LYEL Lyell Immunopharma, Inc. - Common Stock
$16.87
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$10–$40
22% of range
Analyst Rating
BUY
13 analysts
Price Target
$42
+146% upside
P/E (TTM)
-1.2
ROE
-100.3%
Net Profit Margin
-762355.6%
LYEL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$16.87
Market Cap
$394M
P/E (TTM)
-1.2
EPS (TTM)
$-16.06
Revenue (TTM)
$36.0K
Div Yield
—
ROE
-100.3%
Debt/Equity
—
52W Range
$10 – $40
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$36.0K
2019-12-31
→
2025-12-31
EPS
$-16.06
2019-12-31
→
2025-12-31
Free Cash Flow
$-151M
2021-12-31
→
2025-12-31
Margins
-762355.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LYEL
Peer Median
P/E (TTM)
-1.2
—
P/S (TTM)
10931.8
289.4
P/B
1.6
2.7
Price / FCF
-2.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LYEL
Peer Median
Operating Margin
-748344.4%
—
Net Profit Margin
-762355.6%
-1021.1%
ROA
-66.1%
-57.7%
ROE
-100.3%
-69.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LYEL
Peer Median
Current Ratio
5.3
8.2
Quick Ratio
5.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LYEL
Peer Median
Revenue YoY
-41.0%
—
Revenue CAGR 3Y
-92.5%
—
Revenue CAGR 5Y
-65.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LYEL
Peer Median
LYEL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 8 61.5%
- Hold 1 7.7%
- Sell 1 7.7%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-14
Median
$44.00
Mean
$41.57
← Below all targets
$16.87
Low
$34.00
High
$49.00
Median target
$44.00
+160.8%
Mean target
$41.57
+146.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.39%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.92 | $-2.06 | 0.14% |
| March 31, 2026 | $-1.10 | $-2.41 | 1.3% |
| Dec. 31, 2025 | $-7.50 | $-2.28 | -5.2% |
| Sept. 30, 2025 | $-2.13 | $-2.70 | 0.57% |
| June 30, 2025 | $-2.89 | $-3.65 | 0.77% |
| March 31, 2025 | $-3.54 | $-3.67 | 0.13% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LYEL | $654M | -1.9 | -41.0% | -762355.6% | -100.3% | — |
| SABS | — | — | — | — | — | — |
| ABEO | $290M | 5.2 | 147.5% | 1223.1% | 44.1% | — |
| IMRX | — | -5.2 | — | — | -45.3% | — |
| TLSI | — | — | — | — | — | — |
| IKT | $270M | -4.2 | 111.0% | -1299.0% | -38.2% | — |
| AGEN | $111M | — | 10.4% | -2.7% | 1.0% | — |
| FATE | $113M | -0.9 | -51.2% | -2051.1% | -58.2% | — |
| VNDA | $521M | -2.4 | 8.7% | -102.0% | -54.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $36.0K | $61.0K | $130.0K | $85M | $11M | $8M | |
| R&D Expense | · | · | $183M | $159M | $139M | $182M | |
| SG&A Expense | $45M | $52M | $67M | $117M | $89M | $47M | |
| Operating Expenses | $269M | $359M | $247M | $272M | $225M | $220M | |
| Operating Income | $-269M | $-359M | $-247M | $-187M | $-215M | $-212M | |
| Other Non-op | $-18M | $5M | $2M | $2M | $-161.0K | $2M | |
| Income Tax | $0 | · | · | · | · | · | |
| Net Income | $-274M | $-343M | $-235M | $-183M | $-250M | $-204M | |
| EPS (Basic) | $-16.06 | $-26.23 | $-18.70 | $-0.74 | $-1.84 | $-15.69 | |
| EPS (Diluted) | $-16.06 | $-26.23 | $-18.70 | $-0.74 | $-1.84 | $-15.69 | |
| Shares (Basic) | 17,093,000 | 13,074,000 | 12,549,000 | 247,080,000 | 135,918,000 | 13,258,000 | |
| Shares (Diluted) | 17,093,000 | 13,074,000 | 12,549,000 | 247,080,000 | 135,918,000 | 13,258,000 | |
| EBITDA | $-258M | $-339M | $-227M | $-169M | $-201M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $60M | $106M | $146M | $124M | $294M | $140M | |
| Short-term Investments | $187M | $265M | $401M | $517M | $321M | $472M | |
| Prepaid Expense | $14M | $9M | $8M | $11M | $11M | $5M | |
| Current Assets | $261M | $380M | $555M | $651M | $626M | $618M | |
| PP&E (Net) | $35M | $48M | $103M | $123M | $120M | $77M | |
| PP&E (Gross) | $109M | $119M | $154M | $155M | $135M | $82M | |
| Accum. Depreciation | $74M | $71M | $52M | $32M | $15M | $5M | |
| Other Non-current Assets | $5M | $5M | $4M | $5M | $3M | $3M | |
| Total Assets | $340M | $491M | $750M | $938M | $1.13B | $908M | |
| Accounts Payable | $3M | $5M | $5M | $4M | $3M | $9M | |
| Current Liabilities | $49M | $54M | $35M | $37M | $47M | $49M | |
| Capital Leases | $42M | $51M | $57M | $63M | $67M | $51M | |
| Other Non-current Liabilities | $517.0K | $3M | $4M | $4M | $5M | $532.0K | |
| Total Liabilities | $92M | $108M | $95M | $104M | $198M | $190M | |
| Common Stock | $2.0K | $1.0K | $25.0K | $25.0K | $24.0K | $2.0K | |
| Paid-in Capital | $1.87B | $1.73B | $1.66B | $1.61B | $1.52B | $41M | |
| Retained Earnings | $-1.62B | $-1.35B | $-1.00B | $-767M | $-584M | $-334M | |
| AOCI | $242.0K | $291.0K | $-94.0K | $-8M | $-2M | $256.0K | |
| Stockholders' Equity | $248M | $383M | $655M | $833M | $930M | $-293M | |
| Liabilities + Equity | $340M | $491M | $750M | $938M | $1.13B | $908M | |
| Shares Outstanding | 21,251,000 | 14,744,000 | 12,698,000 | 12,479,000 | 242,738,000 | 15,570,000 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $12M | $20M | $20M | $18M | $14M | $4M | |
| Stock-based Comp | $42M | $33M | $47M | $82M | $62M | $33M | |
| Restructuring | · | · | $6M | · | · | · | |
| Other Non-cash | $71M | $128M | $4M | $-86M | $48M | · | |
| Operating Cash Flow | $-150M | $-162M | $-164M | $-170M | $-126M | $-161M | |
| CapEx | $780.0K | $464.0K | $3M | $24M | $66M | $51M | |
| Investing Cash Flow | $54M | $122M | $184M | $-12M | $-122M | $-274M | |
| Stock Issued | $50M | $0 | $0 | · | · | · | |
| Stock Repurchased | · | · | · | $0 | $0 | $12M | |
| Net Stock Activity | $50M | · | · | $0 | $0 | · | |
| Financing Cash Flow | $50M | $1M | $2M | $11M | $401M | $477M | |
| Net Change in Cash | $-46M | $-39M | $22M | $-170M | $153M | $42M | |
| Free Cash Flow | $-151M | $-163M | $-166M | $-194M | $-192M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -748344.4% | -588123.0% | -190006.1% | -220.9% | -2016.7% | · | |
| Net Margin | -762355.6% | -562285.2% | -180486.1% | -216.2% | -2349.5% | · | |
| EBITDA Margin | -716291.7% | -555941.0% | -174429.2% | -199.6% | -1888.8% | · | |
| ROA | -66.1% | -55.3% | -27.8% | -17.7% | -24.6% | · | |
| ROE | -100.3% | -75.1% | -34.7% | -22.1% | -26.1% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 5.3 | 7.1 | 16.1 | 17.6 | 13.4 | · | |
| Quick Ratio | 5.0 | 6.9 | 15.8 | 17.3 | 13.2 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | -41.0% | -53.1% | -99.9% | 695.1% | 37.3% | · | |
| Revenue CAGR 3Y | -92.5% | -82.1% | -74.4% | · | · | · | |
| Revenue CAGR 5Y | -65.8% | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $36.0K | $61.0K | $130.0K | $85M | $11M | · | |
| Net Income TTM | $-274M | $-343M | $-235M | $-183M | $-250M | · | |
| Market Cap | $654M | $3.77B | $9.85B | $17.32B | $37.58B | · | |
| P/E | -1.9 | -0.5 | -2.1 | -93.8 | -84.1 | · | |
| P/S | 18169.6 | 61875.6 | 75796.7 | 204.5 | 3528.2 | · | |
| P/B | 2.6 | 9.9 | 15.0 | 20.8 | 40.4 | · | |
| P / Tangible Book | 2.6 | 9.9 | 15.0 | 20.8 | 40.4 | · | |
| P / Cash Flow | -4.4 | -23.2 | -60.2 | -102.1 | -297.6 | · | |
| P / FCF | -4.3 | -23.2 | -59.2 | -89.4 | -196.0 | · | |
| Earnings Yield | -52.2% | -204.9% | -48.2% | -1.1% | -1.2% | · |
Income Statement 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 | $4.0K | $2.0K | $6.0K | $15.0K | $8.0K | $7.0K | $11.0K | $34.0K | $13.0K | $3.0K | $13.0K | $25.0K | $27.0K | $65.0K | $48M | $3.0K | |
| R&D Expense | $40M | $37M | · | $28M | $35M | $43M | · | $40M | $40M | $43M | · | $44M | $47M | $45M | · | $42M | |
| SG&A Expense | $10M | $10M | $11M | $11M | $10M | $14M | $15M | $12M | $12M | $13M | $13M | $16M | $19M | $19M | $26M | $26M | |
| Operating Expenses | $47M | $44M | $128M | $37M | $47M | $57M | $201M | $51M | $52M | $56M | $60M | $59M | $66M | $63M | $63M | $66M | |
| Operating Income | $-47M | $-44M | $-128M | $-37M | $-47M | $-57M | $-201M | $-51M | $-52M | $-56M | $-60M | $-59M | $-66M | $-63M | $-15M | $-66M | |
| Other Non-op | $398.0K | $18M | $-16M | $-5M | $1M | $1M | $4M | $-43.0K | $-645.0K | $1M | $-506.0K | $2M | $-326.0K | $1M | $3M | $-1M | |
| Net Income | $-45M | $-24M | $-141M | $-39M | $-43M | $-52M | $-192M | $-45M | $-46M | $-61M | $-53M | $-51M | $-64M | $-67M | $-8M | $-70M | |
| EPS (Basic) | $-1.92 | $-1.10 | $-10.86 | $-2.13 | $-2.89 | $-3.54 | $-18.92 | $-3.48 | $-3.59 | $-0.24 | $-17.97 | $-0.20 | $-0.26 | $-0.27 | $-0.03 | $-0.28 | |
| EPS (Diluted) | $-1.92 | $-1.10 | $-10.86 | $-2.13 | $-2.89 | $-3.54 | $-18.92 | $-3.48 | $-3.59 | $-0.24 | $-17.97 | $-0.20 | $-0.26 | $-0.27 | $-0.03 | $-0.28 | |
| Shares (Basic) | 23,364,000 | 21,876,000 | -311,066,000 | 18,268,000 | 14,793,000 | 14,755,000 | -266,763,000 | 12,815,000 | 12,770,000 | 254,252,000 | -738,564,000 | 251,318,000 | 250,204,000 | 249,591,000 | -491,730,000 | 248,320,000 | |
| Shares (Diluted) | 23,364,000 | 21,876,000 | -311,066,000 | 18,268,000 | 14,793,000 | 14,755,000 | -266,763,000 | 12,815,000 | 12,770,000 | 254,252,000 | -738,564,000 | 251,318,000 | 250,204,000 | 249,591,000 | -491,730,000 | 248,320,000 | |
| EBITDA | $-47M | $-42M | · | $-37M | $-47M | $-54M | · | $-51M | $-52M | $-51M | · | $-59M | $-66M | $-58M | · | $-66M |
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 | $73M | $91M | $60M | $124M | $99M | $120M | $106M | $100M | $133M | $126M | $146M | $286M | $224M | $109M | $124M | $116M | |
| Short-term Investments | $131M | $163M | $187M | $196M | $178M | $181M | $265M | $340M | $358M | $401M | · | $289M | $371M | $503M | · | $532M | |
| Prepaid Expense | $9M | $13M | $14M | $9M | $5M | $8M | $9M | $9M | $9M | $8M | · | $11M | $11M | $12M | · | $12M | |
| Current Assets | $214M | $267M | $261M | $328M | $282M | $309M | $380M | $450M | $500M | $534M | · | $587M | $606M | $624M | · | $660M | |
| PP&E (Net) | $31M | $33M | $35M | $37M | $39M | $44M | $48M | $88M | $93M | $98M | · | $108M | $114M | $119M | · | $126M | |
| PP&E (Gross) | · | · | $109M | · | · | · | $119M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $74M | · | · | · | $71M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $6M | $5M | $5M | $3M | $3M | $3M | $5M | $5M | $4M | $4M | · | $4M | $5M | $5M | · | $3M | |
| Total Assets | $311M | $351M | $340M | $408M | $385M | $430M | $491M | $619M | $654M | $694M | · | $795M | $835M | $880M | · | $977M | |
| Accounts Payable | $4M | $5M | $3M | $3M | $3M | $4M | $5M | $4M | $4M | $5M | · | $4M | $6M | $6M | · | $5M | |
| Current Liabilities | $40M | $37M | $49M | $32M | $37M | $41M | $54M | $34M | $31M | $32M | · | $35M | $34M | $31M | · | $51M | |
| Capital Leases | $37M | $39M | $42M | $44M | $47M | $49M | $51M | $51M | $53M | $55M | · | $59M | $60M | $62M | · | $65M | |
| Other Non-current Liabilities | $537.0K | $527.0K | $517.0K | $3M | $3M | $3M | $3M | $4M | $3M | $4M | · | $4M | $4M | $4M | · | $4M | |
| Total Liabilities | $77M | $77M | $92M | $79M | $87M | $93M | $108M | $89M | $88M | $91M | · | $97M | $98M | $97M | · | $157M | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | $30.0K | $1.0K | $26.0K | $26.0K | $25.0K | · | $25.0K | $25.0K | $25.0K | · | $25.0K | |
| Paid-in Capital | $1.92B | $1.92B | $1.87B | $1.81B | $1.74B | $1.73B | $1.73B | $1.68B | $1.68B | $1.67B | · | $1.65B | $1.64B | $1.62B | · | $1.59B | |
| Retained Earnings | $-1.69B | $-1.64B | $-1.62B | $-1.48B | $-1.44B | $-1.40B | $-1.35B | $-1.15B | $-1.11B | $-1.06B | · | $-949M | $-898M | $-834M | · | $-759M | |
| AOCI | $-158.0K | $-9.0K | $242.0K | $201.0K | $57.0K | $158.0K | $291.0K | $760.0K | $-397.0K | $-404.0K | · | $-1M | $-2M | $-4M | · | $-10M | |
| Stockholders' Equity | $234M | $274M | $248M | $329M | $299M | $337M | $383M | $531M | $567M | $603M | $655M | $698M | $737M | $784M | $833M | $820M | |
| Liabilities + Equity | $311M | $351M | $340M | $408M | $385M | $430M | $491M | $619M | $654M | $694M | · | $795M | $835M | $880M | · | $977M | |
| Shares Outstanding | 23,397,000 | 23,328,000 | 21,251,000 | 19,294,000 | 14,831,000 | 295,284,000 | 14,744,000 | 256,564,000 | 255,948,000 | 254,927,000 | 12,698,000 | 251,869,000 | 251,027,000 | 249,609,000 | 249,567,000 | 249,240,000 |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $3M | $3M | $3M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | |
| Stock-based Comp | $5M | $4M | $26M | $5M | $5M | $6M | $8M | $8M | $8M | $9M | $8M | $11M | $14M | $14M | $18M | $19M | |
| Other Non-cash | · | $-21M | · | · | · | $-12M | · | · | · | $4M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-34M | $-39M | $-32M | $-29M | $-34M | $-55M | $-47M | $-35M | $-38M | $-42M | $-41M | $-38M | $-39M | $-46M | $-40M | $-37M | |
| CapEx | $256.0K | $89.0K | $304.0K | $62.0K | $168.0K | $246.0K | $44.0K | $59.0K | $331.0K | $30.0K | $25.0K | $195.0K | $933.0K | $2M | $5M | $3M | |
| Investing Cash Flow | $16M | $17M | $-31M | $3M | $13M | $69M | $54M | $2M | $45M | $22M | $-101M | $100M | $153M | $32M | $47M | $-57M | |
| Stock Issued | · | · | $0 | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $522.0K | $52M | $222.0K | $50M | $183.0K | $1.0K | $437.0K | $0 | $862.0K | $27.0K | $759.0K | $-143.0K | $1M | $-69.0K | $863.0K | $5M | |
| Net Change in Cash | $-18M | $31M | $-63M | $25M | $-22M | $15M | $7M | $-33M | $8M | $-20M | $-141M | $62M | $115M | $-14M | $7M | $-89M | |
| Free Cash Flow | · | $-39M | · | · | · | $-55M | · | · | · | $-42M | · | · | · | $-48M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1183425.0% | -2213050.0% | · | -248353.3% | -589250.0% | -819528.6% | · | -148544.1% | -396369.2% | -1852500.0% | · | -236156.0% | -244092.6% | -96240.0% | · | -2214566.7% | |
| Net Margin | -1118875.0% | -1207650.0% | · | -258973.3% | -533550.0% | -745642.9% | · | -131126.5% | -352376.9% | -2022233.3% | · | -203412.0% | -236629.6% | -103013.9% | · | -2341800.0% | |
| EBITDA Margin | -1183425.0% | -2096450.0% | · | -248353.3% | -589250.0% | -770371.4% | · | -148544.1% | -396369.2% | -1685033.3% | · | -236156.0% | -244092.6% | -88506.2% | · | -2214566.7% | |
| ROA | -12.8% | -6.2% | · | -7.6% | -8.2% | -9.3% | · | -6.3% | -6.2% | -7.7% | · | -5.7% | -6.9% | -6.9% | · | -6.5% | |
| ROE | -16.8% | -7.9% | · | -9.0% | -9.9% | -11.1% | · | -7.3% | -7.0% | -8.8% | · | -6.7% | -8.0% | -8.0% | · | -7.8% |
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 | 5.4 | 7.2 | · | 10.3 | 7.6 | 7.5 | · | 13.4 | 16.2 | 16.5 | · | 16.7 | 17.6 | 20.3 | · | 12.9 | |
| Quick Ratio | 5.1 | 6.9 | · | 10.0 | 7.5 | 7.3 | · | 13.1 | 15.9 | 16.3 | · | 16.4 | 17.3 | 19.9 | · | 12.7 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $29.0K | $32.0K | · | $64.0K | $62.0K | $57.0K | · | $75.0K | $68.0K | $120.0K | · | $120.0K | $36M | $36M | · | $39M | |
| Net Income TTM | $-150M | $-158M | · | $-178M | $-185M | $-203M | · | $-202M | $-221M | $-242M | · | $-252M | $-237M | $-242M | · | $-224M | |
| Market Cap | $329M | $468M | · | $313M | $131M | $3.18B | · | $7.08B | $7.42B | $11.37B | · | $7.40B | $15.97B | $11.78B | · | $36.54B | |
| P/E | -1.7 | -2.1 | · | -1.9 | -0.9 | -1.4 | · | -3.7 | -6.8 | -46.0 | · | -29.1 | -66.2 | -48.2 | · | -161.1 | |
| P/S | 11335.4 | 14623.7 | · | 4895.9 | 2114.6 | 55741.3 | · | 94415.6 | 109154.3 | 94747.9 | · | 61707.9 | 445.5 | 324.0 | · | 935.6 | |
| P/B | 1.4 | 1.7 | · | 1.0 | 0.4 | 9.4 | · | 13.3 | 13.1 | 18.9 | · | 10.6 | 21.7 | 15.0 | · | 44.6 | |
| P / Tangible Book | 1.4 | 1.7 | · | 1.0 | 0.4 | 9.4 | · | 13.3 | 13.1 | 18.9 | · | 10.6 | 21.7 | 15.0 | · | 44.6 | |
| P / Cash Flow | · | -12.2 | · | · | · | -58.0 | · | · | · | -270.6 | · | · | · | -254.9 | · | · | |
| P / FCF | · | -12.1 | · | · | · | -57.8 | · | · | · | -270.4 | · | · | · | -246.8 | · | · | |
| Earnings Yield | -57.2% | -48.2% | · | -53.4% | -114.7% | -69.6% | · | -27.2% | -14.8% | -2.2% | · | -3.4% | -1.5% | -2.1% | · | -0.62% |
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 | $36.0K | $61.0K | $130.0K | $85M | $11M |
| Operating Margin % | -748344.4% | -588123.0% | -190006.1% | -220.9% | -2016.7% |
| Net Income | $-274M | $-343M | $-235M | $-183M | $-250M |
| Diluted EPS | $-16.06 | $-26.23 | $-18.70 | $-0.74 | $-1.84 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 5.3 | 7.1 | 16.1 | 17.6 | 13.4 |
| Quick Ratio | 5.0 | 6.9 | 15.8 | 17.3 | 13.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-151M | $-163M | $-166M | $-194M | $-192M |
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Institutional owners (13F) 94 filers · $203.2M 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 |
|---|---|---|---|---|
| 30 (+14 vs prior Q) | 9 (+3 vs prior Q) | 25 (+1 vs prior Q) | 19 (+11 vs prior Q) | +295K |
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 |
|---|---|---|---|---|
| ARCH Venture Management, LLC | $45,525,211 | 3,247,162 | 22.41% | Shares |
| MWG Caph Ltd | $31,029,810 | 1,008,116 | 15.27% | Shares |
| GSK plc | $21,252,859 | 1,512,659 | 10.46% | Shares |
| MWG Management Ltd. | $16,371,804 | 1,008,116 | 8.06% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $11,054,175 | 786,774 | 5.44% | Shares |
| Orland Properties Ltd | $10,603,507 | 754,698 | 5.22% | Shares |
| Almitas Capital LLC | $8,168,768 | 581,407 | 4.02% | Shares |
| Foresite Capital Management V, LLC | $6,693,223 | 476,386 | 3.29% | Shares |
| MILLENNIUM MANAGEMENT LLC | $5,162,996 | 367,473 | 2.54% | Shares |
| Opaleye Management Inc. | $4,833,551 | 344,025 | 2.38% | Shares |
| venBio Partners LLC | $4,744,643 | 337,697 | 2.34% | Shares |
| Alphabet Inc. | $4,120,247 | 293,256 | 2.03% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,712,787 | 264,152 | 1.83% | Shares |
| VANGUARD GROUP INC | $2,675,552 | 86,925 | 1.32% | Shares |
| STATE STREET CORP | $2,603,774 | 185,322 | 1.28% | Shares |
| HSG Holding Ltd | $2,139,801 | 152,299 | 1.05% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,829,169 | 130,190 | 0.90% | Shares |
| Qube Research & Technologies Ltd | $1,552,961 | 110,531 | 0.76% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,511,359 | 107,570 | 0.74% | Shares |
| Velan Capital Investment Management LP | $1,475,250 | 105,000 | 0.73% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,307,985 | 93,095 | 0.64% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,291,069 | 91,891 | 0.64% | Shares |
| MIC Capital Management UK LLP | $1,222,743 | 87,028 | 0.60% | Shares |
| GOLDMAN SACHS GROUP INC | $1,219,245 | 86,779 | 0.60% | Shares |
| MARSHALL WACE, LLP | $1,188,350 | 84,580 | 0.58% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $779,269 | 55,464 | 0.38% | Shares |
| TWO SIGMA INVESTMENTS, LP | $743,624 | 52,927 | 0.37% | Shares |
| Squarepoint Ops LLC | $594,624 | 42,322 | 0.29% | Shares |
| Ikarian Capital, LLC | $577,188 | 41,081 | 0.28% | Shares |
| JANE STREET GROUP, LLC | $476,309 | 33,901 | 0.23% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $413,225 | 29,411 | 0.20% | Shares |
| Point72 Asset Management, L.P. | $366,424 | 26,080 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $363,895 | 25,900 | 0.18% | Call option |
| AMERICAN CENTURY COMPANIES INC | $344,787 | 24,540 | 0.17% | Shares |
| Jump Financial, LLC | $308,482 | 21,956 | 0.15% | Shares |
| Clearstead Advisors, LLC | $280,410 | 19,958 | 0.14% | Shares |
| EntryPoint Capital, LLC | $272,710 | 19,410 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $262,665 | 18,695 | 0.13% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $252,900 | 18,000 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $251,495 | 17,900 | 0.12% | Put option |
| Susquehanna Portfolio Strategies, LLC | $251,144 | 17,875 | 0.12% | Shares |
| MORGAN STANLEY | $239,257 | 17,029 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $238,850 | 17,000 | 0.12% | Call option |
| Allspring Global Investments Holdings, LLC | $226,837 | 16,145 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $217,234 | 15,462 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $199,510 | 14,200 | 0.10% | Put option |
| Nuveen, LLC | $176,960 | 12,595 | 0.09% | Shares |
| Graham Capital Management, L.P. | $163,008 | 11,602 | 0.08% | Shares |
| Brevan Howard Capital Management LP | $162,376 | 11,557 | 0.08% | Shares |
| BANK OF AMERICA CORP /DE/ | $152,737 | 10,871 | 0.08% | Shares |
| Walleye Capital LLC | $146,837 | 10,451 | 0.07% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $133,545 | 9,505 | 0.07% | Shares |
| DEUTSCHE BANK AG\ | $129,091 | 9,188 | 0.06% | Shares |
| Bank of New York Mellon Corp | $127,799 | 9,096 | 0.06% | Shares |
| BlackRock, Inc. | $111,051 | 7,904 | 0.05% | Shares |
| WELLS FARGO & COMPANY/MN | $110,714 | 7,880 | 0.05% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $110,222 | 7,845 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $72,568 | 5,165 | 0.04% | Shares |
| CITIGROUP INC | $62,972 | 4,482 | 0.03% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $60,879 | 4,333 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $57,605 | 4,100 | 0.03% | Shares |
| Invesco Ltd. | $52,716 | 3,752 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $52,182 | 3,714 | 0.03% | Shares |
| JPMORGAN CHASE & CO | $49,738 | 3,901 | 0.02% | Shares |
| BARCLAYS PLC | $49,147 | 3,498 | 0.02% | Shares |
| Police & Firemen's Retirement System of New Jersey | $48,416 | 3,446 | 0.02% | Shares |
| FMR LLC | $30,222 | 2,151 | 0.01% | Shares |
| NORTHERN TRUST CORP | $20,583 | 1,465 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $19,164 | 1,364 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $14,668 | 1,044 | 0.01% | Shares |
| Legal & General Group Plc | $12,884 | 917 | 0.01% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $12,715 | 905 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $11,999 | 854 | 0.01% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $11,900 | 1,025 | 0.01% | Shares |
| Russell Investments Group, Ltd. | $10,565 | 752 | 0.01% | Shares |
| GF FUND MANAGEMENT CO. LTD. | $6,351 | 452 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $6,000 | 418 | 0.00% | Shares |
| Truvestments Capital LLC | $4,215 | 300 | 0.00% | Shares |
| UBS Group AG | $3,513 | 250 | 0.00% | Shares |
| SIMPLEX TRADING, LLC | $3,175 | 226 | 0.00% | Shares |
| Sterling Capital Management LLC | $2,670 | 190 | 0.00% | Shares |
| Quarry LP | $2,515 | 179 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $1,236 | 88 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $955 | 68 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $836 | 59,748 | 0.00% | Shares |
| US BANCORP \DE\ | $815 | 58 | 0.00% | Shares |
| Cornerstone Financial Management LLC | $646 | 46 | 0.00% | Shares |
| HRT FINANCIAL LP | $513 | 36,575 | 0.00% | Shares |
| GAMMA Investing LLC | $492 | 35 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $431 | 30,657 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $368 | 26,225 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $351 | 25 | 0.00% | Shares |
| Optiver Holding B.V. | $281 | 20 | 0.00% | Shares |
| CWM, LLC | $40 | 2 | 0.00% | Shares |
Company insiders 21 insiders · 7 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Elizabeth Homans | Chief Executive Officer | March 16, 2022 A | — | 0 | 0 | $0 |
| Charles W. Newton | Chief Financial Officer | Feb. 9, 2024 A | 48,729 | 0 | 0 | $0 |
| David Shook | Chief Medical Officer | June 10, 2026 S | 20,923 | 0 | 1 | $-24,989 |
| Matthew Lang | Chief Business Officer | Feb. 9, 2024 A | 50,000 | 0 | 0 | $0 |
| Tina M. Albertson | Chief Medical Officer | Feb. 24, 2023 A | — | 0 | 0 | $0 |
| Rahsaan Thompson | Chief Legal Officer | Feb. 24, 2023 A | — | 0 | 0 | $0 |
| Heather D Turner | Chief General Counsel | March 16, 2022 A | — | 0 | 0 | $0 |
| Mark Bachleda | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Elizabeth G Nabel | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Richard Klausner | Director | June 10, 2026 A | 930,880 | 0 | 0 | $0 |
| Sumant Ramachandra | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Cathy Friedman | Director | June 10, 2026 A | 236,370 | 0 | 0 | $0 |
| Otis W Brawley | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| William Jl Rieflin | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Hans Edgar Bishop | Director | Sept. 8, 2023 A | 4,685,614 | 0 | 0 | $0 |
| Robert Nelsen | Director | Sept. 8, 2023 A | 18,206,358 | 0 | 0 | $0 |
| Innovative Cellular Therapeutics Holdings Ltd | 10% owner | July 27, 2026 J | 2,818,980 | 0 | 2 | $-274 |
| Veronica Sanchez Bulis | — | Aug. 10, 2026 S | 14,799 | 0 | 2 | $-13,008 |
| Gary K. Lee | — | Aug. 10, 2026 S | 17,677 | 0 | 2 | $-4,339 |
| Stephen J. Hill | — | Aug. 10, 2026 S | 17,805 | 0 | 2 | $-2,960 |
| Lynn Seely | — | Aug. 10, 2026 S | 73,488 | 0 | 5 | $-204,066 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 21 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.03% | 31,581 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.02% | 1,253 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.02% | 787 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 23,005 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 8,183 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 88,790 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 55,895 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 67,448 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 9,023 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.00% | 222,372 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 12,766 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 339 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 9,101 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 1,396 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 163,755 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 604,461 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 54,398 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,151 SH | Aug. 8, 2026 | Daily |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 346 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 409 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.00% | 28,159 SH | Aug. 8, 2026 | Daily |