LONA LeonaBio, Inc. - Common Stock
$8.28
Price · Aug 19, 2026
Fundamentals as of Aug 14, 2026
52W Range
$4–$14
44% of range
Analyst Rating
BUY
10 analysts
Price Target
$18
+113% upside
P/E (TTM)
-0.3
ROE
-353.4%
Net Profit Margin
—
LONA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$8.28
Market Cap
$77M
P/E (TTM)
-0.3
EPS (TTM)
$-24.70
Revenue (TTM)
—
Div Yield
—
ROE
-353.4%
Debt/Equity
—
52W Range
$4 – $14
LONA 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
$-24.70
2021-12-31
→
2025-12-31
Free Cash Flow
—
2020-12-31
→
2024-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LONA
Peer Median
P/E (TTM)
-0.3
44.2
P/B
2.8
3.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LONA
Peer Median
ROA
-139.9%
-54.4%
ROE
-353.4%
-87.0%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LONA
Peer Median
Current Ratio
1.9
2.0
Quick Ratio
1.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LONA
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LONA
Peer Median
LONA 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
3 analysts · 2026-08-18
Median
$17.00
Mean
$17.67
← Below all targets
$8.28
Low
$16.00
High
$20.00
Median target
$17.00
+105.4%
Mean target
$17.67
+113.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.17%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-1.73 | $-2.55 | 0.82% |
| Dec. 31, 2025 | $-3.46 | $-1.30 | -2.2% |
| Sept. 30, 2025 | $-1.68 | $-1.24 | -0.44% |
| June 30, 2025 | $-1.80 | $-1.84 | 0.04% |
| March 31, 2025 | $-2.30 | $-2.45 | 0.15% |
| Dec. 31, 2024 | $-3.90 | $-4.49 | 0.59% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LONA | $71M | -0.3 | — | — | -353.4% | — |
| RANI | — | -3.0 | 58.9% | -1817.1% | -169.6% | — |
| RFL | — | -1.6 | 44.0% | -3328.2% | -34.6% | — |
| CGTX | $120M | -4.2 | — | — | -113.7% | — |
| VRCA | $143M | -4.9 | 370.2% | -50.3% | -492.8% | — |
| CING | — | — | — | — | — | — |
| ELOX | — | — | — | — | 30.1% | — |
| TELO | $46M | -4.0 | — | — | -325.7% | — |
| PLRX | $75M | -0.5 | -83.7% | — | -74.4% | — |
| IMA | — | -0.7 | -77.1% | -5668.6% | 192.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| R&D Expense | $18M | $71M | $94M | $61M | $43M | $13M | $4M | |
| SG&A Expense | $17M | $26M | $33M | $33M | $21M | $7M | $2M | |
| Operating Expenses | $102M | $101M | $125M | $104M | $64M | $20M | $5M | |
| Operating Income | $-102M | $-101M | $-125M | $-104M | $-64M | $-20M | $-5M | |
| Interest Expense | · | · | · | · | $3.0K | $367.0K | $346.0K | |
| Other Non-op | $1M | $4M | $8M | $3M | $334.0K | $-1M | $-466.0K | |
| Pretax Income | · | · | · | · | · | $-20M | $-5M | |
| Income Tax | $0 | · | · | · | · | · | · | |
| Net Income | $-106M | $-97M | $-118M | $-96M | $-55M | $-20M | $-5M | |
| EPS (Basic) | $-24.70 | $-25.19 | $-3.09 | $-2.53 | $-1.49 | · | · | |
| EPS (Diluted) | $-24.70 | $-25.19 | $-3.09 | $-2.53 | $-1.49 | · | · | |
| Shares (Basic) | 4,275,762 | 3,848,044 | 38,020,182 | 37,733,240 | 36,921,172 | · | · | |
| Shares (Diluted) | 4,275,762 | 3,848,044 | 38,020,182 | 37,733,240 | 36,921,172 | · | · | |
| EBITDA | $-102M | $-101M | $-125M | $-104M | $-64M | $-20M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $69M | $48M | $91M | $96M | $111M | $61M | $2M | |
| Short-term Investments | $19M | $3M | $57M | $104M | $143M | $124M | · | |
| Prepaid Expense | $1M | $4M | $6M | $6M | $5M | $6M | $97.0K | |
| Current Assets | $89M | $55M | $155M | $208M | $261M | $192M | $2M | |
| PP&E (Net) | $1M | $2M | $3M | $4M | $4M | $3M | · | |
| PP&E (Gross) | $6M | $6M | $6M | $5M | $4M | $3M | $69.0K | |
| Accum. Depreciation | $4M | $3M | $2M | $1M | $523.0K | $71.0K | $69.0K | |
| Other Non-current Assets | $55.0K | $55.0K | $448.0K | $55.0K | $56.0K | $132.0K | · | |
| Total Assets | $92M | $59M | $160M | $258M | $332M | $280M | $2M | |
| Accounts Payable | $5M | $319.0K | $129.0K | $3M | $567.0K | $1M | $421.0K | |
| Accrued Liabilities | $5M | $12M | $18M | $9M | $8M | $3M | $852.0K | |
| Current Liabilities | $48M | $13M | $29M | $21M | $9M | $4M | $1M | |
| Capital Leases | $338.0K | $803.0K | $1M | $2M | $2M | $876.0K | · | |
| Other Non-current Liabilities | $1M | · | · | · | · | · | · | |
| Total Liabilities | $64M | $14M | $30M | $23M | $11M | $5M | $5M | |
| Common Stock | $1.0K | $0 | $4.0K | $4.0K | $4.0K | $3.0K | · | |
| Retained Earnings | $-512M | $-406M | $-309M | $-192M | $-96M | $-41M | $-21M | |
| AOCI | $-4.0K | $1.0K | $-349.0K | $-2M | $-388.0K | $33.0K | · | |
| Stockholders' Equity | $28M | $45M | $130M | $235M | $321M | $274M | $-20M | |
| Liabilities + Equity | $92M | $59M | $160M | $258M | $332M | $280M | $2M | |
| Shares Outstanding | 9,335,913 | 3,904,049 | 38,172,603 | 37,877,387 | 37,379,077 | 32,485,784 | 3,641,449 |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $6M | $11M | $11M | $11M | $5M | $633.0K | $253.0K | |
| Operating Cash Flow | $-46M | $-97M | $-101M | $-72M | $-43M | $-24M | $-4M | |
| CapEx | · | $33.0K | $304.0K | $1M | $2M | $2M | · | |
| Investing Cash Flow | $-16M | $55M | $95M | $58M | $-4M | $-210M | $2M | |
| Stock Issued | $90M | · | · | · | · | · | · | |
| Net Stock Activity | $90M | · | · | · | · | · | · | |
| Financing Cash Flow | $82M | $194.0K | $493.0K | $654.0K | $97M | $293M | $946.0K | |
| Net Change in Cash | $21M | $-42M | $-5M | $-14M | $50M | $59M | $-1M | |
| Free Cash Flow | · | $-97M | $-101M | $-74M | $-45M | $-26M | · |
Profitability 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| ROA | -139.9% | -88.5% | -56.2% | -32.4% | -17.9% | -14.2% | · | |
| ROE | -353.4% | -189.3% | -82.6% | -38.5% | -16.7% | -7.5% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 4.2 | 5.4 | 9.7 | 28.1 | 43.7 | · | |
| Quick Ratio | 1.9 | 3.9 | 5.1 | 9.3 | 27.3 | 41.9 | · | |
| Interest Coverage | · | · | · | · | -21340.7 | -54.5 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-106M | $-97M | $-118M | $-96M | $-55M | $-20M | · | |
| Market Cap | $71M | $229M | · | · | · | · | · | |
| P/E | -0.3 | -0.2 | · | · | · | · | · | |
| P/B | 2.5 | 5.1 | · | · | · | · | · | |
| P / Tangible Book | 2.5 | 5.1 | · | · | · | · | · | |
| P / Cash Flow | -1.5 | -2.4 | · | · | · | · | · | |
| P / FCF | · | -2.4 | · | · | · | · | · | |
| Earnings Yield | -326.3% | -429.1% | · | · | · | · | · |
Income Statement 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $13M | $11M | $7M | $3M | $4M | $4M | $9M | $18M | $22M | $21M | $24M | $27M | $22M | $21M | $15M | $17M | |
| SG&A Expense | $7M | $7M | $4M | $4M | $4M | $5M | $6M | $8M | $6M | $6M | $7M | $8M | $10M | $8M | $8M | $7M | |
| Operating Expenses | $19M | $17M | $79M | $7M | $7M | $10M | $16M | $30M | $28M | $28M | $29M | $35M | $32M | $30M | $33M | $24M | |
| Operating Income | $-19M | $-17M | $-79M | $-7M | $-7M | $-10M | $-16M | $-30M | $-28M | $-28M | $-29M | $-35M | $-32M | $-30M | $-33M | $-24M | |
| Other Non-op | $446.0K | $586.0K | $255.0K | $263.0K | $325.0K | $393.0K | $563.0K | $880.0K | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $985.0K | |
| Net Income | $-19M | $-33M | $-83M | $-7M | $-7M | $-9M | $-15M | $-29M | $-27M | $-26M | $-27M | $-33M | $-30M | $-28M | $-30M | $-20M | |
| EPS (Basic) | $-0.80 | $-1.73 | $-22.61 | $-1.68 | $-1.78 | $-2.34 | $-16.34 | $-7.46 | $-0.70 | $-0.69 | $-0.71 | $-0.87 | $-0.78 | $-0.73 | $-0.79 | $-0.53 | |
| EPS (Diluted) | $-0.80 | $-1.73 | $-22.61 | $-1.68 | $-1.78 | $-2.34 | $-16.34 | $-7.46 | $-0.70 | $-0.69 | $-0.71 | $-0.87 | $-0.78 | $-0.73 | $-0.79 | $-0.53 | |
| Shares (Basic) | 23,726,211 | 19,027,087 | -77,803,531 | 3,943,887 | 3,909,297 | 3,904,244 | -76,705,020 | 3,851,758 | 38,379,733 | 38,321,573 | -75,957,381 | 38,054,583 | 37,999,578 | 37,923,402 | -75,345,783 | 37,817,724 | |
| Shares (Diluted) | 23,726,211 | 19,027,087 | -77,803,531 | 3,943,887 | 3,909,297 | 3,904,244 | -76,705,020 | 3,851,758 | 38,379,733 | 38,321,573 | -75,957,381 | 38,054,583 | 37,999,578 | 37,923,402 | -75,345,783 | 37,817,724 | |
| EBITDA | $-19M | $-17M | · | $-7M | $-7M | $-10M | · | $-30M | · | $-28M | · | $-35M | $-32M | $-30M | · | $-24M |
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 | $32M | $33M | $69M | $21M | $20M | $26M | $48M | $69M | $74M | $78M | $91M | $110M | $114M | $105M | $96M | $87M | |
| Short-term Investments | $19M | $35M | $19M | $4M | $10M | $10M | $3M | · | $18M | $44M | $57M | $63M | $72M | $81M | $104M | $134M | |
| Prepaid Expense | $4M | $2M | $1M | $2M | $2M | $3M | $4M | $3M | $5M | $5M | $6M | $6M | $6M | $7M | $6M | $6M | |
| Current Assets | $55M | $69M | $89M | $27M | $32M | $40M | $55M | $82M | $107M | $129M | $155M | $179M | $192M | $193M | $208M | $229M | |
| PP&E (Net) | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | |
| PP&E (Gross) | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $5M | |
| Accum. Depreciation | $5M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | |
| Other Non-current Assets | $55.0K | $55.0K | $55.0K | $55.0K | $62.0K | $85.0K | $55.0K | $55.0K | $55.0K | $55.0K | $448.0K | $827.0K | $61.0K | $72.0K | $55.0K | $55.0K | |
| Total Assets | $57M | $72M | $92M | $30M | $36M | $44M | $59M | $86M | $111M | $133M | $160M | $185M | $208M | $233M | $258M | $274M | |
| Accounts Payable | $2M | $2M | $5M | $266.0K | $171.0K | $867.0K | $319.0K | $388.0K | $475.0K | $681.0K | $129.0K | $2M | $612.0K | $892.0K | $3M | $751.0K | |
| Accrued Liabilities | $5M | $4M | $5M | $2M | $2M | $4M | $12M | $17M | $16M | $15M | $18M | $17M | $11M | $9M | $9M | $9M | |
| Current Liabilities | $8M | $7M | $48M | $3M | $3M | $5M | $13M | $28M | $27M | $26M | $29M | $29M | $22M | $20M | $21M | $10M | |
| Capital Leases | $86.0K | $213.0K | $338.0K | $460.0K | $578.0K | $691.0K | $803.0K | $912.0K | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | |
| Other Non-current Liabilities | $1M | $1M | $1M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $23M | $22M | $64M | $3M | $4M | $6M | $14M | $29M | $28M | $27M | $30M | $30M | $23M | $22M | $23M | $12M | |
| Common Stock | $1.0K | $1.0K | $1.0K | $4.0K | $4.0K | $4.0K | $0 | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Retained Earnings | $-564M | $-545M | $-512M | $-429M | $-422M | $-415M | $-406M | $-391M | $-362M | $-336M | $-309M | $-282M | $-249M | $-219M | $-192M | $-161M | |
| AOCI | $-9.0K | $-13.0K | $-4.0K | $-2.0K | $-3.0K | $-4.0K | $1.0K | $3.0K | $-38.0K | $-137.0K | $-349.0K | $-678.0K | $-939.0K | $-1M | $-2M | $-2M | |
| Stockholders' Equity | $34M | $49M | $28M | $27M | $32M | $37M | $45M | $58M | $83M | $107M | $130M | $155M | $185M | $211M | $235M | $262M | |
| Liabilities + Equity | $57M | $72M | $92M | $30M | $36M | $44M | $59M | $86M | $111M | $133M | $160M | $185M | $208M | $233M | $258M | $274M | |
| Shares Outstanding | 9,421,663 | 9,393,514 | 9,335,913 | 3,943,887 | 39,439,326 | 39,042,445 | 3,904,049 | 38,669,073 | 38,439,375 | 38,326,652 | 38,172,603 | 38,054,583 | 38,054,583 | 37,950,600 | 37,877,387 | 37,817,724 |
Cash Flow 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $3M | $662.0K | $1M | $1M | $2M | $2M | $2M | $3M | $3M | $3M | $2M | $2M | $3M | $3M | $2M | $2M | |
| Operating Cash Flow | $-17M | $-21M | $-19M | $-5M | $-7M | $-15M | $-26M | $-23M | $-22M | $-26M | $-26M | $-24M | $-24M | $-26M | $-16M | $-22M | |
| CapEx | · | · | · | · | · | · | $0 | $0 | $28.0K | $5.0K | $0 | $30.0K | $33.0K | $241.0K | $1.0K | $244.0K | |
| Investing Cash Flow | $16M | $-16M | $-15M | $6M | $441.0K | $-7M | $-3M | $18M | $27M | $13M | $6M | $21M | $32M | $36M | $25M | $14M | |
| Financing Cash Flow | · | · | $82M | $0 | · | · | $34.0K | $12.0K | · | · | $152.0K | $0 | $242.0K | $99.0K | $147.0K | $0 | |
| Net Change in Cash | $-510.0K | $-36M | $48M | $986.0K | $-7M | $-22M | $-29M | $-5M | $4M | $-13M | $-20M | $-3M | $8M | $9M | $9M | $-8M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-26M | · | · | · | $-26M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -41.1% | -57.2% | · | -11.4% | -9.5% | -10.3% | · | -21.2% | · | -14.4% | · | -14.4% | -11.8% | -9.2% | · | -6.5% | |
| ROE | -58.0% | -76.1% | · | -15.7% | -12.1% | -12.7% | · | -27.1% | · | -16.6% | · | -15.8% | -12.7% | -9.7% | · | -6.8% |
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 | 7.0 | 10.4 | · | 9.7 | 10.8 | 7.3 | · | 3.0 | · | 5.0 | · | 6.2 | 8.9 | 9.6 | · | 22.3 | |
| Quick Ratio | 6.5 | 10.2 | · | 9.1 | 10.0 | 6.7 | · | 2.5 | · | 4.8 | · | 6.0 | 8.6 | 9.2 | · | 21.5 |
Valuation (TTM) 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-66M | $-56M | · | $-51M | $-72M | $-91M | · | $-115M | $-116M | $-117M | · | $-111M | $-102M | $-93M | · | $-81M | |
| Market Cap | $87M | $97M | · | $16M | $119M | $111M | · | $172M | · | $1.05B | · | · | · | · | · | · | |
| P/E | -1.5 | -1.7 | · | -0.4 | -0.4 | -0.3 | · | -0.5 | -8.7 | -8.9 | · | · | · | · | · | · | |
| P/B | 2.6 | 2.0 | · | 0.6 | 3.7 | 3.0 | · | 3.0 | · | 9.8 | · | · | · | · | · | · | |
| P / Tangible Book | 2.6 | 2.0 | · | 0.6 | 3.7 | 3.0 | · | 3.0 | 12.2 | 9.8 | · | · | · | · | · | · | |
| P / Cash Flow | · | -4.6 | · | · | · | -7.6 | · | · | · | -40.7 | · | · | · | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -40.7 | · | · | · | · | · | · | |
| Earnings Yield | -65.2% | -57.7% | · | -230.7% | -283.8% | -318.6% | · | -217.9% | -11.5% | -11.2% | · | · | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $-106M | $-97M | $-118M | $-96M | $-55M |
| Diluted EPS | $-24.70 | $-25.19 | $-3.09 | $-2.53 | $-1.49 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.9 | 4.2 | 5.4 | 9.7 | 28.1 |
| Quick Ratio | 1.9 | 3.9 | 5.1 | 9.3 | 27.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-97M | $-101M | $-74M | $-45M |
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Institutional owners (13F) 46 filers · $65.8M 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 |
|---|---|---|---|---|
| 10 (+7 vs prior Q) | 3 (-3 vs prior Q) | 7 (-4 vs prior Q) | 7 (0 vs prior Q) | +979K |
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 |
|---|---|---|---|---|
| PERCEPTIVE ADVISORS LLC | $17,087,169 | 1,859,322 | 25.98% | Shares |
| ADAR1 Capital Management, LLC | $7,141,549 | 777,100 | 10.86% | Shares |
| ACORN CAPITAL ADVISORS, LLC | $5,831,413 | 634,539 | 8.87% | Shares |
| NEA Management Company, LLC | $4,267,818 | 464,398 | 6.49% | Shares |
| Commodore Capital LP | $4,267,818 | 464,398 | 6.49% | Shares |
| TCG Crossover Management, LLC | $4,267,818 | 464,398 | 6.49% | Shares |
| Spruce Street Capital LP | $3,618,112 | 393,701 | 5.50% | Shares |
| Kalehua Capital Management LLC | $3,618,112 | 393,701 | 5.50% | Shares |
| Blackstone Inc. | $2,983,423 | 324,638 | 4.54% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $2,757,000 | 300,000 | 4.19% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,529,391 | 275,233 | 3.85% | Shares |
| Seven Fleet Capital Management LP | $1,416,666 | 154,153 | 2.15% | Shares |
| Propel Bio Management, LLC | $1,371,874 | 149,279 | 2.09% | Shares |
| Simplify Asset Management Inc. | $1,371,874 | 149,279 | 2.09% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $711,527 | 77,424 | 1.08% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $591,573 | 64,320 | 0.90% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $393,461 | 42,814 | 0.60% | Shares |
| BANK OF AMERICA CORP /DE/ | $299,199 | 32,557 | 0.45% | Shares |
| MILLENNIUM MANAGEMENT LLC | $298,216 | 32,450 | 0.45% | Shares |
| STATE STREET CORP | $150,137 | 16,337 | 0.23% | Shares |
| NORTHERN TRUST CORP | $132,281 | 14,394 | 0.20% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $124,966 | 13,598 | 0.19% | Shares |
| TWO SIGMA INVESTMENTS, LP | $122,006 | 13,276 | 0.19% | Shares |
| XTX Topco Ltd | $107,973 | 11,749 | 0.16% | Shares |
| Laird Norton Wetherby Trust Company, LLC | $107,799 | 11,730 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $91,909 | 10,001 | 0.14% | Shares |
| OSAIC HOLDINGS, INC. | $42,090 | 4,580 | 0.06% | Shares |
| JPMORGAN CHASE & CO | $17,720 | 2,000 | 0.03% | Shares |
| BlackRock, Inc. | $13,013 | 1,416 | 0.02% | Shares |
| Vanguard Global Advisers, LLC | $12,177 | 1,325 | 0.02% | Shares |
| VANGUARD GROUP INC | $10,030 | 1,325 | 0.02% | Shares |
| ROYAL BANK OF CANADA | $8,000 | 844 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $4,025 | 438 | 0.01% | Shares |
| American Capital Advisory, LLC | $1,838 | 200 | 0.00% | Shares |
| ROTHSCHILD INVESTMENT LLC | $1,379 | 150 | 0.00% | Shares |
| McIlrath & Eck, LLC | $843 | 82 | 0.00% | Shares |
| MORGAN STANLEY | $818 | 89 | 0.00% | Shares |
| US BANCORP \DE\ | $744 | 81 | 0.00% | Shares |
| Global Retirement Partners, LLC | $477 | 52 | 0.00% | Shares |
| BARCLAYS PLC | $386 | 42 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $310 | 33 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $184 | 20 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $110 | 12 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $94 | 10,230 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $55 | 6 | 0.00% | Shares |
| UBS Group AG | $28 | 3 | 0.00% | Shares |
Company insiders 19 insiders · 8 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mark James Litton | Chief Executive Officer | Jan. 5, 2024 S | 144,397 | 0 | 0 | $0 |
| Leen Kawas | President & CEO | Feb. 18, 2021 A | — | 0 | 0 | $0 |
| Glenna Mileson | Chief Financial Officer | Jan. 19, 2023 A | 159,930 | 0 | 0 | $0 |
| Rachel Lenington | Chief Operating Officer | Jan. 5, 2024 S | 13,395 | 0 | 0 | $0 |
| Mark Worthington | General Counsel | Jan. 5, 2024 S | 34,452 | 0 | 0 | $0 |
| Hans Moebius | Chief Medical Officer | Jan. 4, 2024 A | 91,482 | 0 | 0 | $0 |
| Kevin Church | Chief Scientific Officer | Jan. 5, 2023 S | 80,256 | 0 | 0 | $0 |
| Andrew Gengos | See Below | Jan. 5, 2023 S | 83,804 | 0 | 0 | $0 |
| Fred Callori | Director | June 23, 2026 A | — | 0 | 0 | $0 |
| Peter B. Silverman | Director | June 23, 2026 A | — | 0 | 0 | $0 |
| Barbara Kosacz | Director | June 23, 2026 A | — | 0 | 0 | $0 |
| Kelly A Romano | Director | June 23, 2026 A | 38,315 | 0 | 0 | $0 |
| Michael A. Panzara | Director | June 23, 2026 A | — | 0 | 0 | $0 |
| Natalie C. Holles | Director | June 23, 2026 A | — | 0 | 0 | $0 |
| Grant Pickering | Director | June 23, 2026 A | 25,783 | 0 | 0 | $0 |
| James A Johnson | Director | June 23, 2026 A | 5,000 | 0 | 0 | $0 |
| Joseph Edelman | Director | June 23, 2026 A | 3,114,805 | 0 | 0 | $0 |
| John M Fluke JR | Director | April 9, 2026 A | 144,884 | 0 | 0 | $0 |
| Tadataka Yamada | Director | May 28, 2021 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 |
|---|---|---|---|---|---|
| Perceptive Advisors LLC, Joseph Edelman, Perceptive Life Sciences Master Fund, Ltd., Perceptive Xontogeny Venture Fund II, LP ×8 filings | May 7, 2026 | 19.99% | Amendment | — | 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 4 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.