GRAL GRAIL, Inc. - Common Stock
$72.31
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$30–$119
48% of range
Analyst Rating
HOLD
15 analysts
Price Target
$72
+0% upside
P/E (TTM)
-6638.1
ROE
-16.7%
Net Profit Margin
-277.5%
About GRAIL, Inc. - Common Stock Company overview from Wikipedia
GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
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GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
In June 2021 GRAIL launched their liquid biopsy, or multi-cancer early detection test, which they called Galleri test. In 2023 EU regulators ordered Grail to be spun-out from Illumina which was completed on June 24, 2024.
Activities
Illumina's own research showed that repeatedly sequencing DNA in the bloodstream made it possible to detect floating bits of DNA from cancer cells more accurately. It initially aimed to recruit greater than 100,000 people into its clinical trials in order to accumulate the sizeable data required to detect and interpret cancer biomarkers.
Galleri test
As of November 2020 Galleri investigated three multi-cancer screening tests.
In June 2021 Galleri launched their liquid biopsy or multi-cancer early detection test (MCED), which Grail called the Galleri test. Grail promoted the test as a "groundbreaking and potentially life-saving advance", although the results of early trials were poor. A subsequent large-scale NHS England trial was described as overhyped and unethical. As of 2024, Grail was facing discontent and legal action from investors.
In June 2025, an article in the New Yorker discussed an interview of their medicine and science writer regarding the test and its recent history with a focus on its potential for adaptation as research continues in its product development through clinical investigations.
On 17 October 2025, BBC news carried positive coverage of test results just presented at the European Society for Medical Oncology. However, as of October 20, 2025 the results of the PATHFINDER 2 study have yet to be peer reviewed or published. Eric Topol reported a sensitivity of only 40% these false negatives failed to discover cancer that emerged during the 12-month follow-up.
Company history
Grail began as a San Francisco biotechnology and pharmaceutical startup company in 2015, the parent company being Illumina of San Diego, which produces most of the DNA sequencing machines that scientists use to study human biology and diagnose rare genetic diseases. Richard Klausner, then chief medical officer at Illumina and former director of the National Cancer Institute, advocated for the new business. According to the San Francisco Business Times, he correctly predicted how DNA sequencing technology would make it possible to detect evidence of a tumor from a blood sample. He also joined Grail's board of directors. According to Forbes in 2017, 20% of Grail's profits are kept by Illumina.
In September 2020, Illumina announced an agreement to purchase Grail outright for $7.1 billion.
On November 27, 2020, Grail announced a commercial partnership with the National Health Service (England) (NHS), to trial the Galleri test, reporting in 2026.
In March 2021, the Federal Trade Commission (FTC) sued to block the vertical merger. In September 2022, an administrative judge ruled against the FTC's position on antitrust grounds.
In June 2023, Grail disclosed that letters were mailed to 408 patients incorrectly informing them that they may have cancer. The company blamed the incident on PWNHealth, saying that it was due to a software configuration issue, not due to incorrect Galleri test results.
In October 2023, the European Commission ordered Grail to be divested from Illumina within the next twelve months. The European Commission (EC) has since approved Illumina's divestment plan for separating from Grail. Illumina has set a goal of finalizing the divestment terms by the end of the second quarter of 2024. In April 2024, the EC approved Illumina's plan, allowing Illumina to explore either a trade sale or a capital markets transaction (spin-off) to divest Grail. In May 2024, Illumina publicly filed a Form 10 registration statement with the U.S. SEC, a necessary step for a potential capital markets separation of Grail. If a capital markets transaction occurs, Illumina must capitalize Grail with around $1 billion to fund 2.5 years of operations per the EC's divestment plan. The spinoff was completed in June 2024, with Grail trading on the Nasdaq with ticker symbol GRAL and Illumina retaining a 14.5% share of Grail.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
GRAL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$72.31
Market Cap
$2.97T
P/E (TTM)
-6638.1
EPS (TTM)
$-11.11
Revenue (TTM)
$147M
Div Yield
—
ROE
-16.7%
Debt/Equity
—
52W Range
$30 – $119
GRAL 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
$147M
2023-01-01
→
2025-12-31
EPS
$-11.11
2023-01-01
→
2025-12-31
Free Cash Flow
$-300M
2024-12-31
→
2025-12-31
Margins
-277.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
GRAL
Peer Median
P/E (TTM)
-6638.1
—
P/S (TTM)
20210.5
18.3
P/B
1153.8
3.3
Price / FCF
-9917.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
GRAL
Peer Median
Operating Margin
-382.0%
—
Net Profit Margin
-277.5%
-180.4%
ROA
-13.8%
-36.2%
ROE
-16.7%
-43.7%
ROIC
-16.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
GRAL
Peer Median
Current Ratio
12.0
9.7
Quick Ratio
3.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
GRAL
Peer Median
Revenue YoY
17.2%
—
Revenue CAGR 3Y
38.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
GRAL
Peer Median
GRAL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 4 26.7%
- Buy 5 33.3%
- Hold 6 40.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-19
Median
$74.50
Now
$72.31
Low
$60.00
High
$88.00
Median target
$74.50
+3.0%
Mean target
$72.38
+0.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.61%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-2.56 | $-2.71 | 0.15% |
| March 31, 2026 | $-2.29 | $-2.82 | 0.53% |
| Dec. 31, 2025 | $-2.44 | $-2.76 | 0.32% |
| Sept. 30, 2025 | $-2.46 | $-3.59 | 1.1% |
| June 30, 2025 | $-3.18 | $-3.64 | 0.46% |
| March 31, 2025 | $-3.10 | $-4.17 | 1.1% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| GRAL | $3.45B | -7.7 | 17.2% | -277.5% | -16.7% | — |
| RCUS | $2.99B | -7.2 | -4.3% | -142.9% | -59.8% | — |
| VCYT | $3.34B | 51.3 | 16.0% | 12.8% | 5.2% | 70.1% |
| IDYA | $3.04B | -27.0 | 3024.4% | -52.0% | -11.5% | — |
| CLDX | $1.81B | -7.0 | -78.0% | -16748.0% | -43.8% | — |
| ARQT | $3.58B | -223.4 | 91.3% | -4.3% | -9.8% | — |
| IOVA | $1.12B | -2.5 | 60.6% | -148.4% | -56.0% | — |
| IMNM | $2.43B | -8.8 | -23.2% | -3060.0% | -47.0% | — |
| IRON | $3.01B | -13.2 | — | — | -31.3% | — |
| NRIX | $1.80B | -5.8 | 53.9% | -314.9% | -53.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $147M | $126M | $93M | |
| R&D Expense | $196M | $322M | $339M | |
| SG&A Expense | $159M | $214M | $200M | |
| Operating Expenses | $709M | $2.31B | $1.61B | |
| Operating Income | $-562M | $-2.19B | $-1.52B | |
| Interest Income | $29M | $27M | $8M | |
| Other Non-op | $-993.0K | $64.0K | $-208.0K | |
| Pretax Income | $-535M | $-2.16B | $-1.51B | |
| Income Tax | $-126M | $-135M | $-42M | |
| Net Income | $-408M | $-2.03B | $-1.47B | |
| EPS (Basic) | $-11.11 | $-63.54 | $-47.21 | |
| EPS (Diluted) | $-11.11 | $-63.54 | $-47.21 | |
| Shares (Basic) | 36,753,751 | 31,901,259 | 31,049,148 | |
| Shares (Diluted) | 36,753,751 | 31,901,259 | 31,049,148 | |
| EBITDA | $-562M | $-2.19B | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $250M | $214M | $97M | |
| Receivables | $18M | $20M | $17M | |
| Prepaid Expense | $15M | $17M | $20M | |
| Current Assets | $954M | $820M | $156M | |
| PP&E (Net) | $52M | $69M | $85M | |
| PP&E (Gross) | $122M | $123M | $121M | |
| Accum. Depreciation | $70M | $54M | $36M | |
| Goodwill | · | $0 | $889M | |
| Intangibles | $1.85B | $2.02B | $2.69B | |
| Other Non-current Assets | $7M | $8M | $8M | |
| Total Assets | $2.92B | $2.98B | $3.91B | |
| Accounts Payable | $2M | $5M | $20M | |
| Accrued Liabilities | $64M | $57M | $74M | |
| Current Liabilities | $80M | $77M | $164M | |
| Capital Leases | $43M | $55M | $70M | |
| Deferred Tax | $219M | $346M | $33M | |
| Other Non-current Liabilities | $3M | $2M | $1M | |
| Total Liabilities | $344M | $480M | $268M | |
| Common Stock | $40.0K | $34.0K | · | |
| Paid-in Capital | $12.79B | $12.31B | · | |
| Retained Earnings | $-10.21B | $-9.80B | $-7.78B | |
| AOCI | $3M | $1M | $1M | |
| Stockholders' Equity | $2.58B | $2.50B | · | |
| Liabilities + Equity | $2.92B | $2.98B | $3.91B | |
| Shares Outstanding | 40,331,360 | 33,893,409,000 | 0 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Stock-based Comp | $58M | $86M | $97M | |
| Deferred Tax | $-126M | $-134M | $-38M | |
| Amort. of Intangibles | $134M | $134M | $134M | |
| Operating Cash Flow | $-299M | $-577M | $-596M | |
| CapEx | $909.0K | $5M | $13M | |
| Investing Cash Flow | $-85M | $-551M | $-13M | |
| Financing Cash Flow | $423M | $1.24B | $464M | |
| Net Change in Cash | $39M | $116M | $-145M | |
| Taxes Paid | $1M | · | · | |
| Free Cash Flow | $-300M | $-582M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating Margin | -382.0% | -1743.0% | · | |
| Net Margin | -277.5% | -1613.9% | · | |
| Pretax Margin | -363.2% | -1721.7% | · | |
| EBITDA Margin | -382.0% | -1743.0% | · | |
| ROA | -13.8% | -58.8% | · | |
| ROE | -16.7% | -79.6% | · | |
| ROIC | -16.7% | -82.0% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 12.0 | 10.7 | · | |
| Quick Ratio | 3.4 | 3.0 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | |
| Receivables Turnover | 7.6 | 6.7 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 17.2% | 34.9% | 67.6% | |
| Revenue CAGR 3Y | 38.4% | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $147M | $126M | · | |
| Net Income TTM | $-408M | $-2.03B | · | |
| Market Cap | $3.45B | $605M | · | |
| P/E | -7.7 | -0.3 | · | |
| P/S | 23.5 | 4.8 | · | |
| P/B | 1.3 | 0.2 | · | |
| P / Tangible Book | 4.7 | 1.2 | · | |
| P / Cash Flow | -11.5 | -1.0 | · | |
| P / FCF | -11.5 | -1.0 | · | |
| Earnings Yield | -13.0% | -356.0% | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45M | $41M | $44M | $36M | $36M | $32M | $38M | $29M | $32M | $27M | $30M | $21M | |
| R&D Expense | $47M | $48M | $47M | $49M | $47M | $54M | $48M | $78M | $94M | $102M | · | · | |
| SG&A Expense | $51M | $43M | $39M | $37M | $38M | $45M | $42M | $47M | $67M | $57M | · | · | |
| Operating Expenses | $218M | $177M | $168M | $161M | $194M | $185M | $175M | $212M | $1.67B | $254M | $225M | $933M | |
| Operating Income | $-174M | $-136M | $-124M | $-125M | $-159M | $-154M | $-137M | $-184M | $-1.64B | $-227M | $-195M | $-912M | |
| Interest Income | $7M | $8M | $8M | $6M | $7M | $8M | $9M | $12M | $3M | $3M | $1M | $3M | |
| Other Non-op | $-155.0K | $256.0K | $-64.0K | $466.0K | $-811.0K | $-584.0K | $578.0K | $-561.0K | $5.0K | $42.0K | $213.0K | $-196.0K | |
| Pretax Income | $-167M | $-128M | $-117M | $-119M | $-153M | $-146M | $-127M | $-172M | $-1.64B | $-224M | $-193M | $-910M | |
| Income Tax | $-56M | $-34M | $-17M | $-30M | $-39M | $-40M | $-30M | $-47M | $-53M | $-6M | $-6M | $-19M | |
| Net Income | $-110M | $-93M | $-99M | $-89M | $-114M | $-106M | $-97M | $-126M | $-1.59B | $-219M | $-885M | $-891M | |
| EPS (Basic) | $-2.56 | $-2.29 | $-2.37 | $-2.46 | $-3.18 | $-3.10 | $-1.49 | $-3.94 | $-51.06 | $-7.05 | $-6.04 | $-28.71 | |
| EPS (Diluted) | $-2.56 | $-2.29 | $-2.37 | $-2.46 | $-3.18 | $-3.10 | $-1.49 | $-3.94 | $-51.06 | $-7.05 | $-6.04 | $-28.71 | |
| Shares (Basic) | 43,112,595 | 40,640,879 | -69,472,094 | 36,124,256 | 35,793,154 | 34,308,435 | -62,077,091 | 31,880,054 | 31,049,148 | 31,049,148 | 0 | 0 | |
| Shares (Diluted) | 43,112,595 | 40,640,879 | -69,472,094 | 36,124,256 | 35,793,154 | 34,308,435 | -62,077,091 | 31,880,054 | 31,049,148 | 31,049,148 | 0 | 0 | |
| EBITDA | $-174M | $-136M | · | $-125M | $-159M | $-154M | · | $-184M | $-1.64B | · | · | · |
Balance Sheet 25
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $56M | $69M | $250M | $127M | $127M | $134M | $214M | $854M | $959M | · | $97M | · | |
| Receivables | $20M | $20M | $18M | $16M | $16M | $19M | $20M | · | · | · | · | · | |
| Prepaid Expense | $16M | $17M | $15M | $15M | $13M | $15M | $17M | $20M | $21M | · | · | · | |
| Current Assets | $915M | $877M | $954M | $589M | $652M | $728M | $820M | $910M | $1.02B | · | · | · | |
| PP&E (Net) | $44M | $48M | $52M | $56M | $60M | $65M | $69M | · | · | · | · | · | |
| PP&E (Gross) | · | · | $122M | · | · | · | $123M | · | · | · | · | · | |
| Accum. Depreciation | · | · | $70M | · | · | · | $54M | · | · | · | · | · | |
| Goodwill | · | · | · | · | · | · | $0 | $0 | $0 | · | $889M | · | |
| Intangibles | $1.78B | $1.82B | $1.85B | $1.89B | $1.92B | $1.98B | $2.02B | $2.05B | $2.09B | · | · | · | |
| Other Non-current Assets | $7M | $7M | $7M | $7M | $7M | $7M | $8M | $8M | $8M | · | · | · | |
| Total Assets | $2.84B | $2.80B | $2.92B | $2.60B | $2.70B | $2.85B | $2.98B | $3.12B | $3.27B | · | · | · | |
| Accounts Payable | $7M | $5M | $2M | $3M | $6M | $6M | $5M | · | · | · | · | · | |
| Accrued Liabilities | $64M | $58M | $64M | $58M | $49M | $54M | $57M | $69M | $57M | · | · | · | |
| Current Liabilities | $84M | $75M | $80M | $77M | $71M | $75M | $77M | $94M | $88M | · | · | · | |
| Capital Leases | $81M | $41M | $43M | $45M | $48M | $51M | $55M | $59M | $62M | · | · | · | |
| Deferred Tax | $134M | $184M | $219M | $236M | $266M | $305M | $346M | $375M | $422M | · | · | · | |
| Other Non-current Liabilities | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | · | · | · | |
| Total Liabilities | $301M | $303M | $344M | $361M | $388M | $434M | $480M | $530M | $575M | · | · | · | |
| Common Stock | $45.0K | $41.0K | $40.0K | $36.0K | $36.0K | $35.0K | $34.0K | $33.0K | $31.0K | · | · | · | |
| Paid-in Capital | $12.96B | $12.80B | $12.79B | $12.35B | $12.34B | $12.32B | $12.31B | $12.29B | $12.27B | · | · | · | |
| Retained Earnings | $-10.42B | $-10.30B | $-10.21B | $-10.11B | $-10.02B | $-9.91B | $-9.80B | $-9.71B | $-9.58B | · | · | · | |
| AOCI | $2M | $2M | $3M | $2M | $2M | $2M | $1M | $2M | $1M | · | · | · | |
| Stockholders' Equity | $2.54B | $2.50B | $2.58B | $2.24B | $2.31B | $2.41B | $2.50B | $2.59B | $2.70B | · | · | · | |
| Liabilities + Equity | $2.84B | $2.80B | $2.92B | $2.60B | $2.70B | $2.85B | $2.98B | $3.12B | $3.27B | · | · | · | |
| Shares Outstanding | 44,666,234 | 41,134,219 | 40,331,360 | 36,160,998 | 36,047,799 | 35,296,858 | 33,893,409 | 33,203,744 | 31,049,148 | · | 0 | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $20M | $17M | $14M | $14M | $14M | $16M | $14M | $17M | $26M | $29M | $25M | $25M | |
| Deferred Tax | $-57M | $-35M | $-17M | $-30M | $-39M | $-40M | $-29M | $-47M | $-53M | $-5M | $-4M | $-18M | |
| Amort. of Intangibles | $33M | $33M | $30M | $35M | $33M | $33M | $30M | $35M | $35M | $35M | $30M | $35M | |
| Restructuring | · | · | · | · | · | · | · | $19M | · | · | · | · | |
| Operating Cash Flow | $-81M | $-87M | $-64M | $-63M | $-77M | $-95M | $-93M | $-105M | $-172M | $-207M | $-129M | $-158M | |
| CapEx | $432.0K | $503.0K | $94.0K | $384.0K | $369.0K | $62.0K | $303.0K | $971.0K | $1M | $3M | · | · | |
| Investing Cash Flow | $-47M | $-93M | $-237M | $67M | $70M | $15M | $-546M | $-971.0K | $-1M | $-3M | $-4M | $-3M | |
| Financing Cash Flow | · | · | $423M | $0 | $0 | $0 | $0 | $0 | $932M | $312M | $86M | $74M | |
| Net Change in Cash | $-14M | $-180M | $123M | $3M | $-6M | $-80M | $-640M | $-105M | $759M | $102M | $-47M | $-87M | |
| Free Cash Flow | · | $-87M | · | · | · | $-95M | · | · | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -388.9% | -332.9% | · | -346.2% | -446.9% | -482.5% | · | -640.5% | -5133.9% | · | · | · | |
| Net Margin | -246.7% | -228.5% | · | -245.8% | -320.7% | -333.6% | · | -438.7% | -4958.8% | · | · | · | |
| Pretax Margin | -373.1% | -312.7% | · | -328.0% | -430.1% | -459.9% | · | -601.7% | -5125.1% | · | · | · | |
| EBITDA Margin | -388.9% | -332.9% | · | -346.2% | -446.9% | -482.5% | · | -640.5% | -5133.9% | · | · | · | |
| ROA | -4.0% | -3.3% | · | -3.1% | -3.8% | -7.5% | · | -8.1% | -97.0% | · | · | · | |
| ROE | -4.5% | -3.8% | · | -3.7% | -4.5% | -8.8% | · | -9.7% | -117.6% | · | · | · | |
| ROIC | -4.5% | -4.0% | · | -4.2% | -5.1% | -4.6% | · | -5.2% | -58.9% | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.9 | 11.7 | · | 7.6 | 9.2 | 9.7 | · | 9.7 | 11.6 | · | · | · | |
| Quick Ratio | 0.9 | 1.2 | · | 1.8 | 2.0 | 2.0 | · | 9.1 | 10.9 | · | · | · |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | |
| Receivables Turnover | 2.5 | 2.1 | · | 4.4 | 4.4 | 3.3 | · | · | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $157M | $144M | · | $132M | $128M | $119M | · | $108M | $102M | · | · | · | |
| Net Income TTM | $-406M | $-402M | · | $-435M | $-1.93B | $-2.04B | · | $-2.82B | $-2.89B | · | · | · | |
| Market Cap | $3.05B | $2.13B | · | $2.14B | $1.85B | $901M | · | $457M | $477M | · | · | · | |
| P/E | -6.5 | -4.7 | · | -4.7 | -0.8 | -0.4 | · | -0.2 | -0.2 | · | · | · | |
| P/S | 19.4 | 14.7 | · | 16.2 | 14.5 | 7.6 | · | 4.2 | 4.7 | · | · | · | |
| P/B | 1.2 | 0.9 | · | 1.0 | 0.8 | 0.4 | · | 0.2 | 0.2 | · | · | · | |
| P / Tangible Book | 4.0 | 3.1 | · | 6.0 | 4.7 | 2.1 | · | 0.9 | 0.8 | · | · | · | |
| P / Cash Flow | · | -24.4 | · | · | · | -9.5 | · | · | · | · | · | · | |
| P / FCF | · | -24.3 | · | · | · | -9.5 | · | · | · | · | · | · | |
| Earnings Yield | -15.4% | -21.3% | · | -21.4% | -119.2% | -255.1% | · | -659.6% | -605.3% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-01-01 | |
|---|---|---|---|---|
| Revenue | $147M | $126M | $93M | $56M |
| Operating Margin % | -382.0% | -1743.0% | — | — |
| Net Income | $-408M | $-2.03B | $-1.47B | $-5.40B |
| Diluted EPS | $-11.11 | $-63.54 | $-47.21 | $-173.89 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-01-01 | |
|---|---|---|---|---|
| Current Ratio | 12.0 | 10.7 | — | — |
| Quick Ratio | 3.4 | 3.0 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-01-01 | |
|---|---|---|---|---|
| Free Cash Flow | $-300M | $-582M | — | — |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 411 filers · $2.2B 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 |
|---|---|---|---|---|
| 67 (+16 vs prior Q) | 45 (-49 vs prior Q) | 106 (+8 vs prior Q) | 102 (-12 vs prior Q) | +6.7M |
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 |
|---|---|---|---|---|
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $284,111,340 | 4,161,584 | 13.20% | Shares |
| BAKER BROS. ADVISORS LP | $275,033,478 | 4,028,614 | 12.78% | Shares |
| STATE STREET CORP | $162,859,041 | 2,385,514 | 7.57% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $148,835,838 | 2,180,106 | 6.91% | Shares |
| Sessa Capital IM, L.P. | $139,101,354 | 2,037,518 | 6.46% | Shares |
| Deep Track Capital, LP | $125,271,627 | 1,834,944 | 5.82% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $112,039,058 | 1,641,117 | 5.21% | Shares |
| Arbiter Partners Capital Management LLC | $70,611,456 | 1,034,297 | 3.28% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $58,460,697 | 856,182 | 2.72% | Shares |
| Jefferies Financial Group Inc. | $49,427,480 | 724,000 | 2.30% | Shares |
| Jefferies Financial Group Inc. | $44,375,500 | 650,000 | 2.06% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $43,707,751 | 640,219 | 2.03% | Shares |
| GOLDMAN SACHS GROUP INC | $42,579,111 | 623,687 | 1.98% | Shares |
| BANK OF AMERICA CORP /DE/ | $42,152,219 | 617,434 | 1.96% | Shares |
| Casdin Capital, LLC | $32,769,600 | 480,000 | 1.52% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $32,631,831 | 477,982 | 1.52% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $25,396,440 | 372,000 | 1.18% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $24,563,546 | 359,800 | 1.14% | Put option |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $23,211,800 | 340,000 | 1.08% | Shares |
| Granahan Investment Management, LLC | $21,926,686 | 321,176 | 1.02% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $20,523,874 | 300,628 | 0.95% | Shares |
| Aberdeen Group plc | $15,668,170 | 229,503 | 0.73% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $15,357,337 | 224,950 | 0.71% | Shares |
| Slow Capital, Inc. | $14,832,477 | 217,262 | 0.69% | Shares |
| CITADEL ADVISORS LLC | $14,616,607 | 214,100 | 0.68% | Call option |
| TCW GROUP INC | $13,101,901 | 191,913 | 0.61% | Shares |
| Douglas Lane & Associates, LLC | $11,082,952 | 162,340 | 0.51% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,601,990 | 155,295 | 0.49% | Shares |
| RAYMOND JAMES FINANCIAL INC | $10,495,215 | 153,731 | 0.49% | Shares |
| Newtyn Management, LLC | $10,240,500 | 150,000 | 0.48% | Shares |
| 180 WEALTH ADVISORS, LLC | $8,723,113 | 127,774 | 0.41% | Shares |
| Voleon Capital Management LP | $8,264,903 | 121,062 | 0.38% | Shares |
| FMR LLC | $8,139,559 | 119,226 | 0.38% | Shares |
| WIM INVESTMENT MANAGEMENT Ltd | $7,263,928 | 106,400 | 0.34% | Shares |
| Alyeska Investment Group, L.P. | $7,168,350 | 105,000 | 0.33% | Shares |
| AMERICAN CENTURY COMPANIES INC | $6,774,228 | 99,227 | 0.31% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $5,809,000 | 85,089 | 0.27% | Shares |
| Swiss National Bank | $5,202,174 | 76,200 | 0.24% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,853,178 | 71,088 | 0.23% | Shares |
| NATIXIS | $4,794,329 | 70,226 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $4,601,398 | 67,400 | 0.21% | Put option |
| BARCLAYS PLC | $4,557,091 | 66,751 | 0.21% | Shares |
| GAMCO INVESTORS, INC. ET AL | $4,554,497 | 66,713 | 0.21% | Shares |
| D. E. Shaw & Co., Inc. | $4,444,787 | 65,106 | 0.21% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $3,810,968 | 55,822 | 0.18% | Shares |
| Allianz Asset Management GmbH | $3,810,695 | 55,818 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $3,775,331 | 55,300 | 0.18% | Call option |
| RHUMBLINE ADVISERS | $3,773,202 | 55,269 | 0.18% | Shares |
| Public Sector Pension Investment Board | $3,633,534 | 53,223 | 0.17% | Shares |
| Pictet Asset Management Holding SA | $3,421,492 | 50,039 | 0.16% | Shares |
| Centiva Capital, LP | $3,413,500 | 50,000 | 0.16% | Call option |
| Verition Fund Management LLC | $3,334,921 | 48,849 | 0.15% | Shares |
| BlackRock, Inc. | $3,131,886 | 45,875 | 0.15% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,072,150 | 450 | 0.14% | Call option |
| D. E. Shaw & Co., Inc. | $3,072,150 | 45,000 | 0.14% | Put option |
| Legal Advantage Investments, Inc. | $3,046,549 | 44,625 | 0.14% | Shares |
| HighTower Advisors, LLC | $2,769,342 | 40,565 | 0.13% | Shares |
| Rafferty Asset Management, LLC | $2,697,962 | 39,519 | 0.13% | Shares |
| Timelo Investment Management Inc. | $2,662,530 | 39,000 | 0.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,492,320 | 48,226 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,298,210 | 44,470 | 0.11% | Shares |
| Lido Advisors, LLC | $2,270,250 | 33,254 | 0.11% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,252,910 | 330 | 0.10% | Put option |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $2,211,768 | 30,719 | 0.10% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,133,984 | 31,258 | 0.10% | Shares |
| Summit Financial, LLC | $2,103,877 | 30,817 | 0.10% | Shares |
| GABELLI FUNDS LLC | $2,067,420 | 30,283 | 0.10% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,988,740 | 30,169 | 0.09% | Shares |
| OSAIC HOLDINGS, INC. | $1,906,981 | 27,934 | 0.09% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,872,305 | 27,425 | 0.09% | Shares |
| COMMERCE BANK | $1,841,993 | 26,981 | 0.09% | Shares |
| UBS Group AG | $1,835,234 | 26,882 | 0.09% | Shares |
| Concurrent Investment Advisors, LLC | $1,833,850 | 26,862 | 0.09% | Shares |
| Gem Investment Advisors, LLC | $1,828,339 | 26,781 | 0.08% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,823,765 | 26,714 | 0.08% | Shares |
| Legato Capital Management LLC | $1,804,649 | 26,434 | 0.08% | Shares |
| PVG ASSET MANAGEMENT CORP | $1,767,305 | 25,887 | 0.08% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $1,761,366 | 25,800 | 0.08% | Shares |
| IMC-Chicago, LLC | $1,710,368 | 25,053 | 0.08% | Shares |
| Jackson Hole Capital Partners, LLC | $1,705,440 | 33,000 | 0.08% | Shares |
| Sheets Smith Investment Management | $1,688,635 | 28,558 | 0.08% | Shares |
| MetLife Investment Management, LLC | $1,649,813 | 24,166 | 0.08% | Shares |
| Gotham Asset Management, LLC | $1,634,384 | 23,940 | 0.08% | Shares |
| Quantinno Capital Management LP | $1,593,922 | 23,347 | 0.07% | Shares |
| TWO SIGMA ADVISERS, LP | $1,592,060 | 18,601 | 0.07% | Shares |
| CLOUGH CAPITAL PARTNERS L P | $1,566,387 | 22,944 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,522,353 | 22,299 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,474,427 | 21,597 | 0.07% | Shares |
| LPL Financial LLC | $1,393,254 | 20,408 | 0.06% | Shares |
| PROFUND ADVISORS LLC | $1,370,725 | 20,078 | 0.06% | Shares |
| Perigon Wealth Management, LLC | $1,348,537 | 19,753 | 0.06% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,271,324 | 18,622 | 0.06% | Shares |
| Invesco Ltd. | $1,117,853 | 16,374 | 0.05% | Shares |
| Bouvel Investment Partners, LLC | $1,106,998 | 16,215 | 0.05% | Shares |
| AMERIPRISE FINANCIAL INC | $1,082,216 | 15,852 | 0.05% | Shares |
| NORGES BANK | $1,077,983 | 15,790 | 0.05% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $1,054,703 | 15,449 | 0.05% | Shares |
| STRS OHIO | $1,044,531 | 15,300 | 0.05% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,006,300 | 14,740 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $996,469 | 14,596 | 0.05% | Shares |
Company insiders 8 insiders · 2 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joshua J. Ofman | Chief Executive Officer | June 1, 2026 A | 402,271 | 0 | 0 | $0 |
| Andrew John Partridge | Chief Growth Officer | June 4, 2026 S | 163,738 | 0 | 1 | $-91,070 |
| William J Chase | Director | July 15, 2026 A | 42,978 | 0 | 0 | $0 |
| Steven Mizell | Director | July 15, 2026 A | 42,830 | 0 | 0 | $0 |
| Gregory L Summe | Director | July 15, 2026 A | 45,672 | 0 | 0 | $0 |
| Sarah Krevans | Director | June 18, 2026 A | 42,628 | 0 | 0 | $0 |
| ILLUMINA, INC. | 10% owner | Nov. 17, 2025 S | 3,502,126 | 0 | 1 | $-79,850,000 |
| Chun R Ding | 10% owner | Oct. 9, 2024 P | 3,644,855 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 50 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 |
|---|---|---|---|---|
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1.90% | 18,597 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.63% | 59,651 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.21% | 87,481 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.20% | 2,336 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.19% | 291,644 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.18% | 36,116 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.17% | 67,501 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.17% | 385,837 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.15% | 712 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.14% | 1,439 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 237,749 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.08% | 1,053,632 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.08% | 11,051 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.08% | 1,185 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 9,665 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.06% | 1,654 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.06% | 2,459 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.06% | 15,208 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 22,118 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.05% | 117,357 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 143,168 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.04% | 6,428 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.04% | 114,187 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.04% | 1,294 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.04% | 1,688 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.04% | 3,927 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.03% | 20,757 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 16,096 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 374,291 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.03% | 1,307 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 2,078 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.02% | 1,178 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,399 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.01% | 23,351 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 33 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 4,910 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 11,015 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 51,657 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 11,704 SH | Aug. 8, 2026 | Daily |
| IETC · iShares U.S. ETF Trust | 0.00% | 375 SH | Aug. 8, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.00% | 82 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 45,817 SH | Aug. 8, 2026 | Daily |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 192 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 17,955 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 9,362 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 4,660 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.00% | 3,550 NS | April 30, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.00% | 321 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,228,926 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,407 SH | Aug. 8, 2026 | Daily |