FULC Fulcrum Therapeutics, Inc. - Common Stock
$3.93
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$3–$16
8% of range
Analyst Rating
HOLD
12 analysts
Price Target
$3
P/E (TTM)
-3.3
ROE
-26.6%
Net Profit Margin
—
About Fulcrum Therapeutics, Inc. - Common Stock Company overview from Wikipedia
FULC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.92
Market Cap
$261M
P/E (TTM)
-3.3
EPS (TTM)
$-1.18
Revenue (TTM)
$0
Div Yield
—
ROE
-26.6%
Debt/Equity
—
52W Range
$3 – $16
FULC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$0
2020-12-31
→
2025-12-31
EPS
$-1.18
2020-12-31
→
2025-12-31
Free Cash Flow
$-60M
2019-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FULC
Peer Median
P/E (TTM)
-3.3
11.2
P/B
0.7
2.2
Price / FCF
-4.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FULC
Peer Median
ROA
-23.9%
-16.0%
ROE
-26.6%
-29.0%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FULC
Peer Median
Current Ratio
27.4
5.1
Quick Ratio
15.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FULC
Peer Median
Revenue YoY
2752.0%
—
Revenue CAGR 3Y
61.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FULC
Peer Median
FULC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
12 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 7 58.3%
- Sell 3 25.0%
- Strong Sell 2 16.7%
12-Month Price Target
5 analysts · 2026-08-16
Median
$3.00
Mean
$3.40
Now
$3.92
Low
$3.00
High
$4.00
Median target
$3.00
-23.6%
Mean target
$3.40
-13.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.22 | $-0.22 | 0.00% |
| March 31, 2026 | $-0.25 | $-0.30 | 0.05% |
| Dec. 31, 2025 | $-0.31 | $-0.32 | 0.01% |
| Sept. 30, 2025 | $-0.31 | $-0.30 | -0.01% |
| June 30, 2025 | $-0.28 | $-0.30 | 0.02% |
| March 31, 2025 | $-0.28 | $-0.30 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FULC | $753M | -9.6 | 2752.0% | — | -26.6% | — |
| TTRX | $116M | -32.8 | — | — | -141.7% | — |
| NMRA | $312M | -1.2 | — | — | -165.2% | — |
| ANTX | $31M | -1.0 | — | — | -57.7% | — |
| SIGA | $438M | 19.1 | -31.8% | 24.6% | 11.4% | — |
| DERM | — | -16.4 | 10.2% | -18.5% | -44.7% | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $80M | $3M | $6M | $19M | $9M | |
| R&D Expense | $56M | $63M | $72M | $77M | $70M | $59M | |
| SG&A Expense | $29M | $36M | $42M | $42M | $31M | $21M | |
| Operating Expenses | $85M | $102M | $113M | $119M | $100M | $80M | |
| Operating Income | $-85M | $-22M | $-111M | $-113M | $-81M | $-72M | |
| Income Tax | $0 | $0 | · | · | · | · | |
| Net Income | $-75M | $-10M | $-97M | $-110M | $-81M | $-71M | |
| EPS (Basic) | $-1.18 | $-0.16 | $-1.59 | $-2.44 | $-2.29 | $-2.79 | |
| EPS (Diluted) | $-1.18 | $-0.16 | $-1.59 | $-2.44 | $-2.29 | $-2.79 | |
| Shares (Basic) | 63,355 | 61,984 | 61,310 | 44,991 | 35,361 | 25,354 | |
| Shares (Diluted) | 63,355 | 61,984 | 61,310 | 44,991 | 35,361 | 25,354 | |
| EBITDA | $-85M | $-22M | $-111M | $-113M | · | $-72M |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $198M | $58M | $26M | $35M | $35M | $57M | |
| Prepaid Expense | $5M | $7M | $5M | $4M | $4M | $4M | |
| Other Current Assets | · | · | · | · | $0 | $74.0K | |
| Current Assets | $357M | $250M | $242M | $208M | $226M | $120M | |
| PP&E (Net) | $3M | $4M | $5M | $7M | $7M | $8M | |
| PP&E (Gross) | $18M | $18M | $18M | $18M | $16M | $15M | |
| Accum. Depreciation | $16M | $14M | $13M | $11M | $8M | $6M | |
| Other Non-current Assets | $538.0K | $10.0K | $2M | $2M | $542.0K | $578.0K | |
| Total Assets | $366M | $261M | $258M | $227M | $235M | $130M | |
| Accounts Payable | $2M | $1M | $3M | $4M | $5M | $4M | |
| Current Liabilities | $13M | $11M | $14M | $17M | $19M | $27M | |
| Capital Leases | $4M | $6M | $9M | $11M | $0 | · | |
| Other Non-current Liabilities | $197.0K | $197.0K | $197.0K | $197.0K | $0 | · | |
| Total Liabilities | $17M | $18M | $23M | $28M | $23M | $34M | |
| Common Stock | $67.0K | $54.0K | $62.0K | $52.0K | $41.0K | $28.0K | |
| Retained Earnings | $-594M | $-519M | $-510M | $-412M | $-302M | $-222M | |
| Treasury Stock | · | · | · | $0 | $0 | · | |
| AOCI | $174.0K | $130.0K | $-136.0K | $-797.0K | $-397.0K | $-2.0K | |
| Stockholders' Equity | $349M | $243M | $235M | $199M | $212M | $95M | |
| Liabilities + Equity | $366M | $261M | $258M | $227M | $235M | $130M | |
| Shares Outstanding | 66,578,891 | 53,968,303 | 61,915,367 | 52,099,211 | 40,626,224 | 27,941,566 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $12M | $15M | $15M | $13M | $11M | $7M | |
| Restructuring | $400.0K | $2M | · | $400.0K | · | · | |
| Operating Cash Flow | $-60M | $-2M | $-91M | $-97M | $-78M | $-54M | |
| CapEx | $314.0K | $278.0K | $508.0K | $2M | $2M | $1M | |
| Investing Cash Flow | $31M | $32M | $-37M | $12M | $-130M | $-57M | |
| Stock Issued | $4M | $3M | $777.0K | $4M | $4M | $1M | |
| Net Stock Activity | $4M | $3M | $777.0K | $4M | · | $1M | |
| Financing Cash Flow | $169M | $3M | $118M | $84M | $187M | $71M | |
| Net Change in Cash | $139M | $33M | $-10M | $-314.0K | $-22M | $-40M | |
| Free Cash Flow | $-60M | $-2M | $-91M | $-99M | · | $-55M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | · | -27.4% | -3945.2% | -1774.8% | · | -811.6% | |
| Net Margin | · | -12.2% | -3470.0% | -1732.4% | · | -802.7% | |
| EBITDA Margin | · | -27.4% | -3945.2% | -1774.8% | · | -811.6% | |
| ROA | -23.9% | -3.8% | -40.2% | -47.6% | · | -59.0% | |
| ROE | -26.6% | -3.9% | -39.7% | -52.3% | · | -70.8% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 27.4 | 22.6 | 17.7 | 12.4 | · | 4.5 | |
| Quick Ratio | 15.1 | 5.3 | 1.9 | 2.1 | · | 2.1 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.3 | 0.0 | 0.0 | · | 0.1 |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | · | 2752.0% | -55.8% | -66.9% | 117.2% | · | |
| Revenue CAGR 3Y | · | 61.0% | -31.8% | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $80M | $3M | $6M | $19M | $9M | |
| Net Income TTM | $-75M | $-10M | $-97M | $-110M | $-81M | $-71M | |
| Market Cap | $753M | $254M | $418M | $379M | · | $327M | |
| P/E | -9.6 | -29.4 | -4.2 | -3.0 | -7.7 | -4.2 | |
| P/S | · | 3.2 | 149.0 | 59.8 | · | 37.1 | |
| P/B | 2.2 | 1.0 | 1.8 | 1.9 | · | 3.4 | |
| P / Tangible Book | 2.2 | 1.0 | 1.8 | 1.9 | 3.4 | 3.4 | |
| P / Cash Flow | -12.5 | -114.4 | -4.6 | -3.9 | · | -6.1 | |
| P / FCF | -12.5 | -101.6 | -4.6 | -3.8 | · | -5.9 | |
| Earnings Yield | -10.4% | -3.4% | -23.6% | -33.5% | -13.0% | -23.8% |
Income Statement 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 | · | · | $0 | $0 | $0 | · | $0 | $0 | $80M | $0 | $871.0K | $759.0K | $880.0K | $295.0K | $685.0K | $1M | |
| R&D Expense | $12M | $14M | $15M | $14M | $13M | $13M | $12M | $15M | $17M | $20M | $19M | $18M | $18M | $17M | $19M | $15M | |
| SG&A Expense | $7M | $8M | $7M | $8M | $7M | $7M | $8M | $8M | $10M | $10M | $10M | $10M | $10M | $12M | $10M | $10M | |
| Operating Expenses | $29M | $22M | $23M | $22M | $20M | $20M | $19M | $25M | $28M | $30M | $29M | $28M | $28M | $28M | $29M | $26M | |
| Operating Income | $-29M | $-22M | $-23M | $-22M | $-20M | $-20M | $-19M | $-25M | $52M | $-30M | $-28M | $-27M | $-27M | $-28M | $-28M | $-24M | |
| Net Income | $-26M | $-19M | $-20M | $-20M | $-17M | $-18M | $-17M | $-22M | $55M | $-27M | $-25M | $-24M | $-24M | $-25M | $-26M | $-24M | |
| EPS (Basic) | $-0.34 | $-0.25 | $-0.31 | $-0.31 | $-0.28 | $-0.28 | $-0.27 | $-0.35 | $0.89 | $-0.43 | $-0.41 | $-0.39 | $-0.38 | $-0.41 | $-0.46 | $-0.51 | |
| EPS (Diluted) | $-0.34 | $-0.25 | $-0.31 | $-0.31 | $-0.28 | $-0.28 | $-0.25 | $-0.35 | $0.87 | $-0.43 | $-0.41 | $-0.39 | $-0.38 | $-0.41 | $-0.46 | $-0.51 | |
| Shares (Basic) | 76,264,000 | 76,215,000 | -187,556,645 | 62,597,000 | 62,544,000 | 62,479,000 | -186,536,016 | 62,409,000 | 62,205,000 | 61,984,000 | -123,615,412 | 61,823,000 | 61,794,000 | 59,722 | -82,756 | 46,213 | |
| Shares (Diluted) | 76,264,000 | 76,215,000 | -187,556,645 | 62,597,000 | 62,544,000 | 62,479,000 | -187,918,016 | 62,409,000 | 63,587,000 | 61,984,000 | -123,615,412 | 61,823,000 | 61,794,000 | 59,722 | -82,756 | 46,213 | |
| EBITDA | $-29M | $-22M | · | $-22M | $-20M | $-20M | · | $-25M | $52M | $-30M | · | $-27M | $-27M | $-28M | · | $-24M |
Balance Sheet 21
| 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 | $48M | $50M | $198M | $47M | $43M | $42M | $58M | $73M | $87M | $40M | $26M | $30M | $34M | $35M | $35M | $91M | |
| Prepaid Expense | $4M | $5M | $5M | $5M | $5M | $5M | $7M | $7M | $4M | $5M | $5M | $5M | $4M | $5M | $4M | $5M | |
| Other Current Assets | · | · | · | · | $69.0K | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $323M | $339M | $357M | $206M | $219M | $233M | $250M | $267M | $280M | $218M | $242M | $262M | $283M | $303M | $208M | $228M | |
| PP&E (Net) | $0 | $2M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $5M | $5M | $6M | $6M | $7M | $7M | $7M | |
| PP&E (Gross) | $1M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $17M | |
| Accum. Depreciation | $1M | $15M | $16M | $15M | $15M | $15M | $14M | $14M | $14M | $13M | $13M | $12M | $12M | $11M | $11M | $10M | |
| Other Non-current Assets | $9.0K | $546.0K | $538.0K | $9.0K | $12.0K | $10.0K | $10.0K | $76.0K | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Total Assets | $324M | $347M | $366M | $215M | $229M | $243M | $261M | $279M | $294M | $233M | $258M | $279M | $300M | $321M | $227M | $248M | |
| Accounts Payable | $3M | $2M | $2M | $3M | $2M | $2M | $1M | $4M | $4M | $4M | $3M | $4M | $4M | $4M | $4M | $3M | |
| Current Liabilities | $10M | $10M | $13M | $12M | $9M | $8M | $11M | $15M | $13M | $11M | $14M | $14M | $15M | $14M | $17M | $15M | |
| Capital Leases | $3M | $3M | $4M | $5M | $5M | $6M | $6M | $7M | $8M | $8M | $9M | $9M | $10M | $10M | $11M | $11M | |
| Other Non-current Liabilities | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $197.0K | $447.0K | $320.0K | $197.0K | $197.0K | |
| Total Liabilities | $13M | $13M | $17M | $16M | $14M | $14M | $18M | $22M | $20M | $19M | $23M | $23M | $25M | $25M | $28M | $26M | |
| Common Stock | $76.0K | $67.0K | $67.0K | $54.0K | $54.0K | $54.0K | $54.0K | $54.0K | $62.0K | $62.0K | $62.0K | $62.0K | $62.0K | $62.0K | $52.0K | $52.0K | |
| Retained Earnings | $-639M | $-613M | $-594M | $-574M | $-554M | $-537M | $-519M | $-503M | $-481M | $-537M | $-510M | $-485M | $-461M | $-437M | $-412M | $-386M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | $0 | |
| AOCI | $-567.0K | $-513.0K | $174.0K | $241.0K | $82.0K | $70.0K | $130.0K | $379.0K | $-366.0K | $-434.0K | $-136.0K | $-886.0K | $-1M | $-651.0K | $-797.0K | $-921.0K | |
| Stockholders' Equity | $311M | $333M | $349M | $198M | $214M | $228M | $243M | $257M | $274M | $214M | $235M | $255M | $275M | $296M | $199M | $221M | |
| Liabilities + Equity | $324M | $347M | $366M | $215M | $229M | $243M | $261M | $279M | $294M | $233M | $258M | $279M | $300M | $321M | $227M | $248M | |
| Shares Outstanding | 76,285,157 | 66,608,096 | 66,578,891 | 54,108,438 | 54,091,588 | 53,979,306 | 53,968,303 | 53,938,661 | 62,250,631 | 62,141,011 | 61,915,367 | 52,099,211 | 52,099,211 | 61,758,994 | 52,099,211 | 52,049,913 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $3M | $4M | $3M | $3M | $3M | $3M | $2M | $4M | $4M | $4M | $3M | $4M | $3M | $4M | $3M | $3M | |
| Restructuring | $4M | · | $400.0K | $0 | $0 | $0 | $2M | $0 | · | · | · | · | · | · | · | $400.0K | |
| Operating Cash Flow | $-16M | $-19M | $-17M | $-14M | $-14M | $-15M | $-17M | $-19M | $59M | $-25M | $-23M | $-23M | $-21M | $-24M | $-20M | $-28M | |
| CapEx | $108.0K | $8.0K | $159.0K | $90.0K | $65.0K | $0 | $231.0K | $19.0K | $0 | $28.0K | $77.0K | $65.0K | $195.0K | $171.0K | $116.0K | $283.0K | |
| Investing Cash Flow | $14M | $-128M | $-1M | $19M | $14M | $-777.0K | $2M | $4M | $-13M | $38M | $18M | $19M | $20M | $-94M | $-36M | $-2M | |
| Stock Issued | $356.0K | $21.0K | $4M | $64.0K | $301.0K | $0 | $83.0K | $635.0K | $377.0K | $2M | $287.0K | $0 | $142.0K | $348.0K | $267.0K | $93.0K | |
| Net Stock Activity | · | $21.0K | · | · | · | $0 | · | · | · | $2M | · | · | · | $348.0K | · | · | |
| Financing Cash Flow | $356.0K | $-312.0K | $168M | $64.0K | $301.0K | $0 | $83.0K | $635.0K | $377.0K | $2M | $287.0K | $0 | $142.0K | $118M | $218.0K | $81M | |
| Net Change in Cash | $-2M | $-147M | $150M | $4M | $414.0K | $-16M | $-14M | $-14M | $47M | $14M | $-5M | $-4M | $-768.0K | $-364.0K | $-56M | $51M | |
| Free Cash Flow | · | $-19M | · | · | · | $-15M | · | · | · | $-25M | · | · | · | $-24M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | 65.6% | · | · | -3615.3% | -3101.4% | -9471.2% | · | · | |
| Net Margin | · | · | · | · | · | · | · | · | 69.3% | · | · | -3164.3% | -2702.6% | -8399.7% | · | · | |
| EBITDA Margin | · | · | · | · | · | · | · | · | 65.6% | · | · | -3615.3% | -3101.4% | -9471.2% | · | · | |
| ROA | -9.5% | -6.4% | · | -7.9% | -6.6% | -7.4% | · | -7.8% | 22.6% | -10.1% | · | -9.1% | · | -9.2% | · | -9.4% | |
| ROE | -10.0% | -6.7% | · | -8.6% | -7.1% | -8.0% | · | -8.5% | 25.5% | -11.0% | · | -10.1% | · | -10.2% | · | -10.5% |
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 | 31.4 | 34.3 | · | 17.7 | 24.4 | 28.7 | · | 18.4 | 22.1 | 20.4 | · | 18.6 | · | 21.0 | · | 15.5 | |
| Quick Ratio | 4.7 | 5.1 | · | 4.0 | 4.7 | 5.2 | · | 5.0 | 6.8 | 3.7 | · | 2.1 | · | 2.4 | · | 6.2 |
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 | · | · | · | 0.0 | 0.0 | · | · | 0.0 | 0.3 | 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 | · | · | · | · | · | $81M | · | $81M | $82M | $2M | · | $3M | $4M | $6M | · | $11M | |
| Net Income TTM | $-82M | $-73M | · | $-76M | $-1M | $-11M | · | $-17M | $-19M | $-99M | · | $-96M | $-106M | $-109M | · | $-104M | |
| Market Cap | $279M | $511M | · | $498M | $372M | $155M | · | $193M | $386M | $587M | · | $231M | · | $176M | · | $421M | |
| P/E | -3.1 | -6.8 | · | -7.5 | -172.0 | -15.2 | · | -11.9 | -18.8 | -5.9 | · | -2.6 | -1.5 | -1.2 | · | -3.2 | |
| P/S | · | · | · | · | · | 1.9 | · | 2.4 | 4.7 | 303.3 | · | 74.2 | · | 29.6 | · | 39.8 | |
| P/B | 0.9 | 1.5 | · | 2.5 | 1.7 | 0.7 | · | 0.7 | 1.4 | 2.7 | · | 0.9 | · | 0.6 | · | 1.9 | |
| P / Tangible Book | 0.9 | 1.5 | · | 2.5 | 1.7 | 0.7 | · | 0.7 | 1.4 | 2.7 | · | 0.9 | · | 0.6 | · | 1.9 | |
| P / Cash Flow | · | -27.2 | · | · | · | -10.2 | · | · | · | -23.2 | · | · | · | -7.3 | · | · | |
| P / FCF | · | -27.2 | · | · | · | -10.2 | · | · | · | -23.2 | · | · | · | -7.2 | · | · | |
| Earnings Yield | -32.2% | -14.6% | · | -13.3% | -0.58% | -6.6% | · | -8.4% | -5.3% | -17.1% | · | -38.1% | -64.5% | -83.9% | · | -31.5% |
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 | $0 | $80M | $3M | $6M | $19M |
| Operating Margin % | — | -27.4% | -3945.2% | -1774.8% | — |
| Net Income | $-75M | $-10M | $-97M | $-110M | $-81M |
| Diluted EPS | $-1.18 | $-0.16 | $-1.59 | $-2.44 | $-2.29 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 27.4 | 22.6 | 17.7 | 12.4 | — |
| Quick Ratio | 15.1 | 5.3 | 1.9 | 2.1 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-60M | $-2M | $-91M | $-99M | — |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 169 filers · $235.0M 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 |
|---|---|---|---|---|
| 35 (+2 vs prior Q) | 39 (+3 vs prior Q) | 67 (-4 vs prior Q) | 34 (-6 vs prior Q) | +4.1M |
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 |
|---|---|---|---|---|
| EcoR1 Capital, LLC | $23,972,510 | 6,549,866 | 10.20% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $23,868,368 | 6,521,412 | 10.15% | Shares |
| Nantahala Capital Management, LLC | $20,038,646 | 5,475,040 | 8.53% | Shares |
| MONTANOVA CAPITAL, LLC | $13,472,171 | 3,680,921 | 5.73% | Shares |
| CITADEL ADVISORS LLC | $9,898,488 | 2,704,505 | 4.21% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $9,871,811 | 2,697,216 | 4.20% | Shares |
| D. E. Shaw & Co., Inc. | $8,099,115 | 2,212,873 | 3.45% | Shares |
| STATE STREET CORP | $7,455,512 | 2,037,025 | 3.17% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $7,320,000 | 2,000,000 | 3.11% | Shares |
| GSK plc | $6,535,713 | 1,785,714 | 2.78% | Shares |
| Qube Research & Technologies Ltd | $6,399,389 | 1,748,467 | 2.72% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $6,030,948 | 1,647,800 | 2.57% | Shares |
| ADAR1 Capital Management, LLC | $5,728,006 | 1,565,029 | 2.44% | Shares |
| MILLENNIUM MANAGEMENT LLC | $5,438,039 | 1,485,803 | 2.31% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,516,515 | 1,233,727 | 1.92% | Shares |
| JANE STREET GROUP, LLC | $4,371,332 | 1,194,353 | 1.86% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,322,262 | 1,180,946 | 1.84% | Shares |
| Ikarian Capital, LLC | $3,839,929 | 1,049,161 | 1.63% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,764,884 | 1,028,657 | 1.60% | Shares |
| Jump Financial, LLC | $3,678,300 | 1,005,000 | 1.56% | Shares |
| VANGUARD GROUP INC | $3,580,169 | 316,549 | 1.52% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $3,296,957 | 900,808 | 1.40% | Shares |
| GOLDMAN SACHS GROUP INC | $3,163,389 | 864,314 | 1.35% | Shares |
| Assenagon Asset Management S.A. | $3,056,847 | 835,204 | 1.30% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,974,724 | 812,766 | 1.27% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,862,647 | 782,144 | 1.22% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,727,860 | 745,317 | 1.16% | Shares |
| Balyasny Asset Management L.P. | $2,534,082 | 692,372 | 1.08% | Shares |
| BlackRock, Inc. | $2,504,769 | 684,363 | 1.07% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,495,505 | 681,832 | 1.06% | Shares |
| Point72 Asset Management, L.P. | $2,384,223 | 651,427 | 1.01% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,585,585 | 433,220 | 0.67% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,265,072 | 345,648 | 0.54% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,112,596 | 303,988 | 0.47% | Shares |
| Peapod Lane Capital LLC | $1,046,021 | 285,798 | 0.45% | Shares |
| Engineers Gate Manager LP | $885,720 | 242,000 | 0.38% | Shares |
| EntryPoint Capital, LLC | $794,948 | 217,199 | 0.34% | Shares |
| XTX Topco Ltd | $765,844 | 209,247 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $743,712 | 203,200 | 0.32% | Put option |
| Quadrature Capital Ltd | $692,176 | 189,119 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $641,964 | 175,400 | 0.27% | Put option |
| ALLIANCEBERNSTEIN L.P. | $639,448 | 83,370 | 0.27% | Shares |
| AMERICAN CENTURY COMPANIES INC | $570,477 | 155,868 | 0.24% | Shares |
| Simplify Asset Management Inc. | $562,886 | 153,794 | 0.24% | Shares |
| MARSHALL WACE, LLP | $500,860 | 136,847 | 0.21% | Shares |
| Fiduciary Trust Co | $499,791 | 136,555 | 0.21% | Shares |
| Squarepoint Ops LLC | $463,202 | 126,558 | 0.20% | Shares |
| Verdad Advisers, LP | $458,320 | 125,224 | 0.19% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $435,679 | 119,038 | 0.19% | Shares |
| HSBC HOLDINGS PLC | $426,477 | 109,353 | 0.18% | Shares |
| Rangeley Capital, LLC | $420,497 | 114,890 | 0.18% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $374,784 | 102,400 | 0.16% | Shares |
| ALGERT GLOBAL LLC | $370,978 | 101,360 | 0.16% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $349,607 | 95,521 | 0.15% | Shares |
| TWO SIGMA ADVISERS, LP | $344,955 | 30,500 | 0.15% | Shares |
| FMR LLC | $337,917 | 92,327 | 0.14% | Shares |
| Headlands Technologies LLC | $328,386 | 89,723 | 0.14% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $314,032 | 85,801 | 0.13% | Shares |
| Susquehanna Portfolio Strategies, LLC | $313,223 | 85,580 | 0.13% | Shares |
| Matisse Capital | $304,108 | 39,649 | 0.13% | Shares |
| BARCLAYS PLC | $300,757 | 82,174 | 0.13% | Shares |
| AXQ CAPITAL, LP | $298,228 | 81,483 | 0.13% | Shares |
| Allostery Investments LP | $277,629 | 40,353 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $268,793 | 73,443 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $263,520 | 72,000 | 0.11% | Call option |
| RBF Capital, LLC | $256,200 | 70,000 | 0.11% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $248,357 | 67,857 | 0.11% | Shares |
| ALPS ADVISORS INC | $247,533 | 67,632 | 0.11% | Shares |
| CITIGROUP INC | $217,217 | 59,349 | 0.09% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $206,592 | 56,446 | 0.09% | Shares |
| DEUTSCHE BANK AG\ | $191,714 | 52,381 | 0.08% | Shares |
| Bank of New York Mellon Corp | $189,357 | 51,737 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $181,887 | 49,696 | 0.08% | Shares |
| STRS OHIO | $169,092 | 46,200 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $161,772 | 44,200 | 0.07% | Call option |
| COMMONWEALTH EQUITY SERVICES, LLC | $146,400 | 40,000 | 0.06% | Shares |
| Marquette Asset Management, LLC | $141,101 | 38,552 | 0.06% | Shares |
| Nuveen Asset Management, LLC | $136,624 | 29,069 | 0.06% | Shares |
| MetLife Investment Management, LLC | $124,729 | 34,079 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $124,440 | 34,000 | 0.05% | Call option |
| PROFUND ADVISORS LLC | $119,001 | 32,514 | 0.05% | Shares |
| SEI INVESTMENTS CO | $112,292 | 30,681 | 0.05% | Shares |
| COUNTRY TRUST BANK | $109,950 | 30,041 | 0.05% | Shares |
| LMR Partners LLP | $109,800 | 30,000 | 0.05% | Shares |
| AlphaQuest LLC | $109,232 | 9,658 | 0.05% | Shares |
| Aigen Investment Management, LP | $108,014 | 29,512 | 0.05% | Shares |
| Scientech Research LLC | $104,617 | 28,584 | 0.04% | Shares |
| Mariner, LLC | $102,861 | 28,104 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $100,010 | 27,325 | 0.04% | Shares |
| CWM, LLC | $92,761 | 12,094 | 0.04% | Shares |
| Nuveen, LLC | $92,426 | 25,253 | 0.04% | Shares |
| MORGAN STANLEY | $92,045 | 25,149 | 0.04% | Shares |
| Graham Capital Management, L.P. | $91,745 | 25,067 | 0.04% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $91,690 | 25,052 | 0.04% | Shares |
| FRANKLIN RESOURCES INC | $90,845 | 24,821 | 0.04% | Shares |
| Rafferty Asset Management, LLC | $89,809 | 24,538 | 0.04% | Shares |
| JANE STREET GROUP, LLC | $87,840 | 24,000 | 0.04% | Put option |
| MERCER GLOBAL ADVISORS INC /ADV | $78,214 | 21,370 | 0.03% | Shares |
| Invesco Ltd. | $74,664 | 20,400 | 0.03% | Shares |
| Castleview Partners, LLC | $69,906 | 19,100 | 0.03% | Shares |
Company insiders 29 insiders · 13 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Alex Sapir | President & Chief Executive Officer | Feb. 2, 2026 A | 193,360 | 0 | 0 | $0 |
| Bryan Stuart | President & Chief Executive Officer | Jan. 19, 2022 A | 0 | 0 | 0 | $0 |
| Esther Rajavelu | Chief Financial Officer | Feb. 9, 2023 A | — | 0 | 0 | $0 |
| Judith Dunn | President, Research & Development | Jan. 19, 2022 A | — | 0 | 0 | $0 |
| Melvin H. Hayes III | Chief Operating Officer | April 26, 2023 A | — | 0 | 0 | $0 |
| Greg Tourangeau | Principal Accounting Officer | Feb. 2, 2026 A | 14,062 | 0 | 0 | $0 |
| Curtis Gale Oltmans | Chief Legal Officer | Feb. 2, 2026 A | 10,252 | 0 | 1 | $-44,600 |
| Patrick Taylor Horn | Chief Medical Officer | March 18, 2024 A | — | 0 | 0 | $0 |
| Santiago Arroyo | Chief Medical Officer | Nov. 7, 2022 A | — | 0 | 0 | $0 |
| Christopher Morabito | Chief Medical Officer | Jan. 19, 2022 A | 1,100 | 0 | 0 | $0 |
| Christopher Moxham | Chief Scientific Officer | Aug. 10, 2021 M | 0 | 0 | 0 | $0 |
| Owen B. Wallace | Chief Scientific Officer | Sept. 14, 2020 M | 133,438 | 0 | 0 | $0 |
| Diego Cadavid | SVP Clinical Development | July 1, 2020 S | 65,714 | 0 | 0 | $0 |
| Sonja Banks | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Alan Ezekowitz | Director | June 30, 2026 A | 10,927 | 0 | 1 | $-65,700 |
| Colin Hill | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Kate Haviland | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Katina Dorton | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Rachel K. King | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Robert J Gould | Director | June 30, 2026 A | 469,864 | 0 | 4 | $-667,350 |
| James A Geraghty | Director | June 30, 2026 A | 90,714 | 0 | 0 | $0 |
| Joshua Lehrer-Graiwer | Director | April 23, 2026 A | — | 0 | 0 | $0 |
| James J. Collins | Director | June 17, 2024 A | — | 0 | 0 | $0 |
| Mark J Levin | Director | Nov. 10, 2021 J | 3,962,202 | 0 | 0 | $0 |
| 6 Dimensions Capital, L.P. | 10% owner | July 22, 2019 C | 559,821 | 0 | 0 | $0 |
| GSK plc | 10% owner | July 22, 2019 C | 1,785,714 | 0 | 0 | $0 |
| Sanofi | 10% owner | July 22, 2019 C | 558,035 | 0 | 0 | $0 |
| Alan A Musso | — | Feb. 2, 2026 A | — | 0 | 0 | $0 |
| Peter G. Thomson | — | Jan. 19, 2022 A | 2,300 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 35 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 0.59% | 10,748 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.41% | 21,230 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.05% | 203,387 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 53,140 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.04% | 140,971 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.02% | 2,464 NS | May 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.02% | 3,588 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.02% | 411,384 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 562,208 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 25,920 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 81,961 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 219,460 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 2,817 NS | May 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.01% | 53,282 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 341,378 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 50,849 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 1,521,240 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 228,499 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 2,203 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 2,227 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 1,960 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,209 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 56 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 3,000 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 10,997 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 7,834 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 30,377 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 110,458 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 23,143 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 10,048 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 15,348 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 553,375 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,074,332 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,108 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 140,406 SH | Aug. 8, 2026 | Daily |