HRTX Heron Therapeutics, Inc. - Common Stock
$0.31
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$0–$2
0% of range
Analyst Rating
BUY
8 analysts
Price Target
$2
+553% upside
P/E (TTM)
-2.6
ROE
312.5%
Net Profit Margin
-13.0%
HRTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.31
Market Cap
$58M
P/E (TTM)
-2.6
EPS (TTM)
$-0.12
Revenue (TTM)
$155M
Div Yield
—
ROE
312.5%
Debt/Equity
—
52W Range
$0 – $2
HRTX 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
$155M
2016-12-31
→
2025-12-31
EPS
$-0.12
2021-12-31
→
2025-12-31
Free Cash Flow
$-28M
2016-12-31
→
2025-12-31
Margins
-13.0%
2023-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HRTX
Peer Median
P/E (TTM)
-2.6
—
P/S (TTM)
0.4
165.8
P/B
4.0
1.6
Price / FCF
-2.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HRTX
Peer Median
Gross Margin
73.3%
71.1%
Operating Margin
-1.6%
—
Net Profit Margin
-13.0%
-2229.6%
ROA
-8.3%
-64.3%
ROE
312.5%
-102.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HRTX
Peer Median
Current Ratio
2.5
4.8
Quick Ratio
1.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HRTX
Peer Median
Revenue YoY
7.4%
—
Revenue CAGR 3Y
12.9%
—
Revenue CAGR 5Y
11.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HRTX
Peer Median
HRTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 4 50.0%
- Hold 2 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-13
Low
$2.00
High
$2.00
Median target
$2.00
+553.2%
Mean target
$2.00
+553.2%
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 | $-0.03 | $0.01 | -0.04% |
| March 31, 2026 | $-0.04 | $-0.02 | -0.02% |
| Dec. 31, 2025 | $-0.02 | $-0.02 | 0.00% |
| Sept. 30, 2025 | $-0.04 | $-0.02 | -0.02% |
| June 30, 2025 | $-0.02 | $-0.01 | -0.01% |
| March 31, 2025 | $0.01 | $-0.01 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HRTX | $245M | -10.8 | 7.4% | -13.0% | 312.5% | 73.3% |
| TENX | $114M | -9.1 | — | — | -52.5% | — |
| PMVP | $67M | -0.8 | -40.5% | -1226.8% | -63.4% | — |
| MNOV | $64M | -5.5 | — | -2928.8% | -27.1% | — |
| BOLD | $27M | -0.5 | — | — | -46.7% | — |
| INMB | $41M | -0.8 | 257.1% | -91866.0% | -175.3% | — |
| EXOZ | $92M | -10.0 | — | — | -172.3% | — |
| INKT | — | -3.8 | 4.5% | -6931.8% | 63.4% | — |
| CLNN | $64M | — | -41.5% | -13086.5% | 200.2% | — |
| RNXT | — | -2.6 | 2511.6% | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $155M | $144M | $127M | $108M | $86M | $89M | $146M | $77M | $31M | $1M | |
| Cost of Revenue | $41M | $39M | $65M | $55M | $46M | $36M | $62M | $28M | $5M | $35.0K | |
| Gross Profit | $114M | $106M | $62M | $53M | · | · | · | · | · | · | |
| R&D Expense | $12M | $17M | $39M | $83M | $131M | $175M | $167M | $140M | $139M | $103M | |
| SG&A Expense | $55M | $53M | $66M | $62M | $40M | $42M | $38M | $29M | $26M | $21M | |
| Operating Expenses | $116M | $117M | $173M | $227M | $304M | $317M | $357M | $261M | $225M | $172M | |
| Operating Income | $-3M | $-12M | $-111M | $-175M | $-218M | $-228M | $-211M | $-184M | $-195M | $-171M | |
| Interest Expense | · | · | $4M | $2M | $2M | $2M | $1M | $3M | $4M | $3M | |
| Interest Income | $2M | $4M | $3M | $2M | $433.0K | $4M | $7M | $6M | $1M | $445.0K | |
| Other Non-op | $1M | $430.0K | $560.0K | $-7M | $-878.0K | $-847.0K | $158.0K | $2M | $-38.0K | $-9.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-20M | $-14M | $-111M | $-182M | $-221M | $-227M | $-205M | $-179M | $-197M | $-173M | |
| EPS (Basic) | $-0.12 | $-0.09 | $-0.80 | $-1.67 | $-2.24 | · | · | · | · | · | |
| EPS (Diluted) | $-0.12 | $-0.09 | $-0.80 | $-1.67 | $-2.24 | · | · | · | · | · | |
| Shares (Basic) | 166,707,000 | 152,449,000 | 138,135,000 | 108,876,000 | 98,471 | · | · | · | · | · | |
| Shares (Diluted) | 166,707,000 | 152,449,000 | 138,135,000 | 108,876,000 | 98,471 | · | · | · | · | · | |
| EBITDA | $-224.0K | $-9M | $-108M | $-172M | $-215M | $-225M | $-209M | $-182M | $-193M | $-171M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29M | $26M | $29M | $15M | $91M | $105M | $72M | $32M | $145M | $13M | |
| Short-term Investments | · | · | · | · | · | · | · | $301M | $28M | $38M | |
| Receivables | $90M | $79M | $60M | $52M | $35M | $42M | $40M | $65M | $42M | $2M | |
| Inventory | $93M | $53M | $42M | $55M | $48M | $42M | $25M | $39M | $10M | $5M | |
| Prepaid Expense | $9M | $18M | $6M | $14M | $13M | $22M | $23M | $11M | $4M | $4M | |
| Current Assets | $238M | $209M | $189M | $205M | $254M | $314M | $479M | $447M | $228M | $62M | |
| PP&E (Net) | $12M | $15M | $20M | $22M | $24M | $23M | $20M | $15M | $6M | $5M | |
| PP&E (Gross) | $25M | $33M | $37M | $36M | $37M | $34M | $28M | $23M | $14M | $12M | |
| Accum. Depreciation | $13M | $18M | $17M | $14M | $13M | $11M | $8M | $8M | $8M | $7M | |
| Other Non-current Assets | $5M | $6M | $8M | $16M | $18M | $346.0K | $346.0K | $254.0K | $263.0K | $263.0K | |
| Total Assets | $256M | $233M | $223M | $251M | $306M | $354M | $513M | $462M | $234M | $67M | |
| Accounts Payable | $9M | $12M | $3M | $3M | $4M | $525.0K | $3M | $17M | $19M | $7M | |
| Current Liabilities | $96M | $91M | $80M | $82M | $71M | $103M | $97M | $92M | $103M | $39M | |
| Capital Leases | $0 | · | $3M | $5M | $8M | $15M | $12M | · | · | · | |
| Other Non-current Liabilities | $5M | $615.0K | $241.0K | $241.0K | · | · | · | · | · | · | |
| Total Liabilities | $242M | $267M | $256M | $237M | $228M | $117M | $109M | $92M | $103M | $89M | |
| Common Stock | $2M | $2M | $2M | $1M | $1M | $913.0K | $903.0K | $782.0K | $646.0K | $394.0K | |
| Paid-in Capital | $1.95B | $1.88B | $1.87B | $1.81B | $1.69B | $1.63B | $1.57B | $1.33B | $914M | $564M | |
| Retained Earnings | $-1.94B | $-1.92B | $-1.91B | $-1.80B | $-1.61B | $-1.39B | $-1.17B | $-961M | $-783M | $-586M | |
| AOCI | $4.0K | $13.0K | $13.0K | $-19.0K | $-6.0K | $257.0K | $85.0K | $-87.0K | $-10.0K | $-17.0K | |
| Stockholders' Equity | $14M | $-34M | $-34M | $14M | $78M | $236M | $404M | $370M | $131M | $-21M | |
| Liabilities + Equity | $256M | $233M | $223M | $251M | $306M | $354M | $513M | $462M | $234M | $67M | |
| Shares Outstanding | 188,314,430 | 152,127,878 | 150,285,044 | 119,154,538 | 102,005,000 | 91,310,000 | 90,304,000 | 78,174,000 | 64,609,000 | 39,355 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | |
| Stock-based Comp | $10M | $13M | $33M | $43M | $47M | $50M | $51M | $33M | $31M | $26M | |
| Restructuring | · | · | · | · | · | $6M | · | · | · | · | |
| Other Non-cash | $-20M | $-24M | $16M | $-11M | $-33M | $-11M | $27M | $-48M | $-5M | · | |
| Operating Cash Flow | $-28M | $-23M | $-59M | $-147M | $-203M | $-185M | $-125M | $-192M | $-170M | $-134M | |
| CapEx | $317.0K | $2M | $2M | $2M | $3M | $7M | $7M | $9M | $3M | $3M | |
| Investing Cash Flow | $16M | $19M | $18M | $-3M | $33M | $209M | $-22M | $-279M | $8M | $15M | |
| Net Debt Issued | · | · | · | · | · | · | · | $-25M | $-25M | · | |
| Stock Issued | $18M | · | $30M | $75M | · | · | $162M | $363M | $306M | · | |
| Net Stock Activity | $18M | · | $30M | $75M | · | · | $162M | · | · | · | |
| Financing Cash Flow | $14M | $940.0K | $54M | $75M | $156M | $9M | $186M | $358M | $294M | $57M | |
| Net Change in Cash | $3M | $-3M | $13M | $-75M | $-15M | $33M | $40M | $-113M | $131M | $-62M | |
| Free Cash Flow | $-28M | $-24M | $-60M | $-149M | $-206M | $-192M | $-132M | $-201M | $-173M | $-137M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.3% | 73.2% | 48.8% | · | · | · | · | · | · | · | |
| Operating Margin | -1.6% | -8.0% | -87.1% | -162.2% | -252.3% | -257.4% | -144.3% | -237.4% | -632.4% | -13363.2% | |
| Net Margin | -13.0% | -9.4% | -87.0% | -169.0% | -255.6% | -256.4% | -140.3% | -230.8% | -641.9% | -13537.4% | |
| EBITDA Margin | -0.14% | -6.3% | -84.8% | -159.5% | -248.8% | -254.2% | -142.9% | -235.5% | -627.4% | -13363.2% | |
| ROA | -8.3% | -6.0% | -46.7% | -65.4% | -67.0% | -52.5% | -42.0% | -51.3% | -130.9% | -168.7% | |
| ROE | 312.5% | 36.9% | 358.0% | -1010.6% | -224.7% | -88.5% | -59.4% | -46.0% | -359.4% | -357.5% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.3 | 2.4 | 2.5 | 3.6 | 3.1 | 5.0 | 4.9 | 2.2 | 1.6 | |
| Quick Ratio | 1.2 | 1.1 | 1.1 | 0.8 | 1.8 | 1.4 | 1.2 | 4.3 | 2.1 | 1.4 | |
| Interest Coverage | · | · | -28.6 | -70.6 | -90.4 | -120.0 | -143.1 | -68.8 | -49.4 | -64.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.5 | 0.4 | 0.3 | 0.2 | 0.3 | 0.2 | 0.2 | 0.0 | |
| Inventory Turnover | 0.6 | 0.8 | 1.3 | 1.1 | 1.0 | 1.1 | 1.9 | 1.1 | 0.6 | 0.0 | |
| Receivables Turnover | 1.8 | 2.1 | 2.3 | 2.5 | 2.2 | 2.2 | 2.8 | 1.5 | 1.4 | 1.3 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.4% | 13.6% | 18.0% | 24.7% | -2.6% | · | · | · | · | · | |
| Revenue CAGR 3Y | 12.9% | 18.7% | 12.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.8% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $155M | $144M | $127M | $108M | $86M | $89M | $146M | $77M | $31M | $1M | |
| Net Income TTM | $-20M | $-14M | $-111M | $-182M | $-221M | $-227M | $-205M | $-179M | $-197M | $-173M | |
| Market Cap | $245M | $233M | $255M | $298M | $931M | $1.93B | $2.12B | $2.03B | $1M | $516M | |
| P/E | -10.8 | -17.0 | -2.1 | -1.5 | -4.1 | · | · | · | · | · | |
| P/S | 1.6 | 1.6 | 2.0 | 2.8 | 10.8 | 21.8 | 14.5 | 26.2 | 0.0 | 403.1 | |
| P/B | 17.1 | -6.9 | -7.5 | 21.9 | 12.0 | 8.2 | 5.3 | 5.5 | 0.0 | -24.3 | |
| P / Tangible Book | 17.1 | · | · | 21.9 | 12.0 | 8.2 | · | · | · | · | |
| P / Cash Flow | -8.9 | -10.3 | -4.3 | -2.0 | -4.6 | -10.5 | -17.0 | -10.6 | -0.0 | -3.8 | |
| P / FCF | -8.8 | -9.6 | -4.2 | -2.0 | -4.5 | -10.1 | -16.1 | -10.1 | -0.0 | -3.8 | |
| Earnings Yield | -9.2% | -5.9% | -47.1% | -66.8% | -24.5% | · | · | · | · | · |
Income Statement 14
| 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 | $38M | $35M | $41M | $38M | $37M | $39M | $41M | $33M | $36M | $35M | $34M | $31M | $32M | $30M | $30M | $27M | |
| Cost of Revenue | $12M | $11M | $11M | $12M | $10M | $8M | $10M | $9M | $11M | $8M | $10M | $18M | $20M | $17M | $13M | $15M | |
| Gross Profit | $26M | $24M | $29M | $26M | $27M | $30M | $31M | $23M | $26M | $26M | $24M | $13M | $12M | $13M | $17M | $12M | |
| R&D Expense | $3M | $2M | $4M | $3M | $3M | $2M | $3M | $4M | $4M | $5M | $8M | $9M | $13M | $9M | $-14M | $26M | |
| SG&A Expense | $11M | $12M | $13M | $14M | $14M | $13M | $12M | $12M | $14M | $15M | $14M | $16M | $20M | $16M | $34M | $10M | |
| Operating Expenses | $28M | $29M | $29M | $30M | $29M | $27M | $26M | $28M | $32M | $31M | $35M | $38M | $54M | $46M | $10M | $54M | |
| Operating Income | $-2M | $-5M | $38.0K | $-4M | $-2M | $3M | $4M | $-4M | $-6M | $-5M | $-10M | $-25M | $-42M | $-33M | $-20M | $-42M | |
| Other Non-op | $-3M | $-3M | $5M | $-2M | $-744.0K | $-519.0K | $2M | $-390.0K | $-3M | $2M | $0 | $-79.0K | $344.0K | $295.0K | $1M | $-26.0K | |
| Net Income | $-5M | $-8M | $-3M | $-17M | $-2M | $3M | $4M | $-5M | $-9M | $-3M | $-11M | $-25M | $-42M | $-33M | $-20M | $-42M | |
| EPS (Basic) | $-0.03 | $-0.04 | $-0.02 | $-0.10 | $-0.02 | $0.02 | $0.02 | $-0.03 | $-0.06 | $-0.02 | $-0.01 | $-0.17 | $-0.35 | $-0.27 | $-0.11 | $-0.38 | |
| EPS (Diluted) | $-0.03 | $-0.04 | $-0.01 | $-0.10 | $-0.02 | $0.01 | $0.02 | $-0.03 | $-0.06 | $-0.02 | $-0.01 | $-0.17 | $-0.35 | $-0.27 | $-0.11 | $-0.38 | |
| Shares (Basic) | 190,335,000 | 189,646,000 | -311,151,000 | 170,348,000 | 154,020,000 | 153,490,000 | -303,885,000 | 152,830,000 | 152,305,000 | 151,199,000 | -245,820,000 | 144,990,000 | 119,719,000 | 119,246,000 | -207,387,000 | 111,735,000 | |
| Shares (Diluted) | 190,335,000 | 189,646,000 | -354,582,000 | 170,348,000 | 154,020,000 | 196,921,000 | -303,885,000 | 152,830,000 | 152,305,000 | 151,199,000 | -245,820,000 | 144,990,000 | 119,719,000 | 119,246,000 | -207,387,000 | 111,735,000 | |
| EBITDA | $-2M | $-4M | · | $-4M | $-2M | $4M | · | $-4M | $-6M | $-4M | · | $-25M | $-42M | $-32M | · | $-42M |
Balance Sheet 22
| 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 | $21M | $26M | $29M | $43M | $17M | $19M | $26M | $26M | $18M | $20M | · | $35M | $13M | $27M | · | $50M | |
| Receivables | $90M | $84M | $90M | $81M | $80M | $79M | $79M | $67M | $74M | $65M | · | $64M | $77M | $51M | · | $42M | |
| Inventory | $91M | $93M | $93M | $70M | $73M | $57M | $53M | $46M | $43M | $42M | · | $42M | $45M | $52M | · | $52M | |
| Prepaid Expense | $7M | $8M | $9M | $23M | $17M | $26M | $18M | $11M | $7M | $7M | · | $11M | $11M | $15M | · | $8M | |
| Current Assets | $230M | $229M | $238M | $229M | $211M | $213M | $209M | $195M | $191M | $186M | · | $194M | $165M | $178M | · | $224M | |
| PP&E (Net) | $12M | $12M | $12M | $13M | $14M | $15M | $15M | $15M | $16M | $19M | · | $21M | $21M | $22M | · | $23M | |
| PP&E (Gross) | · | · | $25M | · | · | · | $33M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $13M | · | · | · | $18M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $5M | $5M | $5M | $6M | $6M | $6M | $6M | $7M | $7M | $8M | · | $8M | $9M | $14M | · | $17M | |
| Total Assets | $252M | $246M | $256M | $249M | $232M | $236M | $233M | $221M | $218M | $218M | · | $229M | $201M | $221M | · | $272M | |
| Accounts Payable | $12M | $9M | $9M | $12M | $12M | $12M | $12M | $10M | $10M | $837.0K | · | $2M | $2M | $4M | · | $7M | |
| Current Liabilities | $92M | $91M | $96M | $90M | $259M | $89M | $91M | $86M | $80M | $75M | · | $80M | $87M | $78M | · | $94M | |
| Capital Leases | $6M | · | · | · | · | · | · | $522.0K | $1M | $2M | · | $4M | $4M | $5M | · | $6M | |
| Other Non-current Liabilities | $5M | $5M | $5M | $5M | $747.0K | $682.0K | $615.0K | $241.0K | $241.0K | $241.0K | · | $241.0K | $241.0K | $241.0K | · | $241.0K | |
| Total Liabilities | $245M | $237M | $242M | $234M | $259M | $264M | $267M | $261M | $256M | $252M | · | $257M | $241M | $232M | · | $250M | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $1.96B | $1.95B | $1.95B | $1.94B | $1.89B | $1.89B | $1.88B | $1.88B | $1.88B | $1.87B | · | $1.87B | $1.83B | $1.82B | · | $1.80B | |
| Retained Earnings | $-1.95B | $-1.95B | $-1.94B | $-1.94B | $-1.92B | $-1.92B | $-1.92B | $-1.92B | $-1.92B | $-1.91B | · | $-1.90B | $-1.87B | $-1.83B | · | $-1.78B | |
| AOCI | $-6.0K | $-6.0K | $4.0K | $0 | $-1.0K | $1.0K | $13.0K | $40.0K | $-8.0K | $-6.0K | · | $-1.0K | $-6.0K | $9.0K | · | $-57.0K | |
| Stockholders' Equity | $7M | $9M | $14M | $15M | $-27M | $-28M | $-34M | $-40M | $-38M | $-34M | $-34M | $-28M | $-39M | $-11M | $14M | $22M | |
| Liabilities + Equity | $252M | $246M | $256M | $249M | $232M | $236M | $233M | $221M | $218M | $218M | · | $229M | $201M | $221M | · | $272M | |
| Shares Outstanding | · | · | 188,314,430 | · | · | · | 152,127,878 | · | · | · | · | · | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $452.0K | $529.0K | $537.0K | $615.0K | $611.0K | $551.0K | $581.0K | $581.0K | $641.0K | $689.0K | $715.0K | $727.0K | $739.0K | $718.0K | $791.0K | $706.0K | |
| Stock-based Comp | $3M | $3M | $2M | $3M | $3M | $3M | $2M | $3M | $5M | $3M | $4M | $7M | $14M | $8M | $11M | $11M | |
| Other Non-cash | · | $3M | · | · | · | $-15M | · | · | · | $-10M | · | · | · | $-797.0K | · | · | |
| Operating Cash Flow | $-2M | $-2M | $-9M | $1M | $-11M | $-9M | $-12M | $3M | $-5M | $-10M | $2M | $-9M | $-27M | $-25M | $-38M | $-37M | |
| CapEx | $138.0K | $391.0K | $0 | $0 | $208.0K | $109.0K | $638.0K | $431.0K | · | · | $250.0K | $793.0K | $278.0K | $224.0K | $414.0K | $45.0K | |
| Investing Cash Flow | $-3M | $-939.0K | $-5M | $12M | $7M | $2M | $11M | $4M | $2M | $1M | $-9M | $-23M | $13M | $37M | $2M | $-36M | |
| Stock Issued | · | · | $-2M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $82.0K | $-51.0K | $219.0K | $13M | $781.0K | $64.0K | $423.0K | $14.0K | $492.0K | $11.0K | $199.0K | $54M | $319.0K | $-208.0K | $439.0K | $75M | |
| Net Change in Cash | $-5M | $-3M | $-14M | $27M | $-3M | $-7M | $61.0K | $7M | $-2M | $-8M | $-6M | $21M | $-14M | $12M | $-35M | $2M | |
| Free Cash Flow | · | $-2M | · | · | · | $-9M | · | · | · | · | · | · | · | $-25M | · | · |
Profitability 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.3% | 69.3% | · | 68.8% | 73.5% | 78.3% | · | 71.2% | 70.8% | 75.6% | · | 42.1% | · | · | · | · | |
| Operating Margin | -5.4% | -13.7% | · | -10.7% | -4.4% | 8.1% | · | -13.6% | -17.9% | -13.8% | · | -79.3% | -133.5% | -111.6% | · | -157.7% | |
| Net Margin | -14.6% | -23.4% | · | -45.8% | -6.4% | 6.8% | · | -14.8% | -25.6% | -9.1% | · | -79.6% | -132.4% | -110.7% | · | -157.8% | |
| EBITDA Margin | -5.4% | -12.2% | · | -10.7% | -4.4% | 9.5% | · | -13.6% | -17.9% | -11.8% | · | -79.3% | -133.5% | -109.2% | · | -157.7% | |
| ROA | -2.3% | -3.4% | · | -7.4% | -1.1% | 1.2% | · | -2.1% | -4.4% | -1.4% | · | -10.0% | -18.9% | -13.2% | · | -13.4% | |
| ROE | 53.9% | 84.0% | · | 139.3% | 7.3% | -8.5% | · | 14.3% | 23.9% | 14.0% | · | 937.3% | 137.8% | -523.1% | · | -59.3% |
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 | 2.5 | 2.5 | · | 2.6 | 0.8 | 2.4 | · | 2.3 | 2.4 | 2.5 | · | 2.4 | 1.9 | 2.3 | · | 2.4 | |
| Quick Ratio | 1.2 | 1.2 | · | 1.4 | 0.4 | 1.1 | · | 1.1 | 1.1 | 1.1 | · | 1.2 | 1.0 | 1.0 | · | 1.0 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.4 | 0.4 | 0.3 | · | 0.3 | |
| Receivables Turnover | 0.4 | 0.4 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.6 | · | 0.6 | 0.5 | 0.6 | · | 0.6 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $148M | $149M | · | $147M | $145M | $142M | · | $135M | $134M | $127M | · | $119M | $116M | $107M | · | $101M | |
| Net Income TTM | $-33M | $-25M | · | $-22M | $-14M | $-15M | · | $-42M | $-79M | $-103M | · | $-142M | $-173M | $-195M | · | $-215M | |
| P/E | -2.3 | -5.3 | · | -9.0 | -20.7 | -22.0 | · | -7.1 | -5.8 | -3.4 | · | -0.9 | -0.7 | -0.8 | · | -2.0 | |
| Earnings Yield | -44.2% | -18.8% | · | -11.1% | -4.8% | -4.5% | · | -14.1% | -17.1% | -29.2% | · | -113.6% | -133.6% | -121.2% | · | -49.0% |
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 | $155M | $144M | $127M | $108M | $86M |
| Gross Margin % | 73.3% | 73.2% | 48.8% | — | — |
| Operating Margin % | -1.6% | -8.0% | -87.1% | -162.2% | -252.3% |
| Net Income | $-20M | $-14M | $-111M | $-182M | $-221M |
| Diluted EPS | $-0.12 | $-0.09 | $-0.80 | $-1.67 | $-2.24 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.3 | 2.4 | 2.5 | 3.6 |
| Quick Ratio | 1.2 | 1.1 | 1.1 | 0.8 | 1.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-28M | $-24M | $-60M | $-149M | $-206M |
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Institutional owners (13F) 184 filers · $51.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 25 (-7 vs prior Q) | 21 (-6 vs prior Q) | 50 (+3 vs prior Q) | 40 (-6 vs prior Q) | -15.3M |
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 |
|---|---|---|---|---|
| Rubric Capital Management LP | $12,823,986 | 30,046,828 | 24.76% | Shares |
| Clearline Capital LP | $4,858,675 | 11,383,961 | 9.38% | Shares |
| Velan Capital Investment Management LP | $3,735,904 | 8,753,290 | 7.21% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,323,230 | 7,782,741 | 6.42% | Shares |
| Tejara Capital Ltd | $2,778,807 | 6,510,795 | 5.36% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $2,667,500 | 6,250,000 | 5.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,737,119 | 4,070,101 | 3.35% | Shares |
| JW Asset Management, LLC | $1,600,958 | 3,751,073 | 3.09% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,543,336 | 3,614,773 | 2.98% | Shares |
| VANGUARD GROUP INC | $1,500,729 | 1,154,407 | 2.90% | Shares |
| Stonepine Capital Management, LLC | $1,500,000 | 1,000,000 | 2.90% | Call option |
| STATE STREET CORP | $1,377,948 | 3,228,557 | 2.66% | Shares |
| Pale Fire Capital SE | $1,071,899 | 2,511,478 | 2.07% | Shares |
| Caption Management, LLC | $896,280 | 2,100,000 | 1.73% | Put option |
| Congress Park Capital LLC | $860,620 | 2,016,447 | 1.66% | Shares |
| TWO SIGMA ADVISERS, LP | $675,442 | 519,571 | 1.30% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $674,878 | 1,580,510 | 1.30% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $643,145 | 1,506,900 | 1.24% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $582,906 | 1,365,119 | 1.13% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $547,071 | 1,281,796 | 1.06% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $519,613 | 1,217,463 | 1.00% | Shares |
| Qube Research & Technologies Ltd | $435,802 | 1,021,092 | 0.84% | Shares |
| Caption Management, LLC | $426,800 | 1,000,000 | 0.82% | Shares |
| CM Management, LLC | $426,800 | 1,000,000 | 0.82% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $296,270 | 694,165 | 0.57% | Shares |
| ALLIANCEBERNSTEIN L.P. | $239,958 | 299,910 | 0.46% | Shares |
| Stonepine Capital Management, LLC | $209,468 | 490,787 | 0.40% | Shares |
| DIADEMA PARTNERS LP | $195,783 | 458,723 | 0.38% | Shares |
| Xcelsior Advisor Partners LLC | $173,186 | 405,777 | 0.33% | Shares |
| Apeiron RIA LLC | $158,163 | 370,579 | 0.31% | Shares |
| Squarepoint Ops LLC | $137,078 | 321,177 | 0.26% | Shares |
| Integrated Wealth Concepts LLC | $136,107 | 318,903 | 0.26% | Shares |
| Glenmede Investment Management, LP | $132,710 | 105,326 | 0.26% | Shares |
| Richmond Brothers, Inc. | $131,755 | 308,706 | 0.25% | Shares |
| TWO SIGMA INVESTMENTS, LP | $113,663 | 266,314 | 0.22% | Shares |
| MARSHALL WACE, LLP | $105,194 | 244,638 | 0.20% | Shares |
| NEXPOINT ASSET MANAGEMENT, L.P. | $99,359 | 232,800 | 0.19% | Shares |
| FMR LLC | $96,800 | 226,803 | 0.19% | Shares |
| Abel Hall, LLC | $90,987 | 213,185 | 0.18% | Shares |
| CAROLINAS WEALTH CONSULTING LLC | $90,983 | 41,356 | 0.18% | Shares |
| Horan Securities, Inc. | $86,091 | 41,590 | 0.17% | Shares |
| RHUMBLINE ADVISERS | $83,482 | 195,537 | 0.16% | Shares |
| Cutter & CO Brokerage, Inc. | $80,223 | 36,465 | 0.15% | Shares |
| Quinn Opportunity Partners LLC | $74,837 | 175,344 | 0.14% | Shares |
| GOLDMAN SACHS GROUP INC | $74,770 | 175,188 | 0.14% | Shares |
| DLK Investment Management, LLC | $62,615 | 17,890 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $58,500 | 137,067 | 0.11% | Shares |
| Bank of New York Mellon Corp | $54,073 | 126,693 | 0.10% | Shares |
| D. E. Shaw & Co., Inc. | $51,402 | 120,435 | 0.10% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $51,341 | 120,293 | 0.10% | Shares |
| Persistent Asset Partners Ltd | $49,974 | 117,090 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $48,289 | 112,300 | 0.09% | Call option |
| BANK OF AMERICA CORP /DE/ | $46,165 | 108,369 | 0.09% | Shares |
| Redwood Family Wealth LLC | $45,015 | 105,472 | 0.09% | Shares |
| Biltmore Family Office, LLC | $42,680 | 100,000 | 0.08% | Shares |
| DEUTSCHE BANK AG\ | $41,409 | 96,300 | 0.08% | Shares |
| IEQ CAPITAL, LLC | $41,234 | 96,612 | 0.08% | Shares |
| BARCLAYS PLC | $37,172 | 87,094 | 0.07% | Shares |
| SEARLE & CO. | $36,812 | 86,250 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $35,764 | 83,756 | 0.07% | Shares |
| BlackRock, Inc. | $35,761 | 83,788 | 0.07% | Shares |
| Russell Investments Group, Ltd. | $34,675 | 81,246 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $31,406 | 73,585 | 0.06% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $29,147 | 68,291 | 0.06% | Shares |
| CITIGROUP INC | $28,050 | 65,721 | 0.05% | Shares |
| Invesco Ltd. | $27,051 | 63,382 | 0.05% | Shares |
| LPL Financial LLC | $26,083 | 61,112 | 0.05% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $25,254 | 59,176 | 0.05% | Shares |
| Anfield Capital Management, LLC | $24,003 | 30,000 | 0.05% | Shares |
| Mariner, LLC | $23,896 | 55,972 | 0.05% | Shares |
| NICOLET ADVISORY SERVICES, LLC | $23,840 | 16,000 | 0.05% | Shares |
| Chicago Partners Investment Group LLC | $23,526 | 51,254 | 0.05% | Shares |
| CWM, LLC | $23,115 | 28,890 | 0.04% | Shares |
| Cerity Partners LLC | $22,473 | 52,654 | 0.04% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $22,000 | 51,547 | 0.04% | Shares |
| RAYMOND JAMES FINANCIAL INC | $20,003 | 46,868 | 0.04% | Shares |
| R Squared Ltd | $19,935 | 46,708 | 0.04% | Shares |
| Centiva Capital, LP | $19,422 | 45,507 | 0.04% | Shares |
| Nuveen Asset Management, LLC | $19,408 | 12,685 | 0.04% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $17,990 | 42,150 | 0.03% | Shares |
| HORAN Wealth, LLC | $17,751 | 41,590 | 0.03% | Shares |
| Prospera Financial Services Inc | $17,308 | 40,565 | 0.03% | Shares |
| Cornerstone Select Advisors, LLC | $17,057 | 39,964 | 0.03% | Shares |
| NEUBERGER BERMAN GROUP LLC | $16,647 | 38,987 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $16,369 | 38,352 | 0.03% | Shares |
| GROUP ONE TRADING LLC | $16,196 | 37,947 | 0.03% | Shares |
| Creative Planning | $15,306 | 35,862 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $15,180 | 35,567 | 0.03% | Shares |
| HSBC HOLDINGS PLC | $14,464 | 33,381 | 0.03% | Shares |
| DDFG, Inc | $14,043 | 32,903 | 0.03% | Shares |
| Concurrent Investment Advisors, LLC | $13,625 | 31,923 | 0.03% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $13,425 | 32,397 | 0.03% | Shares |
| CIBC WORLD MARKETS CORP | $13,215 | 10,165 | 0.03% | Shares |
| Skopos Labs, Inc. | $12,744 | 15,927 | 0.02% | Shares |
| CoreCap Advisors, LLC | $12,125 | 28,409 | 0.02% | Shares |
| Vanguard Personalized Indexing Management, LLC | $11,641 | 27,276 | 0.02% | Shares |
| DIVERSIFIED TRUST CO | $11,306 | 26,492 | 0.02% | Shares |
| CITADEL ADVISORS LLC | $11,139 | 26,100 | 0.02% | Call option |
| Pallas Capital Advisors LLC | $10,968 | 25,699 | 0.02% | Shares |
| JANE STREET GROUP, LLC | $10,957 | 25,672 | 0.02% | Shares |
Company insiders 39 insiders · 21 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Craig A Collard | Chief Executive Officer | July 31, 2026 M | 856,492 | 0 | 0 | $0 |
| Barry D Quart | Chief Executive Officer | Jan. 18, 2023 A | 177,989 | 0 | 0 | $0 |
| Ronald J Prentki | President & CEO | Feb. 17, 2010 A | 40,539 | 0 | 0 | $0 |
| Michael Oconnell | Chief Executive Officer | Jan. 10, 2006 A | 132,200 | 0 | 0 | $0 |
| Ira Duarte | EVP, Chief Financial Officer | July 31, 2026 M | 281,899 | 0 | 0 | $0 |
| Robert Hoffman | CFO & SVP, Finance | Dec. 19, 2019 A | 1,280 | 0 | 0 | $0 |
| Brian G. Drazba | VP, Finance & CFO | Oct. 31, 2016 J | 3,798 | 0 | 0 | $0 |
| John Whelan | CFO | July 18, 2013 M | 254,088 | 0 | 0 | $0 |
| Stephen Whiteford | V.P., Finance & CFO | Dec. 15, 2006 A | 15,000 | 0 | 0 | $0 |
| John Poyhonen | President & CCO | April 13, 2023 M | 46,648 | 0 | 0 | $0 |
| Robert Rosen | President | Dec. 15, 2018 A | 2,640 | 0 | 0 | $0 |
| David Leslie Szekeres | EVP, Chief Operating Officer | July 13, 2023 M | 33,754 | 0 | 0 | $0 |
| Michael A Adam | Chief Operating Officer | Feb. 8, 2013 A | — | 0 | 0 | $0 |
| William P Forbes | EVP, Chief Development Officer | July 31, 2026 M | 241,173 | 0 | 0 | $0 |
| Lisa Peraza | VP, Chief Accounting Officer | Jan. 19, 2024 A | 55,907 | 0 | 0 | $0 |
| Kimberly Manhard | EVP, Drug Development | April 13, 2023 M | 28,330 | 0 | 0 | $0 |
| Marshall Paul | SVP, Technical Operations | March 21, 2016 M | 2,200 | 0 | 0 | $0 |
| Neil James Clendeninn | SVP & Chief Medical Officer | Oct. 12, 2015 A | — | 0 | 0 | $0 |
| Mark S. Gelder MD | SVP & Chief Medical Officer | Dec. 12, 2014 A | — | 0 | 0 | $0 |
| John Barr | Vice President of R&D | July 8, 2011 A | 51,772 | 0 | 0 | $0 |
| Anastassios D. Retzios | VP of Clinical Development | Jan. 15, 2008 A | — | 0 | 0 | $0 |
| Thomas Cusack | Director | Jan. 30, 2026 A | 53,960 | 0 | 0 | $0 |
| Morgan Adam | Director | Jan. 30, 2026 A | 123,737 | 0 | 0 | $0 |
| Sharmila Dissanaike | Director | Jan. 30, 2026 A | 53,960 | 0 | 0 | $0 |
| Michael Kaseta | Director | Jan. 30, 2026 A | 53,960 | 0 | 0 | $0 |
| Waage Christian | Director | Jan. 30, 2026 A | 53,960 | 0 | 0 | $0 |
| Craig A Johnson | Director | Jan. 30, 2026 A | 53,960 | 0 | 0 | $0 |
| Susan Rodriguez | Director | Jan. 31, 2025 A | 87,180 | 0 | 0 | $0 |
| Stephen Davis | Director | Dec. 16, 2022 A | 52,032 | 0 | 0 | $0 |
| KEVIN TANG | Director | Dec. 19, 2019 A | 5,799,810 | 0 | 0 | $0 |
| Greg Turnbull | Director | May 29, 2012 A | 245,092 | 0 | 0 | $0 |
| Paul Goddard | Director | May 29, 2012 A | 214,683 | 0 | 0 | $0 |
| Toby Rosenblatt | Director | May 20, 2010 A | 210,234 | 0 | 0 | $0 |
| Robert L Zerbe MD | Director | May 20, 2010 A | 202,072 | 0 | 0 | $0 |
| Peter Riepenhausen | Director | May 28, 2008 A | 9,000 | 0 | 0 | $0 |
| Arthur T Taylor | Director | May 28, 2008 A | 12,000 | 0 | 0 | $0 |
| Dennis L Winger | Director | Aug. 11, 2006 A | 69,544 | 0 | 0 | $0 |
| Stephen A Drury | Director | Aug. 11, 2006 J | 83,283 | 0 | 0 | $0 |
| Mark Earl Hensley | — | Aug. 6, 2026 M | 170,901 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| Rubric Capital Management LP, David Rosen ×6 filings | Oct. 17, 2025 | 15.90% | Amendment | — | SEC |
| Tang Capital Partners, LP, Tang Capital Management, LLC, Kevin Tang ×20 filings | Jan. 7, 2020 | — | Initial filing | — | SEC |
| Felix J. Baker, Julian C. Baker ×3 filings | July 7, 2011 | — | 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 22 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.28% | 128,515 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.02% | 537,335 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 67,617 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 1,328,289 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.00% | 7,231 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 198,683 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 869,904 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.00% | 3,609,893 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.00% | 5,655 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.00% | 505,371 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.00% | 5,714 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 144 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 4,190 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 83,361 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 28,626 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 2,063,361 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 5,474,947 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 925,988 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,208 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 156,616 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 12,513 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 472,185 SH | Aug. 8, 2026 | Daily |