IPSC Century Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 12, 2026
$1.53
· of 52w range
· above low
· to high
$0.4452w low
$3.0452w high
Market Cap (MRQ)
$276M
P/E
-10.9
EPS
$-0.14
Revenue
$109M
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52W Range
$0–$3
Analyst Rating
BUY
Price Target
$5
P/E
-10.9
ROE
-5.2%
Net Profit Margin
-8.8%
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IPSC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.53
Market Cap (MRQ)
$276M
P/E
-10.9
EPS
$-0.14
Revenue
$109M
ROE
-5.2%
52W Range
$0–$3
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About Century Therapeutics, Inc. - Common Stock Company overview from Wikipedia
sectorHealthcare
industryBiotechnology
employees78
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$109M2022-12-31 → 2025-12-31
EPS$-0.142020-12-31 → 2025-12-31
Free Cash Flow$-105M2021-12-31 → 2025-12-31
Net margin-8.8%2022-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | IPSC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -10.95Y avg ≈-3.3 | ≈-3.3 | · | · | |
| P/S | 1.25Y avg ≈39.5 | ≈39.5 | 26.3 | Undervalued | |
| P/B (MRQ) | 1.25Y avg ≈1.1 | ≈1.1 | 1.9 | Fair value | |
| Price / FCF (TTM) | -3.15Y avg ≈-5.4 | ≈-5.4 | · | · | |
| Price / Cash Flow (TTM) | -3.25Y avg ≈1.3 | ≈1.3 | · | · | |
| Price / Tangible Book (MRQ) | 1.45Y avg ≈1.1 | ≈1.1 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | IPSC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | -15.8%5Y avg ≈-2810.8% | ≈-2810.8% | -126.3% | Top tier | |
| EBITDA Margin | -15.8%5Y avg ≈-2810.8% | ≈-2810.8% | -126.3% | Top tier | |
| Pretax Margin | -8.8%5Y avg ≈-2612.5% | ≈-2612.5% | · | · | |
| Net Profit Margin | -8.8%5Y avg ≈-2640.8% | ≈-2640.8% | -177.4% | Top tier | |
| ROA | -3.3%5Y avg ≈-26.9% | ≈-26.9% | -43.8% | Top tier | |
| ROE | -5.2%5Y avg ≈-41.7% | ≈-41.7% | -58.2% | Top tier | |
| ROIC | -10.8%5Y avg ≈-49.0% | ≈-49.0% | -49.8% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | IPSC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 8.35Y avg ≈8.5 | ≈8.5 | 5.3 | Strong liquidity | |
| Quick Ratio | 5.85Y avg ≈8.3 | ≈8.3 | 5.2 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | IPSC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 1556.8%5Y avg ≈564.9% | ≈564.9% | · | · | |
| Revenue CAGR 3Y | 175.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | IPSC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.1 | ≈0.1 | 0.1 | Top tier | |
| Revenue / Employee | ≈$1.4M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
259.2%
Next Report
Nov 11, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 13, 2026 | $-0.11 | $-0.12 | 5.0% |
| March 31, 2026 | May 20, 2026 | $-0.11 | $-0.16 | 31.8% |
| Dec. 31, 2025 | $-0.22 | $-0.29 | 23.9% | |
| Sept. 30, 2025 | $-0.32 | $-0.34 | 7.1% | |
| June 30, 2025 | $-0.38 | $-0.38 | 0.91% | |
| March 31, 2025 | $0.89 | $0.06 | 1486.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $109M | $7M | $2M | $5M | |
| SG&A Expense | $24M | $33M | $35M | $32M | |
| Operating Expenses | $126M | $145M | $149M | $139M | |
| Operating Income | $-17M | $-138M | $-147M | $-134M | |
| Interest Expense | · | · | $540.0K | $1M | |
| Other Non-op | $275.0K | $354.0K | $-383.0K | $3M | |
| Pretax Income | $-10M | $-125M | $-135M | $-131M | |
| Income Tax | $-68.0K | $2M | $2M | $91.0K | |
| Net Income | $-10M | $-127M | $-137M | $-131M | |
| EPS (Basic) | $-0.14 | $-1.61 | $-2.30 | $-2.27 | |
| EPS (Diluted) | $-0.14 | $-1.61 | $-2.30 | $-2.96 | |
| Shares (Basic) | 86,556,515 | 78,648,958 | 59,314,389 | 57,755,842 | |
| Shares (Diluted) | 86,556,515 | 78,648,958 | 59,314,389 | 32,392,554 | |
| EBITDA | $-17M | $-138M | $-147M | $-134M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $62M | $58M | $47M | $84M | |
| Short-term Investments | $55M | $131M | $125M | $231M | |
| Prepaid Expense | $4M | $5M | $4M | $4M | |
| Other Current Assets | · | · | $2M | · | |
| Current Assets | $121M | $194M | $177M | $320M | |
| PP&E (Net) | $50M | $62M | $72M | $83M | |
| PP&E (Gross) | $99M | $98M | $95M | $96M | |
| Accum. Depreciation | $49M | $36M | $23M | $14M | |
| Intangibles | $34M | $34M | · | · | |
| Total Assets | $224M | $353M | $361M | $487M | |
| Accounts Payable | $5M | $3M | $3M | $5M | |
| Current Liabilities | $20M | $130M | $18M | $30M | |
| Capital Leases | $40M | $49M | $47M | $39M | |
| Deferred Tax | $4M | $4M | $10M | $11M | |
| Total Liabilities | $65M | $192M | $176M | $184M | |
| Long-term Debt | · | · | · | $10M | |
| Total Debt | · | · | · | $4M | |
| Common Stock | $9.0K | $9.0K | $6.0K | $6.0K | |
| Retained Earnings | $-792M | $-782M | $-656M | $-519M | |
| AOCI | $30.0K | $324.0K | $108.0K | $-2M | |
| Stockholders' Equity | $159M | $161M | $185M | $303M | |
| Liabilities + Equity | $224M | $353M | $361M | $487M | |
| Shares Outstanding | 87,519,096 | 85,836,429 | 60,335,701 | 55,005,523 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Stock-based Comp | $7M | $13M | $15M | $11M | |
| Deferred Tax | $-73.0K | $870.0K | $-3.0K | $5.0K | |
| Operating Cash Flow | $-104M | $-110M | $-88M | $14M | |
| CapEx | $848.0K | $154.0K | $14M | $31M | |
| Investing Cash Flow | $108M | $47M | $61M | $-13M | |
| Net Debt Issued | · | · | $-10M | · | |
| Stock Issued | $173.0K | $141.0K | $516.0K | $345.0K | |
| Net Stock Activity | $173.0K | $141.0K | $516.0K | $345.0K | |
| Financing Cash Flow | $173.0K | $75M | $-10M | $27M | |
| Taxes Paid | · | $507.0K | · | · | |
| Free Cash Flow | $-105M | $-110M | $-102M | $-17M | |
| Levered FCF | · | · | $-103M | $-18M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | -15.8% | -2096.5% | -6556.9% | -2574.2% | |
| Net Margin | -8.8% | -1920.9% | -6115.1% | -2518.4% | |
| Pretax Margin | -8.8% | -1893.7% | -6031.0% | -2516.7% | |
| EBITDA Margin | -15.8% | -2096.5% | -6556.9% | -2574.2% | |
| ROA | -3.3% | -35.5% | -32.3% | -28.3% | |
| ROE | -5.2% | -70.9% | -67.7% | -41.4% | |
| ROIC | -10.8% | -86.8% | -80.4% | -43.7% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 6.0 | 1.5 | 9.9 | 10.7 | |
| Quick Ratio | 5.8 | 1.5 | 9.7 | 10.6 | |
| Debt / Equity | · | · | · | 0.0 | |
| LT Debt / Equity | · | · | · | 0.0 | |
| Interest Coverage | · | · | -271.4 | -95.3 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.0 | 0.0 | 0.0 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | $1.82 | $1.88 | $3.06 | $5.50 | |
| Revenue / Share | $1.26 | $0.08 | $0.04 | $0.09 | |
| Cash Flow / Share | $-1.20 | $-1.40 | $-1.53 | $0.24 | |
| Cash / Share | $0.71 | $0.68 | $0.78 | $1.53 | |
| EPS (TTM) | $-0.14 | $-1.61 | $-2.30 | $-2.96 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 1556.8% | 194.8% | -57.0% | · | |
| Revenue CAGR 3Y | 175.9% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $109M | $7M | $2M | $5M | |
| Net Income TTM | $-10M | $-127M | $-137M | $-131M | |
| Market Cap | $87M | $87M | $200M | $282M | |
| Enterprise Value | · | · | · | $-30M | |
| P/E | -7.1 | -0.6 | -1.4 | -1.7 | |
| P/S | 0.8 | 13.2 | 89.6 | 54.3 | |
| P/B | 0.5 | 0.5 | 1.1 | 0.9 | |
| P / Tangible Book | 0.7 | 0.7 | 1.1 | 0.9 | |
| P / Cash Flow | -0.8 | -0.8 | -2.3 | 20.1 | |
| P / FCF | -0.8 | -0.8 | -2.0 | -17.0 | |
| EV / EBITDA | · | · | · | 0.2 | |
| EV / FCF | · | · | · | 1.8 | |
| EV / Revenue | · | · | · | -5.7 | |
| Earnings Yield | -14.1% | -159.4% | -69.3% | -57.7% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | $0 | $0 | $0 | $109M | $4M | $791.0K | $771.0K | $855.0K | $268.0K | $148.0K | $99.0K | $2M | $521.0K | $2M | |
| R&D Expense | · | · | · | $12.0K | · | · | · | · | · | · | · | · | · | · | · | · | |
| SG&A Expense | $6M | $7M | $955.0K | $7M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $8M | $9M | $8M | $8M | |
| Operating Expenses | $37M | $24M | $21M | $36M | $35M | $35M | $41M | $36M | $36M | $32M | $44M | $36M | $35M | $34M | $34M | $34M | |
| Operating Income | $-37M | $-24M | $-21M | $-36M | $-35M | $74M | $-37M | $-35M | $-35M | $-31M | $-44M | $-36M | $-35M | $-32M | $-33M | $-32M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $-1M | $136.0K | $404.0K | $0 | $373.0K | |
| Other Non-op | $-5.0K | $20.0K | $103.0K | $97.0K | $113.0K | $-38.0K | $105.0K | $250.0K | $-12.0K | $11.0K | $-15.0K | $12.0K | $-186.0K | $-194.0K | $3M | $-24.0K | |
| Pretax Income | · | · | $-19M | $-34M | $-33M | $77M | $-34M | $-31M | $-31M | $-28M | $-40M | $-32M | $-32M | $-30M | $-32M | $-31M | |
| Income Tax | · | · | · | · | · | · | $2M | $-8.0K | $22.0K | $1.0K | $-869.0K | $592.0K | $950.0K | $1M | $32.0K | $25.0K | |
| Net Income | $-35M | $-22M | $-19M | $-34M | $-33M | $77M | $-36M | $-31M | $-31M | $-28M | $-39M | $-33M | $-33M | $-31M | $-32M | $-31M | |
| EPS (Basic) | $-0.17 | $-0.11 | $-0.25 | $-0.40 | $-0.38 | $0.89 | $-0.41 | $-0.37 | $-0.38 | $-0.45 | $-0.66 | $-0.55 | $-0.56 | $-0.53 | $-0.54 | $-0.53 | |
| EPS (Diluted) | $-0.17 | $-0.11 | $-0.25 | $-0.40 | $-0.38 | $0.89 | $-0.41 | $-0.37 | $-0.38 | $-0.45 | $-0.66 | $-0.55 | $-0.56 | $-0.53 | $-1.23 | $-0.53 | |
| Shares (Basic) | 205,778,156 | 193,474,913 | · | 86,464,066 | 86,238,084 | 86,021,188 | · | 84,704,352 | 82,092,167 | 62,296,637 | · | 59,448,229 | 59,251,363 | 58,610,375 | · | 57,973,541 | |
| Shares (Diluted) | 205,778,156 | 193,474,913 | · | 86,464,066 | 86,238,084 | 86,098,619 | · | 84,704,352 | 82,092,167 | 62,296,637 | · | 59,448,229 | 59,251,363 | 58,610,375 | · | 57,973,541 | |
| EBITDA | $-37M | $-24M | · | $-36M | $-35M | $74M | · | $-35M | $-35M | $-31M | · | $-36M | $-35M | $-32M | · | $-32M |
Balance Sheet
| 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 | $50M | $51M | $62M | $56M | $57M | $52M | $58M | $53M | $41M | $47M | $47M | $55M | $64M | $87M | $84M | $111M | |
| Short-term Investments | $70M | $84M | $55M | $77M | $99M | $113M | $131M | $146M | $155M | $145M | $125M | $114M | $92M | $165M | $231M | $245M | |
| Prepaid Expense | $5M | $4M | $4M | $5M | $4M | $5M | $5M | $8M | $7M | $8M | $4M | $4M | $5M | $4M | $4M | $5M | |
| Current Assets | $125M | $139M | $121M | $138M | $160M | $170M | $194M | $206M | $203M | $200M | $177M | $174M | $161M | $256M | $320M | $362M | |
| PP&E (Net) | $34M | $48M | $50M | $54M | $57M | $60M | $62M | $65M | $69M | $69M | $72M | $82M | $84M | $86M | $83M | $78M | |
| PP&E (Gross) | $78M | $99M | $99M | $99M | $99M | $99M | $98M | $98M | $99M | $95M | $95M | $103M | $104M | $102M | $96M | $89M | |
| Accum. Depreciation | $43M | $52M | $49M | $46M | $42M | $39M | $36M | $33M | $29M | $26M | $23M | $21M | $20M | $17M | $14M | $11M | |
| Goodwill | · | · | · | · | · | · | · | $5M | $5M | · | · | · | · | · | · | · | |
| Intangibles | $34M | $34M | $34M | $34M | $34M | $34M | $34M | $34M | $33M | · | · | · | · | · | · | · | |
| Total Assets | $287M | $327M | $224M | $245M | $285M | $316M | $353M | $389M | $416M | $349M | $361M | $398M | $417M | $456M | $487M | $512M | |
| Accounts Payable | $5M | $3M | $5M | $3M | $3M | $4M | $3M | $3M | $3M | $3M | $3M | $6M | $4M | $3M | $5M | $6M | |
| Current Liabilities | $15M | $14M | $20M | $22M | $15M | $15M | $130M | $20M | $19M | $16M | $18M | $20M | $19M | $28M | $30M | $27M | |
| Capital Leases | $35M | $44M | $40M | $41M | $47M | $48M | $49M | $51M | $53M | $44M | $47M | $46M | $41M | $41M | $39M | $37M | |
| Deferred Tax | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | · | · | · | · | · | $11M | · | |
| Other Non-current Liabilities | $666.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $55M | $62M | $65M | $68M | $75M | $75M | $192M | $193M | $194M | $171M | $176M | $178M | $170M | $179M | $184M | $182M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $10M | · | $10M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $6M | |
| Common Stock | $18.0K | $18.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $8.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | |
| Retained Earnings | $-848M | $-814M | $-792M | $-773M | $-738M | $-706M | $-782M | $-746M | $-715M | $-684M | $-656M | $-616M | $-584M | $-550M | $-519M | $-487M | |
| AOCI | $-694.0K | $-585.0K | $30.0K | $64.0K | $83.0K | $305.0K | $324.0K | $758.0K | $-309.0K | $-241.0K | $108.0K | $-1M | $-1M | $-1M | $-2M | $-4M | |
| Stockholders' Equity | $232M | $265M | $159M | $176M | $210M | $240M | $161M | $196M | $222M | $178M | $185M | $219M | $248M | $277M | $303M | $330M | |
| Liabilities + Equity | $287M | $327M | $224M | $245M | $285M | $316M | $353M | $389M | $416M | $349M | $361M | $398M | $417M | $456M | $487M | $512M | |
| Shares Outstanding | 180,547,456 | 180,102,343 | 87,519,096 | 86,527,767 | 86,322,071 | 86,146,049 | 85,836,429 | 84,551,813 | 84,551,813 | 60,335,701 | 60,335,701 | 59,514,533 | 59,308,996 | 59,106,784 | 55,005,523 | 58,184,655 |
Cash Flow
| 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 | $2M | $1M | $1M | $892.0K | $2M | $2M | $3M | $3M | $4M | $3M | $4M | $4M | $3M | $4M | $3M | $3M | |
| Restructuring | · | · | · | · | · | · | · | $0 | $0 | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-20M | $-25M | $-16M | $-26M | $-28M | $-35M | $-24M | $-28M | $-27M | $-30M | $-26M | $-14M | $-19M | $-29M | $-23M | $-24M | |
| CapEx | $694.0K | $584.0K | $-139.0K | $195.0K | $317.0K | $475.0K | · | · | $265.0K | $539.0K | $980.0K | $3M | $4M | $5M | $6M | $10M | |
| Investing Cash Flow | $18M | $-113M | $22M | $25M | $33M | $28M | $31M | $39M | $-34M | $12M | $19M | $4M | $7M | $31M | $-4M | $23M | |
| Stock Issued | $347.0K | $202.0K | $53.0K | $0 | $0 | $120.0K | $-602.0K | $273.0K | $104.0K | $366.0K | $-356.0K | $300.0K | $124.0K | $448.0K | $95.0K | $138.0K | |
| Net Stock Activity | · | $202.0K | · | · | · | $120.0K | · | · | · | $366.0K | · | · | · | $448.0K | · | · | |
| Financing Cash Flow | $311.0K | $127M | $53.0K | $0 | $0 | $120.0K | $-602.0K | $273.0K | $57M | $18M | $-356.0K | $300.0K | $-10M | $448.0K | $95.0K | $138.0K | |
| Free Cash Flow | · | $-26M | · | · | · | $-35M | · | · | · | $-31M | · | · | · | $-34M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $-35M | · | · |
Profitability
| 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 | · | · | · | · | · | 68.0% | · | -4398.1% | -4507.8% | -3661.9% | · | -24071.6% | -35431.3% | -1865.2% | · | -1427.1% | |
| Net Margin | · | · | · | · | · | 70.1% | · | -3947.7% | -4047.6% | -3282.1% | · | -22108.1% | -33627.3% | -1817.7% | · | -1382.6% | |
| Pretax Margin | · | · | · | · | · | 70.1% | · | -3948.7% | -4044.8% | -3282.0% | · | -21708.1% | -32667.7% | -1747.4% | · | -1381.5% | |
| EBITDA Margin | · | · | · | · | · | 68.0% | · | -4398.1% | -4507.8% | -3661.9% | · | -24071.6% | -35431.3% | -1865.2% | · | -1427.1% | |
| ROA | -12.1% | -6.7% | · | -10.9% | -9.3% | 23.1% | · | -7.9% | -7.5% | -7.0% | · | -7.2% | -7.0% | -6.2% | · | -6.3% | |
| ROE | -15.6% | -8.6% | · | -18.5% | -15.1% | 36.6% | · | -15.0% | -13.3% | -12.3% | · | -11.9% | -11.0% | -9.4% | · | -8.2% | |
| ROIC | · | · | · | · | · | · | · | -17.8% | -15.7% | -17.6% | · | -16.6% | -14.6% | -12.0% | · | -9.4% |
Liquidity & Solvency
| 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 | 8.3 | 10.2 | · | 6.3 | 10.7 | 11.7 | · | 10.4 | 10.6 | 12.4 | · | 8.5 | 8.4 | 9.2 | · | 13.4 | |
| Quick Ratio | 7.9 | 9.9 | · | 6.0 | 10.4 | 11.4 | · | 10.0 | 10.2 | 12.0 | · | 8.3 | 8.2 | 9.1 | · | 13.2 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | · | -257.9 | -79.4 | · | -85.1 |
Efficiency
| 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 | · | · | · | · | · | 0.3 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Per Share
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.29 | $1.47 | · | $2.04 | $2.43 | $2.79 | · | $2.31 | $2.63 | $2.95 | · | $3.68 | $4.17 | $4.69 | · | $5.68 | |
| Revenue / Share | · | · | · | · | · | $1.27 | · | $0.01 | $0.01 | · | · | $0.00 | $0.00 | $0.03 | · | $0.04 | |
| Cash Flow / Share | · | $-0.13 | · | · | · | $-0.40 | · | · | · | · | · | · | · | $-0.50 | · | · | |
| Cash / Share | $0.28 | $0.28 | · | $0.64 | $0.66 | $0.60 | · | $0.62 | $0.49 | $0.78 | · | $0.93 | $1.09 | $1.47 | · | $1.91 | |
| EPS (TTM) | $-0.93 | $-1.14 | · | $-0.30 | $-0.27 | $-0.27 | · | $-1.86 | $-2.04 | $-2.22 | · | $-2.87 | $-2.85 | $-2.83 | · | $0.11 |
Valuation (TTM)
| 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 | $109M | $109M | · | $113M | $114M | $115M | · | $3M | $2M | $1M | · | $2M | $5M | $6M | · | · | |
| Net Income TTM | $-110M | $-108M | · | $-26M | $-23M | $-22M | · | $-130M | $-131M | $-133M | · | $-129M | $-127M | $-125M | · | $-127M | |
| Market Cap | $442M | $407M | · | $43M | $48M | $41M | · | $145M | $216M | $252M | · | $119M | $187M | $205M | · | $575M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $226M | |
| P/E | -2.6 | -2.0 | · | -1.7 | -2.1 | -1.8 | · | -0.9 | -1.2 | -1.9 | · | -0.7 | -1.1 | -1.2 | · | 89.9 | |
| P/S | 4.1 | 3.7 | · | 0.4 | 0.4 | 0.4 | · | 53.8 | 105.6 | 184.1 | · | 47.8 | 41.1 | 35.0 | · | · | |
| P/B | 1.9 | 1.5 | · | 0.2 | 0.2 | 0.2 | · | 0.7 | 1.0 | 1.4 | · | 0.5 | 0.8 | 0.7 | · | 1.7 | |
| P / Tangible Book | 2.2 | 1.8 | · | 0.3 | 0.3 | 0.2 | · | 0.9 | 1.2 | 1.4 | · | 0.5 | 0.8 | 0.7 | · | 1.7 | |
| P / Cash Flow | · | -16.1 | · | · | · | -1.2 | · | · | · | -8.3 | · | · | · | -7.0 | · | · | |
| Earnings Yield | -38.0% | -50.4% | · | -60.2% | -48.3% | -56.7% | · | -108.8% | -80.0% | -53.1% | · | -143.5% | -90.2% | -81.6% | · | 1.1% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $109M | $7M | $2M | $5M | · |
| Operating Margin % | -15.8% | -2096.5% | -6556.9% | -2574.2% | · |
| Net Income | $-10M | $-127M | $-137M | $-131M | $-96M |
| Diluted EPS | $-0.14 | $-1.61 | $-2.30 | $-2.96 | $-2.96 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | · | · | 0.0 | 0.0 |
| Current Ratio | 6.0 | 1.5 | 9.9 | 10.7 | 14.6 |
| Quick Ratio | 5.8 | 1.5 | 9.7 | 10.6 | 14.2 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-105M | $-110M | $-102M | $-17M | $-134M |
Institutional owners (13F) 108 filers · $390.5M 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.
Holders
108
Value held
$390.5M
New positions
41
Exited positions
10
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 41 (+7 vs prior Q) | 10 (+7 vs prior Q) | 29 (+13 vs prior Q) | 12 (+1 vs prior Q) | +19.6M |
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 |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $43,498,354 | 17,754,430 | 11.14% | Shares |
| TCG Crossover Management, LLC | $43,401,690 | 17,754,430 | 11.12% | Shares |
| Versant Venture Management, LLC | $29,806,967 | 12,166,109 | 7.63% | Shares |
| Deep Track Capital, LP | $23,183,480 | 9,462,645 | 5.94% | Shares |
| RTW INVESTMENTS, LP | $21,304,347 | 8,695,652 | 5.46% | Shares |
| Venrock Adviser, LLC | $21,304,347 | 8,695,652 | 5.46% | Shares |
| Commodore Capital LP | $21,304,347 | 8,695,652 | 5.46% | Shares |
| BlackRock, Inc. | $19,824,831 | 8,091,768 | 5.08% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $13,974,016 | 5,703,680 | 3.58% | Shares |
| Balyasny Asset Management L.P. | $13,531,213 | 5,522,944 | 3.47% | Shares |
| Point72 Asset Management, L.P. | $12,202,289 | 4,980,526 | 3.13% | Shares |
| Seven Fleet Capital Management LP | $10,652,174 | 4,347,826 | 2.73% | Shares |
| Woodline Partners LP | $10,430,948 | 4,257,530 | 2.67% | Shares |
| MILLENNIUM MANAGEMENT LLC | $10,277,703 | 4,194,981 | 2.63% | Shares |
| Trails Edge Capital Partners, LP | $10,130,674 | 4,134,969 | 2.59% | Shares |
| Spruce Street Capital LP | $9,944,682 | 4,059,054 | 2.55% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $9,284,368 | 3,789,538 | 2.38% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $7,301,590 | 2,979,529 | 1.87% | Shares |
| TWO SIGMA INVESTMENTS, LP | $6,612,582 | 2,699,013 | 1.69% | Shares |
| DAFNA Capital Management LLC | $5,881,122 | 2,400,458 | 1.51% | Shares |
| STEMPOINT CAPITAL LP | $5,258,146 | 2,146,182 | 1.35% | Shares |
| STATE STREET CORP | $4,515,727 | 1,843,154 | 1.16% | Shares |
| NORTHERN TRUST CORP | $3,905,163 | 1,593,944 | 1.00% | Shares |
| DV Trading LLC | $3,430,000 | 1,400,000 | 0.88% | Shares |
| Rock Springs Capital Management LP | $3,195,650 | 1,304,347 | 0.82% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,081,365 | 1,257,700 | 0.79% | Shares |
| Casdin Capital, LLC | $3,009,066 | 1,228,190 | 0.77% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,487,688 | 1,015,383 | 0.64% | Shares |
| VANGUARD GROUP INC | $2,093,350 | 2,103,869 | 0.54% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,806,929 | 737,522 | 0.46% | Shares |
| MARSHALL WACE, LLP | $1,318,085 | 537,994 | 0.34% | Shares |
| TWO SIGMA ADVISERS, LP | $1,261,108 | 1,267,700 | 0.32% | Shares |
| Invesco Ltd. | $934,477 | 381,419 | 0.24% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $928,224 | 378,867 | 0.24% | Shares |
| Bank of New York Mellon Corp | $732,584 | 299,014 | 0.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $664,720 | 271,492 | 0.17% | Shares |
| UBS Group AG | $569,402 | 232,409 | 0.15% | Shares |
| AMERICAN CENTURY COMPANIES INC | $426,452 | 174,062 | 0.11% | Shares |
| Nuveen, LLC | $400,800 | 163,592 | 0.10% | Shares |
| BANK OF AMERICA CORP /DE/ | $389,288 | 158,893 | 0.10% | Shares |
| GOLDMAN SACHS GROUP INC | $368,561 | 150,433 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $364,842 | 148,915 | 0.09% | Shares |
| RHUMBLINE ADVISERS | $314,584 | 128,404 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $309,852 | 126,470 | 0.08% | Shares |
| DEUTSCHE BANK AG\ | $294,573 | 120,234 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $283,690 | 115,792 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $276,850 | 113,000 | 0.07% | Call option |
| CITADEL ADVISORS LLC | $275,135 | 112,300 | 0.07% | Put option |
| RAYMOND JAMES FINANCIAL INC | $223,741 | 91,323 | 0.06% | Shares |
| Squarepoint Ops LLC | $220,865 | 90,149 | 0.06% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Casdin Capital, LLC, Eli Casdin ×3 filings | April 8, 2024 | · | 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.
Company insiders 21 insiders · 10 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Brent Pfeiffenberger | President and CEO | Sept. 11, 2026 F | 3,633,839 | 2 | 1 | $33,055 |
| Osvaldo Flores | Chief Executive Officer | Feb. 2, 2023 A | · | 0 | 0 | $0 |
| Michael Craig Diem | Chief Financial Officer | Nov. 1, 2023 F | 253,533 | 0 | 0 | $0 |
| Hyam Levitsky | President of R&D | March 7, 2024 A | 24,000 | 0 | 0 | $0 |
| Gregory Russotti | Title: Chief Technology and Manufacturing Officer | Sept. 14, 2026 S | 509,198 | 0 | 7 | $-40,146 |
| Douglas Carr | SVP Finance & Operations | Sept. 14, 2026 S | 502,907 | 0 | 11 | $-28,579 |
| Chad Cowan | Chief Scientific Officer | June 11, 2026 F | 1,175,322 | 1 | 1 | $46,620 |
| Adrienne Farid | Chief Operations Officer | June 9, 2025 S | 250,141 | 0 | 0 | $0 |
| Morgan Conn | Chief Finanical Officer | March 11, 2025 A | 79,648 | 0 | 0 | $0 |
| Luis Borges | Chief Scientific Officer | April 3, 2023 M | 256,535 | 0 | 0 | $0 |
| Joseph Truitt | Director | Sept. 9, 2026 A | · | 0 | 0 | $0 |
| Martin Patrick Murphy | Director | June 11, 2026 A | · | 0 | 0 | $0 |
| Han Myung Lee | Director | June 11, 2026 A | · | 0 | 0 | $0 |
| Alessandro Riva | Director | June 11, 2026 A | · | 0 | 0 | $0 |
| Kimberly Blackwell | Director | June 11, 2026 A | · | 0 | 0 | $0 |
| Daphne Quimi | Director | June 11, 2026 A | 5,000 | 0 | 0 | $0 |
| Carlo Rizzuto | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Timothy P Walbert | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Cynthia M Butitta | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Joseph Jimenez | Director | June 12, 2025 A | · | 0 | 0 | $0 |
| Eli Casdin | Director | June 9, 2022 A | 3,206,380 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 15 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.14% | 220,871 SH | Oct. 1, 2026 | Daily |
| IWC · iShares Trust | 0.06% | 417,118 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 107,147 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 708,180 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 58,625 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 2,965,911 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 95,026 SH | Oct. 1, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 121,810 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 9,378 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,222,691 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,339,806 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 10,411 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 9,543 NS | July 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.00% | 189,645 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 1,100,190 SH | Sept. 11, 2026 | Daily |
IPSC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 12 analysts
BUY
Median target
$4.50
+194.1%
2 16.7%
Strong Buy
8 66.7%
Buy
2 16.7%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
4 analysts · 2026-10-02Mean target $4.75 +210.5%
← Below all targets
Current price $1.53
Low$2.00
Mean$4.75
High$8.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Aug 12, 2026