IBIO iBio, Inc. - Common Stock
$1.45
Price · Aug 19, 2026
Fundamentals as of May 12, 2026
52W Range
$1–$3
32% of range
Analyst Rating
BUY
14 analysts
Price Target
$5
+272% upside
P/E (TTM)
-0.8
ROE
-101.5%
Net Profit Margin
-4594.2%
IBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.45
Market Cap
$28M
P/E (TTM)
-0.8
EPS (TTM)
$-1.75
Revenue (TTM)
$400.0K
Div Yield
—
ROE
-101.5%
Debt/Equity
0.1
52W Range
$1 – $3
IBIO 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
$400.0K
2020-06-30
→
2025-06-30
EPS
$-1.75
2021-06-30
→
2025-06-30
Free Cash Flow
$-15M
2021-06-30
→
2025-06-30
Margins
-4594.2%
2021-06-30
→
2022-06-30
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
IBIO
Peer Median
P/E (TTM)
-0.8
4.7
P/S (TTM)
70.1
31.0
P/B
1.9
1.8
EV / EBITDA
-1.1
—
Price / FCF
-1.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
IBIO
Peer Median
Operating Margin
-4650.5%
—
Net Profit Margin
-4594.2%
-1601.1%
ROA
-70.8%
-68.1%
ROE
-101.5%
-111.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
IBIO
Peer Median
Debt / Equity
0.1
0.0
Current Ratio
1.6
4.1
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
IBIO
Peer Median
Revenue YoY
77.8%
—
Revenue CAGR 3Y
-40.3%
—
Revenue CAGR 5Y
-24.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
IBIO
Peer Median
IBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 4 28.6%
- Buy 9 64.3%
- Hold 1 7.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-13
Median
$5.00
Mean
$5.40
← Below all targets
$1.45
Low
$4.20
High
$7.00
Median target
$5.00
+244.8%
Mean target
$5.40
+272.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.05%
Next Report
Sep 03, 2026
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.06 | $-0.06 | 0.00% |
| Dec. 31, 2025 | $-0.09 | $-0.08 | -0.01% |
| Sept. 30, 2025 | $-0.11 | $-0.10 | -0.01% |
| June 30, 2025 | $-0.49 | $-0.37 | -0.12% |
| March 31, 2025 | $-0.49 | $-0.37 | -0.12% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IBIO | $15M | -0.4 | 77.8% | -4594.2% | -101.5% | — |
| FRMM | — | — | — | -6881.3% | -368.1% | — |
| ANVS | $94M | -2.5 | — | — | -164.0% | — |
| CYPH | $97M | 16.6 | — | — | 6.1% | — |
| NMAD | — | — | — | — | — | — |
| RNTX | — | -0.6 | — | — | — | — |
| DWTX | $124M | -0.6 | 123.6% | — | -83.8% | — |
| CRDF | $192M | -4.1 | -13.2% | -7732.0% | -88.2% | — |
| SPRO | $131M | 15.5 | 39.2% | 12.8% | 18.7% | — |
| GOSS | $724M | -4.1 | -57.7% | -351.5% | 201.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $400.0K | $225.0K | $0 | $2M | $2M | $2M | $2M | $444.0K | $394.0K | $948.0K | $2M | $205.0K | |
| Cost of Revenue | · | · | · | $216.0K | $1M | $703.0K | · | · | · | · | · | · | |
| Gross Profit | · | · | · | $2M | $909.0K | $935.0K | · | · | · | · | · | · | |
| R&D Expense | $8M | $5M | $10M | $10M | $10M | $4M | $5M | $4M | $4M | $3M | $3M | $2M | |
| SG&A Expense | $11M | $12M | $19M | $22M | $22M | $11M | $12M | $11M | $11M | $8M | $5M | $4M | |
| Operating Expenses | $19M | $17M | $29M | $32M | $32M | $15M | $18M | $15M | $15M | $11M | $9M | $4M | |
| Operating Income | $-19M | $-17M | $-29M | $-30M | $-31M | $-14M | $-16M | $-14M | $-14M | $-10M | $-7M | $-4M | |
| Interest Expense | · | · | $83.0K | $1M | $2M | $2M | $2M | $2M | $2M | $807.0K | $0 | $0 | |
| Interest Income | $437.0K | $363.0K | $213.0K | $177.0K | $140.0K | $15.0K | $75.0K | $15.0K | $39.0K | $22.0K | $9.0K | $8.0K | |
| Other Non-op | $225.0K | $1M | $32.0K | $184.0K | $8M | $-2M | $-2M | $-2M | $-2M | $-764.0K | $41.0K | $3.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-18M | $-25M | $-65M | $-50M | $-23M | $-16M | $-18M | $-16M | $-15M | $-10M | $-7M | $-4M | |
| EPS (Basic) | $-1.75 | $-6.50 | $-106.19 | $-5.78 | $-3.00 | · | · | · | · | · | · | · | |
| EPS (Diluted) | $-1.75 | $-6.50 | $-106.19 | $-5.78 | $-3.00 | · | · | · | · | · | · | · | |
| Shares (Basic) | 10,499,000 | 3,831,000 | 612,000 | 8,721,000 | 7,825,000 | · | · | · | · | · | · | · | |
| Shares (Diluted) | 10,499,000 | 3,831,000 | 612,000 | 8,721,000 | 7,825,000 | · | · | · | · | · | · | · | |
| EBITDA | $-19M | $-17M | $-29M | $-50M | $-31M | · | $-16M | $-14M | $-14M | $-10M | $-7M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9M | $14M | $4M | $23M | $77M | $55M | $4M | $4M | $16M | $16M | $9M | $4M | |
| Receivables | · | $0 | $0 | $1M | $426.0K | $75.0K | $97.0K | $75.0K | $175.0K | $484.0K | $445.0K | $205.0K | |
| Inventory | · | $0 | $0 | $4M | $27.0K | · | · | · | · | · | · | · | |
| Prepaid Expense | $1M | $749.0K | $664.0K | $2M | $2M | $214.0K | $290.0K | $276.0K | $283.0K | $264.0K | $182.0K | $118.0K | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | $17.0K | $8.0K | |
| Current Assets | $10M | $16M | $26M | $45M | $105M | $62M | $5M | $16M | $9M | $24M | $10M | $4M | |
| PP&E (Net) | $3M | $4M | $4M | $1M | $9M | $4M | $24M | $25M | $26M | $26M | $13.0K | $6.0K | |
| PP&E (Gross) | $5M | $5M | $5M | $1M | $10M | $4M | $29M | $28M | $27M | $26M | $40.0K | · | |
| Accum. Depreciation | $1M | $1M | $400.0K | $0 | $1M | $753.0K | $5M | $3M | $2M | $605.0K | $27.0K | · | |
| Intangibles | $7M | $5M | $5M | $5M | $952.0K | $1M | $1M | $2M | $2M | $2M | $2M | $3M | |
| Total Assets | $23M | $29M | $41M | $99M | $147M | $94M | $31M | $43M | $36M | $52M | $12M | $6M | |
| Accounts Payable | $2M | $358.0K | $2M | $4M | $2M | $2M | $1M | $790.0K | $749.0K | $1M | $1M | $297.0K | |
| Accrued Liabilities | $1M | $2M | $5M | $4M | $3M | $1M | $965.0K | $1M | $924.0K | $920.0K | $159.0K | $98.0K | |
| Short-term Debt | $766.0K | $218.0K | $13M | $22M | $600.0K | $261.0K | $0 | · | · | · | · | · | |
| Current Liabilities | $6M | $4M | $22M | $30M | $7M | $5M | $3M | $2M | $2M | $2M | $1M | $395.0K | |
| Capital Leases | $2M | $3M | $3M | $4M | $0 | $0 | $25M | $25M | $25M | $25M | $0 | · | |
| Total Liabilities | $8M | $7M | $26M | $36M | $38M | $38M | $28M | $27M | $27M | $28M | $1M | $395.0K | |
| Total Debt | $766.0K | $218.0K | $13M | $22M | $600.0K | · | · | · | · | · | · | · | |
| Common Stock | $19.0K | $9.0K | $1.0K | $9.0K | $9.0K | $140.0K | $20.0K | $16.0K | $9.0K | $89.0K | $77.0K | $66.0K | |
| Retained Earnings | $-332M | $-314M | $-289M | $-224M | $-174M | $-150M | $-106M | $-88M | $-72M | $-58M | $-48M | $-41M | |
| AOCI | · | · | · | $-213.0K | $-63.0K | $-33.0K | $-31.0K | $-30.0K | $-29.0K | $-29.0K | $-25.0K | $0 | |
| Stockholders' Equity | $15M | $21M | $15M | $63M | $109M | $57M | $2M | $16M | $9M | $10M | $11M | $6M | |
| Liabilities + Equity | $23M | $29M | $41M | $99M | $147M | $94M | $31M | $43M | $36M | $52M | $12M | $6M | |
| Shares Outstanding | 19,349,201 | 8,623,676 | 1,015,505 | 8,727,158 | 8,714,924 | 140,071,110 | 20,152,458 | 16,040,126 | 8,911,851 | 89,109,410 | 77,205,410 | 65,642,095 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | $179.0K | · | · | · | · | · | |
| Stock-based Comp | $2M | $2M | $4M | $4M | $2M | $388.0K | $241.0K | $770.0K | $1M | $1M | $914.0K | $1M | |
| Deferred Tax | $-9M | $-5M | $-13M | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $20.0K | $20.0K | $126.0K | $401.0K | $291.0K | $298.0K | $322.0K | $341.0K | $350.0K | $363.0K | $358.0K | $358.0K | |
| Operating Cash Flow | $-15M | $-19M | $-30M | $-37M | $-30M | $-13M | $-14M | $-13M | $-13M | $-8M | $-5M | $-4M | |
| CapEx | $16.0K | $210.0K | $6M | $7M | $5M | $1M | $920.0K | $934.0K | $1M | $68.0K | $13.0K | $4.0K | |
| Investing Cash Flow | $742.0K | $906.0K | $7M | $-5M | $-26M | $-1M | $-990.0K | $-1M | $-2M | · | · | · | |
| Stock Issued | $4M | $26M | $11M | · | · | · | · | · | $0 | $6M | $10M | $480.0K | |
| Net Stock Activity | $4M | $26M | · | · | · | · | · | · | $0 | $6M | $10M | · | |
| Financing Cash Flow | $9M | $24M | $2M | $-6M | $79M | $65M | $3M | $22M | $-170.0K | · | · | · | |
| Net Change in Cash | $-6M | $7M | $-21M | $-49M | $22M | $51M | $-12M | $8M | $-15M | $14M | $6M | $-824.0K | |
| Free Cash Flow | $-15M | $-19M | $-36M | $-45M | $-35M | · | $-15M | $-14M | $-14M | $-8M | $-5M | · |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | 90.9% | 38.3% | · | · | · | · | · | · | · | |
| Operating Margin | -4650.5% | -7392.9% | · | -2085.2% | -1312.1% | · | -782.4% | -3204.3% | -3622.8% | -1043.6% | -360.1% | · | |
| Net Margin | -4594.2% | -11069.8% | · | -2110.9% | -978.8% | · | -871.8% | -3627.2% | -3688.3% | -1030.0% | -357.9% | · | |
| EBITDA Margin | -4650.5% | -7392.9% | · | -2085.2% | -1312.1% | · | -782.4% | -3204.3% | -3622.8% | -1043.6% | -360.1% | · | |
| ROA | -70.8% | -71.2% | -92.5% | -40.8% | -16.0% | · | -53.1% | -43.5% | -37.9% | -19.1% | -69.8% | · | |
| ROE | -101.5% | -135.7% | -164.9% | -58.5% | -28.1% | · | -188.9% | -128.4% | -154.2% | -92.2% | -76.5% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 4.1 | 1.2 | 1.5 | 15.7 | · | 1.4 | 8.0 | 4.3 | 10.4 | · | · | |
| Quick Ratio | 1.4 | 3.7 | 0.2 | 0.8 | 11.7 | · | 1.3 | 7.9 | 4.1 | 10.3 | · | · | |
| Debt / Equity | 0.1 | 0.0 | 0.8 | 0.3 | 0.0 | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | -353.5 | -35.2 | -12.7 | · | -8.3 | -7.4 | -7.4 | -12.3 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | · | |
| Inventory Turnover | · | · | · | 0.1 | · | · | · | · | · | · | · | · | |
| Receivables Turnover | · | · | · | 3.3 | 9.5 | · | 23.5 | 3.6 | 1.2 | 2.0 | 5.7 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 77.8% | · | · | -20.5% | 44.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -40.3% | -54.4% | · | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -24.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $400.0K | $225.0K | $0 | $2M | $2M | $2M | $2M | $444.0K | $394.0K | $948.0K | $2M | $205.0K | |
| Net Income TTM | $-18M | $-25M | $-65M | $-50M | $-23M | $-16M | $-18M | $-16M | $-15M | $-10M | $-7M | $-4M | |
| Market Cap | $15M | $18M | $248M | $1.13B | $164.49B | · | $7.15B | $7.22B | $173.78B | $320.79B | $366.73B | · | |
| Enterprise Value | $7M | $4M | $256M | $1.13B | $164.42B | · | · | · | · | · | · | · | |
| P/E | -0.4 | -0.3 | -0.1 | -22.5 | -251.7 | · | · | · | · | · | · | · | |
| P/S | 36.8 | 80.9 | · | 602.2 | 69377.6 | · | 3545.2 | 16256.9 | 441068.8 | 338390.2 | 198123.0 | · | |
| P/B | 1.0 | 0.9 | 16.1 | 17.9 | 1514.9 | · | 2904.6 | 446.5 | 19495.3 | 32282.8 | 32653.0 | · | |
| P / Tangible Book | 1.8 | 1.1 | 24.8 | 19.3 | 1528.3 | 2802.7 | · | · | · | · | · | · | |
| P / Cash Flow | -1.0 | -1.0 | -8.1 | -30.3 | -5471.5 | · | -511.9 | -535.5 | -13202.2 | -39741.6 | -77613.9 | · | |
| P / FCF | -1.0 | -1.0 | -6.8 | -25.3 | -4702.0 | · | -480.3 | -500.8 | -11996.5 | -39409.6 | -77400.9 | · | |
| EV / EBITDA | -0.4 | -0.3 | -8.7 | -22.8 | -5284.9 | · | · | · | · | · | · | · | |
| EV / FCF | -0.4 | -0.2 | -7.1 | -25.3 | -4699.8 | · | · | · | · | · | · | · | |
| EV / Revenue | 17.2 | 18.7 | · | 601.9 | 69345.2 | · | · | · | · | · | · | · | |
| Earnings Yield | -230.3% | -308.1% | -870.4% | -4.5% | -0.40% | · | · | · | · | · | · | · |
Income Statement 15
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $100.0K | $200.0K | $0 | $200.0K | $0 | $175.0K | $0 | $0 | $50.0K | $0 | $0 | $0 | $0 | $0 | |
| R&D Expense | $3M | $4M | $4M | $3M | $2M | $2M | $1M | $1M | $904.0K | $2M | $2M | $2M | $3M | $3M | $3M | $4M | |
| SG&A Expense | $5M | $5M | $3M | $2M | $3M | $3M | $3M | $2M | $3M | $3M | $4M | $3M | $4M | $8M | $5M | $7M | |
| Operating Expenses | $8M | $9M | $6M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $5M | $5M | $6M | $11M | $8M | $10M | |
| Operating Income | $-8M | $-9M | $-6M | $-5M | $-5M | $-4M | $-4M | $-3M | $-4M | $-4M | $-5M | $-5M | $-6M | $-11M | $-8M | $-10M | |
| Interest Expense | · | · | · | · | · | · | · | · | $52.0K | $34.0K | $26.0K | · | $35.0K | $31.0K | · | · | |
| Interest Income | $657.0K | $493.0K | $267.0K | $79.0K | $72.0K | $112.0K | $174.0K | $223.0K | $43.0K | $42.0K | $55.0K | $50.0K | $23.0K | $41.0K | $99.0K | $66.0K | |
| Other Non-op | $635.0K | $452.0K | $231.0K | $35.0K | $18.0K | $55.0K | $117.0K | $163.0K | $991.0K | $8.0K | $29.0K | $33.0K | $-110.0K | $10.0K | $99.0K | $68.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-8M | $-9M | $-6M | $-5M | $-5M | $-4M | $-4M | $-8M | $-3M | $-8M | $-6M | $-6M | $-7M | $-34M | $-18M | $-17M | |
| EPS (Basic) | $-0.06 | $-0.09 | $-0.11 | $-0.32 | $-0.49 | $-0.48 | $-0.46 | $3.57 | $-0.85 | $-4.42 | $-4.80 | $-24.64 | $-11.07 | $-68.43 | $-2.05 | $-1.96 | |
| EPS (Diluted) | $-0.06 | $-0.09 | $-0.11 | $-0.32 | $-0.49 | $-0.48 | $-0.46 | $3.57 | $-0.85 | $-4.42 | $-4.80 | $-24.64 | $-11.07 | $-68.43 | $-2.05 | $-0.59 | |
| Shares (Basic) | 119,600,000 | 99,133,000 | 52,981,000 | -17,128,000 | 9,862,000 | 9,132,000 | 8,633,000 | -2,936,000 | 3,713,000 | 1,856,000 | 1,198,000 | -9,379,000 | 659,000 | 490,000 | 8,842,000 | -17,428,000 | |
| Shares (Diluted) | 119,600,000 | 99,133,000 | 52,981,000 | -17,128,000 | 9,862,000 | 9,132,000 | 8,633,000 | -2,936,000 | 3,713,000 | 1,856,000 | 1,198,000 | -9,379,000 | 659,000 | 490,000 | 8,842,000 | -17,428,000 | |
| EBITDA | $-8M | $-9M | $-6M | · | $-5M | $-4M | $-4M | · | $-4M | $-4M | $-5M | · | $-6M | $-11M | $-8M | · |
Balance Sheet 23
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $48M | $29M | $28M | $9M | $5M | $7M | $11M | $14M | $5M | $3M | $1M | $4M | $7M | $4M | $10M | $23M | |
| Receivables | · | · | $65.0K | · | · | · | · | · | · | · | $0 | · | $70.0K | $970.0K | $1M | $1M | |
| Inventory | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | · | · | · | $4M | |
| Prepaid Expense | $2M | $670.0K | $1M | $1M | $1M | $1M | $667.0K | $749.0K | $862.0K | $894.0K | $451.0K | $664.0K | $921.0K | $414.0K | $1M | $2M | |
| Current Assets | $77M | $53M | $51M | $10M | $6M | $8M | $12M | $16M | $36M | $20M | $23M | $26M | $27M | $38M | $64M | $45M | |
| PP&E (Net) | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $1M | |
| PP&E (Gross) | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | · | $1M | |
| Accum. Depreciation | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $893.0K | $729.0K | $565.0K | $400.0K | $235.0K | $115.0K | · | $0 | |
| Intangibles | $2M | $4M | $7M | $7M | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $5M | |
| Total Assets | $86M | $64M | $64M | $23M | $19M | $22M | $25M | $29M | $50M | $34M | $38M | $41M | $44M | $52M | $85M | $99M | |
| Accounts Payable | $3M | $3M | $3M | $2M | $1M | $614.0K | $855.0K | $358.0K | $1M | $2M | $2M | $2M | $2M | $4M | $5M | $4M | |
| Accrued Liabilities | $2M | $2M | $850.0K | $1M | $1M | $2M | $1M | $2M | $4M | $4M | $3M | $5M | $4M | $5M | $3M | $4M | |
| Short-term Debt | · | · | $706.0K | $766.0K | $824.0K | $237.0K | $227.0K | $218.0K | $13M | $13M | $13M | · | $14M | $16M | $22M | $22M | |
| Current Liabilities | $7M | $6M | $6M | $6M | $5M | $5M | $3M | $4M | $21M | $22M | $21M | $22M | $22M | $28M | $32M | $30M | |
| Capital Leases | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | |
| Total Liabilities | $8M | $8M | $8M | $8M | $8M | $8M | $7M | $7M | $25M | $25M | $24M | $26M | $27M | $33M | $36M | $36M | |
| Total Debt | · | · | $706.0K | · | $824.0K | $237.0K | $227.0K | · | $13M | $13M | $13M | · | $14M | $16M | $22M | · | |
| Common Stock | $35.0K | $30.0K | $20.0K | $19.0K | $10.0K | $9.0K | $9.0K | $9.0K | $9.0K | $30.0K | $28.0K | $1.0K | $16.0K | $12.0K | $9.0K | $9.0K | |
| Retained Earnings | $-355M | $-347M | $-338M | $-332M | $-327M | $-322M | $-318M | $-314M | $-306M | $-303M | $-295M | $-289M | $-283M | $-276M | $-242M | $-224M | |
| AOCI | $-21.0K | $10.0K | $-15.0K | · | · | · | · | · | · | · | · | · | · | $-167.0K | $-223.0K | $-213.0K | |
| Stockholders' Equity | $78M | $57M | $56M | $15M | $11M | $14M | $18M | $21M | $25M | $9M | $13M | $15M | $17M | $19M | $48M | $63M | |
| Liabilities + Equity | $86M | $64M | $64M | $23M | $19M | $22M | $25M | $29M | $50M | $34M | $38M | $41M | $44M | $52M | $85M | $99M | |
| Shares Outstanding | 34,543,561 | 30,053,070 | 20,254,599 | 19,349,201 | 10,066,276 | 9,167,670 | 8,637,895 | 8,623,676 | 8,517,449 | 3,243,725 | 27,653,582 | 1,015,505 | 12,368,287 | 12,368,287 | 9,006,582 | 8,727,158 |
Cash Flow 10
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $377.0K | $253.0K | $323.0K | $270.0K | $370.0K | $475.0K | $415.0K | $360.0K | $457.0K | $456.0K | $765.0K | $446.0K | $2M | $1M | $1M | $1M | |
| Amort. of Intangibles | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $49.0K | $67.0K | $68.0K | |
| Operating Cash Flow | $-6M | $-5M | $-6M | $-5M | $-3M | $-4M | $-4M | $-5M | $-4M | $-5M | $-5M | $-5M | $-4M | $-8M | $-14M | $-12M | |
| CapEx | $11.0K | $516.0K | $32.0K | $1.0K | $14.0K | $1.0K | $0 | $210.0K | $0 | · | · | $506.0K | $-201.0K | $3M | $2M | $3M | |
| Investing Cash Flow | $-3M | $-3M | $-21M | $45.0K | $-14.0K | $-2.0K | $713.0K | $-144.0K | $1M | $0 | $50.0K | $-6.0K | $8M | $-1M | $29.0K | $477.0K | |
| Stock Issued | $3M | $0 | $219.0K | $2M | $1M | $0 | $4.0K | $14M | $4M | $4M | $3M | · | · | · | · | · | |
| Net Stock Activity | · | · | $219.0K | · | · | · | $4.0K | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $28M | $9M | $47M | $8M | $1M | $-152.0K | $-162.0K | $13M | $5M | $4M | $2M | $3M | $1M | $-3M | $1M | $-10.0K | |
| Net Change in Cash | $19M | $561.0K | $20M | $4M | $-2M | $-4M | $-3M | $8M | $2M | $-701.0K | $-3M | $-2M | $6M | $-12M | $-13M | $-11M | |
| Free Cash Flow | · | · | $-6M | · | · | · | · | · | · | · | · | · | · | · | $-16M | · |
Profitability 5
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | -5951.0% | · | · | -2209.5% | · | · | · | · | -10206.0% | · | · | · | · | · | |
| Net Margin | · | · | -5720.0% | · | · | -2182.0% | · | · | · | · | -11492.0% | · | · | · | · | · | |
| EBITDA Margin | · | · | -5951.0% | · | · | -2209.5% | · | · | · | · | -10206.0% | · | · | · | · | · | |
| ROA | -14.7% | -20.9% | -12.9% | · | -14.0% | -15.7% | -12.8% | · | -6.7% | -19.1% | -9.4% | · | -9.1% | -37.6% | -15.9% | · | |
| ROE | -17.4% | -25.5% | -15.5% | · | -26.8% | -37.8% | -25.8% | · | -15.0% | -58.6% | -18.7% | · | -15.1% | -61.3% | -24.3% | · |
Liquidity & Solvency 4
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.9 | 9.0 | 8.4 | · | 1.1 | 1.8 | 3.4 | · | 1.7 | 0.9 | 1.1 | · | 1.2 | 1.4 | 2.0 | · | |
| Quick Ratio | 7.3 | 4.9 | 4.7 | · | 0.9 | 1.5 | 3.2 | · | 0.2 | 0.1 | 0.1 | · | 0.3 | 0.2 | 0.3 | · | |
| Debt / Equity | · | · | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.5 | 1.4 | 1.0 | · | 0.8 | 0.9 | 0.5 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -69.7 | -132.2 | -196.3 | · | -176.3 | -341.1 | · | · |
Efficiency 2
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | 0.0 | · | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | · | · | 3.1 | · | · | · | · | · | · | · | 0.1 | · | 0.0 | 0.0 | 0.0 | · |
Valuation (TTM) 14
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $300.0K | $300.0K | $300.0K | · | · | · | · | · | $50.0K | $50.0K | $50.0K | · | $2M | $2M | $2M | · | |
| Net Income TTM | $-27M | $-24M | $-19M | · | $-16M | $-20M | $-21M | · | $-24M | $-55M | $-65M | · | $-71M | $-76M | $-51M | · | |
| Market Cap | $66M | $58M | $17M | · | $40M | $22M | $19M | · | $35M | $4M | $166M | · | $515M | $109M | $766M | · | |
| Enterprise Value | · | · | $-11M | · | $36M | $16M | $8M | · | $42M | $14M | $177M | · | $522M | $121M | $778M | · | |
| P/E | -2.5 | -1.6 | -0.5 | · | -1.8 | -0.4 | -0.2 | · | -0.2 | -0.0 | -0.1 | · | -0.5 | -0.1 | -11.7 | · | |
| P/S | 218.8 | 193.3 | 56.0 | · | · | · | · | · | 691.6 | 88.9 | 3318.4 | · | 285.8 | 60.5 | 406.3 | · | |
| P/B | 0.8 | 1.0 | 0.3 | · | 3.6 | 1.6 | 1.1 | · | 1.4 | 0.5 | 12.6 | · | 29.6 | 5.8 | 15.8 | · | |
| P / Tangible Book | 0.9 | 1.1 | 0.3 | · | 7.7 | 2.9 | 1.5 | · | 1.8 | 1.2 | 21.2 | · | 42.9 | 8.1 | 18.1 | · | |
| P / Cash Flow | · | · | -3.0 | · | · | · | -5.2 | · | · | · | -31.1 | · | · | · | -54.8 | · | |
| P / FCF | · | · | -3.0 | · | · | · | · | · | · | · | · | · | · | · | -46.6 | · | |
| EV / EBITDA | · | · | 1.8 | · | -7.4 | -3.5 | -2.0 | · | -11.6 | -3.2 | -34.7 | · | -84.6 | -11.5 | -101.9 | · | |
| EV / FCF | · | · | 1.9 | · | · | · | · | · | · | · | · | · | · | · | -47.3 | · | |
| EV / Revenue | · | · | -35.3 | · | · | · | · | · | 838.7 | 286.2 | 3541.7 | · | 289.8 | 67.3 | 412.9 | · | |
| Earnings Yield | -39.5% | -60.6% | -185.5% | · | -56.7% | -253.5% | -474.3% | · | -520.7% | -6475.9% | -1439.2% | · | -199.4% | -832.6% | -8.5% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Revenue | $400.0K | $225.0K | $0 | $2M | $2M |
| Gross Margin % | — | — | — | 90.9% | 38.3% |
| Operating Margin % | -4650.5% | -7392.9% | — | -2085.2% | -1312.1% |
| Net Income | $-18M | $-25M | $-65M | $-50M | $-23M |
| Diluted EPS | $-1.75 | $-6.50 | $-106.19 | $-5.78 | $-3.00 |
Balance Sheet
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.0 | 0.8 | 0.3 | 0.0 |
| Current Ratio | 1.6 | 4.1 | 1.2 | 1.5 | 15.7 |
| Quick Ratio | 1.4 | 3.7 | 0.2 | 0.8 | 11.7 |
Cash Flow
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-15M | $-19M | $-36M | $-45M | $-35M |
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Institutional owners (13F) 60 filers · $59.4M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 19 (+6 vs prior Q) | 12 (+1 vs prior Q) | 18 (+4 vs prior Q) | 9 (+1 vs prior Q) | +16.7M |
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 |
|---|---|---|---|---|
| Affinity Asset Advisors, LLC | $7,013,792 | 4,007,881 | 11.81% | Shares |
| Cormorant Asset Management, LP | $6,247,500 | 3,570,000 | 10.52% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $6,160,858 | 3,520,490 | 10.37% | Shares |
| Vestal Point Capital, LP | $4,550,000 | 2,600,000 | 7.66% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,671,764 | 2,098,151 | 6.18% | Shares |
| Frazier Life Sciences Management, L.P. | $3,418,567 | 1,953,467 | 5.76% | Shares |
| Ensign Peak Advisors, Inc | $3,206,800 | 1,832,457 | 5.40% | Shares |
| Woodline Partners LP | $3,108,957 | 1,776,547 | 5.24% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,890,078 | 1,651,473 | 4.87% | Shares |
| CITADEL ADVISORS LLC | $2,422,051 | 1,384,029 | 4.08% | Shares |
| Balyasny Asset Management L.P. | $2,049,063 | 1,170,893 | 3.45% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,874,894 | 1,071,368 | 3.16% | Shares |
| Ikarian Capital, LLC | $1,674,859 | 957,062 | 2.82% | Shares |
| Sio Capital Management, LLC | $1,582,469 | 904,268 | 2.66% | Shares |
| Walleye Capital LLC | $875,656 | 500,375 | 1.47% | Shares |
| Squarepoint Ops LLC | $873,026 | 498,872 | 1.47% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $730,107 | 417,077 | 1.23% | Shares |
| NOESIS CAPITAL MANGEMENT CORP | $708,750 | 405,000 | 1.19% | Shares |
| TWO SIGMA INVESTMENTS, LP | $701,167 | 400,667 | 1.18% | Shares |
| Ally Bridge Group (NY) LLC | $682,757 | 390,147 | 1.15% | Shares |
| ADAR1 Capital Management, LLC | $657,179 | 375,531 | 1.11% | Shares |
| Verdad Advisers, LP | $523,122 | 298,927 | 0.88% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $502,031 | 286,875 | 0.85% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $445,221 | 254,412 | 0.75% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $354,982 | 202,847 | 0.60% | Shares |
| MARSHALL WACE, LLP | $352,952 | 201,686 | 0.59% | Shares |
| GOLDMAN SACHS GROUP INC | $350,796 | 200,455 | 0.59% | Shares |
| STATE STREET CORP | $298,898 | 170,799 | 0.50% | Shares |
| DAFNA Capital Management LLC | $297,593 | 170,053 | 0.50% | Shares |
| VANGUARD GROUP INC | $266,068 | 137,859 | 0.45% | Shares |
| TWO SIGMA ADVISERS, LP | $209,212 | 108,400 | 0.35% | Shares |
| NORTHERN TRUST CORP | $194,808 | 111,319 | 0.33% | Shares |
| Atom Investors LP | $177,725 | 101,557 | 0.30% | Shares |
| XTX Topco Ltd | $101,224 | 57,842 | 0.17% | Shares |
| Headlands Technologies LLC | $82,973 | 47,413 | 0.14% | Shares |
| TWO SIGMA SECURITIES, LLC | $28,264 | 16,151 | 0.05% | Shares |
| Innovative Asset Advisors Group, LLC | $26,250 | 15,000 | 0.04% | Shares |
| Spark Investment Management LLC | $23,625 | 13,500 | 0.04% | Shares |
| Bank of New York Mellon Corp | $18,608 | 10,633 | 0.03% | Shares |
| BlackRock, Inc. | $12,198 | 6,970 | 0.02% | Shares |
| Vanguard Global Advisers, LLC | $9,555 | 5,460 | 0.02% | Shares |
| BARCLAYS PLC | $5,696 | 3,255 | 0.01% | Shares |
| FMR LLC | $757 | 433 | 0.00% | Shares |
| Fortitude Family Office, LLC | $754 | 431 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $177 | 101 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $140 | 80 | 0.00% | Shares |
| SHP Wealth Management | $105 | 60 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $74 | 42 | 0.00% | Shares |
| SOA Wealth Advisors, LLC. | $23 | 13 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $16 | 9 | 0.00% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $12 | 7 | 0.00% | Shares |
| Activest Wealth Management | $7 | 4 | 0.00% | Shares |
| Financial Gravity Companies, Inc. | $4 | 2 | 0.00% | Shares |
| MORGAN STANLEY | $4 | 2 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4 | 2 | 0.00% | Shares |
| Financial Gravity Wealth, Inc. | $4 | 2 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $3 | 2 | 0.00% | Shares |
| Rockefeller Capital Management L.P. | $2 | 1 | 0.00% | Shares |
| UBS Group AG | $2 | 1 | 0.00% | Shares |
| Motiv8 Investments LLC | $0 | 1 | 0.00% | Shares |
Company insiders 27 insiders · 9 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Martin Brenner | Chief Executive Officer and Chief Scientific Officer | March 19, 2026 P | 30,652 | 1 | 0 | $24,919 |
| Thomas Francis 3Rd Isett | CEO and Executive Chairman | Sept. 8, 2022 A | — | 0 | 0 | $0 |
| Felipe Duran | Chief Financial Officer | March 19, 2026 P | 35,974 | 1 | 0 | $50,167 |
| Mark A Giannone | Chief Financial Officer | Jan. 24, 2014 A | — | 0 | 0 | $0 |
| Robert L Erwin | President | July 15, 2013 A | — | 0 | 0 | $0 |
| Randy Joe Maddux | Chief Operating Officer | Dec. 7, 2021 S | 271,757 | 0 | 0 | $0 |
| Molly Carr | Chief Medical Officer | July 31, 2026 A | — | 0 | 0 | $0 |
| Marc Banjak | Chief Legal Officer | March 26, 2026 P | 25,000 | 2 | 0 | $23,024 |
| Robert Matthew Lutz | Chief Financial & Business Officer and Principal Accounting Officer | Nov. 11, 2022 A | 102,165 | 0 | 0 | $0 |
| Elizabeth Stoner | Director | May 18, 2026 A | — | 0 | 0 | $0 |
| Antonio Bernardino Guimaraes Parada | Director | Nov. 20, 2025 A | 183,823 | 0 | 0 | $0 |
| Alexandra Kropotova | Director | Nov. 20, 2025 A | — | 0 | 0 | $0 |
| Evert B. Schimmelpennink | Director | Nov. 20, 2025 A | — | 0 | 0 | $0 |
| Gary Sender | Director | Nov. 20, 2025 A | 9,191 | 0 | 0 | $0 |
| William D Clark | Director | Nov. 20, 2025 A | 1,838 | 0 | 0 | $0 |
| David Arkowitz | Director | Nov. 20, 2025 A | 18,382 | 0 | 0 | $0 |
| Linda Washington Armstrong | Director | Dec. 9, 2021 A | — | 0 | 0 | $0 |
| Hill (Ret) James T. General | Director | Dec. 9, 2021 A | — | 0 | 0 | $0 |
| Glenn Chang | Director | Dec. 9, 2021 A | — | 0 | 0 | $0 |
| John D Mckey JR | Director | Dec. 9, 2021 A | 968,284 | 0 | 0 | $0 |
| Robert Kay | Director | June 12, 2020 A | — | 0 | 0 | $0 |
| Arthur Y Elliott | Director | July 15, 2013 A | — | 0 | 0 | $0 |
| RUSSELL PHILIP K. | Director | July 15, 2013 A | — | 0 | 0 | $0 |
| Seymour Flug | Director | July 15, 2013 A | — | 0 | 0 | $0 |
| Jules A. Musing | Director | July 24, 2012 A | — | 0 | 0 | $0 |
| Carl Desantis | 10% owner | Sept. 17, 2014 S | 5,751,143 | 0 | 0 | $0 |
| Gerald E Kay | 10% owner | June 27, 2012 S | 4,119,803 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| EASTERN CAPITAL LIMITED, PORTFOLIO SERVICES LTD., KENNETH B. DART ×18 filings | Aug. 13, 2020 | — | Initial filing | — | SEC |
| KENNETH B. DART ×3 filings | March 15, 2019 | — | Initial filing | — | SEC |
| Carl DeSantis, DeSantis Revocable Trust, CD Financial, LLC ×3 filings | Nov. 18, 2014 | — | Initial filing | — | SEC |
| Carl DeSantis ? ? 2. ?, DeSantis Revocable Trust ? ? 2. ?, CD Financial, LLC ? ? 2. ? | Sept. 13, 2013 | — | Initial filing | — | SEC |
| E. Gerald Kay, EGK, LLC ×2 filings | June 13, 2013 | — | 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 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.