MIRM Mirum Pharmaceuticals, Inc. - common stock
$102.52
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$63–$130
59% of range
Analyst Rating
BUY
20 analysts
Price Target
$138
+35% upside
P/E (TTM)
-218.1
ROE
-8.2%
Net Profit Margin
-4.5%
About Mirum Pharmaceuticals, Inc. - common stock Company overview from Wikipedia
MIRM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$102.52
Market Cap
$5.32B
P/E (TTM)
-218.1
EPS (TTM)
$-0.47
Revenue (TTM)
$521M
Div Yield
—
ROE
-8.2%
Debt/Equity
—
52W Range
$63 – $130
MIRM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$521M
2020-12-31
→
2025-12-31
EPS
$-0.47
2021-12-31
→
2025-12-31
Free Cash Flow
$55M
2019-12-31
→
2025-12-31
Margins
-4.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MIRM
Peer Median
P/E (TTM)
-218.1
16.0
P/S (TTM)
10.2
47.5
P/B
16.9
8.5
Price / FCF
97.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MIRM
Peer Median
Operating Margin
-4.2%
—
Net Profit Margin
-4.5%
-140.2%
ROA
-3.1%
-45.0%
ROE
-8.2%
-86.5%
ROIC
-7.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MIRM
Peer Median
Current Ratio
2.7
5.8
Quick Ratio
2.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MIRM
Peer Median
Revenue YoY
54.7%
—
Revenue CAGR 3Y
89.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MIRM
Peer Median
MIRM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 8 40.0%
- Buy 11 55.0%
- Hold 1 5.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-18
Median
$137.00
← Below all targets
$102.52
Low
$118.00
High
$183.00
Median target
$137.00
+33.6%
Mean target
$138.21
+34.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.13%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.06 | $-0.69 | -0.37% |
| March 31, 2026 | $-1.08 | $-0.36 | -0.72% |
| Dec. 31, 2025 | $-0.10 | $0.04 | -0.14% |
| Sept. 30, 2025 | $0.05 | $-0.17 | 0.22% |
| June 30, 2025 | $-0.12 | $-0.33 | 0.21% |
| March 31, 2025 | $-0.30 | $-0.34 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MIRM | $4.10B | -168.1 | 54.7% | -4.5% | -8.2% | — |
| ORKA | $1.48B | -3.3 | — | — | -25.9% | — |
| CGON | $3.35B | -20.0 | 254.7% | -3985.0% | -22.6% | — |
| COGT | $5.72B | -16.4 | — | — | -83.1% | — |
| ERAS | $1.06B | -8.5 | — | — | -35.7% | — |
| DNTH | $1.78B | -9.8 | -67.3% | -7973.3% | -40.8% | — |
| SRRK | $4.78B | -13.4 | — | — | -157.9% | — |
| CAI | $7.62B | -8.4 | 97.0% | -8.4% | -13.2% | — |
| PTCT | $6.19B | 9.8 | 114.5% | 39.4% | -331.5% | — |
| TVTX | $3.47B | -131.8 | 110.5% | -5.2% | -34.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $521M | $337M | $186M | $77M | $19M | $0 | |
| SG&A Expense | $257M | $202M | $146M | $89M | $59M | $23M | |
| Operating Expenses | $543M | $424M | $296M | $208M | $193M | $104M | |
| Operating Income | $-22M | $-88M | $-109M | $-131M | $-173M | $-104M | |
| Interest Income | $13M | $14M | $14M | $4M | $366.0K | $2M | |
| Other Non-op | $2M | $1M | $-3M | $365.0K | $-582.0K | $-192.0K | |
| Pretax Income | $-21M | $-87M | $-162M | $-142M | $-84M | $-103M | |
| Income Tax | $2M | $1M | $991.0K | $-6M | $37.0K | $6.0K | |
| Net Income | $-23M | $-88M | $-163M | $-136M | $-84M | $-103M | |
| EPS (Basic) | $-0.47 | $-1.85 | $-4.00 | $-4.01 | $-2.77 | · | |
| EPS (Diluted) | $-0.47 | $-1.85 | $-4.00 | $-4.02 | $-2.77 | · | |
| Shares (Basic) | 50,198,304 | 47,522,594 | 40,885,124 | 33,839,072 | 30,321,722 | · | |
| Shares (Diluted) | 50,198,304 | 47,522,594 | 40,885,124 | 33,982,493 | 30,321,722 | · | |
| EBITDA | $2M | $-64M | $-98M | $-128M | $-173M | $-104M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $297M | $223M | $286M | $28M | $31M | $142M | |
| Short-term Investments | $87M | $58M | $0 | $124M | $125M | $90M | |
| Receivables | $123M | $78M | $68M | $24M | $3M | $0 | |
| Inventory | $25M | $22M | $22M | $6M | $2M | $0 | |
| Prepaid Expense | $18M | $12M | $11M | $9M | $5M | $5M | |
| Current Assets | $550M | $393M | $388M | $190M | $167M | $236M | |
| PP&E (Net) | $2M | $1M | $706.0K | $914.0K | $981.0K | $1M | |
| Accum. Depreciation | $1M | $700.0K | $2M | $1M | $700.0K | $300.0K | |
| Intangibles | $261M | $250M | $253M | $59M | $19M | $0 | |
| Other Non-current Assets | $12M | $5M | $4M | $1M | $2M | $1M | |
| Total Assets | $843M | $671M | $647M | $353M | $295M | $241M | |
| Accounts Payable | $10M | $15M | $7M | $9M | $9M | $3M | |
| Accrued Liabilities | $196M | $112M | $79M | $54M | $31M | $13M | |
| Current Liabilities | $206M | $127M | $87M | $65M | $43M | $18M | |
| Capital Leases | $8M | $8M | $617.0K | $1M | $2M | $3M | |
| Other Non-current Liabilities | $5M | $3M | $4M | $5M | $17.0K | $29.0K | |
| Total Liabilities | $528M | $445M | $398M | $211M | $174M | $69M | |
| Common Stock | $5.0K | $5.0K | $5.0K | $4.0K | $3.0K | $3.0K | |
| Retained Earnings | $-668M | $-644M | $-556M | $-393M | $-257M | $-173M | |
| AOCI | $351.0K | $-373.0K | $2M | $-217.0K | $-35.0K | $83.0K | |
| Stockholders' Equity | $315M | $226M | $249M | $142M | $120M | $172M | |
| Liabilities + Equity | $843M | $671M | $647M | $353M | $295M | $241M | |
| Shares Outstanding | 51,896,391 | 48,338,096 | 46,723,143 | 36,956,345 | 30,582,596 | 29,776,544 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $24M | $24M | $11M | $3M | $595.0K | $305.0K | |
| Stock-based Comp | $71M | $48M | $35M | $27M | $23M | $13M | |
| Deferred Tax | $0 | $0 | $0 | $-7M | $0 | · | |
| Amort. of Intangibles | $24M | $23M | $10M | $3M | $300.0K | · | |
| Other Non-cash | $-16M | $26M | $47M | $-8M | $-72M | $1M | |
| Operating Cash Flow | $56M | $10M | $-71M | $-120M | $-133M | $-89M | |
| CapEx | $954.0K | $993.0K | $109.0K | $278.0K | $24.0K | $225.0K | |
| Investing Cash Flow | $-24M | $-90M | $-107M | $8M | $49M | $38M | |
| Stock Issued | $0 | $0 | $14M | $21M | $0 | · | |
| Net Stock Activity | $0 | $0 | $14M | $21M | · | · | |
| Financing Cash Flow | $40M | $18M | $337M | $109M | $73M | $181M | |
| Net Change in Cash | $75M | $-63M | $158M | $-3M | $-11M | $130M | |
| Taxes Paid | $2M | $1M | $125.0K | $0 | · | · | |
| Free Cash Flow | $55M | $9M | $-71M | $-120M | $-133M | $-89M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -4.2% | -26.0% | -58.6% | -170.3% | -906.1% | · | |
| Net Margin | -4.5% | -26.1% | -87.7% | -176.0% | -438.8% | · | |
| Pretax Margin | -4.1% | -25.8% | -87.2% | -184.4% | -438.7% | · | |
| EBITDA Margin | 0.40% | -19.0% | -52.8% | -166.1% | -903.0% | · | |
| ROA | -3.1% | -13.4% | -32.7% | -41.9% | -31.4% | -53.3% | |
| ROE | -8.2% | -38.4% | -63.1% | -87.2% | -95.1% | -70.7% | |
| ROIC | -7.7% | -39.3% | -44.2% | -88.2% | -144.3% | -60.6% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 3.1 | 4.5 | 2.9 | 3.9 | 12.8 | |
| Quick Ratio | 2.5 | 2.8 | 4.1 | 2.7 | 3.8 | 12.6 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.5 | 0.4 | 0.2 | 0.1 | · | |
| Receivables Turnover | 5.2 | 4.6 | 4.1 | 5.7 | 11.7 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 54.7% | 80.8% | 141.9% | 302.7% | · | · | |
| Revenue CAGR 3Y | 89.1% | 160.1% | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $521M | $337M | $186M | $77M | $19M | $0 | |
| Net Income TTM | $-23M | $-88M | $-163M | $-136M | $-84M | $-103M | |
| Market Cap | $4.10B | $2.00B | $1.38B | $721M | $488M | $520M | |
| P/E | -168.1 | -22.4 | -7.4 | -4.9 | -5.8 | · | |
| P/S | 7.9 | 5.9 | 7.4 | 9.4 | 25.5 | · | |
| P/B | 13.0 | 8.9 | 5.5 | 5.1 | 4.1 | 3.0 | |
| P / Tangible Book | 76.2 | · | · | 8.7 | 4.8 | 3.0 | |
| P / Cash Flow | 73.4 | 193.6 | -19.4 | -6.0 | -3.7 | -5.8 | |
| P / FCF | 74.7 | 214.2 | -19.4 | -6.0 | -3.7 | -5.8 | |
| Earnings Yield | -0.60% | -4.5% | -13.6% | -20.6% | -17.4% | · |
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 | $176M | $160M | $149M | $133M | $128M | $112M | $99M | $90M | $78M | $69M | $70M | $48M | $37M | $32M | $28M | $19M | |
| SG&A Expense | $81M | $96M | $74M | $62M | $63M | $58M | $57M | $51M | $49M | $46M | $46M | $37M | $33M | $30M | $26M | $23M | |
| Operating Expenses | $219M | $949M | $153M | $130M | $133M | $127M | $124M | $103M | $102M | $96M | $102M | $73M | $62M | $59M | $62M | $52M | |
| Operating Income | $-43M | $-789M | $-5M | $3M | $-5M | $-15M | $-24M | $-13M | $-24M | $-26M | $-33M | $-25M | $-24M | $-27M | $-34M | $-33M | |
| Interest Income | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $2M | $2M | $1M | |
| Other Non-op | $-24M | $0 | $-218.0K | $395.0K | $86.0K | $2M | $231.0K | $-1M | $312.0K | $2M | $-3M | $1M | $-274.0K | $-811.0K | $-588.0K | $-192.0K | |
| Pretax Income | $-66M | $-790M | $-5M | $3M | $-5M | $-14M | $-24M | $-14M | $-24M | $-25M | $-35M | $-23M | $-74M | $-30M | $-36M | $-36M | |
| Income Tax | $2M | $475.0K | $767.0K | $-262.0K | $402.0K | $1M | $-576.0K | $347.0K | $635.0K | $624.0K | $225.0K | $249.0K | $316.0K | $201.0K | $140.0K | $13.0K | |
| Net Income | $-67M | $-790M | $-6M | $3M | $-6M | $-15M | $-24M | $-14M | $-25M | $-25M | $-36M | $-24M | $-74M | $-30M | $-36M | $-36M | |
| EPS (Basic) | $-1.06 | $-13.43 | $-0.11 | $0.06 | $-0.12 | $-0.30 | $-0.49 | $-0.30 | $-0.52 | $-0.54 | $-0.69 | $-0.57 | $-1.94 | $-0.80 | $-0.98 | $-1.02 | |
| EPS (Diluted) | $-1.06 | $-13.43 | $-0.10 | $0.05 | $-0.12 | $-0.30 | $-0.49 | $-0.30 | $-0.52 | $-0.54 | $-0.69 | $-0.57 | $-1.94 | $-0.80 | $-0.99 | $-1.02 | |
| Shares (Basic) | 63,374,183 | 58,851,021 | -99,056,808 | 50,639,231 | 49,726,823 | 48,889,058 | -94,422,655 | 47,782,619 | 47,235,080 | 46,927,550 | -75,996,436 | 41,098,920 | 38,107,334 | 37,675,306 | -64,549,115 | 34,927,790 | |
| Shares (Diluted) | 63,374,183 | 58,851,021 | -105,411,418 | 56,993,841 | 49,726,823 | 48,889,058 | -94,422,655 | 47,782,619 | 47,235,080 | 46,927,550 | -75,996,436 | 41,098,920 | 38,107,334 | 37,675,306 | -64,420,691 | 34,927,790 | |
| EBITDA | $-43M | $-783M | · | $3M | $-5M | $-9M | · | $-13M | $-24M | $-21M | · | $-25M | $-24M | $-26M | · | $-33M |
Balance Sheet 23
| 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 | $331M | $325M | $297M | $282M | $228M | $212M | $223M | $223M | $233M | $303M | · | $303M | $297M | $49M | · | $36M | |
| Short-term Investments | $108M | $61M | $87M | $94M | $76M | $66M | $58M | $61M | $45M | · | · | $3M | $33M | $83M | · | $150M | |
| Receivables | $145M | $133M | $123M | $107M | $107M | $96M | $78M | $69M | $60M | $55M | · | $48M | $35M | $25M | · | $16M | |
| Inventory | $26M | $26M | $25M | $24M | $23M | $22M | $22M | $22M | $20M | $22M | · | $22M | $9M | $7M | · | $7M | |
| Prepaid Expense | $27M | $25M | $18M | $24M | $19M | $15M | $12M | $12M | $9M | $10M | · | $12M | $10M | $9M | · | $7M | |
| Current Assets | $636M | $569M | $550M | $531M | $453M | $411M | $393M | $387M | $368M | $389M | · | $389M | $384M | $172M | · | $216M | |
| PP&E (Net) | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $501.0K | · | $787.0K | $866.0K | $877.0K | · | $795.0K | |
| Accum. Depreciation | · | · | $1M | · | · | · | $700.0K | · | · | · | · | · | · | · | · | · | |
| Intangibles | $247M | $254M | $261M | $232M | $238M | $244M | $250M | $256M | $262M | $257M | · | $258M | $56M | $58M | · | $45M | |
| Other Non-current Assets | $22M | $16M | $12M | $10M | $7M | $5M | $5M | $5M | $4M | $4M | · | $2M | $1M | $1M | · | $2M | |
| Total Assets | $1.04B | $891M | $843M | $785M | $726M | $690M | $671M | $668M | $661M | $652M | · | $651M | $444M | $334M | · | $364M | |
| Accounts Payable | $23M | $59M | $10M | $12M | $18M | $12M | $15M | $10M | $10M | $16M | · | $7M | $14M | $6M | · | $11M | |
| Accrued Liabilities | · | · | $196M | · | · | · | $112M | $105M | $101M | $90M | · | $66M | $43M | $40M | · | $38M | |
| Current Liabilities | $223M | $273M | $206M | $160M | $145M | $128M | $127M | $116M | $112M | $106M | · | $75M | $58M | $49M | · | $51M | |
| Capital Leases | $10M | $11M | $8M | $7M | $8M | $7M | $8M | $8M | $8M | $328.0K | · | $868.0K | $1M | $1M | · | $1M | |
| Other Non-current Liabilities | $11M | $6M | $5M | $16M | $9M | $14M | $3M | $4M | $4M | $4M | · | $7.0K | $10.0K | $772.0K | · | $4M | |
| Total Liabilities | $1.06B | $648M | $528M | $493M | $471M | $457M | $445M | $436M | $432M | $417M | · | $382M | $365M | $192M | · | $195M | |
| Common Stock | $6.0K | $6.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | · | $5.0K | $4.0K | $4.0K | · | $4.0K | |
| Retained Earnings | $-1.52B | $-1.46B | $-668M | $-662M | $-665M | $-659M | $-644M | $-620M | $-606M | $-582M | · | $-521M | $-497M | $-423M | · | $-356M | |
| AOCI | $-674.0K | $-28.0K | $351.0K | $37.0K | $352.0K | $-258.0K | $-373.0K | $920.0K | $-477.0K | $-13.0K | · | $-1M | $76.0K | $136.0K | · | $-413.0K | |
| Stockholders' Equity | $-10M | $242M | $315M | $292M | $255M | $233M | $226M | $232M | $229M | $235M | $249M | $269M | $79M | $141M | $142M | $169M | |
| Liabilities + Equity | $1.04B | $891M | $843M | $785M | $726M | $690M | $671M | $668M | $661M | $652M | · | $651M | $444M | $334M | · | $364M | |
| Shares Outstanding | 64,754,699 | 60,926,165 | 51,896,391 | 51,314,176 | 50,058,392 | 49,451,223 | 48,338,096 | 47,968,121 | 47,571,847 | 47,061,106 | · | 46,595,745 | 38,222,058 | 38,012,247 | · | 36,813,754 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $3M | $1M | $1M | $1M | $1M | |
| Stock-based Comp | $31M | $36M | $19M | $18M | $18M | $16M | $13M | $12M | $12M | $11M | $10M | $8M | $8M | $9M | $7M | $7M | |
| Amort. of Intangibles | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $3M | $1M | $1M | $1M | $1M | |
| Other Non-cash | · | $518M | · | · | · | $-9M | · | · | · | $23M | · | · | · | $-14M | · | · | |
| Operating Cash Flow | $-44M | $-229M | $6M | $40M | $12M | $-2M | $-5M | $4M | $-4M | $15M | $-17M | $-18M | $-2M | $-19M | $-34M | $-26M | |
| CapEx | $23.0K | $664.0K | $600.0K | $187.0K | $126.0K | $41.0K | $20.0K | $181.0K | $779.0K | $13.0K | $0 | $0 | $68.0K | $41.0K | $242.0K | $19.0K | |
| Investing Cash Flow | $-160M | $-12M | $1M | $-2M | $-7M | $-16M | $641.0K | $-18M | $-73M | $-13.0K | $-2M | $-183M | $36M | $27M | $27M | $-80M | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $14M | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $14M | · | · | |
| Financing Cash Flow | $211M | $270M | $9M | $16M | $9M | $6M | $5M | $4M | $7M | $1M | $2M | $207M | $115M | $13M | $-329.0K | $86M | |
| Net Change in Cash | $6M | $28M | $16M | $54M | $16M | $-11M | $-466.0K | $-10M | $-69M | $17M | $-17M | $6M | $148M | $21M | $-8M | $-20M | |
| Taxes Paid | $907.0K | $220.0K | $6.0K | $504.0K | $1M | $162.0K | $233.0K | $432.0K | $200.0K | $139.0K | $125.0K | $0 | $0 | $0 | · | · | |
| Free Cash Flow | · | $-229M | · | · | · | $-2M | · | · | · | $15M | · | · | · | $-34M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -24.1% | -493.8% | · | 2.0% | -3.9% | -13.6% | · | -14.0% | -31.1% | -38.2% | · | -52.7% | -64.7% | -85.9% | · | -175.1% | |
| Net Margin | -38.1% | -494.2% | · | 2.2% | -4.6% | -13.2% | · | -15.8% | -31.6% | -36.5% | · | -49.4% | -197.4% | -95.3% | · | -190.1% | |
| Pretax Margin | -37.2% | -493.9% | · | 2.0% | -4.3% | -12.2% | · | -15.4% | -30.8% | -35.6% | · | -48.9% | -196.6% | -94.7% | · | -190.1% | |
| EBITDA Margin | -24.1% | -489.5% | · | 2.0% | -3.9% | -8.2% | · | -14.0% | -31.1% | -30.0% | · | -52.7% | -64.7% | -81.7% | · | -175.1% | |
| ROA | -7.6% | -100.0% | · | 0.40% | -0.85% | -2.2% | · | -2.2% | -4.5% | -5.1% | · | -4.7% | -20.0% | -9.8% | · | -11.9% | |
| ROE | -54.9% | -332.2% | · | 1.1% | -2.4% | -6.3% | · | -5.7% | -16.0% | -13.5% | · | -10.8% | -78.2% | -24.1% | · | -31.6% | |
| ROIC | 418.7% | -325.8% | · | 0.98% | -2.1% | -7.0% | · | -5.6% | -10.9% | -11.6% | · | -9.4% | -31.0% | -19.4% | · | -19.4% |
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 | 2.9 | 2.1 | · | 3.3 | 3.1 | 3.2 | · | 3.3 | 3.3 | 3.7 | · | 5.2 | 6.6 | 3.5 | · | 4.2 | |
| Quick Ratio | 2.6 | 1.9 | · | 3.0 | 2.8 | 2.9 | · | 3.0 | 3.0 | 3.4 | · | 4.7 | 6.3 | 3.2 | · | 3.9 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.4 | 1.4 | · | 1.5 | 1.5 | 1.5 | · | 1.6 | 1.6 | 1.7 | · | 1.5 | 1.5 | 1.9 | · | 2.3 |
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 | $597M | $532M | · | $463M | $408M | $349M | · | $285M | $232M | $186M | · | $136M | $105M | $81M | · | $54M | |
| Net Income TTM | $-860M | $-808M | · | $-32M | $-59M | $-79M | · | $-88M | $-148M | $-153M | · | $-163M | $-167M | $-129M | · | $-146M | |
| Market Cap | $7.58B | $5.63B | · | $3.76B | $2.55B | $2.23B | · | $1.87B | $1.63B | $1.18B | · | $1.47B | $989M | $913M | · | $773M | |
| P/E | -8.0 | -6.7 | · | -109.4 | -41.0 | -27.1 | · | -20.2 | -9.6 | -6.5 | · | -7.3 | -5.6 | -6.3 | · | -4.6 | |
| P/S | 12.7 | 10.6 | · | 8.1 | 6.2 | 6.4 | · | 6.6 | 7.0 | 6.4 | · | 10.9 | 9.4 | 11.3 | · | 14.3 | |
| P/B | -727.4 | 23.2 | · | 12.9 | 10.0 | 9.6 | · | 8.1 | 7.1 | 5.0 | · | 5.5 | 12.6 | 6.5 | · | 4.6 | |
| P / Tangible Book | · | · | · | 62.5 | 147.4 | · | · | · | · | · | · | 137.1 | 44.6 | 10.9 | · | 6.2 | |
| P / Cash Flow | · | -24.6 | · | · | · | -1136.0 | · | · | · | 77.7 | · | · | · | -27.0 | · | · | |
| P / FCF | · | -24.5 | · | · | · | -1112.8 | · | · | · | 77.8 | · | · | · | -27.0 | · | · | |
| Earnings Yield | -12.4% | -14.9% | · | -0.91% | -2.4% | -3.7% | · | -5.0% | -10.4% | -15.3% | · | -13.7% | -17.8% | -16.0% | · | -21.8% |
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 | $521M | $337M | $186M | $77M | $19M |
| Operating Margin % | -4.2% | -26.0% | -58.6% | -170.3% | -906.1% |
| Net Income | $-23M | $-88M | $-163M | $-136M | $-84M |
| Diluted EPS | $-0.47 | $-1.85 | $-4.00 | $-4.02 | $-2.77 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.7 | 3.1 | 4.5 | 2.9 | 3.9 |
| Quick Ratio | 2.5 | 2.8 | 4.1 | 2.7 | 3.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $55M | $9M | $-71M | $-120M | $-133M |
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Institutional owners (13F) 348 filers · $6.5B 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 |
|---|---|---|---|---|
| 70 (+4 vs prior Q) | 40 (+8 vs prior Q) | 114 (-2 vs prior Q) | 100 (+18 vs prior Q) | +25K |
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 |
|---|---|---|---|---|
| Frazier Life Sciences Management, L.P. | $899,060,606 | 7,679,684 | 13.74% | Shares |
| JANUS HENDERSON GROUP PLC | $626,019,056 | 6,775,388 | 9.57% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $278,277,614 | 2,377,019 | 4.25% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $263,888,541 | 2,254,109 | 4.03% | Shares |
| STATE STREET CORP | $254,122,561 | 2,170,689 | 3.88% | Shares |
| FMR LLC | $247,478,839 | 2,113,939 | 3.78% | Shares |
| VANGUARD GROUP INC | $177,282,549 | 2,244,367 | 2.71% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $164,453,029 | 1,404,741 | 2.51% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $146,202,247 | 1,248,389 | 2.23% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $144,701,681 | 1,236,027 | 2.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $142,515,401 | 1,217,103 | 2.18% | Shares |
| Capital World Investors | $135,037,904 | 1,153,480 | 2.06% | Shares |
| NOVO HOLDINGS A/S | $131,703,750 | 1,125,000 | 2.01% | Shares |
| TCG Crossover Management, LLC | $124,334,076 | 1,062,049 | 1.90% | Shares |
| BVF INC/IL | $123,629,081 | 1,056,027 | 1.89% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $106,638,009 | 910,891 | 1.63% | Shares |
| Polar Capital Holdings Plc | $98,985,495 | 845,524 | 1.51% | Shares |
| Rock Springs Capital Management LP | $93,438,835 | 798,145 | 1.43% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $88,042,000 | 752,044 | 1.35% | Shares |
| TWO SIGMA INVESTMENTS, LP | $80,815,528 | 690,318 | 1.23% | Shares |
| Clearbridge Investments, LLC | $74,893,623 | 639,734 | 1.14% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $70,994,409 | 606,427 | 1.08% | Shares |
| Woodline Partners LP | $66,483,351 | 567,894 | 1.02% | Shares |
| Pictet Asset Management Holding SA | $61,630,682 | 526,443 | 0.94% | Shares |
| Balyasny Asset Management L.P. | $57,267,132 | 489,170 | 0.88% | Shares |
| EMERALD ADVISERS, LLC | $54,823,296 | 468,295 | 0.84% | Shares |
| GOLDMAN SACHS GROUP INC | $54,346,587 | 464,223 | 0.83% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $52,614,653 | 449,429 | 0.80% | Shares |
| BAKER BROS. ADVISORS LP | $52,210,293 | 445,975 | 0.80% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $51,766,598 | 442,185 | 0.79% | Shares |
| AMERIPRISE FINANCIAL INC | $51,255,634 | 437,818 | 0.78% | Shares |
| NEXT CENTURY GROWTH INVESTORS LLC | $49,194,335 | 420,213 | 0.75% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $49,176,775 | 420,063 | 0.75% | Shares |
| BOONE CAPITAL MANAGEMENT LLC | $48,659,092 | 415,641 | 0.74% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $44,572,061 | 380,730 | 0.68% | Shares |
| Candriam S.C.A. | $43,992,694 | 376,143 | 0.67% | Shares |
| LOOMIS SAYLES & CO L P | $43,189,230 | 368,918 | 0.66% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $40,974,500 | 350,000 | 0.63% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $40,767,286 | 348,230 | 0.62% | Shares |
| Octagon Capital Advisors LP | $39,675,023 | 338,900 | 0.61% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $39,506,559 | 337,461 | 0.60% | Shares |
| BANK OF AMERICA CORP /DE/ | $39,300,282 | 335,699 | 0.60% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $37,293,117 | 318,554 | 0.57% | Shares |
| Hood River Capital Management LLC | $35,874,814 | 306,439 | 0.55% | Shares |
| Penn Capital Management Company, LLC | $35,055,617 | 298,914 | 0.54% | Shares |
| TimesSquare Capital Management, LLC | $34,778,576 | 376,473 | 0.53% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $33,876,780 | 289,372 | 0.52% | Shares |
| Patient Square Capital LP | $30,496,735 | 260,500 | 0.47% | Shares |
| MORGAN STANLEY | $30,180,880 | 257,802 | 0.46% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $29,332,825 | 250,558 | 0.45% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $28,796,644 | 245,978 | 0.44% | Shares |
| NAN FUNG TRINITY (HK) LTD | $27,239,731 | 232,679 | 0.42% | Shares |
| Trails Edge Capital Partners, LP | $26,143,136 | 223,312 | 0.40% | Shares |
| First Turn Management, LLC | $25,527,231 | 218,051 | 0.39% | Shares |
| Erste Asset Management GmbH | $25,215,000 | 205,000 | 0.39% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $20,953,189 | 178,980 | 0.32% | Shares |
| Ensign Peak Advisors, Inc | $20,557,258 | 175,598 | 0.31% | Shares |
| Nicholas Investment Partners, LP | $20,217,404 | 172,695 | 0.31% | Shares |
| CITIGROUP INC | $19,011,700 | 162,396 | 0.29% | Shares |
| AXA Investment Managers S.A. | $18,744,487 | 255,688 | 0.29% | Shares |
| TWO SIGMA ADVISERS, LP | $18,333,579 | 232,100 | 0.28% | Shares |
| Rhenman & Partners Asset Management AB | $16,296,729 | 139,205 | 0.25% | Shares |
| FIRST TRUST ADVISORS LP | $15,938,026 | 136,141 | 0.24% | Shares |
| Highlander Partners, L.P. | $14,397,269 | 122,980 | 0.22% | Shares |
| PDT Partners, LLC | $14,287,340 | 122,041 | 0.22% | Shares |
| PERCEPTIVE ADVISORS LLC | $13,508,824 | 115,391 | 0.21% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $12,956,488 | 110,673 | 0.20% | Shares |
| Seven Fleet Capital Management LP | $12,923,709 | 110,393 | 0.20% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $12,370,670 | 105,669 | 0.19% | Shares |
| RAYMOND JAMES FINANCIAL INC | $12,130,910 | 103,621 | 0.19% | Shares |
| Capricorn Fund Managers Ltd | $11,852,167 | 101,240 | 0.18% | Shares |
| Atle Fund Management AB | $11,801,475 | 100,807 | 0.18% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,263,656 | 96,213 | 0.17% | Shares |
| NEUBERGER BERMAN GROUP LLC | $10,885,871 | 92,986 | 0.17% | Shares |
| Cubist Systematic Strategies, LLC | $10,570,103 | 144,184 | 0.16% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $10,398,157 | 88,820 | 0.16% | Shares |
| Swiss National Bank | $9,927,536 | 84,800 | 0.15% | Shares |
| BlackRock, Inc. | $9,709,786 | 82,940 | 0.15% | Shares |
| Voleon Capital Management LP | $9,702,410 | 82,877 | 0.15% | Shares |
| Fisher Asset Management, LLC | $9,655,464 | 82,476 | 0.15% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $9,046,935 | 77,278 | 0.14% | Shares |
| Soleus Capital Management, L.P. | $8,780,250 | 75,000 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $8,750,983 | 74,750 | 0.13% | Shares |
| Alyeska Investment Group, L.P. | $8,658,380 | 73,959 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,902,225 | 67,500 | 0.12% | Call option |
| ARISTEIA CAPITAL, L.L.C. | $7,548,088 | 64,475 | 0.12% | Shares |
| Lisanti Capital Growth, LLC | $7,409,946 | 63,295 | 0.11% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $7,124,997 | 60,861 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $6,951,601 | 59,380 | 0.11% | Shares |
| Hillsdale Investment Management Inc. | $6,863,814 | 58,630 | 0.10% | Shares |
| Legato Capital Management LLC | $6,849,999 | 58,512 | 0.10% | Shares |
| BARCLAYS PLC | $6,522,555 | 55,715 | 0.10% | Shares |
| Trexquant Investment LP | $6,245,567 | 53,349 | 0.10% | Shares |
| F/m Investments LLC | $6,027,115 | 51,483 | 0.09% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $5,581,782 | 47,679 | 0.09% | Shares |
| Secure Asset Management, LLC | $5,514,524 | 47,105 | 0.08% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $5,468,692 | 46,713 | 0.08% | Shares |
| ALLIANCEBERNSTEIN L.P. | $5,430,743 | 58,787 | 0.08% | Shares |
| Informed Momentum Co LLC | $5,017,620 | 42,860 | 0.08% | Shares |
| TD Asset Management Inc | $4,669,688 | 39,888 | 0.07% | Shares |
Company insiders 32 insiders · 5 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ian Clements | Chief Financial Officer | Nov. 10, 2022 A | 30,011 | 0 | 0 | $0 |
| Peter Radovich | PRESIDENT AND COO | June 5, 2026 M | 57,260 | 0 | 0 | $0 |
| Lara Longpre | Chief Development Officer | Nov. 10, 2023 A | 106,273 | 0 | 0 | $0 |
| Pamela Vig | Head of Research & Development | Nov. 10, 2023 A | 31,313 | 0 | 0 | $0 |
| Edwin Jonathan Tucker | Chief Medical Officer | Nov. 10, 2021 A | 45,838 | 0 | 0 | $0 |
| Lon Cardon | Director | June 15, 2026 A | 9,680 | 0 | 0 | $0 |
| William Fairey | Director | June 15, 2026 A | — | 0 | 0 | $0 |
| Saira Ramasastry | Director | June 15, 2026 A | 0 | 0 | 1 | $-397,700 |
| Laurent Fischer | Director | June 15, 2026 A | 10,727 | 0 | 0 | $0 |
| Laura Brege | Director | June 15, 2026 A | 10,000 | 0 | 0 | $0 |
| Patrick J. Heron | Director | June 15, 2026 A | 459,010 | 1 | 0 | $8,999,984 |
| Timothy P Walbert | Director | June 15, 2026 A | 9,680 | 0 | 0 | $0 |
| Michael G Grey | Director | June 15, 2026 A | 0 | 0 | 3 | $-11,100,000 |
| Niall O'Donnell, Ph.D. | Director | Nov. 15, 2022 S | 1,621,118 | 0 | 0 | $0 |
| Carol L Brosgart | Director | June 2, 2022 A | — | 0 | 0 | $0 |
| Edward T. Mathers | Director | June 2, 2022 A | — | 0 | 0 | $0 |
| Carmen Chang | 10% owner | June 13, 2023 J | 135 | 0 | 0 | $0 |
| New Enterprise Associates 16, L.P. | 10% owner | June 13, 2023 J | 2,186,243 | 0 | 0 | $0 |
| Mohamad Makhzoumi | 10% owner | June 13, 2023 J | 11,348 | 0 | 0 | $0 |
| Ali Behbahani | 10% owner | June 13, 2023 J | 135 | 0 | 0 | $0 |
| Anthony A. Florence, Jr. | 10% owner | June 13, 2023 J | 11,348 | 0 | 0 | $0 |
| Paul Walker | 10% owner | June 13, 2023 J | 114 | 0 | 0 | $0 |
| Forest Baskett | 10% owner | June 13, 2023 J | 1,548 | 0 | 0 | $0 |
| Scott D. Sandell | 10% owner | June 13, 2023 J | 11,348 | 0 | 0 | $0 |
| Peter W. Sonsini | 10% owner | July 22, 2019 C | 4,186,243 | 0 | 0 | $0 |
| Novo Holdings A/S | 10% owner | July 22, 2019 C | 2,445,147 | 0 | 0 | $0 |
| Joshua Makower | 10% owner | July 22, 2019 C | 4,186,243 | 0 | 0 | $0 |
| David M Mott | 10% owner | July 22, 2019 C | 4,186,243 | 0 | 0 | $0 |
| Peter J Barris | 10% owner | July 22, 2019 C | 4,186,243 | 0 | 0 | $0 |
| Eric Bjerkholt | — | Aug. 11, 2026 S | 36,355 | 0 | 11 | $-2,584,019 |
| Christopher Peetz | — | Aug. 10, 2026 M | 194,309 | 0 | 8 | $-4,670,036 |
| Jolanda Howe | — | Aug. 3, 2026 S | 1,274 | 0 | 3 | $-784,712 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 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 |
|---|---|---|---|---|---|
| Frazier Life Sciences IX, L.P., FHMLS IX, L.P., FHMLS IX, L.L.C., Frazier Life Sciences X, L.P., FHMLS X, L.P., FHMLS X, L.L.C., Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., Frazier Life Sciences XII, L.P., FHMLS XII, L.P., FHMLS XII, L.L.C., James N. Topper, Patrick J. Heron ×9 filings | Jan. 27, 2026 | 6.80% | Amendment | — | SEC |
| Dec. 29, 2023 | — | Initial filing | — | SEC | |
| New Enterprise Associates 16, L.P., NEA Partners 16, L.P., NEA 16 GP, LLC, Forest Baskett, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell, Paul Walker ×2 filings | June 23, 2023 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 1, 2022 | — | Initial filing | — | SEC |
| Novo Holdings A/S ×7 filings | Aug. 18, 2022 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 22, 2020 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 1, 2019 | — | 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.
ETF ownership Held by 55 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 |
|---|---|---|---|---|
| LFSC · RBB Fund, Inc. | 4.92% | 50,911 NS | May 31, 2026 | N-PORT |
| SBIO · ALPS ETF Trust | 3.90% | 62,199 NS | May 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 2.39% | 14,558 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 1.15% | 31,245 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.99% | 52,917 NS | April 30, 2026 | N-PORT |
| ILDR · First Trust Exchange-Traded Fund VI… | 0.98% | 27,829 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.70% | 37,112 NS | April 30, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 0.54% | 2,191 NS | May 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.42% | 3,319 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.37% | 979 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.36% | 49,242 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.36% | 363,840 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.33% | 50,804 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.31% | 2,231 NS | May 31, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.29% | 2,396 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.28% | 430,733 SH | Aug. 8, 2026 | Daily |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.26% | 2,555 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.25% | 19,108 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.25% | 7,654 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.21% | 10,203 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.20% | 1,131 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.19% | 1,598 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.19% | 18,177 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.17% | 686,321 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.17% | 273,231 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.14% | 1,203,052 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.13% | 13,879 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.13% | 31,277 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.12% | 18,274 NS | April 30, 2026 | N-PORT |
| SMLF · iShares Trust | 0.12% | 53,201 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.11% | 18,506 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.11% | 1,985 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.10% | 227,202 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.07% | 2,008 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.07% | 1,188,816 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.07% | 126,877 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.07% | 1,994 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.06% | 65 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.06% | 1,553 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.06% | 552,499 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.06% | 17,493 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 13,393 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 14,069 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.05% | 1,572 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.04% | 2,581 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 1,589 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.02% | 39 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 14,006 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 1,648,584 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 3,912 SH | Aug. 8, 2026 | Daily |