MDGL Madrigal Pharmaceuticals, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 30, 2026
$499.40
· of 52w range
· above low
· to high
$393.6152w low
$615.0052w high
Market Cap (MRQ)
$11.53B
P/E (TTM)
-42.3
EPS (TTM)
$-11.80
Revenue (TTM)
$1.28B
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52W Range
$394–$615
Analyst Rating
BUY
Price Target
$682
P/E
-42.3
ROE
-53.3%
Net Profit Margin
-25.3%
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MDGL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$499.40
Market Cap (MRQ)
$11.53B
P/E (TTM)
-42.3
EPS (TTM)
$-11.80
Revenue (TTM)
$1.28B
ROE (TTM)
-53.3%
Debt/Equity (MRQ)
0.7
52W Range
$394–$615
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| July 25, 2016 | 1-for-35 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$958M2017-12-31 → 2025-12-31
EPS$-10.152020-12-31 → 2025-12-31
Free Cash Flow$-190M2016-12-31 → 2025-12-31
Net margin-25.3%2024-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MDGL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -42.35Y avg ≈-18.7 | ≈-18.7 | · | · | |
| P/S (TTM) | 9.0 | · | 12.3 | Undervalued | |
| P/B (MRQ) | 22.05Y avg ≈15.3 | ≈15.3 | 14.5 | Overvalued | |
| EV / EBITDA | -38.75Y avg ≈-22.0 | ≈-22.0 | · | · | |
| Price / FCF (TTM) | -55.95Y avg ≈-26.0 | ≈-26.0 | · | · | |
| Price / Cash Flow (TTM) | -58.35Y avg ≈-26.1 | ≈-26.1 | · | · | |
| EV / Revenue | 12.0 | · | · | · | |
| EV / FCF | -60.85Y avg ≈-30.5 | ≈-30.5 | · | · | |
| Price / Tangible Book (MRQ) | 22.35Y avg ≈15.4 | ≈15.4 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MDGL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -25.1% | · | -2.1% | Below avg | |
| EBITDA Margin (TTM) | -25.0% | · | -2.1% | Below avg | |
| Net Profit Margin (TTM) | -25.3% | · | -5.7% | Below avg | |
| ROA (TTM) | -28.8%5Y avg ≈-66.8% | ≈-66.8% | -12.4% | Weak | |
| ROE (TTM) | -53.3%5Y avg ≈-135.2% | ≈-135.2% | 16.1% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MDGL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.75Y avg ≈0.3 | ≈0.3 | 0.4 | Above avg | |
| Current Ratio (MRQ) | 3.25Y avg ≈4.4 | ≈4.4 | 2.7 | Strong liquidity | |
| Quick Ratio | 1.15Y avg ≈1.2 | ≈1.2 | 1.8 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.75Y avg ≈0.3 | ≈0.3 | 0.6 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MDGL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 432.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MDGL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.3 | ≈0.3 | 0.5 | Top tier | |
| Receivables Turnover | 10.2 | · | 4.9 | Top tier | |
| Revenue / Employee | ≈$1.0M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-50.1%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-1.99 | $-2.62 | 24.0% |
| March 31, 2026 | May 12, 2026 | $-3.25 | $-4.11 | 20.9% |
| Dec. 31, 2025 | $-2.57 | $-0.69 | -274.0% | |
| Sept. 30, 2025 | $-4.96 | $-2.12 | -133.6% | |
| June 30, 2025 | $-1.90 | $-3.71 | 48.8% | |
| March 31, 2025 | $-3.32 | $-3.84 | 13.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $958M | $180M | $0 | $0 | $0 | · | $0 | $0 | $0 | · | · | · | |
| Cost of Revenue | · | $6M | $0 | $0 | · | · | · | · | · | · | · | · | |
| SG&A Expense | $814M | $435M | $108M | $48M | $37M | $22M | $23M | $15M | $8M | $9M | $805.8K | $16M | |
| Operating Expenses | $1.26B | $678M | $380M | $294M | $242M | $207M | $95M | $41M | $32M | $25M | $3M | $84M | |
| Operating Income | $-300M | $-498M | $-380M | $-294M | $-242M | $-207M | $-95M | $-41M | $-32M | $-25M | $-3M | $-84M | |
| Interest Expense | · | · | $13M | $4M | $0 | $0 | · | · | · | $1M | $4M | · | |
| Interest Income | $37M | $47M | $20M | $2M | $363.0K | · | · | · | · | · | · | · | |
| Other Non-op | $-463.0K | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | · | |
| Net Income | $-288M | $-466M | $-374M | $-295M | $-242M | $-202M | $-84M | $-33M | $-31M | $-26M | · | · | |
| EPS (Basic) | $-10.15 | $-17.31 | $-17.33 | $-17.23 | $-14.63 | $-13.09 | · | · | · | · | · | · | |
| EPS (Diluted) | $-10.15 | $-17.31 | $-17.33 | $-17.23 | $-14.63 | $-13.09 | · | · | · | · | · | · | |
| Shares (Basic) | 28,409,706 | 26,908,070 | 21,562,581 | 17,137,201 | 16,535,188 | 15,446,638 | · | · | · | · | · | · | |
| Shares (Diluted) | 28,409,706 | 26,908,070 | 21,562,581 | 17,137,201 | 16,535,188 | 15,446,638 | · | · | · | · | · | · | |
| EBITDA | $-299M | $-497M | $-380M | $-293M | $-242M | $-206M | $-95M | · | $-32M | $-25M | · | $-83M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $199M | $100M | $100M | $332M | $36M | $54M | $47M | $57M | $149M | $19M | $306.0K | $148.1K | |
| Short-term Investments | · | · | · | · | · | · | · | · | $43M | $21M | $32M | $52M | |
| Receivables | $134M | $54M | $0 | · | · | · | · | · | · | · | · | · | |
| Inventory | $75M | $34M | $0 | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $48M | $14M | $3M | $3M | $1M | $1M | $1M | $1M | $485.0K | $707.0K | $50.0K | $2M | |
| Current Assets | $1.25B | $1.03B | $637M | $361M | $272M | $285M | $440M | $485M | $192M | $41M | $363.6K | $99M | |
| PP&E (Net) | $1M | $2M | $2M | $601.0K | $851.0K | $1M | $1M | $227.0K | $301.0K | $3.0K | $420.0K | $1M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | $22M | $22M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | $21M | $20M | |
| Intangibles | $7M | $5M | $0 | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $0 | · | · | · | · | · | · | · | · | · | · | $305.0K | |
| Total Assets | $1.26B | $1.04B | $641M | $363M | $273M | $287M | $442M | $485M | $192M | $41M | $363.6K | $101M | |
| Accounts Payable | $49M | $44M | $28M | $24M | $21M | $1M | $1M | $2M | $2M | $762.0K | $102.3K | $3M | |
| Accrued Liabilities | $260M | $125M | $90M | $91M | $55M | $45M | $24M | $6M | $8M | $4M | $70.2K | · | |
| Current Liabilities | $310M | $169M | $119M | $116M | $77M | $47M | $25M | $8M | $10M | $5M | $49M | $31M | |
| Capital Leases | $7M | $1M | $1M | $0 | $387.0K | $468.0K | $361.0K | · | · | · | · | $43.0K | |
| Total Liabilities | $657M | $288M | $235M | $165M | $77M | $47M | $25M | $8M | $10M | $5M | $49M | $36M | |
| Long-term Debt | $340M | $118M | $115M | $70M | · | · | · | · | · | · | · | · | |
| Total Debt | $340M | $118M | $115M | $49M | · | · | · | · | · | · | · | · | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | $1.0K | $18 | $11.0K | |
| Retained Earnings | $-2.09B | $-1.80B | $-1.34B | $-963M | $-667M | $-425M | $-223M | $-139M | $-106M | $-75M | $-49M | $-638M | |
| AOCI | $873.0K | $468.0K | $468.0K | $-32.0K | $-80.0K | $47.0K | $216.0K | $-319.0K | $-31.0K | $25.0K | $4.0K | $4.0K | |
| Stockholders' Equity | $603M | $754M | $405M | $197M | $196M | $240M | $417M | $477M | $182M | $36M | $-49M | $-42M | |
| Liabilities + Equity | $1.26B | $1.04B | $641M | $363M | $273M | $287M | $442M | $485M | $192M | $41M | $363.6K | $101M | |
| Shares Outstanding | 22,842,073 | 22,004,679 | 19,875,427 | 18,102,523 | 17,103,395 | 15,508,146 | 15,429,154 | 15,409,023 | 14,227,634 | 11,951,866 | 176,158 | 109,120,670 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $1M | $527.0K | $467.0K | $405.0K | $471.0K | $112.0K | $96.0K | $77.0K | $156 | $662.0K | $673.0K | |
| Stock-based Comp | $98M | $80M | $50M | $32M | $27M | $21M | $23M | $13M | $3M | $8M | $4M | $7M | |
| Other Non-cash | $-905.0K | $-71M | $-862.0K | $38M | $31M | $23M | $19M | · | $6M | · | · | · | |
| Operating Cash Flow | $-190M | $-456M | $-324M | $-225M | $-184M | $-158M | $-42M | $-26M | $-22M | $-18M | $-3M | $-79M | |
| CapEx | $467.0K | $1M | $1M | $217.0K | $209.0K | $334.0K | $172.0K | $22.0K | $125.0K | $3.0K | $58.0K | $144.0K | |
| Investing Cash Flow | $32M | $-274M | $-503M | $207M | $-5M | $160M | $31M | $-380M | $-22M | $22M | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $6M | $6 | $90M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $6M | · | $90M | |
| Financing Cash Flow | $256M | $735M | $595M | $313M | $171M | $5M | $235.0K | $314M | $174M | $14M | · | · | |
| Net Change in Cash | $99M | $5M | $-232M | $295M | $-18M | · | · | · | $129M | $19M | · | · | |
| Free Cash Flow | $-190M | $-457M | $-326M | $-225M | $-184M | $-158M | $-42M | · | $-22M | $-18M | · | $-79M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -31.3% | -276.4% | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | -30.1% | -258.6% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -31.2% | -275.8% | · | · | · | · | · | · | · | · | · | · | |
| ROA | -25.1% | -55.4% | -74.5% | -92.9% | -86.3% | -55.5% | -18.1% | · | -26.7% | · | · | · | |
| ROE | -44.4% | -60.8% | -174.8% | -283.9% | -112.2% | -76.4% | -19.6% | · | -28.5% | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.0 | 6.1 | 5.4 | 3.1 | 3.5 | 6.1 | 17.5 | · | 19.1 | 8.6 | · | 3.2 | |
| Quick Ratio | 1.1 | 0.9 | 0.8 | 2.9 | 0.5 | 1.2 | 1.9 | · | 19.0 | 8.4 | · | 3.2 | |
| Debt / Equity | 0.6 | 0.2 | 0.3 | 0.2 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.6 | 0.2 | 0.3 | 0.2 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | -29.9 | -74.1 | · | · | · | · | · | -20.8 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.2 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | · | · | |
| Inventory Turnover | · | 0.4 | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 10.2 | 6.7 | · | · | · | · | · | · | · | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $26.39 | $34.28 | $20.39 | $10.90 | $11.47 | $15.47 | $27.00 | · | $12.81 | $3.05 | · | $0.60 | |
| Revenue / Share | $42.72 | $8.47 | $0.00 | · | · | · | · | · | · | · | · | · | |
| Cash Flow / Share | $-8.45 | $-21.42 | $-17.35 | $-13.12 | · | · | · | · | · | · | · | · | |
| Cash / Share | $8.70 | $4.55 | $5.03 | $18.32 | $2.12 | $3.48 | $3.03 | · | $10.45 | $1.60 | · | $0.42 | |
| EPS (TTM) | $-12.85 | $-21.90 | $-19.99 | $-17.23 | $-14.63 | $-13.09 | · | · | · | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 432.1% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $958M | $180M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | |
| Net Income TTM | $-288M | $-466M | $-374M | $-295M | $-242M | $-202M | $-84M | $-33M | $-31M | $-26M | · | · | |
| Market Cap | $13.30B | $6.79B | $4.60B | $5.25B | $1.45B | $1.72B | $1.41B | · | $1.31B | $178M | · | $10.12B | |
| Enterprise Value | $13.44B | $6.81B | $4.61B | $4.97B | · | · | · | · | · | · | · | · | |
| P/E | -45.3 | -14.1 | -11.6 | -16.8 | -5.8 | -8.5 | · | · | · | · | · | · | |
| P/S | 13.9 | 37.7 | · | · | · | · | · | · | · | · | · | · | |
| P/B | 22.1 | 9.0 | 11.3 | 26.6 | 7.4 | 7.2 | 3.4 | · | 7.2 | 4.9 | · | 155.4 | |
| P / Tangible Book | 22.3 | 9.1 | 11.3 | 26.6 | 7.4 | 7.2 | · | · | · | · | · | · | |
| P / Cash Flow | -70.2 | -14.9 | -14.2 | -23.4 | -7.9 | -10.9 | -33.8 | · | -58.5 | -10.1 | · | -128.2 | |
| P / FCF | -70.0 | -14.9 | -14.1 | -23.3 | -7.9 | -10.9 | -33.6 | · | -58.2 | -10.1 | · | -128.0 | |
| EV / EBITDA | -45.0 | -13.7 | -12.1 | -17.0 | · | · | · | · | · | · | · | · | |
| EV / FCF | -70.7 | -14.9 | -14.2 | -22.1 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 14.0 | 37.8 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -2.2% | -7.1% | -8.6% | -5.9% | -17.3% | -11.8% | · | · | · | · | · | · |
Income Statement
| 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 | $364M | $311M | $321M | $287M | $213M | $137M | $103M | $62M | $15M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Cost of Revenue | · | · | · | · | · | $5M | · | · | · | $0 | · | · | · | · | · | · | |
| SG&A Expense | $289M | $269M | $240M | $209M | $197M | $168M | $141M | $108M | $105M | $81M | $47M | $28M | $18M | $16M | $15M | $12M | |
| Operating Expenses | $421M | $404M | $381M | $401M | $260M | $217M | $170M | $178M | $177M | $152M | $117M | $99M | $86M | $78M | $85M | $80M | |
| Operating Income | $-56M | $-93M | $-60M | $-114M | $-47M | $-79M | $-67M | $-116M | $-163M | $-152M | $-117M | $-99M | $-86M | $-78M | $-85M | $-80M | |
| Interest Expense | · | · | · | · | · | $3M | · | $4M | $4M | $4M | $4M | $4M | $3M | $2M | $2M | $2M | |
| Interest Income | $7M | $8M | $9M | $10M | $8M | $9M | $11M | $13M | $14M | $8M | $9M | $3M | $4M | $4M | $1M | $717.0K | |
| Other Non-op | $-795.0K | $-2M | $-128.0K | $-293.0K | $-42.0K | $0 | $0 | $0 | $0 | · | · | · | · | · | · | · | |
| Net Income | $-58M | $-94M | $-59M | $-114M | $-42M | $-73M | $-59M | $-107M | $-152M | $-148M | $-112M | $-99M | $-86M | $-77M | $-86M | $-81M | |
| EPS (Basic) | $-1.99 | $-3.25 | $-2.55 | $-4.01 | $-1.50 | $-2.61 | $-2.50 | $-4.92 | $-7.10 | $-7.38 | $-5.73 | $-5.34 | $-4.69 | $-4.23 | $-4.98 | $-4.75 | |
| EPS (Diluted) | $-1.99 | $-3.25 | $-2.55 | $-4.01 | $-1.50 | $-2.61 | $-2.50 | $-4.92 | $-7.10 | $-7.38 | $-5.73 | $-5.34 | $-4.69 | $-4.23 | $-4.98 | $-4.75 | |
| Shares (Basic) | 29,145,271 | 29,032,422 | · | 28,508,089 | 28,232,604 | 28,085,234 | · | 21,745,929 | 21,402,646 | 20,001,569 | 19,760,842 | 18,476,414 | 18,310,952 | 18,187,924 | 17,237,517 | 17,103,395 | |
| Shares (Diluted) | 29,145,271 | 29,032,422 | · | 28,508,089 | 28,232,604 | 28,085,234 | · | 21,745,929 | 21,402,646 | 20,001,569 | 19,760,842 | 18,476,414 | 18,310,952 | 18,187,924 | 17,237,517 | 17,103,395 | |
| EBITDA | $-56M | $-92M | · | $-114M | $-47M | $-79M | · | $-116M | $-163M | $-152M | · | $-99M | $-86M | $-78M | · | $-80M |
Balance Sheet
| 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 | $293M | $227M | $199M | $296M | $186M | $184M | $100M | $233M | $495M | $623M | · | $62M | $77M | $113M | · | $59M | |
| Receivables | $192M | $187M | $134M | $113M | $79M | $61M | $54M | $30M | $7M | · | · | · | · | · | · | · | |
| Inventory | $99M | $112M | $75M | $69M | $63M | $55M | $34M | $9M | $7M | $854.0K | · | · | · | · | · | · | |
| Prepaid Expense | $69M | $65M | $48M | $49M | $59M | $23M | $14M | $21M | $15M | $14M | · | $3M | $3M | $2M | · | $4M | |
| Current Assets | $1.20B | $1.18B | $1.25B | $1.35B | $1.00B | $988M | $1.03B | $1.06B | $1.09B | $1.07B | · | $235M | $302M | $331M | · | $157M | |
| PP&E (Net) | $12M | $8M | $1M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | · | $659.0K | $455.0K | $512.0K | · | $701.0K | |
| Intangibles | $7M | $7M | $7M | $7M | $5M | $5M | $5M | $5M | $5M | $5M | · | · | · | · | · | · | |
| Other Non-current Assets | $21M | $23M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $1.24B | $1.23B | $1.26B | $1.36B | $1.02B | $997M | $1.04B | $1.07B | $1.10B | $1.08B | · | $238M | $302M | $332M | · | $159M | |
| Accounts Payable | $35M | $61M | $49M | $45M | $38M | $42M | $44M | $46M | $9M | $22M | · | $17M | $18M | $12M | · | $19M | |
| Accrued Liabilities | $339M | $276M | $260M | $345M | $157M | $124M | $125M | $131M | $116M | $92M | · | $83M | $82M | $86M | · | $80M | |
| Current Liabilities | $374M | $338M | $310M | $391M | $197M | $167M | $169M | $178M | $125M | $114M | · | $100M | $100M | $98M | · | $99M | |
| Capital Leases | $6M | $5M | $7M | $6M | $5M | $750.0K | $1M | $1M | $900.0K | $1M | · | $1M | · | · | · | $71.0K | |
| Total Liabilities | $721M | $684M | $657M | $737M | $319M | $286M | $288M | $296M | $243M | $232M | · | $216M | $199M | $182M | · | $148M | |
| Long-term Debt | $341M | $340M | $340M | $340M | $118M | $118M | · | $117M | $117M | $116M | · | $149M | $132M | $114M | · | $68M | |
| Total Debt | $341M | $340M | · | $340M | $118M | $118M | · | $117M | $117M | $116M | · | $115M | $99M | $84M | · | $49M | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | · | $2.0K | $2.0K | $2.0K | · | $2.0K | |
| Retained Earnings | $-2.24B | $-2.18B | $-2.09B | $-2.03B | $-1.92B | $-1.88B | $-1.80B | $-1.74B | $-1.64B | $-1.48B | · | $-1.22B | $-1.13B | $-1.04B | · | $-877M | |
| AOCI | $808.0K | $1M | $873.0K | $1M | $1M | $389.0K | $468.0K | $1M | $-368.0K | $-172.0K | · | $-42.0K | $-89.0K | $-86.0K | · | $-237.0K | |
| Stockholders' Equity | $524M | $543M | $603M | $626M | $696M | $711M | $754M | $777M | $857M | $851M | $405M | $22M | $104M | $150M | $197M | $11M | |
| Liabilities + Equity | $1.24B | $1.23B | $1.26B | $1.36B | $1.02B | $997M | $1.04B | $1.07B | $1.10B | $1.08B | · | $238M | $302M | $332M | · | $159M | |
| Shares Outstanding | 23,093,974 | 23,041,918 | 22,842,073 | 22,704,303 | 22,221,116 | 22,187,716 | 22,004,679 | 21,806,436 | 19,875,427 | 19,875,427 | 19,875,427 | 18,494,192 | 18,459,033 | 18,283,074 | 18,102,523 | 17,103,395 |
Cash Flow
| 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 | $381.0K | $386.0K | $392.0K | $358.0K | $377.0K | $379.0K | $363.0K | $298.0K | $267.0K | $168.0K | $142.0K | $135.0K | $126.0K | $124.0K | $129.0K | $121.0K | |
| Stock-based Comp | $35M | $34M | $26M | $26M | $25M | $21M | $18M | $18M | $24M | $20M | $15M | $13M | $11M | $11M | $8M | $8M | |
| Other Non-cash | · | $-107M | · | · | · | $-37M | · | · | · | $-22M | · | · | · | $-19M | · | · | |
| Operating Cash Flow | $23M | $-167M | $-133M | $80M | $-47M | $-89M | $-104M | $-67M | $-135M | $-149M | $-80M | $-85M | $-75M | $-84M | $-59M | $-59M | |
| CapEx | $4M | $4M | $-390.0K | $857.0K | $0 | $0 | $195.0K | $779.0K | $131.0K | $357.0K | $1M | $339.0K | $69.0K | $35.0K | $29.0K | $33.0K | |
| Investing Cash Flow | $34M | $192M | $28M | $-207M | $48M | $164M | $-48M | $-202M | $-122M | $98M | $-362M | $50M | $-4M | $-187M | $66M | $65M | |
| Financing Cash Flow | $3M | $2M | $9M | $237M | $2M | $9M | $20M | $7M | $134M | $574M | $480M | $20M | $43M | $53M | $264M | $0 | |
| Net Change in Cash | $61M | $28M | $-97M | $110M | $3M | $84M | $-133M | $-262M | $-123M | $523M | $38M | $-15M | $-36M | $-218M | · | · | |
| Free Cash Flow | · | $-171M | · | · | · | $-89M | · | · | · | $-150M | · | · | · | $-84M | · | · |
Profitability
| 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 | -15.5% | -29.8% | · | -39.7% | -22.2% | -57.8% | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | -15.9% | -30.3% | · | -39.8% | -19.9% | -53.4% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -15.5% | -29.7% | · | -39.7% | -22.2% | -57.5% | · | · | · | · | · | · | · | · | · | · | |
| ROA | -5.1% | -8.5% | · | -9.4% | -4.0% | -7.0% | · | -16.3% | -21.7% | -20.9% | · | -49.8% | -33.1% | -27.7% | · | -35.0% | |
| ROE | -9.5% | -15.0% | · | -16.3% | -5.4% | -9.4% | · | -26.8% | -31.6% | -29.5% | · | -599.9% | -91.7% | -52.0% | · | -66.1% |
Liquidity & Solvency
| 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 | 3.2 | 3.5 | · | 3.4 | 5.1 | 5.9 | · | 6.0 | 8.7 | 9.4 | · | 2.4 | 3.0 | 3.4 | · | 1.6 | |
| Quick Ratio | 1.3 | 1.2 | · | 1.0 | 1.4 | 1.5 | · | 1.5 | 4.0 | 5.4 | · | 0.6 | 0.8 | 1.2 | · | 0.6 | |
| Debt / Equity | 0.7 | 0.6 | · | 0.5 | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | 5.2 | 1.0 | 0.6 | · | 4.6 | |
| LT Debt / Equity | 0.7 | 0.6 | · | 0.5 | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | 5.2 | 1.0 | 0.6 | · | 4.6 | |
| Interest Coverage | · | · | · | · | · | -24.1 | · | -31.6 | -44.5 | -39.6 | · | -28.1 | -29.8 | -33.5 | · | -53.5 |
Efficiency
| 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 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.1 | · | · | · | 0.0 | · | · | · | · | · | · | |
| Inventory Turnover | · | · | · | · | · | 0.2 | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 2.7 | 2.5 | · | 4.0 | 4.9 | 4.5 | · | · | · | · | · | · | · | · | · | · |
Per Share
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $22.68 | $23.59 | · | $27.56 | $31.32 | $32.03 | · | $35.64 | $43.12 | $42.80 | · | $1.20 | $5.61 | $8.21 | · | $0.62 | |
| Revenue / Share | $12.50 | $10.72 | · | $12.78 | $9.58 | $6.21 | · | · | · | $0.00 | · | · | · | · | · | · | |
| Cash Flow / Share | · | $-5.77 | · | · | · | $-4.02 | · | · | · | $-7.46 | · | · | · | $-4.62 | · | · | |
| Cash / Share | $12.68 | $9.85 | · | $13.02 | $8.38 | $8.28 | · | $10.67 | $24.88 | $31.32 | · | $3.36 | $4.18 | $6.20 | · | $3.47 | |
| EPS (TTM) | $-11.80 | $-11.31 | · | $-10.62 | $-11.53 | $-17.13 | · | $-25.13 | $-25.55 | $-23.14 | · | $-19.24 | $-18.65 | $-18.10 | · | $-16.04 |
Valuation (TTM)
| 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 | $1.28B | $1.13B | · | $741M | $516M | $317M | · | $77M | $15M | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income TTM | $-325M | $-309M | · | $-289M | $-282M | $-392M | · | $-519M | $-510M | $-444M | · | $-347M | $-330M | $-315M | · | $-274M | |
| Market Cap | $12.40B | $12.06B | · | $10.41B | $6.72B | $7.35B | · | $4.63B | $5.57B | $5.31B | · | $2.70B | $4.26B | $4.43B | · | $1.11B | |
| Enterprise Value | $12.45B | $12.18B | · | $10.46B | $6.66B | $7.28B | · | $4.51B | $5.19B | $4.80B | · | $2.75B | $4.29B | $4.40B | · | $1.10B | |
| P/E | -45.5 | -46.3 | · | -43.2 | -26.2 | -19.3 | · | -8.4 | -11.0 | -11.5 | · | -7.6 | -12.4 | -13.4 | · | -4.1 | |
| P/S | 9.7 | 10.7 | · | 14.1 | 13.0 | 23.2 | · | 60.2 | 380.4 | · | · | · | · | · | · | · | |
| P/B | 23.7 | 22.2 | · | 16.6 | 9.7 | 10.3 | · | 6.0 | 6.5 | 6.2 | · | 121.4 | 41.2 | 29.5 | · | 104.2 | |
| P / Tangible Book | 24.0 | 22.5 | · | 16.8 | 9.7 | 10.4 | · | 6.0 | 6.5 | 6.3 | · | 121.4 | 41.2 | 29.5 | · | 104.2 | |
| P / Cash Flow | · | -72.0 | · | · | · | -82.7 | · | · | · | -35.6 | · | · | · | -52.7 | · | · | |
| EV / Revenue | 9.7 | 10.8 | · | 14.1 | 12.9 | 22.9 | · | 58.7 | 354.6 | · | · | · | · | · | · | · | |
| Earnings Yield | -2.2% | -2.2% | · | -2.3% | -3.8% | -5.2% | · | -11.8% | -9.1% | -8.7% | · | -13.2% | -8.1% | -7.5% | · | -24.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $958M | $180M | $0 | $0 | $0 |
| Operating Margin % | -31.3% | -276.4% | · | · | · |
| Net Income | $-288M | $-466M | $-374M | $-295M | $-242M |
| Diluted EPS | $-10.15 | $-17.31 | $-17.33 | $-17.23 | $-14.63 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | 0.2 | 0.3 | 0.2 | · |
| Current Ratio | 4.0 | 6.1 | 5.4 | 3.1 | 3.5 |
| Quick Ratio | 1.1 | 0.9 | 0.8 | 2.9 | 0.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-190M | $-457M | $-326M | $-225M | $-184M |
Institutional owners (13F) 459 filers · $14.1B total · As of Sept. 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.
Holders
459
Value held
$14.1B
New positions
80
Exited positions
39
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 80 (+8 vs prior Q) | 39 (-25 vs prior Q) | 149 (+15 vs prior Q) | 137 (+2 vs prior Q) | -1.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BAKER BROS. ADVISORS LP | $1,150,754,190 | 2,143,131 | 8.19% | Shares |
| RTW INVESTMENTS, LP | $1,070,510,235 | 1,993,687 | 7.62% | Shares |
| VANGUARD GROUP INC | $1,053,391,331 | 1,808,894 | 7.50% | Shares |
| JANUS HENDERSON GROUP PLC | $1,051,727,476 | 2,018,647 | 7.48% | Shares |
| Avoro Capital Advisors LLC | $984,408,154 | 1,833,333 | 7.01% | Shares |
| PAULSON & CO. INC. | $719,523,739 | 1,340,020 | 5.12% | Shares |
| BlackRock, Inc. | $644,753,455 | 1,200,770 | 4.59% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $448,711,933 | 835,668 | 3.19% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $443,367,132 | 825,714 | 3.16% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $419,750,461 | 781,731 | 2.99% | Shares |
| STATE STREET CORP | $282,995,975 | 527,057 | 2.01% | Shares |
| CITADEL ADVISORS LLC | $272,358,759 | 507,233 | 1.94% | Shares |
| UBS Group AG | $215,697,110 | 401,708 | 1.54% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $201,342,418 | 374,880 | 1.43% | Shares |
| FMR LLC | $191,262,164 | 356,201 | 1.36% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $174,037,845 | 324,123 | 1.24% | Shares |
| Invesco Ltd. | $161,855,524 | 301,435 | 1.15% | Shares |
| ARMISTICE CAPITAL, LLC | $154,641,600 | 288,000 | 1.10% | Shares |
| GOLDMAN SACHS GROUP INC | $132,240,046 | 246,280 | 0.94% | Shares |
| Polar Capital Holdings Plc | $131,162,924 | 244,274 | 0.93% | Shares |
| AMERIPRISE FINANCIAL INC | $124,147,079 | 231,205 | 0.88% | Shares |
| NORGES BANK | $114,846,088 | 213,886 | 0.82% | Shares |
| Artisan Partners Limited Partnership | $112,869,575 | 210,205 | 0.80% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $112,652,110 | 209,800 | 0.80% | Call option |
| Pictet Asset Management Holding SA | $103,486,147 | 192,896 | 0.74% | Shares |
| JANE STREET GROUP, LLC | $102,847,940 | 191,541 | 0.73% | Shares |
| ALLIANCEBERNSTEIN L.P. | $99,175,579 | 189,458 | 0.71% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $98,972,771 | 184,324 | 0.70% | Shares |
| TORONTO DOMINION BANK | $97,419,912 | 181,432 | 0.69% | Shares |
| Rock Springs Capital Management LP | $93,965,713 | 174,999 | 0.67% | Shares |
| Hood River Capital Management LLC | $90,789,654 | 169,084 | 0.65% | Shares |
| Holocene Advisors, LP | $82,112,542 | 152,924 | 0.58% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $79,796,140 | 148,610 | 0.57% | Shares |
| MORGAN STANLEY | $74,641,318 | 139,009 | 0.53% | Shares |
| Point72 Asset Management, L.P. | $73,577,722 | 137,029 | 0.52% | Shares |
| BANK OF AMERICA CORP /DE/ | $71,970,631 | 134,036 | 0.51% | Shares |
| Bank of New York Mellon Corp | $69,008,635 | 128,520 | 0.49% | Shares |
| Woodline Partners LP | $67,601,468 | 125,899 | 0.48% | Shares |
| Assenagon Asset Management S.A. | $66,696,707 | 124,214 | 0.47% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $65,283,992 | 121,583 | 0.46% | Shares |
| Caption Management, LLC | $63,091,625 | 117,500 | 0.45% | Call option |
| Clearbridge Investments, LLC | $58,701,796 | 109,325 | 0.42% | Shares |
| Erste Asset Management GmbH | $58,111,529 | 110,210 | 0.41% | Shares |
| D. E. Shaw & Co., Inc. | $57,829,515 | 107,700 | 0.41% | Call option |
| JANE STREET GROUP, LLC | $55,950,190 | 104,200 | 0.40% | Call option |
| MARSHALL WACE, LLP | $54,693,192 | 101,859 | 0.39% | Shares |
| Fiera Capital Corp | $53,618,216 | 99,857 | 0.38% | Shares |
| AMERICAN CENTURY COMPANIES INC | $53,371,576 | 99,396 | 0.38% | Shares |
| NORTHERN TRUST CORP | $52,894,944 | 98,510 | 0.38% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $50,872,254 | 94,743 | 0.36% | Shares |
Activists & 5%+ owners 10 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 |
|---|---|---|---|---|---|
| Rebecca Taub, M.D. ×2 filings | Dec. 12, 2025 | 7.80% | Amendment | · | SEC |
| Paul A Friedman, M.D. | Dec. 12, 2025 | 7.80% | Amendment | · | SEC |
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×5 filings | March 25, 2024 | · | Initial filing | Capital structure | SEC |
| Fred B. Craves, Bay City Capital LLC, Bay City Capital Management IV LLC, Bay City Capital Fund IV, L.P. ×4 filings | Dec. 13, 2023 | · | Initial filing | · | SEC |
| Bay City Capital LLC, Bay City Capital Management IV LLC, Bay City Capital Fund IV, L.P., Bay City Capital Fund IV Co-Investment Fund, L.P. ×2 filings | Dec. 13, 2019 | · | Initial filing | · | SEC |
| Paul A. Friedman, M.D. | Oct. 17, 2019 | · | Initial filing | Passive investment | SEC |
| Caxton Corporation, Kovner 2012 Family Trust B, Kovner 2015-A Investment Trust, OB Select Opportunities, LLC, KFO HOLDINGS LLC, Kovner, Bruce ×6 filings | Aug. 1, 2016 | · | Initial filing | Passive investment | SEC |
| Madrigal Pharmaceuticals, Inc. | April 28, 2016 | · | Initial filing | M&A / sale | SEC |
| CxSynta LLC, Caxton Corporation, Kovner 2012 Family Trust B, Kovner 2015-A Investment Trust, OB Select Opportunities, LLC, Ben-Ur, David, Shteinbuk, Yuriy, Weisberg, Heath, KFO HOLDINGS LLC, Kovner, Bruce ×19 filings | Nov. 23, 2015 | · | Initial filing | Board campaign | SEC |
| Keith R. Gollust ×2 filings | Jan. 15, 2010 | · | Initial filing | Passive investment | 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.
Company insiders 48 insiders · 27 officers · 23 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William John Sibold | President and CEO | Sept. 11, 2026 S | 197,746 | 0 | 37 | $-10,483,115 |
| Chen Schor | Former President and CEO | July 22, 2016 F | 37,178 | 0 | 0 | $0 |
| Anne Clem Whitaker | President and CEO | March 2, 2015 A | 500,000 | 0 | 0 | $0 |
| Safi R Bahcall | President and CEO | Nov. 13, 2013 P | 2,053,135 | 0 | 0 | $0 |
| Mardi Dier | EVP and CFO | March 4, 2026 A | 12,490 | 0 | 28 | $-3,772,795 |
| Alex G. Howarth | Chief Financial Officer | Jan. 23, 2024 A | 18,737 | 0 | 0 | $0 |
| Marc R Schneebaum | Chief Financial Officer | Feb. 22, 2021 A | 41,668 | 0 | 0 | $0 |
| Keith S Ehrlich | VP, Fin. and Admin., CFO | March 3, 2014 A | 17,573 | 0 | 0 | $0 |
| Sumant Ramachandra | President, R&D | March 11, 2013 A | 75,000 | 0 | 0 | $0 |
| Shannon T Kelley | General Counsel | Aug. 17, 2026 S | 11,474 | 0 | 4 | $-841,612 |
| David Soergel | Chief Medical Officer | June 1, 2026 S | 10,033 | 0 | 2 | $-951,981 |
| Carole Huntsman | Chief Commercial Officer | March 4, 2026 A | 12,692 | 0 | 14 | $-1,713,309 |
| Rita Thakkar | Chief Accounting Officer | Jan. 15, 2026 A | 2,398 | 0 | 0 | $0 |
| Robert E. Waltermire | Senior VP, Chief Pharma Dev. | March 5, 2025 A | 5,789 | 0 | 0 | $0 |
| Brian Joseph Lynch | SVP and General Counsel | Jan. 23, 2024 A | 17,691 | 0 | 0 | $0 |
| Remy Sukhija | Chief Commercial Officer | Jan. 16, 2023 A | 15,001 | 0 | 0 | $0 |
| Wendy E Rieder | Former SVP, Gen. Counsel | July 22, 2016 F | 17,730 | 0 | 0 | $0 |
| Vojo Vukovic | SVP, Chief Medical Officer | Oct. 2, 2015 A | 35,249 | 0 | 0 | $0 |
| Arthur Mcmahon | SVP, Human Resources | March 2, 2015 A | · | 0 | 0 | $0 |
| Steven B Bernitz | SVP, Corporate Development | Dec. 18, 2013 A | 25,000 | 0 | 0 | $0 |
| Amar Singh | Sr. VP, Chief Business Officer | March 5, 2013 A | 21,031 | 0 | 0 | $0 |
| Keizo Koya | Sr. VP, Drug Development | March 6, 2012 A | 12,999 | 0 | 0 | $0 |
| BAILEY MICHAEL P | Sr. VP, Chief Comm. Officer | Aug. 5, 2010 S | 29,627 | 0 | 0 | $0 |
| Jeremy G Chadwick | Sr. VP, Pgm Mgmt and Clin Ops | March 1, 2010 A | 23,761 | 0 | 0 | $0 |
| Eric W Jacobson | Sr. VP, Research and CMO | April 13, 2009 A | 25,300 | 0 | 0 | $0 |
| James G Barsoum | Sr. VP, Research | April 13, 2009 A | · | 0 | 0 | $0 |
| Martin D Williams | Sr. VP, Business Dev., CBO | Feb. 27, 2008 A | 200 | 0 | 0 | $0 |
| REED JOHN C | Director | Aug. 15, 2026 A | 647 | 0 | 0 | $0 |
| Daniel J. Brennan | Director | June 17, 2026 A | 1,371 | 0 | 0 | $0 |
| James M Daly | Director | June 17, 2026 A | 3,081 | 0 | 0 | $0 |
| Richard S Levy | Director | June 17, 2026 A | 22,469 | 0 | 26 | $-7,356,910 |
| Rebecca Taub, M.D. | Director | June 17, 2026 A | 452,667 | 0 | 42 | $-21,676,009 |
| Jacqualyn A Fouse | Director | June 17, 2026 A | 1,551 | 0 | 0 | $0 |
| Paul A Friedman, M.D. | Director | Jan. 9, 2026 M | 187,164 | 0 | 38 | $-26,657,459 |
| Kenneth Bate | Director | Nov. 5, 2025 M | 2,627 | 0 | 11 | $-8,027,359 |
| Fred B Craves | Director | March 13, 2025 M | 350,076 | 0 | 0 | $0 |
| Baker Bros. Advisors LP | Director | March 21, 2024 P | · | 0 | 0 | $0 |
| Keith R Gollust | Director | June 16, 2022 A | 1,539,169 | 0 | 0 | $0 |
| David V Milligan | Director | June 16, 2022 A | 20,000 | 0 | 0 | $0 |
| BAY CITY CAPITAL LLC | Director | June 11, 2018 S | 113,472 | 0 | 0 | $0 |
| Scott D Morenstein | Director | Jan. 1, 2016 A | 17,857 | 0 | 0 | $0 |
| Donald W Kufe | Director | July 1, 2015 A | 25,748 | 0 | 0 | $0 |
| William S Reardon | Director | July 1, 2015 A | 49,392 | 0 | 0 | $0 |
| Robert N Wilson | Director | July 1, 2015 A | 760,936 | 0 | 0 | $0 |
| Lan Bo Chen | Director | Aug. 6, 2009 P | 620,035 | 0 | 0 | $0 |
| Judah Folkman | Director | June 30, 2007 A | 7,676 | 0 | 0 | $0 |
| Lin Huey Chen | 10% owner | Aug. 6, 2009 P | 620,035 | 0 | 0 | $0 |
| Bruce Kovner | · | Dec. 8, 2015 S | 340,970 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 53 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 |
|---|---|---|---|---|
| JXX · Janus Detroit Street Trust | 3.62% | 2,065 NS | July 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.34% | 2,824 NS | July 31, 2026 | N-PORT |
| GURU · Global X Funds | 0.98% | 1,278 NS | July 31, 2026 | N-PORT |
| MEDI · Harbor ETF Trust | 0.93% | 817 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.86% | 165,804 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.77% | 1,631 SH | Oct. 2, 2026 | Daily |
| FXH · First Trust Exchange-Traded AlphaDE… | 0.74% | 16,500 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.68% | 7,159 NS | July 31, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 0.58% | 13,650 SH | Oct. 2, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.41% | 5,128 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.34% | 6,073 SH | Sept. 11, 2026 | Daily |
| ESSC · Strategy Shares | 0.31% | 238 NS | July 31, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.29% | 2,033 NS | July 31, 2026 | N-PORT |
| IWP · iShares Trust | 0.28% | 100,811 SH | Sept. 11, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.27% | 244,326 SH | Aug. 19, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 8,388 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.19% | 2,639 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.19% | 98 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.19% | 9,965 NS | July 31, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.17% | 680 NS | July 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.15% | 10,450 SH | Sept. 11, 2026 | Daily |
| SMMD · iShares Trust | 0.13% | 9,579 SH | Sept. 11, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.13% | 3,836 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 4,690 SH | Aug. 19, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.12% | 1,538 NS | July 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.12% | 423,043 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.12% | 44,809 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.11% | 216,968 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.11% | 5,771 SH | Sept. 11, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.10% | 7,081 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.09% | 1,418 SH | Oct. 2, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.08% | 4,184 SH | Oct. 2, 2026 | Daily |
| WSML · iShares Trust | 0.08% | 947 SH | Sept. 11, 2026 | Daily |
| IWR · iShares Trust | 0.07% | 73,271 SH | Sept. 11, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 28,343 SH | Aug. 19, 2026 | Daily |
| IWF · iShares Trust | 0.03% | 67,389 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.02% | 4,049 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.02% | 850 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 25,108 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 12,371 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 5,038 SH | Sept. 11, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.01% | 1,535 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 585,106 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 14,791 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 2,942 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 1,509 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 1,256 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 127 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 20 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 6 NS | July 31, 2026 | N-PORT |
| ISCB · iShares Trust | · | 861 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 14,611 SH | Sept. 11, 2026 | Daily |
| SMMV · iShares Trust | · | 638 SH | Sept. 1, 2026 | Daily |
MDGL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 24 analysts
BUY
Median target
$661.00
+32.4%
6 25.0%
Strong Buy
16 66.7%
Buy
2 8.3%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
18 analysts · 2026-10-01Mean target $682.11 +36.6%
← Below all targets
Current price $499.40
Low$543.00
Mean$682.11
High$962.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MDGL | $13.30B | -45.3 | 432.1% | -30.1% | -44.4% | · |
| EXEL | $11.44B | 15.7 | 7.0% | 33.7% | 37.3% | · |
| SMMT | $13.56B | -12.1 | · | · | -235.1% | · |
| BBIO | $14.90B | -20.2 | 126.3% | -146.0% | 41.2% | · |
| HALO | $7.93B | 26.3 | 37.5% | 22.7% | 166.1% | · |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | · |
| BMRN | $11.43B | 33.0 | 12.9% | 10.8% | 5.8% | · |
| IBRX | $2.00B | -5.2 | 668.3% | -310.2% | 71.0% | · |
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | · |
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Source: SEC 10-Q filed Jul 30, 2026