IOVA Iovance Biotherapeutics, Inc. - Common Stock
$7.27
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$2–$7
100% of range
Analyst Rating
BUY
15 analysts
Price Target
$9
+27% upside
P/E (TTM)
-6.7
ROE
-56.0%
Net Profit Margin
-148.4%
About Iovance Biotherapeutics, Inc. - Common Stock Company overview from Wikipedia
Iovance Biotherapeutics, Inc. is a biopharmaceutical based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Read more
Iovance Biotherapeutics, Inc. is a biopharmaceutical based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
## History
The company was founded in 2007 as Genesis Biopharma. In 2013, Lion merged with Genesis Biopharma аnd became Lion Bio Pharma, which was then rebranded to Iovance in 2017.
In 2024, the US FDA gave accelerated approval to Lifileucel, marketed under the brand name Amtagvi, the company's tumor-infiltrating lymphocyte drug for the treatment of unresectable or metastatic melanoma.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
IOVA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$7.27
Market Cap
$2.99B
P/E (TTM)
-6.7
EPS (TTM)
$-1.09
Revenue (TTM)
$264M
Div Yield
—
ROE
-56.0%
Debt/Equity
0.0
52W Range
$2 – $7
IOVA 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
$264M
2016-12-31
→
2025-12-31
EPS
$-1.09
2019-12-31
→
2025-12-31
Free Cash Flow
$-336M
2016-12-31
→
2025-12-31
Margins
-148.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
IOVA
Peer Median
P/E (TTM)
-6.7
—
P/S (TTM)
11.4
18.3
P/B
4.3
3.3
EV / EBITDA
-6.9
—
Price / FCF
-8.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
IOVA
Peer Median
Operating Margin
-153.1%
—
Net Profit Margin
-148.4%
-180.4%
ROA
-42.9%
-36.2%
ROE
-56.0%
-43.7%
ROIC
-57.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
IOVA
Peer Median
Debt / Equity
0.0
—
Current Ratio
3.2
9.7
Quick Ratio
2.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
IOVA
Peer Median
Revenue YoY
60.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
IOVA
Peer Median
IOVA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 3 20.0%
- Buy 9 60.0%
- Hold 3 20.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-19
Median
$9.00
Now
$7.27
Low
$4.00
High
$14.00
Median target
$9.00
+23.8%
Mean target
$9.22
+26.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.11 | $-0.13 | 0.02% |
| March 31, 2026 | $-0.19 | $-0.15 | -0.04% |
| Dec. 31, 2025 | $-0.18 | $-0.18 | -0.00% |
| Sept. 30, 2025 | $-0.25 | $-0.26 | 0.01% |
| June 30, 2025 | $-0.33 | $-0.29 | -0.04% |
| March 31, 2025 | $-0.36 | $-0.24 | -0.12% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IOVA | $1.12B | -2.5 | 60.6% | -148.4% | -56.0% | — |
| IDYA | $3.04B | -27.0 | 3024.4% | -52.0% | -11.5% | — |
| CLDX | $1.81B | -7.0 | -78.0% | -16748.0% | -43.8% | — |
| ARQT | $3.58B | -223.4 | 91.3% | -4.3% | -9.8% | — |
| GRAL | $3.45B | -7.7 | 17.2% | -277.5% | -16.7% | — |
| IMNM | $2.43B | -8.8 | -23.2% | -3060.0% | -47.0% | — |
| IRON | $3.01B | -13.2 | — | — | -31.3% | — |
| NRIX | $1.80B | -5.8 | 53.9% | -314.9% | -53.6% | — |
| BEAM | $2.82B | -34.2 | 120.0% | -57.2% | -7.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $264M | $164M | $1M | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Cost of Revenue | $173M | $93M | $1M | · | · | · | · | · | · | · | · | · | |
| R&D Expense | $300M | $276M | $333M | $295M | $259M | $202M | $166M | $100M | $72M | $27M | $15M | $4M | |
| SG&A Expense | $152M | $152M | $106M | $104M | $84M | $60M | $41M | $28M | $21M | $27M | $12M | $8M | |
| Operating Expenses | $667M | $559M | $462M | $399M | $343M | $262M | $207M | $128M | $93M | $54M | $28M | $12M | |
| Operating Income | $-403M | $-395M | $-461M | $-399M | $-343M | $-262M | $-207M | $-128M | $-93M | $-54M | $-28M | $-12M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $-5.7K | |
| Interest Income | $10M | $20M | $13M | $3M | $451.0K | $2M | $9M | $5M | $813.0K | $745.0K | $200.0K | $6.0K | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | $200.0K | $6.0K | |
| Pretax Income | $-393M | $-375M | $-448M | $-396M | $-342M | · | · | · | · | · | · | · | |
| Income Tax | $-2M | $-3M | $-3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-391M | $-372M | $-444M | $-396M | $-342M | $-260M | $-198M | $-124M | $-92M | $-53M | $-28M | $-12M | |
| EPS (Basic) | $-1.09 | $-1.28 | $-1.89 | $-2.49 | $-2.23 | $-1.88 | $-1.59 | · | · | · | · | · | |
| EPS (Diluted) | $-1.09 | $-1.28 | $-1.89 | $-2.49 | $-2.23 | $-1.88 | $-1.59 | · | · | · | · | · | |
| Shares (Basic) | 357,345 | 289,877 | 235,131 | 159,259 | 153,406 | 138,301 | 124,336 | · | · | · | · | · | |
| Shares (Diluted) | 357,345 | 289,877 | 235,131 | 159,259 | 153,406 | 138,301 | 124,336 | · | · | · | · | · | |
| EBITDA | $-390M | $-383M | $-449M | $-390M | $-340M | $-261M | $-206M | $-128M | $-93M | $-54M | $-28M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $163M | $116M | $115M | $232M | $78M | $67M | $14M | $82M | $145M | $107M | $34M | $45M | |
| Short-term Investments | $134M | $208M | $165M | $240M | $426M | $562M | $293M | $386M | $0 | $60M | $70M | $0 | |
| Receivables | $82M | $69M | $151.0K | · | · | · | · | · | · | · | · | · | |
| Inventory | $52M | $52M | $10M | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $12M | $12M | $17M | $7M | $4M | $7M | $9M | $7M | $4M | $3M | $277.0K | $66.0K | |
| Current Assets | $443M | $457M | $308M | $479M | $508M | $636M | $316M | $475M | $149M | $170M | $104M | $45M | |
| PP&E (Net) | $131M | $109M | $114M | $105M | $101M | $59M | $9M | $3M | $2M | $2M | $2M | $2M | |
| PP&E (Gross) | $180M | $145M | $142M | $122M | $110M | $65M | $13M | $7M | $5M | $4M | $3M | $2M | |
| Accum. Depreciation | $49M | $36M | $28M | $17M | $9M | $6M | $4M | $4M | $3M | $2M | $1M | $104.0K | |
| Intangibles | $279M | $282M | $229M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $8M | $369.0K | $270.0K | $189.0K | $2M | $13M | $3M | $3M | $4M | $0 | · | · | |
| Total Assets | $913M | $910M | $780M | $664M | $777M | $768M | $345M | $481M | $155M | $172M | $106M | $47M | |
| Accounts Payable | $22M | $28M | $33M | $27M | $27M | $14M | $16M | $3M | $1M | $863.0K | $958.0K | $1M | |
| Accrued Liabilities | $111M | $82M | $69M | $52M | $57M | $35M | $16M | $12M | $8M | $4M | $672.0K | $328.0K | |
| Short-term Debt | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $138M | $122M | $110M | $91M | $89M | $55M | $39M | $14M | $10M | $5M | $2M | $2M | |
| Capital Leases | $44M | $44M | $67M | $72M | $65M | $45M | $4M | $0 | · | · | · | · | |
| Deferred Tax | $32M | $32M | $17M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | $12M | $2M | $230.0K | · | · | · | · | |
| Total Liabilities | $215M | $200M | $196M | $164M | $156M | $112M | $46M | $15M | $10M | · | · | · | |
| Total Debt | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $17.0K | $13.0K | $11.0K | $8.0K | $7.0K | $6.0K | $5.0K | $5.0K | $3.0K | $3.0K | $2.0K | $2.0K | |
| Paid-in Capital | $3.46B | $3.10B | $2.59B | $2.07B | $1.79B | $1.49B | $869M | $839M | $395M | $324M | $208M | $121M | |
| Retained Earnings | $-2.78B | $-2.38B | $-2.01B | $-1.57B | $-1.17B | $-830M | $-571M | $-373M | $-249M | $-157M | $-104M | $-77M | |
| AOCI | $16M | $-1M | $3M | $-902.0K | $-601.0K | $19.0K | $220.0K | $-42.0K | $0 | $29.0K | $48.0K | $0 | |
| Stockholders' Equity | $699M | $710M | $585M | $500M | $622M | $656M | $299M | $466M | $145M | $167M | $104M | $45M | |
| Liabilities + Equity | $913M | $910M | $780M | $664M | $777M | $768M | $345M | $481M | $155M | $172M | $106M | $47M | |
| Shares Outstanding | 411,938,061 | 305,252,194 | 256,135,715 | 187,812,072 | 157,004,742 | 147,874,917 | 126,411,808 | 123,415,576 | 73,164,914 | 62,248,074 | 48,547,720 | 33,750,188 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $13M | $11M | $12M | $9M | $3M | $1M | $1M | $956.0K | $952.0K | $978.0K | $999.0K | $88.0K | |
| Stock-based Comp | $62M | $110M | $63M | $84M | $70M | $41M | $24M | $20M | $12M | $19M | $9M | $4M | |
| Deferred Tax | $-2M | $-3M | $-3M | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $23M | $26M | $10M | $0 | · | · | · | · | · | · | · | · | |
| Restructuring | $5M | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | $16M | $-100M | $12M | $10M | $41M | $12M | $13M | · | · | · | · | · | |
| Operating Cash Flow | $-302M | $-353M | $-362M | $-293M | $-228M | $-205M | $-159M | $-101M | $-79M | $-33M | $-18M | $-9M | |
| CapEx | $34M | $11M | $22M | $20M | $38M | $47M | $7M | $1M | $1M | $2M | $1M | $2M | |
| Investing Cash Flow | $47M | $-96M | $-155M | $256M | $132.0K | $-318M | $90M | $-386M | $59M | $9M | $-71M | · | |
| Debt Issued | · | · | · | · | $1M | · | · | · | · | · | · | · | |
| Net Debt Issued | · | · | · | · | $1M | · | · | · | · | · | · | · | |
| Stock Issued | $306M | $397M | $463M | $190M | $203M | $567M | · | $399M | $54M | $96M | $68M | $32M | |
| Net Stock Activity | $306M | $397M | $463M | $190M | $203M | $567M | · | $399M | $54M | $96M | $68M | · | |
| Financing Cash Flow | $301M | $391M | $463M | $190M | $239M | $576M | $6M | $424M | $59M | $97M | $78M | · | |
| Net Change in Cash | $47M | $-59M | $-57M | $154M | $11M | · | · | $-63M | $39M | $73M | $-11M | $25M | |
| Taxes Paid | $0 | $0 | $0 | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Free Cash Flow | $-336M | $-364M | $-384M | $-313M | $-266M | $-252M | $-166M | $-102M | $-80M | $-34M | $-20M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -153.1% | -240.9% | -38735.0% | · | · | · | · | · | · | · | · | · | |
| Net Margin | -148.4% | -226.8% | -37345.4% | · | · | · | · | · | · | · | · | · | |
| Pretax Margin | -149.2% | -228.6% | -37638.0% | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -148.2% | -233.6% | -37762.1% | · | · | · | · | · | · | · | · | · | |
| ROA | -42.9% | -44.0% | -61.5% | -54.9% | -44.3% | -46.6% | -47.9% | -38.9% | -56.3% | -38.1% | -36.4% | · | |
| ROE | -56.0% | -50.2% | -70.6% | -88.6% | -51.9% | -37.9% | -60.4% | -34.3% | -58.9% | -39.0% | -37.2% | · | |
| ROIC | -57.4% | -55.2% | -78.2% | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.7 | 2.8 | 5.2 | 5.7 | 11.6 | 8.1 | 33.0 | 15.1 | 34.1 | 63.8 | · | |
| Quick Ratio | 2.7 | 3.2 | 2.5 | 5.2 | 5.7 | 11.5 | 7.9 | 32.5 | 14.7 | 33.5 | 51.4 | · | |
| Debt / Equity | 0.0 | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | 0.0 | · | · | · | · | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Inventory Turnover | 3.4 | 4.0 | 2.1 | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 3.5 | 4.7 | 15.7 | · | · | · | · | · | · | · | · | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 60.6% | 13699.0% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $264M | $164M | $1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income TTM | $-391M | $-372M | $-444M | $-396M | $-342M | $-260M | $-198M | $-124M | $-92M | $-53M | $-28M | $-12M | |
| Market Cap | $1.12B | $2.26B | $2.08B | $1.20B | $3.00B | $6.81B | $3.50B | $1.09B | $585M | $433M | $375M | · | |
| Enterprise Value | $829M | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -2.5 | -5.8 | -4.3 | -2.6 | -8.6 | -24.7 | -17.4 | · | · | · | · | · | |
| P/S | 4.3 | 13.8 | 1751.4 | · | · | · | · | · | · | · | · | · | |
| P/B | 1.6 | 3.2 | 3.6 | 2.4 | 4.8 | 10.4 | 11.7 | 2.3 | 4.0 | 2.6 | 3.6 | · | |
| P / Tangible Book | 2.7 | 5.3 | 5.9 | 2.4 | 4.8 | 10.4 | · | · | · | · | · | · | |
| P / Cash Flow | -3.7 | -6.4 | -5.8 | -4.1 | -13.1 | -33.2 | -22.0 | -10.8 | -7.4 | -13.2 | -20.4 | · | |
| P / FCF | -3.3 | -6.2 | -5.4 | -3.8 | -11.3 | -27.1 | -21.1 | -10.7 | -7.3 | -12.7 | -19.2 | · | |
| EV / EBITDA | -2.1 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | -2.5 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 3.1 | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -39.9% | -17.3% | -23.2% | -39.0% | -11.7% | -4.0% | -5.7% | · | · | · | · | · |
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 | $99M | $71M | $87M | $67M | $60M | $49M | $74M | $59M | $31M | $715.0K | $482.0K | $469.0K | $238.0K | · | · | · | |
| Cost of Revenue | $44M | $42M | $28M | $38M | $49M | $43M | $23M | $32M | $31M | $7M | $-5M | $4M | $2M | · | · | · | |
| R&D Expense | $59M | $62M | $69M | $75M | $78M | $76M | $67M | $67M | $62M | $80M | $77M | $88M | $86M | $83M | $81M | $73M | |
| SG&A Expense | $39M | $39M | $36M | $35M | $38M | $44M | $42M | $39M | $40M | $31M | $29M | $27M | $22M | $28M | $26M | $28M | |
| Operating Expenses | $151M | $152M | $160M | $162M | $174M | $171M | $160M | $148M | $133M | $118M | $122M | $119M | $110M | $111M | $107M | $100M | |
| Operating Income | $-52M | $-81M | $-73M | $-95M | $-114M | $-121M | $-87M | $-89M | $-102M | $-118M | $-121M | $-118M | $-110M | $-111M | $-107M | $-100M | |
| Interest Income | $3M | $1M | $2M | $1M | $4M | $3M | $10M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $777.0K | |
| Pretax Income | $-49M | $-80M | $-72M | $-94M | $-110M | $-118M | $-77M | $-85M | $-99M | $-114M | $-118M | $-115M | $-107M | $-107M | $-105M | $-100M | |
| Income Tax | $-1M | $-665.0K | $184.0K | $-2M | $2M | $-2M | $2M | $-2M | $-1M | $-1M | $-2M | $-1M | $-477.0K | $0 | · | · | |
| Net Income | $-47M | $-79M | $-72M | $-91M | $-112M | $-116M | $-79M | $-84M | $-97M | $-113M | $-116M | $-114M | $-107M | $-107M | $-105M | $-100M | |
| EPS (Basic) | $-0.11 | $-0.19 | $-0.15 | $-0.25 | $-0.33 | $-0.36 | $-0.24 | $-0.28 | $-0.34 | $-0.42 | $-0.46 | $-0.46 | $-0.47 | $-0.50 | $-0.65 | $-0.63 | |
| EPS (Diluted) | $-0.11 | $-0.19 | · | · | $-0.33 | $-0.36 | $-0.24 | $-0.28 | $-0.34 | $-0.42 | $-0.46 | $-0.46 | $-0.47 | $-0.50 | $-0.65 | $-0.63 | |
| Shares (Basic) | 450,189 | 418,511 | -664,071 | 364,037 | 334,511 | 322,868 | -564,429 | 303,269 | 284,817 | 266,220 | -213,929,167 | 245,817 | 224,481 | 213,694,000 | -472,044,741 | 157,817,000 | |
| Shares (Diluted) | 450,189 | 418,511 | · | · | 334,511 | 322,868 | -564,429 | 303,269 | 284,817 | 266,220 | -213,929,167 | 245,817 | 224,481 | 213,694,000 | -472,044,741 | 157,817,000 | |
| EBITDA | $-52M | $-78M | · | $-95M | $-110M | $-118M | · | $-86M | $-99M | $-115M | · | $-115M | $-107M | $-108M | · | $-100M |
Balance Sheet 27
| 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 | $111M | $197M | $163M | $158M | $132M | $172M | $116M | $164M | $229M | $134M | $115M | $268M | $230M | $543M | $232M | $118M | |
| Short-term Investments | $187M | $117M | $134M | $143M | $169M | $188M | $208M | $233M | $184M | $222M | · | $94M | $21M | $83M | · | $242M | |
| Receivables | $102M | $82M | $82M | $67M | $60M | $71M | $69M | $56M | $32M | $234.0K | · | · | $33.0K | · | · | · | |
| Inventory | $56M | $58M | $52M | $52M | $50M | $66M | $52M | $39M | $28M | $18M | · | $9M | $10M | · | · | · | |
| Prepaid Expense | $9M | $13M | $12M | $10M | $12M | $16M | $12M | $7M | $10M | $11M | · | $12M | $14M | $11M | · | $10M | |
| Current Assets | $464M | $467M | $443M | $429M | $422M | $513M | $457M | $499M | $482M | $386M | · | $383M | $275M | $638M | · | $370M | |
| PP&E (Net) | $131M | $131M | $131M | $127M | $122M | $112M | $109M | $113M | $111M | $112M | · | $113M | $113M | $110M | · | $101M | |
| PP&E (Gross) | $188M | $184M | $180M | $172M | $165M | $150M | $145M | $149M | $145M | $143M | · | $138M | $135M | $129M | · | $115M | |
| Accum. Depreciation | $56M | $52M | $49M | $45M | $42M | $39M | $36M | $37M | $34M | $31M | · | $25M | $22M | $19M | · | $14M | |
| Intangibles | $264M | $269M | $279M | $285M | $296M | $285M | $282M | $307M | $295M | $294M | · | $224M | $236M | · | · | · | |
| Other Non-current Assets | $6M | $8M | $8M | $9M | $10M | $426.0K | $369.0K | $280.0K | $327.0K | $259.0K | · | $282.0K | $294.0K | $202.0K | · | $596.0K | |
| Total Assets | $916M | $926M | $913M | $905M | $907M | $967M | $910M | $991M | $964M | $870M | · | $852M | $757M | $825M | · | $546M | |
| Accounts Payable | $26M | $37M | $22M | $31M | $32M | $28M | $28M | $32M | $20M | $26M | · | $19M | $31M | $32M | · | $24M | |
| Accrued Liabilities | $78M | $88M | $111M | $87M | $89M | $85M | $82M | $75M | $62M | $46M | · | $61M | $47M | $43M | · | $48M | |
| Short-term Debt | · | $1M | $1M | $1M | $1M | $1M | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $107M | $129M | $138M | $126M | $129M | $123M | $122M | $118M | $94M | $83M | · | $91M | $89M | $87M | · | $79M | |
| Capital Leases | $43M | $44M | $44M | $45M | $45M | $44M | $44M | $66M | $69M | $72M | · | $68M | $69M | $70M | · | $72M | |
| Deferred Tax | $29M | $31M | $32M | $32M | $35M | $32M | $32M | $32M | $32M | $33M | · | $18M | $20M | · | · | · | |
| Total Liabilities | $179M | $204M | $215M | $203M | $209M | $199M | $200M | $218M | $196M | $190M | · | $178M | $179M | $158M | · | $152M | |
| Total Debt | · | $1M | · | $1M | $1M | $1M | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $19.0K | $18.0K | $17.0K | $16.0K | $14.0K | $14.0K | $13.0K | $13.0K | $12.0K | $12.0K | · | $11.0K | $9.0K | $9.0K | · | $7.0K | |
| Paid-in Capital | $3.62B | $3.56B | $3.46B | $3.39B | $3.29B | $3.26B | $3.10B | $3.06B | $2.99B | $2.81B | · | $2.58B | $2.36B | $2.34B | · | $1.86B | |
| Retained Earnings | $-2.90B | $-2.85B | $-2.78B | $-2.70B | $-2.61B | $-2.50B | $-2.38B | $-2.31B | $-2.22B | $-2.13B | · | $-1.90B | $-1.78B | $-1.68B | · | $-1.46B | |
| AOCI | $13M | $13M | $16M | $16M | $21M | $6M | $-1M | $16M | $526.0K | $116.0K | · | $-9M | $325.0K | $-126.0K | · | $-2M | |
| Stockholders' Equity | $736M | $722M | $699M | $702M | $698M | $768M | $710M | $773M | $769M | $680M | $585M | $674M | $579M | $667M | $500M | $394M | |
| Liabilities + Equity | $916M | $926M | $913M | $905M | $907M | $967M | $910M | $991M | $964M | $870M | · | $852M | $757M | $825M | · | $546M | |
| Shares Outstanding | 452,971,016 | 438,106,537 | 411,938,061 | 385,461,728 | 341,919,364 | 333,934,387 | 305,252,194 | 304,620,470 | 297,305,999 | 279,756,339 | · | 255,833,679 | 224,688,434 | 224,358,979 | · | 157,840,581 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $4M | $3M | $4M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Stock-based Comp | $12M | $11M | $12M | $12M | $15M | $23M | $31M | $31M | $30M | $17M | $14M | $16M | $17M | $16M | $20M | $20M | |
| Deferred Tax | $-1M | $-665.0K | $184.0K | $-2M | $2M | $-2M | $2M | $-2M | $-1M | $-1M | $-2M | $-1M | $-477.0K | $0 | · | $0 | |
| Amort. of Intangibles | $6M | $6M | $6M | $6M | $6M | $5M | $11M | $6M | $6M | $5M | $4M | $4M | $2M | $0 | · | $0 | |
| Restructuring | · | · | $0 | $5M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-6M | · | · | · | $-11M | · | · | · | $-28M | · | · | · | $-11M | · | · | |
| Operating Cash Flow | $-61M | $-72M | $-53M | $-79M | $-67M | $-104M | $-73M | $-59M | $-98M | $-122M | $-84M | $-84M | $-94M | $-100M | $-78M | $-64M | |
| CapEx | $5M | $7M | $9M | $11M | $7M | $6M | $4M | $2M | $442.0K | $4M | $4M | $4M | $10M | $6M | $3M | $1M | |
| Investing Cash Flow | $-74M | $11M | $775.0K | $17M | $14M | $16M | $24M | $-49M | $40M | $-112M | $-73M | $-79M | $-157M | $153M | $461.0K | $74M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Issued | $50M | $99M | $56M | $89M | $13M | $149M | $0 | $48M | $152M | $198M | $1.0K | $203M | $0 | $260M | $190M | $0 | |
| Net Stock Activity | · | $99M | · | · | · | $149M | · | · | · | $198M | · | · | · | $260M | · | · | |
| Financing Cash Flow | $49M | $94M | $56M | $88M | $13M | $143M | $2M | $42M | $153M | $194M | $962.0K | $203M | $1M | $258M | $191M | $225.0K | |
| Net Change in Cash | $-86M | $33M | $5M | $26M | $-40M | $56M | $-48M | $-65M | $94M | $-41M | $-153M | $38M | $-253M | $312M | $113M | $10M | |
| Free Cash Flow | · | $-79M | · | · | · | $-110M | · | · | · | $-126M | · | · | · | $-105M | · | · |
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 | -52.3% | -113.5% | · | -140.7% | -189.8% | -245.8% | · | -152.1% | -327.6% | -16464.6% | · | -25236.9% | -46254.6% | · | · | · | |
| Net Margin | -47.6% | -110.7% | · | -135.3% | -186.2% | -235.5% | · | -142.7% | -312.2% | -15800.8% | · | -24255.9% | -44759.7% | · | · | · | |
| Pretax Margin | -49.0% | -111.6% | · | -138.8% | -182.9% | -239.2% | · | -145.3% | -316.8% | -15997.8% | · | -24520.9% | -44960.1% | · | · | · | |
| EBITDA Margin | -52.3% | -109.5% | · | -140.7% | -184.1% | -240.1% | · | -147.0% | -318.0% | -16048.1% | · | -24618.5% | -45036.1% | · | · | · | |
| ROA | -5.2% | -8.3% | · | -9.6% | -11.9% | -12.7% | · | -9.1% | -11.3% | -13.3% | · | -16.3% | -15.6% | -14.1% | · | -14.5% | |
| ROE | -6.6% | -10.6% | · | -12.4% | -15.2% | -16.1% | · | -11.5% | -14.4% | -16.8% | · | -21.3% | -20.3% | -17.6% | · | -18.2% | |
| ROIC | -6.9% | -11.1% | · | -13.2% | -16.6% | -15.5% | · | -11.3% | -13.1% | -17.1% | · | -17.4% | -18.9% | · | · | · |
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 | 4.3 | 3.6 | · | 3.4 | 3.3 | 4.2 | · | 4.2 | 5.2 | 4.6 | · | 4.2 | 3.1 | 7.3 | · | 4.7 | |
| Quick Ratio | 3.7 | 3.1 | · | 2.9 | 2.8 | 3.5 | · | 3.8 | 4.7 | 4.3 | · | 4.0 | 2.8 | 7.2 | · | 4.5 | |
| Debt / Equity | · | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | |
| Inventory Turnover | 0.8 | 0.7 | · | 0.9 | 1.5 | 1.2 | · | 1.7 | 1.7 | 0.8 | · | 0.9 | 0.4 | · | · | · | |
| Receivables Turnover | 1.2 | 0.9 | · | 1.1 | 1.3 | 1.4 | · | 2.1 | 2.0 | 6.1 | · | · | 14.4 | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $298M | $248M | · | $235M | $199M | $140M | · | $91M | $33M | · | · | · | · | $0 | · | $0 | |
| Net Income TTM | $-329M | $-398M | · | $-403M | $-408M | $-410M | · | $-407M | $-430M | $-441M | · | $-427M | $-413M | $-398M | · | $-377M | |
| Market Cap | $1.88B | $1.54B | · | $836M | $588M | $1.11B | · | $2.86B | $2.38B | $4.15B | · | $1.16B | $1.58B | $1.37B | · | $1.51B | |
| Enterprise Value | · | $1.23B | · | $537M | $288M | $753M | · | · | · | · | · | · | · | · | · | · | |
| P/E | · | · | · | -1.7 | -1.3 | -2.4 | · | -6.3 | -4.7 | -8.0 | · | -2.2 | -3.2 | -2.6 | · | -4.0 | |
| P/S | 6.3 | 6.2 | · | 3.6 | 3.0 | 8.0 | · | 31.5 | 73.3 | · | · | · | · | · | · | · | |
| P/B | 2.6 | 2.1 | · | 1.2 | 0.8 | 1.4 | · | 3.7 | 3.1 | 6.1 | · | 1.7 | 2.7 | 2.1 | · | 3.8 | |
| P / Tangible Book | 4.0 | 3.4 | · | 2.0 | 1.5 | 2.3 | · | 6.1 | 5.0 | 10.7 | · | 2.6 | 4.6 | 2.1 | · | 3.8 | |
| P / Cash Flow | · | -21.3 | · | · | · | -10.7 | · | · | · | -33.9 | · | · | · | -13.7 | · | · | |
| P / FCF | · | -19.5 | · | · | · | -10.1 | · | · | · | -32.8 | · | · | · | -13.0 | · | · | |
| EV / EBITDA | · | -15.7 | · | -5.7 | -2.6 | -6.4 | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -15.6 | · | · | · | -6.9 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | · | 4.9 | · | 2.3 | 1.4 | 5.4 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | · | · | · | -60.4% | -76.2% | -42.0% | · | -16.0% | -21.1% | -12.5% | · | -45.3% | -31.7% | -38.3% | · | -24.9% |
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 | $264M | $164M | $1M | — | — |
| Operating Margin % | -153.1% | -240.9% | -38735.0% | — | — |
| Net Income | $-391M | $-372M | $-444M | $-396M | $-342M |
| Diluted EPS | $-1.09 | $-1.28 | $-1.89 | $-2.49 | $-2.23 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | — | — | — | — |
| Current Ratio | 3.2 | 3.7 | 2.8 | 5.2 | 5.7 |
| Quick Ratio | 2.7 | 3.2 | 2.5 | 5.2 | 5.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-336M | $-364M | $-384M | $-313M | $-266M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 316 filers · $915.1M 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 |
|---|---|---|---|---|
| 49 (-15 vs prior Q) | 35 (0 vs prior Q) | 124 (+7 vs prior Q) | 62 (-4 vs prior Q) | +44.5M |
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 |
|---|---|---|---|---|
| MHR FUND MANAGEMENT LLC | $120,503,148 | 28,967,103 | 13.17% | Shares |
| STATE STREET CORP | $101,829,595 | 24,478,268 | 11.13% | Shares |
| TWO SIGMA INVESTMENTS, LP | $79,084,500 | 19,010,697 | 8.64% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $75,729,672 | 18,204,248 | 8.28% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $59,858,236 | 14,388,999 | 6.54% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $36,971,836 | 8,885,825 | 4.04% | Shares |
| MILLENNIUM MANAGEMENT LLC | $35,467,823 | 8,525,919 | 3.88% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $24,866,629 | 5,977,555 | 2.72% | Shares |
| Palo Alto Investors LP | $22,032,229 | 5,296,209 | 2.41% | Shares |
| BANK OF AMERICA CORP /DE/ | $19,240,719 | 4,625,173 | 2.10% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $18,865,933 | 4,535,080 | 2.06% | Shares |
| JANE STREET GROUP, LLC | $17,758,903 | 4,268,967 | 1.94% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13,393,769 | 3,219,656 | 1.46% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,097,216 | 2,667,600 | 1.21% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,052,038 | 2,656,740 | 1.21% | Shares |
| GOLDMAN SACHS GROUP INC | $10,683,579 | 2,568,168 | 1.17% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $10,578,372 | 2,542,878 | 1.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,953,632 | 2,392,700 | 1.09% | Put option |
| D. E. Shaw & Co., Inc. | $8,915,437 | 2,143,134 | 0.97% | Shares |
| CITADEL ADVISORS LLC | $8,756,758 | 2,104,990 | 0.96% | Shares |
| Long Focus Capital Management, LLC | $8,736,000 | 2,100,000 | 0.95% | Shares |
| Orion Investment Co | $8,624,520 | 2,073,202 | 0.94% | Shares |
| TWO SIGMA ADVISERS, LP | $8,230,950 | 3,015,000 | 0.90% | Shares |
| Xcelsior Advisor Partners LLC | $7,421,124 | 1,783,924 | 0.81% | Shares |
| Rhenman & Partners Asset Management AB | $7,094,160 | 1,705,327 | 0.78% | Shares |
| Knott David M Jr | $6,656,000 | 1,600,000 | 0.73% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $6,405,734 | 1,539,840 | 0.70% | Shares |
| B Group, Inc. | $6,240,000 | 1,500,000 | 0.68% | Shares |
| Invenomic Capital Management LP | $6,167,595 | 1,482,595 | 0.67% | Shares |
| WELLS FARGO & COMPANY/MN | $5,994,285 | 1,440,934 | 0.66% | Shares |
| VANGUARD GROUP INC | $5,760,305 | 2,110,002 | 0.63% | Shares |
| Woodline Partners LP | $5,671,020 | 1,363,226 | 0.62% | Shares |
| FMR LLC | $5,629,570 | 1,353,262 | 0.62% | Shares |
| JPMORGAN CHASE & CO | $4,919,364 | 1,168,495 | 0.54% | Shares |
| Mirador Capital Partners LP | $4,493,998 | 1,080,288 | 0.49% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,391,217 | 1,055,581 | 0.48% | Shares |
| SECTOR GAMMA AS | $4,028,819 | 968,466 | 0.44% | Shares |
| CITIGROUP INC | $3,574,126 | 859,165 | 0.39% | Shares |
| CITADEL ADVISORS LLC | $3,385,824 | 813,900 | 0.37% | Call option |
| BlackRock, Inc. | $3,047,371 | 732,541 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $3,037,216 | 730,100 | 0.33% | Call option |
| CITADEL ADVISORS LLC | $2,996,864 | 720,400 | 0.33% | Put option |
| Swiss National Bank | $2,922,633 | 702,556 | 0.32% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $2,862,637 | 688,134 | 0.31% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,848,240 | 684,673 | 0.31% | Shares |
| QVT Financial LP | $2,822,826 | 678,564 | 0.31% | Shares |
| LPL Financial LLC | $2,750,070 | 661,075 | 0.30% | Shares |
| 683 Capital Management, LLC | $2,680,288 | 644,300 | 0.29% | Put option |
| RHUMBLINE ADVISERS | $2,471,712 | 594,164 | 0.27% | Shares |
| Mariner, LLC | $2,101,647 | 505,190 | 0.23% | Shares |
| ALGERT GLOBAL LLC | $1,975,746 | 474,939 | 0.22% | Shares |
| CM Management, LLC | $1,872,000 | 450,000 | 0.20% | Shares |
| Bank of New York Mellon Corp | $1,855,065 | 445,929 | 0.20% | Shares |
| Rafferty Asset Management, LLC | $1,675,981 | 402,880 | 0.18% | Shares |
| Raiffeisen Bank International AG | $1,599,800 | 380,000 | 0.17% | Shares |
| Cresset Asset Management, LLC | $1,596,550 | 383,786 | 0.17% | Shares |
| Balyasny Asset Management L.P. | $1,552,861 | 373,284 | 0.17% | Shares |
| CORSAIR CAPITAL MANAGEMENT, L.P. | $1,539,200 | 370,000 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,477,850 | 421,040 | 0.16% | Shares |
| JANE STREET GROUP, LLC | $1,436,032 | 345,200 | 0.16% | Put option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,420,778 | 404,780 | 0.16% | Shares |
| Squarepoint Ops LLC | $1,354,421 | 325,582 | 0.15% | Shares |
| Kennondale Capital Management LLC | $1,323,662 | 318,188 | 0.14% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,222,994 | 293,989 | 0.13% | Shares |
| IEQ CAPITAL, LLC | $1,218,722 | 292,962 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,186,078 | 285,115 | 0.13% | Shares |
| Virtus Investment Advisers, LLC | $1,185,683 | 285,020 | 0.13% | Shares |
| Creative Planning | $1,171,914 | 281,710 | 0.13% | Shares |
| Quadrature Capital Ltd | $1,160,378 | 278,937 | 0.13% | Shares |
| MORGAN STANLEY | $1,142,544 | 274,650 | 0.12% | Shares |
| ExodusPoint Capital Management, LP | $1,125,925 | 270,655 | 0.12% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,090,532 | 262,147 | 0.12% | Shares |
| Man Group plc | $1,052,309 | 252,959 | 0.11% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,036,826 | 295,392 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,025,353 | 246,479 | 0.11% | Shares |
| TD Asset Management Inc | $1,019,416 | 245,052 | 0.11% | Shares |
| GROUP ONE TRADING LLC | $988,711 | 237,671 | 0.11% | Shares |
| MetLife Investment Management, LLC | $965,748 | 232,151 | 0.11% | Shares |
| UBS Group AG | $952,890 | 229,060 | 0.10% | Shares |
| Baird Financial Group, Inc. | $924,934 | 222,340 | 0.10% | Shares |
| Walleye Capital LLC | $923,104 | 221,900 | 0.10% | Call option |
| Vanguard Global Advisers, LLC | $900,228 | 216,401 | 0.10% | Shares |
| PROFUND ADVISORS LLC | $849,530 | 204,214 | 0.09% | Shares |
| Parametrica Management Ltd | $814,852 | 195,878 | 0.09% | Shares |
| Engineers Gate Manager LP | $790,546 | 190,035 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $762,349 | 183,257 | 0.08% | Shares |
| Invesco Ltd. | $657,292 | 158,003 | 0.07% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $646,872 | 155,498 | 0.07% | Shares |
| OSAIC HOLDINGS, INC. | $635,207 | 152,695 | 0.07% | Shares |
| Intellectus Partners, LLC | $631,677 | 151,846 | 0.07% | Shares |
| Leonteq Securities AG | $624,000 | 150,000 | 0.07% | Shares |
| Soleus Capital Management, L.P. | $624,000 | 150,000 | 0.07% | Shares |
| ADAR1 Capital Management, LLC | $607,734 | 146,090 | 0.07% | Shares |
| Headlands Technologies LLC | $577,570 | 138,839 | 0.06% | Shares |
| Sugar Maple Asset Management, LLC | $561,600 | 135,000 | 0.06% | Shares |
| PORTLAND INVESTMENT COUNSEL INC. | $540,800 | 130,000 | 0.06% | Shares |
| SIMPLEX TRADING, LLC | $524,605 | 126,107 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $497,977 | 141,672 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $488,292 | 117,378 | 0.05% | Shares |
| BARCLAYS PLC | $482,759 | 116,048 | 0.05% | Shares |
Company insiders 37 insiders · 9 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Frederick G Vogt | Interim CEO & General Counsel | June 5, 2026 M | 562,492 | 0 | 0 | $0 |
| Maria Fardis | President and CEO | Jan. 4, 2021 A | 298,786 | 0 | 0 | $0 |
| Paul Kessler | Chair,CEO, Pres., Pr.Acctg | July 24, 2013 A | 15,693,215 | 0 | 0 | $0 |
| Jean-Marc Bellemin | Chief Financial Officer | June 2, 2025 M | 60,529 | 0 | 0 | $0 |
| Timothy E Morris | Chief Financial Officer | March 4, 2019 A | — | 0 | 0 | $0 |
| Igor Bilinsky | Chief Operating Officer | June 5, 2026 M | 133,920 | 0 | 0 | $0 |
| Raj K. Puri | Chief Regulatory Officer | June 16, 2026 A | 248,114 | 0 | 0 | $0 |
| Finckenstein Friedrich Graf | Chief Medical Officer | June 5, 2026 M | 140,111 | 0 | 0 | $0 |
| Michael Swartzburg | Vice President, Finance (PAO) | Jan. 4, 2021 A | — | 0 | 0 | $0 |
| Iain D. Dukes | Director | June 16, 2026 A | 54,000 | 0 | 0 | $0 |
| Athena Countouriotis | Director | June 16, 2026 A | — | 0 | 0 | $0 |
| Ryan D Maynard | Director | June 16, 2026 A | 7,500 | 0 | 0 | $0 |
| Michael Weiser | Director | June 16, 2026 A | 112,632 | 0 | 0 | $0 |
| Wendy L Yarno | Director | June 13, 2025 A | — | 0 | 0 | $0 |
| Wayne P. Rothbaum | Director | March 1, 2024 A | 28,067,333 | 0 | 0 | $0 |
| Merrill A Mcpeak | Director | March 1, 2024 A | 320,150 | 0 | 0 | $0 |
| Wendy L Dixon | Director | June 10, 2022 A | — | 0 | 0 | $0 |
| Ayer Capital Management, LP | Director | May 22, 2013 C | 560,401,150 | 0 | 0 | $0 |
| Martin Schroeder | Director | Aug. 22, 2011 P | 1,000,000 | 0 | 0 | $0 |
| Mark J Ahn | Director | May 26, 2010 A | — | 0 | 0 | $0 |
| Bristol Investment Fund, Ltd. | 10% owner | Nov. 6, 2014 S | 3,867,863 | 0 | 0 | $0 |
| Hamilton Atlantic | 10% owner | March 31, 2010 J | 0 | 0 | 0 | $0 |
| Daniel Gordon Kirby | — | Aug. 10, 2026 M | 154,511 | 0 | 0 | $0 |
| Corleen M. Roche | — | Aug. 6, 2026 M | 28,757 | 0 | 0 | $0 |
| Jay Venkatesan | — | June 1, 2017 A | — | 0 | 0 | $0 |
| Sanford Hillsberg | — | June 1, 2017 A | 100,000 | 0 | 0 | $0 |
| Gregory T Schiffman | — | Nov. 14, 2016 A | — | 0 | 0 | $0 |
| Molly Henderson | — | June 10, 2016 A | — | 0 | 0 | $0 |
| Michael Lotze | — | March 28, 2016 A | — | 0 | 0 | $0 |
| James G. Bender | — | March 11, 2016 A | 88,726 | 0 | 0 | $0 |
| Elma Hawkins | — | March 11, 2016 A | 176,567 | 0 | 0 | $0 |
| Steven A. Fischkoff | — | Feb. 4, 2016 A | — | 0 | 0 | $0 |
| Laszlo Radvanyi | — | Dec. 5, 2014 A | 180,000 | 0 | 0 | $0 |
| Michael D Handelman | — | Dec. 5, 2014 A | — | 0 | 0 | $0 |
| Manish Singh | — | Dec. 30, 2013 A | 2,546,000 | 0 | 0 | $0 |
| Richard Mckilligan | — | March 29, 2011 J | 1,220,016 | 0 | 0 | $0 |
| Robert T. Brooke | — | March 25, 2011 J | 4,440,008 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 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 |
|---|---|---|---|---|---|
| Quogue Capital LLC, Wayne P. Rothbaum ×5 filings | March 19, 2024 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Feb. 11, 2015 | — | Initial filing | — | SEC |
| Bristol Investment Fund, Ltd., Bristol Capital, LLC ×4 filings | Feb. 20, 2014 | — | Initial filing | — | SEC |
| Robert T. Brooke ×2 filings | May 12, 2011 | — | Initial filing | — | SEC |
| Hamilton Atlantic | Nov. 5, 2010 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | March 29, 2010 | — | Initial filing | M&A / sale | 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 49 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 |
|---|---|---|---|---|
| IDNA · iShares Trust | 2.65% | 841,830 SH | Aug. 8, 2026 | Daily |
| BBP · ETFis Series Trust I | 2.44% | 430,167 NS | April 30, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.77% | 27,306 SH | Aug. 8, 2026 | Daily |
| CANC · Tema ETF Trust | 0.65% | 280,048 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.30% | 466,051 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.23% | 1,035,381 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.19% | 24,302 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.19% | 2,852,725 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.16% | 3,686,426 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.11% | 346,628 SH | Aug. 8, 2026 | Daily |
| GINN · Goldman Sachs ETF Trust | 0.09% | 45,126 NS | May 31, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.09% | 6,714 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.08% | 15,232 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.08% | 10,143,030 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.07% | 76,919 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.07% | 452,513 NS | May 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.05% | 261,797 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 2,290,247 SH | Aug. 8, 2026 | Daily |
| TECB · iShares Trust | 0.05% | 38,134 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.04% | 1,472,303 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.03% | 15,876 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 146,249 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 15,580 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 1,615,534 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.02% | 12,416 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 4,303,944 SH | Aug. 8, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.02% | 3,089,380 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 1,053,780 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 21,537 SH | Aug. 8, 2026 | Daily |
| TMFE · RBB Fund, Inc. | 0.02% | 3,704 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 140,923 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.02% | 18,065 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 12,558 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 71,148 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.01% | 4,849,607 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 12,045 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 315 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 44,207 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 125,344 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 146,278 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 482,457 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 510,986 SH | Aug. 8, 2026 | Daily |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 89,379 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 16,834 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 128,547 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 224,829 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 64,557 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 13,489,795 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 32,806 SH | Aug. 8, 2026 | Daily |