IONS Ionis Pharmaceuticals, Inc. - Common Stock
$60.35
Price · Aug 24, 2026
Fundamentals as of Jul 29, 2026
52W Range
$42–$87
41% of range
Analyst Rating
BUY
31 analysts
Price Target
$89
+48% upside
P/E (TTM)
-25.4
ROE
-68.1%
Net Profit Margin
—
IONS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$60.34
Market Cap
$9.85B
P/E (TTM)
-25.4
EPS (TTM)
$-2.38
Revenue (TTM)
—
Div Yield
—
ROE
-68.1%
Debt/Equity
3.6
52W Range
$42 – $87
IONS 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
—
2016-12-31
→
2017-12-31
EPS
$-2.38
2016-12-31
→
2025-12-31
Free Cash Flow
$-320M
2016-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
IONS
Peer Median
P/E (TTM)
-25.4
16.0
P/S (TTM)
10.4
32.5
P/B
20.1
3.9
EV / EBITDA
-23.4
—
Price / FCF
-30.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
IONS
Peer Median
ROA
-11.7%
-22.2%
ROE
-68.1%
-37.6%
ROIC
-17.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
IONS
Peer Median
Debt / Equity
3.6
0.0
Current Ratio
3.8
5.7
Quick Ratio
3.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
IONS
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
IONS
Peer Median
IONS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
31 analysts
- Strong Buy 8 25.8%
- Buy 17 54.8%
- Hold 6 19.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-18
Median
$90.00
← Below all targets
$60.34
Low
$66.00
High
$115.00
Median target
$90.00
+49.1%
Mean target
$89.33
+48.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.42%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.69 | $-1.09 | 0.40% |
| March 31, 2026 | $-0.56 | $-0.93 | 0.37% |
| Dec. 31, 2025 | $-1.41 | $-1.35 | -0.06% |
| Sept. 30, 2025 | $-0.80 | $-1.26 | 0.46% |
| June 30, 2025 | $0.70 | $-0.44 | 1.1% |
| March 31, 2025 | $-0.93 | $-1.14 | 0.21% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
| CYTK | $7.81B | -9.7 | 376.6% | -891.6% | 152.7% | — |
| PRAX | $7.43B | -21.9 | 249.5% | — | -47.3% | — |
| APGE | $5.16B | -17.9 | — | — | — | — |
| SMMT | $13.56B | -12.1 | — | — | -235.1% | — |
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | — |
| PTGX | $5.47B | -42.6 | -89.4% | -282.8% | -20.3% | — |
| KYMR | $6.33B | -21.1 | -16.7% | -794.0% | -24.4% | — |
| SYRE | $2.56B | 10.1 | -62.0% | — | -26.5% | — |
| PCVX | $6.05B | -8.2 | — | — | -26.6% | — |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | · | · | $508M | $347M | $284M | $214M | |
| Cost of Revenue | $16M | $11M | $9M | $14M | $11M | $12M | $4M | $2M | $0 | $0 | · | · | |
| R&D Expense | $916M | $902M | $900M | · | $638M | $531M | $462M | $412M | $372M | $340M | $320M | $239M | |
| SG&A Expense | $394M | $267M | $233M | $150M | $186M | $354M | $287M | $245M | $108M | $49M | $37M | $20M | |
| Operating Expenses | $1.33B | $1.18B | $1.14B | $998M | $841M | $901M | $757M | $661M | $483M | $393M | $359M | $262M | |
| Operating Income | $-382M | $-475M | $-354M | $-410M | $-30M | $-172M | $366M | $-61M | $31M | $-20M | $-76M | $-48M | |
| Interest Expense | $17M | $17M | $13M | $8M | $9M | $10M | $12M | $45M | $45M | $39M | $37M | $22M | |
| Other Non-op | $-15M | $1M | $14M | $-7M | $-10M | $-62.0K | $-686.0K | $-182.0K | $-4M | $0 | · | · | |
| Pretax Income | $-380M | $-460M | $-334M | $-258M | $-29M | $-135M | $339M | $-76M | $-17M | $-57M | $-88M | $-54M | |
| Income Tax | $2M | $-6M | $32M | $12M | $-551.0K | $345M | $52M | $-291M | $-6M | $3M | $372.0K | $-15M | |
| Net Income | $-381M | $-454M | $-366M | $-270M | $-29M | $-444M | $278M | $274M | $346.0K | $-60M | $-88M | $-39M | |
| EPS (Basic) | $-2.38 | $-3.04 | $-2.56 | $-1.90 | $-0.20 | $-3.18 | $2.00 | $2.09 | $0.15 | $-0.50 | $-0.74 | · | |
| EPS (Diluted) | $-2.38 | $-3.04 | $-2.56 | $-1.90 | $-0.20 | $-3.18 | $1.90 | $2.07 | $0.15 | $-0.50 | $-0.74 | · | |
| Shares (Basic) | 160,010,000 | 149,514,000 | 143,190,000 | 141,848,000 | 141,021,000 | 139,612,000 | 139,998,000 | 132,320,000 | 124,016,000 | 120,933,000 | 119,719,000 | · | |
| Shares (Diluted) | 160,010,000 | 149,514,000 | 143,190,000 | 141,848,000 | 141,021,000 | 139,612,000 | 153,164,000 | 134,056,000 | 126,098,000 | 120,933,000 | 119,719,000 | · | |
| EBITDA | $-382M | $-475M | $-354M | $-410M | $-30M | $-172M | $366M | $-61M | $25M | $-46M | $-76M | $-48M |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $372M | $242M | $399M | $276M | $869M | $398M | $683M | $279M | $130M | $85M | $129M | $143M | |
| Short-term Investments | $2.31B | $2.06B | $1.93B | $1.71B | $1.25B | · | · | · | · | · | · | · | |
| Inventory | $10M | $13M | $7M | $22M | $25M | $22M | $18M | $9M | $10M | · | · | · | |
| Other Current Assets | $237M | $218M | $205M | $168M | $143M | $140M | $140M | $102M | $73M | $17M | $15M | $16M | |
| Current Assets | $2.99B | $2.62B | $2.64B | $2.20B | $2.35B | $2.13B | $2.72B | $2.21B | $1.17B | $798M | $837M | $837M | |
| PP&E (Net) | $123M | $94M | $71M | $74M | $178M | $181M | $154M | $132M | $122M | $93M | $90M | $89M | |
| Accum. Depreciation | $109M | $106M | $97M | $88M | $103M | $87M | $74M | $61M | $88M | $80M | $73M | $66M | |
| Intangibles | · | · | · | · | $29M | $28M | $26M | $24M | $22M | $20M | · | · | |
| Other Non-current Assets | $172M | $127M | $105M | $75M | $71M | $50M | $28M | $13M | $10M | $1M | · | · | |
| Total Assets | $3.52B | $3.00B | $2.99B | $2.53B | $2.61B | $2.39B | $3.23B | $2.67B | $1.32B | $912M | $948M | $956M | |
| Accounts Payable | $28M | $43M | $26M | $18M | $12M | $17M | $16M | $29M | $25M | $21M | $28M | $18M | |
| Accrued Liabilities | $106M | $108M | $148M | $140M | $89M | $90M | $67M | $48M | $67M | $36M | $28M | $30M | |
| Current Liabilities | $782M | $309M | $448M | $312M | $241M | $599M | $273M | $280M | $244M | $134M | $149M | $115M | |
| Capital Leases | $262M | $162M | $171M | $179M | $19M | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $28M | $52M | $42M | $16M | $7M | · | · | · | · | · | · | · | |
| Total Liabilities | $3.03B | $2.42B | $2.60B | $1.96B | $1.84B | $1.65B | $1.55B | $1.48B | $957M | $813M | $747M | $698M | |
| Long-term Debt | $1.81B | $1.25B | $1.31B | $1.19B | · | · | · | · | · | · | · | · | |
| Total Debt | $1.76B | $1.20B | $1.24B | $1.18B | · | · | · | · | · | · | · | · | |
| Common Stock | $163.0K | $158.0K | $144.0K | $142.0K | $141.0K | $140.0K | $140.0K | $138.0K | $125.0K | $122.0K | $120.0K | $118.0K | |
| Retained Earnings | $-2.63B | $-2.25B | $-1.80B | $-1.43B | $-1.16B | $-1.13B | $-708M | $-967M | $-1.24B | $-1.18B | $-1.09B | $-1.01B | |
| AOCI | $-25M | $-31M | $-33M | $-57M | $-33M | $-21M | $-25M | $-32M | $-32M | $-30M | $-14M | $40M | |
| Stockholders' Equity | $489M | $588M | $387M | $573M | $772M | $743M | $1.47B | $1.05B | $281M | $100M | $201M | $258M | |
| Liabilities + Equity | $3.52B | $3.00B | $2.99B | $2.53B | $2.61B | $2.39B | $3.23B | $2.67B | $1.32B | $912M | $948M | $956M | |
| Shares Outstanding | 163,304,875 | 157,908,815 | 144,340,526 | 142,057,736 | 141,210,015 | 140,365,594 | 140,339,615 | 137,928,828 | 124,976,373 | 121,636,273 | 120,351,480 | 118,442,726 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $134M | $130M | $106M | $100M | $121M | $230M | $147M | $131M | $86M | $72M | $59M | $31M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $342M | $904.0K | $-291M | $0 | $0 | $0 | $-11M | |
| Amort. of Intangibles | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | · | |
| Operating Cash Flow | $-269M | $-501M | $-308M | $-274M | $31M | $36M | $346M | $603M | $174M | $-112M | $21M | $6M | |
| CapEx | $51M | $45M | $24M | $16M | $12M | $35M | $31M | $14M | $35M | $7M | $8M | $8M | |
| Investing Cash Flow | $-278M | $-134M | $-214M | $-263M | $195M | $274M | $-41M | $-930M | $-358M | $57M | $-60M | · | |
| Stock Issued | $0 | $489M | $0 | $0 | · | $0 | $0 | $448M | $72M | $0 | $0 | $0 | |
| Stock Repurchased | · | · | · | $0 | $0 | $91M | $34M | $0 | $0 | · | · | · | |
| Net Stock Activity | $0 | $489M | · | $0 | $0 | $-91M | $-34M | · | $72M | · | $0 | $0 | |
| Financing Cash Flow | $676M | $478M | $644M | $-55M | $246M | $-597M | $100M | $476M | $229M | $11M | $25M | · | |
| Net Change in Cash | $130M | $-157M | $123M | $-593M | $472M | $-286M | $404M | $149M | $45M | $-44M | $-14M | · | |
| Taxes Paid | $-639.0K | $-6M | $48M | $5M | · | $26M | $9M | $0 | $0 | · | · | · | |
| Free Cash Flow | $-320M | $-546M | $-331M | $-290M | $19M | $772.0K | $315M | $589M | $139M | $-119M | $13M | $-1M | |
| Levered FCF | $-337M | $-563M | $-345M | $-299M | $10M | $-128M | $272M | $716M | $106M | $-159M | $-23M | $-17M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | 4.8% | -13.4% | -26.7% | -22.3% | |
| Net Margin | · | · | · | · | · | · | · | · | -1.2% | -25.0% | -31.1% | -18.2% | |
| Pretax Margin | · | · | · | · | · | · | · | · | -4.6% | -24.1% | -31.0% | -25.4% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | 4.8% | -13.4% | -26.7% | -22.3% | |
| ROA | -11.7% | -15.2% | -13.3% | -10.5% | -1.1% | -16.1% | 10.0% | 13.7% | -0.53% | -9.3% | -9.2% | -4.3% | |
| ROE | -68.1% | -71.9% | -104.3% | -40.1% | -3.8% | -39.0% | 23.4% | 41.2% | -2.8% | -57.6% | -38.5% | -12.3% | |
| ROIC | -17.1% | -26.0% | -23.8% | -24.5% | -3.8% | -58.4% | 21.8% | 16.5% | 5.5% | -48.1% | -37.9% | -13.3% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.8 | 8.5 | 5.9 | 7.1 | 9.7 | 3.7 | 10.0 | 7.9 | 5.2 | 6.0 | 5.6 | 7.3 | |
| Quick Ratio | 3.4 | 7.4 | 5.2 | 6.4 | 3.6 | 0.7 | 2.5 | 1.0 | 0.6 | 0.6 | 0.9 | 1.2 | |
| Debt / Equity | 3.6 | 2.0 | 3.2 | 2.1 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 2.7 | 2.0 | 3.2 | 2.1 | · | · | · | · | · | · | · | · | |
| Interest Coverage | -22.1 | -28.0 | -27.9 | -50.5 | -3.2 | -3.8 | 7.5 | -1.4 | 0.5 | -1.2 | -2.1 | -2.1 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | · | · | 0.5 | 0.4 | 0.3 | 0.2 | |
| Inventory Turnover | 1.4 | 1.1 | 0.4 | 0.6 | 0.5 | 0.6 | 0.3 | 0.2 | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $944M | $705M | $788M | $587M | $810M | $729M | $1.12B | $600M | $508M | $347M | $284M | $214M | |
| Net Income TTM | $-381M | $-454M | $-366M | $-270M | $-29M | $-444M | $278M | $274M | $346.0K | $-60M | $-88M | $-39M | |
| Market Cap | $12.92B | $5.52B | $7.30B | $5.37B | $4.30B | $7.94B | $8.48B | $7.46B | $6.29B | $5.82B | $7.45B | $7.31B | |
| Enterprise Value | $12.00B | $4.43B | $6.21B | $4.55B | · | · | · | · | · | · | · | · | |
| P/E | -33.2 | -11.5 | -19.8 | -19.9 | -152.2 | -17.8 | 31.8 | 26.1 | 335.3 | -95.7 | -83.7 | -176.4 | |
| P/S | 13.7 | 7.8 | 9.3 | 9.1 | 5.3 | 10.9 | 7.6 | 12.4 | 12.4 | 16.8 | 26.3 | 34.1 | |
| P/B | 26.4 | 9.2 | 18.9 | 9.4 | 5.6 | 9.4 | 5.8 | 7.1 | 19.0 | 58.4 | 37.1 | 28.4 | |
| P / Tangible Book | 26.4 | 9.4 | 18.9 | 9.4 | 5.8 | 11.1 | · | · | · | · | · | · | |
| P / Cash Flow | -48.1 | -11.0 | -23.7 | -19.6 | 139.5 | 221.1 | 24.5 | 12.4 | 36.1 | -51.9 | 352.8 | 1163.5 | |
| P / FCF | -40.4 | -10.1 | -22.0 | -18.5 | 228.0 | 10280.1 | 26.9 | 12.7 | 45.1 | -48.8 | 554.9 | -5930.8 | |
| EV / EBITDA | -31.4 | -9.3 | -17.6 | -11.1 | · | · | · | · | · | · | · | · | |
| EV / FCF | -37.5 | -8.1 | -18.7 | -15.7 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 12.7 | 6.3 | 7.9 | 7.8 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -3.0% | -8.7% | -5.1% | -5.0% | -0.66% | -5.6% | 3.1% | 3.8% | 0.30% | -1.1% | -1.2% | -0.57% |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268M | $246M | $203M | $157M | $452M | $132M | $227M | $134M | $225M | $119M | $325M | $144M | $188M | $131M | $152M | $160M | |
| Cost of Revenue | $3M | $3M | $8M | $2M | $4M | $1M | $4M | $1M | $4M | $2M | $3M | $2M | $3M | $1M | $4M | $2M | |
| SG&A Expense | $150M | $150M | $130M | $97M | $91M | $76M | $88M | $62M | $65M | $53M | $71M | $70M | $46M | $46M | $48M | $34M | |
| Operating Expenses | $370M | $364M | $418M | $317M | $312M | $278M | $337M | $282M | $291M | $269M | $331M | $287M | $279M | $245M | $360M | $219M | |
| Operating Income | $-102M | $-117M | $-214M | $-160M | $140M | $-147M | $-111M | $-149M | $-66M | $-150M | $-6M | $-143M | $-90M | $-114M | $-208M | $-59M | |
| Interest Expense | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $4M | $2M | $2M | $2M | $2M | |
| Other Non-op | $987.0K | $-456.0K | $-16M | $363.0K | $102.0K | $465.0K | $302.0K | $142.0K | $610.0K | $277.0K | $235.0K | $2M | $11M | $230.0K | $123.0K | $5M | |
| Pretax Income | $-113M | $-92M | $-228M | $-128M | $124M | $-147M | $-107M | $-144M | $-66M | $-143M | $-3M | $-141M | $-77M | $-113M | $-44M | $-47M | |
| Income Tax | $1M | $218.0K | $1M | $213.0K | $-20.0K | $116.0K | $-3M | $-4M | $64.0K | $75.0K | $6M | $7M | $8M | $11M | $8M | $283.0K | |
| Net Income | $-115M | $-93M | $-229M | $-129M | $124M | $-147M | $-104M | $-140M | $-66M | $-143M | $-9M | $-147M | $-85M | $-124M | $-52M | $-47M | |
| EPS (Basic) | $-0.69 | $-0.56 | $-1.41 | $-0.80 | $0.78 | $-0.93 | $-0.66 | $-0.95 | $-0.45 | $-0.98 | $-0.06 | $-1.03 | $-0.60 | $-0.87 | $-0.37 | $-0.33 | |
| EPS (Diluted) | $-0.69 | $-0.56 | $-1.41 | $-0.80 | $0.70 | $-0.93 | $-0.66 | $-0.95 | $-0.45 | $-0.98 | $-0.06 | $-1.03 | $-0.60 | $-0.87 | $-0.37 | $-0.33 | |
| Shares (Basic) | 165,419,000 | 164,874,000 | -317,627,000 | 159,765,000 | 159,137,000 | 158,735,000 | -290,575,000 | 148,593,000 | 145,958,000 | 145,538,000 | -285,960,000 | 143,317,000 | 143,098,000 | 142,735,000 | -283,495,000 | 141,950,000 | |
| Shares (Diluted) | 165,419,000 | 164,874,000 | -340,821,000 | 159,765,000 | 182,331,000 | 158,735,000 | -290,575,000 | 148,593,000 | 145,958,000 | 145,538,000 | -285,960,000 | 143,317,000 | 143,098,000 | 142,735,000 | -283,495,000 | 141,950,000 | |
| EBITDA | $-102M | $-117M | · | $-160M | $140M | $-147M | · | $-149M | $-66M | $-150M | · | $-143M | $-90M | $-114M | · | $-59M |
Balance Sheet 23
| 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 | $350M | $173M | $372M | $338M | $297M | $264M | $242M | $335M | $294M | $349M | · | $352M | $425M | $309M | · | $315M | |
| Short-term Investments | $1.70B | $1.75B | $2.31B | $1.90B | $1.99B | $1.88B | $2.06B | $2.15B | $1.78B | $1.86B | · | $1.88B | $1.96B | $2.04B | · | $1.67B | |
| Inventory | $51M | $6M | $10M | $10M | $8M | $12M | $13M | $28M | $29M | $30M | · | $26M | $26M | $22M | · | $21M | |
| Other Current Assets | $327M | $306M | $237M | $244M | $226M | $223M | $218M | $184M | $195M | $174M | · | $181M | $178M | $160M | · | $143M | |
| Current Assets | $2.49B | $2.94B | $2.99B | $2.52B | $2.58B | $2.42B | $2.62B | $2.71B | $2.33B | $2.42B | · | $2.58B | $2.62B | $2.54B | · | $2.15B | |
| PP&E (Net) | $155M | $142M | $123M | $106M | $112M | $103M | $94M | $83M | $76M | $73M | · | $71M | $92M | $85M | · | $181M | |
| Accum. Depreciation | · | · | $109M | · | · | · | $106M | · | · | · | · | · | · | · | · | · | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $30M | |
| Other Non-current Assets | $117M | $136M | $172M | $166M | $132M | $132M | $127M | $120M | $119M | $106M | · | $104M | $86M | $78M | · | $59M | |
| Total Assets | $2.99B | $3.45B | $3.52B | $3.03B | $2.99B | $2.81B | $3.00B | $3.08B | $2.69B | $2.76B | · | $2.93B | $2.97B | $2.89B | · | $2.42B | |
| Accounts Payable | $48M | $26M | $28M | $14M | $23M | $17M | $43M | $9M | $9M | $13M | · | $6M | $24M | $10M | · | $21M | |
| Accrued Liabilities | $116M | $127M | $106M | $99M | $99M | $103M | $108M | $124M | $114M | $106M | · | $119M | $105M | $113M | · | $128M | |
| Current Liabilities | $316M | $717M | $782M | $903M | $897M | $250M | $309M | $305M | $306M | $328M | · | $404M | $288M | $259M | · | $283M | |
| Capital Leases | $262M | $259M | $262M | $263M | $164M | $159M | $162M | $168M | $166M | $169M | · | $173M | $175M | $177M | · | · | |
| Other Non-current Liabilities | $28M | $28M | · | $29M | $59M | $56M | · | $42M | $42M | $42M | · | $49M | $16M | $7M | · | · | |
| Total Liabilities | $2.55B | $2.96B | $3.03B | $2.42B | $2.35B | $2.34B | $2.42B | $2.42B | $2.43B | $2.47B | · | $2.62B | $2.54B | $2.40B | · | $1.83B | |
| Long-term Debt | · | · | $1.81B | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $166.0K | $166.0K | $163.0K | $161.0K | $159.0K | $159.0K | $158.0K | $158.0K | $146.0K | $146.0K | · | $143.0K | $143.0K | $143.0K | · | $142.0K | |
| Retained Earnings | $-2.84B | $-2.72B | $-2.63B | $-2.40B | $-2.27B | $-2.40B | $-2.25B | $-2.15B | $-2.00B | $-1.94B | · | $-1.79B | $-1.64B | $-1.55B | · | $-1.38B | |
| AOCI | $-34M | $-31M | $-25M | $-26M | $-28M | $-29M | $-31M | $-24M | $-35M | $-35M | · | $-46M | $-51M | $-49M | · | $-63M | |
| Stockholders' Equity | $440M | $491M | $489M | $618M | $632M | $476M | $588M | $662M | $264M | $297M | $387M | $315M | $428M | $487M | $573M | $594M | |
| Liabilities + Equity | $2.99B | $3.45B | $3.52B | $3.03B | $2.99B | $2.81B | $3.00B | $3.08B | $2.69B | $2.76B | · | $2.93B | $2.97B | $2.89B | · | $2.42B | |
| Shares Outstanding | 165,636,792 | 165,902,064 | 163,304,875 | 161,137,930 | 159,196,782 | 159,041,259 | 157,908,815 | 157,813,136 | 146,025,246 | 145,844,719 | · | 143,393,493 | 143,167,414 | 143,022,539 | · | 142,017,411 |
Cash Flow 11
| 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 | $46M | $43M | $43M | $31M | $30M | $30M | $36M | $32M | $31M | $31M | $26M | $26M | $27M | $27M | $26M | $24M | |
| Amort. of Intangibles | $700.0K | $661.0K | $638.0K | $621.0K | $598.0K | $582.0K | $459.0K | $617.0K | $621.0K | $639.0K | $655.0K | $660.0K | $637.0K | $607.0K | $610.0K | $608.0K | |
| Operating Cash Flow | $566M | $-793M | $-138M | $-131M | $151M | $-151M | $-116M | $-115M | $-120M | $-150M | $33M | $-109M | $-97M | $-134M | $-200M | $-24M | |
| CapEx | $16M | $22M | $21M | $5M | $12M | $13M | $25M | $9M | $6M | $4M | $-819.0K | $2M | $12M | $10M | $4M | $6M | |
| Investing Cash Flow | $23M | $537M | $-420M | $91M | $-120M | $170M | $68M | $-341M | $62M | $76M | $-27M | $69M | $70M | $-326M | $212M | $-184M | |
| Stock Issued | · | · | $0 | · | · | · | $27.0K | · | · | · | $0 | · | · | · | · | · | |
| Financing Cash Flow | $-412M | $57M | $591M | $81M | $1M | $2M | $-44M | $496M | $3M | $24M | $41M | $-32M | $144M | $492M | $-51M | $2M | |
| Net Change in Cash | $177M | $-199M | $34M | $41M | $33M | $22M | $-93M | $41M | $-55M | $-50M | $47M | $-73M | $116M | $33M | $-39M | $-207M | |
| Taxes Paid | $1M | $-8.0K | $22.0K | $-278.0K | $17.0K | $-400.0K | $-8M | $80.0K | $2M | $13.0K | · | · | · | · | · | · | |
| Free Cash Flow | · | $-815M | · | · | · | $-163M | · | · | · | $-154M | · | · | · | $-144M | · | · | |
| Levered FCF | · | $-820M | · | · | · | $-167M | · | · | · | $-159M | · | · | · | $-146M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -38.2% | -47.7% | · | -102.2% | 30.9% | -111.6% | · | -111.1% | -29.3% | -125.1% | · | -99.4% | -47.9% | -87.5% | · | -37.0% | |
| Net Margin | -42.8% | -37.6% | · | -82.1% | 27.3% | -111.6% | · | -105.0% | -29.4% | -119.5% | · | -102.2% | -45.3% | -95.2% | · | -29.4% | |
| Pretax Margin | -42.3% | -37.5% | · | -81.9% | 27.3% | -111.6% | · | -107.7% | -29.4% | -119.4% | · | -97.6% | -41.1% | -86.5% | · | -29.2% | |
| EBITDA Margin | -38.2% | -47.7% | · | -102.2% | 30.9% | -111.6% | · | -111.1% | -29.3% | -125.1% | · | -99.4% | -47.9% | -87.5% | · | -37.0% | |
| ROA | -3.8% | -2.9% | · | -4.2% | 4.3% | -5.3% | · | -4.7% | -2.3% | -5.1% | · | -5.5% | -3.1% | -4.6% | · | -1.9% | |
| ROE | -21.4% | -19.1% | · | -20.1% | 27.6% | -38.0% | · | -28.7% | -19.1% | -36.5% | · | -32.4% | -16.2% | -20.8% | · | -8.3% | |
| ROIC | -23.5% | -23.9% | · | -26.0% | 22.1% | -30.9% | · | -21.9% | -25.1% | -50.4% | · | -47.5% | -23.2% | -25.8% | · | -10.0% |
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 | 7.9 | 4.1 | · | 2.8 | 2.9 | 9.7 | · | 8.9 | 7.6 | 7.4 | · | 6.4 | 9.1 | 9.8 | · | 7.6 | |
| Quick Ratio | 6.5 | 2.7 | · | 2.5 | 2.6 | 8.6 | · | 8.2 | 6.8 | 6.7 | · | 5.5 | 8.3 | 9.1 | · | 7.0 | |
| Interest Coverage | -22.2 | -22.8 | · | -38.0 | 34.0 | -35.7 | · | -35.7 | -14.7 | -36.0 | · | -34.1 | -39.4 | -71.0 | · | -27.7 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.1 | |
| Inventory Turnover | 0.1 | 0.3 | · | 0.1 | 0.2 | 0.1 | · | 0.0 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $874M | $1.06B | · | $967M | $944M | $717M | · | $803M | $813M | $777M | · | $615M | $631M | $576M | · | $875M | |
| Net Income TTM | $-565M | $-327M | · | $-256M | $-268M | $-458M | · | $-359M | $-366M | $-385M | · | $-409M | $-309M | $-329M | · | $7M | |
| Market Cap | $13.13B | $12.46B | · | $10.54B | $6.29B | $4.80B | · | $6.32B | $6.96B | $6.32B | · | $6.50B | $5.87B | $5.11B | · | $6.28B | |
| P/E | -22.9 | -36.3 | · | -38.7 | -21.5 | -10.1 | · | -16.4 | -18.9 | -16.2 | · | -15.8 | -18.9 | -15.5 | · | -368.6 | |
| P/S | 15.0 | 11.8 | · | 10.9 | 6.7 | 6.7 | · | 7.9 | 8.6 | 8.1 | · | 10.6 | 9.3 | 8.9 | · | 7.2 | |
| P/B | 29.9 | 25.4 | · | 17.1 | 10.0 | 10.1 | · | 9.5 | 26.4 | 21.3 | · | 20.6 | 13.7 | 10.5 | · | 10.6 | |
| P / Tangible Book | 29.9 | 25.4 | · | 17.1 | 10.0 | 10.1 | · | 9.5 | 26.4 | 21.3 | · | 20.6 | 13.7 | 10.5 | · | 11.1 | |
| P / Cash Flow | · | -15.7 | · | · | · | -31.8 | · | · | · | -42.2 | · | · | · | -38.1 | · | · | |
| P / FCF | · | -15.3 | · | · | · | -29.4 | · | · | · | -40.9 | · | · | · | -35.4 | · | · | |
| Earnings Yield | -4.4% | -2.8% | · | -2.6% | -4.7% | -9.9% | · | -6.1% | -5.3% | -6.2% | · | -6.3% | -5.3% | -6.5% | · | -0.27% |
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 | |
|---|---|---|---|---|---|
| Net Income | $-381M | $-454M | $-366M | $-270M | $-29M |
| Diluted EPS | $-2.38 | $-3.04 | $-2.56 | $-1.90 | $-0.20 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 3.6 | 2.0 | 3.2 | 2.1 | — |
| Current Ratio | 3.8 | 8.5 | 5.9 | 7.1 | 9.7 |
| Quick Ratio | 3.4 | 7.4 | 5.2 | 6.4 | 3.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-320M | $-546M | $-331M | $-290M | $19M |
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Institutional owners (13F) 574 filers · $10.8B 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 |
|---|---|---|---|---|
| 73 (-17 vs prior Q) | 41 (-24 vs prior Q) | 203 (+20 vs prior Q) | 159 (+6 vs prior Q) | +11.7M |
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 |
|---|---|---|---|---|
| Capital World Investors | $1,718,152,930 | 21,669,226 | 15.90% | Shares |
| FMR LLC | $1,062,239,646 | 13,396,893 | 9.83% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $623,182,054 | 7,859,529 | 5.77% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $571,799,597 | 7,211,497 | 5.29% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $558,240,214 | 7,040,487 | 5.17% | Shares |
| TWO SIGMA INVESTMENTS, LP | $495,748,197 | 6,252,342 | 4.59% | Shares |
| STATE STREET CORP | $343,710,098 | 4,334,848 | 3.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $260,920,005 | 3,157,327 | 2.42% | Shares |
| TWO SIGMA ADVISERS, LP | $241,452,501 | 3,052,111 | 2.23% | Shares |
| Artisan Partners Limited Partnership | $209,327,536 | 2,640,024 | 1.94% | Shares |
| Tweedy, Browne Co LLC | $180,805,859 | 2,280,311 | 1.67% | Shares |
| Deep Track Capital, LP | $174,438,000 | 2,200,000 | 1.61% | Shares |
| BAKER BROS. ADVISORS LP | $162,364,274 | 2,047,727 | 1.50% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $156,967,955 | 1,979,669 | 1.45% | Shares |
| AMERICAN CENTURY COMPANIES INC | $154,383,816 | 1,947,076 | 1.43% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $127,260,529 | 1,605,001 | 1.18% | Shares |
| Pictet Asset Management Holding SA | $126,981,913 | 1,596,998 | 1.18% | Shares |
| BARCLAYS PLC | $125,150,305 | 1,578,387 | 1.16% | Shares |
| GOLDMAN SACHS GROUP INC | $117,215,755 | 1,478,317 | 1.08% | Shares |
| Polar Capital Holdings Plc | $115,289,325 | 1,454,021 | 1.07% | Shares |
| Alyeska Investment Group, L.P. | $112,426,560 | 1,417,916 | 1.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $103,108,716 | 1,300,400 | 0.95% | Call option |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $103,108,000 | 1,300,392 | 0.95% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $84,114,400 | 1,060,845 | 0.78% | Shares |
| GROUPAMA ASSET MANAGMENT | $75,195,315 | 937,083 | 0.70% | Shares |
| Capital International Investors | $65,316,248 | 823,764 | 0.60% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $65,184,309 | 822,100 | 0.60% | Put option |
| Davern Capital Partners, LP | $63,329,637 | 798,709 | 0.59% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $62,422,083 | 787,263 | 0.58% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $54,253,072 | 684,236 | 0.50% | Shares |
| Eversept Partners, LP | $52,702,794 | 664,684 | 0.49% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $51,970,948 | 655,454 | 0.48% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $51,370,722 | 647,884 | 0.48% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $50,113,500 | 632,028 | 0.46% | Shares |
| Caption Management, LLC | $49,952,700 | 630,000 | 0.46% | Call option |
| NEUBERGER BERMAN GROUP LLC | $46,951,653 | 592,151 | 0.43% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $45,591,750 | 575,000 | 0.42% | Shares |
| PERCEPTIVE ADVISORS LLC | $44,878,140 | 566,000 | 0.42% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $44,355,936 | 559,414 | 0.41% | Shares |
| JANE STREET GROUP, LLC | $44,045,595 | 555,500 | 0.41% | Call option |
| JANE STREET GROUP, LLC | $43,070,328 | 543,200 | 0.40% | Put option |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $41,414,514 | 522,317 | 0.38% | Shares |
| BOONE CAPITAL MANAGEMENT LLC | $41,228,976 | 519,977 | 0.38% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $39,648,965 | 500,050 | 0.37% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $36,049,119 | 454,649 | 0.33% | Shares |
| Candriam S.C.A. | $35,251,607 | 445,019 | 0.33% | Shares |
| FIRST TRUST ADVISORS LP | $33,872,360 | 427,197 | 0.31% | Shares |
| PINNACLE ASSOCIATES LTD | $33,282,136 | 419,752 | 0.31% | Shares |
| BANK OF AMERICA CORP /DE/ | $32,643,138 | 411,693 | 0.30% | Shares |
| NOMURA HOLDINGS INC | $31,889,804 | 402,192 | 0.30% | Shares |
| Ikarian Capital, LLC | $31,716,000 | 400,000 | 0.29% | Call option |
| CITADEL ADVISORS LLC | $30,645,585 | 386,500 | 0.28% | Put option |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $28,771,090 | 362,859 | 0.27% | Shares |
| BlackRock, Inc. | $28,184,582 | 355,462 | 0.26% | Shares |
| Caption Management, LLC | $27,426,411 | 345,900 | 0.25% | Put option |
| TD Asset Management Inc | $27,002,051 | 340,548 | 0.25% | Shares |
| Freestone Grove Partners LP | $26,955,983 | 339,967 | 0.25% | Shares |
| AXA Investment Managers S.A. | $26,590,024 | 406,451 | 0.25% | Shares |
| Qube Research & Technologies Ltd | $26,479,054 | 333,952 | 0.25% | Shares |
| Capital Research Global Investors | $26,319,205 | 331,936 | 0.24% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $26,130,336 | 329,554 | 0.24% | Shares |
| ALLIANCEBERNSTEIN L.P. | $25,564,391 | 340,450 | 0.24% | Shares |
| Carmignac Gestion | $25,452,090 | 321,000 | 0.24% | Shares |
| Privium Fund Management B.V. | $25,366,774 | 319,924 | 0.23% | Shares |
| Swiss National Bank | $24,976,350 | 315,000 | 0.23% | Shares |
| ARK Investment Management LLC | $23,848,064 | 300,770 | 0.22% | Shares |
| Integral Health Asset Management, LLC | $23,787,000 | 300,000 | 0.22% | Call option |
| Ikarian Capital, LLC | $23,787,000 | 300,000 | 0.22% | Put option |
| MILLENNIUM MANAGEMENT LLC | $22,904,661 | 288,872 | 0.21% | Shares |
| DAVENPORT & Co LLC | $22,515,188 | 283,960 | 0.21% | Shares |
| Aberdeen Group plc | $21,995,046 | 277,400 | 0.20% | Shares |
| California Public Employees Retirement System | $21,475,141 | 270,843 | 0.20% | Shares |
| TimesSquare Capital Management, LLC | $20,700,361 | 275,674 | 0.19% | Shares |
| MILLENNIUM MANAGEMENT LLC | $20,417,175 | 257,500 | 0.19% | Call option |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $19,918,837 | 251,215 | 0.18% | Shares |
| CITADEL ADVISORS LLC | $18,709,189 | 235,959 | 0.17% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $18,514,136 | 233,499 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $18,434,925 | 232,500 | 0.17% | Call option |
| Orion Investment Co | $17,470,362 | 220,335 | 0.16% | Shares |
| Life Cycle Investment Partners Ltd | $17,435,554 | 219,896 | 0.16% | Shares |
| ALGERT GLOBAL LLC | $16,401,374 | 206,853 | 0.15% | Shares |
| Corient Private Wealth LP | $15,603,561 | 196,791 | 0.14% | Shares |
| Eagle Health Investments LP | $15,428,010 | 194,577 | 0.14% | Shares |
| SECTOR GAMMA AS | $15,022,918 | 189,468 | 0.14% | Shares |
| Polymer Capital Management (HK) LTD | $14,105,453 | 177,897 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $13,252,259 | 176,485 | 0.12% | Shares |
| ADAR1 Capital Management, LLC | $13,184,817 | 166,286 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $13,075,750 | 164,911 | 0.12% | Shares |
| Sicart Associates LLC | $12,741,427 | 160,694 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $12,296,928 | 155,088 | 0.11% | Shares |
| CSS LLC/IL | $12,074,995 | 152,289 | 0.11% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $11,996,656 | 151,301 | 0.11% | Shares |
| CITIGROUP INC | $11,996,577 | 151,300 | 0.11% | Call option |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $11,893,500 | 150,000 | 0.11% | Shares |
| Focus Partners Wealth | $11,728,366 | 147,917 | 0.11% | Shares |
| Hudson Bay Capital Management LP | $11,497,050 | 145,000 | 0.11% | Shares |
| Artia Global Partners LP | $11,447,573 | 144,376 | 0.11% | Shares |
| Sonora Investment Management Group, LLC | $11,108,840 | 169,808 | 0.10% | Shares |
| Fisher Asset Management, LLC | $10,877,317 | 137,184 | 0.10% | Shares |
| Atle Fund Management AB | $10,873,116 | 137,131 | 0.10% | Shares |
Company insiders 48 insiders · 30 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Brett P Monia | Chief Executive Officer | June 26, 2026 M | 245,571 | 0 | 17 | $-42,648,430 |
| HOUGEN ELIZABETH L | EVP, Finance & CFO | March 16, 2026 M | 82,660 | 0 | 6 | $-21,117,075 |
| Kleanthis G Xanthopoulos | President of Regulus | Dec. 3, 2007 A | — | 0 | 0 | $0 |
| Holly B. Kordasiewicz | EVP, Chief Development Officer | July 7, 2026 S | 22,096 | 0 | 4 | $-4,810,107 |
| BENNETT C FRANK | EVP, Chief Scientific Officer | July 7, 2026 J | 0 | 0 | 13 | $-19,364,354 |
| Eugene Schneider | EVP, Chf Clinical Develop Ofcr | June 26, 2026 M | 77,114 | 0 | 6 | $-4,933,991 |
| Joseph Baroldi | EVP, Chief Business Officer | June 26, 2026 M | 4,669 | 0 | 17 | $-6,405,525 |
| O'NEIL PATRICK R. | EVP CLO & General Counsel | June 26, 2026 S | 61,470 | 0 | 16 | $-16,034,086 |
| Eric Swayze | EVP Research | June 25, 2026 S | 21,759 | 0 | 14 | $-8,058,784 |
| Brian Birchler | EVP, Corp and Development Ops | April 15, 2026 M | 67,500 | 0 | 6 | $-3,556,351 |
| Kyle Jenne | EVP, Chf GL Pdt Str Ofcr | April 15, 2026 M | 23,713 | 0 | 4 | $-3,334,240 |
| Shannon L. Devers | EVP, Chief Human Resources Ofc | April 2, 2026 S | 16,348 | 0 | 15 | $-8,854,430 |
| Richard S Geary | EVP, Chief Development Officer | Nov. 6, 2025 M | 59,657 | 0 | 13 | $-13,858,595 |
| Onaiza Cadoret-Manier | EVP,Chf GL Pdt Str & Oper Ofc | Feb. 2, 2024 S | 35,788 | 0 | 0 | $0 |
| Stanley T Crooke | Exec Chairman of the Board | Jan. 26, 2021 S | 2,021 | 0 | 0 | $0 |
| Damien Mcdevitt | Chief Business Officer | July 15, 2019 M | 2,573 | 0 | 0 | $0 |
| Sarah Boyce | Chief Business Officer | Jan. 15, 2018 M | 8,931 | 0 | 0 | $0 |
| ECKER DAVID J | Vice President | Sept. 2, 2008 M | 0 | 0 | 0 | $0 |
| Michael J Treble | Vice President, Pres of Ibis | Aug. 11, 2008 M | 0 | 0 | 0 | $0 |
| Jeffrey M Jonas | Executive Vice President | Jan. 2, 2008 A | — | 0 | 0 | $0 |
| Mark K Wedel | VP & Chief Medical Officer | July 6, 2007 M | 6,603 | 0 | 0 | $0 |
| LEVIN ARTHUR A | Vice President | April 25, 2007 M | 1,674 | 0 | 0 | $0 |
| BROWN RICHARD K | Vice President | March 8, 2006 M | 2,348 | 0 | 0 | $0 |
| MCNEIL JOHN A | Vice President | Jan. 3, 2005 A | — | 0 | 0 | $0 |
| LOWENSTAM PATRICIA | Vice President | Jan. 3, 2005 A | 603 | 0 | 0 | $0 |
| STEIN ARON | Vice President | July 1, 2004 J | 1,536 | 0 | 0 | $0 |
| Hans A De Haan | VP, Drug Development | April 27, 2004 S | 0 | 0 | 0 | $0 |
| LUNDSTEDT KAREN S | Vice President | March 10, 2004 M | 5,407 | 0 | 0 | $0 |
| COLE DOUGLAS L | Vice President | March 9, 2004 M | 9,616 | 0 | 0 | $0 |
| HOLMLUND JON T | Vice President | July 1, 2003 J | 983 | 0 | 0 | $0 |
| Michael R Hayden | Director | July 31, 2026 P | 24,000 | 2 | 0 | $1,058,700 |
| Peter N Reikes | Director | July 15, 2026 A | 14,222 | 0 | 0 | $0 |
| Ludwig Hantson | Director | July 15, 2026 A | — | 0 | 0 | $0 |
| Joan E Herman | Director | July 15, 2026 M | 51,306 | 0 | 2 | $-3,173,720 |
| BERTHELSEN SPENCER R | Director | July 15, 2026 M | 161,233 | 0 | 2 | $-1,193,280 |
| Allene M. Diaz | Director | July 7, 2026 M | 3,811 | 0 | 5 | $-5,278,717 |
| Michael J. Yang | Director | July 1, 2026 A | 7,940 | 0 | 0 | $0 |
| Joseph Loscalzo | Director | July 1, 2026 A | 36,330 | 0 | 6 | $-8,047,872 |
| Joseph Klein III | Director | July 1, 2026 A | 11,014 | 0 | 14 | $-9,356,036 |
| Lynne B Parshall | Director | April 15, 2026 S | 51,344 | 0 | 6 | $-2,171,964 |
| Joseph H Wender | Director | Dec. 1, 2025 S | 36,035 | 0 | 13 | $-8,660,283 |
| MUTO FREDERICK T | Director | July 15, 2022 M | 59,597 | 0 | 0 | $0 |
| Breaux Castleman | Director | July 1, 2020 A | 19,183 | 0 | 0 | $0 |
| REED JOHN C | Director | Sept. 6, 2012 M | 0 | 0 | 0 | $0 |
| Richard D Dimarchi | Director | July 1, 2010 A | — | 0 | 0 | $0 |
| GARIELI CHRISTOPHER | Director | July 1, 2005 A | 155,431 | 0 | 0 | $0 |
| SKALETSKY MARK B | Director | July 1, 2004 A | — | 0 | 0 | $0 |
| ISIS PHARMACEUTICALS INC | 10% owner | Oct. 10, 2020 P | 98,322,397 | 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 |
|---|---|---|---|---|---|
| Ionis Pharmaceuticals, Inc. (“Ionis”) ×8 filings | Oct. 13, 2020 | — | Initial filing | M&A / sale | SEC |
| Isis Pharmaceuticals, Inc. (“ Isis ”) | July 31, 2015 | — | Initial filing | — | SEC |
| Isis Pharmaceuticals, Inc. (“Isis”), Stanley T. Crooke (“Crooke”), B. Lynne Parshall (“Parshall”) ×2 filings | Nov. 6, 2014 | — | Initial filing | — | SEC |
| Genzyme Corporation | Jan. 15, 2008 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | April 12, 2001 | — | Initial filing | Passive investment | 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 92 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 |
|---|---|---|---|---|
| FFOX · FundX Investment Trust | 2.06% | 62,476 NS | June 30, 2026 | N-PORT |
| ARKG · ARK ETF Trust | 1.74% | 288,230 NS | April 30, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 1.72% | 201,598 NS | April 30, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.48% | 11,708 NS | April 30, 2026 | N-PORT |
| GDOC · Goldman Sachs ETF Trust | 1.37% | 3,614 NS | May 31, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 1.14% | 414,653 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.94% | 64,911 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.87% | 150,398 NS | April 30, 2026 | N-PORT |
| TAX · EA Series Trust | 0.87% | 2,885 NS | May 29, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 0.84% | 1,257 NS | April 30, 2026 | N-PORT |
| COPY · RBB Fund Trust | 0.84% | 37,653 NS | May 31, 2026 | N-PORT |
| HRTS · Tema ETF Trust | 0.83% | 5,599 NS | May 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.67% | 1,211,656 SH | Aug. 21, 2026 | Daily |
| FFND · Northern Lights Fund Trust II | 0.67% | 9,000 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.63% | 6,109 NS | May 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.62% | 9,716 SH | Aug. 21, 2026 | Daily |
| MEDI · Harbor ETF Trust | 0.58% | 2,153 NS | April 30, 2026 | N-PORT |
| FDMO · FIDELITY COVINGTON TRUST | 0.53% | 60,169 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.53% | 36,525 NS | April 30, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 0.48% | 95,962 SH | Aug. 21, 2026 | Daily |
| OASC · Unified Series Trust | 0.47% | 5,182 NS | May 31, 2026 | N-PORT |
| FTXH · First Trust Exchange-Traded Fund VI | 0.46% | 2,093 NS | June 30, 2026 | N-PORT |
| CGGR · Capital Group Growth ETF | 0.36% | 1,150,284 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.34% | 2,078,639 SH | Aug. 19, 2026 | Daily |
| ISCG · iShares Trust | 0.30% | 51,765 SH | Aug. 21, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.30% | 25,160 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.26% | 778,644 NS | May 31, 2026 | N-PORT |
| IWP · iShares Trust | 0.26% | 893,267 SH | Aug. 21, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.23% | 438,447 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.23% | 110,497 SH | Aug. 21, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.23% | 71,810 NS | April 30, 2026 | N-PORT |
| FTHI · First Trust Exchange-Traded Fund VI | 0.22% | 66,291 NS | June 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 60,227 NS | April 30, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.21% | 62,392 NS | April 30, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.21% | 16,403 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.20% | 36,263 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.20% | 50,927 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.19% | 70,978 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.18% | 471,609 SH | Aug. 19, 2026 | Daily |
| FPX · First Trust Exchange-Traded Fund | 0.17% | 35,516 NS | June 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.16% | 78,239 SH | Aug. 21, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.16% | 10,044 NS | April 30, 2026 | N-PORT |
| FTQI · First Trust Exchange-Traded Fund VI | 0.15% | 18,056 NS | June 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.15% | 7,379 SH | Aug. 21, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.15% | 1,895,610 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.15% | 3,600,281 SH | Aug. 19, 2026 | Daily |
| IYH · iShares Trust | 0.15% | 98,040 SH | Aug. 21, 2026 | Daily |
| NBCR · Neuberger Berman ETF Trust | 0.14% | 16,581 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.13% | 176 NS | May 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.13% | 84,231 SH | Aug. 21, 2026 | Daily |