KALA KALA BIO, Inc. - Common Stock
$0.89
Price · Aug 19, 2026
Fundamentals as of May 15, 2026
52W Range
$0–$21
4% of range
Analyst Rating
HOLD
6 analysts
Price Target
—
P/E (TTM)
-0.0
ROE
-1423.8%
Net Profit Margin
—
About KALA BIO, Inc. - Common Stock Company overview from Wikipedia
KALA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.89
Market Cap
$495.7K
P/E (TTM)
-0.0
EPS (TTM)
$-3.31
Revenue (TTM)
$0
Div Yield
—
ROE
-1423.8%
Debt/Equity
—
52W Range
$0 – $21
KALA 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
$0
2016-12-31
→
2025-12-31
EPS
$-3.31
2020-12-31
→
2025-12-31
Free Cash Flow
—
2017-12-31
→
2019-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KALA
Peer Median
P/E (TTM)
-0.0
—
P/B
0.1
2.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KALA
Peer Median
ROA
-83.0%
-62.3%
ROE
-1423.8%
-95.6%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KALA
Peer Median
Current Ratio
3.8
1.9
Quick Ratio
3.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KALA
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
KALA
Peer Median
KALA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
6 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 3 50.0%
- Sell 1 16.7%
- Strong Sell 2 33.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
21.1%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| Dec. 31, 2025 | $-33.50 | $-73.44 | 39.9% |
| Sept. 30, 2025 | $-43.00 | $-73.72 | 30.7% |
| June 30, 2025 | $-85.50 | $-86.87 | 1.4% |
| March 31, 2025 | $-70.50 | $-103.53 | 33.0% |
| Dec. 31, 2024 | $-1.74 | $-2.33 | 0.59% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KALA | $15M | -0.2 | — | — | -1423.8% | — |
| HOWL | $31M | -0.5 | — | — | -183.6% | — |
| MRKR | $25M | -1.9 | -46.2% | -343.0% | -89.1% | — |
| SKYE | $25M | -0.5 | — | — | -175.6% | — |
| CYCN | — | -1.1 | 3.7% | — | — | — |
| TPST | $14M | -0.5 | — | — | -319.3% | — |
| KTTA | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $4M | $11M | $6M | $6M | · | $0 | $0 | |
| R&D Expense | · | · | · | · | · | $18M | $27M | $29M | $29M | $25M | |
| SG&A Expense | $24M | $18M | $21M | $65M | $105M | $81M | $65M | $35M | $11M | $8M | |
| Operating Expenses | $39M | $41M | $40M | $86M | $141M | $103M | $94M | $65M | $40M | $33M | |
| Operating Income | $-39M | $-41M | $-40M | $-82M | $-130M | $-96M | $-88M | $-65M | $-40M | $-33M | |
| Interest Expense | · | · | $6M | $7M | $8M | $9M | $8M | $3M | $1M | $767.0K | |
| Interest Income | $1M | $2M | $3M | $664.0K | $104.0K | $493.0K | $2M | $2M | $527.0K | $147.0K | |
| Other Non-op | $5M | · | $-4M | $-926.0K | · | · | · | · | · | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-27M | $-39M | $-42M | $-45M | $-143M | $-104M | $-94M | $-67M | $-42M | $-33M | |
| EPS (Basic) | $-3.31 | $-10.15 | $-17.35 | $-29.48 | $-108.32 | $-1.99 | · | · | · | · | |
| EPS (Diluted) | $-3.31 | $-10.15 | $-17.35 | $-29.48 | $-108.32 | $-1.99 | · | · | · | · | |
| Shares (Basic) | 8,148,275 | 3,796,047 | 2,432,008 | 1,520,611 | 1,316,495 | 52,377,526 | · | · | · | · | |
| Shares (Diluted) | 8,148,275 | 3,796,047 | 2,432,008 | 1,520,611 | 1,316,495 | 52,377,526 | · | · | · | · | |
| EBITDA | $-39M | $-41M | $-39M | $-81M | $-129M | $-95M | $-88M | $-65M | $-40M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8M | $51M | $51M | $70M | $92M | $77M | $85M | $171M | $115M | $45M | |
| Short-term Investments | · | · | · | · | · | $76M | · | · | · | · | |
| Receivables | · | · | · | $195.0K | $15M | $10M | $12M | · | · | · | |
| Inventory | · | · | · | · | $9M | $5M | $5M | $4M | · | · | |
| Prepaid Expense | $2M | $2M | $2M | $8M | $6M | $3M | $4M | $2M | $648.0K | $154.0K | |
| Other Current Assets | · | · | · | · | · | · | · | $477.0K | $196.0K | $41.0K | |
| Current Assets | $9M | $53M | $53M | $86M | $124M | $171M | $105M | $177M | $115M | $46M | |
| PP&E (Net) | · | $749.0K | $753.0K | $400.0K | $3M | $3M | $3M | $2M | $786.0K | $594.0K | |
| PP&E (Gross) | $869.0K | $2M | $2M | $2M | $6M | $7M | $5M | $4M | $2M | $2M | |
| Accum. Depreciation | $869.0K | $1M | $1M | $1M | $3M | $3M | $3M | $2M | $2M | $1M | |
| Total Assets | $9M | $55M | $56M | $87M | $139M | $222M | $154M | $221M | $117M | $46M | |
| Accounts Payable | $986.0K | $628.0K | $919.0K | $3M | $5M | $2M | $3M | $5M | $1M | $997.0K | |
| Accrued Liabilities | · | · | $6M | $9M | $21M | $19M | $21M | $11M | $7M | $4M | |
| Current Liabilities | $2M | $17M | $8M | $26M | $37M | $22M | $25M | $17M | $15M | $6M | |
| Capital Leases | · | $1M | $2M | · | $548.0K | · | · | $29M | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | $8.0K | $17.0K | |
| Total Liabilities | $2M | $43M | $48M | $68M | $123M | $122M | $125M | $116M | $27M | $16M | |
| Long-term Debt | · | $29M | $34M | $43M | $80M | $75M | $75M | $75M | $19M | $10M | |
| Total Debt | · | $30M | $34M | $43M | $79M | $72M | $71M | $70M | $19M | · | |
| Common Stock | $1.0K | $6.0K | $3.0K | $2.0K | $1.0K | $59.0K | $36.0K | $34.0K | $25.0K | $1.0K | |
| Paid-in Capital | $702M | $680M | $637M | $606M | $559M | $500M | $325M | $306M | $224M | $4M | |
| Retained Earnings | $-695M | $-668M | $-629M | $-587M | $-542M | $-400M | $-295M | $-201M | $-134M | $-92M | |
| AOCI | · | · | · | · | · | $4.0K | · | · | · | · | |
| Stockholders' Equity | $7M | $12M | $8M | $19M | $17M | $100M | $30M | $105M | $90M | $-88M | |
| Liabilities + Equity | $9M | $55M | $56M | $87M | $139M | $222M | $154M | $221M | $117M | $46M | |
| Shares Outstanding | 556,995 | 6,091,182 | 2,759,372 | 1,706,971 | 1,322,464 | 58,915,375 | 36,086,254 | 33,863,077 | 24,538,309 | 1,181,429 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $317.0K | $259.0K | $303.0K | $537.0K | $975.0K | $912.0K | $843.0K | · | · | · | |
| Stock-based Comp | $7M | $8M | $7M | $7M | $16M | $13M | $10M | $9M | $4M | $2M | |
| Other Non-cash | $-12M | $481.0K | $7M | $-42M | $17M | $-591.0K | · | · | · | · | |
| Operating Cash Flow | $-32M | $-29M | $-28M | $-79M | $-108M | $-91M | $-93M | $-54M | $-34M | $-27M | |
| CapEx | · | · | · | · | · | · | $1M | $2M | $480.0K | $153.0K | |
| Investing Cash Flow | $-15.0K | $-208.0K | $-429.0K | $63M | $71M | $-78M | $-1M | $-2M | $-480.0K | $-153.0K | |
| Debt Issued | · | · | · | · | $78M | · | · | $72M | $10M | $1M | |
| Net Debt Issued | · | · | · | · | $78M | · | · | $72M | $10M | · | |
| Stock Issued | $9M | $3M | $19M | $1M | $41M | $159M | $8M | $30M | $30M | · | |
| Net Stock Activity | $9M | $3M | $19M | $1M | $41M | $159M | · | $30M | $30M | · | |
| Financing Cash Flow | $-12M | $30M | $9M | $-8M | $43M | $161M | $9M | $124M | $104M | $67M | |
| Net Change in Cash | $-44M | $286.0K | $-20M | $-24M | $5M | $-8M | $-85M | $68M | $69M | $40M | |
| Free Cash Flow | · | · | · | · | · | · | $-94M | $-56M | $-35M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | -2099.3% | -1158.8% | -1512.6% | -1452.5% | · | · | · | |
| Net Margin | · | · | · | -1151.6% | -1268.7% | -1639.8% | -1553.3% | · | · | · | |
| EBITDA Margin | · | · | · | -2085.5% | -1150.1% | -1498.3% | -1452.5% | · | · | · | |
| ROA | -83.0% | -69.1% | -59.1% | -39.6% | -79.0% | -55.5% | -50.3% | -39.6% | -52.0% | · | |
| ROE | -1423.8% | -401.3% | -450.7% | -497.9% | -364.4% | -101.3% | -207.9% | -83.5% | -4403.9% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.8 | 3.1 | 6.3 | 3.3 | 3.3 | 7.7 | 4.3 | 10.4 | 8.0 | · | |
| Quick Ratio | 3.0 | 3.0 | 6.1 | 2.8 | 2.9 | 7.3 | 3.9 | 10.0 | 7.9 | · | |
| Debt / Equity | · | 2.5 | 4.6 | 2.3 | 4.7 | 0.7 | 2.4 | 0.7 | 0.2 | · | |
| LT Debt / Equity | · | 1.6 | 4.6 | 2.0 | 4.7 | 0.7 | 2.4 | 0.7 | 0.1 | · | |
| Interest Coverage | · | · | -6.8 | -11.2 | -15.5 | -11.2 | -10.4 | -19.5 | -39.1 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | · | 0.0 | · | |
| Receivables Turnover | · | · | · | 0.5 | 0.9 | 0.6 | 1.1 | · | · | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | -65.4% | 76.7% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | $0 | $4M | $11M | $6M | $6M | · | $0 | · | |
| Net Income TTM | $-27M | $-39M | $-42M | $-45M | $-143M | $-104M | $-94M | $-67M | $-42M | · | |
| Market Cap | $15M | $42M | $19M | $65M | $3.96B | $19.97B | $6.66B | $8.28B | $22.69B | · | |
| Enterprise Value | · | $22M | $3M | $38M | $3.95B | $19.89B | $6.64B | $8.18B | $22.59B | · | |
| P/E | -0.2 | -0.7 | -0.4 | -1.3 | -0.6 | -170.4 | · | · | · | · | |
| P/S | · | · | · | 16.7 | 352.6 | 3139.3 | 1096.1 | · | · | · | |
| P/B | 2.2 | 3.4 | 2.6 | 3.4 | 235.8 | 199.7 | 224.2 | 78.9 | 253.0 | · | |
| P / Tangible Book | 2.2 | 3.4 | 2.6 | 3.4 | 235.8 | 199.7 | · | · | · | · | |
| P / Cash Flow | -0.5 | -1.4 | -0.7 | -0.8 | -36.6 | -220.2 | -71.8 | -153.0 | -665.3 | · | |
| P / FCF | · | · | · | · | · | · | -70.8 | -148.6 | -656.1 | · | |
| EV / EBITDA | · | -0.5 | -0.1 | -0.5 | -30.6 | -208.7 | -75.3 | -126.4 | -566.5 | · | |
| EV / FCF | · | · | · | · | · | · | -70.6 | -146.8 | -653.3 | · | |
| EV / Revenue | · | · | · | 9.7 | 351.4 | 3126.5 | 1093.8 | · | · | · | |
| Earnings Yield | -595.3% | -146.2% | -247.9% | -77.3% | -179.0% | -0.59% | · | · | · | · |
Income Statement 14
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $420.0K | $2M | |
| R&D Expense | $61.0K | · | $6M | $6M | $6M | · | $5M | $5M | $6M | · | $6M | $4M | $4M | · | $5M | $4M | |
| SG&A Expense | $2M | $10M | $5M | $5M | $5M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $6M | $6M | $10M | $23M | |
| Operating Expenses | $2M | $10M | $7M | $11M | $11M | $9M | $10M | $10M | $12M | $10M | $9M | $10M | $12M | $10M | $15M | $28M | |
| Operating Income | $-2M | $-10M | $-7M | $-11M | $-11M | $-9M | $-10M | $-10M | $-12M | $-10M | $-9M | $-10M | $-12M | $-10M | $-15M | $-26M | |
| Interest Expense | · | · | · | · | · | · | · | · | $1M | · | $1M | $1M | $1M | $2M | $1M | $2M | |
| Interest Income | $74.0K | $0 | $270.0K | $407.0K | $463.0K | $478.0K | $570.0K | $504.0K | $504.0K | $610.0K | $708.0K | $718.0K | $675.0K | $354.0K | $234.0K | $68.0K | |
| Other Non-op | $107.0K | $4M | $-112.0K | $-127.0K | $2M | · | · | $26.0K | $124.0K | $-5.0K | $-2M | $-119.0K | $-2M | $-1M | $443.0K | · | |
| Net Income | $-2M | $686.0K | $-8M | $-11M | $-9M | $-8M | $-9M | $-10M | $-12M | $-9M | $-9M | $-10M | $-14M | $-13M | $29M | $-28M | |
| EPS (Basic) | $-0.14 | $0.88 | $-1.07 | $-1.71 | $-70.49 | $-0.86 | $-1.93 | $-3.16 | $-4.20 | $-2.59 | $-3.41 | $-4.36 | $-6.99 | $-7.77 | $19.39 | $-18.92 | |
| EPS (Diluted) | $-0.14 | $0.88 | $-1.07 | $-1.71 | $-70.49 | $-0.86 | $-1.93 | $-3.16 | $-4.20 | $-2.59 | $-3.41 | $-4.36 | $-6.99 | $-7.63 | $19.25 | $-18.92 | |
| Shares (Basic) | 11,873,568 | -11,753,159 | 7,042,457 | 6,513,108 | 126,917 | -6,674,954 | 4,627,578 | 3,030,213 | 2,813,210 | -4,575,181 | 2,550,210 | 2,387,793 | 2,069,186 | -2,949,446 | 1,499,001 | 1,485,888 | |
| Shares (Diluted) | 11,873,568 | -11,753,159 | 7,042,457 | 6,513,108 | 126,917 | -6,674,954 | 4,627,578 | 3,030,213 | 2,813,210 | -4,575,181 | 2,550,210 | 2,387,793 | 2,069,186 | -2,960,866 | 1,510,421 | 1,485,888 | |
| EBITDA | $-2M | · | $-7M | $-11M | $-11M | · | $-10M | $-10M | $-12M | · | $-9M | $-10M | $-12M | · | $-15M | $-26M |
Balance Sheet 24
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2M | $8M | $21M | $32M | $42M | $51M | $49M | $54M | $48M | $51M | $56M | $49M | $64M | $70M | $52M | $43M | |
| Short-term Investments | $7M | · | · | · | · | · | · | · | · | · | · | $10M | · | · | · | $2M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $190.0K | $14M | |
| Inventory | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $25.0K | |
| Prepaid Expense | $4M | $2M | $3M | $2M | $3M | $2M | $2M | $5M | $2M | $2M | $2M | $1M | $2M | $8M | $23M | $2M | |
| Current Assets | $12M | $9M | $24M | $34M | $46M | $53M | $51M | $59M | $50M | $53M | $58M | $66M | $71M | $86M | $85M | $84M | |
| PP&E (Net) | · | · | $603.0K | $657.0K | $695.0K | $749.0K | $762.0K | $617.0K | $714.0K | $753.0K | $802.0K | $637.0K | $504.0K | $400.0K | $517.0K | $891.0K | |
| PP&E (Gross) | · | $869.0K | · | · | · | $2M | · | · | · | $2M | · | · | · | $2M | · | · | |
| Accum. Depreciation | · | $869.0K | · | · | · | $1M | · | · | · | $1M | · | · | · | $1M | · | · | |
| Total Assets | $12M | $9M | $25M | $36M | $48M | $55M | $54M | $62M | $53M | $56M | $61M | $66M | $72M | $87M | $86M | $85M | |
| Accounts Payable | $1M | $986.0K | $917.0K | $658.0K | $931.0K | $628.0K | $711.0K | $665.0K | $732.0K | $919.0K | $787.0K | $760.0K | $997.0K | $3M | $7M | $11M | |
| Accrued Liabilities | · | · | · | · | · | · | $4M | $4M | $5M | · | $6M | $5M | $5M | $9M | $25M | $18M | |
| Current Liabilities | $2M | $2M | $33M | $16M | $23M | $17M | $24M | $19M | $12M | $8M | $10M | $10M | $10M | $26M | $40M | $33M | |
| Capital Leases | · | · | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | · | · | · | · | · | |
| Total Liabilities | $2M | $2M | $34M | $39M | $43M | $43M | $47M | $48M | $46M | $48M | $50M | $49M | $49M | $68M | $87M | $117M | |
| Long-term Debt | · | · | $27M | $27M | $29M | $29M | $34M | $34M | $34M | · | $34M | $34M | $34M | $43M | · | · | |
| Total Debt | · | · | $28M | $28M | $31M | · | $35M | $35M | $35M | · | $34M | $34M | $33M | · | $43M | $80M | |
| Common Stock | $19.0K | $28.0K | $7.0K | $7.0K | $6.0K | $6.0K | $5.0K | $5.0K | $3.0K | $3.0K | $3.0K | $3.0K | $2.0K | $2.0K | $1.0K | $73.0K | |
| Paid-in Capital | $707M | $702M | $687M | $685M | $683M | $680M | $667M | $665M | $648M | $637M | $632M | $630M | $625M | $606M | $573M | $572M | |
| Retained Earnings | $-697M | $-695M | $-696M | $-688M | $-677M | $-668M | $-660M | $-651M | $-641M | $-629M | $-621M | $-612M | $-602M | $-587M | $-574M | $-603M | |
| AOCI | · | · | · | · | · | · | · | · | · | · | $1.0K | $9.0K | · | · | · | $-1.0K | |
| Stockholders' Equity | $11M | $7M | $-9M | $-3M | $6M | $12M | $7M | $14M | $7M | $8M | $11M | $17M | $23M | $19M | $-968.0K | $-32M | |
| Liabilities + Equity | $12M | $9M | $25M | $36M | $48M | $55M | $54M | $62M | $53M | $56M | $61M | $66M | $72M | $87M | $86M | $85M | |
| Shares Outstanding | 18,589,832 | 27,849,725 | 7,432,925 | 6,679,115 | 6,452,398 | 6,091,182 | 4,610,139 | 4,598,419 | 2,816,454 | 2,759,372 | 2,693,116 | 2,538,687 | 2,309,287 | 1,706,971 | 1,476,637 | 72,673,785 |
Cash Flow 9
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $54.0K | $128.0K | $67.0K | $68.0K | $69.0K | $63.0K | $61.0K | $66.0K | $70.0K | $79.0K | $77.0K | $77.0K | $80.0K | $151.0K | $149.0K | |
| Stock-based Comp | $-471.0K | $401.0K | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $960.0K | $1M | $2M | |
| Other Non-cash | · | · | · | · | $-2M | · | · | · | $-1M | · | · | · | $3M | · | · | · | |
| Operating Cash Flow | $-3M | $-5M | $-11M | $-17M | $-9M | $-5M | $-5M | $-9M | $-11M | $-8M | $-3M | $-8M | $-10M | $-14M | $-16M | $-25M | |
| Investing Cash Flow | $-7M | $0 | $1.0K | · | · | $-69.0K | $-90.0K | $-36.0K | $-13.0K | $-7.0K | $10M | $-10M | $-108.0K | $51.0K | $65M | $3M | |
| Stock Issued | · | · | · | · | · | $923.0K | $0 | · | · | $570.0K | $0 | $3M | $15M | · | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | $15M | · | · | · | |
| Financing Cash Flow | $4M | $-9M | $30.0K | $-3M | $-135.0K | $7M | $-180.0K | $15M | $8M | $3M | $40.0K | $3M | $3M | $32M | $-40M | $-10.0K | |
| Net Change in Cash | $-6M | $-14M | $-11M | $-10M | $-9M | $2M | $-5M | $6M | $-2M | $-5M | $7M | $-15M | $-7M | $18M | $9M | $-23M |
Profitability 5
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -3468.8% | -1236.8% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 6922.1% | -1338.6% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -3468.8% | -1236.8% | |
| ROA | -5.3% | · | -19.1% | -22.8% | -17.7% | · | -15.5% | -14.9% | -18.9% | · | -11.9% | -13.8% | -15.7% | · | 20.8% | -18.7% | |
| ROE | -19.7% | · | 837.6% | -212.2% | -144.7% | · | -99.0% | -61.4% | -78.4% | · | -169.8% | 148.1% | -159.1% | · | 96.1% | -106.7% |
Liquidity & Solvency 5
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.9 | · | 0.7 | 2.1 | 2.0 | · | 2.1 | 3.1 | 4.2 | · | 5.6 | 6.7 | 7.0 | · | 2.1 | 2.5 | |
| Quick Ratio | 5.6 | · | 0.6 | 2.0 | 1.8 | · | 2.1 | 2.8 | 4.1 | · | 5.4 | 6.0 | 6.2 | · | 1.3 | 1.8 | |
| Debt / Equity | · | · | -3.3 | -8.8 | 5.4 | · | 5.1 | 2.5 | 5.2 | · | 3.0 | 1.9 | 1.4 | · | -44.1 | -2.5 | |
| LT Debt / Equity | · | · | · | -5.9 | 2.6 | · | 2.5 | 1.7 | 4.3 | · | 3.0 | 1.9 | 1.4 | · | -44.1 | -2.5 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -8.2 | · | -6.0 | -6.8 | -7.9 | · | -10.1 | -11.8 |
Efficiency 2
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.1 | 0.2 |
Valuation (TTM) 12
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7M | · | $7M | $7M | $7M | · | $7M | $7M | $7M | · | $7M | $7M | $7M | · | $7M | $10M | |
| Net Income TTM | $-29M | · | $-37M | $-39M | $-39M | · | $-39M | $-41M | $-45M | · | $-4M | $-24M | $-46M | · | $-60M | $-126M | |
| Market Cap | $3M | · | $11M | $32M | $37M | · | $26M | $33M | $22M | · | $24M | $37M | $35M | · | $16M | $1.09B | |
| Enterprise Value | · | · | $19M | $28M | $25M | · | $12M | $13M | $8M | · | $2M | $11M | $4M | · | $7M | $1.13B | |
| P/E | -0.0 | · | -0.2 | -0.6 | -0.5 | · | -0.4 | -0.5 | -0.4 | · | 2.0 | -1.3 | -0.5 | · | -0.3 | -0.2 | |
| P/S | 0.5 | · | 1.6 | 4.6 | 5.3 | · | 3.8 | 4.7 | 3.2 | · | 3.4 | 5.3 | 5.0 | · | 2.3 | 113.7 | |
| P/B | 0.3 | · | -1.3 | -9.9 | 6.5 | · | 3.8 | 2.4 | 3.4 | · | 2.1 | 2.1 | 1.5 | · | -16.9 | -34.5 | |
| P / Tangible Book | 0.3 | · | · | · | 6.5 | · | 3.8 | 2.4 | 3.4 | · | 2.1 | 2.1 | 1.5 | · | · | · | |
| P / Cash Flow | -1.1 | · | · | -1.9 | -4.2 | · | · | · | -2.1 | · | · | · | -3.6 | · | · | · | |
| EV / EBITDA | · | · | -2.6 | -2.6 | -2.4 | · | -1.2 | -1.4 | -0.7 | · | -0.2 | -1.2 | -0.4 | · | -0.5 | -43.3 | |
| EV / Revenue | · | · | 2.7 | 4.0 | 3.6 | · | 1.8 | 1.9 | 1.2 | · | 0.3 | 1.6 | 0.6 | · | 0.9 | 117.3 | |
| Earnings Yield | -42433.5% | · | -400.0% | -172.5% | -186.7% | · | -222.8% | -213.4% | -237.9% | · | 50.4% | -75.5% | -191.6% | · | -391.5% | -420.5% |
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 | $0 | $0 | $0 | $4M | $11M |
| Operating Margin % | — | — | — | -2099.3% | -1158.8% |
| Net Income | $-27M | $-39M | $-42M | $-45M | $-143M |
| Diluted EPS | $-3.31 | $-10.15 | $-17.35 | $-29.48 | $-108.32 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 2.5 | 4.6 | 2.3 | 4.7 |
| Current Ratio | 3.8 | 3.1 | 6.3 | 3.3 | 3.3 |
| Quick Ratio | 3.0 | 3.0 | 6.1 | 2.8 | 2.9 |
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Institutional owners (13F) 4 filers · $587 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 |
|---|---|---|---|---|
| 0 | 26 | 0 | 1 | — |
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. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $463 | 832 | 78.88% | Shares |
| Legacy Investment Solutions, LLC | $119 | 25 | 20.27% | Shares |
| HARBOUR INVESTMENTS, INC. | $5 | 3 | 0.85% | Shares |
| Motiv8 Investments LLC | $0 | 2 | 0.00% | Shares |
Company insiders 18 insiders · 6 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Lazar David E. | Chief Executive Officer | Dec. 18, 2025 J | — | 0 | 0 | $0 |
| Todd Bazemore | President and Chief Executive Officer | Aug. 29, 2025 A | 137,500 | 0 | 0 | $0 |
| Mary Reumuth | Chief Financial Officer | Jan. 4, 2021 A | 147,959 | 0 | 0 | $0 |
| Hongming Chen | Chief Scientific Officer | March 1, 2021 M | 243,015 | 0 | 0 | $0 |
| Eric Trachtenberg | General Counsel, Chief Compliance Officer and Secretary | Oct. 26, 2020 A | 105,901 | 0 | 0 | $0 |
| Michele Larussa | Sr. VP, Regulatory and Quality | Feb. 7, 2018 A | — | 0 | 0 | $0 |
| Mark T Iwicki | Director | June 3, 2025 S | 269,210 | 0 | 0 | $0 |
| Robert Bradley Paull | Director | June 25, 2020 A | 20,000 | 0 | 0 | $0 |
| Gregory Grunberg | Director | June 25, 2020 A | 20,000 | 0 | 0 | $0 |
| Rajeev Shah | Director | June 25, 2020 A | 20,000 | 0 | 0 | $0 |
| Howard B Rosen | Director | June 25, 2020 A | 24,824 | 0 | 0 | $0 |
| Andrew I Koven | Director | June 25, 2020 A | 28,000 | 0 | 0 | $0 |
| Gregory D Perry | Director | June 25, 2020 A | 20,000 | 0 | 0 | $0 |
| Hill Paulina | Director | June 12, 2018 A | — | 0 | 0 | $0 |
| Robert Langer | Director | June 12, 2018 A | — | 0 | 0 | $0 |
| Robert I Tepper | Director | July 25, 2017 C | 1,621,092 | 0 | 0 | $0 |
| Hadley Harbor Master Investors (Cayman) L.P. | 10% owner | July 25, 2017 C | 846,566 | 0 | 0 | $0 |
| Romulus K Brazzell | — | Oct. 22, 2025 S | 35,952 | 0 | 1 | $-38,801 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 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 |
|---|---|---|---|---|---|
| Lazar David E. ×2 filings | July 2, 2026 | 3.90% | Amendment | — | SEC |
| SR One Capital Fund II Aggregator, LP, SR One Capital Partners II, LP, SR One Capital Management, LLC, Simeon George ×3 filings | Oct. 15, 2025 | 4.60% | Amendment | — | SEC |
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×3 filings | Oct. 2, 2025 | 9.99% | Amendment | Board campaign | SEC |
| Longitude Capital Partners II, LLC, Longitude Venture Partners II, L.P., Longitude Capital Partners IV, LLC, Longitude Venture Partners IV, L.P., Patrick G. Enright, Juliet Tammenoms Bakker ×4 filings | Oct. 18, 2023 | — | Initial filing | — | SEC |
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×6 filings | June 3, 2022 | — | Initial filing | — | SEC |
| Lagunita Biosciences, LLC, Lagunita, LLC, Garland Investments, L.P., Mark S. Blumenkranz ×3 filings | Nov. 26, 2021 | — | Initial filing | — | SEC |
| RA Capital Management, LLC, Peter Kolchinsky ×2 filings | Oct. 5, 2018 | — | 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 1 ETF
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 |
|---|---|---|---|---|
| VXF · VANGUARD INDEX FUNDS | 0.00% | 220,623 SH | Aug. 8, 2026 | Daily |