LQDA Liquidia Corporation - Common Stock
$68.60
Price · Aug 24, 2026
Fundamentals as of Aug 12, 2026
52W Range
$21–$94
65% of range
Analyst Rating
BUY
15 analysts
Price Target
$108
+57% upside
P/E (TTM)
-85.7
ROE
-230.0%
Net Profit Margin
-43.5%
LQDA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$68.60
Market Cap
$5.98B
P/E (TTM)
-85.7
EPS (TTM)
$-0.80
Revenue (TTM)
$158M
Div Yield
—
ROE
-230.0%
Debt/Equity
—
52W Range
$21 – $94
LQDA 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
$158M
2019-12-31
→
2025-12-31
EPS
$-0.80
2019-12-31
→
2025-12-31
Free Cash Flow
$-40M
2020-12-31
→
2025-12-31
Margins
-43.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LQDA
Peer Median
P/E (TTM)
-85.7
47.9
P/S (TTM)
37.8
16.2
P/B
133.7
9.3
Price / FCF
-149.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LQDA
Peer Median
Operating Margin
-32.5%
—
Net Profit Margin
-43.5%
5.1%
ROA
-24.7%
0.81%
ROE
-230.0%
-15.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LQDA
Peer Median
Current Ratio
2.0
2.7
Quick Ratio
1.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LQDA
Peer Median
Revenue YoY
1031.2%
—
Revenue CAGR 3Y
115.0%
—
Revenue CAGR 5Y
192.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LQDA
Peer Median
LQDA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 5 33.3%
- Buy 7 46.7%
- Hold 3 20.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-19
Median
$109.00
← Below all targets
$68.60
Low
$90.00
High
$130.00
Median target
$109.00
+58.9%
Mean target
$107.75
+57.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.74 | $0.76 | -0.02% |
| March 31, 2026 | $0.52 | $0.42 | 0.10% |
| Dec. 31, 2025 | $0.17 | $0.18 | -0.01% |
| Sept. 30, 2025 | $-0.04 | $-0.41 | 0.37% |
| June 30, 2025 | $-0.49 | $-0.44 | -0.05% |
| March 31, 2025 | $-0.45 | $-0.41 | -0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LQDA | $3.01B | -43.1 | 1031.2% | -43.5% | -230.0% | — |
| ELAN | $11.25B | -48.1 | 6.2% | -4.9% | -3.5% | 55.0% |
| AXSM | $9.29B | -49.6 | 65.5% | -28.7% | -227.0% | — |
| CRNX | $4.45B | -9.4 | 640.7% | -6046.2% | -43.0% | — |
| BLTE | — | — | — | — | — | — |
| DFTX | $1.32B | -6.5 | 212.0% | — | -71.0% | — |
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| EWTX | $2.64B | -15.2 | — | — | -30.2% | — |
| AMLX | $1.33B | -7.9 | -77.1% | — | -61.2% | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $158M | $14M | $17M | $16M | $13M | $739.6K | $8M | |
| Cost of Revenue | · | $6M | $3M | $3M | $3M | $237.7K | · | |
| R&D Expense | $39M | $48M | $43M | $19M | $21M | $32M | $40M | |
| SG&A Expense | $157M | $82M | $45M | $32M | $23M | $27M | $14M | |
| Operating Expenses | $210M | $135M | $91M | $55M | $47M | $60M | $55M | |
| Operating Income | $-51M | $-121M | $-73M | $-39M | $-34M | $-59M | $-47M | |
| Interest Expense | · | · | $6M | $2M | $762.0K | $858.0K | $1M | |
| Interest Income | $7M | $8M | $3M | $1M | $33.0K | $184.4K | $613.7K | |
| Other Non-op | $-18M | $-7M | $-5M | $-2M | $-782.0K | $-673.6K | $-759.9K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-69M | $-128M | $-79M | $-41M | $-35M | $-60M | $-48M | |
| EPS (Basic) | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 | · | |
| EPS (Diluted) | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 | $-2.57 | |
| Shares (Basic) | 86,059,101 | 78,707,503 | 64,993,476 | 60,958,862 | 49,677,737 | 33,888,434 | · | |
| Shares (Diluted) | 86,059,101 | 78,707,503 | 64,993,476 | 60,958,862 | 49,677,737 | 33,888,434 | 18,482,455 | |
| EBITDA | $-50M | $-119M | $-71M | $-35M | $-28M | $-56M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $191M | $176M | $84M | $93M | $57M | $65M | $56M | |
| Receivables | $54M | $3M | $4M | $5M | $3M | $0 | · | |
| Inventory | $24M | $241.0K | · | · | · | · | · | |
| Prepaid Expense | $5M | $6M | $2M | $2M | $792.0K | $752.4K | $590.3K | |
| Current Assets | $273M | $185M | $90M | $100M | $61M | $66M | $56M | |
| PP&E (Net) | $12M | $8M | $4M | $4M | $5M | $7M | $9M | |
| PP&E (Gross) | $26M | $24M | $20M | $18M | $19M | $20M | $21M | |
| Accum. Depreciation | $14M | $16M | $15M | $14M | $14M | $13M | $11M | |
| Goodwill | $4M | $4M | $4M | $4M | $4M | $4M | $0 | |
| Intangibles | $3M | $3M | $3M | $4M | $4M | $6M | $0 | |
| Other Non-current Assets | $13M | $11M | $287.0K | · | · | · | · | |
| Total Assets | $328M | $230M | $118M | $129M | $94M | $100M | $69M | |
| Accounts Payable | $4M | $5M | $1M | $2M | $1M | $4M | $3M | |
| Current Liabilities | $136M | $42M | $19M | $9M | $7M | $12M | $17M | |
| Capital Leases | · | · | $2M | $3M | $4M | $5M | $6M | |
| Total Liabilities | $283M | $151M | $71M | $39M | $28M | $28M | $34M | |
| Long-term Debt | · | · | · | $20M | $10M | $10M | $16M | |
| Total Debt | · | · | · | $20M | $10M | $10M | · | |
| Common Stock | $87.0K | $85.0K | $69.0K | $64.0K | $52.0K | $43.3K | $28.2K | |
| Paid-in Capital | $671M | $637M | $476M | $441M | $375M | $346M | $250M | |
| Retained Earnings | $-626M | $-557M | $-429M | $-351M | $-310M | $-275M | $-215M | |
| Stockholders' Equity | $45M | $79M | $47M | $90M | $65M | $71M | $35M | |
| Liabilities + Equity | $328M | $230M | $118M | $129M | $94M | $100M | $69M | |
| Shares Outstanding | 87,204,137 | 84,683,063 | 68,629,575 | 64,517,912 | 52,287,737 | 43,336,277 | 28,231,267 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $4M | $6M | $3M | $3M | |
| Stock-based Comp | $29M | $19M | $10M | $9M | $7M | $4M | $3M | |
| Amort. of Intangibles | $200.0K | $300.0K | $300.0K | $700.0K | $1M | · | · | |
| Other Non-cash | $2M | $16M | $25M | $-518.0K | $-12M | $-1M | · | |
| Operating Cash Flow | $-36M | $-93M | $-42M | $-29M | $-34M | $-54M | $-48M | |
| CapEx | $4M | $5M | $1M | $592.0K | $107.0K | $752.1K | $2M | |
| Investing Cash Flow | $-6M | $-8M | $-11M | $-587.0K | $-107.0K | $247.9K | $-2M | |
| Debt Issued | $75M | $57M | $42M | $20M | $10M | $0 | $5M | |
| Net Debt Issued | $54M | $-5M | $-20M | $9M | $57.3K | $-6M | · | |
| Financing Cash Flow | $60M | $195M | $43M | $65M | $26M | $63M | $66M | |
| Net Change in Cash | $18M | $93M | $-10M | $36M | $-8M | $10M | $16M | |
| Free Cash Flow | $-40M | $-98M | $-43M | $-29M | $-34M | $-55M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -32.5% | -866.6% | -419.6% | -243.3% | -262.9% | -7989.0% | · | |
| Net Margin | -43.5% | -931.6% | -448.9% | -257.4% | -269.0% | -8080.1% | · | |
| EBITDA Margin | -31.5% | -850.9% | -407.2% | -220.4% | -219.3% | -7565.9% | · | |
| ROA | -24.7% | -74.8% | -63.4% | -36.8% | -35.8% | -71.0% | · | |
| ROE | -230.0% | -137.2% | -164.8% | -44.2% | -50.0% | -87.6% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | 4.4 | 4.8 | 11.3 | 8.4 | 5.6 | · | |
| Quick Ratio | 1.8 | 4.3 | 4.7 | 11.2 | 8.3 | 5.6 | · | |
| Debt / Equity | · | · | · | 0.2 | 0.2 | 0.1 | · | |
| LT Debt / Equity | · | · | · | 0.2 | 0.2 | 0.1 | · | |
| Interest Coverage | · | · | -11.7 | -16.6 | -41.5 | -68.9 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | · | |
| Inventory Turnover | · | 48.8 | · | · | · | · | · | |
| Receivables Turnover | 5.6 | 4.1 | 3.9 | 4.0 | 8.6 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1031.2% | -20.0% | 9.8% | 24.0% | 1637.8% | · | · | |
| Revenue CAGR 3Y | 115.0% | 2.9% | 187.0% | · | · | · | · | |
| Revenue CAGR 5Y | 192.5% | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $158M | $14M | $17M | $16M | $13M | $739.6K | · | |
| Net Income TTM | $-69M | $-128M | $-79M | $-41M | $-35M | $-60M | · | |
| Market Cap | $3.01B | $996M | $826M | $411M | $255M | $128M | · | |
| Enterprise Value | · | · | · | $338M | $208M | $73M | · | |
| P/E | -43.1 | -7.2 | -9.9 | -9.5 | -7.0 | -1.7 | · | |
| P/S | 19.0 | 71.2 | 47.2 | 25.8 | 19.8 | 172.8 | · | |
| P/B | 67.2 | 12.9 | 17.5 | 4.5 | 3.9 | 1.8 | · | |
| P / Tangible Book | 79.4 | 13.8 | 20.7 | 5.0 | 4.5 | 2.1 | · | |
| P / Cash Flow | -84.3 | -10.7 | -19.9 | -14.4 | -7.5 | -2.4 | · | |
| P / FCF | -75.2 | -10.1 | -19.3 | -14.1 | -7.5 | -2.3 | · | |
| EV / EBITDA | · | · | · | -9.6 | -7.4 | -1.3 | · | |
| EV / FCF | · | · | · | -11.6 | -6.1 | -1.3 | · | |
| EV / Revenue | · | · | · | 21.2 | 16.1 | 98.5 | · | |
| Earnings Yield | -2.3% | -13.9% | -10.1% | -10.5% | -14.4% | -59.7% | · |
Income Statement 17
| 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 | $172M | $133M | $92M | $54M | $9M | $3M | $3M | $4M | $4M | $3M | $5M | $4M | $5M | $4M | $5M | $3M | |
| Cost of Revenue | · | · | · | · | · | $2M | · | $2M | $1M | $1M | · | $570.0K | $671.0K | $654.0K | $694.0K | $740.0K | |
| R&D Expense | $17M | $13M | $17M | $9M | $6M | $7M | $16M | $12M | $9M | $10M | $13M | $7M | $18M | $5M | $5M | $5M | |
| SG&A Expense | $57M | $47M | $48M | $40M | $39M | $30M | $21M | $20M | $20M | $20M | $17M | $11M | $9M | $8M | $6M | $7M | |
| Operating Expenses | $86M | $71M | $72M | $53M | $46M | $39M | $39M | $34M | $31M | $32M | $31M | $19M | $28M | $14M | $12M | $12M | |
| Operating Income | $86M | $62M | $20M | $2M | $-38M | $-35M | $-36M | $-29M | $-27M | $-29M | $-26M | $-15M | $-23M | $-9M | $-6M | $-9M | |
| Interest Expense | · | · | · | · | · | · | · | $3M | $3M | $3M | · | $2M | $1M | $1M | $698.0K | $620.0K | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $948.0K | $862.0K | $734.0K | $922.0K | $662.0K | $359.0K | |
| Other Non-op | $-4M | $-5M | $-5M | $-5M | $-4M | $-3M | $-2M | $-2M | $-1M | $-1M | $-1M | $-899.0K | $-692.0K | $-3M | $-36.0K | $-261.0K | |
| Pretax Income | $82M | $57M | · | · | $-42M | $-38M | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $7M | $4M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $75M | $53M | $15M | $-4M | $-42M | $-38M | $-39M | $-31M | $-29M | $-30M | $-27M | $-16M | $-24M | $-12M | $-7M | $-9M | |
| EPS (Basic) | $0.84 | $0.60 | $0.18 | $-0.04 | $-0.49 | $-0.45 | $-0.45 | $-0.40 | $-0.38 | $-0.40 | $-0.43 | $-0.24 | $-0.36 | $-0.18 | $-0.08 | $-0.14 | |
| EPS (Diluted) | $0.74 | $0.52 | $0.18 | $-0.04 | $-0.49 | $-0.45 | $-0.45 | $-0.40 | $-0.38 | $-0.40 | $-0.43 | $-0.24 | $-0.36 | $-0.18 | $-0.08 | $-0.14 | |
| Shares (Basic) | 88,887,744 | 88,006,244 | -171,035,475 | 86,333,772 | 85,588,108 | 85,172,696 | -151,439,055 | 78,316,820 | 76,435,831 | 75,393,907 | -129,308,938 | 64,857,508 | 64,788,482 | 64,656,424 | -118,144,467 | 64,458,741 | |
| Shares (Diluted) | 101,397,028 | 101,112,095 | -171,035,475 | 86,333,772 | 85,588,108 | 85,172,696 | -151,439,055 | 78,316,820 | 76,435,831 | 75,393,907 | -129,308,938 | 64,857,508 | 64,788,482 | 64,656,424 | -118,144,467 | 64,458,741 | |
| EBITDA | $86M | $62M | · | $2M | $-38M | $-35M | · | $-29M | $-27M | $-28M | · | $-15M | $-23M | $-9M | · | $-9M |
Balance Sheet 25
| 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 | $284M | $223M | $191M | $157M | $173M | $170M | $176M | $204M | $133M | $158M | · | $76M | $88M | $94M | $93M | $98M | |
| Receivables | $109M | $74M | $54M | $36M | $10M | $1M | $3M | $4M | $3M | $3M | · | $3M | $4M | $4M | $5M | $3M | |
| Inventory | $36M | $29M | $24M | $25M | $6M | $1M | $241.0K | $38.0K | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $9M | $8M | $5M | $9M | $6M | $5M | $6M | $6M | $4M | $4M | · | $3M | $601.0K | $1M | $2M | $2M | |
| Current Assets | $438M | $333M | $273M | $227M | $196M | $177M | $185M | $214M | $147M | $168M | · | $83M | $93M | $100M | $100M | $103M | |
| PP&E (Net) | $35M | $21M | $12M | $11M | $10M | $8M | $8M | $8M | $6M | $6M | · | $4M | $4M | $4M | $4M | $4M | |
| PP&E (Gross) | $53M | $38M | $26M | $28M | $26M | $25M | $24M | $24M | $22M | $21M | · | $19M | $19M | $19M | $18M | $19M | |
| Accum. Depreciation | $18M | $18M | $14M | $17M | $16M | $16M | $16M | $16M | $16M | $15M | · | $15M | $15M | $14M | $14M | $15M | |
| Goodwill | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | · | $4M | $4M | $4M | $4M | $4M | |
| Intangibles | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $4M | $4M | $4M | $4M | |
| Other Non-current Assets | $19M | $17M | $13M | $9M | $22M | $16M | $11M | $8M | · | · | · | · | · | · | · | · | |
| Total Assets | $522M | $402M | $328M | $276M | $257M | $227M | $230M | $253M | $177M | $197M | · | $112M | $122M | $129M | $129M | $133M | |
| Accounts Payable | $13M | $11M | $4M | $6M | $11M | $9M | $5M | $2M | $6M | $2M | · | $2M | $2M | $841.0K | $2M | $1M | |
| Current Liabilities | $189M | $150M | $136M | $103M | $78M | $61M | $42M | $34M | $24M | $22M | · | $12M | $19M | $7M | $9M | $7M | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | $3M | $3M | $3M | $3M | $4M | |
| Deferred Tax | $914.0K | $873.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $327M | $293M | $283M | $254M | $242M | $178M | $151M | $142M | $115M | $111M | · | $64M | $61M | $47M | $39M | $38M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $20M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $20M | |
| Common Stock | $89.0K | $88.0K | $87.0K | $87.0K | $86.0K | $85.0K | $85.0K | $85.0K | $76.0K | $76.0K | · | $65.0K | $65.0K | $65.0K | $64.0K | $64.0K | |
| Paid-in Capital | $694M | $682M | $671M | $663M | $652M | $645M | $637M | $632M | $561M | $556M | · | $450M | $446M | $444M | $441M | $439M | |
| Retained Earnings | $-499M | $-573M | $-626M | $-641M | $-637M | $-596M | $-557M | $-521M | $-498M | $-470M | · | $-402M | $-386M | $-362M | $-351M | $-344M | |
| Stockholders' Equity | $195M | $109M | $45M | $22M | $15M | $50M | $79M | $111M | $63M | $86M | $47M | $48M | $61M | $82M | $90M | $95M | |
| Liabilities + Equity | $522M | $402M | $328M | $276M | $257M | $227M | $230M | $253M | $177M | $197M | · | $112M | $122M | $129M | $129M | $133M | |
| Shares Outstanding | 89,099,459 | 88,308,411 | 87,204,137 | 86,819,212 | 85,860,949 | 85,298,941 | 84,683,063 | 84,545,409 | 76,414,548 | 76,287,415 | · | 64,899,295 | 64,740,382 | 64,710,444 | 64,517,912 | 64,460,394 |
Cash Flow 12
| 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 | $400.0K | $497.0K | $320.0K | $476.0K | $281.0K | $451.0K | $518.0K | $610.0K | $580.0K | $489.0K | $506.0K | $514.0K | $589.0K | $569.0K | $566.0K | $1M | |
| Stock-based Comp | $10M | $9M | $7M | $8M | $7M | $7M | $5M | $5M | $4M | $5M | $3M | $2M | $2M | $3M | $2M | $2M | |
| Amort. of Intangibles | $0 | $100.0K | $0 | $100.0K | $100.0K | · | $0 | $100.0K | $100.0K | $100.0K | $0 | $100.0K | $100.0K | $100.0K | $100.0K | $200.0K | |
| Other Non-cash | · | $-10M | · | · | · | $-201.0K | · | · | · | $11M | · | · | · | $167.0K | · | · | |
| Operating Cash Flow | $80M | $53M | $44M | $-10M | $-39M | $-31M | $-21M | $-25M | $-23M | $-25M | $-16M | $-12M | $-6M | $-8M | $-5M | $-6M | |
| CapEx | $11M | $3M | $2M | $911.0K | $1M | $330.0K | $1M | $2M | $1M | $624.0K | $206.0K | $475.0K | $243.0K | $366.0K | $491.0K | $94.0K | |
| Investing Cash Flow | $-12M | $-3M | $-4M | $-911.0K | $-1M | $-330.0K | $-5M | $-2M | $-1M | $-624.0K | $-206.0K | $-10M | $-243.0K | $-364.0K | $-491.0K | $-94.0K | |
| Debt Issued | $0 | $0 | $0 | $0 | $50M | $25M | $0 | $32M | $0 | $25M | $42M | $0 | $0 | $0 | $0 | $0 | |
| Net Debt Issued | · | $-20M | · | · | · | $23M | · | · | · | · | · | · | · | $-20M | · | · | |
| Financing Cash Flow | $-7M | $-18M | $-7M | $-5M | $48M | $24M | $-2M | $98M | $-814.0K | $100M | $24M | $10M | $-409.0K | $10M | $57.0K | $348.0K | |
| Net Change in Cash | $61M | $32M | $33M | $-16M | $7M | $-7M | $-28M | $71M | $-25M | $74M | $7M | $-12M | $-6M | $1M | $-5M | $-6M | |
| Free Cash Flow | · | $50M | · | · | · | $-31M | · | · | · | $-25M | · | · | · | $-9M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 49.8% | 46.3% | · | 3.2% | -424.4% | -1135.4% | · | -656.2% | -743.3% | -969.1% | · | -404.9% | -476.9% | -205.5% | · | -279.0% | |
| Net Margin | 43.5% | 39.8% | · | -6.5% | -470.5% | -1229.7% | · | -520.6% | -763.6% | -1377.1% | · | -429.3% | -491.4% | -261.4% | · | -287.3% | |
| Pretax Margin | 47.6% | 42.7% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 49.8% | 46.7% | · | 3.2% | -424.4% | -1121.0% | · | -656.2% | -743.3% | -952.6% | · | -404.9% | -476.9% | -192.8% | · | -279.0% | |
| ROA | 19.2% | 16.8% | · | -1.3% | -19.1% | -18.1% | · | -12.7% | -18.7% | -25.1% | · | -12.9% | -18.0% | -10.6% | · | -7.8% | |
| ROE | 71.1% | 66.8% | · | -5.3% | -106.7% | -56.4% | · | -29.2% | -45.3% | -48.8% | · | -22.1% | -28.9% | -17.1% | · | -10.8% | |
| ROIC | 40.1% | 52.7% | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 2.2 | · | 2.2 | 2.5 | 2.9 | · | 6.3 | 6.1 | 7.7 | · | 6.8 | 4.8 | 14.6 | · | 13.8 | |
| Quick Ratio | 2.1 | 2.0 | · | 1.9 | 2.3 | 2.8 | · | 6.2 | 5.6 | 7.3 | · | 6.5 | 4.7 | 14.4 | · | 13.6 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.2 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | -9.7 | -10.5 | -11.4 | · | -8.5 | -16.0 | -8.2 | · | -14.2 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | · | 0.2 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | · | · | · | · | · | 2.2 | · | 82.4 | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 2.9 | 3.5 | · | 2.7 | 1.3 | 1.6 | · | 1.2 | 1.0 | 0.9 | · | 1.1 | 1.2 | 1.2 | · | 1.0 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $368M | $199M | · | $71M | $20M | $14M | · | $15M | $15M | $16M | · | $16M | $16M | $15M | · | $14M | |
| Net Income TTM | $82M | $-31M | · | $-115M | $-140M | $-128M | · | $-106M | $-98M | $-81M | · | $-60M | $-54M | $-46M | · | $-42M | |
| Market Cap | $7.10B | $3.33B | · | $1.97B | $1.07B | $1.26B | · | $845M | $917M | $1.13B | · | $411M | $508M | $447M | · | $351M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $272M | |
| P/E | 109.2 | -82.0 | · | -16.5 | -7.2 | -9.0 | · | -7.0 | -8.7 | -12.5 | · | -6.9 | -9.5 | -9.0 | · | -7.5 | |
| P/S | 19.3 | 16.7 | · | 27.9 | 53.3 | 88.6 | · | 57.3 | 60.7 | 70.6 | · | 25.5 | 31.1 | 29.7 | · | 25.5 | |
| P/B | 36.4 | 30.7 | · | 89.5 | 70.4 | 25.3 | · | 7.6 | 14.6 | 13.0 | · | 8.6 | 8.4 | 5.5 | · | 3.7 | |
| P / Tangible Book | 37.7 | 32.7 | · | 130.2 | 129.9 | 29.5 | · | 8.2 | 16.5 | 14.2 | · | 10.1 | 9.6 | 6.0 | · | 4.0 | |
| P / Cash Flow | · | 62.9 | · | · | · | -41.0 | · | · | · | -45.3 | · | · | · | -52.9 | · | · | |
| P / FCF | · | 66.4 | · | · | · | -40.6 | · | · | · | -44.1 | · | · | · | -50.7 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -30.8 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 19.8 | |
| Earnings Yield | 0.92% | -1.2% | · | -6.1% | -13.8% | -11.1% | · | -14.2% | -11.5% | -8.0% | · | -14.5% | -10.6% | -11.1% | · | -13.4% |
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 | $158M | $14M | $17M | $16M | $13M |
| Operating Margin % | -32.5% | -866.6% | -419.6% | -243.3% | -262.9% |
| Net Income | $-69M | $-128M | $-79M | $-41M | $-35M |
| Diluted EPS | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.2 | 0.2 |
| Current Ratio | 2.0 | 4.4 | 4.8 | 11.3 | 8.4 |
| Quick Ratio | 1.8 | 4.3 | 4.7 | 11.2 | 8.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-40M | $-98M | $-43M | $-29M | $-34M |
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Institutional owners (13F) 370 filers · $4.6B 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 |
|---|---|---|---|---|
| 131 (+61 vs prior Q) | 32 (0 vs prior Q) | 100 (+13 vs prior Q) | 92 (+10 vs prior Q) | +12.5M |
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 |
|---|---|---|---|---|
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $666,944,480 | 8,365,038 | 14.61% | Shares |
| Caligan Partners LP | $647,319,259 | 8,118,892 | 14.18% | Shares |
| FINDELL CAPITAL MANAGEMENT LLC | $279,223,390 | 3,502,112 | 6.12% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $250,287,061 | 3,139,183 | 5.48% | Shares |
| STATE STREET CORP | $241,613,393 | 3,030,395 | 5.29% | Shares |
| Opaleye Management Inc. | $195,139,175 | 2,447,500 | 4.27% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $148,516,470 | 1,862,382 | 3.25% | Shares |
| CITADEL ADVISORS LLC | $124,251,232 | 1,558,400 | 2.72% | Call option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $122,158,399 | 1,532,151 | 2.68% | Shares |
| Caprock Group, LLC | $112,400,085 | 1,409,759 | 2.46% | Shares |
| MPM BIOIMPACT LLC | $110,519,653 | 1,386,174 | 2.42% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $96,441,691 | 1,209,604 | 2.11% | Shares |
| GOLDMAN SACHS GROUP INC | $61,132,180 | 766,740 | 1.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $61,113,045 | 766,500 | 1.34% | Call option |
| JANE STREET GROUP, LLC | $59,988,852 | 752,400 | 1.31% | Call option |
| BANK OF AMERICA CORP /DE/ | $58,956,109 | 739,447 | 1.29% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $53,740,651 | 674,033 | 1.18% | Shares |
| D. E. Shaw & Co., Inc. | $50,812,328 | 637,305 | 1.11% | Shares |
| Caption Management, LLC | $49,910,980 | 626,000 | 1.09% | Call option |
| BOOTHBAY FUND MANAGEMENT, LLC | $49,649,147 | 622,716 | 1.09% | Shares |
| FMR LLC | $47,474,989 | 595,447 | 1.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $46,992,862 | 589,400 | 1.03% | Put option |
| AMERICAN CENTURY COMPANIES INC | $43,224,211 | 542,131 | 0.95% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $40,165,901 | 503,774 | 0.88% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $37,558,172 | 471,067 | 0.82% | Shares |
| Eversept Partners, LP | $34,176,424 | 428,652 | 0.75% | Shares |
| Buckley Capital Advisors, LLC | $32,692,808 | 410,044 | 0.72% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $32,402,272 | 406,400 | 0.71% | Shares |
| CITADEL ADVISORS LLC | $30,879,429 | 387,300 | 0.68% | Put option |
| Purewater Capital LLC | $30,291,341 | 379,924 | 0.66% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $26,952,567 | 338,048 | 0.59% | Shares |
| FIRST TRUST ADVISORS LP | $24,033,173 | 301,432 | 0.53% | Shares |
| TWO SIGMA INVESTMENTS, LP | $21,274,276 | 266,829 | 0.47% | Shares |
| Public Sector Pension Investment Board | $19,244,908 | 241,376 | 0.42% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $19,195,157 | 240,752 | 0.42% | Shares |
| BARCLAYS PLC | $19,055,470 | 239,000 | 0.42% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $18,632,502 | 233,695 | 0.41% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,525,505 | 232,353 | 0.41% | Shares |
| ALGERT GLOBAL LLC | $15,295,483 | 191,841 | 0.34% | Shares |
| Capricorn Fund Managers Ltd | $14,527,205 | 182,205 | 0.32% | Shares |
| Seven Fleet Capital Management LP | $14,519,072 | 182,103 | 0.32% | Shares |
| Bank of New York Mellon Corp | $13,815,694 | 173,281 | 0.30% | Shares |
| Greenland Capital Management LP | $13,713,560 | 172,000 | 0.30% | Shares |
| AMERIPRISE FINANCIAL INC | $13,549,157 | 169,938 | 0.30% | Shares |
| RHUMBLINE ADVISERS | $12,914,317 | 161,976 | 0.28% | Shares |
| JANE STREET GROUP, LLC | $11,183,089 | 140,262 | 0.24% | Shares |
| Apis Capital Advisors, LLC | $11,162,200 | 140,000 | 0.24% | Shares |
| Swiss National Bank | $10,213,413 | 128,100 | 0.22% | Shares |
| Woodline Partners LP | $9,979,007 | 125,160 | 0.22% | Shares |
| HSBC HOLDINGS PLC | $9,386,076 | 117,620 | 0.21% | Shares |
| BARCLAYS PLC | $9,201,002 | 115,402 | 0.20% | Shares |
| Trexquant Investment LP | $8,820,370 | 110,628 | 0.19% | Shares |
| PRUDENTIAL FINANCIAL INC | $8,733,305 | 109,536 | 0.19% | Shares |
| Legal & General Group Plc | $8,580,741 | 107,636 | 0.19% | Shares |
| Diametric Capital, LP | $8,433,919 | 105,781 | 0.18% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $7,881,948 | 98,858 | 0.17% | Shares |
| HighVista Strategies LLC | $7,805,248 | 97,896 | 0.17% | Shares |
| CAXTON ASSOCIATES LLP | $7,387,463 | 92,656 | 0.16% | Shares |
| D. E. Shaw & Co., Inc. | $7,215,565 | 90,500 | 0.16% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $7,007,948 | 87,896 | 0.15% | Shares |
| T3 Companies, LLC | $7,000,294 | 87,800 | 0.15% | Shares |
| Russell Investments Group, Ltd. | $6,863,557 | 86,085 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $6,426,238 | 80,600 | 0.14% | Put option |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. | $6,045,850 | 78,789 | 0.13% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $5,959,259 | 74,743 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5,955,990 | 74,702 | 0.13% | Shares |
| DV EQUITIES, LLC | $5,939,885 | 74,500 | 0.13% | Shares |
| AWH Capital, L.P. | $5,820,290 | 73,000 | 0.13% | Shares |
| BlackRock, Inc. | $5,793,262 | 72,661 | 0.13% | Shares |
| LGT Fund Management Co Ltd. | $5,644,884 | 70,800 | 0.12% | Shares |
| Insight Wealth Strategies, LLC | $5,374,251 | 142,402 | 0.12% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $5,092,754 | 63,875 | 0.11% | Shares |
| LPL Financial LLC | $4,918,863 | 61,694 | 0.11% | Shares |
| CREDIT AGRICOLE S A | $4,863,530 | 61,000 | 0.11% | Shares |
| J. Goldman & Co LP | $4,855,557 | 60,900 | 0.11% | Call option |
| WELLINGTON MANAGEMENT GROUP LLP | $4,783,162 | 59,992 | 0.10% | Shares |
| RAYMOND JAMES FINANCIAL INC | $4,748,559 | 59,558 | 0.10% | Shares |
| Walleye Trading LLC | $4,696,097 | 58,900 | 0.10% | Call option |
| Sigma Planning Corp | $4,591,651 | 57,590 | 0.10% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $4,353,498 | 54,603 | 0.10% | Shares |
| Walleye Trading LLC | $4,257,582 | 53,400 | 0.09% | Put option |
| Alphadyne Asset Management LP | $4,233,663 | 53,100 | 0.09% | Call option |
| BURNEY CO/ | $4,226,328 | 53,008 | 0.09% | Shares |
| TWO SIGMA ADVISERS, LP | $4,187,086 | 121,400 | 0.09% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $4,050,443 | 50,802 | 0.09% | Shares |
| FINDELL CAPITAL MANAGEMENT LLC | $3,986,500 | 50,000 | 0.09% | Put option |
| Advisory Services Network, LLC | $3,839,000 | 48,150 | 0.08% | Shares |
| TD Asset Management Inc | $3,779,043 | 47,398 | 0.08% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,643,910 | 96,553 | 0.08% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $3,627,874 | 45,502 | 0.08% | Shares |
| Verition Fund Management LLC | $3,606,427 | 45,233 | 0.08% | Shares |
| WOLVERINE TRADING, LLC | $3,595,560 | 157,700 | 0.08% | Call option |
| Verition Fund Management LLC | $3,587,850 | 45,000 | 0.08% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,564,170 | 44,703 | 0.08% | Shares |
| OSAIC HOLDINGS, INC. | $3,371,528 | 42,289 | 0.07% | Shares |
| MetLife Investment Management, LLC | $3,273,395 | 41,056 | 0.07% | Shares |
| CITIGROUP INC | $3,189,200 | 40,000 | 0.07% | Put option |
| Aquatic Capital Management LLC | $3,159,142 | 39,623 | 0.07% | Shares |
| Exome Asset Management LLC | $3,127,330 | 39,224 | 0.07% | Shares |
| Alphadyne Asset Management LP | $3,125,416 | 39,200 | 0.07% | Put option |
Company insiders 21 insiders · 13 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Roger Jeffs | Chief Executive Officer | July 10, 2026 M | 1,130,426 | 0 | 27 | $-31,724,040 |
| Neal Franklin Fowler | Chief Executive Officer | Nov. 19, 2020 M | 78,512 | 0 | 0 | $0 |
| Michael Kaseta | CFO and COO | July 10, 2026 M | 345,805 | 0 | 14 | $-16,004,473 |
| Rajeev Saggar | Chief Medical Officer | Aug. 19, 2026 M | 142,265 | 0 | 11 | $-11,720,067 |
| Dana Boyle | Chief Accounting Officer | July 27, 2026 S | 167,919 | 0 | 14 | $-2,331,572 |
| Jason Adair | Chief Business Officer | July 27, 2026 S | 216,438 | 0 | 14 | $-3,422,022 |
| Sanjeev Khindri | Chief Development Officer | July 13, 2026 S | 65,947 | 0 | 3 | $-355,353 |
| Sarah Krepp | Chief Human Resource Officer | July 10, 2026 M | 117,178 | 0 | 12 | $-3,674,475 |
| Russell Schundler | General Counsel | July 10, 2026 M | 605,962 | 0 | 8 | $-2,882,426 |
| Scott Moomaw | Chief Commercial Officer | July 10, 2026 M | 182,485 | 0 | 14 | $-7,544,650 |
| Robert A Lippe | Chief Operations Officer | Nov. 30, 2023 M | 193,788 | 0 | 0 | $0 |
| Tushar Shah | CMO and Head of R&D | Jan. 16, 2022 A | 38,881 | 0 | 0 | $0 |
| Florina Krawchick | SVP, Human Resources | Jan. 19, 2021 A | — | 0 | 0 | $0 |
| Katherine Rielly-Gauvin | Director | Aug. 20, 2026 M | 44,637 | 0 | 2 | $-4,087,333 |
| Stephen M Bloch | Director | July 23, 2026 S | 501,477 | 0 | 48 | $-118,661,979 |
| Damian Degoa | Director | June 16, 2026 A | 92,353 | 0 | 0 | $0 |
| Raman Singh | Director | June 16, 2026 A | 44,637 | 0 | 4 | $-3,889,898 |
| Joanna Horobin | Director | June 16, 2026 A | 39,637 | 0 | 0 | $0 |
| Paul B Manning | Director | June 16, 2026 A | 475,465 | 0 | 9 | $-31,739,534 |
| Arthur S Kirsch | Director | June 16, 2026 A | 46,637 | 0 | 3 | $-1,731,300 |
| David Johnson | Director | June 17, 2022 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| Caligan Partners LP, David Johnson ×5 filings | Sept. 12, 2024 | — | Initial filing | — | SEC |
| Jan. 5, 2022 | — | 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 54 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 |
|---|---|---|---|---|
| PJP · Invesco Exchange-Traded Fund Trust | 2.91% | 216,808 SH | Aug. 21, 2026 | Daily |
| PSCH · Invesco Exchange-Traded Fund Trust … | 2.51% | 66,038 SH | Aug. 21, 2026 | Daily |
| PTH · Invesco Exchange-Traded Fund Trust | 2.38% | 90,266 SH | Aug. 21, 2026 | Daily |
| RZG · Invesco Exchange-Traded Fund Trust | 1.36% | 25,591 SH | Aug. 21, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.36% | 4,474 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 1.07% | 258,760 SH | Aug. 21, 2026 | Daily |
| FTKI · First Trust Exchange-Traded Fund VI | 1.06% | 3,199 NS | June 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.87% | 8,268 NS | April 30, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.74% | 45,523 SH | Aug. 21, 2026 | Daily |
| BRNY · EA Series Trust | 0.70% | 99,152 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.66% | 29,310 NS | May 31, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.62% | 9,869 NS | May 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.61% | 83,621 SH | Aug. 19, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.58% | 154,466 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.47% | 18,718 SH | Aug. 21, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.33% | 75,546 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.31% | 656,077 SH | Aug. 21, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.30% | 245,606 SH | Aug. 19, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.30% | 91,979 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.23% | 58,410 SH | Aug. 19, 2026 | Daily |
| ESSC · Strategy Shares | 0.18% | 1,157 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.17% | 406,207 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.16% | 1,798,359 SH | Aug. 21, 2026 | Daily |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.14% | 3,597 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 18,939 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.12% | 14,413 NS | April 30, 2026 | N-PORT |
| RB · ProShares Trust | 0.11% | 20 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.10% | 62,188 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.10% | 3,082 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.09% | 329,414 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.08% | 191,975 SH | Aug. 19, 2026 | Daily |
| ISCV · iShares Trust | 0.08% | 7,785 SH | Aug. 21, 2026 | Daily |
| RSSL · Global X Funds | 0.08% | 28,350 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.08% | 31,040 SH | Aug. 21, 2026 | Daily |
| ISCB · iShares Trust | 0.07% | 3,021 SH | Aug. 21, 2026 | Daily |
| ISCG · iShares Trust | 0.07% | 10,132 SH | Aug. 21, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.06% | 805,676 SH | Aug. 19, 2026 | Daily |
| UWM · ProShares Trust | 0.06% | 2,411 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.04% | 2,441 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.04% | 3,845 SH | Aug. 21, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.04% | 28,405 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 2,648 NS | May 31, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.02% | 5,666 SH | Aug. 21, 2026 | Daily |
| HDG · ProShares Trust | 0.02% | 61 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 23,239 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 2,259,729 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 5,838 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 89,946 SH | Aug. 21, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 17,734 SH | Aug. 21, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 39,848 NS | May 31, 2026 | N-PORT |