IRWD Class A Ironwood Pharmaceuticals, Inc. - Class A Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ 10-K/10-Q Aug 6, 2026
$3.46
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$1.4752w low
$5.7852w high
Market Cap (MRQ)
$572M
P/E (TTM)
4.5
EPS (TTM)
$0.77
Revenue (TTM)
$389M
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52W Range
$1–$6
Analyst Rating
BUY
Price Target
$6
P/E
4.5
ROE
-55.3%
Net Profit Margin
33.4%
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IRWD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.46
Market Cap (MRQ)
$572M
P/E (TTM)
4.5
EPS (TTM)
$0.77
Revenue (TTM)
$389M
ROE (TTM)
-55.3%
52W Range
$1–$6
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| April 2, 2019 | 597-for-500 | Forward |
About Ironwood Pharmaceuticals, Inc. - Class A Common Stock Company overview from Wikipedia
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
Microbia was founded by postdocs from the lab of Gerald Fink at the Whitehead Institute to commercialize approaches that had been developed in the lab to improve industrial fermentation of fungi, to genetically engineer them to produce secondary metabolites more efficiently or to produce new ones as leads for drug discovery or as products for use in industry, and to identify drug targets in fungi for antifungal drug discovery. In 2002 the company hired John Talley to lead their antifungal drug discovery efforts, which at the time were focused on identifying small molecules that could inhibit fungal invasins, along with Mark Currie who had also worked at Searle division of Monsanto with Talley, and then had gone to Sepracor, and also Richard Bailey, who had run Monsanto's nutritional business. Currie directed the efforts that led to the discovery of linaclotide, which was based on an enterotoxin produced by some strains of Escherichia coli that cause traveler's diarrhea.
By 2004 the company had raised $99M and was preparing a Phase I trial for linaclotide. By 2006 Microbia was starting to struggle with the different challenges and expenses of drug development, along with its industrial fermentation business and drug discovery efforts, and made the decision to split in two, with "Microbia Precision Engineering" focused on industrial applications led by Bailey and Microbia focused on drug discovery and development. Tate & Lyle invested $7M in the Microbia spinout and took a board seat in 2006. Microbia changed its name to Ironwood in 2008 and shortened the name of the industrial business to Microbia.
By 2009, Ironwood had raised a total of $281M. In early 2010 Ironwood held its IPO, which priced at $11.25 a share, below the target price of $14. Later that year it sold its interests in Microbia to DSM for an undisclosed sum.
Linaclotide (Linzess in the US and Mexico, and as Constella elsewhere), a drug used to treat irritable bowel syndrome with constipation and chronic constipation with no known cause, was approved in the US and Europe in 2012. Most of the marketing rights were licensed to Allergan and Astellas.
It was developing a drug called IW-9179 or recanaclotide but abandoned it in 2016.
Soclenicant (BNC-210; IW-2143) is an anxiolytic that Ironwood licensed and performed R&D on and then abandoned.
In April 2018, the shares of Ironwood Pharmaceuticals closed up more than 10 percent on the news of biotech activist investor, Alex Denner joining its board.
Despite having a billion dollar drug in Linzess, Ironwood - through a series of confounding decisions by management - has seen its stock price crater from a high of $21.16 on July 17, 2018, to its current price of 77 CENTS at the close of trading on August 1, 2025.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorHealthcare
industryBiotechnology
employees100
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$296M2016-12-31 → 2025-12-31
EPS$0.152018-12-31 → 2025-12-31
Free Cash Flow$127M2016-12-31 → 2025-12-31
Net margin33.4%2018-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | IRWD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 4.55Y avg ≈96.0 | ≈96.0 | · | · | |
| P/S (TTM) | 1.55Y avg ≈3.4 | ≈3.4 | 1.8 | Fair value | |
| P/B (MRQ) | -3.55Y avg ≈-0.7 | ≈-0.7 | · | · | |
| Price / FCF | 4.45Y avg ≈7.0 | ≈7.0 | · | · | |
| Price / Cash Flow | 4.45Y avg ≈7.0 | ≈7.0 | 13.5 | Undervalued | |
| Price / Tangible Book (MRQ) | -3.5 | · | · | · |
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 | IRWD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 60.1%5Y avg ≈-7.3% | ≈-7.3% | -28.7% | Top tier | |
| EBITDA Margin | 33.6%5Y avg ≈-7.0% | ≈-7.0% | -28.7% | Top tier | |
| Pretax Margin (TTM) | 53.3%5Y avg ≈-12.4% | ≈-12.4% | -25.0% | Top tier | |
| Net Profit Margin (TTM) | 33.4%5Y avg ≈-9.5% | ≈-9.5% | -23.1% | Top tier | |
| ROA (TTM) | 41.4%5Y avg ≈-8.5% | ≈-8.5% | -12.8% | Top tier | |
| ROE (TTM) | -55.3%5Y avg ≈-107.8% | ≈-107.8% | -15.9% | Top tier | |
| ROIC | -12.9%5Y avg ≈82.3% | ≈82.3% | -12.9% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | IRWD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 6.15Y avg ≈8.4 | ≈8.4 | 6.1 | In line | |
| Quick Ratio | 1.15Y avg ≈8.2 | ≈8.2 | 4.6 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | IRWD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -15.7%5Y avg ≈-4.6% | ≈-4.6% | · | · | |
| Revenue CAGR 3Y | -10.3%5Y avg ≈-3.8% | ≈-3.8% | · | · | |
| Revenue CAGR 5Y | -5.3% | · | · | · | |
| EPS YoY | 1400.0%5Y avg ≈572.1% | ≈572.1% | · | · | |
| Net Income YoY | 2629.2%5Y avg ≈986.7% | ≈986.7% | · | · | |
| EPS CAGR 3Y | -46.1% | · | · | · | |
| EPS CAGR 5Y | -25.7% | · | · | · | |
| Net Income CAGR 3Y | -48.4% | · | · | · | |
| Net Income CAGR 5Y | -25.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | IRWD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.6 | ≈0.6 | 0.8 | Weak | |
| Receivables Turnover | 4.65Y avg ≈3.7 | ≈3.7 | 5.8 | Weak | |
| Revenue / Employee | ≈$3.0M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-5.1%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $0.31 | $0.36 | -14.6% |
| March 31, 2026 | $0.24 | $0.24 | -2.0% | |
| Dec. 31, 2025 | $-0.01 | $0.01 | -198.0% | |
| Sept. 30, 2025 | $0.24 | $0.10 | 135.3% | |
| June 30, 2025 | $0.14 | $0.04 | 243.1% | |
| March 31, 2025 | $-0.14 | $-0.05 | -194.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $296M | $351M | $443M | $411M | $414M | $390M | $428M | $347M | $298M | $274M | $150M | $76M | |
| Cost of Revenue | · | · | · | · | · | $3M | $24M | $33M | $19M | $2M | $12.0K | $5M | |
| R&D Expense | $95M | $111M | $116M | $44M | $70M | $88M | $115M | $101M | $88M | $139M | $109M | $102M | |
| SG&A Expense | $82M | $144M | $158M | $116M | $111M | $140M | $172M | $220M | $231M | $173M | $125M | $118M | |
| Operating Expenses | $198M | $258M | $1.39B | $160M | $181M | $247M | $308M | $497M | $314M | $326M | $252M | $246M | |
| Operating Income | $99M | $93M | $-945M | $250M | $232M | $143M | $120M | $-151M | $-15M | $-52M | $-102M | $-169M | |
| Interest Expense | · | · | $22M | $8M | $31M | $29M | $37M | $38M | $36M | $39M | $31M | $21M | |
| Other Non-op | $193.0K | $640.0K | $-3M | $2M | $-32M | $-34M | $-61M | $-43M | $-40M | $-30M | $-41M | $-20M | |
| Pretax Income | $70M | $65M | $-948M | $252M | $201M | $109M | $59M | $-194M | · | · | · | · | |
| Income Tax | $46M | $64M | $83M | $77M | $-328M | $3M | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $24M | $880.0K | $-1.00B | $175M | $528M | $106M | $22M | $-282M | $-117M | $-82M | $-143M | · | |
| EPS (Basic) | $0.15 | $0.01 | $-6.45 | $1.13 | $3.26 | $0.67 | $0.14 | $-1.85 | · | · | · | · | |
| EPS (Diluted) | $0.15 | $0.01 | $-6.45 | $0.96 | $3.21 | $0.66 | $0.14 | $-1.85 | · | · | · | · | |
| Shares (Basic) | 161,842,000 | 159,083,000 | 155,435,000 | 154,366,000 | 162,245,000 | 159,427,000 | 156,023,000 | 152,634,000 | · | · | · | · | |
| Shares (Diluted) | 162,983,000 | 160,084,000 | 155,435,000 | 186,312,000 | 164,418,000 | 160,655,000 | 156,023,000 | 152,634,000 | · | · | · | · | |
| EBITDA | $100M | $94M | $-944M | $252M | $234M | $145M | $126M | $-233M | · | $-42M | $-90M | $-157M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $215M | $89M | $92M | $656M | $620M | $363M | $177M | $173M | $126M | $54M | $261M | $74M | |
| Short-term Investments | · | · | · | · | · | · | · | · | $96M | $251M | $178M | $174M | |
| Receivables | $47M | $82M | $129M | $115M | $114M | $122M | $11M | $21M | $3M | $933.0K | $3M | $10.0K | |
| Inventory | · | · | · | · | · | · | $648.0K | · | $735.0K | $1M | · | $5M | |
| Prepaid Expense | $12M | $12M | $12M | $8M | $9M | $9M | $11M | $10M | $7M | $9M | $6M | $9M | |
| Current Assets | $274M | $182M | $233M | $781M | $745M | $496M | $307M | $266M | $312M | $380M | $500M | $288M | |
| PP&E (Net) | $3M | $4M | $6M | $6M | $8M | $9M | $12M | $8M | $17M | $21M | $21M | $30M | |
| PP&E (Gross) | $11M | $13M | $14M | $17M | $17M | $21M | $23M | $33M | $86M | $83M | $78M | $83M | |
| Accum. Depreciation | $8M | $8M | $9M | $11M | $10M | $12M | $10M | $26M | $69M | $62M | $57M | $53M | |
| Goodwill | · | · | · | · | · | · | $785.0K | $785.0K | $785.0K | $785.0K | · | · | |
| Intangibles | $2M | $3M | $4M | · | · | · | · | · | $160M | $166M | · | · | |
| Other Non-current Assets | $5M | $6M | $4M | $847.0K | $1M | $943.0K | $790.0K | $89.0K | $870.0K | $1M | $3M | $3M | |
| Total Assets | $397M | $351M | $471M | $1.10B | $1.13B | $559M | $403M | $332M | $606M | $710M | $619M | $329M | |
| Accounts Payable | $3M | $2M | $8M | $483.0K | $935.0K | $661.0K | $4M | $15M | $16M | $18M | $9M | $10M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | $38M | $23M | $23M | |
| Short-term Debt | · | · | · | · | · | · | · | $48M | · | · | $25M | $11M | |
| Current Liabilities | $242M | $39M | $276M | $26M | $162M | $32M | $41M | $120M | $66M | $91M | $76M | $61M | |
| Capital Leases | $10M | $12M | $15M | $17M | $18M | $20M | $22M | $158.0K | · | $82.0K | $306.0K | $3M | |
| Other Non-current Liabilities | $22M | $17M | $28M | $10M | $4M | $2M | $734.0K | $3M | $5M | $8M | $10M | · | |
| Total Liabilities | $659M | · | · | · | · | · | · | · | · | · | · | · | |
| Long-term Debt | · | $199M | $398M | $396M | $454M | $430M | · | · | · | · | $221M | · | |
| Total Debt | · | · | · | · | · | · | · | $48M | · | · | $25M | $11M | |
| Common Stock | $163.0K | $160.0K | $156.0K | $154.0K | $162.0K | $161.0K | $158.0K | $154.0K | · | · | · | · | |
| Retained Earnings | $-1.67B | $-1.70B | $-1.70B | $-696M | $-938M | $-1.47B | $-1.57B | $-1.59B | $-1.31B | $-1.19B | $-1.11B | $-967M | |
| AOCI | $-1M | $923.0K | $-3M | · | · | · | · | · | $-79.0K | $-7.0K | $-86.0K | $-19.0K | |
| Stockholders' Equity | $-262M | $-301M | $-346M | $652M | $606M | $63M | $-93M | $-196M | $10M | $67M | $95M | $89M | |
| Liabilities + Equity | $397M | $351M | $471M | $1.10B | $1.13B | $559M | $403M | $332M | $606M | $710M | $619M | $329M | |
| Shares Outstanding | 163,058,316 | 160,205,899 | 156,354,238 | 154,026,949 | 162,036,461 | 160,616,675 | 157,535,962 | 154,414,691 | · | · | · | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $1M | $1M | $1M | $2M | $2M | $6M | $4M | $6M | $10M | $12M | $12M | |
| Stock-based Comp | $17M | $30M | $32M | $27M | $22M | $31M | $31M | $41M | $31M | $29M | $25M | $26M | |
| Deferred Tax | $41M | $68M | $73M | $66M | $-333M | · | · | · | · | · | · | · | |
| Amort. of Intangibles | · | · | · | · | · | · | · | $8M | $6M | $981.0K | · | · | |
| Restructuring | $21M | $3M | $17M | · | $1M | $15M | $4M | $15M | · | · | · | $551.0K | |
| Other Non-cash | $44M | $4M | $1.08B | $5M | $43M | $29M | $-48M | $161M | · | · | · | · | |
| Operating Cash Flow | $127M | $104M | $183M | $274M | $262M | $169M | $11M | $-71M | $-101M | $-26M | $-107M | $-156M | |
| CapEx | $34.0K | $142.0K | $273.0K | $136.0K | $265.0K | $2M | $7M | $351.0K | $3M | $4M | $4M | $4M | |
| Investing Cash Flow | $-34.0K | $-142.0K | $-1.03B | $-136.0K | $-265.0K | $-2M | $-11M | $89M | $151M | $-178M | $-9M | $-57M | |
| Debt Issued | · | · | · | · | · | · | · | · | $146M | · | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | $190M | |
| Stock Repurchased | · | · | · | $126M | $24M | · | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | $-126M | $-24M | · | · | · | · | · | · | $190M | |
| Financing Cash Flow | $216.0K | $-107M | $277M | $-238M | $-5M | $19M | $-1M | $30M | $20M | $-4M | $303M | $211M | |
| Net Change in Cash | $127M | $-4M | $-566M | $36M | $257M | $186M | $-2M | $48M | $71M | $-208M | $187M | · | |
| Taxes Paid | $4M | $8M | $10M | $5M | $3M | $2M | · | · | · | · | · | · | |
| Free Cash Flow | $127M | $103M | $183M | $274M | $262M | $167M | $4M | $-80M | · | $-30M | $-111M | $-159M | |
| Levered FCF | · | · | $160M | $268M | $180M | $138M | · | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 33.3% | 26.5% | -213.5% | 61.0% | 56.1% | 36.7% | 28.0% | -68.9% | · | -18.9% | -68.3% | -221.6% | |
| Net Margin | 8.1% | 0.25% | -226.4% | 42.6% | 127.7% | 27.3% | 5.0% | -81.5% | · | · | · | · | |
| Pretax Margin | 23.6% | 18.6% | -214.1% | 61.5% | 48.5% | 28.0% | · | · | · | · | · | · | |
| EBITDA Margin | 33.6% | 26.8% | -213.3% | 61.3% | 56.5% | 37.3% | 29.3% | -67.2% | · | -15.2% | -60.5% | -205.4% | |
| ROA | 6.4% | 0.21% | -127.5% | 15.7% | 62.7% | 22.1% | 5.9% | -60.2% | · | · | · | · | |
| ROE | -8.5% | -0.27% | -654.9% | 29.9% | 94.6% | 309.8% | -17.5% | 143.5% | · | · | · | · | |
| ROIC | -12.9% | -0.42% | 297.1% | 26.6% | 101.0% | 222.6% | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 4.7 | 0.8 | 30.6 | 4.6 | 15.4 | 7.5 | 2.2 | · | 4.2 | 6.5 | 4.8 | |
| Quick Ratio | 1.1 | 4.4 | 0.8 | 30.2 | 4.5 | 15.1 | 4.6 | 1.6 | · | 3.4 | 5.8 | 4.1 | |
| Debt / Equity | · | · | · | · | · | · | · | -0.2 | · | · | 0.3 | 0.1 | |
| Interest Coverage | · | · | -43.7 | 32.9 | 7.5 | 4.8 | 3.3 | -6.3 | · | -1.3 | -3.3 | -8.0 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.9 | 0.6 | 0.4 | 0.5 | 0.8 | 1.2 | 0.7 | · | 0.4 | 0.3 | 0.2 | |
| Inventory Turnover | · | · | · | · | · | · | 34.5 | · | · | 3.5 | · | 1.9 | |
| Receivables Turnover | 4.6 | 3.3 | 3.6 | 3.6 | 3.5 | 5.8 | 26.6 | 28.7 | · | 143.5 | 103.4 | 292.3 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-1.61 | $-1.88 | $-2.21 | $4.24 | $3.74 | $0.39 | $-0.59 | · | · | · | · | · | |
| Revenue / Share | $1.82 | $2.20 | $2.85 | $2.20 | $2.52 | $2.42 | · | · | · | · | · | · | |
| Cash Flow / Share | $0.78 | $0.65 | $1.18 | $1.47 | $1.59 | $1.05 | · | · | · | · | · | · | |
| Cash / Share | $1.32 | $0.55 | $0.59 | $4.26 | $3.83 | $2.26 | $1.12 | · | · | · | · | · | |
| EPS (TTM) | $0.15 | $0.01 | $-6.45 | $0.96 | $3.21 | $0.66 | $0.14 | $-1.85 | $-2.38 | $-2.38 | $-2.38 | $-2.38 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -15.7% | -20.6% | 7.8% | -0.76% | 6.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -10.3% | -5.3% | 4.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -5.3% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 1400.0% | · | · | -70.1% | 386.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -46.1% | -85.4% | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -25.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 2629.2% | · | · | -66.9% | 397.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -48.4% | -88.1% | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -25.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $296M | $351M | $443M | $411M | $414M | $390M | $428M | $347M | $298M | $274M | $150M | $76M | |
| Net Income TTM | $24M | $880.0K | $-1.00B | $175M | $528M | $106M | $22M | $-282M | $-117M | $-82M | $-143M | · | |
| Market Cap | $550M | $710M | $1.79B | $1.91B | $1.89B | $1.83B | $2.10B | · | · | · | · | · | |
| P/E | 22.5 | 443.0 | -1.8 | 12.9 | 3.6 | 17.3 | 95.1 | -4.7 | -5.3 | -5.4 | -4.1 | -5.4 | |
| P/S | 1.9 | 2.0 | 4.0 | 4.6 | 4.6 | 4.7 | 4.9 | · | · | · | · | · | |
| P/B | -2.1 | -2.4 | -5.2 | 2.9 | 3.1 | 29.2 | -22.5 | · | · | · | · | · | |
| P / Tangible Book | · | · | · | 2.9 | 3.1 | 29.2 | · | · | · | · | · | · | |
| P / Cash Flow | 4.3 | 6.9 | 9.8 | 7.0 | 7.2 | 10.8 | 195.5 | · | · | · | · | · | |
| P / FCF | 4.3 | 6.9 | 9.8 | 7.0 | 7.2 | 11.0 | 593.0 | · | · | · | · | · | |
| Earnings Yield | 4.5% | 0.23% | -56.4% | 7.8% | 27.5% | 5.8% | 1.1% | -21.3% | -19.0% | -18.6% | -24.5% | -18.6% |
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 | $113M | $107M | $48M | $122M | $85M | $41M | $91M | $92M | $94M | $75M | $118M | $114M | $107M | $104M | $107M | $109M | |
| R&D Expense | $22M | $22M | $22M | $22M | $23M | $27M | $25M | $30M | $30M | $26M | $36M | $33M | $35M | $13M | $10M | $12M | |
| SG&A Expense | $11M | $12M | $19M | $22M | $17M | $24M | $34M | $36M | $37M | $38M | $39M | $36M | $52M | $31M | $28M | $29M | |
| Operating Expenses | $34M | $34M | $41M | $47M | $40M | $70M | $59M | $66M | $69M | $64M | $80M | $74M | $1.19B | $44M | $39M | $40M | |
| Operating Income | $79M | $73M | $7M | $75M | $45M | $-29M | $31M | $26M | $25M | $11M | $38M | $40M | $-1.08B | $60M | $68M | $68M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $7M | · | $10M | $2M | $2M | · | $2M | |
| Other Non-op | $42.0K | $42.0K | $77.0K | $40.0K | $39.0K | $37.0K | $21M | $-8M | $-6M | $-6M | $-7M | $-8M | $7M | $6M | $4M | $1M | |
| Pretax Income | $74M | $65M | $455.0K | $68M | $38M | $-36M | $24M | $17M | $19M | $5M | $30M | $32M | $-1.08B | $66M | $72M | $70M | |
| Income Tax | $22M | $24M | $3M | $28M | $14M | $1M | $22M | $14M | $20M | $9M | $32M | $18M | $13M | $20M | $23M | $20M | |
| Net Income | $51M | $41M | $-2M | $40M | $24M | $-37M | $2M | $4M | $-860.0K | $-4M | $-1M | $15M | $-1.06B | $46M | $49M | $50M | |
| EPS (Basic) | $0.31 | $0.25 | $-0.01 | $0.25 | $0.15 | $-0.23 | $0.01 | $0.02 | $-0.01 | $-0.03 | $-0.01 | $0.10 | $-6.84 | $0.30 | $0.31 | $0.33 | |
| EPS (Diluted) | $0.31 | $0.24 | $-0.01 | $0.23 | $0.14 | $-0.23 | $0.01 | $0.02 | $-0.01 | $-0.03 | $-0.01 | $0.09 | $-6.84 | $0.25 | $0.26 | $0.28 | |
| Shares (Basic) | 164,405,000 | 163,451,000 | · | 162,215,000 | 161,723,000 | 160,974,000 | · | 159,706,000 | 159,014,000 | 157,700,000 | · | 155,886,000 | 155,367,000 | 154,452,000 | · | 153,066,000 | |
| Shares (Diluted) | 167,179,000 | 166,690,000 | · | 177,764,000 | 176,837,000 | 160,974,000 | · | 160,232,000 | 159,014,000 | 157,700,000 | · | 186,891,000 | 155,367,000 | 186,680,000 | · | 184,465,000 | |
| EBITDA | $79M | $73M | · | $75M | $45M | $-29M | · | $26M | $25M | $11M | · | $40M | $-1.08B | $60M | · | $68M |
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 | $79M | $220M | $215M | $140M | $93M | $108M | $89M | $88M | $106M | $122M | $92M | $110M | $175M | $740M | $656M | $574M | |
| Receivables | $113M | $106M | $47M | $120M | $86M | $40M | $82M | $76M | $58M | $72M | $129M | $125M | $119M | $116M | · | $117M | |
| Prepaid Expense | $7M | $6M | $12M | $13M | $13M | $12M | $12M | $14M | $15M | $15M | $12M | $18M | $22M | $9M | · | $7M | |
| Current Assets | $199M | $332M | $274M | $274M | $192M | $161M | $182M | $179M | $178M | $208M | $233M | $254M | $318M | $866M | · | $699M | |
| PP&E (Net) | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $6M | $6M | $6M | $6M | · | $7M | |
| PP&E (Gross) | · | · | $11M | · | · | · | $13M | · | · | · | $14M | · | · | · | · | · | |
| Accum. Depreciation | · | · | $8M | · | · | · | $8M | · | · | · | $9M | · | · | · | · | · | |
| Intangibles | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | · | · | · | |
| Other Non-current Assets | $4M | $4M | $5M | $5M | $5M | $6M | $6M | $6M | $4M | $3M | $4M | $4M | $4M | $820.0K | · | $863.0K | |
| Total Assets | $285M | $435M | $397M | $396M | $343M | $327M | $351M | $390M | $396M | $439M | $471M | $524M | $603M | $1.16B | · | $1.04B | |
| Accounts Payable | $911.0K | $3M | $3M | $2M | $1M | $6M | $2M | $3M | $3M | $6M | $8M | $5M | $4M | $118.0K | · | $795.0K | |
| Current Liabilities | $33M | $236M | $242M | $243M | $233M | $48M | $39M | $49M | $46M | $252M | $276M | $281M | $305M | $24M | · | $27M | |
| Capital Leases | $9M | $9M | $10M | $10M | $11M | $12M | $12M | $13M | $13M | $14M | $15M | $15M | $16M | $16M | · | $17M | |
| Other Non-current Liabilities | $21M | $21M | $22M | $22M | $22M | $17M | $17M | $40M | $35M | $29M | $28M | $31M | $31M | $12M | · | $9M | |
| Total Liabilities | $447M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Long-term Debt | · | · | · | $200M | $199M | $199M | · | $199M | $199M | $398M | · | $397M | $397M | $397M | · | $396M | |
| Common Stock | $165.0K | $165.0K | $163.0K | $163.0K | $162.0K | $162.0K | $160.0K | $160.0K | $160.0K | $159.0K | $156.0K | $156.0K | $156.0K | $155.0K | · | $153.0K | |
| Retained Earnings | $-1.58B | $-1.63B | $-1.67B | $-1.67B | $-1.71B | $-1.74B | $-1.70B | $-1.70B | $-1.70B | $-1.70B | $-1.70B | $-1.70B | $-1.71B | $-651M | · | $-745M | |
| AOCI | $-324.0K | $-795.0K | $-1M | $-2M | $-2M | $294.0K | $923.0K | $-2M | $-470.0K | $-922.0K | $-3M | $-752.0K | · | · | · | · | |
| Stockholders' Equity | $-162M | $-217M | $-262M | $-264M | $-308M | $-334M | $-301M | $-311M | $-322M | $-331M | $-346M | $-323M | $-346M | $707M | · | $591M | |
| Liabilities + Equity | $285M | $435M | $397M | $396M | $343M | $327M | $351M | $390M | $396M | $439M | $471M | $524M | $603M | $1.16B | · | $1.04B | |
| Shares Outstanding | 165,239,947 | 164,613,406 | 163,058,316 | 162,678,647 | 162,434,130 | 161,809,432 | 160,205,899 | 160,015,888 | 159,739,001 | 158,957,123 | 156,354,238 | 156,125,676 | 156,027,648 | 155,346,103 | · | 153,319,417 |
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 | $3M | $4M | $4M | $4M | $5M | $5M | $5M | $8M | $9M | $8M | $9M | $8M | $8M | $7M | $7M | $7M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $20M | $16M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | $639.0K | $5M | · | · | · | · | |
| Operating Cash Flow | $58M | $5M | $75M | $48M | $-15M | $20M | $15M | $10M | $33M | $45M | $36M | $32M | $35M | $80M | $79M | $69M | |
| CapEx | · | · | $-1.0K | $2.0K | $2.0K | $31.0K | $0 | $16.0K | $58.0K | $68.0K | $211.0K | $49.0K | $0 | $13.0K | $-27.0K | $66.0K | |
| Investing Cash Flow | · | · | $1.0K | $-2.0K | $-2.0K | $-31.0K | $0 | $-16.0K | $-58.0K | $-68.0K | $-4M | $-23M | $-999M | $-13.0K | $27.0K | $-66.0K | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Financing Cash Flow | · | · | $122.0K | $0 | $88.0K | $6.0K | $-15M | $-27M | $-49M | $-16M | $-51M | $-75M | $399M | $4M | $3M | $797.0K | |
| Net Change in Cash | $-141M | $5M | $75M | $48M | $-16M | $20M | $348.0K | $-17M | $-16M | $29M | $-19M | $-65M | $-565M | $84M | $82M | $70M | |
| Free Cash Flow | · | · | · | · | · | $20M | · | · | · | $45M | · | · | · | $80M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $51M | · | · | · | $79M | · | · |
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 | 70.2% | 68.1% | · | 61.8% | 53.2% | -70.8% | · | 28.0% | 26.5% | 14.7% | · | 35.2% | -1008.7% | 57.8% | · | 63.0% | |
| Net Margin | 45.4% | 38.3% | · | 32.8% | 27.7% | -90.9% | · | 4.0% | -0.91% | -5.6% | · | 13.5% | -989.2% | 43.9% | · | 46.3% | |
| Pretax Margin | 65.2% | 61.2% | · | 55.7% | 44.4% | -88.2% | · | 19.0% | 20.0% | 6.6% | · | 28.1% | -1002.2% | 63.3% | · | 64.3% | |
| EBITDA Margin | 70.2% | 68.1% | · | 61.8% | 53.2% | -70.8% | · | 28.0% | 26.5% | 14.7% | · | 35.2% | -1008.7% | 57.8% | · | 63.0% | |
| ROA | 16.3% | 10.7% | · | 10.2% | 6.4% | -9.8% | · | 0.80% | -0.17% | -0.52% | · | 2.0% | -131.9% | 4.3% | · | 4.8% | |
| ROE | -21.8% | -14.8% | · | -13.9% | -7.5% | 11.2% | · | -1.1% | 0.26% | -2.2% | · | 11.4% | -1279.3% | 7.4% | · | 8.6% | |
| ROIC | -34.1% | -20.9% | · | -16.8% | -9.2% | 9.0% | · | -1.7% | 0.35% | 2.8% | · | -5.4% | 317.2% | 5.9% | · | 8.3% |
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 | 6.1 | 1.4 | · | 1.1 | 0.8 | 3.3 | · | 3.6 | 3.9 | 0.8 | · | 0.9 | 1.0 | 36.3 | · | 25.8 | |
| Quick Ratio | 5.8 | 1.4 | · | 1.1 | 0.8 | 3.1 | · | 3.3 | 3.6 | 0.8 | · | 0.8 | 1.0 | 35.9 | · | 25.5 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 1.5 | · | 4.1 | -588.7 | 39.4 | · | 44.9 |
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 | 0.4 | 0.3 | · | 0.3 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.1 | 1.5 | · | 1.2 | 1.2 | 0.7 | · | 0.9 | 1.1 | 0.8 | · | 0.9 | 1.0 | 1.0 | · | 1.0 |
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 | $-0.98 | $-1.32 | · | $-1.62 | $-1.90 | $-2.06 | · | $-1.95 | $-2.01 | $-2.08 | · | $-2.07 | $-2.22 | $4.55 | · | $3.86 | |
| Revenue / Share | $0.68 | $0.64 | · | $0.69 | $0.48 | $0.26 | · | $0.57 | $0.59 | $0.47 | · | $0.61 | $0.69 | $0.56 | · | $0.59 | |
| Cash Flow / Share | · | $0.03 | · | · | · | $0.12 | · | · | · | $0.29 | · | · | · | $0.43 | · | · | |
| Cash / Share | $0.48 | $1.34 | · | $0.86 | $0.57 | $0.67 | · | $0.55 | $0.66 | $0.76 | · | $0.71 | $1.12 | $4.77 | · | $3.75 | |
| EPS (TTM) | $0.77 | $0.60 | · | $0.15 | $-0.06 | $-0.21 | · | $-0.03 | $0.04 | $-6.79 | · | $-6.24 | $-6.05 | $1.00 | · | $0.93 |
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 | $389M | $362M | · | $339M | $309M | $318M | · | $378M | $401M | $414M | · | $432M | $427M | $417M | · | $421M | |
| Net Income TTM | $130M | $102M | · | $29M | $-8M | $-32M | · | $-2M | $9M | $-1.05B | · | $-952M | $-917M | $182M | · | $168M | |
| Market Cap | $696M | $578M | · | $213M | $117M | $238M | · | $659M | $1.04B | $1.38B | · | $1.50B | $1.66B | $1.63B | · | $1.59B | |
| P/E | 5.5 | 5.8 | · | 8.7 | -12.0 | -7.0 | · | -137.3 | 163.0 | -1.3 | · | -1.5 | -1.8 | 10.5 | · | 11.1 | |
| P/S | 1.8 | 1.6 | · | 0.6 | 0.4 | 0.7 | · | 1.7 | 2.6 | 3.3 | · | 3.5 | 3.9 | 3.9 | · | 3.8 | |
| P/B | -4.3 | -2.7 | · | -0.8 | -0.4 | -0.7 | · | -2.1 | -3.2 | -4.2 | · | -4.7 | -4.8 | 2.3 | · | 2.7 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | · | · | 2.3 | · | 2.7 | |
| P / Cash Flow | · | 112.8 | · | · | · | 11.9 | · | · | · | 30.8 | · | · | · | 20.4 | · | · | |
| Earnings Yield | 18.3% | 17.1% | · | 11.5% | -8.3% | -14.3% | · | -0.73% | 0.61% | -78.0% | · | -64.8% | -56.9% | 9.5% | · | 9.0% |
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 | $296M | $351M | $443M | $411M | $414M |
| Operating Margin % | 33.3% | 26.5% | -213.5% | 61.0% | 56.1% |
| Net Income | $24M | $880.0K | $-1.00B | $175M | $528M |
| Diluted EPS | $0.15 | $0.01 | $-6.45 | $0.96 | $3.21 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 1.1 | 4.7 | 0.8 | 30.6 | 4.6 |
| Quick Ratio | 1.1 | 4.4 | 0.8 | 30.2 | 4.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $127M | $103M | $183M | $274M | $262M |
Institutional owners (13F) 234 filers · $707.9M total · As of Sept. 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
234
Value held
$707.9M
New positions
25
Exited positions
32
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 25 (-35 vs prior Q) | 32 (+7 vs prior Q) | 76 (-10 vs prior Q) | 86 (+31 vs prior Q) | -10.7M |
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 |
|---|---|---|---|---|
| BlackRock, Inc. | $74,889,826 | 17,788,557 | 10.58% | Shares |
| ARMISTICE CAPITAL, LLC | $58,653,720 | 13,932,000 | 8.29% | Shares |
| VANGUARD GROUP INC | $53,779,120 | 15,958,196 | 7.60% | Shares |
| Sarissa Capital Management LP | $38,684,153 | 9,188,635 | 5.46% | Shares |
| STATE STREET CORP | $37,088,420 | 8,809,601 | 5.24% | Shares |
| BANK OF AMERICA CORP /DE/ | $36,558,810 | 8,683,803 | 5.16% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $33,651,481 | 7,993,226 | 4.75% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $27,821,819 | 6,608,508 | 3.93% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $27,221,528 | 6,465,921 | 3.85% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $23,211,225 | 5,513,355 | 3.28% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $20,345,036 | 4,831,657 | 2.87% | Shares |
| TWO SIGMA INVESTMENTS, LP | $19,181,135 | 4,556,089 | 2.71% | Shares |
| MARSHALL WACE, LLP | $18,061,293 | 4,290,093 | 2.55% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $17,117,708 | 4,065,964 | 2.42% | Shares |
| GOLDMAN SACHS GROUP INC | $13,951,132 | 3,313,808 | 1.97% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13,902,439 | 3,302,242 | 1.96% | Shares |
| FEDERATED HERMES, INC. | $13,603,512 | 3,231,238 | 1.92% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $12,701,945 | 3,017,089 | 1.79% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $10,622,431 | 2,522,891 | 1.50% | Shares |
| TWO SIGMA ADVISERS, LP | $10,582,137 | 3,140,100 | 1.49% | Shares |
| MACKENZIE FINANCIAL CORP | $9,967,146 | 2,367,493 | 1.41% | Shares |
| MORGAN STANLEY | $7,830,240 | 1,859,914 | 1.11% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $7,627,316 | 1,811,714 | 1.08% | Shares |
| NORTHERN TRUST CORP | $5,784,430 | 1,373,974 | 0.82% | Shares |
| Hillsdale Investment Management Inc. | $5,264,302 | 1,250,428 | 0.74% | Shares |
| WELLS FARGO & COMPANY/MN | $5,078,094 | 1,206,198 | 0.72% | Shares |
| DEUTSCHE BANK AG\ | $4,875,761 | 1,158,138 | 0.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,379,810 | 1,040,335 | 0.62% | Shares |
| FRANKLIN RESOURCES INC | $4,239,382 | 1,006,979 | 0.60% | Shares |
| FMR LLC | $3,828,942 | 909,488 | 0.54% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $3,277,548 | 778,515 | 0.46% | Shares |
| RAYMOND JAMES FINANCIAL INC | $3,052,608 | 725,085 | 0.43% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $2,772,104 | 658,457 | 0.39% | Shares |
| IEQ CAPITAL, LLC | $2,364,286 | 561,588 | 0.33% | Shares |
| Vanguard Global Advisers, LLC | $2,361,970 | 561,038 | 0.33% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,261,608 | 537,199 | 0.32% | Shares |
| Bank of New York Mellon Corp | $2,142,384 | 508,880 | 0.30% | Shares |
| CITADEL ADVISORS LLC | $2,115,117 | 502,403 | 0.30% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $2,039,535 | 484,450 | 0.29% | Shares |
| CWA Asset Management Group, LLC | $1,979,613 | 498,643 | 0.28% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,973,737 | 468,821 | 0.28% | Shares |
| SEI INVESTMENTS CO | $1,934,150 | 459,417 | 0.27% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $1,847,815 | 438,911 | 0.26% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $1,729,531 | 435,650 | 0.24% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $1,717,949 | 408,064 | 0.24% | Shares |
| Invesco Ltd. | $1,697,510 | 403,209 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,670,528 | 396,800 | 0.24% | Put option |
| Man Group plc | $1,650,813 | 392,117 | 0.23% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,641,029 | 389,793 | 0.23% | Shares |
| UBS Group AG | $1,639,917 | 389,529 | 0.23% | Shares |
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Sarissa Capital Management LP, Alexander J. Denner | March 19, 2026 | 5.80% | Amendment | · | SEC |
| Ironwood Pharmaceuticals, Inc. | July 7, 2023 | · | Initial filing | M&A / sale | SEC |
| OR ×3 filings | March 1, 2021 | · | Initial filing | · | SEC |
| Nov. 9, 2020 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 41 insiders · 18 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Thomas A Mccourt | Chief Executive Officer | March 10, 2026 A | 1,898,838 | 0 | 2 | $-739,929 |
| Mark Mallon | Chief Executive Officer | Feb. 26, 2021 S | 470,605 | 0 | 0 | $0 |
| Peter M. Hecht | Chief Executive Officer | April 1, 2019 D | 2,217,366 | 0 | 0 | $0 |
| Gregory S. Martini | Chief Financial Officer | March 10, 2026 A | 297,213 | 0 | 2 | $-81,888 |
| Sravan Kumar Emany | SVP, COO and CFO | Nov. 18, 2024 S | 309,572 | 0 | 0 | $0 |
| Gina Consylman | SVP, CFO & Treasurer | March 26, 2021 A | 392,616 | 0 | 0 | $0 |
| Jason Rickard | SVP, Chief Operating Officer | March 8, 2023 A | 376,316 | 0 | 0 | $0 |
| William Huyett | Chief Operating Officer | April 1, 2019 D | 27,546 | 0 | 0 | $0 |
| Michael J Higgins | Chief Operating Officer | Dec. 23, 2014 M | 329,102 | 0 | 0 | $0 |
| Jeffrey Silber | SVP, CMO, Head-Res&Drug | July 20, 2026 A | 137,036 | 0 | 0 | $0 |
| Ronald Silver | PFO & PAO | July 7, 2026 S | 313,680 | 0 | 4 | $-831,183 |
| Tammi L Gaskins | Chief Commercial Officer | March 10, 2026 A | 350,350 | 0 | 3 | $-100,301 |
| Minardo John | Chief Legal Officer | March 10, 2026 A | 500,498 | 0 | 2 | $-136,177 |
| Michael Shetzline | SVP, CMO, Head-Res&Drug | March 10, 2026 A | 658,037 | 0 | 2 | $-121,586 |
| Andrew Davis | SVP, Chief Business Officer | Nov. 18, 2024 S | 284,685 | 0 | 0 | $0 |
| Conor Kilroy | SVP, GC & Secretary | Feb. 26, 2021 S | 122,336 | 0 | 0 | $0 |
| Kelly Macdonald | Chief Accounting Officer | Dec. 4, 2020 M | 93,041 | 0 | 0 | $0 |
| Halley E Gilbert | Chief Admin Officer & SVP | Feb. 21, 2020 S | 265,991 | 0 | 0 | $0 |
| DENNER ALEXANDER J | Director | Sept. 15, 2026 A | 327,549 | 0 | 2 | $-20,530,448 |
| Catherine Moukheibir | Director | June 16, 2026 A | 181,425 | 0 | 0 | $0 |
| Jon R Duane | Director | June 16, 2026 A | 253,820 | 0 | 0 | $0 |
| Marla L Kessler | Director | June 16, 2026 A | 229,364 | 0 | 0 | $0 |
| Jay Shepard | Director | June 16, 2026 A | 235,036 | 0 | 0 | $0 |
| Julie Mchugh | Director | June 16, 2026 S | 250,749 | 0 | 1 | $-80,460 |
| Mark G Currie | Director | June 16, 2026 A | 676,900 | 0 | 0 | $0 |
| Andrew Dreyfus | Director | June 10, 2025 A | 228,313 | 0 | 0 | $0 |
| Edward P Owens | Director | June 2, 2021 A | 241,720 | 0 | 0 | $0 |
| Lawrence S Olanoff | Director | June 2, 2021 A | 91,395 | 0 | 0 | $0 |
| Amy Schulman | Director | April 1, 2019 D | 38,242 | 0 | 0 | $0 |
| Marsha Fanucci | Director | April 1, 2019 D | 132,663 | 0 | 0 | $0 |
| Douglas E Williams | Director | April 1, 2019 D | 87,800 | 0 | 0 | $0 |
| Terrance McGuire | Director | April 1, 2019 D | 73,630 | 0 | 0 | $0 |
| WALSH CHRISTOPHER T PHD | Director | March 15, 2017 A | 71,499 | 0 | 0 | $0 |
| George N Conrades | Director | June 3, 2015 A | 62,221 | 0 | 0 | $0 |
| David A Ebersman | Director | March 13, 2015 A | 29,714 | 0 | 0 | $0 |
| COOK JOSEPH C JR | Director | March 12, 2015 S | 304,080 | 0 | 0 | $0 |
| David Evans Shaw | Director | March 14, 2014 A | 64,306 | 0 | 0 | $0 |
| VR Management LLC | 10% owner | Jan. 15, 2013 J | 2,442 | 0 | 0 | $0 |
| FMR LLC | 10% owner | July 10, 2012 S | 2,340,891 | 0 | 0 | $0 |
| Thomas Graney | · | Feb. 27, 2017 A | 42,013 | 0 | 0 | $0 |
| Bryan E Roberts | · | June 15, 2015 A | 31,951 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 33 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 |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.60% | 371,823 NS | July 31, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.48% | 27,170 SH | Oct. 23, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.16% | 186,886 NS | July 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.15% | 554,146 SH | Sept. 11, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.13% | 267,285 SH | Aug. 19, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.12% | 1,079,411 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.11% | 521,040 SH | Aug. 19, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 135,991 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.08% | 466,785 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.05% | 1,214,535 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.04% | 2,553 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.04% | 1,446,914 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 165,563 SH | Aug. 19, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.04% | 12,406 SH | Oct. 23, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 279,233 SH | Oct. 23, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 78,252 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 4,241,422 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 943,404 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 534,999 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,677,357 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 437,643 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 272,518 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 8,700 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 11,833 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 197,587 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 41,467 SH | Sept. 9, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 32,200 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 11,941 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,781,484 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 9,494 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,354 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 92,403 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 383,496 SH | Sept. 11, 2026 | Daily |
IRWD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 10 analysts
BUY
Median target
$5.35
+54.6%
2 20.0%
Strong Buy
5 50.0%
Buy
3 30.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
4 analysts · 2026-10-21Mean target $6.10 +76.3%
← Below all targets
Current price $3.46
Low$3.70
Mean$6.10
High$10.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IRWD | $550M | 22.5 | -15.7% | 8.1% | -8.5% | · |
| SLDB | $445M | -2.8 | · | · | -79.5% | · |
| GYRE | $645M | 353.0 | 10.2% | 8.5% | 11.7% | · |
| CADL | $310M | -7.8 | · | · | -53.7% | · |
| FDMT | $432M | -3.1 | 230194.6% | -164.4% | -30.2% | · |
| CLYM | $191M | -4.5 | · | · | -34.6% | · |
| PBYI | $300M | 9.8 | -0.91% | 13.6% | 26.5% | · |
| MDXG | $1.00B | 21.2 | 20.0% | 11.6% | 20.5% | 82.6% |
| ETRA | · | · | · | · | · | · |
| OLMA | $2.03B | -13.4 | · | · | -39.4% | · |
| STTK | $231M | -5.2 | -82.5% | -4880.9% | -70.0% | · |
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Source: SEC 10-Q filed Aug 6, 2026