NKTR Nektar Therapeutics - Common Stock
$75.92
Price · Aug 19, 2026
Fundamentals as of Aug 14, 2026
52W Range
$25–$109
60% of range
Analyst Rating
BUY
17 analysts
Price Target
$153
+102% upside
P/E (TTM)
-11.3
ROE
-500.1%
Net Profit Margin
-297.1%
About Nektar Therapeutics - Common Stock Company overview from Wikipedia
Nektar Therapeutics is an American biopharmaceutical company. The company was founded in 1990 and is based in San Francisco, California. The company develops new drug candidates by applying its proprietary PEGylation and advanced polymer conjugate technologies to modify chemical structure of substances, which improves drug characteristics like retention and solubility. It is a technology supplier to a number of pharmaceutical companies including Affymax, Amgen, Merck, Pfizer and UCB Pharma, etc. The company developed the world's first inhalable non-injectable insulin, Exubera, which was awarded as the bronze award by Wall Street Journal for its technological breakthrough.
Read more
Nektar Therapeutics is an American biopharmaceutical company. The company was founded in 1990 and is based in San Francisco, California. The company develops new drug candidates by applying its proprietary PEGylation and advanced polymer conjugate technologies to modify chemical structure of substances, which improves drug characteristics like retention and solubility. It is a technology supplier to a number of pharmaceutical companies including Affymax, Amgen, Merck, Pfizer and UCB Pharma, etc. The company developed the world's first inhalable non-injectable insulin, Exubera, which was awarded as the bronze award by Wall Street Journal for its technological breakthrough.
Background
The company is engaged in developing a proprietary pipeline of drug candidates for several therapeutic areas including oncology, pain, anti-infectives, anti-viral and immunology. The company's research and development involve in small molecule and biologic drug candidates. Its drug candidate base consists of naloxegol (Movantik), a Phase III oral opioid antagonist, etirinotecan pegol, a topoisomerase inhibitor under Phase III clinical study as of 2012, NKTR 061, NKTR-181, NKTR-214, etc.
In 2013, the company was assigned a patent which was developed by the company and other four co-inventors. The products of the company is served as a supplement to improve the pharmacokinetics, pharmacodynamics, half-life, bioavailability and other areas of drugs for the patients worldwide. As of March 2014, the company had a market capitalization of $1.7 billion with an enterprise value of $1.67 billion.
As of December 2024, at a stock price-per-share of roughly $1, the market cap is roughly $171 million. Nektar underwent periods of downsizing after unsuccessful partnerships were ended with Eli Lilly in 2023 and Bristol Myers Squibb in 2022, resulting in layoffs of most company employees.
Pipeline
Etirinotecan pegol was in the phase III BEACON trial as well as in the I-SPY2 adaptive clinical trial for breast cancer in 2016. The European Medicines Agency refused a marketing authorisation in 2017.
Bempegaldesleukin (NKTR-214) is a CD122-biased immune-stimulatory cytokine, Phase I results were announced in November 2016. It is now in a phase 2 trial in combination with nivolumab for various advanced cancers.
In 2023 Nektar's partnership with Eli Lilly in development of "rezpeg" was ended. Eli Lilly claimed the drug lacked suitable efficacy, while Nektar responded that Eli Lilly had botched the analysis.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NKTR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$75.92
Market Cap
$2.24B
P/E (TTM)
-11.3
EPS (TTM)
$-9.73
Revenue (TTM)
$55M
Div Yield
—
ROE
-500.1%
Debt/Equity
—
52W Range
$25 – $109
NKTR 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
$55M
2016-12-31
→
2025-12-31
EPS
$-9.73
2016-12-31
→
2025-12-31
Free Cash Flow
$-209M
2016-12-31
→
2025-12-31
Margins
-297.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NKTR
Peer Median
P/E (TTM)
-11.3
29.4
P/S (TTM)
40.5
4.9
P/B
24.9
6.5
Price / FCF
-10.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NKTR
Peer Median
Operating Margin
-253.7%
—
Net Profit Margin
-297.1%
-9.0%
ROA
-56.2%
-8.2%
ROE
-500.1%
-19.4%
ROIC
-155.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NKTR
Peer Median
Current Ratio
5.0
3.6
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NKTR
Peer Median
Revenue YoY
-43.9%
—
Revenue CAGR 3Y
-15.7%
—
Revenue CAGR 5Y
-18.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NKTR
Peer Median
NKTR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 7 41.2%
- Buy 8 47.1%
- Hold 2 11.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-16
Median
$151.00
← Below all targets
$75.92
Low
$80.00
High
$192.00
Median target
$151.00
+98.9%
Mean target
$153.22
+101.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.21%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.23 | $-2.02 | 0.79% |
| March 31, 2026 | $-1.82 | $-1.63 | -0.19% |
| Dec. 31, 2025 | $-1.78 | $-2.52 | 0.74% |
| Sept. 30, 2025 | $-1.87 | $-2.74 | 0.87% |
| June 30, 2025 | $-2.95 | $-3.10 | 0.15% |
| March 31, 2025 | $-3.60 | $-2.51 | -1.1% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NKTR | $862M | -4.3 | -43.9% | -297.1% | -500.1% | — |
| ALMS | — | -3.4 | — | -1011.8% | -61.9% | — |
| TARS | $3.48B | -51.5 | 146.7% | -14.7% | -19.7% | — |
| SUPN | $2.86B | -73.1 | 8.6% | -5.4% | -3.6% | — |
| ATAI | $223M | -1.4 | -1.9% | -48464.0% | -83.1% | — |
| TRVI | $1.61B | -39.1 | — | — | -22.4% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| AMLX | $1.33B | -7.9 | -77.1% | — | -61.2% | — |
| PBH | $3.33B | 15.2 | -4.3% | 17.5% | 10.2% | 54.7% |
| RAPP | $1.45B | -10.6 | — | — | -29.8% | — |
| OCUL | $2.62B | -8.5 | -18.5% | -511.9% | -55.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55M | $98M | $90M | $92M | $102M | $153M | $115M | $1.19B | $308M | $165M | $231M | $201M | |
| Cost of Revenue | $0 | $31M | $34M | $22M | $25M | $19M | $21M | $24M | $31M | $30M | $34M | $29M | |
| R&D Expense | $117M | $121M | $114M | $218M | $400M | $409M | $435M | $400M | $268M | $204M | $183M | $148M | |
| SG&A Expense | $69M | $77M | $77M | $92M | $123M | $105M | $99M | $81M | $52M | $44M | $43M | $41M | |
| Operating Expenses | $195M | $204M | $354M | $468M | $548M | $578M | $555M | $505M | $367M | $278M | $260M | $217M | |
| Operating Income | $-140M | $-105M | $-264M | $-376M | $-446M | $-425M | $-440M | $688M | $-60M | $-113M | $-29M | $-16M | |
| Interest Expense | · | · | · | $0 | $0 | $7M | $21M | $22M | $22M | $22M | $18M | $18M | |
| Interest Income | $10M | $14M | $19M | $7M | $3M | · | · | · | · | · | · | · | |
| Other Non-op | $361.0K | $-390.0K | $-6M | $-116.0K | $-162.0K | $18M | $46M | $38M | $5M | $2M | $2M | $814.0K | |
| Pretax Income | $-164M | $-119M | $-276M | $-365M | $-523M | $-444M | $-440M | $683M | $-96M | $-153M | $-81M | $-54M | |
| Income Tax | $-138.0K | $-239.0K | $-200.0K | $3M | $557.0K | $493.0K | $613.0K | $1M | $616.0K | $876.0K | $506.0K | $-512.0K | |
| Net Income | $-164M | $-119M | $-276M | $-368M | $-524M | $-444M | $-441M | $681M | $-97M | $-154M | $-81M | $-54M | |
| EPS (Basic) | $-9.73 | $-8.68 | $-1.45 | $-1.97 | $-2.86 | $-2.49 | $-2.52 | $4.02 | $-0.62 | $-1.10 | · | · | |
| EPS (Diluted) | $-9.73 | $-8.68 | $-1.45 | $-1.97 | $-2.86 | $-2.49 | $-2.52 | $3.78 | $-0.62 | $-1.10 | · | · | |
| Shares (Basic) | 16,870,930 | 13,710,775 | 190,001,000 | 187,138,000 | 183,298,000 | 178,581,000 | 174,993,000 | 169,600,000 | 155,953,000 | 139,596,000 | · | · | |
| Shares (Diluted) | 16,870,930 | 13,710,775 | 190,001,000 | 187,138,000 | 183,298,000 | 178,581,000 | 174,993,000 | 180,119,000 | 155,953,000 | 139,596,000 | · | · | |
| EBITDA | $-140M | $-101M | $-257M | $-364M | $-433M | $-413M | $-429M | $697M | $-47M | $-113M | $-29M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15M | $44M | $35M | $88M | $25M | $199M | $96M | $195M | $5M | $60M | $56M | $12M | |
| Short-term Investments | · | · | · | · | · | · | · | · | $291M | $329M | $253M | $225M | |
| Receivables | · | $0 | $1M | $6M | $22M | $39M | $37M | $43M | $5M | $16M | $20M | $4M | |
| Inventory | $0 | $0 | $16M | $19M | $16M | $15M | $13M | $11M | $11M | $11M | $11M | $13M | |
| Other Current Assets | $21M | $6M | $10M | $16M | $23M | $22M | $15M | $21M | $8M | $10M | $10M | $9M | |
| Current Assets | $266M | $261M | $331M | $546M | $796M | $1.14B | $1.42B | $1.44B | $327M | $426M | $350M | $288M | |
| PP&E (Net) | $2M | $3M | $19M | $32M | $61M | $60M | $66M | $49M | $47M | $66M | $71M | $70M | |
| Accum. Depreciation | · | $16M | $87M | $125M | $148M | $138M | $128M | $121M | $115M | $111M | $103M | $94M | |
| Goodwill | · | · | $0 | $77M | $77M | $77M | $77M | $77M | $77M | $77M | $77M | $77M | |
| Other Non-current Assets | $14M | $5M | $5M | $2M | $3M | $1M | $344.0K | $4M | $994.0K | $817.0K | $754.0K | $7M | |
| Total Assets | $280M | $304M | $398M | $711M | $1.12B | $1.54B | $1.98B | $2.15B | $509M | $569M | $499M | $442M | |
| Accounts Payable | $11M | $12M | $10M | $13M | $10M | $22M | $19M | $6M | $5M | $3M | $2M | $3M | |
| Accrued Liabilities | $22M | $30M | $22M | $37M | · | · | · | · | · | · | · | $6M | |
| Current Liabilities | $54M | $61M | $51M | $68M | $85M | $116M | $354M | $82M | $56M | $72M | $61M | $64M | |
| Capital Leases | $65M | $83M | $99M | $113M | $126M | $136M | $143M | $0 | · | $2M | $1M | $4M | |
| Other Non-current Liabilities | $9M | $7M | $5M | $8M | $4M | $9M | $768.0K | $10M | $6M | $7M | $10M | $15M | |
| Total Liabilities | $191M | $243M | $267M | $344M | $438M | $461M | $572M | $433M | $421M | $481M | $492M | $405M | |
| Common Stock | $2.0K | $1.0K | $19.0K | $19.0K | $19.0K | $18.0K | $17.0K | $17.0K | $15.0K | $15.0K | $13.0K | $13.0K | |
| Retained Earnings | $-3.76B | $-3.60B | $-3.48B | $-3.20B | $-2.83B | $-2.31B | $-1.86B | $-1.42B | $-2.12B | $-2.02B | $-1.87B | $-1.79B | |
| Treasury Stock | · | $3M | $0 | · | · | · | · | · | · | · | · | · | |
| AOCI | $17.0K | $61.0K | $80.0K | $-7M | $-4M | $-2M | $-1M | $-6M | $-2M | $-2M | $-2M | $-2M | |
| Stockholders' Equity | $90M | $61M | $131M | $367M | $680M | $1.08B | $1.41B | $1.72B | $88M | $88M | $6M | $36M | |
| Liabilities + Equity | $280M | $304M | $398M | $711M | $1.12B | $1.54B | $1.98B | $2.15B | $509M | $569M | $499M | $442M | |
| Shares Outstanding | 20,378,832 | 12,385,001 | 12,757,984 | 188,560,000 | 185,468,000 | 180,091,000 | 176,505,000 | 173,530,000 | 159,524,000 | 153,212,000 | 135,289,000 | 131,216,000 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $4M | $7M | $12M | $13M | $12M | $11M | $9M | $13M | $13M | $11M | $13M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | · | $17M | |
| Deferred Tax | $64.0K | $-10.0K | $-140.0K | $3M | $-102.0K | $-36.0K | $-21.0K | $93.0K | $35.0K | $-115.0K | $-22.0K | $-31.0K | |
| Other Non-cash | · | $-61M | $77M | $49M | $98M | $119M | $101M | $28M | $4M | · | · | · | |
| Operating Cash Flow | $-209M | $-176M | $-193M | $-304M | $-413M | $-313M | $-329M | $718M | $-80M | $-117M | $-73M | $-142M | |
| CapEx | $171.0K | $1M | $865.0K | $6M | $15M | $7M | $26M | $14M | $10M | $6M | $11M | $10M | |
| Investing Cash Flow | $-1M | $143M | $140M | $366M | $203M | $496M | $207M | $-1.38B | $-29M | $-82M | · | · | |
| Stock Repurchased | $0 | $3M | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $0 | $-3M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $181M | $42M | $30.0K | $2M | $36M | $-80M | $23M | $852M | $54M | $204M | · | · | |
| Net Change in Cash | $-29M | $9M | $-53M | $63M | $-174M | $103M | $-99M | $190M | $-55M | $4M | $43M | $-27M | |
| Taxes Paid | $-195.0K | $76.0K | $3M | $272.0K | $325.0K | $539.0K | $555.0K | $618.0K | $556.0K | $757.0K | $860.0K | $964.0K | |
| Free Cash Flow | $-209M | $-177M | $-193M | $-310M | $-428M | $-321M | $-355M | $704M | $-90M | $-123M | $-84M | · | |
| Levered FCF | · | · | · | $-310M | $-428M | $-327M | $-376M | $682M | $-112M | $-146M | $-103M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -253.7% | -106.9% | -292.6% | -408.6% | -437.8% | -278.0% | -383.9% | 57.6% | -19.4% | -68.2% | -12.7% | · | |
| Net Margin | -297.1% | -120.9% | -306.3% | -400.0% | -514.0% | -290.6% | -384.5% | 57.1% | -31.4% | -92.8% | -35.2% | · | |
| Pretax Margin | -297.3% | -121.1% | -306.5% | -396.5% | -513.5% | -290.3% | -383.9% | 57.2% | -31.2% | -92.3% | -35.0% | · | |
| EBITDA Margin | -253.7% | -102.7% | -284.8% | -395.4% | -425.0% | -269.8% | -374.3% | 58.4% | -15.3% | -68.2% | -12.7% | · | |
| ROA | -56.2% | -33.9% | -49.8% | -40.3% | -39.5% | -25.3% | -21.3% | 51.2% | -17.9% | -28.8% | -17.2% | · | |
| ROE | -500.1% | -217.0% | -190.2% | -94.5% | -70.7% | -39.5% | -30.4% | 38.9% | -109.9% | -324.7% | -379.7% | · | |
| ROIC | -155.8% | -172.9% | -201.2% | -103.5% | -65.7% | -39.5% | -31.4% | 40.0% | -68.3% | -128.8% | -459.7% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.0 | 4.3 | 6.5 | 8.0 | 9.3 | 9.8 | 4.0 | 17.5 | 5.8 | 5.9 | 5.7 | · | |
| Quick Ratio | 0.3 | 0.7 | 0.7 | 1.4 | 0.6 | 2.1 | 0.4 | 2.9 | 5.4 | 5.6 | 5.4 | · | |
| Interest Coverage | · | · | · | · | · | -62.1 | -20.6 | 31.9 | -2.7 | -5.0 | -1.6 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.9 | 0.6 | 0.3 | 0.5 | · | |
| Inventory Turnover | · | 3.8 | 1.9 | 1.2 | 1.6 | 1.4 | 1.8 | 2.2 | 2.8 | 2.7 | 2.8 | · | |
| Receivables Turnover | · | 163.4 | 25.1 | 6.5 | 3.3 | 4.0 | 2.9 | 49.5 | 29.7 | 9.3 | 19.6 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -43.9% | 9.2% | -2.1% | -9.7% | -33.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -15.7% | -1.1% | -16.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -18.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $55M | $98M | $90M | $92M | $102M | $153M | $115M | $1.19B | $308M | $165M | $231M | $201M | |
| Net Income TTM | $-164M | $-119M | $-276M | $-368M | $-524M | $-444M | $-441M | $681M | $-97M | $-154M | $-81M | $-54M | |
| Market Cap | $862M | $2.59B | $1.61B | $6.39B | $37.59B | $45.92B | $57.16B | $85.56B | $142.90B | $28.20B | $34.19B | · | |
| P/E | -4.3 | -1.6 | -5.8 | -17.2 | -70.9 | -102.4 | -128.5 | 130.4 | -1444.8 | -167.3 | -414.3 | -516.7 | |
| P/S | 15.6 | 26.3 | 17.8 | 69.4 | 368.8 | 300.3 | 498.7 | 71.7 | 464.4 | 170.5 | 148.2 | · | |
| P/B | 9.6 | 42.7 | 12.3 | 17.4 | 55.3 | 42.6 | 40.7 | 49.8 | 1627.1 | 320.0 | 5318.8 | · | |
| P / Tangible Book | 9.6 | 42.7 | 12.3 | 22.0 | 62.3 | 45.9 | · | · | · | · | · | · | |
| P / Cash Flow | -4.1 | -14.7 | -8.3 | -21.0 | -91.1 | -146.6 | -173.9 | 119.1 | -1777.1 | -241.0 | -467.9 | · | |
| P / FCF | -4.1 | -14.6 | -8.3 | -20.6 | -87.9 | -143.3 | -161.0 | 121.5 | -1586.2 | -228.5 | -405.7 | · | |
| Earnings Yield | -23.0% | -62.2% | -17.3% | -5.8% | -1.4% | -0.98% | -0.78% | 0.77% | -0.07% | -0.60% | -0.24% | -0.19% |
Income Statement 16
| 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 | $10M | $11M | $22M | $12M | $11M | $10M | $29M | $24M | $23M | $22M | $24M | $24M | $20M | $22M | $22M | $24M | |
| Cost of Revenue | · | · | $0 | $0 | $0 | $0 | $8M | $4M | $10M | $9M | $7M | $12M | $7M | $7M | $6M | $5M | |
| R&D Expense | $39M | $36M | $30M | $27M | $30M | $30M | $29M | $35M | $30M | $27M | $30M | $24M | $30M | $30M | $35M | $34M | |
| SG&A Expense | $13M | $13M | $11M | $16M | $17M | $24M | $17M | $19M | $21M | $20M | $17M | $21M | $18M | $21M | $22M | $23M | |
| Operating Expenses | $52M | $50M | $49M | $43M | $47M | $55M | $15M | $58M | $73M | $57M | $57M | $69M | $71M | $156M | $74M | $78M | |
| Operating Income | $-42M | $-39M | $-28M | $-32M | $-36M | $-45M | $14M | $-34M | $-50M | $-35M | $-34M | $-45M | $-51M | $-135M | $-52M | $-54M | |
| Interest Income | $9M | $4M | $3M | $3M | $2M | $3M | $3M | $3M | $4M | $4M | $5M | $5M | $5M | $4M | · | · | |
| Other Non-op | $-100.0K | $-336.0K | $-44.0K | $-121.0K | $260.0K | $266.0K | $-135.0K | $-120.0K | $-36.0K | $-99.0K | $-6M | $-335.0K | $736.0K | $-301.0K | $-4M | $2M | |
| Pretax Income | $-40M | $-43M | $-43M | $-35M | $-39M | $-46M | $7M | $-37M | $-52M | $-37M | $-42M | $-46M | $-51M | $-137M | $-57M | $-59M | |
| Income Tax | $2.0K | $64.0K | $31.0K | $-33.0K | $-188.0K | $52.0K | $-259.0K | $9.0K | $46.0K | $-35.0K | $-29.0K | $-61.0K | $-47.0K | $-63.0K | $3M | $-155.0K | |
| Net Income | $-41M | $-45M | $-36M | $-36M | $-42M | $-51M | $7M | $-37M | $-52M | $-37M | $-42M | $-46M | $-51M | $-137M | $-60M | $-59M | |
| EPS (Basic) | $-1.23 | $-1.82 | $-4.67 | $-1.87 | $-2.95 | $-3.62 | $-2.07 | $-2.66 | $-3.76 | $-0.19 | $-0.21 | $-0.24 | $-0.27 | $-0.73 | $-0.32 | $-0.31 | |
| EPS (Diluted) | $-1.23 | $-1.82 | $-4.67 | $-1.87 | $-2.95 | $-3.62 | $-2.07 | $-2.66 | $-3.76 | $-0.19 | $-0.21 | $-0.24 | $-0.27 | $-0.73 | $-0.32 | $-0.31 | |
| Shares (Basic) | 33,054,865 | 24,736,066 | -227,086,936 | 18,946,559 | 14,087,307 | 14,063,402 | -208,906,454 | 13,949,851 | 13,921,378 | 194,746,000 | -378,936,000 | 190,406,000 | 189,656,000 | 188,875,000 | -373,151,000 | 187,641,000 | |
| Shares (Diluted) | 33,054,865 | 24,736,066 | -227,086,936 | 18,946,559 | 14,087,307 | 14,063,402 | -208,906,454 | 13,949,851 | 13,921,378 | 194,746,000 | -378,936,000 | 190,406,000 | 189,656,000 | 188,875,000 | -373,151,000 | 187,641,000 | |
| EBITDA | $-42M | $-39M | · | $-32M | $-36M | $-45M | · | $-34M | $-50M | $-35M | · | $-45M | $-51M | $-135M | · | $-54M |
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 | $39M | $150M | $15M | $41M | $43M | $39M | $44M | $30M | $28M | $49M | $35M | $65M | $51M | $77M | $88M | $106M | |
| Receivables | · | · | · | · | · | · | · | $0 | $1M | $4M | $1M | $2M | $1M | $3M | $6M | $12M | |
| Inventory | · | · | $0 | · | · | · | $0 | $0 | $14M | $16M | $16M | $15M | $21M | $20M | $19M | $19M | |
| Other Current Assets | $55M | $20M | $21M | $11M | $11M | $11M | $6M | $9M | $8M | $11M | $10M | $9M | $10M | $11M | $16M | $23M | |
| Current Assets | $739M | $589M | $266M | $281M | $187M | $230M | $261M | $286M | $295M | $320M | $331M | $399M | $441M | $491M | $546M | $599M | |
| PP&E (Net) | · | · | $2M | $3M | $3M | $3M | $3M | $4M | $15M | $17M | $19M | $20M | $23M | $27M | $32M | $37M | |
| Accum. Depreciation | · | · | · | · | · | · | · | $16M | $88M | · | $87M | $88M | $108M | $111M | $125M | · | |
| Goodwill | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $77M | $77M | |
| Other Non-current Assets | $17M | $11M | $6M | $5M | $5M | $5M | $5M | $5M | $4M | $5M | $5M | $5M | $2M | $1M | $2M | $2M | |
| Total Assets | $1.10B | $763M | $280M | $301M | $208M | $256M | $304M | $308M | $343M | $396M | $398M | $442M | $494M | $562M | $711M | $781M | |
| Accounts Payable | $25M | $10M | $11M | $16M | $14M | $18M | $12M | $9M | $6M | $9M | $10M | $3M | $3M | $4M | $13M | $5M | |
| Accrued Liabilities | $23M | $25M | $22M | $29M | $35M | $31M | $30M | $32M | $30M | $24M | $22M | $30M | $29M | $37M | $37M | · | |
| Current Liabilities | $71M | $58M | $54M | $66M | $71M | $71M | $61M | $68M | $57M | $52M | $51M | $52M | $51M | $60M | $68M | $84M | |
| Capital Leases | $56M | $61M | $65M | $70M | $74M | $78M | $83M | $87M | $91M | $95M | $99M | $102M | $106M | $109M | $113M | $116M | |
| Other Non-current Liabilities | $8M | $8M | $9M | $5M | $6M | $7M | $7M | $7M | $8M | $4M | $5M | $5M | $5M | $6M | $8M | $3M | |
| Total Liabilities | $192M | $187M | $191M | $216M | $232M | $243M | $243M | $259M | $264M | $269M | $267M | $283M | $297M | $321M | $344M | $369M | |
| Common Stock | $3.0K | $3.0K | $2.0K | $2.0K | $1.0K | $19.0K | $1.0K | $19.0K | $19.0K | $19.0K | $19.0K | $19.0K | $19.0K | $19.0K | $19.0K | $19.0K | |
| Retained Earnings | $-3.85B | $-3.81B | $-3.76B | $-3.72B | $-3.69B | $-3.65B | $-3.60B | $-3.60B | $-3.57B | $-3.51B | $-3.48B | $-3.44B | $-3.39B | $-3.34B | $-3.20B | $-3.14B | |
| Treasury Stock | · | · | · | $0 | $3M | $3M | $3M | $3M | $3M | $3M | · | · | · | · | · | · | |
| AOCI | $-2M | $-1M | $17.0K | $56.0K | $-14.0K | $39.0K | $61.0K | $355.0K | $-494.0K | $-403.0K | $80.0K | $-6M | $-6M | $-6M | $-7M | $-8M | |
| Stockholders' Equity | $903M | $576M | $90M | $85M | $-24M | $14M | $61M | $49M | $80M | $127M | $131M | $159M | $197M | $241M | $367M | $412M | |
| Liabilities + Equity | $1.10B | $763M | $280M | $301M | $208M | $256M | $304M | $308M | $343M | $396M | $398M | $442M | $494M | $562M | $711M | $781M | |
| Shares Outstanding | 20,378,832 | 20,378,832 | 20,378,832 | 19,652,513 | 12,457,252 | 186,103,000 | 12,385,001 | 184,458,000 | 184,061,000 | 183,624,000 | 191,384,000 | 190,771,000 | 190,119,000 | 189,235,000 | 188,560,000 | 187,954,000 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $156.0K | $151.0K | $190.0K | $196.0K | $214.0K | $426.0K | $332.0K | $993.0K | $1M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | |
| Deferred Tax | · | · | · | · | · | · | $2.0K | $-31.0K | $57.0K | $-38.0K | $2M | $-15.0K | $-27.0K | $-2M | $3M | $0 | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $17M | |
| Operating Cash Flow | $-76M | $-44M | $-65M | $-49M | $-46M | $-49M | $-46M | $-44M | $-38M | $-48M | $-47M | $-42M | $-52M | $-52M | $-58M | $-83M | |
| CapEx | $94.0K | $18.0K | $18.0K | $114.0K | $37.0K | $2.0K | $459.0K | $666.0K | $186.0K | $157.0K | $237.0K | $33.0K | $162.0K | $433.0K | $512.0K | $181.0K | |
| Investing Cash Flow | $-399M | $-351M | $372.0K | $-95M | $50M | $44M | $60M | $46M | $17M | $19M | $17M | $56M | $25M | $41M | $40M | $111M | |
| Stock Repurchased | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $-3M | · | · | · | · | · | · | |
| Financing Cash Flow | $365M | $530M | $39M | $142M | $211.0K | $7.0K | $83.0K | $13.0K | $19.0K | $42M | $12.0K | $0 | $18.0K | $0 | $103.0K | $0 | |
| Net Change in Cash | $-110M | $134M | $-26M | $-2M | $4M | $-5M | $14M | $2M | $-21M | $13M | $-30M | $14M | $-26M | $-11M | $-18M | $28M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | · | $272.0K | $-85.0K | |
| Free Cash Flow | · | $-44M | · | · | · | $-49M | · | · | · | $-48M | · | · | · | $-52M | · | · |
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 | -417.9% | -359.6% | · | -268.6% | -324.2% | -425.8% | · | -142.4% | -211.9% | -163.7% | · | -185.8% | -246.8% | -623.8% | · | -229.9% | |
| Net Margin | -401.0% | -413.4% | · | -301.3% | -372.2% | -486.4% | · | -153.6% | -222.9% | -170.1% | · | -189.8% | -249.4% | -634.5% | · | -249.9% | |
| Pretax Margin | -397.8% | -396.7% | · | -297.0% | -352.5% | -443.3% | · | -153.6% | -222.7% | -170.2% | · | -190.1% | -249.6% | -634.8% | · | -250.6% | |
| EBITDA Margin | -417.9% | -359.6% | · | -268.6% | -324.2% | -425.8% | · | -142.4% | -211.9% | -163.7% | · | -185.8% | -246.8% | -623.8% | · | -229.9% | |
| ROA | -6.2% | -8.8% | · | -11.7% | -15.1% | -15.6% | · | -9.9% | -12.5% | -7.7% | · | -7.5% | -7.5% | -17.3% | · | -5.7% | |
| ROE | -9.2% | -15.2% | · | -53.0% | -150.0% | -72.5% | · | -35.6% | -37.9% | -20.0% | · | -16.0% | -15.6% | -32.3% | · | -9.7% | |
| ROIC | -4.7% | -6.8% | · | -37.2% | 148.9% | -324.5% | · | -70.3% | -62.5% | -27.9% | · | -28.1% | -25.7% | -55.9% | · | -13.1% |
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 | 10.4 | 10.2 | · | 4.2 | 2.6 | 3.2 | · | 4.2 | 5.1 | 6.1 | · | 7.7 | 8.7 | 8.2 | · | 7.1 | |
| Quick Ratio | 0.6 | 2.6 | · | 0.6 | 0.6 | 0.5 | · | 0.4 | 0.5 | 1.0 | · | 1.3 | 1.0 | 1.3 | · | 1.4 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | · | · | · | · | · | · | · | 0.6 | 0.6 | 0.5 | · | 0.7 | 0.4 | 0.4 | · | 0.3 | |
| Receivables Turnover | · | · | · | · | · | · | · | 21.9 | 18.6 | 6.5 | · | 3.5 | 3.6 | 1.3 | · | 1.2 |
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 | $44M | $44M | · | $58M | $69M | $80M | · | $93M | $90M | $88M | · | $90M | $87M | $92M | · | $95M | |
| Net Income TTM | $-163M | $-173M | · | $-165M | $-182M | $-177M | · | $-172M | $-186M | $-271M | · | $-293M | $-406M | $-446M | · | $-454M | |
| Market Cap | $1.42B | $1.47B | · | $1.12B | $322M | $1.90B | · | $3.60B | $3.42B | $2.56B | · | $1.72B | $1.65B | $1.99B | · | $9.02B | |
| P/E | -8.9 | -7.0 | · | -7.4 | -2.7 | -1.5 | · | -2.8 | -4.2 | -9.8 | · | -5.8 | -4.0 | -4.4 | · | -0.1 | |
| P/S | 32.4 | 33.1 | · | 19.4 | 4.6 | 23.8 | · | 38.5 | 38.1 | 29.1 | · | 19.1 | 18.9 | 21.7 | · | 94.9 | |
| P/B | 1.6 | 2.5 | · | 13.1 | -13.3 | 138.2 | · | 73.6 | 43.0 | 20.2 | · | 10.8 | 8.4 | 8.2 | · | 21.9 | |
| P / Tangible Book | 1.6 | 2.5 | · | 13.1 | · | 138.2 | · | 73.6 | 43.0 | 20.2 | · | 10.8 | 8.4 | 8.2 | · | 26.9 | |
| P / Cash Flow | · | -33.1 | · | · | · | -38.7 | · | · | · | -53.5 | · | · | · | -38.3 | · | · | |
| P / FCF | · | -33.1 | · | · | · | -38.7 | · | · | · | -53.3 | · | · | · | -38.0 | · | · | |
| Earnings Yield | -11.3% | -14.3% | · | -13.6% | -37.2% | -67.2% | · | -35.1% | -24.0% | -10.2% | · | -17.2% | -24.8% | -22.7% | · | -1649.3% |
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 | $55M | $98M | $90M | $92M | $102M |
| Operating Margin % | -253.7% | -106.9% | -292.6% | -408.6% | -437.8% |
| Net Income | $-164M | $-119M | $-276M | $-368M | $-524M |
| Diluted EPS | $-9.73 | $-8.68 | $-1.45 | $-1.97 | $-2.86 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 5.0 | 4.3 | 6.5 | 8.0 | 9.3 |
| Quick Ratio | 0.3 | 0.7 | 0.7 | 1.4 | 0.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-209M | $-177M | $-193M | $-310M | $-428M |
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Institutional owners (13F) 269 filers · $2.1B 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 |
|---|---|---|---|---|
| 88 (+20 vs prior Q) | 41 (+9 vs prior Q) | 91 (+21 vs prior Q) | 48 (-8 vs prior Q) | +8.5M |
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 |
|---|---|---|---|---|
| Two Seas Capital LP | $215,868,856 | 3,092,234 | 10.35% | Shares |
| FMR LLC | $192,088,149 | 2,751,585 | 9.21% | Shares |
| BVF INC/IL | $166,920,946 | 2,391,075 | 8.00% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $104,495,029 | 1,496,849 | 5.01% | Shares |
| TWO SIGMA INVESTMENTS, LP | $83,911,899 | 1,202,004 | 4.02% | Shares |
| Vestal Point Capital, LP | $69,810,000 | 1,000,000 | 3.35% | Shares |
| STATE STREET CORP | $63,504,691 | 909,679 | 3.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $57,502,497 | 823,700 | 2.76% | Call option |
| Prosight Management, LP | $56,546,100 | 810,000 | 2.71% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $52,759,799 | 755,586 | 2.53% | Shares |
| ARMISTICE CAPITAL, LLC | $50,542,440 | 724,000 | 2.42% | Shares |
| GILDER GAGNON HOWE & CO LLC | $41,946,944 | 600,873 | 2.01% | Shares |
| MILLENNIUM MANAGEMENT LLC | $33,377,557 | 478,120 | 1.60% | Shares |
| BRAIDWELL LP | $33,063,203 | 473,617 | 1.59% | Shares |
| Sofinnova Investments, Inc. | $32,933,775 | 471,763 | 1.58% | Shares |
| Woodline Partners LP | $32,871,784 | 470,875 | 1.58% | Shares |
| ORBIMED ADVISORS LLC | $32,485,804 | 465,346 | 1.56% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $27,540,045 | 394,500 | 1.32% | Put option |
| EMERALD ADVISERS, LLC | $27,236,930 | 390,158 | 1.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $24,331,577 | 348,540 | 1.17% | Shares |
| DAFNA Capital Management LLC | $22,226,108 | 318,380 | 1.07% | Shares |
| Deep Track Capital, LP | $20,943,000 | 300,000 | 1.00% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $19,893,826 | 284,971 | 0.95% | Shares |
| 22NW, LP | $19,624,638 | 281,115 | 0.94% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $19,475,384 | 278,977 | 0.93% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $19,047,658 | 272,850 | 0.91% | Shares |
| Nearwater Capital Markets, Ltd | $18,255,315 | 261,500 | 0.88% | Shares |
| BARCLAYS PLC | $17,968,815 | 257,396 | 0.86% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $17,842,528 | 255,587 | 0.86% | Shares |
| ADAR1 Capital Management, LLC | $17,046,485 | 244,184 | 0.82% | Shares |
| Creek Drive Management Group LLC | $16,963,830 | 243,000 | 0.81% | Shares |
| SEVEN GRAND MANAGERS, LLC | $16,754,400 | 240,000 | 0.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $16,724,731 | 239,575 | 0.80% | Shares |
| NORGES BANK | $15,030,093 | 215,300 | 0.72% | Shares |
| Bronte Capital Management Pty Ltd. | $13,852,678 | 198,434 | 0.66% | Shares |
| TWO SIGMA ADVISERS, LP | $13,039,744 | 308,414 | 0.63% | Shares |
| CITADEL ADVISORS LLC | $12,251,655 | 175,500 | 0.59% | Put option |
| GREAT POINT PARTNERS LLC | $12,216,750 | 175,000 | 0.59% | Shares |
| Caption Management, LLC | $11,944,491 | 171,100 | 0.57% | Call option |
| MILLENNIUM MANAGEMENT LLC | $11,867,700 | 170,000 | 0.57% | Call option |
| CITADEL ADVISORS LLC | $11,434,878 | 163,800 | 0.55% | Call option |
| AMERIPRISE FINANCIAL INC | $11,050,085 | 158,288 | 0.53% | Shares |
| Quinn Opportunity Partners LLC | $10,686,236 | 153,076 | 0.51% | Shares |
| GOLDMAN SACHS GROUP INC | $10,011,801 | 143,415 | 0.48% | Shares |
| Rhenman & Partners Asset Management AB | $9,860,662 | 141,250 | 0.47% | Shares |
| Qube Research & Technologies Ltd | $9,111,671 | 130,521 | 0.44% | Shares |
| LMR Partners LLP | $9,075,300 | 130,000 | 0.44% | Put option |
| Soleus Capital Management, L.P. | $8,960,951 | 128,362 | 0.43% | Shares |
| Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. | $8,570,364 | 122,767 | 0.41% | Shares |
| Stonepine Capital Management, LLC | $8,422,856 | 120,654 | 0.40% | Shares |
| SummitTX Capital, L.P. | $7,883,923 | 112,934 | 0.38% | Shares |
| APEIRON CAPITAL Ltd | $7,429,948 | 106,431 | 0.36% | Shares |
| CITIGROUP INC | $7,034,824 | 100,771 | 0.34% | Shares |
| ING GROEP NV | $6,981,000 | 100,000 | 0.33% | Shares |
| LMR Partners LLP | $6,981,000 | 100,000 | 0.33% | Shares |
| Susquehanna Portfolio Strategies, LLC | $6,685,704 | 95,770 | 0.32% | Shares |
| Militia Capital Management LLC | $6,282,900 | 90,000 | 0.30% | Shares |
| ACT CAPITAL MANAGEMENT, LLC | $6,234,033 | 89,300 | 0.30% | Shares |
| Tetragon Partners GP Ltd | $6,073,191 | 86,996 | 0.29% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $5,941,529 | 85,110 | 0.28% | Shares |
| Birchview Capital, LP | $5,654,610 | 81,000 | 0.27% | Shares |
| BlackRock, Inc. | $5,444,412 | 77,989 | 0.26% | Shares |
| GROUP ONE TRADING LLC | $4,912,600 | 70,371 | 0.24% | Shares |
| ALGERT GLOBAL LLC | $4,686,345 | 67,130 | 0.22% | Shares |
| Moody Aldrich Partners LLC | $4,477,264 | 64,135 | 0.21% | Shares |
| WOLVERINE TRADING, LLC | $4,330,620 | 73,500 | 0.21% | Put option |
| Swiss National Bank | $4,300,296 | 61,600 | 0.21% | Shares |
| F/m Investments LLC | $4,229,439 | 60,585 | 0.20% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,227,764 | 60,561 | 0.20% | Shares |
| ExodusPoint Capital Management, LP | $4,084,374 | 58,507 | 0.20% | Shares |
| Trexquant Investment LP | $3,956,831 | 56,680 | 0.19% | Shares |
| K2 PRINCIPAL FUND, L.P. | $3,522,962 | 50,465 | 0.17% | Shares |
| WOLVERINE TRADING, LLC | $3,403,101 | 57,758 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $3,008,381 | 43,094 | 0.14% | Shares |
| MORGAN STANLEY | $2,943,050 | 42,158 | 0.14% | Shares |
| Voleon Capital Management LP | $2,850,901 | 40,838 | 0.14% | Shares |
| Anson Funds Management LP | $2,829,748 | 40,535 | 0.14% | Shares |
| Atom Investors LP | $2,828,631 | 40,519 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $2,792,808 | 47,400 | 0.13% | Call option |
| Burkehill Global Management, LP | $2,792,400 | 40,000 | 0.13% | Shares |
| NOMURA HOLDINGS INC | $2,792,400 | 40,000 | 0.13% | Put option |
| IRIDIAN ASSET MANAGEMENT LLC/CT | $2,708,768 | 38,802 | 0.13% | Shares |
| NOMURA HOLDINGS INC | $2,698,645 | 38,657 | 0.13% | Shares |
| Jefferies Financial Group Inc. | $2,664,299 | 38,165 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,590,200 | 36,000 | 0.12% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,575,780 | 36,897 | 0.12% | Shares |
| ALPS ADVISORS INC | $2,386,664 | 34,188 | 0.11% | Shares |
| FRED ALGER MANAGEMENT, LLC | $2,350,712 | 33,673 | 0.11% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,345,616 | 33,600 | 0.11% | Call option |
| Bank of New York Mellon Corp | $2,306,522 | 33,040 | 0.11% | Shares |
| Ghisallo Capital Management LLC | $2,233,920 | 32,000 | 0.11% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,063,670 | 28,682 | 0.10% | Shares |
| Blackstone Inc. | $2,002,011 | 28,678 | 0.10% | Shares |
| KVP Capital Advisors, LP | $1,877,889 | 26,900 | 0.09% | Shares |
| Ishara Investments LP | $1,860,437 | 26,650 | 0.09% | Shares |
| Erste Asset Management GmbH | $1,830,920 | 28,000 | 0.09% | Shares |
| Caption Management, LLC | $1,822,041 | 26,100 | 0.09% | Put option |
| WINTON GROUP Ltd | $1,808,079 | 25,900 | 0.09% | Shares |
| K2 PRINCIPAL FUND, L.P. | $1,745,250 | 25,000 | 0.08% | Call option |
| Empowered Funds, LLC | $1,636,416 | 23,441 | 0.08% | Shares |
Company insiders 40 insiders · 20 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Howard W Robin | President & CEO | July 24, 2026 A | 55,045 | 0 | 20 | $-2,224,055 |
| Jillian B. Thomsen | Chief Financial Officer | Feb. 16, 2023 S | 313,497 | 0 | 0 | $0 |
| Gil M Labrucherie | SVP, COO & CFO | May 16, 2022 S | 312,905 | 0 | 0 | $0 |
| Timothy Harkness | SVP & Chief Financial Officer | Aug. 23, 2007 A | — | 0 | 0 | $0 |
| Louis Drapeau | Sr. VP Finance, CFO | May 14, 2007 A | 6,000 | 0 | 0 | $0 |
| Milton J Harris | President of Nektar AL | March 4, 2004 S | 743,904 | 0 | 0 | $0 |
| John Nicholson | SVP & Chief Operating Officer | Aug. 16, 2019 S | 162,759 | 0 | 0 | $0 |
| Bharat M Chowrira | Chief Operating Officer | Feb. 1, 2010 A | — | 0 | 0 | $0 |
| Jonathan Zalevsky | Chief R&D Officer | July 24, 2026 A | 9,756 | 0 | 12 | $-1,052,364 |
| Mark Andrew Wilson | Chief Legal Officer | Nov. 21, 2025 A | 21,585 | 0 | 2 | $-52,171 |
| John Northcott | SVP & Chief Commercial Officer | May 16, 2022 S | 223,210 | 0 | 0 | $0 |
| Stephen K Doberstein | SVP & Chief Scientific Officer | Sept. 5, 2019 P | 107,668 | 0 | 0 | $0 |
| Maninder Hora | SVP Pharma Dev & Mfg Ops | May 16, 2019 S | 94,694 | 0 | 0 | $0 |
| Ivan P. Gergel | SVP & Chief Medical Officer | Nov. 15, 2017 A | 56,553 | 0 | 0 | $0 |
| Robert Medve | SVP & Chief Medical Officer | Feb. 5, 2014 A | — | 0 | 0 | $0 |
| Rinko Ghosh | Chief Business Officer | Feb. 6, 2013 A | 9,753 | 0 | 0 | $0 |
| Randall W Moreadith | SVP Drug Development | Feb. 23, 2009 A | — | 0 | 0 | $0 |
| John Stuart Patton | Chief Scientific Officer | Nov. 14, 2008 M | 313,880 | 0 | 0 | $0 |
| Nevan C Elam | SVP & Head of Pulmonary Bus | Feb. 25, 2008 A | 1,400 | 0 | 0 | $0 |
| David Johnston | SVP, Research & Development | May 14, 2007 D | 6,600 | 0 | 0 | $0 |
| Diana Brainard | Director | Sept. 30, 2025 A | 28,560 | 0 | 0 | $0 |
| Jeffrey Robert Ajer | Director | Sept. 30, 2025 A | 34,153 | 0 | 0 | $0 |
| Robert Chess | Director | Sept. 30, 2025 A | 255,273 | 0 | 0 | $0 |
| Scott R Greer | Director | Sept. 30, 2025 A | 303,574 | 0 | 0 | $0 |
| Roy A Whitfield | Director | Sept. 30, 2025 A | 216,250 | 0 | 0 | $0 |
| Myriam Curet | Director | Sept. 19, 2023 A | 27,418 | 0 | 0 | $0 |
| Karin Eastham | Director | Sept. 16, 2022 A | 23,233 | 0 | 0 | $0 |
| Lutz Lingnau | Director | Sept. 22, 2020 A | 35,800 | 0 | 0 | $0 |
| Christopher A Kuebler | Director | Sept. 27, 2018 A | 45,250 | 0 | 0 | $0 |
| Dennis L Winger | Director | Aug. 21, 2018 M | 42,750 | 0 | 0 | $0 |
| Joseph J Krivulka | Director | Sept. 19, 2017 A | 82,000 | 0 | 0 | $0 |
| Susan Wang | Director | Nov. 20, 2015 M | 20,000 | 0 | 0 | $0 |
| BROWN MICHAEL A/CA | Director | Sept. 15, 2009 A | 10,000 | 0 | 0 | $0 |
| Hoyoung Huh | Director | Dec. 2, 2008 A | — | 0 | 0 | $0 |
| Irwin Lerner | Director | Dec. 2, 2008 A | 10,000 | 0 | 0 | $0 |
| James B Glavin | Director | Sept. 4, 2003 A | — | 0 | 0 | $0 |
| Masuoka K. Lorianne | — | Feb. 8, 2011 A | — | 0 | 0 | $0 |
| Ajit Gill | President & CEO | March 23, 2006 S | 87,991 | 0 | 0 | $0 |
| Ajay Bansal | — | March 10, 2006 S | 5,166 | 0 | 0 | $0 |
| Melvin Perelman | — | Sept. 2, 2004 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Nektar Therapeutics ( | Aug. 22, 2005 | — | Initial filing | M&A / sale | 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 28 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. | 3.14% | 50,876 NS | May 31, 2026 | N-PORT |
| SPIT · RBB Fund, Inc. | 3.11% | 10,455 NS | April 30, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 1.55% | 2,353 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 1.15% | 5,045 NS | April 30, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.58% | 1,726 SH | Aug. 8, 2026 | Daily |
| IHE · iShares Trust | 0.55% | 120,730 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.16% | 59,612 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.14% | 278,376 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.13% | 33,135 SH | Aug. 8, 2026 | Daily |
| TMFX · RBB Fund, Inc. | 0.09% | 455 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.08% | 877,973 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.07% | 198,365 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.07% | 6,414 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 151,830 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 11,131 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 1,294 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 387,471 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 92,340 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 1,887 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 3,096 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 32,466 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 6,903 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 48,124 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 9,139 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 770 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 18,540 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,075,430 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,837 SH | Aug. 8, 2026 | Daily |