KYMR Kymera Therapeutics, Inc. - Common Stock
$124.12
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$40–$130
93% of range
Analyst Rating
BUY
30 analysts
Price Target
$131
+5% upside
P/E (TTM)
-33.6
ROE
-24.4%
Net Profit Margin
-794.0%
About Kymera Therapeutics, Inc. - Common Stock Company overview from Wikipedia
KYMR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$124.12
Market Cap
$10.09B
P/E (TTM)
-33.6
EPS (TTM)
$-3.69
Revenue (TTM)
$39M
Div Yield
—
ROE
-24.4%
Debt/Equity
—
52W Range
$40 – $130
KYMR 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
$39M
2019-12-31
→
2025-12-31
EPS
$-3.69
2020-12-31
→
2025-12-31
Free Cash Flow
$-234M
2020-12-31
→
2025-12-31
Margins
-794.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KYMR
Peer Median
P/E (TTM)
-33.6
16.0
P/S (TTM)
257.4
32.5
P/B
6.4
3.9
Price / FCF
-43.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KYMR
Peer Median
Operating Margin
-891.1%
—
Net Profit Margin
-794.0%
-93.3%
ROA
-22.9%
-22.2%
ROE
-24.4%
-37.6%
ROIC
-22.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KYMR
Peer Median
Current Ratio
10.5
5.7
Quick Ratio
4.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KYMR
Peer Median
Revenue YoY
-16.7%
—
Revenue CAGR 3Y
-5.7%
—
Revenue CAGR 5Y
2.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
KYMR
Peer Median
KYMR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
30 analysts
- Strong Buy 10 33.3%
- Buy 16 53.3%
- Hold 4 13.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
22 analysts · 2026-08-16
Median
$133.00
Now
$124.12
Low
$111.00
High
$155.00
Median target
$133.00
+7.2%
Mean target
$130.91
+5.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.62 | $-0.73 | 0.11% |
| March 31, 2026 | $-0.71 | $-0.90 | 0.19% |
| Dec. 31, 2025 | $-0.97 | $-0.81 | -0.16% |
| Sept. 30, 2025 | $-0.94 | $-0.82 | -0.12% |
| June 30, 2025 | $-0.95 | $-0.83 | -0.12% |
| March 31, 2025 | $-0.82 | $-0.93 | 0.11% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KYMR | $6.33B | -21.1 | -16.7% | -794.0% | -24.4% | — |
| CYTK | $7.81B | -9.7 | 376.6% | -891.6% | 152.7% | — |
| PRAX | $7.43B | -21.9 | 249.5% | — | -47.3% | — |
| SMMT | $13.56B | -12.1 | — | — | -235.1% | — |
| PTGX | $5.47B | -42.6 | -89.4% | -282.8% | -20.3% | — |
| APGE | $5.16B | -17.9 | — | — | — | — |
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | — |
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
| SYRE | $2.56B | 10.1 | -62.0% | — | -26.5% | — |
| IMVT | $5.07B | -9.0 | 229.2% | — | -73.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $39M | $47M | $79M | $47M | $73M | $34M | $3M | |
| Cost of Revenue | $39M | $47M | $79M | $47M | · | · | · | |
| R&D Expense | $317M | $240M | $189M | $164M | $137M | $62M | $37M | |
| SG&A Expense | $68M | $64M | $55M | $44M | $36M | $18M | $8M | |
| Operating Expenses | $389M | $309M | $244M | $208M | $173M | $80M | $45M | |
| Operating Income | $-349M | $-262M | $-166M | $-161M | $-101M | $-46M | $-42M | |
| Other Non-op | $38M | $38M | $19M | $6M | $313.0K | $711.0K | $959.0K | |
| Pretax Income | $-311M | · | · | · | · | · | · | |
| Income Tax | $0 | · | · | $0 | $0 | $0 | $0 | |
| Net Income | $-311M | $-224M | $-147M | $-155M | $-100M | $-46M | $-41M | |
| EPS (Basic) | $-3.69 | $-2.98 | $-2.52 | $-2.87 | $-2.09 | $-3.15 | · | |
| EPS (Diluted) | $-3.69 | $-2.98 | $-2.52 | $-2.87 | $-2.09 | $-3.15 | · | |
| Shares (Basic) | 84,490,585 | 75,043,991 | 58,365,499 | 53,933,229 | 47,989,023 | 17,349,582 | · | |
| Shares (Diluted) | 84,490,585 | 75,043,991 | 58,365,499 | 53,933,229 | 47,989,023 | 17,349,582 | · | |
| EBITDA | $-341M | $-254M | $-162M | $-158M | $-98M | $-45M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $357M | $120M | $110M | $68M | $48M | $31M | $76M | |
| Receivables | $0 | $0 | $15M | $0 | · | · | · | |
| Prepaid Expense | $23M | $22M | $12M | $10M | $9M | $5M | $888.0K | |
| Current Assets | $871M | $510M | $405M | $419M | $451M | $302M | $93M | |
| PP&E (Net) | $43M | $50M | $48M | $13M | $12M | $11M | $4M | |
| PP&E (Gross) | $65M | $67M | $59M | $20M | $16M | $13M | $5M | |
| Accum. Depreciation | $22M | $16M | $10M | $7M | $4M | $2M | $1M | |
| Other Non-current Assets | $9M | $2M | $2M | $3M | $2M | $30.0K | $2M | |
| Total Assets | $1.74B | $978M | $576M | $603M | $606M | $487M | $117M | |
| Accounts Payable | $4M | $6M | $7M | $4M | $4M | $4M | $3M | |
| Accrued Liabilities | $42M | $35M | $34M | $28M | $23M | $10M | $5M | |
| Current Liabilities | $83M | $68M | $86M | $71M | $93M | $111M | $35M | |
| Capital Leases | $67M | $72M | $77M | $12M | $13M | $14M | $17M | |
| Other Non-current Liabilities | · | $0 | $0 | $248.0K | $66.0K | $100.0K | · | |
| Total Liabilities | $163M | $142M | $181M | $113M | $146M | $203M | $82M | |
| Common Stock | $8.0K | $7.0K | $6.0K | $6.0K | $5.0K | $4.0K | · | |
| Retained Earnings | $-1.07B | $-755M | $-531M | $-384M | $-229M | $-129M | $-76M | |
| AOCI | $2M | $-1M | $-552.0K | $-5M | $-660.0K | $-128.0K | $6.0K | |
| Stockholders' Equity | $1.58B | $836M | $395M | $490M | $460M | $284M | $-74M | |
| Liabilities + Equity | $1.74B | $978M | $576M | $603M | $606M | $487M | $117M | |
| Shares Outstanding | 81,323,532 | 64,890,193 | 55,585,305 | 55,039,380 | 51,536,181 | 44,482,186 | 1,929,516 |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $7M | $4M | $3M | $2M | $2M | $825.0K | |
| Stock-based Comp | $60M | $55M | $43M | $35M | $25M | $5M | $1M | |
| Other Non-cash | $10M | $-33M | $-3M | $-37M | $-56M | $127M | · | |
| Operating Cash Flow | $-233M | $-195M | $-103M | $-153M | $-129M | $88M | $18M | |
| CapEx | $1M | $13M | $34M | $3M | $2M | $9M | $532.0K | |
| Investing Cash Flow | $-521M | $-404M | $140M | $21M | $-100M | $-423M | $-16M | |
| Financing Cash Flow | $991M | $609M | $4M | $153M | $250M | $289M | $35M | |
| Net Change in Cash | $237M | $10M | $41M | $20M | $21M | $-45M | $36M | |
| Free Cash Flow | $-234M | $-207M | $-137M | $-156M | $-131M | $79M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -891.1% | -555.8% | -210.6% | -344.4% | -138.0% | -136.1% | · | |
| Net Margin | -794.0% | -475.6% | -187.0% | -330.6% | -137.6% | -134.0% | · | |
| Pretax Margin | -794.0% | · | · | · | · | · | · | |
| EBITDA Margin | -869.9% | -540.2% | -206.1% | -338.0% | -134.7% | -130.9% | · | |
| ROA | -22.9% | -28.8% | -24.9% | -25.6% | -18.3% | -15.1% | · | |
| ROE | -24.4% | -25.9% | -37.2% | -30.9% | -21.3% | -15.8% | · | |
| ROIC | -22.1% | · | · | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.5 | 7.5 | 4.7 | 5.9 | 4.9 | 2.7 | · | |
| Quick Ratio | 4.3 | 1.8 | 1.5 | 1.0 | 0.5 | 0.3 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | |
| Receivables Turnover | · | 6.3 | 10.5 | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -16.7% | -40.1% | 67.8% | -35.7% | 114.0% | · | · | |
| Revenue CAGR 3Y | -5.7% | -13.5% | 32.2% | · | · | · | · | |
| Revenue CAGR 5Y | 2.9% | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $39M | $47M | $79M | $47M | $73M | $34M | · | |
| Net Income TTM | $-311M | $-224M | $-147M | $-155M | $-100M | $-46M | · | |
| Market Cap | $6.33B | $2.61B | · | $1.37B | $3.27B | $2.76B | · | |
| P/E | -21.1 | -13.5 | -10.1 | -8.7 | -30.4 | -19.7 | · | |
| P/S | 161.4 | 55.5 | · | 29.3 | 44.9 | 81.0 | · | |
| P/B | 4.0 | 3.1 | · | 2.8 | 7.1 | 9.7 | · | |
| P / Tangible Book | 4.0 | 3.1 | · | 2.8 | 7.1 | 9.7 | · | |
| P / Cash Flow | -27.2 | -13.4 | · | -9.0 | -25.4 | 31.3 | · | |
| P / FCF | -27.0 | -12.6 | · | -8.8 | -25.1 | 34.9 | · | |
| Earnings Yield | -4.7% | -7.4% | -9.9% | -11.5% | -3.3% | -5.1% | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65M | $34M | $3M | $3M | $11M | $22M | $7M | $4M | $26M | $10M | $48M | $5M | $17M | $9M | $16M | $10M | |
| Cost of Revenue | $65M | $34M | $3M | $3M | $11M | $22M | $7M | $4M | $26M | $10M | · | · | · | · | · | · | |
| R&D Expense | $119M | $98M | $84M | $74M | $78M | $80M | $72M | $60M | $59M | $49M | $53M | $48M | $46M | $42M | $43M | $44M | |
| SG&A Expense | $21M | $20M | $17M | $17M | $18M | $16M | $16M | $15M | $17M | $14M | $14M | $14M | $14M | $13M | $12M | $11M | |
| Operating Expenses | $141M | $119M | $101M | $95M | $96M | $97M | $88M | $76M | $77M | $68M | $67M | $62M | $60M | $55M | $55M | $54M | |
| Operating Income | $-76M | $-84M | $-98M | $-93M | $-85M | $-74M | $-81M | $-72M | $-51M | $-58M | $-19M | $-58M | $-43M | $-45M | $-39M | $-45M | |
| Other Non-op | $14M | $15M | $11M | $10M | $8M | $9M | $10M | $10M | $9M | $9M | $5M | $5M | $5M | $4M | $4M | $2M | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | · | $100.0K | $100.0K | $0 | · | $0 | |
| Net Income | $-61M | $-69M | $-87M | $-82M | $-77M | $-66M | $-71M | $-62M | $-42M | $-49M | $-14M | $-53M | $-39M | $-41M | $-35M | $-43M | |
| EPS (Basic) | $-0.62 | $-0.71 | $-0.98 | $-0.94 | $-0.95 | $-0.82 | $-0.89 | $-0.82 | $-0.58 | $-0.69 | $-0.25 | $-0.90 | $-0.67 | $-0.70 | $-0.59 | $-0.79 | |
| EPS (Diluted) | $-0.62 | $-0.71 | $-0.98 | $-0.94 | $-0.95 | $-0.82 | $-0.89 | $-0.82 | $-0.58 | $-0.69 | $-0.25 | $-0.90 | $-0.67 | $-0.70 | $-0.59 | $-0.79 | |
| Shares (Basic) | 98,177,158 | 97,534,269 | -163,405,637 | 87,300,286 | 80,449,405 | 80,146,531 | -144,911,702 | 76,125,975 | 73,059,398 | 70,770,320 | -116,570,361 | 58,421,859 | 58,326,963 | 58,187,038 | -104,025,850 | 54,535,514 | |
| Shares (Diluted) | 98,177,158 | 97,534,269 | -163,405,637 | 87,300,286 | 80,449,405 | 80,146,531 | -144,911,702 | 76,125,975 | 73,059,398 | 70,770,320 | -116,570,361 | 58,421,859 | 58,326,963 | 58,187,038 | -104,025,850 | 54,535,514 | |
| EBITDA | $-76M | $-82M | · | $-93M | $-85M | $-72M | · | $-72M | $-51M | $-56M | · | $-58M | $-43M | $-44M | · | $-45M |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $124M | $144M | $357M | $113M | $336M | $90M | $120M | $111M | $68M | $94M | $110M | $81M | $52M | $50M | $68M | $156M | |
| Receivables | $20M | · | · | · | $40M | · | · | $0 | $0 | $0 | · | · | · | · | · | · | |
| Prepaid Expense | $26M | $27M | $23M | $23M | $23M | $18M | $22M | $17M | $14M | $15M | · | $14M | $14M | $11M | · | $9M | |
| Current Assets | $737M | $677M | $871M | $528M | $728M | $501M | $510M | $569M | $525M | $537M | · | $376M | $385M | $412M | · | $494M | |
| PP&E (Net) | $40M | $42M | $43M | $45M | $49M | $49M | $50M | $51M | $52M | $49M | · | $36M | $27M | $17M | · | $13M | |
| PP&E (Gross) | $66M | $66M | $65M | $67M | $69M | $67M | $67M | $65M | $64M | $60M | · | $46M | $36M | $25M | · | $19M | |
| Accum. Depreciation | $26M | $24M | $22M | $22M | $20M | $18M | $16M | $14M | $12M | $11M | · | $10M | $9M | $8M | · | $6M | |
| Other Non-current Assets | $7M | $8M | $9M | $7M | $5M | $3M | $2M | $0 | $2M | $2M | · | $3M | $3M | $3M | · | $3M | |
| Total Assets | $1.65B | $1.67B | $1.74B | $1.10B | $1.13B | $918M | $978M | $1.03B | $826M | $868M | · | $552M | $582M | $614M | · | $638M | |
| Accounts Payable | $9M | $13M | $4M | $6M | $6M | $10M | $6M | $6M | $7M | $7M | · | $5M | $4M | $6M | · | $6M | |
| Accrued Liabilities | $48M | $35M | $42M | $29M | $28M | $23M | $35M | $27M | $24M | $16M | · | $26M | $22M | $19M | · | $25M | |
| Current Liabilities | $71M | $63M | $83M | $72M | $88M | $59M | $68M | $67M | $62M | $56M | · | $63M | $55M | $62M | · | $91M | |
| Capital Leases | $64M | $66M | $67M | $68M | $70M | $71M | $72M | $74M | $75M | $76M | · | $77M | $71M | $64M | · | $12M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | $8.0K | $230.0K | $237.0K | · | $256.0K | |
| Total Liabilities | $136M | $129M | $163M | $156M | $160M | $132M | $142M | $142M | $141M | $157M | · | $157M | $147M | $152M | · | $126M | |
| Common Stock | $8.0K | $8.0K | $8.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $6.0K | $6.0K | · | $6.0K | $6.0K | $6.0K | · | $6.0K | |
| Retained Earnings | $-1.20B | $-1.14B | $-1.07B | $-979M | $-897M | $-820M | $-755M | $-684M | $-621M | $-579M | · | $-516M | $-464M | $-425M | · | $-349M | |
| AOCI | $-7M | $-4M | $2M | $2M | $279.0K | $-58.0K | $-1M | $2M | $-2M | $-2M | · | $-2M | $-4M | $-3M | · | $-6M | |
| Stockholders' Equity | $1.51B | $1.54B | $1.58B | $946M | $971M | $786M | $836M | $893M | $685M | $711M | $395M | $396M | $435M | $462M | $490M | $513M | |
| Liabilities + Equity | $1.65B | $1.67B | $1.74B | $1.10B | $1.13B | $918M | $978M | $1.03B | $826M | $868M | · | $552M | $582M | $614M | · | $638M | |
| Shares Outstanding | 82,788,253 | 82,182,101 | 81,323,532 | 71,741,174 | 70,557,442 | 65,112,714 | 64,890,193 | 64,748,226 | 61,572,383 | 61,353,146 | · | 55,450,239 | 55,390,259 | 55,276,226 | · | 54,751,429 |
Cash Flow 9
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $891.0K | $895.0K | $900.0K | $879.0K | $818.0K | $767.0K | |
| Stock-based Comp | $19M | $16M | $14M | $16M | $15M | $14M | $14M | $15M | $14M | $12M | $11M | $12M | $11M | $9M | $9M | $9M | |
| Other Non-cash | · | $-38M | · | · | · | $-30M | · | · | · | $-4M | · | · | · | $-13M | · | · | |
| Operating Cash Flow | $-54M | $-89M | $-67M | $-27M | $-60M | $-79M | $-62M | $-50M | $-43M | $-40M | $8M | $-32M | $-35M | $-44M | $-40M | $-34M | |
| CapEx | $473.0K | $434.0K | $106.0K | $181.0K | $695.0K | $467.0K | $936.0K | $-189.0K | $5M | $7M | $12M | $8M | $11M | $4M | $373.0K | $1M | |
| Investing Cash Flow | $20M | $-143M | $-394M | $-235M | $60M | $49M | $69M | $-158M | $16M | $-331M | $19M | $61M | $36M | $25M | $-50M | $-37M | |
| Financing Cash Flow | $14M | $19M | $705M | $40M | $246M | $258.0K | $3M | $251M | $1M | $354M | $2M | $-206.0K | $1M | $1M | $2M | $150M | |
| Net Change in Cash | $-20M | $-213M | $244M | $-223M | $246M | $-30M | $10M | $43M | $-26M | $-16M | $29M | $29M | $2M | $-18M | $-87M | $79M | |
| Free Cash Flow | · | $-89M | · | · | · | $-80M | · | · | · | $-47M | · | · | · | $-48M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -116.3% | -244.9% | · | -3347.4% | -736.8% | -336.8% | · | -1927.9% | -198.5% | -562.2% | · | -1216.4% | -262.7% | -478.8% | · | -469.9% | |
| Net Margin | -94.2% | -201.5% | · | -2973.0% | -667.6% | -296.8% | · | -1670.3% | -164.0% | -472.0% | · | -1118.2% | -235.0% | -432.4% | · | -450.2% | |
| EBITDA Margin | -116.3% | -239.0% | · | -3347.4% | -736.8% | -327.5% | · | -1927.9% | -198.5% | -548.0% | · | -1216.4% | -262.7% | -469.5% | · | -469.9% | |
| ROA | -4.4% | -5.3% | · | -7.7% | -7.8% | -7.3% | · | -7.9% | -6.0% | -6.6% | · | -8.9% | -7.0% | -7.0% | · | -6.7% | |
| ROE | -4.9% | -5.9% | · | -8.9% | -9.2% | -8.8% | · | -9.7% | -7.5% | -8.3% | · | -11.6% | -9.3% | -9.2% | · | -8.6% |
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 | 10.3 | 10.8 | · | 7.4 | 8.3 | 8.5 | · | 8.5 | 8.5 | 9.6 | · | 5.9 | 7.1 | 6.6 | · | 5.4 | |
| Quick Ratio | 2.0 | 2.3 | · | 1.6 | 4.3 | 1.5 | · | 1.7 | 1.1 | 1.7 | · | 1.3 | 1.0 | 0.8 | · | 1.7 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| Receivables Turnover | 2.2 | · | · | · | 0.6 | · | · | · | · | · | · | · | · | · | · | · |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $114M | $71M | · | $40M | $63M | $62M | · | $44M | $57M | $41M | · | $40M | $47M | $40M | · | $51M | |
| Net Income TTM | $-289M | $-294M | · | $-287M | $-247M | $-219M | · | $-206M | $-182M | $-181M | · | $-176M | $-163M | $-161M | · | $-149M | |
| Market Cap | $9.49B | $6.84B | · | $4.06B | $3.08B | $1.78B | · | $3.06B | $1.84B | $2.47B | · | $771M | $1.27B | $1.64B | · | $1.19B | |
| P/E | -35.6 | -24.4 | · | -16.0 | -13.8 | -9.4 | · | -15.8 | -10.5 | -13.6 | · | -4.5 | -7.8 | -9.9 | · | -7.7 | |
| P/S | 83.6 | 96.8 | · | 101.3 | 48.9 | 28.8 | · | 69.0 | 32.1 | 60.2 | · | 19.1 | 27.1 | 40.8 | · | 23.4 | |
| P/B | 6.3 | 4.4 | · | 4.3 | 3.2 | 2.3 | · | 3.4 | 2.7 | 3.5 | · | 1.9 | 2.9 | 3.5 | · | 2.3 | |
| P / Tangible Book | 6.3 | 4.4 | · | 4.3 | 3.2 | 2.3 | · | 3.4 | 2.7 | 3.5 | · | 1.9 | 2.9 | 3.5 | · | 2.3 | |
| P / Cash Flow | · | -77.0 | · | · | · | -22.5 | · | · | · | -62.3 | · | · | · | -37.3 | · | · | |
| P / FCF | · | -76.7 | · | · | · | -22.4 | · | · | · | -52.5 | · | · | · | -34.1 | · | · | |
| Earnings Yield | -2.8% | -4.1% | · | -6.2% | -7.3% | -10.6% | · | -6.3% | -9.5% | -7.4% | · | -22.0% | -12.8% | -10.1% | · | -13.1% |
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 | $39M | $47M | $79M | $47M | $73M |
| Operating Margin % | -891.1% | -555.8% | -210.6% | -344.4% | -138.0% |
| Net Income | $-311M | $-224M | $-147M | $-155M | $-100M |
| Diluted EPS | $-3.69 | $-2.98 | $-2.52 | $-2.87 | $-2.09 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 10.5 | 7.5 | 4.7 | 5.9 | 4.9 |
| Quick Ratio | 4.3 | 1.8 | 1.5 | 1.0 | 0.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-234M | $-207M | $-137M | $-156M | $-131M |
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Institutional owners (13F) 306 filers · $8.0B 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 |
|---|---|---|---|---|
| 59 (+13 vs prior Q) | 23 (-13 vs prior Q) | 94 (+1 vs prior Q) | 78 (+5 vs prior Q) | +5.6M |
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 | $992,725,940 | 8,657,242 | 12.48% | Shares |
| FMR LLC | $985,896,654 | 8,597,686 | 12.40% | Shares |
| Avoro Capital Advisors LLC | $857,129,238 | 7,474,747 | 10.78% | Shares |
| BVF INC/IL | $444,008,203 | 3,872,052 | 5.58% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $376,085,378 | 3,279,719 | 4.73% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $343,114,771 | 2,992,193 | 4.31% | Shares |
| Siren, L.L.C. | $336,651,626 | 2,935,830 | 4.23% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $336,255,785 | 2,932,378 | 4.23% | Shares |
| Atlas Venture Life Science Advisors, LLC | $326,527,526 | 2,847,541 | 4.11% | Shares |
| STATE STREET CORP | $313,877,705 | 2,737,226 | 3.95% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $181,558,708 | 1,582,987 | 2.28% | Shares |
| Capital Research Global Investors | $159,262,984 | 1,388,881 | 2.00% | Shares |
| Driehaus Capital Management LLC | $105,408,448 | 919,233 | 1.33% | Shares |
| GOLDMAN SACHS GROUP INC | $101,597,391 | 885,998 | 1.28% | Shares |
| Merck & Co., Inc. | $88,544,161 | 772,165 | 1.11% | Shares |
| NORGES BANK | $86,833,399 | 757,246 | 1.09% | Shares |
| FEDERATED HERMES, INC. | $85,933,469 | 749,398 | 1.08% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $84,955,104 | 740,866 | 1.07% | Shares |
| ALLIANCEBERNSTEIN L.P. | $81,750,884 | 981,521 | 1.03% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $77,152,155 | 672,819 | 0.97% | Shares |
| Holocene Advisors, LP | $72,996,514 | 636,579 | 0.92% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $60,744,024 | 529,729 | 0.76% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $57,811,287 | 504,210 | 0.73% | Shares |
| JENNISON ASSOCIATES LLC | $57,676,487 | 502,978 | 0.73% | Shares |
| Woodline Partners LP | $57,434,534 | 500,868 | 0.72% | Shares |
| Rock Springs Capital Management LP | $51,963,399 | 453,156 | 0.65% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $51,570,654 | 449,731 | 0.65% | Shares |
| Boxer Capital Management, LLC | $49,204,897 | 429,100 | 0.62% | Shares |
| Pictet Asset Management Holding SA | $44,984,008 | 395,540 | 0.57% | Shares |
| BRAIDWELL LP | $43,363,951 | 378,163 | 0.55% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $43,100,784 | 375,868 | 0.54% | Shares |
| TWO SIGMA INVESTMENTS, LP | $42,585,457 | 371,374 | 0.54% | Shares |
| Clearbridge Investments, LLC | $39,815,871 | 347,221 | 0.50% | Shares |
| Octagon Capital Advisors LP | $35,547,700 | 310,000 | 0.45% | Shares |
| Nextech Invest Ltd. | $31,981,004 | 278,896 | 0.40% | Shares |
| Alyeska Investment Group, L.P. | $31,701,095 | 276,455 | 0.40% | Shares |
| TD Asset Management Inc | $31,293,443 | 272,900 | 0.39% | Shares |
| TWO SIGMA ADVISERS, LP | $29,085,378 | 373,800 | 0.37% | Shares |
| Commodore Capital LP | $28,667,500 | 250,000 | 0.36% | Shares |
| RTW INVESTMENTS, LP | $27,520,800 | 240,000 | 0.35% | Shares |
| GILDER GAGNON HOWE & CO LLC | $26,265,508 | 229,053 | 0.33% | Shares |
| Polar Capital Holdings Plc | $23,363,668 | 203,747 | 0.29% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $22,934,000 | 200,000 | 0.29% | Shares |
| Candriam S.C.A. | $22,096,270 | 192,880 | 0.28% | Shares |
| BANK OF AMERICA CORP /DE/ | $21,627,335 | 188,605 | 0.27% | Shares |
| Eagle Health Investments LP | $19,052,191 | 166,148 | 0.24% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $17,189,950 | 149,908 | 0.22% | Shares |
| DIADEMA PARTNERS LP | $17,166,099 | 149,700 | 0.22% | Call option |
| Foresite Capital Management VI LLC | $16,779,890 | 146,332 | 0.21% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $16,595,869 | 151,810 | 0.21% | Shares |
| JANE STREET GROUP, LLC | $15,732,724 | 137,200 | 0.20% | Call option |
| Deer Management Co. LLC | $14,436,380 | 125,895 | 0.18% | Shares |
| TimesSquare Capital Management, LLC | $14,063,183 | 168,846 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $13,794,801 | 120,300 | 0.17% | Call option |
| Caption Management, LLC | $13,760,400 | 120,000 | 0.17% | Put option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $13,703,409 | 119,503 | 0.17% | Shares |
| BOONE CAPITAL MANAGEMENT LLC | $12,977,548 | 113,173 | 0.16% | Shares |
| ARMISTICE CAPITAL, LLC | $12,186,210 | 106,272 | 0.15% | Shares |
| First Turn Management, LLC | $11,757,459 | 102,533 | 0.15% | Shares |
| Ensign Peak Advisors, Inc | $11,198,672 | 97,660 | 0.14% | Shares |
| Squarepoint Ops LLC | $11,144,663 | 97,189 | 0.14% | Shares |
| Swiss National Bank | $10,331,767 | 90,100 | 0.13% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $10,262,276 | 89,494 | 0.13% | Shares |
| Bank of New York Mellon Corp | $9,823,664 | 85,669 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $9,252,017 | 80,684 | 0.12% | Shares |
| JPMORGAN CHASE & CO | $9,149,756 | 81,205 | 0.12% | Shares |
| Burkehill Global Management, LP | $8,600,250 | 75,000 | 0.11% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $8,524,567 | 74,340 | 0.11% | Shares |
| CITIGROUP INC | $8,504,959 | 74,169 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,462,646 | 73,800 | 0.11% | Put option |
| CITADEL ADVISORS LLC | $8,328,253 | 72,628 | 0.10% | Shares |
| FIFTH THIRD BANCORP | $7,529,104 | 65,659 | 0.09% | Shares |
| BlackRock, Inc. | $7,486,231 | 65,285 | 0.09% | Shares |
| Yiheng Capital Management, L.P. | $7,274,665 | 63,440 | 0.09% | Shares |
| XTX Topco Ltd | $7,052,320 | 61,501 | 0.09% | Shares |
| FIRST TRUST ADVISORS LP | $7,037,068 | 61,368 | 0.09% | Shares |
| Atika Capital Management LLC | $6,957,488 | 60,674 | 0.09% | Shares |
| Nicholas Investment Partners, LP | $6,257,427 | 54,569 | 0.08% | Shares |
| Ikarian Capital, LLC | $5,779,368 | 50,400 | 0.07% | Put option |
| Patient Square Capital LP | $5,446,825 | 47,500 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $5,250,281 | 45,786 | 0.07% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $5,237,094 | 45,671 | 0.07% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,687,728 | 56,282 | 0.06% | Shares |
| UBS Group AG | $4,678,880 | 40,803 | 0.06% | Shares |
| AXA Investment Managers S.A. | $4,558,224 | 80,534 | 0.06% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $4,451,260 | 38,818 | 0.06% | Shares |
| MARSHALL WACE, LLP | $4,273,177 | 37,265 | 0.05% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,223,640 | 36,833 | 0.05% | Shares |
| MetLife Investment Management, LLC | $4,184,767 | 36,494 | 0.05% | Shares |
| Rafferty Asset Management, LLC | $4,046,360 | 35,287 | 0.05% | Shares |
| Odyssean, LLC | $3,954,395 | 34,485 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $3,851,880 | 33,591 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $3,841,445 | 33,500 | 0.05% | Put option |
| Aquilo Capital Management, LLC | $3,791,320 | 138,521 | 0.05% | Shares |
| Nan Fung Group Holdings Ltd | $3,540,436 | 30,875 | 0.04% | Shares |
| Moody Aldrich Partners LLC | $3,440,788 | 30,006 | 0.04% | Shares |
| SEVEN GRAND MANAGERS, LLC | $3,440,100 | 30,000 | 0.04% | Shares |
| 683 Capital Management, LLC | $3,440,100 | 30,000 | 0.04% | Put option |
| CITADEL ADVISORS LLC | $3,428,633 | 29,900 | 0.04% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,300,203 | 28,780 | 0.04% | Shares |
Company insiders 24 insiders · 10 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nello Mainolfi | Chief Executive Officer | July 7, 2026 M | 666,568 | 0 | 21 | $-34,875,625 |
| Bruce N. Jacobs | Chief Financial Officer | June 30, 2026 M | 244,883 | 0 | 16 | $-13,917,105 |
| Jeremy G Chadwick | Chief Operating Officer | May 27, 2026 S | 44,018 | 0 | 29 | $-15,599,618 |
| Terence Rooney | Chief Medical Officer | July 27, 2026 A | 38,000 | 0 | 0 | $0 |
| Noah Goodman | Chief Business Officer | July 1, 2026 S | 47,179 | 0 | 9 | $-2,223,845 |
| Jared Gollob | Chief Medical Officer | March 2, 2026 A | 117,134 | 0 | 18 | $-9,134,491 |
| Brian Adams | Chief Legal Officer | March 2, 2026 A | 56,625 | 0 | 0 | $0 |
| Ellen Chiniara | Chief Legal Officer | March 3, 2025 A | 80,085 | 0 | 0 | $0 |
| Elaine Caughey | Chief Business Officer | March 1, 2023 A | 18,986 | 0 | 0 | $0 |
| Richard Chesworth | Chief Scientific Officer | Aug. 27, 2021 M | 0 | 0 | 0 | $0 |
| Bruce Booth | Director | June 29, 2026 S | 462,856 | 0 | 137 | $-195,559,433 |
| Hrustanovic Gorjan | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Elena Ridloff | Director | June 24, 2026 A | 0 | 0 | 4 | $-1,285,644 |
| Pamela Esposito | Director | June 24, 2026 A | 1,000 | 0 | 12 | $-3,054,174 |
| Jeffrey W. Albers | Director | June 24, 2026 A | 0 | 0 | 3 | $-744,757 |
| Victor Sandor | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| John Maraganore | Director | June 24, 2026 A | — | 0 | 0 | $0 |
| Leigh Morgan | Director | June 18, 2024 A | — | 0 | 0 | $0 |
| Joanna Horobin | Director | June 7, 2024 M | 0 | 0 | 0 | $0 |
| Donald William Nicholson | Director | June 15, 2022 A | — | 0 | 0 | $0 |
| Steven Edward Hall | Director | Aug. 25, 2020 C | 2,192,249 | 0 | 0 | $0 |
| Andrew Hedin | Director | Aug. 20, 2020 A | — | 0 | 0 | $0 |
| Atlas Venture Fund X, L.P. | 10% owner | May 18, 2021 J | 5,763,012 | 0 | 0 | $0 |
| Wellington Biomedical Innovation Master Investors (Cayman) I L.P. | 10% owner | Aug. 25, 2020 C | 959,211 | 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 |
|---|---|---|---|---|---|
| BIOTECHNOLOGY VALUE FUND L P, BVF I GP LLC, BIOTECHNOLOGY VALUE FUND II LP, BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP HOLDINGS LLC, BVF PARTNERS L P/IL, BVF INC/IL, LAMPERT MARK N, Hrustanovic Gorjan ×2 filings | June 26, 2026 | 6.30% | Amendment | — | SEC |
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×4 filings | Dec. 11, 2025 | 10.90% | Amendment | Capital structure | SEC |
| BIOTECHNOLOGY VALUE FUND, L.P., BVF I GP LLC, BIOTECHNOLOGY VALUE FUND II, L.P., BVF II GP LLC, BIOTECHNOLOGY VALUE TRADING FUND OS, L.P., BVF PARTNERS OS LTD., BVF GP HOLDINGS LLC, BVF PARTNERS L.P., BVF INC., MARK N. LAMPERT, GORJAN HRUSTANOVIC ×5 filings | Jan. 9, 2024 | — | Initial filing | — | SEC |
| Vertex Pharmaceuticals Incorporated ×2 filings | June 5, 2023 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 64 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 |
|---|---|---|---|---|
| SBIO · ALPS ETF Trust | 4.23% | 84,154 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.99% | 10,000 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 1.76% | 34,157 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 1.04% | 7,506 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.93% | 59,553 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.67% | 3,077 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.50% | 3,204 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.39% | 24,697 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.33% | 3,017 NS | May 31, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.33% | 1,305 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.31% | 979 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 20,749 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.19% | 1,938 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.14% | 24,820 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.13% | 21,796 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.12% | 2,699 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 6,792 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.11% | 294,706 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.08% | 143,695 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.07% | 2,111 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.06% | 21,910 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.05% | 2,136 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.05% | 61 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 5,327 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.03% | 1,604 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 2,239 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.02% | 54 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 93,115 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 19,514 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 675 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 2,916 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 4,219 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 11,875 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 35,740 NS | May 31, 2026 | N-PORT |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.01% | 904 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 8,494 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 3,346 NS | May 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | -0.07% | -18,601 NS | April 30, 2026 | N-PORT |
| CLSE · Trust for Professional Managers | -0.15% | -11,041 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |