KOD Kodiak Sciences Inc - Common Stock
$40.75
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026
52W Range
$8–$48
82% of range
Analyst Rating
BUY
10 analysts
Price Target
$65
+60% upside
P/E (TTM)
-9.4
ROE
-202.0%
Net Profit Margin
—
About Kodiak Sciences Inc - Common Stock Company overview from Wikipedia
KOD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$40.75
Market Cap
$2.52B
P/E (TTM)
-9.4
EPS (TTM)
$-4.32
Revenue (TTM)
—
Div Yield
—
ROE
-202.0%
Debt/Equity
—
52W Range
$8 – $48
KOD 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
$-4.32
2020-12-31
→
2025-12-31
Free Cash Flow
$-137M
2018-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KOD
Peer Median
P/E (TTM)
-9.4
—
P/B
16.0
3.3
Price / FCF
-18.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KOD
Peer Median
ROA
-66.9%
-36.2%
ROE
-202.0%
-43.7%
ROIC
-149.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KOD
Peer Median
Current Ratio
4.7
9.7
Quick Ratio
4.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KOD
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
KOD
Peer Median
KOD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 2 20.0%
- Buy 7 70.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-15
Median
$65.00
← Below all targets
$40.75
Low
$56.00
High
$80.00
Median target
$65.00
+59.5%
Mean target
$65.00
+59.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.94 | $-1.02 | 0.08% |
| Dec. 31, 2025 | $-1.04 | $-1.06 | 0.02% |
| Sept. 30, 2025 | $-1.16 | $-1.04 | -0.12% |
| June 30, 2025 | $-1.03 | $-1.08 | 0.05% |
| March 31, 2025 | $-1.09 | $-0.90 | -0.19% |
| Dec. 31, 2024 | $-0.84 | $-0.89 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KOD | $1.73B | -6.5 | — | — | -202.0% | — |
| BEAM | $2.82B | -34.2 | 120.0% | -57.2% | -7.0% | — |
| SLS | $577M | -15.1 | — | — | -55.4% | — |
| RARE | $2.22B | -3.9 | 20.2% | -85.4% | -1613.2% | — |
| BCRX | $1.66B | 6.4 | 94.1% | 30.2% | -97.6% | — |
| COAG | — | — | — | — | — | — |
| KLRA | — | — | — | — | — | — |
| CDNA | $959M | -47.1 | 13.8% | -5.6% | -6.8% | — |
| MLYS | $2.96B | -15.8 | — | — | -32.2% | — |
| PGEN | $1.48B | -3.1 | 146.7% | -2588.2% | 3159.1% | — |
| VERA | — | -10.9 | — | — | -55.9% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $182M | $126M | $206M | $268M | $217M | $107M | $38M | $19M | $22M | |
| SG&A Expense | $52M | $61M | $71M | $74M | $50M | $29M | $12M | $8M | $3M | |
| Operating Expenses | $234M | $187M | $277M | $341M | $267M | $136M | $49M | $26M | $26M | |
| Operating Income | $-234M | $-187M | $-277M | $-341M | $-267M | $-136M | $-49M | $-26M | $-26M | |
| Interest Expense | $0 | $0 | $13.0K | $18.0K | $47.0K | $25.0K | $8.0K | $6M | $1M | |
| Interest Income | $5M | $11M | $17M | $7M | $298.0K | $3M | $2M | $617.0K | $29.0K | |
| Other Non-op | $-96.0K | $-506.0K | $110.0K | $503.0K | $-190.0K | $-30.0K | $265.0K | $-5M | $-1M | |
| Pretax Income | $-230M | $-176M | $-260M | $-334M | $-267M | $-133M | $-47M | $-41M | $-28M | |
| Income Tax | $52.0K | $20.0K | $33.0K | $33.0K | $74.0K | $14.0K | · | · | · | |
| Net Income | $-230M | $-176M | $-260M | $-334M | $-267M | $-133M | $-47M | $-41M | $-28M | |
| EPS (Basic) | $-4.32 | $-3.35 | $-4.97 | $-6.39 | $-5.16 | $-2.91 | · | · | · | |
| EPS (Diluted) | $-4.32 | $-3.35 | $-4.97 | $-6.39 | $-5.16 | $-2.91 | · | · | · | |
| Shares (Basic) | 53,208,311 | 52,583,148 | 52,414,256 | 52,249,620 | 51,788,918 | 45,741,845 | · | · | · | |
| Shares (Diluted) | 53,208,311 | 52,583,148 | 52,414,256 | 52,249,620 | 51,788,918 | 45,741,845 | · | · | · | |
| EBITDA | $-234M | $-187M | $-277M | $-341M | $-267M | $-136M | $-49M | $-26M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $210M | $168M | $286M | $190M | $732M | $944M | $212M | $88M | $1M | |
| Short-term Investments | · | · | $0 | $288M | $0 | $25M | $125M | · | · | |
| Prepaid Expense | $5M | $4M | $4M | $7M | $3M | $3M | $3M | $2M | $200.0K | |
| Current Assets | $215M | $172M | $289M | $486M | $735M | $972M | $339M | $90M | $2M | |
| PP&E (Net) | $85M | $102M | $120M | $56M | $41M | $5M | $996.0K | $1M | $2M | |
| PP&E (Gross) | $145M | $143M | $143M | $63M | $44M | $7M | $3M | $3M | $3M | |
| Accum. Depreciation | $59M | $41M | $23M | $7M | $3M | $2M | $2M | $2M | $1M | |
| Other Non-current Assets | $9M | $9M | $9M | $59M | $55M | $10M | $5M | $503.0K | · | |
| Total Assets | $352M | $336M | $479M | $667M | $904M | $1.07B | $359M | $92M | $3M | |
| Accounts Payable | $13M | $4M | $14M | $9M | $12M | $9M | $3M | $1M | $3M | |
| Accrued Liabilities | $21M | $11M | $18M | $33M | $48M | $20M | $9M | $4M | $6M | |
| Current Liabilities | $46M | $26M | $42M | $52M | $65M | $31M | $12M | $5M | $9M | |
| Capital Leases | $47M | $60M | $72M | $78M | $76M | $75M | $2M | · | · | |
| Other Non-current Liabilities | · | · | $0 | $162.0K | $211.0K | $256.0K | $295.0K | $530.0K | $586.0K | |
| Total Liabilities | $194M | $185M | $214M | $230M | $241M | $207M | $14M | $5M | $22M | |
| Common Stock | $6.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $4.0K | $1.0K | |
| Retained Earnings | $-1.56B | $-1.33B | $-1.15B | $-892M | $-558M | $-291M | $-158M | $-111M | $-69M | |
| AOCI | · | · | $0 | $-1M | $0 | $53.0K | $10.0K | · | · | |
| Stockholders' Equity | $157M | $150M | $266M | $436M | $663M | $861M | $345M | $87M | $-69M | |
| Liabilities + Equity | $352M | $336M | $479M | $667M | $904M | $1.07B | $359M | $92M | $3M | |
| Shares Outstanding | 61,758,454 | 52,726,916 | 52,508,602 | 52,333,850 | 51,826,257 | 51,112,302 | 44,413,404 | 36,829,857 | 7,936,434 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $59M | $60M | $89M | $106M | $61M | $31M | $6M | $3M | $275.0K | |
| Deferred Tax | · | $0 | $0 | $0 | $0 | $0 | · | · | · | |
| Operating Cash Flow | $-136M | $-117M | $-154M | $-206M | $-182M | $-83M | $-39M | $-29M | $-18M | |
| CapEx | $506.0K | $375.0K | $41M | $37M | $17M | $4M | $437.0K | $78.0K | $209.0K | |
| Investing Cash Flow | $-506.0K | $-755.0K | $249M | $-337M | $-39M | $105M | $-137M | $-581.0K | $-209.0K | |
| Stock Issued | · | · | · | $0 | $0 | $612M | $298M | $84M | · | |
| Stock Repurchased | · | · | · | · | · | · | · | $0 | $0 | |
| Net Stock Activity | · | · | · | $0 | · | $612M | $298M | $84M | · | |
| Financing Cash Flow | $178M | $501.0K | $31.0K | $2M | $8M | $717M | $300M | $116M | $10M | |
| Taxes Paid | $0 | $0 | $0 | · | · | · | · | · | · | |
| Free Cash Flow | $-137M | $-118M | $-196M | $-243M | $-199M | $-87M | $-40M | $-29M | · | |
| Levered FCF | $-137M | $-118M | $-196M | $-243M | $-199M | $-87M | · | · | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -66.9% | -43.2% | -45.5% | -42.5% | -27.1% | -18.7% | -21.0% | -86.9% | · | |
| ROE | -202.0% | -105.0% | -91.7% | -72.9% | -38.4% | -23.3% | -23.4% | 1184.6% | · | |
| ROIC | -149.0% | -124.3% | -104.3% | -78.3% | -40.3% | -15.8% | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.7 | 6.7 | 6.9 | 9.3 | 11.4 | 30.9 | 29.0 | 18.7 | · | |
| Quick Ratio | 4.6 | 6.6 | 6.8 | 9.1 | 11.3 | 30.8 | 28.7 | 18.3 | · | |
| Interest Coverage | · | · | -21332.4 | -18965.5 | -12138.7 | -5440.3 | -6148.8 | -4.8 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-230M | $-176M | $-260M | $-334M | $-267M | $-133M | $-47M | $-41M | · | |
| Market Cap | $1.73B | $522M | $160M | $375M | $4.39B | $7.51B | $3.20B | $261M | · | |
| P/E | -6.5 | -3.0 | -0.6 | -1.1 | -16.4 | -50.5 | · | · | · | |
| P/B | 11.0 | 3.5 | 0.6 | 0.9 | 6.6 | 8.7 | 9.3 | 3.0 | · | |
| P / Tangible Book | 11.0 | 3.5 | 0.6 | 0.9 | 6.6 | 8.7 | · | · | · | |
| P / Cash Flow | -12.7 | -4.5 | -1.0 | -1.8 | -24.1 | -90.0 | -81.6 | -9.0 | · | |
| P / FCF | -12.6 | -4.4 | -0.8 | -1.5 | -22.0 | -86.1 | -80.7 | -9.0 | · | |
| Earnings Yield | -15.4% | -33.7% | -163.5% | -89.2% | -6.1% | -2.0% | · | · | · |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $56M | $49M | $45M | $50M | $43M | $44M | $32M | $32M | $33M | $30M | $36M | $67M | $57M | $62M | $74M | $76M | |
| SG&A Expense | $11M | $11M | $12M | $12M | $13M | $15M | $14M | $15M | $15M | $16M | $18M | $18M | $18M | $18M | $18M | $20M | |
| Operating Expenses | $67M | $60M | $57M | $62M | $56M | $59M | $46M | $47M | $48M | $46M | $54M | $85M | $75M | $79M | $92M | $96M | |
| Operating Income | $-67M | $-60M | $-57M | $-62M | $-56M | $-59M | $-46M | $-47M | $-48M | $-46M | $-54M | $-85M | $-75M | $-79M | $-92M | $-96M | |
| Interest Expense | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $5.0K | $4.0K | $4.0K | $4.0K | $5.0K | $5.0K | |
| Interest Income | $1M | $2M | $757.0K | $917.0K | $1M | $2M | $2M | $3M | $3M | $3M | $5M | $5M | $4M | $2M | $1M | $76.0K | |
| Other Non-op | $-60.0K | $-22.0K | $-40.0K | $-22.0K | $-44.0K | $10.0K | $-56.0K | $-25.0K | $-88.0K | $-337.0K | $-38.0K | $-35.0K | $222.0K | $-40.0K | $-49.0K | $-13.0K | |
| Net Income | $-66M | $-58M | $-57M | $-61M | $-54M | $-57M | $-44M | $-44M | $-45M | $-43M | $-50M | $-80M | $-71M | $-77M | $-91M | $-96M | |
| EPS (Basic) | $-1.05 | $-0.94 | $-1.04 | $-1.16 | $-1.03 | $-1.09 | $-0.83 | $-0.84 | $-0.86 | $-0.82 | $-0.95 | $-1.53 | $-1.35 | $-1.47 | $-1.74 | $-1.83 | |
| EPS (Diluted) | $-1.05 | $-0.94 | $-1.04 | $-1.16 | $-1.03 | $-1.09 | $-0.83 | $-0.84 | $-0.86 | $-0.82 | $-0.95 | $-1.53 | $-1.35 | $-1.47 | $-1.74 | $-1.83 | |
| Shares (Basic) | 62,628,596 | 61,859,485 | -105,176,477 | 52,859,308 | 52,779,162 | 52,746,318 | -105,097,710 | 52,616,183 | 52,554,215 | 52,510,460 | 52,455,620 | 52,378,729 | 52,337,603 | 52,288,257 | 52,218,773 | 52,172,918 | |
| Shares (Diluted) | 62,628,596 | 61,859,485 | -105,176,477 | 52,859,308 | 52,779,162 | 52,746,318 | -105,097,710 | 52,616,183 | 52,554,215 | 52,510,460 | 52,455,620 | 52,378,729 | 52,337,603 | 52,288,257 | 52,218,773 | 52,172,918 | |
| EBITDA | $-67M | $-60M | · | $-62M | $-56M | $-59M | · | $-47M | $-48M | $-46M | $-54M | $-85M | $-75M | $-79M | $-92M | $-96M |
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 | $126M | $170M | $210M | $72M | $104M | $139M | $168M | $198M | $219M | $246M | $346M | $379M | $317M | $178M | $173M | $672M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $105M | $359M | $425M | · | |
| Prepaid Expense | $5M | $6M | $5M | $4M | $4M | $4M | $4M | $5M | $5M | $6M | $5M | $8M | $10M | $7M | $6M | $10M | |
| Current Assets | $131M | $175M | $215M | $76M | $108M | $143M | $172M | $202M | $225M | $252M | $351M | $387M | $431M | $545M | $604M | $682M | |
| PP&E (Net) | $78M | $82M | $85M | $89M | $93M | $98M | $102M | $107M | $111M | $116M | $125M | $130M | $135M | $56M | $55M | $49M | |
| PP&E (Gross) | · | · | $145M | · | · | · | $143M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $59M | · | · | · | $41M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $56M | $54M | $48M | |
| Total Assets | $257M | $306M | $352M | $218M | $257M | $298M | $336M | $373M | $402M | $435M | $548M | $590M | $640M | $724M | $782M | $850M | |
| Accounts Payable | $13M | $11M | $13M | $10M | $5M | $7M | $4M | $3M | $2M | $2M | $39M | $12M | $6M | $16M | $21M | $13M | |
| Accrued Liabilities | $30M | $27M | $21M | $20M | $15M | $13M | $11M | $11M | $9M | $13M | $23M | $54M | $55M | $41M | $43M | $58M | |
| Current Liabilities | $53M | $50M | $46M | $42M | $31M | $31M | $26M | $24M | $21M | $25M | $71M | $74M | $69M | $66M | $70M | $76M | |
| Capital Leases | $43M | $44M | $47M | $50M | $54M | $57M | $60M | $63M | $66M | $69M | $74M | $77M | $79M | $79M | $81M | $76M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $175.0K | $187.0K | $199.0K | |
| Total Liabilities | $196M | $194M | $194M | $194M | $186M | $189M | $185M | $187M | $187M | $194M | $245M | $251M | $248M | $244M | $251M | $253M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | |
| Retained Earnings | $-1.68B | $-1.62B | $-1.56B | $-1.50B | $-1.44B | $-1.39B | $-1.33B | $-1.28B | $-1.24B | $-1.20B | $-1.09B | $-1.04B | $-963M | $-822M | $-745M | $-654M | |
| AOCI | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $-96.0K | $-3M | $-2M | · | |
| Stockholders' Equity | $61M | $112M | $157M | $24M | $70M | $109M | $150M | $185M | $215M | $241M | $302M | $338M | $393M | $480M | $531M | $597M | |
| Liabilities + Equity | $257M | $306M | $352M | $218M | $257M | $298M | $336M | $373M | $402M | $435M | $548M | $590M | $640M | $724M | $782M | $850M | |
| Shares Outstanding | 62,830,860 | 62,155,685 | 61,758,454 | 52,998,561 | 52,821,689 | 52,751,875 | 52,726,916 | 52,623,087 | 52,614,729 | 52,523,447 | 52,467,291 | 52,453,163 | 52,344,741 | 52,304,154 | 52,024,621 | 51,939,881 |
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 | $12M | $12M | $13M | $14M | $16M | $16M | $9M | $15M | $18M | $18M | $14M | $26M | $26M | $26M | $26M | $28M | |
| Operating Cash Flow | $-46M | $-40M | $-39M | $-33M | $-35M | $-29M | $-30M | $-21M | $-26M | $-40M | $-33M | $-42M | $-47M | $-53M | $-55M | $-43M | |
| CapEx | $352.0K | $942.0K | $43.0K | $60.0K | $133.0K | $270.0K | $124.0K | $180.0K | $49.0K | $22.0K | $226.0K | $1M | $12M | $8M | $8M | $17M | |
| Investing Cash Flow | $-352.0K | $-942.0K | $-43.0K | $-60.0K | $-133.0K | $-270.0K | $-124.0K | $-205.0K | $-260.0K | $-166.0K | $-226.0K | $104M | $173M | $59M | $-444M | $-18M | |
| Financing Cash Flow | $3M | $619.0K | $177M | $813.0K | $120.0K | $124.0K | $404.0K | $0 | $59.0K | $38.0K | $-12.0K | $170.0K | $-3.0K | $78.0K | $54.0K | $2M | |
| Free Cash Flow | · | $-41M | · | · | · | $-29M | · | · | · | $-40M | · | · | $-59M | · | · | $-61M |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -25.6% | -19.3% | · | -20.8% | -16.5% | -15.7% | · | -9.6% | -9.1% | -8.0% | -7.9% | -11.7% | -9.5% | -9.2% | -10.2% | -10.2% | |
| ROE | -99.9% | -52.6% | · | -58.8% | -38.1% | -32.8% | · | -18.0% | -16.3% | -13.6% | -12.8% | -18.4% | -14.3% | -12.8% | -13.8% | -13.5% |
Liquidity & Solvency 3
| 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 | 2.5 | 3.5 | · | 1.8 | 3.5 | 4.6 | · | 8.4 | 10.6 | 10.1 | 5.0 | 5.2 | 6.3 | 8.3 | 8.7 | 8.9 | |
| Quick Ratio | 2.4 | 3.4 | · | 1.7 | 3.4 | 4.5 | · | 8.2 | 10.3 | 9.9 | 4.9 | 5.1 | 6.1 | 8.2 | 8.6 | 8.8 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | -10900.0 | -21208.0 | -18653.8 | -19869.5 | -18413.6 | -19153.4 |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-240M | $-231M | · | $-217M | $-201M | $-190M | · | $-182M | $-218M | $-244M | $-278M | $-319M | $-334M | $-357M | $-347M | $-312M | |
| Market Cap | $2.45B | $2.37B | · | $868M | $197M | $148M | · | $137M | $124M | $276M | $94M | $362M | $325M | $405M | $397M | $401M | |
| P/E | -9.3 | -9.0 | · | -4.0 | -1.0 | -0.8 | · | -0.8 | -0.6 | -1.1 | -0.3 | -1.1 | -1.0 | -1.2 | -1.3 | · | |
| P/B | 40.1 | 21.1 | · | 36.6 | 2.8 | 1.4 | · | 0.7 | 0.6 | 1.1 | 0.3 | 1.1 | 0.8 | 0.8 | 0.7 | 0.7 | |
| P / Tangible Book | 40.1 | 21.1 | · | 36.6 | 2.8 | 1.4 | · | 0.7 | 0.6 | 1.1 | 0.3 | 1.1 | 0.8 | 0.8 | 0.7 | 0.7 | |
| P / Cash Flow | · | -59.2 | · | · | · | -5.1 | · | · | · | -7.0 | · | · | -6.9 | · | · | -9.3 | |
| P / FCF | · | -57.9 | · | · | · | -5.1 | · | · | · | -7.0 | · | · | -5.5 | · | · | -6.6 | |
| Earnings Yield | -10.7% | -11.1% | · | -25.2% | -102.4% | -128.5% | · | -132.9% | -177.0% | -88.4% | -294.4% | -88.3% | -103.1% | -81.9% | -77.9% | · |
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 | $-230M | $-176M | $-260M | $-334M | $-267M |
| Diluted EPS | $-4.32 | $-3.35 | $-4.97 | $-6.39 | $-5.16 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 4.7 | 6.7 | 6.9 | 9.3 | 11.4 |
| Quick Ratio | 4.6 | 6.6 | 6.8 | 9.1 | 11.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-137M | $-118M | $-196M | $-243M | $-199M |
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Institutional owners (13F) 218 filers · $1.9B 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 |
|---|---|---|---|---|
| 42 (-15 vs prior Q) | 22 (+4 vs prior Q) | 78 (+12 vs prior Q) | 60 (+10 vs prior Q) | +5.5M |
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 |
|---|---|---|---|---|
| BAKER BROS. ADVISORS LP | $776,051,487 | 19,919,186 | 39.82% | Shares |
| STATE STREET CORP | $94,260,486 | 2,419,417 | 4.84% | Shares |
| GOLDMAN SACHS GROUP INC | $74,843,757 | 1,921,041 | 3.84% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $70,308,463 | 1,804,632 | 3.61% | Shares |
| BRAIDWELL LP | $69,633,909 | 1,787,318 | 3.57% | Shares |
| RTW INVESTMENTS, LP | $57,969,909 | 1,487,934 | 2.97% | Shares |
| Boxer Capital Management, LLC | $57,567,296 | 1,477,600 | 2.95% | Shares |
| TCG Crossover Management, LLC | $56,318,161 | 1,445,538 | 2.89% | Shares |
| JANUS HENDERSON GROUP PLC | $50,005,855 | 1,311,457 | 2.57% | Shares |
| ICONIQ Capital, LLC | $49,345,294 | 1,266,563 | 2.53% | Shares |
| Ikarian Capital, LLC | $41,287,080 | 1,059,730 | 2.12% | Shares |
| Artisan Partners Limited Partnership | $37,714,722 | 968,037 | 1.94% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $35,577,403 | 912,966 | 1.83% | Shares |
| Board of Trustees of The Leland Stanford Junior University | $26,951,242 | 691,767 | 1.38% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $21,282,134 | 546,256 | 1.09% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $20,758,628 | 532,819 | 1.07% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $19,480,000 | 500,000 | 1.00% | Shares |
| Squadron Capital Management LLC | $19,480,000 | 500,000 | 1.00% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $19,449,261 | 499,211 | 1.00% | Shares |
| TWO SIGMA INVESTMENTS, LP | $18,428,119 | 473,001 | 0.95% | Shares |
| BOONE CAPITAL MANAGEMENT LLC | $14,727,270 | 378,010 | 0.76% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13,949,862 | 358,056 | 0.72% | Shares |
| BANK OF AMERICA CORP /DE/ | $13,742,712 | 352,739 | 0.71% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $11,375,112 | 291,969 | 0.58% | Shares |
| FMR LLC | $10,788,881 | 276,922 | 0.55% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $10,344,815 | 265,524 | 0.53% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $10,296,544 | 264,285 | 0.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,346,504 | 239,900 | 0.48% | Call option |
| DIADEMA PARTNERS LP | $8,497,838 | 218,117 | 0.44% | Shares |
| Ikarian Capital, LLC | $8,481,592 | 217,700 | 0.44% | Call option |
| DIADEMA PARTNERS LP | $7,663,432 | 196,700 | 0.39% | Call option |
| TD Asset Management Inc | $7,563,383 | 194,132 | 0.39% | Shares |
| PFM Health Sciences, LP | $7,531,552 | 193,315 | 0.39% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,371,232 | 189,200 | 0.38% | Shares |
| ALGERT GLOBAL LLC | $7,265,105 | 186,476 | 0.37% | Shares |
| VANGUARD GROUP INC | $6,892,839 | 246,525 | 0.35% | Shares |
| Squarepoint Ops LLC | $5,886,778 | 151,098 | 0.30% | Shares |
| Ghisallo Capital Management LLC | $5,844,000 | 150,000 | 0.30% | Shares |
| DIADEMA PARTNERS LP | $5,723,224 | 146,900 | 0.29% | Put option |
| Bruce & Co., Inc. | $5,649,200 | 145,000 | 0.29% | Shares |
| FEDERATED HERMES, INC. | $5,612,772 | 144,065 | 0.29% | Shares |
| CITADEL ADVISORS LLC | $5,593,331 | 143,566 | 0.29% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $4,444,907 | 114,089 | 0.23% | Shares |
| CITADEL ADVISORS LLC | $4,266,120 | 109,500 | 0.22% | Call option |
| CITADEL ADVISORS LLC | $3,884,312 | 99,700 | 0.20% | Put option |
| Harvest Investment Services, LLC | $3,812,080 | 97,846 | 0.20% | Shares |
| Point72 Asset Management, L.P. | $3,802,379 | 97,597 | 0.20% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,775,146 | 96,898 | 0.19% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3,662,824 | 94,015 | 0.19% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,631,072 | 93,200 | 0.19% | Put option |
| PRUDENTIAL FINANCIAL INC | $3,564,645 | 91,495 | 0.18% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $3,491,206 | 89,610 | 0.18% | Shares |
| RIA Advisory Group LLC | $3,398,442 | 87,229 | 0.17% | Shares |
| BlackRock, Inc. | $3,289,315 | 84,428 | 0.17% | Shares |
| Caption Management, LLC | $3,186,928 | 81,800 | 0.16% | Call option |
| SPHERA FUNDS MANAGEMENT LTD. | $3,186,772 | 81,796 | 0.16% | Shares |
| Atom Investors LP | $2,993,803 | 76,843 | 0.15% | Shares |
| STEMPOINT CAPITAL LP | $2,955,973 | 75,872 | 0.15% | Shares |
| TWO SIGMA ADVISERS, LP | $2,882,676 | 103,100 | 0.15% | Shares |
| Qube Research & Technologies Ltd | $2,882,183 | 73,978 | 0.15% | Shares |
| ExodusPoint Capital Management, LP | $2,636,501 | 67,672 | 0.14% | Shares |
| Pictet Asset Management Holding SA | $2,497,778 | 66,015 | 0.13% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,446,688 | 62,800 | 0.13% | Call option |
| Swiss National Bank | $2,415,520 | 62,000 | 0.12% | Shares |
| D. E. Shaw & Co., Inc. | $2,336,977 | 59,984 | 0.12% | Shares |
| CITIGROUP INC | $2,326,068 | 59,704 | 0.12% | Shares |
| Persistent Asset Partners Ltd | $2,183,786 | 56,052 | 0.11% | Shares |
| Emerald Investment Advisers, LLC | $2,167,384 | 55,631 | 0.11% | Shares |
| Jain Global LLC | $2,151,098 | 55,213 | 0.11% | Shares |
| Resolute Capital Asset Partners LLC | $2,001,960 | 51,385 | 0.10% | Shares |
| RHUMBLINE ADVISERS | $1,955,700 | 50,198 | 0.10% | Shares |
| Informed Momentum Co LLC | $1,894,157 | 48,618 | 0.10% | Shares |
| Balyasny Asset Management L.P. | $1,809,536 | 46,446 | 0.09% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,800,026 | 47,220 | 0.09% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,717,123 | 44,074 | 0.09% | Shares |
| JANE STREET GROUP, LLC | $1,706,448 | 43,800 | 0.09% | Call option |
| Rafferty Asset Management, LLC | $1,619,294 | 41,563 | 0.08% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,585,672 | 40,700 | 0.08% | Shares |
| HighVista Strategies LLC | $1,581,387 | 40,590 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $1,399,132 | 35,912 | 0.07% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $1,381,872 | 35,469 | 0.07% | Shares |
| Bank of New York Mellon Corp | $1,356,081 | 34,807 | 0.07% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $1,332,042 | 34,190 | 0.07% | Shares |
| Caption Management, LLC | $1,297,368 | 33,300 | 0.07% | Put option |
| MILLENNIUM MANAGEMENT LLC | $1,213,760 | 31,154 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $1,192,955 | 30,620 | 0.06% | Shares |
| Trexquant Investment LP | $1,171,332 | 30,065 | 0.06% | Shares |
| Engineers Gate Manager LP | $1,150,762 | 29,537 | 0.06% | Shares |
| XTX Topco Ltd | $1,140,009 | 29,261 | 0.06% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,120,576 | 29,396 | 0.06% | Shares |
| Aries Wealth Management | $974,000 | 25,000 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $947,079 | 24,309 | 0.05% | Shares |
| State of Wyoming | $905,586 | 23,244 | 0.05% | Shares |
| MetLife Investment Management, LLC | $895,418 | 22,983 | 0.05% | Shares |
| PROFUND ADVISORS LLC | $819,524 | 21,035 | 0.04% | Shares |
| BARCLAYS PLC | $747,486 | 19,186 | 0.04% | Shares |
| Y-Intercept (Hong Kong) Ltd | $723,137 | 18,561 | 0.04% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $682,774 | 17,525 | 0.04% | Shares |
| Optimize Financial Inc | $679,603 | 17,828 | 0.03% | Shares |
| Artia Global Partners LP | $663,060 | 17,019 | 0.03% | Shares |
Company insiders 9 insiders · 4 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Victor Perlroth | Chairman and CEO | July 15, 2026 A | 2,168,038 | 0 | 0 | $0 |
| John A. Borgeson | Chief Financial Officer | July 15, 2026 A | 211,930 | 0 | 1 | $-880,723 |
| Jason Ehrlich | Chief Medical Officer and Chief Development Officer | June 24, 2023 A | 61,924 | 0 | 0 | $0 |
| Hong Liang | SVP, Discovery Medicine | April 2, 2020 S | 130,166 | 0 | 0 | $0 |
| Bassil I Dahiyat | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Charles A Bancroft | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Richard S Levy | Director | June 30, 2026 A | 1,000 | 0 | 0 | $0 |
| Taiyin Yang | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Robert Profusek | Director | June 30, 2026 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×12 filings | Dec. 19, 2025 | 32.80% | Amendment | Capital structure | 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 37 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 | 1.35% | 11,591 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.64% | 76,962 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.20% | 424,230 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.19% | 3,403 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.14% | 70,377 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.11% | 2,255 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.11% | 356,919 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.09% | 42,202 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.08% | 49,621 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.06% | 17,304 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.06% | 1,009,548 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.06% | 8,719 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 226,556 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.05% | 16,362 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.03% | 1,782 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 193,896 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 1,789 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 1,393 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 13,317 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 475,491 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 93,063 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.02% | 15,714 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 1,405 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 1,784 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 23,200 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,291 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 35 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 16,235 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 3,093 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 8,843 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 14,360 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 61,265 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 23,483 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 4,260 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,288,755 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,260 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 4 NS | April 30, 2026 | N-PORT |