NAMSW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

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Price $12.65
Market Cap (MRQ) $1.45B
P/E (TTM) -7.4
EPS (TTM) $-1.72
Revenue (TTM) $23M
ROE (TTM) -28.3%
52W Range $11–$30

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10-Year Performance Revenue, net income, margins and EPS trends

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Revenue$23M
2022-12-31 → 2025-12-31
EPS$-1.72
2020-12-31 → 2025-12-31
Free Cash Flow$-148M
2022-12-31 → 2025-12-31
Net margin-905.7%
2023-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend NAMSW 5Y avg Peer Median Verdict
P/E (TTM) -7.45Y avg ≈-5.3 ≈-5.3 · ·
P/S (TTM) 64.35Y avg ≈56.3 ≈56.3 · ·
P/B (MRQ) 2.15Y avg ≈2.3 ≈2.3 · ·
Price / FCF (TTM) -9.85Y avg ≈-9.8 ≈-9.8 · ·
Price / Cash Flow (TTM) -9.85Y avg ≈-9.8 ≈-9.8 · ·
Price / Tangible Book 2.15Y avg ≈2.3 ≈2.3 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

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Income Statement 15
Metric Trend 2025202420232022
Revenue $23M$46M$14M$103M
R&D Expense $142M$151M$159M$87M
SG&A Expense $106M$70M$38M$20M
Operating Expenses $248M$222M$197M$106M
Operating Income $-226M$-176M$-183M$-4M
Interest Expense ···$287.0K
Interest Income $28M$17M$11M$11.0K
Pretax Income $-204M$-242M$-177M$-23M
Income Tax ·$-1.0K$27.0K·
Net Income $-204M$-242M$-177M$-23M
EPS (Basic) $-1.72$-2.56$-2.15$-1.19
EPS (Diluted) $-1.72$-2.56$-2.15$-1.19
Shares (Basic) 118,424,23194,358,06782,161,95618,966,235
Shares (Diluted) 118,424,23194,358,06782,161,95618,966,235
EBITDA $-225M$-176M$-183M$-67M
Balance Sheet 17
Metric Trend 2025202420232022
Cash & Equivalents $490M$772M$340M$439M
Short-term Investments $146M$62M··
Prepaid Expense $38M$24M$6M$10M
Current Assets $676M$863M$347M$448M
PP&E (Net) $383.0K$242.0K$46.0K$144.0K
Intangibles ···$83M
Total Assets $769M$865M$347M$532M
Accounts Payable $9M$5M$17M$19M
Current Liabilities $86M$107M$50M$35M
Capital Leases $66.0K$202.0K·$60.0K
Total Liabilities $86M$107M$59M$48M
Common Stock $14M$13M$10M$10M
Retained Earnings $-762M$-559M$-317M$-140M
AOCI $5M$4M$4M$4M
Stockholders' Equity $683M$758M$288M$430M
Liabilities + Equity $769M$865M$347M$478M
Shares Outstanding 114,399,326108,064,34082,469,76881,559,780
Cash Flow 8
Metric Trend 2025202420232022
D&A $220.0K$113.0K$49.0K$9.0K
Stock-based Comp $59M$34M$25M$4M
Other Non-cash $-4M$49M$11M$86M
Operating Cash Flow $-148M$-159M$-141M$11M
CapEx $246.0K$672.0K$24.0K$221.0K
Investing Cash Flow $-175M$-63M$-24.0K$-221.0K
Financing Cash Flow $30M$660M$9M$392M
Free Cash Flow $-148M$-159M$-141M$8M
Profitability 7
Metric Trend 2025202420232022
Operating Margin -1002.9%-386.9%-1298.6%·
Net Margin -905.7%-530.2%-1255.8%·
Pretax Margin -905.7%-530.2%-1255.6%·
EBITDA Margin -1001.9%-386.7%-1298.2%·
ROA -24.9%-39.9%-42.9%-26.4%
ROE -27.9%-42.5%-57.1%-42.1%
ROIC ·-23.3%-63.4%·
Liquidity & Solvency 3
Metric Trend 2025202420232022
Current Ratio 7.98.17.012.6
Quick Ratio 7.47.86.812.4
Interest Coverage ···-249.3
Efficiency 1
Metric Trend 2025202420232022
Asset Turnover 0.00.10.0·
Per Share 5
Metric Trend 2025202420232022
Book Value / Share $5.97$7.01$3.50·
Revenue / Share $0.19$0.48$0.17·
Cash Flow / Share $-1.25$-1.68$-1.72·
Cash / Share $4.28$7.14$4.13·
EPS (TTM) $-1.72$-2.56$-2.15$-1.19
Growth Rates 2
Metric Trend 2025202420232022
Revenue YoY -50.6%223.4%-86.3%·
Revenue CAGR 3Y -39.7%···
Valuation (TTM) 10
Metric Trend 2025202420232022
Revenue TTM $23M$46M$14M$103M
Net Income TTM $-204M$-242M$-177M$-23M
Market Cap $2.63B$1.54B$258M·
P/E -13.4-5.6-1.5-0.7
P/S 116.933.818.3·
P/B 3.92.00.9·
P / Tangible Book 3.92.00.9·
P / Cash Flow -17.8-9.7-1.8·
P / FCF -17.8-9.7-1.8·
Earnings Yield -7.5%-18.0%-68.7%-137.1%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

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Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $23M $46M $14M $103M ·
Operating Margin % -1002.9% -386.9% -1298.6% · ·
Net Income $-204M $-242M $-177M $-23M $-29M
Diluted EPS $-1.72 $-2.56 $-2.15 $-1.19 $-1.21

Institutional owners (13F) 11 filers · $29.6M total · As of June 30, 2026

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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 11
Value held $29.6M
New positions 0
Exited positions 0
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
0 (-1 vs prior Q) 0 (0 vs prior Q) 2 (+2 vs prior Q) 0 (-1 vs prior Q) +13K

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. $10,692,116 500,333 36.15% Shares
RA CAPITAL MANAGEMENT, L.P. $7,123,326 333,333 24.09% Shares
Affinity Asset Advisors, LLC $5,343,450 245,000 18.07% Shares
Bain Capital Life Sciences Investors, LLC $2,136,979 99,999 7.23% Shares
DEERFIELD MANAGEMENT COMPANY, L.P. $1,982,858 92,787 6.70% Shares
MILLENNIUM MANAGEMENT LLC $1,602,750 75,000 5.42% Call option
ARISTEIA CAPITAL, L.L.C. $343,377 15,708 1.16% Shares
WOLVERINE ASSET MANAGEMENT LLC $318,947 14,925 1.08% Shares
CIBC Private Wealth Group LLC $22,388 1,250 0.08% Shares
UBS Group AG $8,523 443 0.03% Shares
Vestcor Inc $143 6,666 0.00% Shares

Activists & 5%+ owners 2 positions

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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.

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 5 insiders · 4 officers · 3 directors

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Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Michael H. Davidson Chief Executive Officer Sept. 14, 2026 P 792,923 1 0 $226,500
Johannes Jacob Pieter Kastelein Chief Scientific Officer Sept. 30, 2026 M 69,302 0 2 $-4,621,407
Robert William Gunning Vice President, Controller Sept. 1, 2026 A 3,200 0 0 $0
Louise Frederika Kooij Chief Accounting Officer July 20, 2026 M 24,353 0 5 $-4,393,815
John W Smither Director Sept. 4, 2026 S 8,760 0 1 $-40,512

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

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Source: SEC 10-K filed Feb 18, 2026