JBIO Jade Biosciences, Inc. - Common Stock
$21.78
Price · Aug 25, 2026
Fundamentals as of Aug 10, 2026
52W Range
$7–$28
71% of range
Analyst Rating
STRONG BUY
17 analysts
Price Target
$50
+130% upside
P/E (TTM)
-6.8
ROE
-47.7%
Net Profit Margin
—
JBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$21.78
Market Cap
$1.07B
P/E (TTM)
-6.8
EPS (TTM)
$-3.19
Revenue (TTM)
—
Div Yield
—
ROE
-47.7%
Debt/Equity
—
52W Range
$7 – $28
JBIO 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
—
EPS
$-3.19
2021-12-31
→
2025-12-31
Free Cash Flow
$-95M
2021-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
JBIO
Peer Median
P/E (TTM)
-6.8
—
P/B
3.2
2.7
Price / FCF
-11.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
JBIO
Peer Median
ROA
-60.3%
-43.1%
ROE
-47.7%
-49.0%
ROIC
-34.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
JBIO
Peer Median
Current Ratio
21.1
9.0
Quick Ratio
20.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
JBIO
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
JBIO
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| April 29, 2025 | $2.4000 |
JBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 8 47.1%
- Buy 8 47.1%
- Hold 1 5.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-21
Median
$47.00
Mean
$50.12
← Below all targets
$21.78
Low
$40.00
High
$77.00
Median target
$47.00
+115.8%
Mean target
$50.12
+130.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
1.0%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.57 | $-0.49 | -0.08% |
| Dec. 31, 2025 | $-0.59 | $-0.48 | -0.11% |
| Sept. 30, 2025 | $-0.48 | $-0.69 | 0.21% |
| June 30, 2025 | $-0.86 | $-0.44 | -0.42% |
| March 31, 2025 | $-3.15 | $-8.57 | 5.4% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| JBIO | $761M | -4.8 | — | — | -47.7% | — |
| REPL | $633M | -2.3 | — | — | -146.2% | — |
| ORIC | $806M | -5.6 | — | — | -36.5% | — |
| AKTS | — | — | — | — | — | — |
| MGTX | $645M | -5.6 | 144.6% | -140.3% | 8062.2% | — |
| MNKD | $1.75B | 283.5 | 22.2% | 1.7% | -11.1% | — |
| ODTX | — | — | — | — | — | — |
| GLUE | $1.03B | — | 63.5% | -31.2% | -15.4% | — |
| CRVS | $575M | -14.5 | — | — | -21.6% | — |
| SANA | $1.09B | -4.2 | — | — | -172.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| R&D Expense | $93M | $53M | $64M | $39M | $15M | $8M | |
| SG&A Expense | $20M | $21M | $17M | $15M | $8M | $949.0K | |
| Operating Expenses | $114M | $75M | $81M | $53M | $23M | $9M | |
| Operating Income | $-114M | $-75M | $-81M | $-53M | $-23M | $-9M | |
| Interest Expense | · | · | · | · | · | $75.0K | |
| Other Non-op | $-8.0K | $-19.0K | $-1.0K | $2M | $62.0K | $-722.0K | |
| Pretax Income | $-127M | $-70M | $-75M | $-51M | $-23M | $-10M | |
| Income Tax | $58.0K | $55.0K | $56.0K | $25.0K | $3.0K | · | |
| Net Income | $-127M | $-70M | $-76M | $-52M | $-23M | $-10M | |
| EPS (Basic) | $-3.19 | $-2.44 | $-2.87 | $-2.10 | $-1.87 | · | |
| EPS (Diluted) | $-3.19 | $-2.44 | $-2.87 | $-2.10 | $-1.87 | · | |
| Shares (Basic) | 31,359,958 | 28,582,194 | 26,331,630 | 24,472,104 | 12,293,629 | · | |
| Shares (Diluted) | 31,359,958 | 28,582,194 | 26,331,630 | 24,472,104 | 12,293,629 | · | |
| EBITDA | $-114M | $-75M | $-81M | $-53M | $-23M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88M | $69M | $23M | $22M | $54M | $5M | |
| Short-term Investments | $248M | $0 | $99M | $107M | $113M | · | |
| Prepaid Expense | $13M | $268.0K | $2M | $2M | $7M | $103.0K | |
| Current Assets | $349M | $70M | $124M | $131M | $174M | $5M | |
| PP&E (Net) | $170.0K | · | $288.0K | $242.0K | $186.0K | $39.0K | |
| PP&E (Gross) | · | · | · | · | · | $40.0K | |
| Accum. Depreciation | · | · | · | · | · | $1.0K | |
| Other Non-current Assets | $69.0K | $3M | $2M | $3M | $302.0K | · | |
| Total Assets | $350M | $73M | $127M | $135M | $175M | $5M | |
| Accounts Payable | $2M | $1M | $2M | $3M | $1M | $618.0K | |
| Accrued Liabilities | $9M | $4M | · | · | · | · | |
| Current Liabilities | $17M | $12M | $18M | $8M | $3M | $2M | |
| Capital Leases | $724.0K | $0 | $255.0K | $705.0K | $382.0K | · | |
| Total Liabilities | $17M | $120M | $18M | $9M | $3M | $2M | |
| Common Stock | $5.0K | $1.0K | $3.0K | $2.0K | $2.0K | · | |
| Paid-in Capital | $507M | $179.0K | $273M | $215M | $209M | $63.0K | |
| Retained Earnings | $-174M | $-47M | $-163M | $-88M | $-36M | $-13M | |
| AOCI | $129.0K | $0 | $237.0K | $-466.0K | $-59.0K | · | |
| Stockholders' Equity | $333M | $-47M | $109M | $127M | $172M | $-13M | |
| Liabilities + Equity | $350M | $73M | $127M | $135M | $175M | $5M | |
| Shares Outstanding | 49,316,287 | 3,672,794 | 27,762,703 | 24,722,974 | 24,410,393 | 243,076 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $20M | $11M | $12M | $5M | $2M | $58.0K | |
| Deferred Tax | $-44.0K | · | · | · | · | · | |
| Operating Cash Flow | $-95M | $-71M | $-57M | $-39M | $-27M | $-8M | |
| CapEx | $196.0K | · | $142.0K | $195.0K | $181.0K | · | |
| Investing Cash Flow | $-247M | $56M | $12M | $7M | $-113M | · | |
| Stock Issued | · | $24M | $45M | · | $127M | · | |
| Net Stock Activity | · | $24M | $45M | · | $127M | · | |
| Financing Cash Flow | $361M | $25M | $46M | $396.0K | $190M | $9M | |
| Net Change in Cash | $19M | $10M | $1M | $-32M | $50M | $1M | |
| Free Cash Flow | $-95M | · | $-57M | $-39M | $-28M | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | -60.3% | -67.0% | -57.5% | -33.2% | -25.5% | · | |
| ROE | -47.7% | -233.8% | -64.2% | -38.8% | -13.0% | · | |
| ROIC | -34.2% | -97.7% | -74.4% | -42.0% | -13.4% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 21.1 | 20.9 | 7.0 | 16.9 | 68.4 | · | |
| Quick Ratio | 20.3 | 20.5 | 6.9 | 16.6 | 65.6 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-127M | $-70M | $-76M | $-52M | $-23M | · | |
| Market Cap | $761M | $2.69B | $21.99B | $25.35B | $10.07B | · | |
| P/E | -4.8 | -38.0 | -276.0 | -488.3 | -220.7 | · | |
| P/B | 2.3 | 35.2 | 200.9 | 200.0 | 58.4 | · | |
| P / Tangible Book | 2.3 | · | 200.9 | 200.0 | 58.4 | · | |
| P / Cash Flow | -8.0 | -37.8 | -387.3 | -648.1 | -367.6 | · | |
| P / FCF | -8.0 | · | -386.3 | -644.8 | -365.2 | · | |
| Earnings Yield | -20.7% | -2.6% | -0.36% | -0.20% | -0.45% | · |
Income Statement 13
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $50M | $36M | $29M | $22M | $23M | $20M | $-2M | $14M | $21M | $20M | $18M | $17M | $16M | $13M | $12M | $11M | |
| SG&A Expense | $9M | $7M | $6M | $5M | $5M | $3M | $11M | $1M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $3M | |
| Operating Expenses | $59M | $43M | $55M | $27M | $28M | $23M | $9M | $15M | $26M | $25M | $22M | $21M | $20M | $18M | $16M | $14M | |
| Operating Income | $-59M | $-43M | $-55M | $-27M | $-28M | $-23M | $-9M | $-15M | $-26M | $-25M | $-22M | $-21M | $-20M | $-18M | $-16M | $-14M | |
| Other Non-op | $-62.0K | $-9.0K | $4M | $-28.0K | $0 | $0 | $-1M | $0 | $1M | $-3.0K | $-2M | $1.0K | $1M | $1M | $2M | $4.0K | |
| Pretax Income | $-56M | $-40M | · | · | $-32M | $-38M | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $15.0K | $16.0K | $58.0K | $0 | $0 | · | · | $0 | · | · | · | · | · | · | · | · | |
| Net Income | $-56M | $-40M | $-32M | $-25M | $-32M | $-38M | $-5M | $-16M | $-25M | $-23M | $-20M | $-20M | $-19M | $-17M | $-15M | $-14M | |
| EPS (Basic) | $-0.76 | $-0.57 | $-1.76 | $-0.48 | $-0.86 | $-12.10 | $4.41 | $-5.16 | $-0.86 | $-0.83 | $-0.73 | $-0.71 | $-0.76 | $-0.67 | $-0.60 | $-0.56 | |
| EPS (Diluted) | $-0.76 | $-0.57 | $-1.76 | $-0.48 | $-0.86 | $-12.10 | $4.41 | $-5.16 | $-0.86 | $-0.83 | $-0.73 | $-0.71 | $-0.76 | $-0.67 | $-0.60 | $-0.56 | |
| Shares (Basic) | 61,050,775 | 57,777,165 | -65,640,708 | 39,584,489 | 28,431,158 | 3,155,500 | -31,125,176 | 3,155,500 | 28,756,043 | 27,795,827 | -51,253,264 | 27,640,542 | 25,166,505 | 24,777,847 | -48,803,578 | 24,454,786 | |
| Shares (Diluted) | 61,050,775 | 57,777,165 | -65,640,708 | 39,584,489 | 28,431,158 | 3,155,500 | -31,125,176 | 3,155,500 | 28,756,043 | 27,795,827 | -51,253,264 | 27,640,542 | 25,166,505 | 24,777,847 | -48,803,578 | 24,454,786 | |
| EBITDA | $-59M | $-43M | · | $-27M | $-28M | $-3M | · | $-17M | $-26M | $-25M | · | $-21M | $-20M | $-18M | · | $-14M |
Balance Sheet 19
| 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 | $107M | $55M | $88M | $50M | $221M | $44M | $34M | $31M | $31M | $9M | $23M | $32M | $61M | $27M | $22M | $22M | |
| Short-term Investments | $354M | $256M | $248M | $149M | · | $32M | $45M | $58M | $73M | $90M | $99M | $103M | $89M | $92M | $107M | $120M | |
| Prepaid Expense | $10M | $7M | $13M | $2M | $2M | $1M | $1M | $2M | $7M | $4M | $2M | $2M | $2M | $2M | $2M | $3M | |
| Current Assets | $471M | $319M | $349M | $201M | $223M | $77M | $80M | $91M | $111M | $103M | $124M | $138M | $152M | $121M | $131M | $145M | |
| PP&E (Net) | $144.0K | $157.0K | $170.0K | $176.0K | $147.0K | $2.0K | $6.0K | $14.0K | $232.0K | $260.0K | $288.0K | $316.0K | $245.0K | $267.0K | $242.0K | $330.0K | |
| Other Non-current Assets | $69.0K | $69.0K | $69.0K | $174.0K | $60.0K | · | · | $81.0K | $81.0K | $3M | $2M | $2M | $2M | $3M | $3M | $1M | |
| Total Assets | $472M | $319M | $350M | $202M | $224M | $78M | $80M | $91M | $112M | $107M | $127M | $141M | $156M | $124M | $135M | $148M | |
| Accounts Payable | $7M | $4M | $2M | $1M | $8M | $69.0K | $224.0K | $908.0K | $4M | $3M | $2M | $4M | $6M | $5M | $3M | $5M | |
| Accrued Liabilities | $15M | $15M | $9M | $14M | $8M | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $32M | $22M | $17M | $22M | $22M | $2M | $4M | $10M | $17M | $16M | $18M | $15M | $13M | $11M | $8M | $8M | |
| Capital Leases | $628.0K | $679.0K | $724.0K | $747.0K | $792.0K | · | · | $81.0K | $206.0K | $329.0K | $255.0K | $358.0K | $476.0K | $591.0K | $705.0K | $800.0K | |
| Total Liabilities | $32M | $23M | $17M | $23M | $22M | $2M | $4M | $10M | $17M | $16M | $18M | $15M | $14M | $11M | $9M | $9M | |
| Common Stock | $6.0K | $5.0K | $5.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $2.0K | $2.0K | $2.0K | |
| Paid-in Capital | $711M | $512M | $507M | $322M | $319M | $311M | $309M | $308M | $306M | $278M | $273M | $269M | $266M | $218M | $215M | $213M | |
| Retained Earnings | $-271M | $-215M | $-174M | $-142M | $-117M | $-236M | $-233M | $-228M | $-211M | $-187M | $-163M | $-143M | $-123M | $-104M | $-88M | $-73M | |
| AOCI | $-660.0K | $-342.0K | $129.0K | $29.0K | $-24.0K | $50.0K | $105.0K | $224.0K | $-83.0K | $-33.0K | $237.0K | $-195.0K | $-223.0K | $-201.0K | $-466.0K | $-771.0K | |
| Stockholders' Equity | $440M | $296M | $333M | $179M | $202M | $75M | $76M | $80M | $94M | $91M | $109M | $126M | $142M | $113M | $127M | $139M | |
| Liabilities + Equity | $472M | $319M | $350M | $202M | $224M | $78M | $80M | $91M | $112M | $107M | $127M | $141M | $156M | $124M | $135M | $148M | |
| Shares Outstanding | 63,556,065 | 49,345,967 | 49,316,287 | 32,626,730 | 32,626,730 | 28,985,019 | 28,985,019 | 28,867,711 | 28,854,750 | 27,898,761 | 27,762,703 | 27,653,187 | 27,601,098 | 24,816,940 | 24,722,974 | 24,506,390 |
Cash Flow 8
| 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 | $14M | $7M | $11M | $4M | $4M | $2M | $3M | $27.0K | $4M | $4M | $3M | $3M | $3M | $2M | $2M | $1M | |
| Operating Cash Flow | $-44M | $-24M | $-34M | $-22M | $-37M | $-19M | $-11M | $-7M | $-20M | $-24M | $-15M | $-16M | $-15M | $-11M | $-15M | $-10M | |
| CapEx | · | · | $3.0K | $57.0K | · | · | · | · | · | · | $64.0K | $32.0K | $30.0K | $16.0K | $4.0K | $33.0K | |
| Investing Cash Flow | $-98M | $-8M | $-98M | $-149M | $-13M | $13M | $13M | $0 | $18M | $9M | $6M | $-13M | $4M | $15M | $14M | $5M | |
| Stock Issued | · | · | · | · | · | · | $307.0K | $0 | · | · | $0 | $0 | · | · | · | · | |
| Financing Cash Flow | $194M | $-795.0K | $170M | $0 | $191M | $-700.0K | $554.0K | $95M | $24M | $471.0K | $463.0K | $20.0K | $45M | $223.0K | $357.0K | $37.0K | |
| Net Change in Cash | $52M | $-33M | $38M | $-171M | $141M | $-19M | $3M | $88M | $22M | $-14M | $-9M | $-29M | $34M | $4M | $-22.0K | $-5M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $-11M | · | · |
Profitability 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -16.0% | -20.3% | · | -17.2% | -19.1% | -2.7% | · | -14.0% | -18.5% | -20.1% | · | -13.6% | -12.2% | -11.3% | · | -8.2% | |
| ROE | -17.4% | -21.7% | · | -19.4% | -21.7% | -3.0% | · | -15.8% | -21.0% | -22.7% | · | -14.8% | -13.0% | -12.0% | · | -8.5% | |
| ROIC | -13.4% | -14.7% | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.9 | 14.3 | · | 9.0 | 10.3 | 32.0 | · | 8.8 | 6.5 | 6.7 | · | 9.3 | 11.5 | 11.3 | · | 18.8 | |
| Quick Ratio | 14.6 | 14.0 | · | 8.9 | 10.2 | 31.5 | · | 8.6 | 6.1 | 6.4 | · | 9.2 | 11.3 | 11.2 | · | 18.5 |
Valuation (TTM) 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-153M | $-136M | · | $-112M | $-111M | $-102M | · | $-84M | $-87M | $-78M | · | $-69M | $-61M | $-53M | · | $-43M | |
| Market Cap | $1.41B | $693M | · | $282M | $326M | $2.55B | · | $2.11B | $1.68B | $28.87B | · | $13.13B | $16.57B | $17.52B | · | $14.22B | |
| P/E | -8.3 | -1.0 | · | -1.3 | -1.4 | -12.7 | · | -9.7 | -18.4 | -348.5 | · | -175.9 | -242.0 | -325.3 | · | -329.7 | |
| P/B | 3.2 | 2.3 | · | 1.6 | 1.6 | 33.9 | · | 26.2 | 17.8 | 317.6 | · | 104.5 | 116.7 | 154.9 | · | 102.2 | |
| P / Tangible Book | 3.2 | 2.3 | · | 1.6 | 1.6 | 33.9 | · | 26.2 | 17.8 | 317.6 | · | 104.5 | 116.7 | 154.9 | · | 102.2 | |
| P / Cash Flow | · | -28.8 | · | · | · | -1069.4 | · | · | · | -1219.7 | · | · | · | -1533.6 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -1531.4 | · | · | |
| Earnings Yield | -12.0% | -99.7% | · | -76.4% | -69.8% | -7.9% | · | -10.3% | -5.4% | -0.29% | · | -0.57% | -0.41% | -0.31% | · | -0.30% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $-127M | $-70M | $-76M | $-52M | $-23M |
| Diluted EPS | $-3.19 | $-2.44 | $-2.87 | $-2.10 | $-1.87 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 21.1 | 20.9 | 7.0 | 16.9 | 68.4 |
| Quick Ratio | 20.3 | 20.5 | 6.9 | 16.6 | 65.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-95M | — | $-57M | $-39M | $-28M |
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Institutional owners (13F) 160 filers · $1.3B 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 |
|---|---|---|---|---|
| 53 (+19 vs prior Q) | 16 (+5 vs prior Q) | 56 (+20 vs prior Q) | 26 (-3 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 |
|---|---|---|---|---|
| FMR LLC | $160,922,573 | 7,242,240 | 12.56% | Shares |
| Fairmount Funds Management LLC | $101,178,637 | 4,553,494 | 7.89% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $81,571,464 | 3,671,083 | 6.36% | Shares |
| Venrock Adviser, LLC | $71,556,488 | 3,220,364 | 5.58% | Shares |
| Bellevue Group AG | $67,948,671 | 3,057,996 | 5.30% | Shares |
| Paradigm Biocapital Advisors LP | $63,491,539 | 2,857,405 | 4.95% | Shares |
| STATE STREET CORP | $51,890,033 | 2,335,285 | 4.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $49,878,856 | 2,244,773 | 3.89% | Shares |
| JANUS HENDERSON GROUP PLC | $43,557,008 | 3,105,669 | 3.40% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $42,458,243 | 1,910,812 | 3.31% | Shares |
| Polar Capital Holdings Plc | $41,039,940 | 1,846,982 | 3.20% | Shares |
| Avidity Partners Management LP | $37,789,732 | 1,700,708 | 2.95% | Shares |
| Remedium Capital Partners, LLC | $35,057,605 | 1,577,750 | 2.74% | Shares |
| Soleus Capital Management, L.P. | $34,456,332 | 1,550,690 | 2.69% | Shares |
| BAKER BROS. ADVISORS LP | $27,340,066 | 1,230,426 | 2.13% | Shares |
| Logos Global Management LP | $24,997,500 | 1,125,000 | 1.95% | Shares |
| Versant Venture Management, LLC | $22,037,418 | 991,783 | 1.72% | Shares |
| ACORN CAPITAL ADVISORS, LLC | $21,925,807 | 986,760 | 1.71% | Shares |
| Foresite Capital Management VI LLC | $19,701,741 | 886,667 | 1.54% | Shares |
| Balyasny Asset Management L.P. | $19,525,292 | 878,726 | 1.52% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $18,744,951 | 843,337 | 1.46% | Shares |
| Affinity Asset Advisors, LLC | $18,672,577 | 840,350 | 1.46% | Shares |
| SAMSARA BIOCAPITAL, LLC | $16,359,186 | 736,237 | 1.28% | Shares |
| Pictet Asset Management Holding SA | $16,304,325 | 733,768 | 1.27% | Shares |
| Aberdeen Group plc | $13,801,020 | 621,108 | 1.08% | Shares |
| GOLDMAN SACHS GROUP INC | $13,387,928 | 602,517 | 1.04% | Shares |
| MARSHALL WACE, LLP | $12,342,966 | 555,489 | 0.96% | Shares |
| CITADEL ADVISORS LLC | $12,093,546 | 544,264 | 0.94% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $10,255,152 | 461,528 | 0.80% | Shares |
| BANK OF AMERICA CORP /DE/ | $10,088,569 | 454,031 | 0.79% | Shares |
| Blackstone Inc. | $9,672,810 | 435,320 | 0.75% | Shares |
| Ikarian Capital, LLC | $9,495,694 | 427,349 | 0.74% | Shares |
| Walleye Capital LLC | $8,116,344 | 365,272 | 0.63% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,989,257 | 314,548 | 0.55% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,774,145 | 304,867 | 0.53% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $4,825,229 | 217,157 | 0.38% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,431,312 | 199,429 | 0.35% | Shares |
| Point72 Asset Management, L.P. | $3,715,273 | 167,204 | 0.29% | Shares |
| Opaleye Management Inc. | $3,221,900 | 145,000 | 0.25% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $3,114,989 | 140,886 | 0.24% | Shares |
| Quantinno Capital Management LP | $2,548,990 | 114,716 | 0.20% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,504,261 | 112,703 | 0.20% | Shares |
| VANGUARD GROUP INC | $2,491,621 | 161,479 | 0.19% | Shares |
| Sofinnova Investments, Inc. | $2,386,228 | 107,391 | 0.19% | Shares |
| AMERIPRISE FINANCIAL INC | $2,378,718 | 107,053 | 0.19% | Shares |
| Woodline Partners LP | $2,227,977 | 100,269 | 0.17% | Shares |
| SEVEN GRAND MANAGERS, LLC | $2,222,000 | 100,000 | 0.17% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,221,489 | 99,977 | 0.17% | Shares |
| Atle Fund Management AB | $1,967,714 | 88,556 | 0.15% | Shares |
| Swiss National Bank | $1,850,926 | 83,300 | 0.14% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,749,225 | 78,723 | 0.14% | Shares |
| Longaeva Partners L.P. | $1,744,292 | 78,501 | 0.14% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,635,192 | 73,591 | 0.13% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,532,736 | 68,980 | 0.12% | Shares |
| Trexquant Investment LP | $1,517,982 | 68,316 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,517,626 | 68,300 | 0.12% | Put option |
| Harvest Investment Services, LLC | $1,399,482 | 62,983 | 0.11% | Shares |
| Corient Private Wealth LP | $1,365,199 | 61,440 | 0.11% | Shares |
| XTX Topco Ltd | $1,313,046 | 59,093 | 0.10% | Shares |
| Verdad Advisers, LP | $1,252,852 | 56,384 | 0.10% | Shares |
| Squarepoint Ops LLC | $1,210,012 | 54,456 | 0.09% | Shares |
| CITIGROUP INC | $1,166,506 | 52,498 | 0.09% | Shares |
| Maven Securities LTD | $1,111,000 | 50,000 | 0.09% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $1,074,870 | 48,374 | 0.08% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,007,921 | 45,361 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,002,366 | 45,111 | 0.08% | Shares |
| Rafferty Asset Management, LLC | $947,216 | 42,629 | 0.07% | Shares |
| RHUMBLINE ADVISERS | $908,965 | 40,908 | 0.07% | Shares |
| Russell Investments Group, Ltd. | $869,734 | 39,141 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $812,963 | 36,587 | 0.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $797,698 | 35,900 | 0.06% | Call option |
| Vanguard Global Advisers, LLC | $757,546 | 34,093 | 0.06% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $702,441 | 31,613 | 0.05% | Shares |
| BlackRock, Inc. | $673,999 | 30,333 | 0.05% | Shares |
| ALLIANCEBERNSTEIN L.P. | $664,987 | 47,330 | 0.05% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $635,003 | 28,578 | 0.05% | Shares |
| Voleon Capital Management LP | $617,205 | 27,777 | 0.05% | Shares |
| Man Group plc | $580,453 | 26,123 | 0.05% | Shares |
| D. E. Shaw & Co., Inc. | $526,614 | 23,700 | 0.04% | Shares |
| Engineers Gate Manager LP | $502,594 | 22,619 | 0.04% | Shares |
| Aquatic Capital Management LLC | $498,417 | 22,431 | 0.04% | Shares |
| BARCLAYS PLC | $485,285 | 21,840 | 0.04% | Shares |
| PROFUND ADVISORS LLC | $475,775 | 21,412 | 0.04% | Shares |
| Virtus Investment Advisers, LLC | $473,930 | 21,329 | 0.04% | Shares |
| Bank of New York Mellon Corp | $454,221 | 20,442 | 0.04% | Shares |
| Ghisallo Capital Management LLC | $444,400 | 20,000 | 0.03% | Shares |
| MetLife Investment Management, LLC | $438,601 | 19,739 | 0.03% | Shares |
| KLP KAPITALFORVALTNING AS | $306,636 | 13,800 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $292,037 | 13,143 | 0.02% | Shares |
| Invesco Ltd. | $284,327 | 12,796 | 0.02% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $256,019 | 11,522 | 0.02% | Shares |
| State of New Jersey Common Pension Fund D | $221,445 | 9,966 | 0.02% | Shares |
| Brevan Howard Capital Management LP | $215,623 | 9,704 | 0.02% | Shares |
| DELTEC ASSET MANAGEMENT LLC | $209,668 | 9,436 | 0.02% | Shares |
| Police & Firemen's Retirement System of New Jersey | $204,824 | 9,218 | 0.02% | Shares |
| UBS Group AG | $194,936 | 8,773 | 0.02% | Shares |
| Vanguard Investments Australia, Ltd. | $173,916 | 7,827 | 0.01% | Shares |
| Nuveen, LLC | $136,742 | 6,154 | 0.01% | Shares |
| NORTHERN TRUST CORP | $113,633 | 5,114 | 0.01% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $109,489 | 4,952 | 0.01% | Shares |
Company insiders 24 insiders · 11 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tom Frohlich | Chief Executive Officer | Feb. 12, 2026 A | 86,331 | 0 | 0 | $0 |
| Timothy P Noyes | CHIEF EXECUTIVE OFFICER | May 16, 2024 M | 0 | 0 | 0 | $0 |
| Bradford D. Dahms | Chief Financial Officer | Feb. 12, 2026 A | 37,813 | 0 | 0 | $0 |
| George A Eldridge | Officer Title: Chief Financial Officer and Treasurer | June 14, 2024 M | 5,022 | 0 | 0 | $0 |
| Benjamin T Dake | Officer Title: President, Chief Operating Officer and Secretary | Aug. 1, 2024 M | 14,252 | 0 | 0 | $0 |
| Elizabeth Balta | Chief Legal Officer and Corporate Secretary | Feb. 12, 2026 A | 28,125 | 0 | 0 | $0 |
| Andrew James King | Chief Scientific Officer & Head of Research and Development | Feb. 12, 2026 A | 386,113 | 0 | 0 | $0 |
| Marinus Verwijs | CHIEF TECHNICAL OFFICER | June 14, 2024 M | 0 | 0 | 0 | $0 |
| Hunter Gillies | CHIEF MEDICAL OFFICER | June 13, 2024 M | 5,602 | 0 | 0 | $0 |
| Ralph Niven | CHIEF SCIENTIFIC OFFICER | Feb. 5, 2024 M | 1,609 | 0 | 0 | $0 |
| Timothy Pigot | CHIEF COMMERCIAL OFFICER | Jan. 22, 2024 A | — | 0 | 0 | $0 |
| Mark Eisner | Director | June 25, 2026 A | — | 0 | 0 | $0 |
| Christopher W. Cain | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Lawrence Otto Klein | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Erin Lavelle | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Eric Dobmeier | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| David S. Grayzel | Director | June 5, 2024 A | 14,502 | 0 | 0 | $0 |
| Dr. Maha Katabi | Director | June 5, 2024 A | 3,758,686 | 0 | 0 | $0 |
| Joshua Resnick | Director | June 5, 2024 A | — | 0 | 0 | $0 |
| Habib J Dable | Director | June 5, 2024 A | — | 0 | 0 | $0 |
| Allison Dorval | Director | June 5, 2024 A | — | 0 | 0 | $0 |
| Mark T Iwicki | Director | June 5, 2024 A | — | 0 | 0 | $0 |
| Donald J Santel | Director | June 5, 2024 A | — | 0 | 0 | $0 |
| Atlas Venture Fund XII, L.P. | 10% owner | July 15, 2022 J | 2,327,909 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Fairmount Funds Management LLC, Fairmount Healthcare Fund II L.P., Fairmount Healthcare Co-Invest IV L.P., Peter Evan Harwin, Tomas Kiselak ×3 filings | June 9, 2026 | 19.99% | Amendment | — | SEC |
| Sofinnova Venture Partners X, L.P. ("SVP X"), Sofinnova Management X, L.P. ("SM X LP"), Sofinnova Management X-A, L.L.C. ("SM X LLC"), Dr. James I. Healy ("Healy"), Dr. Maha Katabi ("Katabi") | March 5, 2026 | 0.30% | Amendment | Passive investment | SEC |
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×5 filings | April 30, 2025 | 4.10% | Amendment | — | SEC |
| Atlas Venture Fund XII, L.P., Atlas Venture Associates XII, L.P., Atlas Venture Associates XII, LLC ×5 filings | April 30, 2025 | 0.20% | Amendment | M&A / sale | SEC |
| Sofinnova Venture Partners X, L.P. (“SVP X”), Sofinnova Management X, L.P. (“SM X LP”), Sofinnova Management X-A, L.L.C. (“SM X LLC”), Dr. James I. Healy (“Healy”), Dr. Maha Katabi (“Katabi”) ×3 filings | Feb. 20, 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.
ETF ownership Held by 25 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 |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 1.20% | 18,425 NS | April 30, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.17% | 90,180 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.16% | 112,322 SH | Aug. 21, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.12% | 111,509 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 298,909 SH | Aug. 21, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.04% | 53,058 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 34,886 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 838,980 SH | Aug. 21, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 187,416 SH | Aug. 19, 2026 | Daily |
| RB · ProShares Trust | 0.02% | 10 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.02% | 2,353 SH | Aug. 21, 2026 | Daily |
| ITWO · ProShares Trust | 0.02% | 1,500 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 489,225 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 124,984 SH | Aug. 19, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 1,173 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,435 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,542 SH | Aug. 21, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 1,189 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 25,716 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 30 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 71,323 SH | Aug. 21, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 14,927 SH | Aug. 21, 2026 | Daily |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 5,087 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,699,343 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,733 SH | Aug. 19, 2026 | Daily |