IKT Inhibikase Therapeutics, Inc. - Common Stock
$2.50
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026
52W Range
$1–$3
97% of range
Analyst Rating
BUY
13 analysts
Price Target
$6
+140% upside
P/E (TTM)
-5.1
ROE
-38.2%
Net Profit Margin
-1299.0%
IKT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.50
Market Cap
$329M
P/E (TTM)
-5.1
EPS (TTM)
$-0.49
Revenue (TTM)
$0
Div Yield
—
ROE
-38.2%
Debt/Equity
—
52W Range
$1 – $3
IKT 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
$0
2020-12-31
→
2024-12-31
EPS
$-0.49
2021-12-31
→
2025-12-31
Free Cash Flow
$-28M
2023-12-31
→
2025-12-31
Margins
-1299.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
IKT
Peer Median
P/E (TTM)
-5.1
4.8
P/B
1.9
1.8
Price / FCF
-11.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
IKT
Peer Median
Operating Margin
-1399.0%
—
Net Profit Margin
-1299.0%
-1471.7%
ROA
-34.5%
-43.0%
ROE
-38.2%
-50.9%
ROIC
-30.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
IKT
Peer Median
Current Ratio
21.7
6.5
Quick Ratio
26.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
IKT
Peer Median
Revenue YoY
111.0%
—
Revenue CAGR 3Y
-28.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
IKT
Peer Median
IKT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 5 38.5%
- Buy 7 53.8%
- Hold 1 7.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-17
Median
$6.00
← Below all targets
$2.50
Low
$3.00
High
$8.00
Median target
$6.00
+140.5%
Mean target
$6.00
+140.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.10 | $-0.11 | 0.01% |
| Dec. 31, 2025 | $-0.09 | $-0.10 | 0.01% |
| Sept. 30, 2025 | $-0.13 | $-0.13 | 0.00% |
| June 30, 2025 | $-0.11 | $-0.09 | -0.02% |
| March 31, 2025 | $-0.17 | $-0.11 | -0.06% |
| Dec. 31, 2024 | $-0.50 | $-0.09 | -0.41% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IKT | $270M | -4.2 | 111.0% | -1299.0% | -38.2% | — |
| ABEO | $290M | 5.2 | 147.5% | 1223.1% | 44.1% | — |
| IMRX | — | -5.2 | — | — | -45.3% | — |
| TLSI | — | — | — | — | — | — |
| LYEL | $654M | -1.9 | -41.0% | -762355.6% | -100.3% | — |
| AGEN | $111M | — | 10.4% | -2.7% | 1.0% | — |
| FATE | $113M | -0.9 | -51.2% | -2051.1% | -58.2% | — |
| VNDA | $521M | -2.4 | 8.7% | -102.0% | -54.2% | — |
| CAMP | $318M | -2.3 | 436.5% | -2298.5% | -183.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | · | $0 | $260.5K | $123.4K | $3M | $698.5K | |
| R&D Expense | $30M | $17M | $14M | $12M | $11M | $893.8K | |
| SG&A Expense | $24M | $11M | $7M | $6M | $7M | $3M | |
| Operating Expenses | $52M | $29M | $20M | $18M | $18M | $4M | |
| Operating Income | $-52M | $-29M | $-20M | $-18M | $-15M | $-3M | |
| Interest Expense | · | · | · | · | $19.9K | $29.4K | |
| Pretax Income | $-48.3K | $-27.5K | · | · | · | · | |
| Income Tax | $0 | $0 | · | · | · | · | |
| Net Income | $-48M | $-28M | $-19M | $-18M | $-15M | $-3M | |
| EPS (Basic) | $-0.49 | $-1.16 | $-3.16 | $-4.28 | $-0.81 | · | |
| EPS (Diluted) | $-0.49 | $-1.16 | $-3.16 | $-4.28 | $-0.81 | · | |
| Shares (Basic) | 98,310,190 | 23,712,220 | 6,028,210 | 4,223,099 | 18,209,198 | · | |
| Shares (Diluted) | 98,310,190 | 23,712,220 | 6,028,210 | 4,223,099 | 18,209,198 | · | |
| EBITDA | $-52M | · | $-20M | · | $-15M | · |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $139M | $98M | $9M | $7M | $41M | $14M | |
| Short-term Investments | $40M | $41M | $4M | $16M | $0 | · | |
| Prepaid Expense | $343.4K | $826.5K | $739.2K | $163.5K | $2M | $54.8K | |
| Current Assets | $180M | $98M | $14M | $24M | $42M | $15M | |
| PP&E (Net) | $0 | $47.1K | $73.4K | $236.5K | $0 | · | |
| PP&E (Gross) | $0 | $103.8K | $103.8K | $243.3K | · | · | |
| Other Non-current Assets | $95.1K | $0 | · | · | · | · | |
| Total Assets | $181M | $99M | $15M | $25M | $42M | $15M | |
| Accounts Payable | $1M | $943.0K | $646.8K | $1M | $1M | $2M | |
| Accrued Liabilities | $4M | $3M | $2M | $2M | $3M | $632.9K | |
| Short-term Debt | · | · | · | · | $248.9K | $42.5K | |
| Current Liabilities | $8M | $4M | $3M | $4M | $4M | $5M | |
| Capital Leases | · | · | $90.1K | $205.5K | $0 | · | |
| Total Liabilities | $8M | $4M | $4M | $4M | $4M | $5M | |
| Long-term Debt | · | · | $381.8K | · | $248.9K | · | |
| Total Debt | · | · | · | · | $248.9K | · | |
| Common Stock | $131.7K | $69.4K | $6.2K | $4.2K | $25.2K | $10.1K | |
| Retained Earnings | $-143M | $-94M | $-67M | $-48M | $-30M | $15M | |
| AOCI | $21.8K | $-37.2K | $877 | $104.7K | $0 | · | |
| Stockholders' Equity | $173M | $95M | $11M | $21M | $38M | $10M | |
| Liabilities + Equity | $181M | $99M | $15M | $25M | $42M | $15M | |
| Shares Outstanding | 131,691,237 | 69,362,439 | 6,186,280 | 4,224,294 | 4,212,317 | 10,050,849 |
Cash Flow 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $15M | $8M | $500.1K | $458.1K | $2M | $573.7K | |
| Operating Cash Flow | $-28M | $-19M | $-18M | $-17M | $-14M | $-1M | |
| CapEx | $13.4K | $0 | $14.2K | $243.3K | $0 | · | |
| Investing Cash Flow | $2M | $-37M | $12M | $-16M | $0 | · | |
| Stock Issued | $108M | $103M | $9M | $0 | $0 | $4.9K | |
| Net Stock Activity | $108M | · | $9M | · | $0 | · | |
| Financing Cash Flow | $108M | $103M | $8M | $-204.8K | $41M | $15M | |
| Free Cash Flow | $-28M | · | $-18M | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -1399.0% | · | -7712.0% | · | -476.2% | · | |
| Net Margin | -1299.0% | · | -7304.7% | · | -476.9% | · | |
| Pretax Margin | -1.3% | · | · | · | · | · | |
| EBITDA Margin | -1399.0% | · | -7712.0% | · | -476.2% | · | |
| ROA | -34.5% | · | -96.5% | · | -51.6% | · | |
| ROE | -38.2% | · | -146.4% | · | -36.2% | · | |
| ROIC | -30.1% | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 21.7 | · | 4.1 | · | · | · | |
| Quick Ratio | 26.3 | · | 3.9 | · | 10.1 | · | |
| Debt / Equity | · | · | · | · | 0.0 | · | |
| Interest Coverage | · | · | · | · | -741.2 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.0 | · | 0.1 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | 111.0% | -96.0% | 343.9% | · | |
| Revenue CAGR 3Y | · | · | -28.0% | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | $260.5K | $123.4K | $3M | $698.5K | |
| Net Income TTM | $-48M | $-28M | $-19M | $-18M | $-15M | $-3M | |
| Market Cap | $270M | · | $8M | · | $222M | · | |
| Enterprise Value | · | · | · | · | $181M | · | |
| P/E | -4.2 | -2.8 | -0.4 | -0.7 | -10.9 | · | |
| P/S | · | · | 30.2 | · | 71.6 | · | |
| P/B | 1.6 | · | 0.7 | · | 5.8 | · | |
| P / Tangible Book | 1.6 | 2.4 | 0.7 | 3.6 | 5.8 | · | |
| P / Cash Flow | -9.7 | · | -0.4 | · | -15.5 | · | |
| P / FCF | -9.7 | · | -0.4 | · | · | · | |
| EV / EBITDA | · | · | · | · | -12.3 | · | |
| EV / Revenue | · | · | · | · | 58.5 | · | |
| Earnings Yield | -23.9% | -35.7% | -248.8% | -142.7% | -9.2% | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | $1 | $79.6K | $116.4K | $64.5K | $63.6K | $7.3K | |
| R&D Expense | $13M | $11M | $6M | $8M | $5M | $11M | $7M | $4M | $3M | $3M | $3M | $3M | $5M | $3M | $3M | $3M | |
| SG&A Expense | $8M | $7M | $7M | $6M | $6M | $5M | $6M | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $1M | $2M | |
| Operating Expenses | $21M | $18M | $14M | $13M | $11M | $15M | $13M | $6M | $5M | $5M | $4M | $5M | $6M | $5M | $4M | $5M | |
| Operating Income | $-21M | $-18M | $-14M | $-13M | $-11M | $-15M | $-13M | $-6M | $-5M | $-5M | $-4M | $-5M | $-6M | $-5M | $-4M | $-5M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income | $-20M | $-16M | $-13M | $-12M | $-10M | $-14M | $-12M | $-6M | $-5M | $-5M | $-4M | $-5M | $-6M | $-4M | $-4M | $-4M | |
| EPS (Basic) | $-0.11 | $-0.10 | $-0.10 | $-0.13 | $-0.11 | $-0.15 | $0.88 | $-0.65 | $-0.66 | $-0.73 | $-0.21 | $-0.86 | $-1.11 | $-0.98 | $-1.94 | $-1.06 | |
| EPS (Diluted) | $-0.11 | $-0.10 | $-0.10 | $-0.13 | $-0.11 | $-0.15 | $0.88 | $-0.65 | $-0.66 | $-0.73 | $-0.21 | $-0.86 | $-1.11 | $-0.98 | $-1.94 | $-1.06 | |
| Shares (Basic) | 174,571,543 | 172,306,932 | -171,287,579 | 90,050,973 | 90,009,625 | 89,537,171 | 953,286 | 8,882,570 | 7,535,667 | 6,340,697 | -9,125,241 | 5,342,337 | 5,226,101 | 4,585,013 | -29,430,943 | 4,224,294 | |
| Shares (Diluted) | 174,571,543 | 172,306,932 | -171,287,579 | 90,050,973 | 90,009,625 | 89,537,171 | 953,286 | 8,882,570 | 7,535,667 | 6,340,697 | -9,125,241 | 5,342,337 | 5,226,101 | 4,585,013 | -29,430,943 | 4,224,294 | |
| EBITDA | $-21M | $-18M | · | $-13M | $-11M | $-15M | · | $-6M | $-5M | $-5M | · | $-5M | $-6M | $-5M | · | $-5M |
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 | $31M | $50M | $179M | $38M | $78M | $73M | $98M | $913.4K | $3M | $2M | $9M | $15M | $2M | $4M | $7M | $6M | |
| Short-term Investments | $128M | $121M | $40M | $39M | $10M | $20M | $41M | $2M | $5M | $7M | $4M | $2M | $19M | $22M | $16M | $21M | |
| Prepaid Expense | $933.9K | $1M | $343.4K | $618.8K | $682.6K | $932.0K | $826.5K | $280.9K | $356.5K | $851.1K | $739.2K | $371.5K | $543.9K | $922.8K | $163.5K | $505.9K | |
| Current Assets | $162M | $172M | $180M | $79M | $89M | $94M | $98M | $4M | $9M | $11M | $14M | $18M | $22M | $28M | $24M | $28M | |
| PP&E (Net) | · | · | $0 | $0 | $23.7K | $47.8K | $47.1K | $53.7K | $60.2K | $66.8K | $73.4K | $79.9K | $86.5K | $231.5K | $236.5K | $241.6K | |
| PP&E (Gross) | · | · | $0 | $117.2K | $117.2K | $117.2K | $103.8K | $103.8K | $103.8K | $103.8K | $103.8K | $103.8K | $257.5K | $243.3K | $243.3K | $243.3K | |
| Other Non-current Assets | $244.7K | $155.8K | $95.1K | $57.9K | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Total Assets | $164M | $173M | $181M | $80M | $89M | $94M | $99M | $4M | $9M | $11M | $15M | $18M | $22M | $28M | $25M | $29M | |
| Accounts Payable | $991.7K | $2M | $1M | $620.5K | $3M | $2M | $943.0K | $3M | $1M | $1M | $646.8K | $734.6K | $754.1K | $959.1K | $1M | $781.2K | |
| Accrued Liabilities | $9M | $4M | $4M | $4M | $3M | $4M | $3M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Current Liabilities | $10M | $6M | $8M | $7M | $9M | $9M | $4M | $5M | $4M | $4M | $3M | $3M | $3M | $3M | $4M | $3M | |
| Capital Leases | · | · | · | · | · | · | · | · | $25.6K | $58.3K | · | $121.0K | $150.0K | $178.1K | $205.5K | $232.0K | |
| Other Non-current Liabilities | $400.0K | $400.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $10M | $6M | $8M | $7M | $9M | $9M | $4M | $5M | $4M | $4M | $4M | $3M | $3M | $3M | $4M | $3M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Common Stock | $132.0K | $132.0K | $131.7K | $74.8K | $74.5K | $74.3K | $69.4K | $7.5K | $7.2K | $6.5K | $6.2K | $5.4K | $5.3K | $31.1K | $4.2K | $25.2K | |
| Retained Earnings | $-179M | $-159M | $-143M | $-130M | $-118M | $-108M | $-94M | $-82M | $-77M | $-72M | $-67M | $-63M | $-58M | $-52M | $-48M | $-44M | |
| AOCI | $-72.8K | $-26.3K | $21.8K | $-4.2K | $-2.9K | $-967 | $-37.2K | $1.8K | $-1.0K | $-1.8K | $877 | $-143 | $-1.7K | $165.8K | $104.7K | $26.8K | |
| Stockholders' Equity | $153M | $168M | $173M | $73M | $80M | $86M | $95M | $-530.6K | $5M | $7M | $11M | $15M | $19M | $25M | $21M | $25M | |
| Liabilities + Equity | $164M | $173M | $181M | $80M | $89M | $94M | $99M | $4M | $9M | $11M | $15M | $18M | $22M | $28M | $25M | $29M | |
| Shares Outstanding | 132,032,636 | 132,032,636 | 131,691,237 | 74,807,911 | 74,516,635 | 74,341,540 | 69,362,439 | 7,464,070 | 7,216,145 | 6,476,844 | 6,186,280 | 5,360,326 | 5,290,826 | 31,056,238 | 4,224,294 | 25,227,051 |
Cash Flow 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $5M | $6M | $5M | $5M | $4M | $2M | $8M | $148.0K | $30.7K | $53.4K | $122.2K | $129.8K | $124.8K | $123.3K | $100.4K | $101.8K | |
| Operating Cash Flow | $-12M | $-12M | $-8M | $-11M | $-6M | $-4M | $-5M | $-5M | $-5M | $-4M | $-3M | $-4M | $-5M | $-6M | $-4M | $-6M | |
| CapEx | $0 | $0 | $0 | $0 | $0 | $13.4K | $0 | $0 | $0 | $0 | $0 | $0 | · | · | $0 | $200.2K | |
| Investing Cash Flow | $-6M | $-80M | $-98.8K | $-29M | $10M | $21M | $-39M | $3M | $3M | $-3M | $-2M | $17M | $3M | $-6M | $5M | $-21M | |
| Stock Issued | $0 | $3M | $108M | $0 | $150 | $0 | $100M | $182.0K | $3M | $397.6K | $452 | $70 | $-36.0K | $1M | $0 | $0 | |
| Net Stock Activity | · | $3M | · | · | · | $0 | · | · | · | $397.6K | · | · | · | $9M | · | · | |
| Financing Cash Flow | $-14.5K | $3M | $109M | $-134.1K | $31.8K | $0 | $100M | $182.0K | $3M | $367.0K | $-138.1K | $70 | $-36.0K | $9M | $0 | $0 | |
| Free Cash Flow | · | $-12M | · | · | · | $-4M | · | · | · | · | · | · | · | · | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | · | · | · | -5993.4% | -5328.1% | -7307.6% | · | -61899.6% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | -5775.1% | -4963.5% | -6940.0% | · | -61645.4% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | -5993.4% | -5328.1% | -7307.6% | · | -61899.6% | |
| ROA | -15.5% | -12.2% | · | -28.4% | -20.3% | -26.0% | · | -51.9% | -31.8% | -23.7% | · | -19.8% | -20.5% | -13.5% | · | -12.1% | |
| ROE | -16.8% | -12.9% | · | -33.0% | -23.3% | -29.6% | · | -79.8% | -40.4% | -29.0% | · | -22.9% | -23.6% | -15.1% | · | -13.2% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.8 | 30.1 | · | 11.7 | 10.1 | 11.0 | · | 0.9 | 2.3 | 2.6 | · | 6.4 | 8.0 | 10.4 | · | 8.7 | |
| Quick Ratio | 15.5 | 29.8 | · | 11.5 | 10.0 | 10.9 | · | 0.7 | 2.1 | 2.3 | · | 6.1 | 7.7 | 9.7 | · | 8.3 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 13
| 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 | $0 | $0 | · | $0 | $0 | $0 | · | $79.6K | $196.0K | $260.5K | · | $267.8K | $194.8K | $124.4K | · | $388.3K | |
| Net Income TTM | $-58M | $-52M | · | $-41M | $-34M | $-29M | · | $-20M | $-20M | $-20M | · | $-19M | $-19M | $-18M | · | $-18M | |
| Market Cap | $268M | $222M | · | $121M | $145M | $163M | · | $10M | $9M | $14M | · | $7M | $19M | $123M | · | $138M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $111M | |
| P/E | -4.5 | -3.4 | · | -1.6 | -1.2 | -1.0 | · | -0.4 | -0.4 | -0.6 | · | -0.3 | -0.8 | -1.2 | · | -2.2 | |
| P/S | · | · | · | · | · | · | · | 121.9 | 44.6 | 53.7 | · | 27.8 | 98.1 | 985.7 | · | 354.7 | |
| P/B | 1.7 | 1.3 | · | 1.7 | 1.8 | 1.9 | · | -18.3 | 1.7 | 2.1 | · | 0.5 | 1.0 | 4.8 | · | 5.5 | |
| P / Tangible Book | 1.7 | 1.3 | · | 1.7 | 1.8 | 1.9 | · | · | 1.7 | 2.1 | · | 0.5 | 1.0 | 4.8 | · | 5.5 | |
| P / Cash Flow | · | -18.4 | · | · | · | -39.7 | · | · | · | -3.6 | · | · | · | -20.5 | · | · | |
| P / FCF | · | -18.4 | · | · | · | -39.5 | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -24.6 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 286.4 | |
| Earnings Yield | -22.2% | -29.2% | · | -64.2% | -80.5% | -100.0% | · | -223.1% | -277.7% | -170.4% | · | -288.5% | -117.7% | -84.1% | · | -46.2% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | — | $0 | $260.5K | $123.4K | $3M |
| Operating Margin % | -1399.0% | — | -7712.0% | — | -476.2% |
| Net Income | $-48M | $-28M | $-19M | $-18M | $-15M |
| Diluted EPS | $-0.49 | $-1.16 | $-3.16 | $-4.28 | $-0.81 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.0 |
| Current Ratio | 21.7 | — | 4.1 | — | — |
| Quick Ratio | 26.3 | — | 3.9 | — | 10.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-28M | — | $-18M | — | — |
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Institutional owners (13F) 110 filers · $218.3M 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 (-10 vs prior Q) | 14 (+6 vs prior Q) | 40 (+5 vs prior Q) | 23 (+9 vs prior Q) | +12.9M |
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 |
|---|---|---|---|---|
| Sands Capital Alternatives, LLC | $26,428,499 | 13,018,965 | 12.11% | Shares |
| Soleus Capital Management, L.P. | $22,076,250 | 10,875,000 | 10.12% | Shares |
| Trails Edge Capital Partners, LP | $18,374,176 | 9,051,318 | 8.42% | Shares |
| Fairmount Funds Management LLC | $17,508,750 | 8,625,000 | 8.02% | Shares |
| ADAR1 Capital Management, LLC | $14,996,026 | 7,387,205 | 6.87% | Shares |
| Blackstone Inc. | $12,054,700 | 5,938,276 | 5.52% | Shares |
| Siren, L.L.C. | $11,875,500 | 5,850,000 | 5.44% | Shares |
| Commodore Capital LP | $10,956,901 | 5,397,488 | 5.02% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,018,769 | 4,935,354 | 4.59% | Shares |
| MILLENNIUM MANAGEMENT LLC | $8,177,047 | 4,028,102 | 3.75% | Shares |
| Saturn V Capital Management LP | $7,854,184 | 3,869,056 | 3.60% | Shares |
| Kalehua Capital Management LLC | $7,758,437 | 3,821,890 | 3.55% | Shares |
| Spruce Street Capital LP | $7,270,654 | 3,581,603 | 3.33% | Shares |
| Squadron Capital Management LLC | $6,090,000 | 3,000,000 | 2.79% | Shares |
| Nantahala Capital Management, LLC | $5,484,782 | 2,701,863 | 2.51% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,552,222 | 2,241,914 | 2.09% | Shares |
| STATE STREET CORP | $3,875,475 | 1,909,101 | 1.78% | Shares |
| SummitTX Capital, L.P. | $3,613,932 | 1,780,262 | 1.66% | Shares |
| Integral Health Asset Management, LLC | $2,740,500 | 1,350,000 | 1.26% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,643,265 | 809,490 | 0.75% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,636,716 | 806,264 | 0.75% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $1,318,097 | 649,309 | 0.60% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,232,738 | 607,260 | 0.56% | Shares |
| Kennondale Capital Management LLC | $1,148,945 | 565,983 | 0.53% | Shares |
| Pathstone Holdings, LLC | $1,036,510 | 510,596 | 0.47% | Shares |
| Stonepine Capital Management, LLC | $804,243 | 396,179 | 0.37% | Shares |
| Seven Fleet Capital Management LP | $704,207 | 346,900 | 0.32% | Shares |
| VANGUARD GROUP INC | $597,907 | 291,662 | 0.27% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $558,333 | 275,041 | 0.26% | Shares |
| Rangeley Capital, LLC | $446,600 | 220,000 | 0.20% | Shares |
| UBS Group AG | $415,448 | 204,654 | 0.19% | Shares |
| BLAIR WILLIAM & CO/IL | $316,842 | 156,080 | 0.15% | Shares |
| ALPS ADVISORS INC | $272,024 | 134,002 | 0.12% | Shares |
| DEUTSCHE BANK AG\ | $257,154 | 126,677 | 0.12% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $245,418 | 128,491 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $243,622 | 120,014 | 0.11% | Shares |
| Bank of New York Mellon Corp | $232,228 | 114,398 | 0.11% | Shares |
| FMR LLC | $210,566 | 103,727 | 0.10% | Shares |
| CITADEL ADVISORS LLC | $150,928 | 74,349 | 0.07% | Shares |
| BANK OF AMERICA CORP /DE/ | $141,590 | 69,749 | 0.06% | Shares |
| IEQ CAPITAL, LLC | $139,078 | 68,511 | 0.06% | Shares |
| MetLife Investment Management, LLC | $126,924 | 62,524 | 0.06% | Shares |
| JPMORGAN CHASE & CO | $120,845 | 62,614 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $113,487 | 55,905 | 0.05% | Shares |
| GOLDMAN SACHS GROUP INC | $101,845 | 50,170 | 0.05% | Shares |
| CITIGROUP INC | $99,641 | 49,084 | 0.05% | Shares |
| AMERICAN CENTURY COMPANIES INC | $99,466 | 48,998 | 0.05% | Shares |
| Quadrature Capital Ltd | $98,278 | 48,413 | 0.05% | Shares |
| MORGAN STANLEY | $98,246 | 48,397 | 0.05% | Shares |
| SEI INVESTMENTS CO | $97,363 | 47,962 | 0.04% | Shares |
| Nuveen, LLC | $97,363 | 47,962 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $97,237 | 47,900 | 0.04% | Shares |
| Invesco Ltd. | $96,118 | 47,349 | 0.04% | Shares |
| Abel Hall, LLC | $94,095 | 46,352 | 0.04% | Shares |
| TRANSCEND CAPITAL ADVISORS, LLC | $91,955 | 45,298 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $84,436 | 41,594 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $74,188 | 36,546 | 0.03% | Shares |
| XTX Topco Ltd | $69,708 | 34,339 | 0.03% | Shares |
| Cerity Partners LLC | $67,930 | 33,463 | 0.03% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $58,111 | 28,626 | 0.03% | Shares |
| CAXTON CORP | $57,759 | 28,453 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $54,920 | 27,054 | 0.03% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $51,331 | 25,286 | 0.02% | Shares |
| BlackRock, Inc. | $47,585 | 23,441 | 0.02% | Shares |
| Mariner, LLC | $46,972 | 23,139 | 0.02% | Shares |
| Sanctuary Advisors, LLC | $46,286 | 22,801 | 0.02% | Shares |
| NEUBERGER BERMAN GROUP LLC | $43,225 | 21,293 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $41,773 | 20,578 | 0.02% | Shares |
| Lynx1 Capital Management LP | $40,600 | 20,000 | 0.02% | Shares |
| NORTHERN TRUST CORP | $38,698 | 19,063 | 0.02% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $38,268 | 18,759 | 0.02% | Shares |
| PRUDENTIAL FINANCIAL INC | $37,129 | 18,290 | 0.02% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $34,065 | 16,781 | 0.02% | Shares |
| BARCLAYS PLC | $33,942 | 16,720 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $32,971 | 16,242 | 0.02% | Shares |
| ProShare Advisors LLC | $32,267 | 15,895 | 0.01% | Shares |
| Spark Investment Management LLC | $31,465 | 15,500 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $30,864 | 15,204 | 0.01% | Shares |
| CWM, LLC | $27,584 | 16,419 | 0.01% | Shares |
| Squarepoint Ops LLC | $26,094 | 12,854 | 0.01% | Shares |
| ALLIANCEBERNSTEIN L.P. | $25,738 | 15,320 | 0.01% | Shares |
| Legal & General Group Plc | $24,518 | 12,078 | 0.01% | Shares |
| XPONANCE LLC | $23,447 | 11,550 | 0.01% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $23,353 | 11,504 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $22,367 | 11,018 | 0.01% | Shares |
| U.S. Capital Wealth Advisors, LLC | $16,800 | 10,000 | 0.01% | Shares |
| Arax Advisory Partners | $14,455 | 7,121 | 0.01% | Shares |
| Pinnacle Wealth Planning Services, Inc. | $10,962 | 5,400 | 0.01% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $10,556 | 5,200 | 0.00% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,883 | 5,883 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $7,000 | 3,662 | 0.00% | Shares |
| Sterling Capital Management LLC | $4,967 | 2,447 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $4,590 | 2,261 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $2,883 | 1,420 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $2,550 | 1,256 | 0.00% | Shares |
| Allworth Financial LP | $2,315 | 1,140 | 0.00% | Shares |
| Essential Partners LLC | $1,311 | 646 | 0.00% | Shares |
| True Wealth Design, LLC | $1,013 | 499 | 0.00% | Shares |
| ROTHSCHILD INVESTMENT LLC | $885 | 436 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $750 | 370 | 0.00% | Shares |
Company insiders 16 insiders · 6 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mark T Iwicki | Chief Executive Officer | Jan. 5, 2026 A | — | 0 | 0 | $0 |
| Milton H. Werner | President and CEO | Jan. 21, 2025 A | 5,335,433 | 0 | 0 | $0 |
| David Mcintyre | Chief Financial Officer | Jan. 5, 2026 A | — | 0 | 0 | $0 |
| Garth Lees-Rolfe | Chief Financial Officer | Jan. 21, 2025 A | — | 0 | 0 | $0 |
| Christopher Cabell | President & Head of R&D | Feb. 21, 2026 D | 676,564 | 0 | 0 | $0 |
| Joseph Frattaroli | Cheif Financial Officer | March 1, 2023 A | 48,091 | 0 | 0 | $0 |
| Dennis N Berman | Director | July 30, 2026 M | 21,854 | 0 | 0 | $0 |
| David Canner | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Arvind Kush | Director | June 26, 2026 A | 145,000 | 0 | 0 | $0 |
| Roberto Bellini | Director | June 26, 2026 A | 1,460,000 | 0 | 0 | $0 |
| Vincent Aurentz | Director | June 26, 2026 A | 510,596 | 0 | 0 | $0 |
| Amit Munshi | Director | June 26, 2026 A | 38,176 | 0 | 0 | $0 |
| Roy Lester Freeman | Director | Feb. 14, 2025 A | — | 0 | 0 | $0 |
| Gisele Dion | Director | July 16, 2024 A | — | 0 | 0 | $0 |
| Paul C Grint | Director | July 16, 2024 A | — | 0 | 0 | $0 |
| Elizabeth G. O'Farrell | Director | June 24, 2022 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| FiveT Investment Management Ltd, FiveT Capital AG ×5 filings | Feb. 24, 2023 | — | 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 15 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 |
|---|---|---|---|---|
| IBRN · iShares Trust | 0.24% | 7,572 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.07% | 413,151 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 105,758 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 1,096,162 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 697,322 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 2,948,399 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 46,498 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 5,044 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 47,634 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 3,944 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 3,987 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 100 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,055,770 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,764,138 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,410 SH | Aug. 8, 2026 | Daily |