JANX Janux Therapeutics, Inc. - Common Stock
$17.30
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$12–$35
21% of range
Analyst Rating
BUY
26 analysts
Price Target
$37
+114% upside
P/E (TTM)
-9.5
ROE
-11.7%
Net Profit Margin
-1136.2%
JANX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$17.30
Market Cap
$1.04B
P/E (TTM)
-9.5
EPS (TTM)
$-1.83
Revenue (TTM)
$10M
Div Yield
—
ROE
-11.7%
Debt/Equity
—
52W Range
$12 – $35
JANX 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
$10M
2020-12-31
→
2025-12-31
EPS
$-1.83
2021-12-31
→
2025-12-31
Free Cash Flow
$-83M
2021-12-31
→
2025-12-31
Margins
-1136.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
JANX
Peer Median
P/E (TTM)
-9.5
—
P/S (TTM)
104.5
12.8
P/B
1.1
3.4
Price / FCF
-12.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
JANX
Peer Median
Operating Margin
-1576.7%
—
Net Profit Margin
-1136.2%
-294.4%
ROA
-11.0%
-31.3%
ROE
-11.7%
-38.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
JANX
Peer Median
Current Ratio
39.0
10.9
Quick Ratio
38.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
JANX
Peer Median
Revenue YoY
-5.5%
—
Revenue CAGR 3Y
5.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
JANX
Peer Median
JANX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
26 analysts
- Strong Buy 9 34.6%
- Buy 12 46.2%
- Hold 4 15.4%
- Sell 1 3.8%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-17
Median
$32.00
Mean
$37.06
Now
$17.30
Low
$14.00
High
$75.00
Median target
$32.00
+85.0%
Mean target
$37.06
+114.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.09%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.35 | $-0.39 | 0.04% |
| March 31, 2026 | $-0.39 | $-0.54 | 0.15% |
| Dec. 31, 2025 | $-0.51 | $-0.66 | 0.15% |
| Sept. 30, 2025 | $-0.39 | $-0.63 | 0.24% |
| June 30, 2025 | $-0.55 | $-0.48 | -0.07% |
| March 31, 2025 | $-0.38 | $-0.40 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| JANX | $833M | -7.5 | -5.5% | -1136.2% | -11.7% | — |
| AVTX | $336M | -3.1 | -86.6% | -132642.4% | -83.4% | — |
| ARDX | $1.42B | -22.4 | 22.1% | -15.1% | -40.2% | — |
| ODTX | — | — | — | — | — | — |
| KURA | $913M | -3.3 | 25.2% | -413.0% | -116.2% | — |
| CLYM | $191M | -4.5 | — | — | -34.6% | — |
| GERN | $845M | -10.2 | -60.2% | — | -34.4% | — |
| ANNX | $750M | -3.7 | — | — | -100.7% | — |
| SLDB | $445M | -2.8 | — | — | -79.5% | — |
| OLMA | $2.03B | -13.4 | — | — | -39.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $10M | $11M | $8M | $9M | $4M | $0 | |
| R&D Expense | $126M | $68M | $55M | $53M | $26M | $3M | |
| SG&A Expense | $42M | $41M | $26M | $22M | $10M | $2M | |
| Operating Income | $-158M | $-99M | $-73M | $-67M | $-33M | $-5M | |
| Other Non-op | $44M | $30M | $15M | $4M | $257.0K | $-2M | |
| Income Tax | $0 | $0 | $0 | · | · | · | |
| Net Income | $-114M | $-69M | $-58M | $-63M | $-33M | $-7M | |
| EPS (Basic) | $-1.83 | $-1.28 | $-1.32 | $-1.52 | $-1.39 | · | |
| EPS (Diluted) | $-1.83 | $-1.28 | $-1.32 | $-1.52 | $-1.39 | · | |
| Shares (Basic) | 61,966,999 | 53,751,480 | 44,016,283 | 41,469,631 | 23,530,252 | 233,726 | |
| Shares (Diluted) | 61,966,999 | 53,751,480 | 44,016,283 | 41,469,631 | 23,530,252 | · | |
| EBITDA | $-158M | $-99M | $-73M | $-67M | $-33M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $52M | $431M | $19M | $51M | $36M | $8M | |
| Short-term Investments | $914M | $595M | $325M | $276M | $339M | $0 | |
| Receivables | $0 | · | $0 | $0 | $0 | $8M | |
| Prepaid Expense | $9M | $8M | $5M | $5M | $2M | $249.0K | |
| Current Assets | $976M | $1.03B | $349M | $332M | $377M | $16M | |
| PP&E (Net) | $4M | $5M | $7M | $7M | $1M | $155.0K | |
| PP&E (Gross) | $11M | $10M | $10M | $8M | $2M | $176.0K | |
| Accum. Depreciation | $7M | $5M | $3M | $972.0K | $131.0K | $21.0K | |
| Other Non-current Assets | $3M | $3M | $3M | $1M | $392.0K | $0 | |
| Total Assets | $1.00B | $1.06B | $380M | $364M | $380M | $16M | |
| Accounts Payable | $5M | $4M | $2M | $2M | $2M | $428.0K | |
| Accrued Liabilities | $18M | $12M | $7M | $8M | $4M | $751.0K | |
| Current Liabilities | $25M | $17M | $13M | $17M | $13M | $3M | |
| Capital Leases | $20M | $21M | $23M | $25M | $0 | $0 | |
| Total Liabilities | $45M | $39M | $36M | $43M | $13M | $9M | |
| Common Stock | $60.0K | $59.0K | $46.0K | $42.0K | $41.0K | $1.0K | |
| Retained Earnings | $-351M | $-238M | $-169M | $-110M | $-47M | $-15M | |
| AOCI | $4M | $2M | $665.0K | $-2M | $-270.0K | $0 | |
| Stockholders' Equity | $957M | $1.02B | $344M | $321M | $366M | $-15M | |
| Liabilities + Equity | $1.00B | $1.06B | $380M | $364M | $380M | $16M | |
| Shares Outstanding | 60,384,283 | 59,064,606 | 46,252,440 | 41,616,260 | 41,243,137 | 1,046,599 |
Cash Flow 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $40M | $33M | $20M | $17M | $7M | $72.0K | |
| Deferred Tax | · | $0 | $0 | $0 | $0 | $0 | |
| Operating Cash Flow | $-82M | $-44M | $-51M | $-43M | $-17M | $-4M | |
| CapEx | $1M | $359.0K | $2M | $6M | $1M | $0 | |
| Investing Cash Flow | $-301M | $-258M | $-41M | $58M | $-341M | $0 | |
| Financing Cash Flow | $5M | $713M | $60M | $500.0K | $387M | $12M | |
| Free Cash Flow | $-83M | $-44M | $-52M | $-49M | $-18M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -1576.7% | -933.6% | -902.9% | -779.0% | -905.4% | · | |
| Net Margin | -1136.2% | -651.6% | -721.2% | -732.2% | -898.3% | · | |
| EBITDA Margin | -1576.7% | -933.6% | -902.9% | -779.0% | -905.4% | · | |
| ROA | -11.0% | -9.6% | -15.7% | -17.0% | -16.5% | · | |
| ROE | -11.7% | -8.2% | -16.8% | -19.3% | -8.8% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 39.0 | 59.2 | 26.8 | 20.1 | 29.5 | · | |
| Quick Ratio | 38.7 | 58.7 | 26.4 | 19.8 | 29.3 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | · | · | · | · | 0.9 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | -5.5% | 31.0% | -6.1% | 136.8% | · | · | |
| Revenue CAGR 3Y | 5.1% | 42.8% | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $10M | $11M | $8M | $9M | $4M | · | |
| Net Income TTM | $-114M | $-69M | $-58M | $-63M | $-33M | · | |
| Market Cap | $833M | $3.16B | $496M | $548M | $814M | · | |
| P/E | -7.5 | -41.8 | -8.1 | -8.7 | -14.2 | · | |
| P/S | 83.3 | 298.7 | 61.4 | 63.6 | 223.7 | · | |
| P/B | 0.9 | 3.1 | 1.4 | 1.7 | 2.2 | · | |
| P / Tangible Book | 0.9 | 3.1 | 1.4 | 1.7 | 2.2 | · | |
| P / Cash Flow | -10.1 | -72.2 | -9.8 | -12.8 | -47.9 | · | |
| P / FCF | -10.0 | -71.6 | -9.5 | -11.1 | -44.1 | · | |
| Earnings Yield | -13.3% | -2.4% | -12.3% | -11.5% | -7.0% | · |
Income Statement 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10M | $4M | $0 | $10M | $0 | $0 | $0 | $439.0K | $9M | $1M | $3M | $1M | $2M | $2M | $2M | $2M | |
| R&D Expense | $31M | $27M | $32M | $35M | $35M | $25M | $21M | $19M | $15M | $14M | $12M | $15M | $16M | $14M | $14M | $10M | |
| SG&A Expense | $11M | $11M | $11M | $11M | $10M | $10M | $8M | $18M | $8M | $7M | $6M | $7M | $6M | $6M | $6M | $5M | |
| Operating Income | $-32M | $-34M | $-42M | $-35M | $-45M | $-35M | $-29M | $-36M | $-14M | $-20M | $-16M | $-21M | $-20M | $-18M | $-17M | $-14M | |
| Other Non-op | $10M | $10M | $10M | $11M | $11M | $11M | $9M | $8M | $8M | $5M | $4M | $3M | $3M | $1M | $373.0K | $132.0K | |
| Net Income | $-22M | $-24M | $-32M | $-24M | $-34M | $-24M | $-20M | $-28M | $-6M | $-15M | $-12M | $-18M | $-17M | $-17M | $-17M | $-13M | |
| EPS (Basic) | $-0.35 | $-0.39 | $-0.51 | $-0.39 | $-0.55 | $-0.38 | $-0.36 | $-0.51 | $-0.11 | $-0.30 | $-0.25 | $-0.42 | $-0.42 | $-0.40 | $-0.41 | $-0.32 | |
| EPS (Diluted) | $-0.35 | $-0.39 | $-0.51 | $-0.39 | $-0.55 | $-0.38 | $-0.36 | $-0.51 | $-0.11 | $-0.30 | $-0.25 | $-0.42 | $-0.42 | $-0.40 | $-0.41 | $-0.32 | |
| Shares (Basic) | 62,937,295 | 62,665,717 | -123,750,818 | 62,023,685 | 61,902,411 | 61,791,721 | -104,378,597 | 54,628,670 | 54,451,666 | 49,049,741 | 45,708,649 | 41,836,238 | 41,763,971 | 41,526,524 | 41,448,743 | 41,315,482 | |
| Shares (Diluted) | 62,937,295 | 62,665,717 | -123,750,818 | 62,023,685 | 61,902,411 | 61,791,721 | -104,378,597 | 54,628,670 | 54,451,666 | 49,049,741 | 45,708,649 | 41,836,238 | 41,763,971 | 41,526,524 | 41,448,743 | 41,315,482 | |
| EBITDA | $-32M | $-34M | · | $-35M | $-45M | $-35M | · | $-36M | $-14M | $-20M | $-16M | $-21M | $-20M | $-18M | $-17M | $-14M |
Balance Sheet 21
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28M | $52M | $52M | $48M | $52M | $74M | $431M | $27M | $15M | $213M | $17M | $34M | $30M | $65M | $58M | $55M | |
| Short-term Investments | $943M | $905M | $914M | $941M | $944M | $940M | $595M | $631M | $632M | $439M | $333M | $270M | $287M | $274M | $296M | $306M | |
| Receivables | $149.0K | $35M | · | · | · | · | · | · | $8M | $519.0K | $0 | $0 | $750.0K | $500.0K | $0 | $0 | |
| Prepaid Expense | $12M | $11M | $9M | $9M | $10M | $9M | $8M | $8M | $8M | $6M | $5M | $6M | $4M | $5M | $4M | $3M | |
| Current Assets | $983M | $1.00B | $976M | $998M | $1.01B | $1.02B | $1.03B | $666M | $662M | $659M | $355M | $309M | $321M | $344M | $358M | $365M | |
| PP&E (Net) | $3M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $6M | $7M | $7M | $7M | $7M | $7M | $4M | $3M | |
| PP&E (Gross) | $11M | $11M | $11M | $11M | $11M | $10M | $10M | $10M | $10M | $10M | $10M | $9M | $9M | $7M | $4M | $3M | |
| Accum. Depreciation | $8M | $7M | $7M | $6M | $6M | $5M | $5M | $4M | $4M | $3M | $2M | $2M | $1M | $567.0K | $320.0K | $212.0K | |
| Other Non-current Assets | $3M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | $207.0K | $337.0K | |
| Total Assets | $1.01B | $1.03B | $1.00B | $1.02B | $1.03B | $1.05B | $1.06B | $695M | $691M | $689M | $387M | $342M | $353M | $376M | $385M | $369M | |
| Accounts Payable | $3M | $3M | $5M | $3M | $3M | $2M | $4M | $2M | $1M | $2M | $3M | $2M | $2M | $3M | $3M | $2M | |
| Accrued Liabilities | $20M | $15M | $18M | $22M | $16M | $13M | $12M | $13M | $9M | $6M | $7M | $9M | $8M | $7M | $4M | $5M | |
| Current Liabilities | $60M | $59M | $25M | $28M | $21M | $18M | $17M | $17M | $12M | $11M | $14M | $18M | $16M | $16M | $13M | $13M | |
| Capital Leases | $18M | $19M | $20M | $20M | $20M | $21M | $21M | $22M | $22M | $23M | $23M | $24M | $24M | $24M | $23M | $0 | |
| Total Liabilities | $80M | $87M | $45M | $48M | $42M | $38M | $39M | $39M | $34M | $33M | $38M | $42M | $42M | $44M | $42M | $13M | |
| Common Stock | $61.0K | $60.0K | $60.0K | $60.0K | $59.0K | $59.0K | $59.0K | $52.0K | $52.0K | $51.0K | $46.0K | $42.0K | $42.0K | $42.0K | $42.0K | $41.0K | |
| Retained Earnings | $-398M | $-376M | $-351M | $-319M | $-295M | $-261M | $-238M | $-218M | $-189M | $-184M | $-157M | $-145M | $-128M | $-94M | $-78M | $-61M | |
| AOCI | $-2M | $576.0K | $4M | $5M | $4M | $4M | $2M | $8M | $-2M | $-524.0K | $-1M | $-1M | $-739.0K | $-2M | $-2M | $-2M | |
| Stockholders' Equity | $928M | $942M | $957M | $977M | $991M | $1.01B | $1.02B | $656M | $658M | $656M | $349M | $299M | $311M | $332M | $344M | $356M | |
| Liabilities + Equity | $1.01B | $1.03B | $1.00B | $1.02B | $1.03B | $1.05B | $1.06B | $695M | $691M | $689M | $387M | $342M | $353M | $376M | $385M | $369M | |
| Shares Outstanding | 61,077,980 | 60,865,458 | 60,384,283 | 60,123,602 | 59,297,814 | 59,168,490 | 59,064,606 | 52,337,239 | 52,162,215 | 51,840,571 | 46,151,427 | 41,867,536 | 41,802,807 | 41,550,704 | 41,501,269 | 41,393,660 |
Cash Flow 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $9M | $9M | $10M | $9M | $11M | $11M | $6M | $15M | $6M | $6M | $5M | $6M | $5M | $5M | $4M | $4M | |
| Operating Cash Flow | $12M | $-12M | $-29M | $-13M | $-24M | $-17M | $-17M | $-2M | $-10M | $-15M | $-12M | $-15M | $-14M | $-13M | $-6M | $-12M | |
| CapEx | $202.0K | $273.0K | $106.0K | $93.0K | $473.0K | $371.0K | $42.0K | $25.0K | $95.0K | $197.0K | $470.0K | $580.0K | $285.0K | $3M | $898.0K | $971.0K | |
| Investing Cash Flow | $-39M | $8M | $30M | $8M | $2M | $-340M | $34M | $13M | $-191M | $-114M | $-61M | $18M | $-9M | $20M | $9M | $31M | |
| Financing Cash Flow | $2M | $4M | $3M | $493.0K | $954.0K | $554.0K | $387M | $2M | $3M | $322M | $57M | $528.0K | $2M | $0 | $308.0K | $1.0K | |
| Free Cash Flow | · | $-13M | · | · | · | $-17M | · | · | · | $-15M | · | · | $-14M | · | · | $-12M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -308.7% | -916.5% | · | -352.5% | · | · | · | -8164.5% | -155.4% | -1610.3% | -628.2% | -1962.9% | -990.3% | -994.0% | -729.9% | -852.2% | |
| Net Margin | -214.0% | -652.6% | · | -243.1% | · | · | · | -6391.6% | -67.0% | -1178.9% | -459.6% | -1656.4% | -852.5% | -920.9% | -714.1% | -843.9% | |
| EBITDA Margin | -308.7% | -916.5% | · | -352.5% | · | · | · | -8164.5% | -155.4% | -1610.3% | -628.2% | -1962.9% | -990.3% | -994.0% | -729.9% | -852.2% | |
| ROA | -2.1% | -2.3% | · | -2.8% | -3.9% | -2.7% | · | -5.2% | -1.1% | -2.8% | -3.0% | -4.8% | -4.8% | -4.3% | -4.3% | -7.3% | |
| ROE | -2.3% | -2.5% | · | -3.0% | -4.1% | -2.8% | · | -5.6% | -1.2% | -3.0% | -3.4% | -5.4% | -5.2% | -4.7% | -4.6% | -7.5% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 16.3 | 17.0 | · | 35.9 | 47.0 | 58.5 | · | 38.8 | 57.3 | 62.1 | 24.5 | 17.3 | 19.9 | 21.1 | 27.6 | 29.1 | |
| Quick Ratio | 16.1 | 16.8 | · | 35.5 | 46.6 | 57.9 | · | 38.3 | 56.6 | 61.5 | 24.2 | 16.9 | 19.7 | 20.8 | 27.3 | 28.9 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | 2.7 | 0.2 | · | · | · | · | · | · | 2.4 | 2.0 | 10.1 | · | 5.5 | 7.3 | 12.6 | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $24M | $14M | · | $10M | $9M | $11M | · | $13M | $14M | $7M | $7M | $7M | $8M | $7M | $6M | $4M | |
| Net Income TTM | $-105M | $-106M | · | $-110M | $-91M | $-72M | · | $-60M | $-50M | $-61M | $-63M | $-69M | $-64M | $-58M | $-47M | $-33M | |
| Market Cap | $938M | $846M | · | $1.47B | $1.37B | $1.60B | · | $2.38B | $2.19B | $1.95B | $465M | $497M | $506M | $563M | $507M | $594M | |
| P/E | -9.1 | -8.1 | · | -13.4 | -14.9 | -20.8 | · | -38.8 | -38.8 | -27.1 | -6.8 | -7.2 | -7.8 | -9.7 | -7.6 | · | |
| P/S | 39.1 | 61.6 | · | 140.8 | 146.7 | 150.9 | · | 181.4 | 159.2 | 283.9 | 62.6 | 68.2 | 64.7 | 81.2 | 90.6 | 164.4 | |
| P/B | 1.0 | 0.9 | · | 1.5 | 1.4 | 1.6 | · | 3.6 | 3.3 | 3.0 | 1.3 | 1.7 | 1.6 | 1.7 | 1.5 | 1.7 | |
| P / Tangible Book | 1.0 | 0.9 | · | 1.5 | 1.4 | 1.6 | · | 3.6 | 3.3 | 3.0 | 1.3 | 1.7 | 1.6 | 1.7 | 1.5 | 1.7 | |
| P / Cash Flow | · | -68.6 | · | · | · | -93.8 | · | · | · | -131.5 | · | · | -36.4 | · | · | -51.5 | |
| P / FCF | · | -67.1 | · | · | · | -91.8 | · | · | · | -129.8 | · | · | -35.6 | · | · | -47.5 | |
| Earnings Yield | -10.9% | -12.3% | · | -7.5% | -6.7% | -4.8% | · | -2.6% | -2.6% | -3.7% | -14.8% | -13.9% | -12.8% | -10.3% | -13.2% | · |
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 | $10M | $11M | $8M | $9M | $4M |
| Operating Margin % | -1576.7% | -933.6% | -902.9% | -779.0% | -905.4% |
| Net Income | $-114M | $-69M | $-58M | $-63M | $-33M |
| Diluted EPS | $-1.83 | $-1.28 | $-1.32 | $-1.52 | $-1.39 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 39.0 | 59.2 | 26.8 | 20.1 | 29.5 |
| Quick Ratio | 38.7 | 58.7 | 26.4 | 19.8 | 29.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-83M | $-44M | $-52M | $-49M | $-18M |
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Institutional owners (13F) 216 filers · $815.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 46 (+5 vs prior Q) | 28 (0 vs prior Q) | 77 (+9 vs prior Q) | 47 (-5 vs prior Q) | +785K |
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. | $171,873,684 | 11,189,693 | 21.08% | Shares |
| Prosight Management, LP | $58,436,828 | 3,804,481 | 7.17% | Shares |
| JANUS HENDERSON GROUP PLC | $57,850,010 | 4,165,432 | 7.10% | Shares |
| STATE STREET CORP | $46,155,249 | 3,004,899 | 5.66% | Shares |
| VANGUARD GROUP INC | $35,180,174 | 2,549,288 | 4.32% | Shares |
| Point72 Asset Management, L.P. | $30,625,336 | 1,993,837 | 3.76% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,528,911 | 1,857,351 | 3.50% | Shares |
| TCG Crossover Management, LLC | $27,488,517 | 1,789,617 | 3.37% | Shares |
| Alyeska Investment Group, L.P. | $25,300,070 | 1,647,140 | 3.10% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $20,439,706 | 1,330,710 | 2.51% | Shares |
| TWO SIGMA INVESTMENTS, LP | $18,543,360 | 1,207,250 | 2.27% | Shares |
| FMR LLC | $18,439,419 | 1,200,483 | 2.26% | Shares |
| ALGERT GLOBAL LLC | $17,063,255 | 1,110,889 | 2.09% | Shares |
| D. E. Shaw & Co., Inc. | $16,842,378 | 1,096,509 | 2.07% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $16,009,820 | 1,042,306 | 1.96% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $15,824,854 | 1,030,000 | 1.94% | Shares |
| GOLDMAN SACHS GROUP INC | $12,850,084 | 836,594 | 1.58% | Shares |
| Nantahala Capital Management, LLC | $12,440,279 | 809,914 | 1.53% | Shares |
| BANK OF AMERICA CORP /DE/ | $11,710,018 | 762,371 | 1.44% | Shares |
| Qube Research & Technologies Ltd | $10,783,596 | 702,057 | 1.32% | Shares |
| Squarepoint Ops LLC | $8,176,451 | 532,321 | 1.00% | Shares |
| ORBIMED ADVISORS LLC | $8,059,392 | 524,700 | 0.99% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,749,796 | 504,544 | 0.95% | Shares |
| ADAR1 Capital Management, LLC | $6,464,732 | 420,881 | 0.79% | Shares |
| Cubist Systematic Strategies, LLC | $6,293,960 | 257,527 | 0.77% | Shares |
| Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. | $5,782,979 | 376,496 | 0.71% | Shares |
| Woodline Partners LP | $5,683,692 | 370,032 | 0.70% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,670,774 | 369,191 | 0.70% | Shares |
| Rock Springs Capital Management LP | $5,637,258 | 367,009 | 0.69% | Shares |
| Jump Financial, LLC | $5,555,174 | 361,665 | 0.68% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $5,393,265 | 351,124 | 0.66% | Shares |
| BlackRock, Inc. | $5,070,812 | 330,131 | 0.62% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,842,563 | 315,271 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $4,480,497 | 291,699 | 0.55% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $4,133,576 | 269,113 | 0.51% | Shares |
| Man Group plc | $3,821,583 | 248,801 | 0.47% | Shares |
| Balyasny Asset Management L.P. | $3,250,714 | 211,635 | 0.40% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,219,348 | 209,593 | 0.39% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,018,040 | 196,487 | 0.37% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,403,840 | 156,500 | 0.29% | Put option |
| BML Capital Management, LLC | $2,380,201 | 154,961 | 0.29% | Shares |
| Springhill Fund Asset Management (HK) Co Ltd | $2,119,500 | 78,500 | 0.26% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,018,565 | 131,417 | 0.25% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,744,896 | 113,600 | 0.21% | Call option |
| FEDERATED HERMES, INC. | $1,719,537 | 111,949 | 0.21% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,566,289 | 101,972 | 0.19% | Shares |
| Rangeley Capital, LLC | $1,504,942 | 97,978 | 0.18% | Shares |
| TWO SIGMA ADVISERS, LP | $1,436,580 | 104,100 | 0.18% | Shares |
| WINTON GROUP Ltd | $1,387,008 | 90,300 | 0.17% | Shares |
| AVALON VENTURES MANAGEMENT, LLC | $1,302,652 | 53,300 | 0.16% | Shares |
| Swiss National Bank | $1,218,048 | 79,300 | 0.15% | Shares |
| XTX Topco Ltd | $1,186,299 | 77,233 | 0.15% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $1,177,000 | 76,601 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $1,167,252 | 75,993 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $1,165,824 | 75,900 | 0.14% | Call option |
| Quantinno Capital Management LP | $1,078,840 | 70,237 | 0.13% | Shares |
| CITIGROUP INC | $1,040,486 | 67,740 | 0.13% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $1,038,490 | 67,610 | 0.13% | Shares |
| Trexquant Investment LP | $973,133 | 63,355 | 0.12% | Shares |
| Walleye Capital LLC | $957,512 | 62,338 | 0.12% | Shares |
| Raiffeisen Bank International AG | $919,500 | 60,000 | 0.11% | Shares |
| BARCLAYS PLC | $899,528 | 58,563 | 0.11% | Shares |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P | $860,160 | 56,000 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $848,184 | 55,221 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $847,344 | 60,960 | 0.10% | Shares |
| Rafferty Asset Management, LLC | $823,419 | 53,608 | 0.10% | Shares |
| Bank of New York Mellon Corp | $780,595 | 50,820 | 0.10% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $749,169 | 48,774 | 0.09% | Shares |
| HighVista Strategies LLC | $743,056 | 48,376 | 0.09% | Shares |
| AXQ CAPITAL, LP | $729,723 | 47,508 | 0.09% | Shares |
| AMERICAN CENTURY COMPANIES INC | $713,871 | 46,476 | 0.09% | Shares |
| Engineers Gate Manager LP | $696,008 | 45,313 | 0.09% | Shares |
| HSBC HOLDINGS PLC | $686,212 | 44,101 | 0.08% | Shares |
| DEUTSCHE BANK AG\ | $664,750 | 43,278 | 0.08% | Shares |
| Jain Global LLC | $636,349 | 41,429 | 0.08% | Shares |
| Verdad Advisers, LP | $620,329 | 40,386 | 0.08% | Shares |
| Schonfeld Strategic Advisors LLC | $616,871 | 40,161 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $589,824 | 38,400 | 0.07% | Call option |
| FRANKLIN RESOURCES INC | $577,060 | 37,569 | 0.07% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $514,314 | 37,001 | 0.06% | Shares |
| TEMA ETFS LLC | $511,870 | 37,092 | 0.06% | Shares |
| MARSHALL WACE, LLP | $502,794 | 32,734 | 0.06% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $475,807 | 30,977 | 0.06% | Shares |
| Hudson Bay Capital Management LP | $460,800 | 30,000 | 0.06% | Shares |
| Walleye Capital LLC | $459,264 | 29,900 | 0.06% | Call option |
| CenterBook Partners LP | $437,791 | 28,502 | 0.05% | Shares |
| TUDOR INVESTMENT CORP ET AL | $431,155 | 28,070 | 0.05% | Shares |
| PROFUND ADVISORS LLC | $414,305 | 26,973 | 0.05% | Shares |
| Entropy Technologies, LP | $411,571 | 26,795 | 0.05% | Shares |
| MetLife Investment Management, LLC | $399,836 | 26,031 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $394,752 | 25,700 | 0.05% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $375,383 | 24,439 | 0.05% | Shares |
| Virtus Investment Advisers, LLC | $370,637 | 24,130 | 0.05% | Shares |
| Point72 (DIFC) Ltd | $370,046 | 15,141 | 0.05% | Shares |
| Aigen Investment Management, LP | $350,838 | 22,841 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $305,818 | 19,910 | 0.04% | Shares |
| Bleakley Financial Group, LLC | $305,649 | 19,899 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $303,805 | 19,779 | 0.04% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $302,362 | 19,685 | 0.04% | Shares |
| Lion Point Capital, LP | $291,840 | 19,000 | 0.04% | Shares |
Company insiders 21 insiders · 9 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David Alan Campbell | President and CEO | July 31, 2026 G | 264,742 | 0 | 0 | $0 |
| Tighe Reardon | Acting Chief Financial Officer | Jan. 2, 2024 A | 849,854 | 0 | 0 | $0 |
| Janeen Noel Doyle | Chief Corp. & Bus. Dev. Ofcr | June 2, 2026 S | 75,941 | 0 | 1 | $-56,944 |
| Thomas Diraimondo | Chief Scientific Officer | Jan. 2, 2024 A | — | 0 | 0 | $0 |
| Charles M. Winter | Chief Technical Officer | Jan. 2, 2024 A | — | 0 | 0 | $0 |
| Byron Robinson | Chief Strategy Officer | Jan. 2, 2024 A | — | 0 | 0 | $0 |
| Andrew Hollman Meyer | Chief Business Officer | Jan. 2, 2024 A | — | 0 | 0 | $0 |
| Wayne Godfrey | Chief Medical Officer | Jan. 3, 2023 A | — | 0 | 0 | $0 |
| Shahram Salek-Ardakani | Chief Scientific Officer | Jan. 3, 2022 A | — | 0 | 0 | $0 |
| Jake Simson | Director | June 11, 2026 A | 11,750 | 0 | 0 | $0 |
| Natasha Hernday | Director | June 11, 2026 A | 15,481 | 0 | 0 | $0 |
| Winston Kung | Director | June 11, 2026 A | 11,750 | 0 | 0 | $0 |
| Ronald W Barrett | Director | June 11, 2026 A | 11,750 | 0 | 0 | $0 |
| Vickie L Capps | Director | June 11, 2026 A | 79,598 | 0 | 0 | $0 |
| Eric Dobmeier | Director | June 11, 2026 A | 15,481 | 0 | 0 | $0 |
| Jay Lichter | Director | Nov. 13, 2023 P | 849,854 | 0 | 0 | $0 |
| Alana B. Mcnulty | Director | June 14, 2023 A | — | 0 | 0 | $0 |
| Sheila Gujrathi | Director | June 14, 2023 A | — | 0 | 0 | $0 |
| Stefan Heller | Director | June 14, 2022 A | — | 0 | 0 | $0 |
| Peter A. Thompson | Director | June 14, 2022 A | 231,098 | 0 | 0 | $0 |
| Bregua Corp | 10% owner | June 15, 2021 C | 3,749,250 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
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 |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×5 filings | March 10, 2025 | 19.90% | Amendment | — | SEC |
| Avalon Ventures XI, L.P., Avalon BioVentures SPV I, L.P., Avalon BioVentures I, LP, Avalon Ventures XI GP LLC, ABV SPV I GP LLC, Avalon BioVentures GP, LLC, Kevin Kinsella, Richard Levandov, Braden Bohrmann, Jay Lichter, Ph.D., Tighe Reardon, Sergio G. Duron, Ph.D., Sanford Madigan, Ph.D. ×6 filings | Nov. 8, 2024 | — | Initial filing | — | SEC |
| OrbiMed Advisors LLC, OrbiMed Capital GP VIII LLC, OrbiMed Genesis GP LLC, OrbiMed Capital LLC ×3 filings | Aug. 9, 2024 | — | Initial filing | — | SEC |
| Avalon Ventures XI, L.P. (“Avalon Ventures”), Avalon BioVentures SPV I, L.P. (“ABV SPV”), Avalon Bioventures I, LP (“ABV I”), Avalon Ventures XI GP LLC (“Avalon XI GP”), ABV SPV I GP LLC (“ABV SPV GP”), Avalon BioVentures GP, LLC (“ABV GP”), Kevin Kinsella (“Kinsella”), Richard Levandov (“Levandov”), Braden Bohrmann (“Bohrmann”), Jay Lichter, Ph.D. (“Lichter”), Tighe Reardon (“Reardon”), Sergio Duron (“Duron”), Sanford Madigan, Ph.D. (“Madigan”) ×2 filings | Nov. 16, 2023 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 41 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 | 1.01% | 124,166 SH | Aug. 8, 2026 | Daily |
| BBC · ETFis Series Trust I | 0.69% | 18,038 NS | April 30, 2026 | N-PORT |
| CANC · Tema ETF Trust | 0.43% | 51,522 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 0.42% | 11,754 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.33% | 62,348 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.23% | 81,512 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.12% | 2,106 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.07% | 423,011 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.07% | 3,319 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.04% | 2,251 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.04% | 401,400 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.04% | 37,644 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.03% | 14,865 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.02% | 9,972 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 1,104,928 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.02% | 53,265 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 248,060 SH | Aug. 8, 2026 | Daily |
| TECB · iShares Trust | 0.02% | 5,624 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 18,584 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 31,889 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.02% | 2,017 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 28,040 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 229,332 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 2,013 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 552,164 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 117,899 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 1,578 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 17,660 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,594 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 62,209 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,543 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 1,318 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,827 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 40 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 68,791 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 13,511 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 27,817 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 154 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 696 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,263,837 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,110 SH | Aug. 8, 2026 | Daily |