INO Inovio Pharmaceuticals, Inc. - Common Stock

NASDAQ · Biotechnology · View on SEC EDGAR ↗
$1.30
Price · Aug 25, 2026
Fundamentals as of Aug 12, 2026

About Inovio Pharmaceuticals, Inc. - Common Stock Company overview from Wikipedia

Inovio Pharmaceuticals, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of synthetic DNA products for treating cancers and infectious diseases. In April 2020, Inovio was among some 100 companies, academic centers, or research organizations developing a vaccine candidate for treating people infected with COVID-19, with more than 170 total vaccine candidates in development.

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Inovio Pharmaceuticals, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of synthetic DNA products for treating cancers and infectious diseases. In April 2020, Inovio was among some 100 companies, academic centers, or research organizations developing a vaccine candidate for treating people infected with COVID-19, with more than 170 total vaccine candidates in development (June 2020).

Technology

The Inovio technology is based on inserting engineered DNA into cells, where it becomes transcribed into mRNA and translated into proteins. The proteins encoded by the DNA elicit immune response to antigens from cancers and viruses, by stimulating the production of T cells and antibodies that aid recovery. The technology can be "targeted" to specific types of cancer and immune diseases, such as those produced by a virus.

During a meeting of the White House Coronavirus Task Force in March 2020, CEO, Joseph Kim, said that Inovio scientists had designed a vaccine candidate (INO-4800) for the COVID-19 coronavirus in January, in three hours, after the virus' genetic sequence was first published.

Shareholders sued Inovio in August 2020, claiming it exaggerated evidence of its coronavirus vaccine's efficacy in order to boost its stock price.

License of electroporation device

In 2006, Inovio licensed "certain patented technology relating to the delivery of gene-based therapeutics into skin", as well as patents "involving the delivery of genes or drugs via ex vivo, intratumoral and intramuscular electroporation... The ex-vivo patents are relevant to the delivery of genes to dendritic and stem cells."

Licence of US7328064B2

Sometime after its publication in February 2008, Inovio was assigned a patent for "an apparatus [that provides] for injecting a fluid into body tissue, the apparatus comprising: a hollow needle; and a fluid delivery means, wherein the apparatus is adapted to actuate the fluid delivery means in use so as to automatically inject fluid into body tissue during insertion of the needle into the said body tissue."

Cellectra injection device

To facilitate use of its potential products, Inovio manufactures a proprietary injection device, called "Cellectra", which the company describes as providing a "brief electrical pulse to reversibly open small pores in the cell to allow the plasmids to enter, overcoming a key limitation of other DNA and other nucleic acid approaches, such as mRNA." The small device, which runs on "AA" batteries, is designed for use in the field under the difficult conditions of an epidemic.

In June 2020 – in anticipation of the Inovio COVID-19 vaccine candidate becoming successful – the US Department of Defense invested US$71 million to further develop Cellectra as a handheld device and to preorder an undisclosed number of the devices.

Vaccine development

In a 2016 dose-escalation Phase I clinical trial to assess safety after intramuscular injection in healthy adults, the Inovio vaccine candidate, INO-4700 (also called GLS-5300) for development against Middle East respiratory syndrome (MERS) coronavirus, proved to be safe with only mild symptoms and no adverse effects. The trial also demonstrated immunogenicity by dose-independent immune responses detected in more than 85% of subjects after two vaccinations that were durable a year later.

In 2016, Inovio was involved, along with their partners GeneOne Life Science, in an attempt to control the Zika virus outbreak in Miami. In fact, they "were the first to initiate a human Zika DNA vaccine trial... [for] the safety, tolerability, and immunogenicity of GLS-5700 in 40 healthy adults. The trial's estimated completion date is November 2017." Then in Puerto Rico, where a Zika emergency had been declared, they did a study with 160 previously healthy adults using their proprietary "Cellectra-3P" technology. Preliminary results for the Miami trial were self-reported at the end of 2017.

In February 2020 after receiving details of the genetic sequence of the coronavirus, Inovio announced that it had produced a preclinical DNA-based vaccine as a potential therapy for COVID-19. Inovio is in competition to develop a coronavirus vaccine with numerous other companies, which were conducting preclinical or early-stage human research on more than 170 vaccine candidates, as of late June. In April 2020, Inovio began a Phase I trial of the COVID-19 vaccine candidate, INO-4800. In May 2021, Inovio announced the results of preclinical studies on a "pan-SARS-CoV-2" DNA vaccine (INO-4802) and plans to initiate phase I/II studies. The vaccine incorporates common overlapping mutations from several SARS-COV-2 variants of concern isolated from several different countries including Brazil and India.

Partnerships

In January 2020, the Coalition for Epidemic Preparedness Innovations (CEPI) announced it would grant of up to $9 million to Inovio for development of a vaccine against SARS-CoV-2. Inovio has partnerships to develop its COVID-19 vaccine candidate with CEPI, the South Korean National Institute of Health, and the International Vaccine Institute.

Clinical research

Inovio is collaborating with Beijing Advaccine Biotechnology Co., a Chinese biotech firm, in order to speed its acceptance by regulatory authorities in China, with plans to begin human clinical trials of a candidate vaccine in China during the first half of 2020. Inovio has partnerships with manufacturers to scale up production of a vaccine if preliminary efficacy trials are successful. In April 2020, the company began human Phase I safety studies of its lead vaccine (INO-4800) in the United States, and a Phase I-II trial in South Korea, to test for immunization against the COVID-19 virus. In April 2021, the US Department of Defense discontinued funding of future phase III trials of INO-4800. The company is planning to conduct phase III trials outside the United States.

On 9 July it decided to conduct phase 3 trials in partnership with Beijing-based Advaccine Pharmaceutical company.

In early June, Inovio partnered with the International Vaccine Institute and Seoul National University, South Korea, to advance human research on INO-4800 in a Phase I-II safety and efficacy trial to be conducted on 120 participants at Seoul National University Hospital beginning in June. The trial is funded by the Coalition for Epidemic Preparedness Innovations and supported by the Korea Centers for Disease Control and Prevention and the Korea National Institute of Health.

History

Inovio was formerly known as Electrofect, which was founded in Oslo, Norway in 1999. The company was renamed to Inovio in October 2001.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

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INO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$1.30
Market Cap
$90M
P/E (TTM)
-0.7
EPS (TTM)
$-1.81
Revenue (TTM)
$65.3K
Div Yield
ROE
-322.8%
Debt/Equity
52W Range
$1 – $3

INO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $65.3K
10-point trend, -99.8%
2016-12-31 2025-12-31
EPS $-1.81
10-point trend, -79.2%
2016-12-31 2025-12-31
Free Cash Flow $-89M
10-point trend, -36.2%
2016-12-31 2025-12-31
Margins -130000.0%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
INO
Peer Median
P/E (TTM)
5-point trend, +72.0%
-0.7
0.8
P/S (TTM)
5-point trend, -74.9%
1372.7
423.1
P/B
5-point trend, -84.7%
3.7
5.5
Price / FCF
5-point trend, +97.7%
-1.0

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
INO
Peer Median
Operating Margin
5-point trend, -682.9%
-132871.3%
Net Profit Margin
5-point trend, -659.8%
-130000.0%
-3742.1%
ROA
5-point trend, -54.5%
-90.6%
-49.4%
ROE
5-point trend, -353.5%
-322.8%
-59.3%
ROIC
5-point trend, -378.1%
-360.3%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
INO
Peer Median
Current Ratio
5-point trend, -79.5%
1.4
4.9
Quick Ratio
5-point trend, -78.3%
1.3

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
INO
Peer Median
Revenue YoY
5-point trend, -96.3%
-70.0%
Revenue CAGR 3Y
5-point trend, -96.3%
-81.5%
Revenue CAGR 5Y
5-point trend, -96.3%
-61.2%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
INO
Peer Median
EPS (Diluted)
5-point trend, +89.6%
$-1.81

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
INO
Peer Median

INO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 8 analysts
  • Strong Buy 1 12.5%
  • Buy 4 50.0%
  • Hold 3 37.5%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

3 analysts · 2026-08-25
Median target $3.00 +130.8%
Mean target $3.17 +143.6%

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 $-0.28 $-0.35 0.07%
Dec. 31, 2025 $0.06 $-0.36 0.42%
Sept. 30, 2025 $-0.87 $-0.43 -0.44%
June 30, 2025 $-0.61 $-0.62 0.01%
March 31, 2025 $-0.41 $-0.75 0.34%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
INO $120M -1.0 -70.0% -130000.0% -322.8%
VTVT -70.4%
ANIX $136M -12.1 0.00% -62.2%
BDTX $139M 6.2 31.9% 18.3%
GNLX $166M -5.1 0.00% -401812.5% -181.4%
COYA $121M -4.6 123.6% -267.1% -59.5%
XGN $139M -6.5 19.7% -30.0% -103.7% 58.3%
CADL $310M -7.8 -53.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16
Annual Income Statement data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, -99.4% $65.3K $217.8K $832.0K $10M $2M $7M $4M $30M $42M $35M $41M $10M
R&D Expense 12-point trend, +59.0% $54M $76M $87M $188M $249M $94M $88M $95M $99M $89M $58M $34M
SG&A Expense 12-point trend, +106.1% $33M $37M $48M $90M $54M $37M $27M $29M $28M $24M $18M $16M
Operating Expenses 12-point trend, +73.9% $87M $113M $145M $278M $303M $131M $115M $125M $126M $112M $75M $50M
Operating Income 12-point trend, -119.8% $-87M $-112M $-144M $-268M $-301M $-124M $-111M $-94M $-84M $-76M $-34M $-39M
Interest Expense 7-point trend, +4615.2% · · $1M $1M $2M $9M $8M $0 $25.9K · · ·
Interest Income 9-point trend, +31.8% $2M $5M $8M $5M $3M $3M $3M $2M $2M · · ·
Other Non-op 9-point trend, -1237.3% $-3M $-3M $-5M $-4M $343.4K $-704.9K $496.2K $-1M $-197.5K · · ·
Pretax Income 12-point trend, -135.0% $-85M $-107M $-135M $-278M $-303M $-163M $-121M $-95M $-88M $-74M $-31M $-36M
Income Tax 12-point trend, +0.00 $0 $0 $0 $0 $0 $0 $-257.3K $2M $0 $0 $-2M $0
Net Income 12-point trend, -135.2% $-85M $-107M $-135M $-280M $-304M $-166M $-119M $-97M $-88M $-74M $-29M $-36M
EPS (Basic) 12-point trend, -196.7% $-1.81 $-3.95 $-6.09 $-14.07 $-17.45 $-1.07 $-1.21 $-1.05 $-1.08 $-1.01 $-0.43 $-0.61
EPS (Diluted) 12-point trend, -182.8% $-1.81 $-3.95 $-6.09 $-14.07 $-17.45 $-1.07 $-1.21 $-1.05 $-1.09 $-1.01 $-0.44 $-0.64
Shares (Basic) 12-point trend, -20.7% 46,886,413 27,160,863 22,173,662 19,885,182 17,402,483 155,126,857 98,717,999 92,539,997 81,777,493 73,214,766 68,198,142 59,127,349
Shares (Diluted) 12-point trend, -21.1% 46,886,413 27,160,863 22,173,662 19,885,182 17,402,483 155,126,857 98,717,999 92,539,997 81,918,022 73,214,766 68,365,265 59,408,252
EBITDA 12-point trend, -119.8% $-87M $-112M $-144M $-268M $-301M $-124M $-111M $-94M $-84M $-76M $-34M $-39M
Balance Sheet 27
Annual Balance Sheet data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +9.2% $44M $66M $14M $46M $71M $251M $22M $24M $24M $19M $58M $41M
Short-term Investments 12-point trend, -73.2% $14M $28M $131M $207M $330M $161M $67M $58M $104M $86M $105M $53M
Receivables 12-point trend, -100.0% $450 $1M $2M $2M $5M $19M $700.1K $3M $6M $16M $7M $3M
Prepaid Expense 12-point trend, +227.2% $3M $4M $5M $50M $39M $40M $2M $1M $3M $2M $917.3K $798.0K
Current Assets 12-point trend, -38.2% $61M $98M $153M $315M $448M $471M $94M $88M $138M $125M $172M $99M
PP&E (Net) 12-point trend, -44.9% $3M $4M $5M $8M $17M $11M $13M $16M $18M $9M $7M $5M
PP&E (Gross) 12-point trend, +180.0% $20M $20M $26M $29M $36M $27M $26M $26M $25M $14M $11M $7M
Accum. Depreciation 12-point trend, +585.5% $17M $16M $21M $22M $19M $16M $13M $10M $7M $5M $4M $3M
Goodwill 10-point trend, -100.0% · · $0 $11M $11M $11M $11M $11M $11M $11M $10M $10M
Intangibles 10-point trend, -100.0% · · $0 $2M $3M $3M $4M $5M $6M $8M $4M $5M
Other Non-current Assets 12-point trend, +324.1% $2M $2M $605.3K $684.0K $1M $26M $3M $3M $3M $2M $670.8K $474.6K
Total Assets 12-point trend, -43.6% $74M $113M $171M $349M $496M $540M $144M $131M $187M $174M $214M $132M
Accounts Payable 9-point trend, +1148.4% · · · $80M $48M $21M $18M $23M $23M $20M $13M $6M
Accrued Liabilities 5-point trend, +182.5% · · · · · · · $6M $9M $6M $3M $2M
Current Liabilities 12-point trend, +210.0% $44M $35M $43M $97M $66M $42M $32M $35M $35M $44M $31M $14M
Capital Leases 7-point trend, -67.9% $7M $9M $11M $13M $15M $18M $20M · · · · ·
Deferred Tax 10-point trend, -100.0% · · $0 $32.0K $32.0K $32.0K $32.0K $24.8K $24.8K $174.8K $175.6K $504.0K
Other Non-current Liabilities 6-point trend, +0.00 · · · $0 $14.8K $57.7K $36.9K $87.3K $0 · · ·
Total Liabilities 12-point trend, +148.0% $50M $45M $54M $126M $96M $79M $139M $44M $45M $50M $38M $20M
Long-term Debt · · · · · · · $0 · · · ·
Common Stock 12-point trend, +13.6% $69.0K $36.1K $22.8K $21.1K $217.4K $186.9K $101.4K $97.2K $90.4K $74.1K $72.2K $60.7K
Paid-in Capital 12-point trend, +315.0% $1.84B $1.80B $1.74B $1.71B $1.61B $1.37B $743M $708M $666M $557M $534M $443M
Retained Earnings 12-point trend, -446.9% $-1.82B $-1.73B $-1.62B $-1.49B $-1.21B $-906M $-740M $-620M $-523M $-435M $-361M $-332M
AOCI 12-point trend, -153.8% $-638.0K $-675.7K $-662.6K $-698.7K $-282.2K $-256.1K $472.6K $-528.9K $-117.0K $1M $3M $-251.4K
Stockholders' Equity 12-point trend, -78.3% $24M $69M $117M $222M $400M $461M $3M $87M $142M $123M $176M $111M
Liabilities + Equity 12-point trend, -43.6% $74M $113M $171M $349M $496M $540M $144M $131M $187M $174M $214M $132M
Shares Outstanding 12-point trend, +13.6% 68,996,647 36,099,991 22,793,075 21,090,938 217,382,887 186,851,493 101,361,034 97,225,810 90,357,644 74,062,370 72,217,965 60,741,082
Cash Flow 14
Annual Cash Flow data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Stock-based Comp 12-point trend, -30.8% $4M $7M $11M $23M $26M $16M $11M $11M $13M $10M $6M $5M
Deferred Tax 11-point trend, -100.0% · $0 $-32.0K $0 $0 $0 $-263.0K $0 $0 $0 $-2M $27.0K
Amort. of Intangibles 11-point trend, -100.0% · $0 $145.4K $496.5K $520.4K $547.1K $1M $1M $2M $1M $870.2K $942.7K
Operating Cash Flow 12-point trend, -197.2% $-89M $-104M $-124M $-216M $-216M $-178M $-98M $-74M $-63M $-63M $-12M $-30M
CapEx 12-point trend, -79.3% $285.7K $487.8K $320.9K $969.2K $1M $2M $987.9K $2M $10M $3M $3M $1M
Investing Cash Flow 12-point trend, +139.2% $14M $104M $87M $110M $-175M $-59M $-9M $42M $-28M $16M $-55M $-36M
Debt Issued 5-point trend, +0.00 · · · · $0 $0 $97M $0 $0 · · ·
Net Debt Issued 3-point trend, -100.0% · · · · $0 $0 $97M · · · · ·
Stock Issued 12-point trend, -41.0% $35M $36M $5M $83M $209M $454M $9M $29M $94M $6M $82M $59M
Net Stock Activity 12-point trend, -41.0% $35M $36M $5M $83M $209M $454M $9M $29M $94M $6M $82M $59M
Financing Cash Flow 12-point trend, -26.8% $53M $51M $5M $82M $211M $465M $105M $31M $96M $8M $84M $72M
Net Change in Cash 12-point trend, -415.6% $-22M $52M $-32M $-25M $-180M $229M $-1M $-92.9K $5M $-38M $17M $7M
Free Cash Flow 12-point trend, -185.0% $-89M $-105M $-125M $-217M $-217M $-179M $-99M $-76M $-74M $-65M $-15M $-31M
Levered FCF 5-point trend, -17.9% · · $-126M $-218M $-219M $-188M $-107M · · · · ·
Profitability 7
Annual Profitability data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, -35078.1% -132871.3% -51616.9% -17300.3% -2607.3% -16972.3% -1674.2% -2702.1% -308.7% -198.1% -215.6% -84.5% -377.7%
Net Margin 12-point trend, -37533.2% -130000.0% -49254.3% -16239.9% -2726.7% -17109.9% -2245.4% -2902.8% -318.1% -208.9% -208.5% -71.9% -345.4%
Pretax Margin 11-point trend, -168950.7% -130000.0% -49254.3% -16239.9% -2705.6% -17085.4% -2197.9% -2938.0% -311.0% -208.9% -208.5% -76.9% ·
EBITDA Margin 12-point trend, -35078.1% -132871.3% -51616.9% -17300.3% -2607.3% -16972.3% -1674.2% -2702.1% -308.7% -198.1% -215.6% -84.5% -377.7%
ROA 12-point trend, -176.0% -90.6% -75.5% -52.0% -66.3% -58.6% -48.7% -86.8% -60.9% -48.9% -38.0% -16.9% -32.8%
ROE 12-point trend, -631.4% -322.8% -151.0% -105.8% -114.4% -71.2% -71.6% -264.2% -84.6% -66.4% -49.3% -20.3% -44.1%
ROIC 11-point trend, -1879.7% -360.3% -164.1% -122.7% -120.3% -75.4% -26.9% -3226.5% -110.7% -58.7% -61.8% -18.2% ·
Liquidity & Solvency 3
Annual Liquidity & Solvency data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -80.2% 1.4 2.8 3.6 3.3 6.8 11.3 2.9 2.5 3.9 2.8 5.5 7.1
Quick Ratio 12-point trend, -80.5% 1.3 2.7 3.4 2.6 6.2 10.3 2.8 2.4 3.8 2.8 5.4 6.9
Interest Coverage 5-point trend, -742.1% · · -117.7 -213.4 -155.6 -14.3 -14.0 · · · · ·
Efficiency 2
Annual Efficiency data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -99.3% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.1
Receivables Turnover 11-point trend, -96.8% 0.1 0.1 · 2.9 0.1 0.8 2.0 6.5 3.9 3.1 8.0 3.4
Per Share 5
Annual Per Share data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, -80.9% $0.35 $1.90 $5.15 $0.88 $1.84 $2.47 $0.03 $0.89 $1.58 $1.66 $2.43 $1.83
Revenue / Share 11-point trend, -99.2% $0.00 $0.01 $0.04 $0.04 $0.01 · $0.04 $0.33 $0.52 $0.48 $0.59 $0.18
Cash Flow / Share 11-point trend, -276.6% $-1.89 $-3.83 $-5.61 $-0.91 $-1.03 · $-0.99 $-0.79 $-0.77 $-0.85 $-0.18 $-0.50
Cash / Share 12-point trend, -3.9% $0.64 $1.82 $0.63 $0.18 $0.33 $1.34 $0.22 $0.24 $0.26 $0.26 $0.80 $0.67
EPS (TTM) 12-point trend, -182.8% $-1.81 $-3.95 $-6.09 $-14.07 $-17.45 $-1.07 $-1.21 $-1.05 $-1.09 $-1.01 $-0.44 $-0.64
Growth Rates 3
Annual Growth Rates data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +8.0% -70.0% -73.8% -91.9% 478.2% -76.0% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -57.4% -81.5% -50.3% -51.8% · · · · · · · · ·
Revenue CAGR 5Y -61.2% · · · · · · · · · · ·
Valuation (TTM) 10
Annual Valuation (TTM) data for INO
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, -99.4% $65.3K $217.8K $832.0K $10M $2M $7M $4M $30M $42M $35M $41M $10M
Net Income TTM 12-point trend, -135.2% $-85M $-107M $-135M $-280M $-304M $-166M $-119M $-97M $-88M $-74M $-29M $-36M
Market Cap 12-point trend, -98.2% $120M $66M $139M $4.74B $13.02B $19.84B $4.01B $4.67B $4.48B $6.17B $5.82B $6.69B
P/E 12-point trend, +99.4% -1.0 -0.5 -1.0 -1.3 -3.4 -99.3 -32.7 -45.7 -45.5 -82.5 -183.3 -172.1
P/S 12-point trend, +187.1% 1837.3 303.4 167.7 461.7 7334.5 2677.5 976.2 153.1 106.1 174.4 143.5 639.9
P/B 12-point trend, -91.7% 5.0 1.0 1.2 21.3 32.6 43.0 1168.5 53.7 31.4 50.0 33.1 60.2
P / Tangible Book 6-point trend, -88.8% 5.0 1.0 1.2 22.6 33.7 44.3 · · · · · ·
P / Cash Flow 12-point trend, +99.4% -1.4 -0.6 -1.1 -21.9 -60.3 -111.5 -41.0 -63.5 -70.8 -98.6 -468.2 -224.4
P / FCF 12-point trend, +99.4% -1.4 -0.6 -1.1 -21.8 -60.0 -110.5 -40.6 -61.7 -60.9 -94.5 -382.6 -214.4
Earnings Yield 12-point trend, -17834.5% -104.0% -215.9% -99.5% -75.2% -29.1% -1.0% -3.1% -2.2% -2.2% -1.2% -0.55% -0.58%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $65.3K$217.8K$832.0K$10M$2M
Operating Margin % -132871.3%-51616.9%-17300.3%-2607.3%-16972.3%
Net Income $-85M$-107M$-135M$-280M$-304M
Diluted EPS $-1.81$-3.95$-6.09$-14.07$-17.45
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 1.42.83.63.36.8
Quick Ratio 1.32.73.42.66.2
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-89M$-105M$-125M$-217M$-217M

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Institutional owners (13F) 118 filers · $38.3M 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
23 (+4 vs prior Q) 15 (+2 vs prior Q) 32 (+9 vs prior Q) 15 (-10 vs prior Q) -1.7M

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
FMR LLC $9,300,258 8,454,780 24.27% Shares
JANUS HENDERSON GROUP PLC $5,773,168 3,308,406 15.06% Shares
VANGUARD CAPITAL MANAGEMENT LLC $4,015,618 3,650,562 10.48% Shares
Boxer Capital Management, LLC $3,129,493 2,844,994 8.17% Shares
ADAR1 Capital Management, LLC $2,358,301 2,143,910 6.15% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $1,672,440 1,520,400 4.36% Call option
D. E. Shaw & Co., Inc. $1,486,822 1,351,656 3.88% Shares
TWO SIGMA INVESTMENTS, LP $1,363,756 1,239,778 3.56% Shares
Eversept Partners, LP $1,138,896 1,035,360 2.97% Shares
MILLENNIUM MANAGEMENT LLC $875,718 796,107 2.29% Shares
GEODE CAPITAL MANAGEMENT, LLC $711,196 645,884 1.86% Shares
VANGUARD GROUP INC $682,195 392,066 1.78% Shares
VANGUARD FIDUCIARY TRUST CO $528,846 480,769 1.38% Shares
Caption Management, LLC $526,845 478,950 1.37% Shares
Caption Management, LLC $440,000 400,000 1.15% Call option
RENAISSANCE TECHNOLOGIES LLC $397,473 361,339 1.04% Shares
STATE STREET CORP $370,271 336,610 0.97% Shares
CITADEL ADVISORS LLC $351,450 319,500 0.92% Call option
TUDOR INVESTMENT CORP ET AL $330,000 300,000 0.86% Call option
DIADEMA PARTNERS LP $302,720 275,200 0.79% Call option
Quadrature Capital Ltd $284,821 258,928 0.74% Shares
NORTHERN TRUST CORP $191,785 174,350 0.50% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $190,300 173,000 0.50% Shares
NOMURA HOLDINGS INC $165,000 150,000 0.43% Shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main $147,012 133,648 0.38% Shares
GMT Capital Corp $138,731 126,119 0.36% Shares
JANE STREET GROUP, LLC $135,953 123,594 0.35% Shares
TWO SIGMA ADVISERS, LP $128,240 73,701 0.33% Shares
XTX Topco Ltd $116,416 105,833 0.30% Shares
GOLDMAN SACHS GROUP INC $103,092 93,720 0.27% Shares
CITADEL ADVISORS LLC $92,620 84,200 0.24% Put option
Invesco Ltd. $88,372 80,338 0.23% Shares
Green Alpha Advisors, LLC $74,861 68,055 0.20% Shares
JANE STREET GROUP, LLC $71,940 65,400 0.19% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $63,690 57,900 0.17% Put option
MORGAN STANLEY $48,980 44,527 0.13% Shares
RAYMOND JAMES FINANCIAL INC $44,306 40,278 0.12% Shares
Squarepoint Ops LLC $40,030 36,391 0.10% Shares
Engineers Gate Manager LP $37,060 33,691 0.10% Shares
Vanguard Global Advisers, LLC $33,259 30,235 0.09% Shares
Headlands Technologies LLC $32,878 29,889 0.09% Shares
CITADEL ADVISORS LLC $32,034 29,122 0.08% Shares
ZACKS INVESTMENT MANAGEMENT $29,079 26,435 0.08% Shares
Nuveen Asset Management, LLC $22,004 12,024 0.06% Shares
BlackRock, Inc. $20,770 18,882 0.05% Shares
Prime Capital Investment Advisors, LLC $18,839 17,126 0.05% Shares
LPL Financial LLC $18,826 17,114 0.05% Shares
StoneX Group Inc. $18,077 14,252 0.05% Shares
Persistent Asset Partners Ltd $17,885 511 0.05% Call option
TWO SIGMA SECURITIES, LLC $17,554 15,958 0.05% Shares
STEPHENS INC /AR/ $17,050 15,500 0.04% Shares
AXQ CAPITAL, LP $15,249 13,863 0.04% Shares
Tower Research Capital LLC (TRC) $14,631 13,301 0.04% Shares
HighTower Advisors, LLC $14,003 12,730 0.04% Shares
Mayflower Financial Advisors, LLC $13,815 12,559 0.04% Shares
MCF Advisors LLC $12,402 11,274 0.03% Shares
SIGNATURE ESTATE & INVESTMENT ADVISORS LLC $12,131 11,028 0.03% Shares
Caitong International Asset Management Co., Ltd $11,024 10,022 0.03% Shares
SBI Securities Co., Ltd. $7,495 6,814 0.02% Shares
BARCLAYS PLC $3,836 3,487 0.01% Shares
ROYAL BANK OF CANADA $3,000 3,011 0.01% Shares
TD Waterhouse Canada Inc. $2,812 2,383 0.01% Shares
Rockefeller Capital Management L.P. $2,313 2,103 0.01% Shares
Activest Wealth Management $1,650 1,500 0.00% Shares
Steward Partners Investment Advisory, LLC $1,519 1,381 0.00% Shares
Optiver Holding B.V. $1,458 1,325 0.00% Shares
CROWLEY WEALTH MANAGEMENT, INC. $945 404 0.00% Shares
IFG Advisory, LLC $917 833 0.00% Shares
Integrated Wealth Concepts LLC $584 529 0.00% Shares
OSAIC HOLDINGS, INC. $578 529 0.00% Shares
NFSG Corp $394 359 0.00% Shares
BNP PARIBAS FINANCIAL MARKETS $387 352 0.00% Shares
MJT & Associates Financial Advisory Group, Inc. $358 325 0.00% Shares
PNC Financial Services Group, Inc. $330 300 0.00% Shares
Pioneer Family Office, LLC $320 291 0.00% Shares
WELLS FARGO & COMPANY/MN $305 277 0.00% Shares
GSA CAPITAL PARTNERS LLP $292 265,011 0.00% Shares
VSM Wealth Advisory, LLC $275 250 0.00% Shares
JONES FINANCIAL COMPANIES LLLP $264 240 0.00% Shares
HARBOUR INVESTMENTS, INC. $261 237 0.00% Shares
CWM, LLC $254 146 0.00% Shares
Decker Retirement Planning Inc. $185 168 0.00% Shares
Federation des caisses Desjardins du Quebec $155 141 0.00% Shares
HRT FINANCIAL LP $154 140,432 0.00% Shares
UBS Group AG $141 128 0.00% Shares
Farther Finance Advisors, LLC $122 111 0.00% Shares
Arax Advisory Partners $113 103 0.00% Shares
Aberdeen Wealth Management LLC $100 91 0.00% Shares
Smartleaf Asset Management LLC $93 83 0.00% Shares
Blume Capital Management, Inc. $92 83 0.00% Shares
PITTENGER & ANDERSON INC $85 77 0.00% Shares
Ameritas Investment Partners, Inc. $70 64 0.00% Shares
MCDONALD PARTNERS LLC $64 58 0.00% Shares
NATIONAL BANK OF CANADA /FI/ $64 58 0.00% Shares
JPMORGAN CHASE & CO $52 46 0.00% Shares
Allworth Financial LP $52 47 0.00% Shares
1 NORTH WEALTH SERVICES LLC $45 41 0.00% Shares
Pinnacle Wealth Planning Services, Inc. $45 41 0.00% Shares
INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC $43 36 0.00% Shares
Greenwich Wealth Management LLC $35 31,999 0.00% Shares

Company insiders 42 insiders · 12 officers · 24 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Jacqueline Elizabeth Shea Chief Executive Officer May 20, 2025 A 59,685 0 0 $0
Jong Joseph Kim Chief Executive Officer March 11, 2022 M 1,422,627 0 0 $0
Niranjan Sardesai Chief Operating Officer March 10, 2018 M 123,486 0 0 $0
Michael John Sumner Chief Medical Officer June 30, 2025 M 17,850 0 0 $0
Laurent Humeau Chief Scientific Officer May 20, 2025 A 32,622 0 0 $0
Mark Bagarazzi Chief Medical Officer March 5, 2019 M 100,672 0 0 $0
Kevin Rassas Sr. VP Business Development Nov. 16, 2009 M 726,088 0 0 $0
Cheryl Jo White Chief Medical Officer June 29, 2009 M 0 0 $0
Dietmar P Rabussay V.P. Research & Development March 8, 2007 A 17,386 0 0 $0
Robert S Goodenew V.P. Corporate Development Dec. 20, 2006 M 0 0 $0
George F. Mchugh III Vice President, Operations March 8, 2006 A 1 0 0 $0
Brook G Riggins V.P. Finance & Corp. Comm. Nov. 7, 2003 A 0 0 $0
Wendy L Yarno Director May 20, 2026 A 10,512 0 0 $0
Ann Calby Miller Director May 21, 2025 M 9,877 0 0 $0
Roger D Dansey Director May 21, 2025 M 8,916 0 0 $0
David B. Weiner Director May 21, 2025 M 86,620 0 0 $0
Jay Shepard Director May 21, 2025 M 9,209 0 0 $0
Angel Cabrera Director May 8, 2020 M 75,602 0 0 $0
Morton Collins Director May 11, 2019 M 168,130 0 0 $0
Avtar S Dhillon Director Dec. 6, 2018 M 106,002 0 0 $0
Adel Mahmoud Director May 12, 2018 M 22,669 0 0 $0
George Bickerstaff Director March 21, 2018 M 4,090 0 0 $0
Nancy Wysenski Director May 13, 2016 A 5,000 0 0 $0
Keith H Wells Director May 13, 2011 A 0 0 $0
David J Williams Director June 16, 2010 A 0 0 $0
Chin Cheong Chong Director Dec. 9, 2008 A 0 0 $0
James L Heppell Director Aug. 14, 2008 A 2 0 0 $0
Stephen Rietiker Director May 2, 2008 A 0 0 $0
Robert William Rieder Director May 2, 2008 A 0 0 $0
Riaz Amirali Bandali Director May 2, 2008 A 2 0 0 $0
Tazdin Esmail Director May 2, 2008 A 2 0 0 $0
Felix Theeuwes Director June 7, 2006 A 2 0 0 $0
Eugene A Larson Director May 13, 2005 A 3 0 0 $0
Gordon Politeski Director Aug. 8, 2003 A 0 0 $0
MARXE AUSTIN W & GREENHOUSE DAVID M 10% owner Dec. 3, 2012 S 3,919,706 0 0 $0
Lota S. Zoth May 20, 2026 A 8,726 0 0 $0
Simon X Benito May 20, 2026 A 12,191 0 0 $0
Peter Kies May 20, 2026 A 42,854 0 0 $0
Tee Khiang Ng Sept. 30, 2009 A 0 0 $0
Punit Dhillon Sept. 30, 2009 A 0 0 $0
Michael Fons Sept. 30, 2009 A 0 0 $0
Beng Lee Gan May 2, 2008 A 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 2 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
Dr. J. Joseph Kim June 10, 2009 Initial filing SEC
Simon Benito, Tee Khiang Ng and Morton Collins, Voting Trustees Under Voting Trust Agreement Dated June 1, 2009 among the Issuer, the Voting Trustees and the Stockholders listed therein. June 10, 2009 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 4 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 … 0.45% 85,360 SH Aug. 21, 2026 Daily
IWC · iShares Trust 0.02% 283,824 SH Aug. 21, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.00% 963,325 SH Aug. 19, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 2,600,092 SH Aug. 19, 2026 Daily