2,876 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $12,815 | 2,626 | 0.01% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $11,092 | 2,273 | 0.01% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $10,985 | 2,251 | 0.01% | Shares |
| WELLS FARGO & COMPANY/MN | $9,906 | 2,030 | 0.01% | Shares |
| SIMPLEX TRADING, LLC | $9,232 | 1,892 | 0.00% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $9,130 | 1,871 | 0.00% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $8,609 | 1,801 | 0.00% | Shares |
| Nuveen, LLC | $6,368 | 1,305 | 0.00% | Shares |
| Nuveen Asset Management, LLC | $6,160 | 1,305 | 0.00% | Shares |
| GF FUND MANAGEMENT CO. LTD. | $6,056 | 1,241 | 0.00% | Shares |
| Arax Advisory Partners | $5,544 | 1,136 | 0.00% | Shares |
| TD Waterhouse Canada Inc. | $5,010 | 1,000 | 0.00% | Shares |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | $5,010 | 1,000 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $5,000 | 1,097 | 0.00% | Shares |
| Sunbelt Securities, Inc. | $4,780 | 1,000 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $4,656 | 954 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $4,577 | 938 | 0.00% | Shares |
| GAMMA Investing LLC | $3,099 | 635 | 0.00% | Shares |
| Bare Financial Services, Inc | $1,205 | 247 | 0.00% | Shares |
| Allworth Financial LP | $1,172 | 240 | 0.00% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $974 | 200 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $625 | 128 | 0.00% | Shares |
| Sterling Capital Management LLC | $625 | 128 | 0.00% | Shares |
| TFC Financial Management, Inc. | $601 | 123 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $488 | 100 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $420 | 86 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $381 | 78 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $317 | 65 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $187 | 38,784 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $171 | 35 | 0.00% | Shares |
| Essential Partners LLC | $171 | 35 | 0.00% | Shares |
Company insiders 15 insiders · 4 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Adrian Gottschalk | President & Chief Executive Officer | Oct. 27, 2020 C | 25,225 | 0 | 0 | $0 |
| Allan Reine | Chief Financial Officer | Jan. 28, 2021 A | — | 0 | 0 | $0 |
| Samuel Agresta | Chief Medical Officer | Jan. 28, 2021 A | — | 0 | 0 | $0 |
| Michael Lacascia | Chief Legal Officer | Nov. 17, 2020 A | — | 0 | 0 | $0 |
| Neil Gallagher | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Stuart Duty | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Michael Mendelsohn | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Scott Biller | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Douglas G. Cole | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Thomas J. Lynch Jr. | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Ian F Smith | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Simba Gill | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Lynne B Parshall | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Ryan D Maynard | — | Feb. 23, 2026 A | — | 0 | 0 | $0 |
| Carl Decicco | — | Jan. 28, 2021 A | 258,397 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| Flagship Ventures Fund V, L.P., Flagship Ventures Fund V General Partner LLC, Flagship Ventures Opportunities Fund I, L.P., Flagship Ventures Opportunities Fund I General Partner LLC, Flagship Pioneering Special Opportunities Fund II, L.P., Flagship Pioneering Special Opportunities Fund II General Partner LLC, Flagship Pioneering Fund VII, L.P., Flagship Pioneering Fund VII General Partner LLC, Flagship Pioneering, LLC, Noubar Afeyan | Jan. 13, 2026 | 27.20% | Amendment | — | SEC |
| Flagship Ventures Fund V, L.P. (2), Flagship Ventures Fund V General Partner LLC (2), Flagship Ventures Opportunities Fund I, L.P. (2), Flagship Ventures Opportunities Fund I General Partner LLC (2), Flagship Pioneering Special Opportunities Fund II, L.P. (2), Flagship Pioneering Special Opportunities Fund II General Partner LLC (2), Flagship Pioneering Fund VII, L.P. (2), Flagship Pioneering Fund VII General Partner LLC (2), Flagship Pioneering, Inc. (2), Noubar Afeyan (2) ×2 filings | May 24, 2024 | — | 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 19 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 |
|---|---|---|---|---|
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.10% | 49,435 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.05% | 125,364 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.02% | 3,159 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 229,222 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 334,210 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.01% | 2,165 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 209,037 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 39,520 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 878,412 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 15,048 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 1,624 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 10,808 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.00% | 1,269 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,282 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 32 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 742 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 428,310 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,027,071 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,231 SH | Aug. 8, 2026 | Daily |