LXRX Lexicon Pharmaceuticals, Inc. - Common Stock
$2.45
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$1–$3
86% of range
Analyst Rating
BUY
11 analysts
Price Target
$4
+58% upside
P/E (TTM)
-17.5
ROE
-39.7%
Net Profit Margin
-101.1%
About Lexicon Pharmaceuticals, Inc. - Common Stock Company overview from Wikipedia
Lexicon Pharmaceuticals, Inc. is a biopharmaceutical company developing treatments for human disease. The company was founded in 1995 in The Woodlands, Texas under the name Lexicon Genetics, Incorporated by co-founders Professor Allan Bradley, FRS and Professor Bradley's postdoctoral fellow Arthur T Sands. The company has used its mouse gene knockout technology and in vivo screening capabilities to study nearly 5,000 genes in its Genome5000 program and has identified over 100 potential therapeutic targets. Lexicon has advanced multiple drug candidates into human clinical trials and has a broad and diverse pipeline of drug targets behind its clinical programs. Lexicon is pursuing drug targets in five therapeutic areas including oncology, gastroenterology, immunology, metabolism, and ophthalmology.
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Lexicon Pharmaceuticals, Inc. is a biopharmaceutical company developing treatments for human disease. The company was founded in 1995 in The Woodlands, Texas under the name Lexicon Genetics, Incorporated by co-founders Professor Allan Bradley, FRS and Professor Bradley's postdoctoral fellow Arthur T Sands. The company has used its mouse gene knockout technology and in vivo screening capabilities to study nearly 5,000 genes in its Genome5000 program and has identified over 100 potential therapeutic targets. Lexicon has advanced multiple drug candidates into human clinical trials and has a broad and diverse pipeline of drug targets behind its clinical programs. Lexicon is pursuing drug targets in five therapeutic areas including oncology, gastroenterology, immunology, metabolism, and ophthalmology.
The company's clinical drug candidates include sotagliflozin (LX4211) for the treatment of type 2 diabetes; LX1033 for the treatment of irritable bowel syndrome and other gastrointestinal disorders; telotristat ethyl (LX1032) for the treatment of the symptoms associated with carcinoid syndrome; and LX2931 for the treatment of autoimmune diseases, such as rheumatoid arthritis.
Company history
Lexicon Pharmaceuticals was founded in September 1995 as a biotech venture of Baylor College of Medicine. The company went public in April 2000 with $220 million initial public offerings. In June, 2001 Lexicon purchased a privately owned small chemical library synthesis company, Coelacanth Corporation in Princeton, New Jersey, which became the site for the company's small molecule and medicinal chemistry efforts. The company's original name was Lexicon Genetics Incorporated, but in 2007, the name changed to Lexicon Pharmaceuticals, Inc. to reflect a renewed focus on drug development.
The company initially focused on using gene knockout technology to define the function of genes. This effort complemented and benefited from the international effort to sequence the human and mouse genomes (see Human Genome Project). Using its proprietary gene trapping and gene targeting technologies, the company created A repository of genetically modified mouse embryonic stem cells, known as OmniBank, and established a large-scale mammalian knockout program to discover the physiological and behavioral functions of the most druggable mammalian genes. The information collected from this program is stored in the company's LexVision database, which contains almost 5,000 gene knockouts studied. Over the years, Lexicon evolved from a genomics company into a drug discovery and development company focused on discovering and developing treatments for human disease. The company currently has multiple drug candidates in various stages of clinical trials.
In 2016, the company was ranked #8 on the Deloitte Fast 500 North America list.
Technology
Lexicon uses patented gene trapping and gene targeting technologies to generate and study knockout mice to discover the physiological and behavioral effects that result from the disruption of a single gene knockout. Because there is a close similarity in gene function and physiology between mice and humans, with a large majority of human genes having a counterpart in the mouse genome, knockout mouse technology has become a powerful tool in the discovery of new medicines.
The value of Lexicon's technology in drug discovery has been described in a retrospective analysis by the scientific journal Nature. The conclusion of this analysis was that, in most cases, there was a direct correlation when comparing the physiological characteristics, or phenotypes, of knockout mice to the therapeutic effect of the 100 best-selling drugs of 2001. The tremendous utility of knockout mouse technology was recognized in 2007 with the Nobel Prize in Physiology or Medicine to Drs. Mario Capecchi, Martin Evans, and Oliver Smithies.
In developing small molecule drugs for its validated targets, Lexicon uses medicinal chemistry known as "click chemistry." Dr. K. Barry Sharpless, who was awarded the 2001 Nobel Prize in Chemistry, developed this tools for the rapid synthesis of novel compounds. Lexicon uses solution-phase chemistry to generate diverse libraries of optically pure compounds that are built using organic reactions that allow the company to generate collections of diffrent compounds and to tailor the compound collections to address various therapeutic target families. Lexicon's medicinal chemists design these libraries by analyzing the chemical structures of drugs that have been proven safe and effective against human disease and using that knowledge in the design of scaffolds and chemical building blocks for the generation of large numbers of new drug-like compounds.
Locations
Lexicon operates from two locations found in Texas and New Jersey. The corporate headquarters are in The Woodlands, Texas just north of Houston. This location serves as Lexicon's primary research facility to discover and validate the company's drug targets and test drug candidates in preclinical research. The company's clinical development and regulatory team is also based at the corporate headquarters.
Lexicon's campus in Princeton, New Jersey is the home of Lexicon's small molecule medicinal chemistry and preclinical development efforts. This site serves as Lexicon's primary medicinal chemistry site to create new chemical entities for therapeutic development.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
LXRX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.44
Market Cap
$894M
P/E (TTM)
-17.5
EPS (TTM)
$-0.14
Revenue (TTM)
$50M
Div Yield
—
ROE
-39.7%
Debt/Equity
0.5
52W Range
$1 – $3
LXRX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$50M
2016-12-31
→
2025-12-31
EPS
$-0.14
2017-12-31
→
2025-12-31
Free Cash Flow
$-68M
2016-12-31
→
2025-12-31
Margins
-101.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LXRX
Peer Median
P/E (TTM)
-17.5
29.9
P/S (TTM)
18.0
14.4
P/B
8.3
4.4
EV / EBITDA
-17.6
—
Price / FCF
-13.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LXRX
Peer Median
Operating Margin
-98.2%
—
Net Profit Margin
-101.1%
0.70%
ROA
-20.8%
-0.55%
ROE
-39.7%
-2.5%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LXRX
Peer Median
Debt / Equity
0.5
—
Current Ratio
4.9
3.9
Quick Ratio
4.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LXRX
Peer Median
Revenue YoY
60.2%
—
Revenue CAGR 3Y
610.2%
—
Revenue CAGR 5Y
15.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LXRX
Peer Median
LXRX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 3 27.3%
- Buy 5 45.5%
- Hold 3 27.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-19
Median
$3.10
Mean
$3.86
Now
$2.44
Low
$2.00
High
$6.00
Median target
$3.10
+26.8%
Mean target
$3.86
+57.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.07 | $-0.05 | -0.02% |
| March 31, 2026 | $0.00 | $-0.04 | 0.04% |
| Dec. 31, 2025 | $-0.04 | $-0.07 | 0.03% |
| Sept. 30, 2025 | $-0.04 | $-0.07 | 0.03% |
| June 30, 2025 | $0.01 | $-0.08 | 0.09% |
| March 31, 2025 | $-0.07 | $-0.10 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LXRX | $421M | -8.2 | 60.2% | -101.1% | -39.7% | — |
| ANRO | $568M | -8.1 | — | — | -46.1% | — |
| EYPT | $1.51B | -5.8 | -27.5% | -739.4% | -84.0% | — |
| OMER | $1.23B | -343.6 | — | — | 1.9% | — |
| PCRX | $1.06B | 161.8 | 3.6% | 0.97% | 0.97% | — |
| COLL | $1.47B | 26.8 | 23.6% | 8.1% | 23.5% | 59.4% |
| AMPH | $1.22B | 13.2 | -1.7% | 13.6% | 12.7% | 49.5% |
| ACRS | $363M | -5.7 | -58.2% | -829.6% | -55.3% | — |
| SGP | — | — | — | — | 50.0% | — |
| 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 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50M | $31M | $1M | $139.0K | $298.0K | $24M | $322M | $63M | $92M | $79M | $130M | $23M | |
| Cost of Revenue | $274.0K | $616.0K | $85.0K | $0 | $0 | $2M | $3M | $2M | $2M | $0 | $0 | · | |
| R&D Expense | $61M | $84M | $59M | $53M | $55M | $154M | $92M | $100M | $152M | $164M | $95M | $89M | |
| SG&A Expense | $37M | $143M | $114M | $48M | $32M | $47M | $57M | $64M | $66M | $43M | $24M | $19M | |
| Operating Expenses | $99M | $228M | $173M | $101M | $87M | $204M | $181M | $166M | $222M | $206M | $129M | $123M | |
| Operating Income | $-49M | $-197M | $-172M | $-101M | $-87M | $-48M | $141M | $-103M | $-131M | $-127M | $1M | $-100M | |
| Interest Expense | · | · | · | $3M | $802.0K | $15M | $21M | $21M | $7M | $7M | $7M | $2M | |
| Other Non-op | $7M | $12M | $8M | $2M | $134.0K | $3M | $3M | $4M | $2M | $2M | $572.0K | $2M | |
| Pretax Income | · | · | · | · | $-88M | $-59M | $124M | $-121M | $-136M | $-131M | $-5M | $-100M | |
| Income Tax | · | $0 | $0 | $0 | $0 | · | · | · | · | $0 | $0 | $-70.0K | |
| Net Income | $-50M | $-200M | $-177M | $-102M | $-88M | $-59M | $130M | $-121M | $-123M | $-131M | $-5M | $-100M | |
| EPS (Basic) | $-0.14 | $-0.63 | $-0.80 | $-0.62 | $-0.60 | $-0.53 | $1.23 | $-1.14 | $-1.17 | · | · | · | |
| EPS (Diluted) | $-0.14 | $-0.63 | $-0.80 | $-0.62 | $-0.60 | $-0.53 | $1.16 | $-1.14 | $-1.17 | · | · | · | |
| Shares (Basic) | 363,053,000 | 320,031,000 | 221,130,000 | 165,733,000 | 145,652,000 | · | · | · | · | · | · | · | |
| Shares (Diluted) | 363,053,000 | 320,031,000 | 221,130,000 | 165,733,000 | 145,652,000 | 110,841,000 | 116,747,000 | 105,830,000 | 105,237,000 | · | · | · | |
| EBITDA | $-48M | $-197M | $-171M | $-100M | $-87M | $-45M | $145M | $-100M | $-133M | $-135M | · | $-98M |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $34M | $67M | $22M | $46M | $64M | $126M | $36M | $80M | $62M | $47M | $203M | $137M | |
| Short-term Investments | $62M | $171M | $148M | $92M | $23M | $26M | $236M | $80M | $249M | $300M | $318M | $202M | |
| Receivables | $2M | $3M | $1M | $28.0K | $14.0K | $395.0K | $57M | $6M | $5M | $7M | $911.0K | $1M | |
| Inventory | $281.0K | $231.0K | $381.0K | $0 | · | $0 | $4M | $5M | $2M | $0 | · | · | |
| Other Current Assets | $3M | $5M | $5M | $2M | $2M | $5M | $5M | $3M | $4M | $4M | $10M | $5M | |
| Current Assets | $102M | $246M | $177M | $141M | $89M | $158M | $338M | $173M | $322M | $358M | $532M | $369M | |
| PP&E (Net) | $2M | $2M | $2M | $2M | $1M | $295.0K | $14M | $16M | $18M | $19M | $21M | $1M | |
| PP&E (Gross) | $5M | $5M | $7M | $6M | $6M | $6M | $76M | $76M | $76M | $79M | $81M | $37M | |
| Accum. Depreciation | $3M | $2M | $5M | $4M | $5M | $6M | $62M | $60M | $59M | $60M | $59M | $36M | |
| Goodwill | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | |
| Intangibles | · | · | · | · | · | · | $20M | $50M | $52M | $53M | $53M | $53M | |
| Other Non-current Assets | $368.0K | $368.0K | $828.0K | $412.0K | $2M | $1M | $2M | $285.0K | $429.0K | $461.0K | $433.0K | $3M | |
| Total Assets | $185M | $298M | $229M | $194M | $137M | $204M | $418M | $284M | $437M | $476M | $652M | $471M | |
| Accounts Payable | $3M | $15M | $14M | $10M | $9M | $5M | $12M | $12M | $39M | $53M | $20M | $13M | |
| Accrued Liabilities | $13M | $30M | $17M | $13M | $13M | $30M | $42M | $21M | $12M | $32M | $25M | $10M | |
| Current Liabilities | $21M | $45M | $32M | $23M | $22M | $47M | $65M | $37M | $105M | $165M | $123M | $45M | |
| Capital Leases | $7M | $5M | $5M | $5M | · | · | · | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $0 | $6M | $6M | $19M | $19M | $19M | |
| Other Non-current Liabilities | $7M | $7M | $5M | $5M | $1M | $611.0K | $1M | $238.0K | $292.0K | $805.0K | $14M | $24M | |
| Total Liabilities | $77M | $152M | $136M | $77M | $23M | $47M | $301M | $311M | $368M | $318M | $366M | $187M | |
| Long-term Debt | $54M | $100M | · | $49M | $0 | $12M | $249M | $250M | $252M | $101M | $106M | $108M | |
| Total Debt | $54M | $100M | $100M | · | $0 | $12M | $245M | $245M | $246M | $101M | · | $108M | |
| Common Stock | $366.0K | $363.0K | $245.0K | $189.0K | $150.0K | $142.0K | $106.0K | $106.0K | $106.0K | $105.0K | $104.0K | $104.0K | |
| Paid-in Capital | $2.13B | $2.12B | $1.86B | $1.71B | $1.61B | $1.56B | $1.46B | $1.45B | $1.44B | $1.41B | $1.40B | $1.39B | |
| Retained Earnings | $-2.02B | $-1.97B | $-1.77B | $-1.59B | $-1.49B | $-1.40B | $-1.34B | $-1.47B | $-1.37B | $-1.25B | $-1.11B | $-1.10B | |
| Treasury Stock | $5M | $5M | $3M | $2M | $8M | $5M | $4M | $3M | $2M | $3M | $3M | $2M | |
| AOCI | $30.0K | $119.0K | $31.0K | $-428.0K | $-10.0K | $-6.0K | $84.0K | $-12.0K | $-222.0K | $-195.0K | $-219.0K | $-63.0K | |
| Stockholders' Equity | $108M | $146M | $93M | $117M | $114M | $156M | $117M | $-26M | $68M | $168M | $286M | $284M | |
| Liabilities + Equity | $185M | $298M | $229M | $194M | $137M | $204M | $418M | $284M | $437M | $476M | $652M | $471M | |
| Shares Outstanding | 365,848,216 | 363,020,303 | · | 189,214,000 | 150,082,000 | 142,289,000 | 106,679,000 | 106,162,000 | 105,711,000 | 104,582,000 | 103,860,000 | 103,663,000 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $621.0K | $534.0K | $554.0K | $427.0K | $292.0K | $3M | $4M | $4M | $3M | $2M | $727.0K | $2M | |
| Stock-based Comp | $13M | $13M | $14M | $12M | $11M | $13M | $14M | $12M | $9M | $7M | $7M | $7M | |
| Deferred Tax | · | · | · | $0 | $0 | $0 | $-6M | $0 | $-13M | $0 | $0 | $-70.0K | |
| Amort. of Intangibles | · | · | · | · | · | · | · | $2M | $2M | · | · | · | |
| Other Non-cash | $-31M | $8M | $328.0K | $1M | $-10M | $-101M | $-28M | $-43M | $-57M | $-44M | · | $16M | |
| Operating Cash Flow | $-68M | $-179M | $-162M | $-89M | $-87M | $-143M | $114M | $-149M | $-185M | $-176M | $185M | $-76M | |
| CapEx | $0 | $1M | $470.0K | $1M | $1M | $87.0K | $70.0K | $95.0K | $228.0K | $231.0K | $910.0K | $80.0K | |
| Investing Cash Flow | $113M | $-15M | $-50M | $-71M | $2M | $381M | $-156M | $170M | $51M | $18M | $-117M | $-108M | |
| Debt Issued | $0 | $0 | $50M | $49M | · | $0 | $0 | $13M | $146M | $0 | $0 | $84M | |
| Net Debt Issued | $0 | $0 | · | $49M | $-12M | $-217M | $-1M | $-2M | $144M | $-2M | · | $82M | |
| Stock Issued | $0 | $0 | $139M | $94M | $37M | $70M | $0 | $732.0K | $8M | $4M | $114.0K | $202M | |
| Stock Repurchased | · | $2M | $824.0K | $864.0K | $3M | $1M | $941.0K | $972.0K | $2M | $621.0K | $357.0K | $887.0K | |
| Net Stock Activity | $0 | $-2M | $138M | $93M | $34M | $69M | $-941.0K | $-240.0K | $6M | $3M | · | $201M | |
| Financing Cash Flow | $-48M | $238M | $188M | $142M | $23M | $-148M | $-2M | $-2M | $150M | $987.0K | $-2M | $284M | |
| Net Change in Cash | $-3M | $44M | $-24M | $-18M | $-62M | $90M | $-44M | $19M | $15M | $-156M | $66M | $100M | |
| Free Cash Flow | $-68M | $-180M | $-162M | $-90M | $-88M | $-143M | $114M | $-149M | $-186M | $-176M | · | $-76M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-182M | · | $-78M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -98.2% | -634.2% | -14264.9% | -72489.2% | -29224.8% | -199.2% | 43.9% | -163.4% | -151.3% | -164.6% | · | -439.2% | |
| Net Margin | -101.1% | -644.8% | -14710.9% | -73341.0% | -29449.0% | -244.1% | 40.4% | -190.7% | -142.9% | -169.7% | · | -438.8% | |
| Pretax Margin | · | · | · | · | -29449.0% | -244.1% | 38.5% | -190.7% | -156.9% | -169.7% | · | -439.1% | |
| EBITDA Margin | -97.0% | -632.5% | -14218.9% | -72182.0% | -29126.9% | -187.0% | 45.1% | -157.6% | -147.5% | -162.1% | · | -430.7% | |
| ROA | -20.8% | -75.9% | -83.6% | -61.6% | -51.5% | -18.9% | 37.1% | -33.5% | -28.3% | -25.1% | · | -26.9% | |
| ROE | -39.7% | -167.7% | -168.5% | -88.4% | -65.0% | -42.8% | 287.0% | -576.0% | -117.5% | -63.8% | · | -44.2% | |
| ROIC | · | · | · | · | · | · | · | · | · | -53.0% | · | -25.6% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.9 | 5.4 | 5.6 | 6.1 | 4.0 | 3.4 | 5.2 | 4.7 | 2.6 | 2.2 | · | 8.2 | |
| Quick Ratio | 4.7 | 5.3 | 5.4 | 6.0 | 3.9 | 3.3 | 5.0 | 4.5 | 2.5 | 2.2 | · | 7.6 | |
| Debt / Equity | 0.5 | 0.7 | 1.1 | · | 0.0 | 0.1 | 2.1 | -9.3 | 4.7 | 0.6 | · | 0.4 | |
| LT Debt / Equity | 0.5 | 0.7 | 1.1 | · | · | 0.0 | 2.0 | -9.2 | 4.4 | 0.5 | · | 0.3 | |
| Interest Coverage | · | · | · | -36.2 | -108.6 | -3.3 | 6.8 | -5.0 | -19.6 | -20.9 | · | -44.5 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.9 | 0.2 | 0.2 | 0.1 | · | 0.1 | |
| Inventory Turnover | 1.1 | 2.0 | 0.4 | · | · | 0.9 | 0.7 | 0.8 | 1.9 | · | · | · | |
| Receivables Turnover | 17.0 | 13.9 | 2.3 | 6.6 | 1.5 | 0.8 | 10.3 | 11.8 | 14.7 | 19.8 | · | 25.0 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 60.2% | 2481.5% | 766.2% | -53.4% | -98.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 610.2% | 370.7% | -63.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $50M | $31M | $1M | $139.0K | $298.0K | $24M | $322M | $63M | $92M | $79M | $130M | $23M | |
| Net Income TTM | $-50M | $-200M | $-177M | $-102M | $-88M | $-59M | $130M | $-121M | $-123M | $-131M | $-5M | $-100M | |
| Market Cap | $421M | · | · | $361M | $591M | $487M | $443M | $705M | $1.04B | $1.45B | · | $4.62B | |
| Enterprise Value | $378M | · | · | · | $505M | $346M | $416M | $790M | $979M | $1.20B | · | $4.39B | |
| P/E | -8.2 | -1.2 | -1.9 | -3.1 | -6.6 | -6.5 | 3.6 | -5.8 | -8.4 | -115.2 | -110.9 | · | |
| P/S | 8.4 | · | · | 2600.0 | 1984.3 | 20.3 | 1.4 | 11.2 | 11.4 | 18.2 | · | 202.3 | |
| P/B | 3.9 | · | · | 3.1 | 5.2 | 3.1 | 3.8 | -26.7 | 20.0 | 9.2 | · | 16.3 | |
| P / Tangible Book | 6.7 | · | · | 5.0 | 8.6 | 4.4 | · | · | · | · | · | · | |
| P / Cash Flow | -6.2 | · | · | -4.1 | -6.8 | -3.4 | 3.9 | -4.7 | -5.6 | -8.2 | · | -61.1 | |
| P / FCF | -6.2 | · | · | -4.0 | -6.7 | -3.4 | 3.9 | -4.7 | -5.6 | -8.2 | · | -61.1 | |
| EV / EBITDA | -7.8 | · | · | · | -5.8 | -7.7 | 2.9 | -7.9 | -7.3 | -8.9 | · | -44.6 | |
| EV / FCF | -5.6 | · | · | · | -5.7 | -2.4 | 3.7 | -5.3 | -5.3 | -6.8 | · | -58.0 | |
| EV / Revenue | 7.6 | · | · | · | 1693.2 | 14.4 | 1.3 | 12.5 | 10.7 | 15.2 | · | 192.1 | |
| Earnings Yield | -12.2% | -85.1% | -52.3% | -32.5% | -15.2% | -15.5% | 28.0% | -17.2% | -11.8% | -0.87% | -0.90% | · |
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 | $692.0K | $21M | $5M | $14M | $29M | $1M | $27M | $2M | $2M | $1M | $701.0K | $162.0K | $317.0K | $24.0K | $28.0K | $39.0K | |
| Cost of Revenue | $39.0K | $108.0K | $201.0K | $10.0K | $33.0K | $30.0K | $348.0K | $71.0K | $166.0K | $31.0K | $70.0K | $7.0K | $8.0K | $0 | $0 | $0 | |
| R&D Expense | $17M | $13M | $11M | $19M | $16M | $15M | $27M | $26M | $18M | $14M | $15M | $18M | $15M | $12M | $14M | $11M | |
| SG&A Expense | $10M | $9M | $9M | $8M | $9M | $12M | $32M | $40M | $39M | $32M | $33M | $32M | $30M | $19M | $16M | $13M | |
| Operating Expenses | $27M | $22M | $20M | $26M | $25M | $27M | $59M | $65M | $57M | $46M | $47M | $50M | $45M | $31M | $30M | $23M | |
| Operating Income | $-27M | $-996.0K | $-15M | $-12M | $4M | $-26M | $-33M | $-64M | $-55M | $-45M | $-47M | $-50M | $-44M | $-31M | $-30M | $-23M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $4M | $2M | $2M | · | $864.0K | |
| Other Non-op | $2M | $2M | $1M | $2M | $2M | $2M | $3M | $3M | $4M | $2M | $2M | $3M | $1M | $1M | $887.0K | $572.0K | |
| Net Income | $-32M | $-1M | $-16M | $-13M | $3M | $-25M | $-34M | $-65M | $-53M | $-48M | $-50M | $-51M | $-45M | $-32M | $-30M | $-23M | |
| EPS (Basic) | $-0.07 | $0.00 | $-0.04 | $-0.04 | $0.01 | $-0.07 | $-0.08 | $-0.18 | $-0.17 | $-0.20 | $-0.20 | $-0.21 | $-0.22 | $-0.17 | $-0.17 | $-0.13 | |
| EPS (Diluted) | $-0.07 | $0.00 | $-0.04 | $-0.04 | $0.01 | $-0.07 | $-0.08 | $-0.18 | $-0.17 | $-0.20 | $-0.20 | $-0.21 | $-0.22 | $-0.17 | $-0.17 | $-0.13 | |
| Shares (Basic) | 437,653,000 | 400,240,000 | -725,713,000 | 363,399,000 | 363,294,000 | 362,073,000 | -597,687,000 | 361,492,000 | 310,836,000 | 245,390,000 | -417,592,000 | 244,925,000 | 204,783,000 | 189,014,000 | -307,937,000 | 174,904,000 | |
| Shares (Diluted) | 437,653,000 | 400,240,000 | -725,989,000 | 363,399,000 | 363,570,000 | 362,073,000 | -597,687,000 | 361,492,000 | 310,836,000 | 245,390,000 | -417,592,000 | 244,925,000 | 204,783,000 | 189,014,000 | 7,749,000 | 174,904,000 | |
| EBITDA | $-27M | $-886.0K | · | $-12M | $4M | $-26M | · | $-64M | $-55M | $-45M | · | $-50M | $-44M | $-31M | · | $-23M |
Balance Sheet 28
| 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 | $41M | $38M | $34M | $50M | $21M | $63M | $67M | $35M | $36M | $96M | · | $21M | $102M | $26M | · | $19M | |
| Short-term Investments | $150M | $133M | $62M | $66M | $118M | $132M | $171M | $224M | $274M | $259M | · | $197M | $154M | $80M | · | $117M | |
| Receivables | $2M | $12M | $2M | $2M | $2M | $47M | $3M | $3M | $3M | $2M | · | $318.0K | $685.0K | $261.0K | · | $39.0K | |
| Inventory | $1M | $276.0K | $281.0K | $158.0K | $168.0K | $201.0K | $231.0K | $636.0K | $585.0K | $514.0K | · | $336.0K | $172.0K | · | · | · | |
| Other Current Assets | $3M | $3M | $3M | $4M | $4M | $3M | $5M | $7M | $8M | $7M | · | $4M | $6M | $3M | · | $3M | |
| Current Assets | $197M | $186M | $102M | $123M | $145M | $246M | $246M | $269M | $321M | $365M | · | $223M | $264M | $110M | · | $139M | |
| PP&E (Net) | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $932.0K | |
| PP&E (Gross) | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | · | · | · | · | · | · | · | |
| Accum. Depreciation | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $5M | · | $4M | $4M | $4M | · | $5M | |
| Goodwill | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | $45M | · | $45M | $45M | $45M | · | $45M | |
| Other Non-current Assets | $368.0K | $368.0K | $368.0K | $368.0K | $368.0K | $368.0K | $368.0K | $828.0K | $828.0K | $828.0K | · | $743.0K | $6M | $6M | · | $7M | |
| Total Assets | $250M | $269M | $185M | $206M | $226M | $298M | $298M | $321M | $373M | $417M | · | $276M | $317M | $163M | · | $192M | |
| Accounts Payable | $2M | $3M | $3M | $4M | $6M | $11M | $15M | $14M | $12M | $8M | · | $12M | $11M | $10M | · | $9M | |
| Accrued Liabilities | $12M | $7M | $13M | $14M | $11M | $13M | $30M | $22M | $16M | $15M | · | $20M | $16M | $10M | · | $9M | |
| Current Liabilities | $15M | $10M | $21M | $22M | $35M | $111M | $45M | $36M | $28M | $23M | · | $32M | $26M | $20M | · | $18M | |
| Capital Leases | $6M | $6M | $7M | $7M | $4M | $4M | $5M | $5M | $5M | $5M | · | $5M | · | · | · | · | |
| Other Non-current Liabilities | $9M | $6M | $7M | $8M | $5M | $5M | $7M | $7M | $6M | · | · | · | $5M | $5M | · | $5M | |
| Total Liabilities | $76M | $66M | $77M | $86M | $96M | $175M | $152M | $143M | $133M | $128M | · | $137M | $130M | $75M | · | $48M | |
| Long-term Debt | $51M | $50M | $54M | · | · | $101M | $100M | · | · | · | · | $99M | $99M | $49M | · | $24M | |
| Total Debt | $51M | $50M | · | $57M | $56M | $101M | · | $100M | $99M | $100M | · | $99M | $99M | $49M | · | $24M | |
| Common Stock | $447.0K | $426.0K | $366.0K | $366.0K | $366.0K | $366.0K | $363.0K | $363.0K | $363.0K | $248.0K | · | $245.0K | $245.0K | $190.0K | · | $189.0K | |
| Paid-in Capital | $2.23B | $2.22B | $2.13B | $2.13B | $2.12B | $2.12B | $2.12B | $2.12B | $2.11B | $2.11B | · | $1.86B | $1.86B | $1.71B | · | $1.71B | |
| Retained Earnings | $-2.05B | $-2.02B | $-2.02B | $-2.00B | $-1.99B | $-1.99B | $-1.97B | $-1.93B | $-1.87B | $-1.82B | · | $-1.72B | $-1.67B | $-1.62B | · | $-1.56B | |
| Treasury Stock | $3M | $3M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | · | $3M | $3M | $3M | · | $2M | |
| AOCI | $-204.0K | $-130.0K | $30.0K | $29.0K | $-14.0K | $25.0K | $119.0K | $349.0K | $-193.0K | $-50.0K | · | $-113.0K | $-100.0K | $-163.0K | · | $-491.0K | |
| Stockholders' Equity | $175M | $203M | $108M | $120M | $129M | $123M | $146M | $179M | $240M | $289M | · | $140M | $186M | $88M | · | $144M | |
| Liabilities + Equity | $250M | $269M | $185M | $206M | $226M | $298M | $298M | $321M | $373M | $417M | · | $276M | $317M | $163M | · | $192M | |
| Shares Outstanding | 446,870,629 | 425,708,402 | 365,848,216 | 365,780,799 | · | · | 363,020,303 | · | · | · | · | · | · | · | · | · |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $102.0K | $110.0K | $118.0K | $151.0K | $176.0K | $176.0K | $125.0K | $126.0K | $139.0K | $144.0K | $147.0K | $151.0K | $144.0K | $112.0K | $103.0K | $108.0K | |
| Stock-based Comp | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $3M | $5M | $4M | $3M | $4M | $4M | $3M | $3M | $3M | |
| Other Non-cash | · | $-17M | · | · | · | $-22M | · | · | · | $-11M | · | · | · | $-3M | · | · | |
| Operating Cash Flow | $-9M | $-15M | $-17M | $-24M | $17M | $-44M | $-21M | $-54M | $-49M | $-55M | $-51M | $-42M | $-38M | $-32M | $-22M | $-19M | |
| CapEx | · | · | $0 | $0 | · | · | $474.0K | $307.0K | $250.0K | $0 | $0 | $83.0K | $139.0K | $248.0K | $1M | $4.0K | |
| Investing Cash Flow | $-16M | $-70M | $5M | $52M | $15M | $41M | $54M | $53M | $-12M | $-110M | $52M | $-39M | $-75M | $12M | $24M | $-77M | |
| Debt Issued | · | · | · | · | · | · | $0 | $0 | · | · | $-1.0K | $1.0K | $50M | $0 | $25M | $-249.0K | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Stock Issued | $791.0K | $70M | · | · | $0 | $0 | $0 | $0 | $-88.0K | $88.0K | $0 | $-211.0K | $139M | $0 | $-63.0K | $94M | |
| Stock Repurchased | · | · | · | · | · | · | · | $0 | $0 | $2M | · | $0 | $0 | $824.0K | $0 | $0 | |
| Net Stock Activity | · | $70M | · | · | · | · | · | · | · | $-2M | · | · | · | $-824.0K | · | · | |
| Financing Cash Flow | $-512.0K | $89M | $-3M | $0 | $-45M | $-572.0K | $-104.0K | $-916.0K | $-14.0K | $239M | $-1.0K | $-210.0K | $189M | $-824.0K | $25M | $94M | |
| Net Change in Cash | $-26M | $4M | $-15M | $28M | $-13M | $-4M | $32M | $-1M | $-61M | $74M | $1M | $-81M | $76M | $-20M | $28M | $-3M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-55M | · | · | · | $-32M | · | · |
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 | -3835.3% | -4.7% | · | -85.9% | 12.9% | -2034.8% | · | -3639.6% | -3360.9% | -4011.8% | · | -30636.4% | -13955.8% | · | · | · | |
| Net Margin | -4591.8% | -4.9% | · | -90.0% | 11.3% | -2004.4% | · | -3703.5% | -3244.0% | -4282.9% | · | -31188.3% | -14165.3% | · | · | · | |
| EBITDA Margin | -3835.3% | -4.2% | · | -85.9% | 12.9% | -2020.8% | · | -3639.6% | -3360.9% | -3999.0% | · | -30636.4% | -13955.8% | · | · | · | |
| ROA | -13.4% | -0.37% | · | -4.9% | 1.1% | -7.1% | · | -21.7% | -15.5% | -16.7% | · | -21.6% | -20.9% | -21.4% | · | -12.8% | |
| ROE | -20.9% | -0.64% | · | -8.6% | 1.8% | -12.3% | · | -40.8% | -25.1% | -25.7% | · | -35.6% | -34.9% | -35.3% | · | -16.7% |
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 | 13.4 | 18.8 | · | 5.6 | 4.2 | 2.2 | · | 7.5 | 11.5 | 15.6 | · | 6.9 | 10.1 | 5.4 | · | 7.5 | |
| Quick Ratio | 13.1 | 18.4 | · | 5.4 | 4.1 | 2.2 | · | 7.2 | 11.2 | 15.3 | · | 6.8 | 9.9 | 5.2 | · | 7.4 | |
| Debt / Equity | 0.3 | 0.2 | · | 0.5 | 0.4 | 0.8 | · | 0.6 | 0.4 | 0.3 | · | 0.7 | 0.5 | 0.6 | · | 0.2 | |
| LT Debt / Equity | 0.3 | 0.2 | · | 0.5 | 0.4 | 0.5 | · | 0.6 | 0.4 | 0.3 | · | 0.7 | 0.5 | 0.6 | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | -12.7 | -22.6 | -17.1 | · | -26.7 |
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 | 0.0 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | |
| Inventory Turnover | 0.1 | 0.5 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.4 | 0.0 | · | 0.0 | 0.0 | · | · | · | |
| Receivables Turnover | 0.4 | 0.7 | · | 5.4 | 12.0 | 0.1 | · | 1.1 | 1.0 | 1.3 | · | 0.9 | 0.9 | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $65M | $65M | · | $46M | $34M | $6M | · | $5M | $3M | $2M | · | $542.0K | $415.0K | · | · | · | |
| Net Income TTM | $-42M | $-36M | · | $-100M | $-140M | $-192M | · | $-217M | $-197M | $-176M | · | $-151M | $-125M | $-103M | · | $-95M | |
| Market Cap | $1.07B | $664M | · | $494M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Enterprise Value | $933M | $543M | · | $434M | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -24.0 | -15.6 | · | -4.8 | -2.3 | -0.7 | · | -2.1 | -2.1 | -3.0 | · | -1.5 | · | · | · | · | |
| P/S | 16.5 | 10.2 | · | 10.7 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 6.1 | 3.3 | · | 4.1 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 8.3 | 4.2 | · | 6.5 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | -45.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | -35.2 | -613.0 | · | -35.6 | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 14.4 | 8.3 | · | 9.4 | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -4.2% | -6.4% | · | -20.7% | -43.2% | -134.8% | · | -48.4% | -47.6% | -33.3% | · | -67.0% | · | · | · | · |
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 | $50M | $31M | $1M | $139.0K | $298.0K |
| Operating Margin % | -98.2% | -634.2% | -14264.9% | -72489.2% | -29224.8% |
| Net Income | $-50M | $-200M | $-177M | $-102M | $-88M |
| Diluted EPS | $-0.14 | $-0.63 | $-0.80 | $-0.62 | $-0.60 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.5 | 0.7 | 1.1 | — | 0.0 |
| Current Ratio | 4.9 | 5.4 | 5.6 | 6.1 | 4.0 |
| Quick Ratio | 4.7 | 5.3 | 5.4 | 6.0 | 3.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-68M | $-180M | $-162M | $-90M | $-88M |
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Institutional owners (13F) 169 filers · $760.9M 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 |
|---|---|---|---|---|
| 48 (+19 vs prior Q) | 26 (+13 vs prior Q) | 34 (-11 vs prior Q) | 37 (+17 vs prior Q) | +36.5M |
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 |
|---|---|---|---|---|
| Artal Group S.A. | $420,374,549 | 175,156,062 | 55.25% | Shares |
| Siren, L.L.C. | $106,328,443 | 44,303,518 | 13.97% | Shares |
| FMR LLC | $65,057,059 | 27,107,108 | 8.55% | Shares |
| Sessa Capital IM, L.P. | $45,506,006 | 18,960,836 | 5.98% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $23,762,899 | 9,901,208 | 3.12% | Shares |
| Point72 Asset Management, L.P. | $19,803,180 | 8,251,325 | 2.60% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $12,946,507 | 5,393,025 | 1.70% | Shares |
| STATE STREET CORP | $11,802,646 | 4,917,769 | 1.55% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $5,658,598 | 2,357,749 | 0.74% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,696,260 | 1,956,775 | 0.62% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,922,970 | 1,634,571 | 0.52% | Shares |
| CIBC Private Wealth Group LLC | $3,240,347 | 2,400,257 | 0.43% | Shares |
| Ishara Investments LP | $3,050,400 | 1,271,000 | 0.40% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,722,150 | 1,134,229 | 0.36% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,704,800 | 1,127,000 | 0.36% | Shares |
| MACKENZIE FINANCIAL CORP | $2,312,050 | 963,354 | 0.30% | Shares |
| ADAR1 Capital Management, LLC | $1,800,000 | 750,000 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,604,400 | 668,500 | 0.21% | Call option |
| TWO SIGMA INVESTMENTS, LP | $1,544,266 | 643,444 | 0.20% | Shares |
| JANE STREET GROUP, LLC | $1,398,960 | 582,900 | 0.18% | Call option |
| CITADEL ADVISORS LLC | $1,348,733 | 561,972 | 0.18% | Shares |
| VANGUARD GROUP INC | $1,277,587 | 1,110,945 | 0.17% | Shares |
| Compagnie Lombard Odier SCmA | $1,152,000 | 480,000 | 0.15% | Shares |
| BARCLAYS PLC | $890,636 | 371,098 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $886,320 | 369,300 | 0.12% | Call option |
| XTX Topco Ltd | $858,905 | 357,877 | 0.11% | Shares |
| GOLDMAN SACHS GROUP INC | $725,810 | 302,421 | 0.10% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $618,960 | 257,900 | 0.08% | Shares |
| RHUMBLINE ADVISERS | $616,523 | 256,885 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $544,865 | 227,027 | 0.07% | Shares |
| GROUP ONE TRADING LLC | $420,031 | 175,013 | 0.06% | Shares |
| Virtus Investment Advisers, LLC | $408,996 | 170,415 | 0.05% | Shares |
| Headlands Technologies LLC | $401,275 | 167,198 | 0.05% | Shares |
| Ikarian Capital, LLC | $395,218 | 164,674 | 0.05% | Shares |
| CITIGROUP INC | $386,021 | 160,842 | 0.05% | Shares |
| Quarry LP | $374,846 | 156,186 | 0.05% | Shares |
| MetLife Investment Management, LLC | $351,384 | 146,410 | 0.05% | Shares |
| Bank of New York Mellon Corp | $345,307 | 143,878 | 0.05% | Shares |
| BANK OF AMERICA CORP /DE/ | $344,321 | 143,467 | 0.05% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $316,901 | 132,042 | 0.04% | Shares |
| State of Wyoming | $285,816 | 119,090 | 0.04% | Shares |
| BlackRock, Inc. | $284,436 | 118,515 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $273,874 | 114,114 | 0.04% | Shares |
| Cornerstone Investment Partners, LLC | $272,974 | 113,739 | 0.04% | Shares |
| Invesco Ltd. | $238,190 | 99,246 | 0.03% | Shares |
| ALGERT GLOBAL LLC | $221,160 | 92,150 | 0.03% | Shares |
| TWO SIGMA ADVISERS, LP | $208,124 | 180,977 | 0.03% | Shares |
| BANK OF NOVA SCOTIA | $207,857 | 86,607 | 0.03% | Shares |
| LPL Financial LLC | $203,799 | 84,916 | 0.03% | Shares |
| Vanguard Global Advisers, LLC | $187,070 | 77,946 | 0.02% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $180,101 | 75,042 | 0.02% | Shares |
| Police & Firemen's Retirement System of New Jersey | $176,165 | 73,402 | 0.02% | Shares |
| UNIVERSITY OF TEXAS/TEXAS AM INVESTMENT MANAGEMENT CO | $171,426 | 71,427 | 0.02% | Shares |
| PRUDENTIAL FINANCIAL INC | $171,228 | 71,345 | 0.02% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $167,393 | 69,747 | 0.02% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $164,160 | 68,400 | 0.02% | Shares |
| TWO SIGMA SECURITIES, LLC | $159,300 | 66,375 | 0.02% | Shares |
| SEI INVESTMENTS CO | $153,449 | 63,937 | 0.02% | Shares |
| Nuveen, LLC | $153,449 | 63,937 | 0.02% | Shares |
| Straight Path Wealth Management | $150,398 | 62,666 | 0.02% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $144,000 | 60,000 | 0.02% | Shares |
| R Squared Ltd | $131,964 | 54,985 | 0.02% | Shares |
| Vanguard Personalized Indexing Management, LLC | $130,402 | 54,334 | 0.02% | Shares |
| Fortis Group Advisors, LLC | $120,000 | 50,000 | 0.02% | Shares |
| Schonfeld Strategic Advisors LLC | $118,642 | 49,435 | 0.02% | Shares |
| SCOTIA CAPITAL INC. | $117,291 | 48,871 | 0.02% | Shares |
| PROFUND ADVISORS LLC | $116,606 | 48,586 | 0.02% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $114,650 | 47,771 | 0.02% | Shares |
| AXQ CAPITAL, LP | $109,745 | 45,727 | 0.01% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $106,356 | 44,315 | 0.01% | Shares |
| ALLIANCEBERNSTEIN L.P. | $105,768 | 67,800 | 0.01% | Shares |
| WINTON GROUP Ltd | $103,680 | 43,200 | 0.01% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $101,978 | 42,491 | 0.01% | Shares |
| LMR Partners LLP | $98,618 | 41,091 | 0.01% | Shares |
| BANK OF MONTREAL /CAN/ | $96,000 | 40,000 | 0.01% | Shares |
| NORTHERN TRUST CORP | $93,794 | 39,081 | 0.01% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $90,672 | 37,780 | 0.01% | Shares |
| Cubist Systematic Strategies, LLC | $85,704 | 63,484 | 0.01% | Shares |
| Rafferty Asset Management, LLC | $81,816 | 34,090 | 0.01% | Shares |
| ProShare Advisors LLC | $78,212 | 32,588 | 0.01% | Shares |
| Leonteq Securities AG | $72,000 | 30,000 | 0.01% | Shares |
| PINNACLE ASSOCIATES LTD | $69,636 | 29,015 | 0.01% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $58,135 | 24,223 | 0.01% | Shares |
| Legal & General Group Plc | $58,044 | 24,185 | 0.01% | Shares |
| XPONANCE LLC | $57,031 | 23,763 | 0.01% | Shares |
| Graham Capital Management, L.P. | $56,498 | 23,541 | 0.01% | Shares |
| D. E. Shaw & Co., Inc. | $53,280 | 22,200 | 0.01% | Shares |
| Quadrature Capital Ltd | $52,795 | 21,998 | 0.01% | Shares |
| Invera Wealth Advisors, LLC | $48,000 | 20,000 | 0.01% | Shares |
| DIKER MANAGEMENT LLC | $48,000 | 20,000 | 0.01% | Shares |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC | $48,000 | 20,000 | 0.01% | Shares |
| Russell Investments Group, Ltd. | $47,764 | 19,902 | 0.01% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $47,282 | 35,024 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $46,764 | 19,485 | 0.01% | Shares |
| KWB Wealth | $46,736 | 40,640 | 0.01% | Shares |
| SBI Securities Co., Ltd. | $46,092 | 19,205 | 0.01% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $45,682 | 19,034 | 0.01% | Shares |
| CREDIT AGRICOLE S A | $45,540 | 18,975 | 0.01% | Shares |
| WOLVERINE TRADING, LLC | $43,785 | 31,500 | 0.01% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $42,960 | 17,900 | 0.01% | Put option |
Company insiders 49 insiders · 32 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Exton | Chief Executive Officer | Feb. 28, 2026 M | 298,432 | 0 | 0 | $0 |
| Lonnel Coats | Chief Executive Officer | Feb. 28, 2024 M | 1,098,068 | 0 | 0 | $0 |
| Arthur T Sands | President & CEO | Feb. 28, 2014 M | 1,021,329 | 0 | 0 | $0 |
| Scott M Coiante | SVP, Chief Financial Officer | Feb. 28, 2026 M | 105,356 | 0 | 0 | $0 |
| Ajay Bansal | EVP Corp Dev and CFO | June 2, 2009 A | — | 0 | 0 | $0 |
| Julia P Gregory | EVP and CFO | Feb. 7, 2008 A | 50,200 | 0 | 0 | $0 |
| Jeffrey L Wade | President and COO | July 8, 2024 A | 324,214 | 0 | 0 | $0 |
| Rachel Yap Martens | SVP, Partnerships & Corp Strat | Feb. 28, 2026 M | 31,264 | 0 | 0 | $0 |
| Suma Gopinathan | SVP, Discovery | Feb. 28, 2026 M | 150,132 | 0 | 0 | $0 |
| Wendy Mcdermott | SVP, Human Resources | Feb. 28, 2026 M | 277,945 | 0 | 0 | $0 |
| Craig B Granowitz | SVP, Chief Medical Officer | Feb. 28, 2026 M | 323,430 | 0 | 0 | $0 |
| Lisa Defrancesco | SVP, IR and Corp Comm | Feb. 28, 2026 M | 93,869 | 0 | 0 | $0 |
| Brian T Crum | SVP, General Counsel & Secr. | Feb. 28, 2026 M | 428,802 | 0 | 0 | $0 |
| Kristen Alexander | VP, Finance and Accounting | Feb. 28, 2025 M | 76,368 | 0 | 0 | $0 |
| Alan J Main | EVP, Innov & Chem Sciences | Feb. 28, 2025 M | 339,104 | 0 | 0 | $0 |
| Brian Corrigan | SVP, Regulatory & QA | Feb. 13, 2025 A | — | 0 | 0 | $0 |
| Kenneth B. Kassler-Taub | SVP, Regulatory & QA | Feb. 28, 2024 M | 162,672 | 0 | 0 | $0 |
| Thomas Garner | SVP, Chief Commercial Officer | Feb. 8, 2024 A | — | 0 | 0 | $0 |
| Kiernan Seth | VP, Chief Commercial Officer | Feb. 28, 2023 M | 53,136 | 0 | 0 | $0 |
| James F Tessmer | VP, Finance & Accounting | March 15, 2021 M | 71,766 | 0 | 0 | $0 |
| Alexander A Santini | EVP and CCO | April 22, 2020 F | 55,584 | 0 | 0 | $0 |
| Pablo Lapuerta | EVP and CMO | April 22, 2020 F | 85,719 | 0 | 0 | $0 |
| John Northcott | VP, Marketing, Comm Strategy | March 2, 2015 M | 8,235 | 0 | 0 | $0 |
| Brian P Zambrowicz | EVP, Chief Scientific Officer | Feb. 28, 2014 M | 278,703 | 0 | 0 | $0 |
| Steven Alan Tragash | VP, Corporate Affairs | Feb. 15, 2010 A | — | 0 | 0 | $0 |
| Philip M Brown | SVP, Clinical Development | Feb. 15, 2010 A | 27,306 | 0 | 0 | $0 |
| James R Piggott PHD | SVP of Pharm Bio | Feb. 7, 2008 A | 0 | 0 | 0 | $0 |
| Lance K Ishimoto | SVP, Intellectual Property | Feb. 7, 2008 A | 10,200 | 0 | 0 | $0 |
| Tamar D Howson | EVP of Bus Dev | Feb. 7, 2008 A | — | 0 | 0 | $0 |
| Walter F Colbert | SVP, HR and Corp Serv | Feb. 13, 2007 A | — | 0 | 0 | $0 |
| Randall B Riggs | SVP, Corp Licensing | Feb. 23, 2004 M | 15,000 | 0 | 0 | $0 |
| Christophe Person | VP Informatics | Jan. 12, 2004 M | 0 | 0 | 0 | $0 |
| Ivan Cheung | Director | June 3, 2026 M | 89,312 | 0 | 0 | $0 |
| Diane E. Sullivan | Director | June 3, 2026 M | 126,122 | 0 | 0 | $0 |
| Judith L Swain | Director | June 3, 2026 M | 174,486 | 0 | 0 | $0 |
| Amouyal Philippe | Director | June 3, 2026 M | 374,486 | 0 | 0 | $0 |
| Sam L Barker | Director | June 3, 2026 M | 213,771 | 0 | 0 | $0 |
| Christopher J Sobecki | Director | June 3, 2026 M | 293,177 | 0 | 0 | $0 |
| Raymond Debbane | Director | June 3, 2026 M | 1,995,498 | 7 | 0 | $723,048 |
| Robert J Lefkowitz MD | Director | May 13, 2024 A | 48,364 | 0 | 0 | $0 |
| Frank Palantoni | Director | May 21, 2023 M | 40,332 | 0 | 0 | $0 |
| Alan S Nies | Director | May 21, 2023 M | 41,046 | 0 | 0 | $0 |
| Invus C.V. | Director | Dec. 31, 2020 J | 0 | 0 | 0 | $0 |
| Kathleen M Wiltsey | Director | April 24, 2009 A | — | 0 | 0 | $0 |
| Clayton Stuart Rose | Director | June 26, 2007 P | 25,000 | 0 | 0 | $0 |
| Barry Mills | Director | April 26, 2007 A | 25,000 | 0 | 0 | $0 |
| Patricia M Cloherty | Director | April 27, 2006 A | — | 0 | 0 | $0 |
| Thomas C Caskey | Director | Oct. 13, 2005 P | 6,300 | 0 | 0 | $0 |
| Praveen Tyle | — | Feb. 28, 2021 M | 120,791 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 11 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 |
|---|---|---|---|---|---|
| Invus, L.P., Invus Advisors, L.L.C., Invus Public Equities, L.P., Invus Public Equities Advisors, LLC, Invus Global Management, LLC, Siren, L.L.C., Avicenna Life Sci Master Fund LP, Avicenna Life Sci Master GP LLC, Invus US Partners LLC, Ulys, L.L.C., Raymond Debbane, Artal Participations S.a r.l., Artal International S.C.A., Artal International Management S.A., Artal Group S.A., Westend S.A., Stichting Administratiekantoor Westend, Amaury Wittouck ×7 filings | May 8, 2026 | 39.40% | Amendment | — | SEC |
| Invus, L.P. (2), Invus Advisors, L.L.C. (2), Invus Public Equities, L.P. (2), Invus Public Equities Advisors, LLC (2), Invus Global Management, LLC (2), Siren, L.L.C. (2), Artal Participations S.à r.l. (2), Artal International S.C.A. (2), Artal International Management S.A. (2), Artal Group S.A. (2), Westend S.A. (2), Stichting Administratiekantoor Westend (2), Mr. Amaury Wittouck (2), Invus US Partners LLC (2), Ulys, L.L.C. (2), Mr. Raymond Debbane (2) ×15 filings | Dec. 9, 2024 | — | Initial filing | — | SEC |
| Feb. 24, 2012 | — | Initial filing | — | SEC | |
| Raymond Debbane (2), Ulys, L.L.C. (2), Invus Advisors, L.L.C. (2), Invus, L.P. (2), Invus Public Equities Advisors, LLC (2), Invus Public Equities, L.P. (2), Invus C.V. (2) | Dec. 27, 2011 | — | Initial filing | — | SEC |
| Nov. 14, 2011 | — | Initial filing | — | SEC | |
| Aug. 15, 2011 | — | Initial filing | — | SEC | |
| Raymond Debbane, Ulys, L.L.C., Invus Advisors, L.L.C., Invus, L.P., Invus Public Equities Advisors, LLC, Invus Public Equities, L.P., Invus C.V. | March 19, 2010 | — | Initial filing | — | SEC |
| Estate of Gordon A. Cain (, Mary H. Cain ×4 filings | Aug. 5, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 8, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | July 18, 2003 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 19, 2003 | — | 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 14 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.56% | 51,356 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.13% | 841,693 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 266,401 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 2,223,001 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 323,271 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 1,432,882 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 6,194,737 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 2,594,934 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 637,561 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 1,032,223 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 84,479 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 110,085 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 7,083,651 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 20,905 SH | Aug. 8, 2026 | Daily |