MLTX MoonLake Immunotherapeutics - Class A Ordinary Shares
$16.44
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$6–$63
18% of range
Analyst Rating
BUY
22 analysts
Price Target
$29
+74% upside
P/E (TTM)
-3.7
ROE
-60.5%
Net Profit Margin
—
MLTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$16.44
Market Cap
—
P/E (TTM)
-3.7
EPS (TTM)
$-3.53
Revenue (TTM)
—
Div Yield
—
ROE
-60.5%
Debt/Equity
—
52W Range
$6 – $63
MLTX 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
—
EPS
$-3.53
2022-12-31
→
2025-12-31
Free Cash Flow
$-196M
2022-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MLTX
Peer Median
P/E (TTM)
-3.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MLTX
Peer Median
ROA
-50.4%
-47.5%
ROE
-60.5%
-112.5%
ROIC
-80.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MLTX
Peer Median
Current Ratio
9.3
3.4
Quick Ratio
7.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MLTX
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MLTX
Peer Median
MLTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 7 31.8%
- Buy 10 45.5%
- Hold 3 13.6%
- Sell 1 4.5%
- Strong Sell 1 4.5%
12-Month Price Target
13 analysts · 2026-08-16
Median
$30.00
Now
$16.44
Low
$6.00
High
$50.00
Median target
$30.00
+82.5%
Mean target
$28.54
+73.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.98 | $-0.91 | -0.07% |
| Dec. 31, 2025 | $-0.92 | $-1.01 | 0.09% |
| Sept. 30, 2025 | $-1.10 | $-0.90 | -0.20% |
| June 30, 2025 | $-0.87 | $-0.74 | -0.13% |
| March 31, 2025 | $-0.63 | $-0.77 | 0.14% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MLTX | — | -3.7 | — | — | -60.5% | — |
| CRSP | $5.03B | -8.1 | -90.6% | -16569.8% | -32.0% | — |
| ACIU | — | — | — | — | — | — |
| ADCT | $444M | -3.2 | 14.8% | -175.3% | 74.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| R&D Expense | $203M | $113M | $32M | $42M | · | |
| SG&A Expense | $42M | $30M | $22M | $23M | $5M | |
| Operating Expenses | $245M | $143M | $54M | $65M | · | |
| Operating Income | $-245M | $-143M | $-54M | $-65M | $-5M | |
| Interest Income | · | · | · | · | $27.7K | |
| Other Non-op | · | · | · | $591.7K | $27.7K | |
| Pretax Income | $-230M | $-121M | $-44M | $-64M | · | |
| Income Tax | $611.0K | $282.0K | $94.0K | $36.4K | · | |
| Net Income | $-227M | $-119M | $-36M | $-50M | $-5M | |
| EPS (Basic) | $-3.53 | $-1.89 | $-0.73 | $-1.70 | · | |
| EPS (Diluted) | $-3.53 | $-1.89 | $-0.73 | $-1.70 | · | |
| Shares (Basic) | 64,463,889 | 62,870,237 | 49,122,534 | 29,361,353 | · | |
| Shares (Diluted) | 64,463,889 | 62,870,237 | 49,122,534 | 29,361,353 | 360,000,000 | |
| EBITDA | $-242M | $-142M | · | $-65M | $-5M |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $335M | $180M | $451M | $40M | $8M | |
| Prepaid Expense | $23M | $23M | $2M | $4M | $1M | |
| Current Assets | $422M | $474M | $514M | $77M | $10M | |
| PP&E (Net) | $577.0K | $722.0K | $320.9K | $49.4K | $45.7K | |
| Other Non-current Assets | $596.0K | $0 | · | · | · | |
| Total Assets | $424M | $478M | $527M | $77M | $10M | |
| Accrued Liabilities | · | · | · | · | $4M | |
| Short-term Debt | · | · | · | $0 | $15M | |
| Current Liabilities | $45M | $22M | $10M | $8M | $21M | |
| Capital Leases | $374.0K | $1M | $2M | $129.0K | $0 | |
| Total Liabilities | $120M | $25M | $13M | $8M | $21M | |
| Long-term Debt | $74M | $0 | · | · | · | |
| Total Debt | · | · | · | $0 | · | |
| Common Stock | · | · | · | $0 | $38.5K | |
| Paid-in Capital | $767M | $677M | $610M | $129M | $42M | |
| Retained Earnings | $-463M | $-236M | $-117M | $-81M | $-54M | |
| Treasury Stock | · | · | · | $0 | $6.2K | |
| AOCI | $604.0K | $5M | $2M | $350.9K | $-168.2K | |
| Stockholders' Equity | $304M | $447M | $496M | $49M | $-12M | |
| Liabilities + Equity | $424M | $478M | $527M | $77M | $10M | |
| Shares Outstanding | · | · | · | · | 12,161,331 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $3M | $1M | $370.0K | $164.8K | · | |
| Stock-based Comp | $13M | $7M | $7M | $10M | · | |
| Other Non-cash | $16M | $-6M | · | · | · | |
| Operating Cash Flow | $-196M | $-117M | $-43M | $-56M | $-611.1K | |
| CapEx | $35.0K | $520.0K | $284.0K | $16.0K | · | |
| Investing Cash Flow | $203M | $-206M | $-25M | $-32M | · | |
| Debt Issued | $73M | $0 | $0 | · | · | |
| Net Debt Issued | $73M | · | · | · | · | |
| Stock Repurchased | · | $50 | $0 | $0 | · | |
| Net Stock Activity | · | $-50 | · | · | · | |
| Financing Cash Flow | $146M | $51M | $480M | $120M | $-58.1K | |
| Net Change in Cash | $154M | $-271M | $412M | $31M | $-669.1K | |
| Taxes Paid | $799.0K | $147.0K | $42.0K | $4.3K | · | |
| Free Cash Flow | $-196M | $-117M | · | $-56M | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| ROA | -50.4% | -23.7% | · | -115.5% | -3.9% | |
| ROE | -60.5% | -25.2% | · | -268.3% | 94.1% | |
| ROIC | -80.6% | -32.1% | · | -133.1% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 9.3 | 21.1 | · | 10.0 | 0.2 | |
| Quick Ratio | 7.4 | 8.0 | · | 5.2 | 0.2 | |
| Debt / Equity | · | · | · | 0.0 | · |
Valuation (TTM) 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Income TTM | $-227M | $-119M | $-36M | $-50M | $-5M | |
| P/E | -3.7 | -28.7 | -82.7 | -6.2 | · | |
| Earnings Yield | -26.8% | -3.5% | -1.2% | -16.2% | · |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $50M | $55M | $56M | $61M | $50M | $36M | $40M | $36M | $24M | $13M | $8M | $9M | $7M | $9M | $11M | $10M | |
| SG&A Expense | $11M | $16M | $9M | $11M | $11M | $11M | $9M | $7M | $7M | $7M | $5M | $4M | $6M | $6M | $6M | $5M | |
| Operating Expenses | $62M | $70M | $65M | $71M | $61M | $47M | $50M | $43M | $31M | $20M | $13M | $13M | $13M | $15M | $18M | $16M | |
| Operating Income | $-62M | $-70M | $-65M | $-71M | $-61M | $-47M | $-50M | $-43M | $-31M | $-20M | $-13M | $-13M | $-13M | $-15M | $-18M | $-16M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $657 | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $8.4K | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | $1M | $842.7K | $723.6K | $37.6K | $245.1K | $69.5K | |
| Income Tax | $90.0K | $622.0K | $248.0K | $115.0K | $95.0K | $153.0K | $41.0K | $92.0K | $79.0K | $70.0K | $28.9K | $10.1K | $11.0K | $8.7K | $9.3K | $7.3K | |
| Net Income | $-62M | $-70M | $-62M | $-70M | $-55M | $-40M | $-46M | $-35M | $-24M | $-14M | $-9M | $-10M | $-9M | $-10M | $-12M | $-16M | |
| EPS (Basic) | $-0.84 | $-0.98 | $-0.93 | $-1.10 | $-0.87 | $-0.63 | $-0.72 | $-0.56 | $-0.39 | $-0.22 | $-0.18 | $-0.23 | $-0.23 | $-0.27 | $-0.34 | $-3.17 | |
| EPS (Diluted) | $-0.84 | $-0.98 | $-0.93 | $-1.10 | $-0.87 | $-0.63 | $-0.72 | $-0.56 | $-0.39 | $-0.22 | $-0.18 | $-0.23 | $-0.23 | $-0.27 | $-0.34 | $-3.17 | |
| Shares (Basic) | 73,915,296 | 71,273,650 | -125,422,611 | 63,369,984 | 63,282,728 | 63,233,788 | -125,538,394 | 62,896,782 | 62,874,637 | 62,637,212 | 53,517,655 | 43,718,464 | 39,061,977 | 36,925,639 | 35,201,713 | 5,013,646 | |
| Shares (Diluted) | 73,915,296 | 71,273,650 | -125,422,611 | 63,369,984 | 63,282,728 | 63,233,788 | -125,538,394 | 62,896,782 | 62,874,637 | 62,637,212 | 53,517,655 | 43,718,464 | 39,061,977 | 36,925,639 | 35,201,713 | 5,013,646 | |
| EBITDA | $-62M | $-69M | · | $-71M | $-61M | $-47M | · | $-43M | $-31M | $-20M | $-13M | $-13M | $-13M | $-15M | $-18M | $-3M |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $478M | $298M | $335M | $351M | $307M | $272M | $180M | $376M | $343M | $458M | $318M | $502M | $50M | $41M | $93M | $23.3K | |
| Prepaid Expense | $26M | $33M | $23M | $27M | $27M | $23M | $23M | $16M | $15M | $5M | $3M | $4M | $3M | $4M | $5M | $135.9K | |
| Current Assets | $570M | $397M | $422M | $411M | $455M | $506M | $474M | $512M | $537M | $554M | $500M | $506M | $67M | $89M | $98M | $116M | |
| PP&E (Net) | $487.0K | $532.0K | $577.0K | $622.0K | $667.0K | $711.0K | $722.0K | $581.4K | $481.7K | $509.8K | $39.5K | $42.8K | $46.1K | $52.7K | $56.0K | · | |
| Other Non-current Assets | $1M | $1M | $596.0K | $587.0K | $2M | $2M | $0 | · | · | · | · | · | · | · | · | · | |
| Total Assets | $574M | $400M | $424M | $414M | $460M | $511M | $478M | $518M | $545M | $564M | $500M | $507M | $67M | $89M | $98M | $231M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $6M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $150.0K | |
| Current Liabilities | $45M | $46M | $45M | $48M | $27M | $24M | $22M | $20M | $12M | $9M | $10M | $7M | $7M | $6M | $4M | $203M | |
| Capital Leases | $772.0K | $865.0K | $374.0K | $486.0K | $836.0K | $1M | $1M | $2M | $2M | $2M | $13.1K | $53.0K | $91.1K | · | · | · | |
| Total Liabilities | $146M | $146M | $120M | $123M | $102M | $99M | $25M | $23M | $15M | $12M | $11M | $8M | $8M | $6M | $4M | $207M | |
| Long-term Debt | $100M | $99M | $74M | $74M | $73M | $73M | $0 | · | · | · | · | · | · | · | · | · | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $150.0K | |
| Common Stock | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $385 | |
| Paid-in Capital | $1.02B | $786M | $767M | $689M | $684M | $681M | $677M | $675M | $672M | $670M | $531M | $590M | $131M | $124M | $122M | $34M | |
| Retained Earnings | $-594M | $-533M | $-463M | $-400M | $-331M | $-276M | $-236M | $-190M | $-155M | $-130M | $-109M | $-100M | $-90M | $-69M | $-59M | $-10M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | |
| AOCI | $630.0K | $322.0K | $604.0K | $278.0K | $520.0K | $2M | $5M | $3M | $3M | $3M | $3M | $35.1K | $340.1K | $245.3K | $133.7K | · | |
| Stockholders' Equity | $428M | $254M | $304M | $289M | $354M | $408M | $447M | $488M | $521M | $543M | $425M | $490M | $42M | $55M | $64M | $24M | |
| Liabilities + Equity | $574M | $400M | $424M | $414M | $460M | $511M | $478M | $518M | $545M | $564M | $500M | $507M | $67M | $89M | $98M | $231M | |
| Shares Outstanding | · | · | · | · | · | · | · | · | · | · | · | · | · | 0 | 0 | · |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $896.0K | $845.0K | $751.0K | $745.0K | $742.0K | $378.0K | $364.0K | $351.0K | $342.0K | $328.0K | · | · | · | · | · | · | |
| Stock-based Comp | $3M | $13M | $4M | $4M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $3M | $3M | $2M | $2M | |
| Other Non-cash | · | $-11M | · | · | · | $-864.0K | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-56M | $-66M | $-59M | $-45M | $-55M | $-38M | $-48M | $-25M | $-28M | $-15M | $-9M | $-12M | $-9M | $-9M | $-34M | $-14M | |
| CapEx | $0 | $0 | $0 | $0 | $0 | $35.0K | $176.0K | $132.2K | $235 | $212.0K | $0 | $0 | $0 | $0 | $-2 | $16.0K | |
| Investing Cash Flow | $322.0K | $98.0K | $-30M | $88M | $88M | $56M | $-147M | $58M | $-88M | $-29M | $-174M | $13M | $20M | $-42M | $2 | $-16.0K | |
| Debt Issued | $0 | $24M | $0 | $0 | $0 | $73M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Debt Issued | · | $24M | · | · | · | $73M | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | $44M | $6M | · | $0 | $0 | $0 | · | $-190 | $-190 | $53M | $0 | $451M | $0 | $0 | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | $0 | $0 | $50 | $0 | $0 | $0 | · | · | · | |
| Net Stock Activity | · | $6M | · | · | · | $0 | · | · | · | $53M | · | · | · | · | · | · | |
| Financing Cash Flow | $235M | $31M | $72M | $480.0K | $0 | $73M | $151.0K | $183.1K | $95 | $51M | $0 | $451M | $0 | $0 | $120M | $15M | |
| Net Change in Cash | $179M | $-36M | $-16M | $44M | $35M | $91M | $-195M | $33M | $-116M | $7M | $-184M | $452M | $11M | $-52M | $85M | $795.3K | |
| Taxes Paid | · | · | $733.0K | · | · | · | $143.0K | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-66M | · | · | · | $-38M | · | · | · | $-15M | · | · | $-9M | · | · | · |
Profitability 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -11.9% | -15.3% | · | -14.9% | -11.0% | -7.4% | · | -7.0% | -4.6% | -4.3% | -3.2% | -3.4% | -6.0% | -9.9% | -11.3% | -1.6% | |
| ROE | -15.8% | -21.1% | · | -17.9% | -12.6% | -8.4% | · | -7.8% | -4.8% | -4.7% | -3.9% | -3.7% | -27.1% | -40.1% | -35.4% | -18.4% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.6 | 8.6 | · | 8.5 | 16.6 | 21.1 | · | 25.5 | 43.7 | 62.1 | 48.5 | 71.0 | 9.1 | 14.7 | 25.5 | 0.6 | |
| Quick Ratio | 10.5 | 6.5 | · | 7.3 | 11.2 | 11.3 | · | 18.7 | 27.9 | 51.4 | 30.9 | 70.3 | 6.9 | 6.8 | 24.0 | 0.0 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -4127.1 |
Valuation (TTM) 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-256M | $-235M | · | $-200M | $-155M | $-113M | · | $-83M | $-58M | $-42M | $-39M | $-41M | $-47M | $-44M | $-67M | $-55M | |
| Market Cap | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | $-41M | $-93M | · | |
| P/E | -5.1 | -5.2 | · | -2.3 | -19.3 | -21.7 | · | -37.3 | -43.1 | -58.4 | -62.6 | -47.7 | -5.3 | -1.2 | -0.6 | · | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | 0.0 | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | 2.8 | 5.3 | · | |
| Earnings Yield | -19.5% | -19.2% | · | -44.1% | -5.2% | -4.6% | · | -2.7% | -2.3% | -1.7% | -1.6% | -2.1% | -18.8% | -82.6% | -172.2% | · |
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 | |
|---|---|---|---|---|---|
| Net Income | $-227M | $-119M | $-36M | $-50M | $-5M |
| Diluted EPS | $-3.53 | $-1.89 | $-0.73 | $-1.70 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.0 | — |
| Current Ratio | 9.3 | 21.1 | — | 10.0 | 0.2 |
| Quick Ratio | 7.4 | 8.0 | — | 5.2 | 0.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-196M | $-117M | — | $-56M | — |
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Institutional owners (13F) 197 filers · $1.2B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 48 (+6 vs prior Q) | 13 (-8 vs prior Q) | 68 (+20 vs prior Q) | 49 (+4 vs prior Q) | +10.7M |
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 |
|---|---|---|---|---|
| BVF INC/IL | $311,544,999 | 16,001,284 | 25.58% | Shares |
| Deep Track Capital, LP | $136,271,017 | 6,999,025 | 11.19% | Shares |
| D. E. Shaw & Co., Inc. | $65,526,421 | 3,365,507 | 5.38% | Shares |
| Cormorant Asset Management, LP | $62,409,781 | 3,205,433 | 5.12% | Shares |
| Logos Global Management LP | $52,082,250 | 2,675,000 | 4.28% | Shares |
| Weiss Asset Management LP | $50,267,899 | 2,581,813 | 4.13% | Shares |
| CITADEL ADVISORS LLC | $38,412,227 | 1,972,893 | 3.15% | Shares |
| TWO SIGMA INVESTMENTS, LP | $33,397,845 | 1,715,349 | 2.74% | Shares |
| MPM BIOIMPACT LLC | $31,287,647 | 1,606,967 | 2.57% | Shares |
| Nuveen Asset Management, LLC | $30,790,611 | 568,617 | 2.53% | Shares |
| Vivo Capital, LLC | $27,258,000 | 1,400,000 | 2.24% | Shares |
| Point72 Asset Management, L.P. | $22,560,512 | 1,158,732 | 1.85% | Shares |
| Balyasny Asset Management L.P. | $17,770,561 | 912,715 | 1.46% | Shares |
| GREAT POINT PARTNERS LLC | $16,662,679 | 855,813 | 1.37% | Shares |
| Candriam S.C.A. | $14,972,924 | 769,766 | 1.23% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $14,617,628 | 750,777 | 1.20% | Shares |
| Trails Edge Capital Partners, LP | $14,602,500 | 750,000 | 1.20% | Shares |
| BANK OF AMERICA CORP /DE/ | $13,779,250 | 707,717 | 1.13% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $12,524,428 | 643,268 | 1.03% | Shares |
| MILLENNIUM MANAGEMENT LLC | $12,386,561 | 636,187 | 1.02% | Shares |
| Qube Research & Technologies Ltd | $9,661,832 | 496,242 | 0.79% | Shares |
| JANE STREET GROUP, LLC | $8,824,661 | 453,244 | 0.72% | Shares |
| ALGERT GLOBAL LLC | $7,534,111 | 386,960 | 0.62% | Shares |
| Rhenman & Partners Asset Management AB | $7,492,056 | 384,800 | 0.62% | Shares |
| Trexquant Investment LP | $7,358,609 | 377,946 | 0.60% | Shares |
| Capricorn Fund Managers Ltd | $7,294,892 | 374,866 | 0.60% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $6,649,725 | 341,537 | 0.55% | Shares |
| Caption Management, LLC | $6,364,743 | 326,900 | 0.52% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,249,870 | 321,000 | 0.51% | Call option |
| Granahan Investment Management, LLC | $6,111,321 | 313,884 | 0.50% | Shares |
| Boxer Capital Management, LLC | $5,354,250 | 275,000 | 0.44% | Shares |
| JANE STREET GROUP, LLC | $5,334,780 | 274,000 | 0.44% | Call option |
| CITADEL ADVISORS LLC | $5,317,257 | 273,100 | 0.44% | Call option |
| Susquehanna Portfolio Strategies, LLC | $4,944,874 | 253,974 | 0.41% | Shares |
| Holocene Advisors, LP | $4,867,500 | 250,000 | 0.40% | Shares |
| Burkehill Global Management, LP | $4,867,500 | 250,000 | 0.40% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,823,537 | 247,742 | 0.40% | Shares |
| Walleye Capital LLC | $4,806,539 | 246,869 | 0.39% | Shares |
| J. Goldman & Co LP | $4,204,449 | 215,945 | 0.35% | Shares |
| Y-Intercept (Hong Kong) Ltd | $4,202,580 | 215,849 | 0.35% | Shares |
| ACUTA CAPITAL PARTNERS, LLC | $4,198,744 | 215,652 | 0.34% | Shares |
| CITADEL ADVISORS LLC | $4,123,746 | 211,800 | 0.34% | Put option |
| Verition Fund Management LLC | $4,032,276 | 207,102 | 0.33% | Shares |
| HighVista Strategies LLC | $3,659,308 | 187,946 | 0.30% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $3,578,605 | 183,801 | 0.29% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $3,513,323 | 180,448 | 0.29% | Shares |
| Kalehua Capital Management LLC | $3,421,541 | 175,734 | 0.28% | Shares |
| Voleon Capital Management LP | $3,386,008 | 173,909 | 0.28% | Shares |
| Exome Asset Management LLC | $3,241,619 | 166,493 | 0.27% | Shares |
| Longaeva Partners L.P. | $3,145,515 | 161,557 | 0.26% | Shares |
| XTX Topco Ltd | $2,968,630 | 152,472 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,943,864 | 151,200 | 0.24% | Put option |
| FMR LLC | $2,795,074 | 143,558 | 0.23% | Shares |
| BlackRock, Inc. | $2,545,819 | 130,756 | 0.21% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,537,467 | 130,327 | 0.21% | Shares |
| GOLDMAN SACHS GROUP INC | $2,520,080 | 129,434 | 0.21% | Shares |
| Caption Management, LLC | $2,509,683 | 128,900 | 0.21% | Put option |
| TD Asset Management Inc | $2,497,495 | 128,274 | 0.21% | Shares |
| Engineers Gate Manager LP | $2,172,657 | 111,590 | 0.18% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $2,142,000 | 110,000 | 0.18% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,133,523 | 109,580 | 0.18% | Shares |
| Quadrature Capital Ltd | $2,126,202 | 109,204 | 0.17% | Shares |
| Polymer Capital Management (HK) LTD | $1,956,015 | 100,463 | 0.16% | Shares |
| Centiva Capital, LP | $1,947,000 | 100,000 | 0.16% | Call option |
| HEIGHTS CAPITAL MANAGEMENT, INC | $1,947,000 | 100,000 | 0.16% | Shares |
| J. Goldman & Co LP | $1,947,000 | 100,000 | 0.16% | Call option |
| Ghisallo Capital Management LLC | $1,947,000 | 100,000 | 0.16% | Shares |
| SummitTX Capital, L.P. | $1,934,753 | 99,371 | 0.16% | Shares |
| Jain Global LLC | $1,929,983 | 99,126 | 0.16% | Shares |
| TWO SIGMA ADVISERS, LP | $1,735,806 | 131,700 | 0.14% | Shares |
| STATE STREET CORP | $1,697,122 | 87,166 | 0.14% | Shares |
| Swiss National Bank | $1,695,837 | 87,100 | 0.14% | Shares |
| Squarepoint Ops LLC | $1,657,812 | 85,147 | 0.14% | Shares |
| Monashee Investment Management LLC | $1,460,250 | 75,000 | 0.12% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,454,836 | 74,760 | 0.12% | Shares |
| Mariner, LLC | $1,418,907 | 72,875 | 0.12% | Shares |
| Lion Point Capital, LP | $1,314,225 | 67,500 | 0.11% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,273,221 | 65,394 | 0.10% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,143,668 | 58,740 | 0.09% | Shares |
| Headlands Technologies LLC | $1,111,484 | 57,087 | 0.09% | Shares |
| HAP Trading, LLC | $1,015,000 | 40,000 | 0.08% | Put option |
| Stonepine Capital Management, LLC | $973,500 | 50,000 | 0.08% | Shares |
| ExodusPoint Capital Management, LP | $908,198 | 46,646 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $819,687 | 42,100 | 0.07% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $704,717 | 36,195 | 0.06% | Shares |
| FRED ALGER MANAGEMENT, LLC | $627,985 | 32,254 | 0.05% | Shares |
| Campbell & CO Investment Adviser LLC | $577,831 | 29,678 | 0.05% | Shares |
| Aquatic Capital Management LLC | $547,769 | 28,134 | 0.04% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $546,077 | 29,296 | 0.04% | Shares |
| Quantbot Technologies LP | $541,402 | 27,807 | 0.04% | Shares |
| Schonfeld Strategic Advisors LLC | $536,884 | 27,575 | 0.04% | Shares |
| ADAR1 Capital Management, LLC | $525,690 | 27,000 | 0.04% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $517,707 | 26,590 | 0.04% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $506,162 | 25,997 | 0.04% | Shares |
| IEQ CAPITAL, LLC | $483,927 | 24,855 | 0.04% | Shares |
| Optimize Financial Inc | $455,170 | 24,419 | 0.04% | Shares |
| IMC-Chicago, LLC | $448,745 | 23,048 | 0.04% | Shares |
| AXA Investment Managers S.A. | $435,613 | 60,755 | 0.04% | Shares |
| Graham Capital Management, L.P. | $419,481 | 21,545 | 0.03% | Shares |
| Entropy Technologies, LP | $386,032 | 19,827 | 0.03% | Shares |
Company insiders 10 insiders · 3 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Da Silva Jorge Santos | Chief Executive Officer | July 10, 2026 S | 2,774,893 | 0 | 7 | $-8,730,001 |
| Matthias Bodenstedt | Chief Financial Officer | June 22, 2026 S | 1,115,435 | 1 | 7 | $-3,099,694 |
| Kristian Reich | Chief Scientific Officer | July 27, 2026 S | 2,711,198 | 0 | 10 | $-8,135,616 |
| Andrew John Phillips | Director | June 17, 2026 A | — | 0 | 0 | $0 |
| Ramnik Xavier | Director | June 17, 2026 A | — | 0 | 0 | $0 |
| Loy Spike | Director | June 17, 2026 A | — | 0 | 0 | $0 |
| Catherine Moukheibir | Director | June 17, 2026 A | 0 | 0 | 0 | $0 |
| Simon Sturge | Director | June 5, 2025 A | 171,980 | 0 | 0 | $0 |
| Chen Bihua | 10% owner | June 30, 2023 P | 4,927,100 | 0 | 0 | $0 |
| Helix Holdings LLC | — | April 5, 2022 C | 3,215,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| BIOTECHNOLOGY VALUE FUND L P, BVF I GP LLC, BIOTECHNOLOGY VALUE FUND II LP, BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP HOLDINGS LLC, BVF PARTNERS L P/IL, BVF INC/IL, LAMPERT MARK N, Loy Spike ×3 filings | June 29, 2026 | 19.70% | Amendment | — | SEC |
| BIOTECHNOLOGY VALUE FUND, L.P., BVF I GP LLC, BIOTECHNOLOGY VALUE FUND II, L.P., BVF II GP LLC, BIOTECHNOLOGY VALUE TRADING FUND OS, L.P., BVF PARTNERS OS LTD., BVF GP HOLDINGS LLC, BVF PARTNERS L.P., BVF INC., MARK N. LAMPERT, SPIKE LOY ×4 filings | Oct. 8, 2024 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 8 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 |
|---|---|---|---|---|
| SBIO · ALPS ETF Trust | 0.88% | 73,934 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.82% | 18,661 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 82,021 SH | Aug. 8, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.04% | 33,673 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.01% | 130,327 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 14,568 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 3,105 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 30,712 NS | May 31, 2026 | N-PORT |