NPCE Neuropace, Inc. - Common Stock
$15.08
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026
52W Range
$8–$20
60% of range
Analyst Rating
BUY
15 analysts
Price Target
$20
+34% upside
P/E (TTM)
-23.1
ROE
-111.6%
Net Profit Margin
-21.5%
About Neuropace, Inc. - Common Stock Company overview from Wikipedia
NPCE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.08
Market Cap
$511M
P/E (TTM)
-23.1
EPS (TTM)
$-0.66
Revenue (TTM)
$100M
Div Yield
—
ROE
-111.6%
Debt/Equity
3.1
52W Range
$8 – $20
NPCE 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
$100M
2020-12-31
→
2025-12-31
EPS
$-0.66
2020-12-31
→
2025-12-31
Free Cash Flow
$-11M
2021-12-31
→
2025-12-31
Margins
-21.5%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NPCE
Peer Median
P/E (TTM)
-23.1
32.9
P/S (TTM)
5.1
4.6
P/B
26.9
3.5
EV / EBITDA
-31.2
—
Price / FCF
-45.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NPCE
Peer Median
Gross Margin
77.2%
66.5%
Operating Margin
-16.3%
—
Net Profit Margin
-21.5%
-9.8%
ROA
-21.4%
-8.8%
ROE
-111.6%
-15.5%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NPCE
Peer Median
Debt / Equity
3.1
—
Current Ratio
5.3
4.8
Quick Ratio
4.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NPCE
Peer Median
Revenue YoY
25.1%
—
Revenue CAGR 3Y
30.0%
—
Revenue CAGR 5Y
19.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NPCE
Peer Median
NPCE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 4 26.7%
- Buy 10 66.7%
- Hold 1 6.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-16
Median
$20.00
← Below all targets
$15.08
Low
$18.00
High
$22.00
Median target
$20.00
+32.6%
Mean target
$20.22
+34.1%
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 | $-0.20 | $-0.23 | 0.03% |
| Dec. 31, 2025 | $-0.08 | $-0.15 | 0.07% |
| Sept. 30, 2025 | $-0.11 | $-0.20 | 0.09% |
| June 30, 2025 | $-0.26 | $-0.23 | -0.03% |
| March 31, 2025 | $-0.21 | $-0.25 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NPCE | $518M | -23.4 | 25.1% | -21.5% | -111.6% | 77.2% |
| ANGO | $479M | -13.0 | 9.5% | -11.5% | -21.2% | 54.6% |
| DCTH | $350M | 144.3 | 129.1% | 3.2% | 2.5% | 86.2% |
| TCMD | $651M | 35.4 | 12.5% | 5.8% | 9.2% | 75.9% |
| VREX | $498M | -7.0 | 4.1% | -8.3% | -14.0% | 34.4% |
| CLPT | $402M | -15.2 | 17.8% | -69.1% | -106.9% | 61.4% |
| SGHT | $424M | -10.7 | -3.1% | -49.7% | -57.4% | 86.2% |
| SENS | $228M | -3.3 | 56.9% | -196.0% | -88.7% | 44.7% |
| SI | $295M | -3.1 | 49.6% | -85.3% | -129.1% | 76.5% |
| OFIX | $604M | -6.5 | 2.9% | -11.2% | -20.3% | 68.8% |
| ABT | $250.18B | 33.7 | 5.7% | 14.7% | 13.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $100M | $80M | $65M | $46M | $45M | $41M | |
| Cost of Revenue | $23M | $21M | $17M | $13M | $12M | $11M | |
| Gross Profit | $77M | $59M | $48M | $32M | $33M | $30M | |
| R&D Expense | $28M | $24M | $21M | $22M | $18M | $16M | |
| SG&A Expense | $19M | $17M | $55M | $51M | $39M | $28M | |
| Operating Expenses | $94M | $81M | $75M | $73M | $57M | $43M | |
| Operating Income | $-16M | $-22M | $-27M | $-41M | $-24M | $-13M | |
| Interest Expense | · | · | $9M | $8M | $7M | $11M | |
| Interest Income | $3M | $3M | $3M | $2M | $448.0K | $41.0K | |
| Other Non-op | $-486.0K | $304.0K | $-315.0K | $-337.0K | $-5M | $218.0K | |
| Income Tax | $0 | · | · | · | · | · | |
| Net Income | $-21M | $-27M | $-33M | $-47M | $-36M | $-24M | |
| EPS (Basic) | $-0.66 | $-0.93 | $-1.27 | $-1.91 | $-2.17 | $-117.85 | |
| EPS (Diluted) | $-0.66 | $-0.93 | $-1.27 | $-1.91 | $-2.17 | $-117.85 | |
| Shares (Basic) | 32,722,438 | 29,126,314 | 25,851,813 | 24,594,784 | 16,608,800 | 204,068 | |
| Shares (Diluted) | 32,722,438 | 29,126,314 | 25,851,813 | 24,594,784 | 16,608,800 | 204,068 | |
| EBITDA | $-16M | $-22M | $-27M | $-41M | $-24M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22M | $13M | $18M | $7M | $19M | $26M | |
| Short-term Investments | $39M | $39M | $48M | $71M | $96M | $12M | |
| Receivables | $13M | $13M | $12M | $7M | $7M | $8M | |
| Inventory | $15M | $13M | $11M | $10M | $8M | $7M | |
| Prepaid Expense | $1M | $2M | $3M | $3M | $2M | $1M | |
| Current Assets | $94M | $81M | $93M | $98M | $133M | $55M | |
| PP&E (Net) | $1M | $1M | $1M | $1M | $603.0K | $515.0K | |
| PP&E (Gross) | $9M | $9M | $9M | $10M | $9M | $9M | |
| Accum. Depreciation | $8M | $8M | $8M | $9M | $8M | $8M | |
| Other Non-current Assets | $113.0K | $15.0K | $15.0K | $21.0K | $21.0K | $23.0K | |
| Total Assets | $106M | $95M | $108M | $114M | $134M | $56M | |
| Accounts Payable | $2M | $3M | $2M | $2M | $1M | $949.0K | |
| Accrued Liabilities | $13M | $10M | $11M | $7M | $8M | $7M | |
| Current Liabilities | $18M | $15M | $16M | $11M | $9M | $10M | |
| Capital Leases | $10M | $12M | $14M | $15M | $0 | · | |
| Other Non-current Liabilities | · | · | · | · | $0 | $274.0K | |
| Total Liabilities | $87M | $87M | $87M | $79M | $60M | $62M | |
| Long-term Debt | · | · | · | · | $50M | $53M | |
| Total Debt | $59M | $60M | $57M | $53M | $50M | · | |
| Common Stock | $34.0K | $30.0K | $28.0K | $25.0K | $24.0K | $0 | |
| Paid-in Capital | $571M | $539M | $524M | $507M | $498M | $240M | |
| Retained Earnings | $-552M | $-531M | $-504M | $-471M | $-424M | $-388M | |
| AOCI | · | · | $0 | $-1M | $-272.0K | $33.0K | |
| Stockholders' Equity | $19M | $8M | $21M | $35M | $74M | $-148M | |
| Liabilities + Equity | $106M | $95M | $108M | $114M | $134M | $56M | |
| Shares Outstanding | 33,574,759 | 30,145,039 | 27,823,465 | 25,045,751 | 24,452,999 | 314,096 |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $11M | $10M | $10M | $8M | $4M | $1M | |
| Operating Cash Flow | $-11M | $-18M | $-20M | $-37M | $-25M | $-22M | |
| CapEx | $332.0K | $306.0K | $173.0K | $603.0K | $384.0K | $62.0K | |
| Investing Cash Flow | $-332.0K | $9M | $23M | $24M | $-85M | $-11M | |
| Stock Repurchased | $50M | $0 | · | · | · | · | |
| Net Stock Activity | $-50M | · | · | · | · | · | |
| Financing Cash Flow | $20M | $4M | $8M | $490.0K | $103M | $55M | |
| Net Change in Cash | $8M | $-5M | $11M | $-13M | $-7M | $23M | |
| Free Cash Flow | $-11M | $-18M | $-20M | $-37M | $-25M | · |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 77.2% | 73.9% | 73.6% | 71.4% | 74.0% | · | |
| Operating Margin | -16.3% | -27.1% | -41.5% | -89.6% | -52.5% | · | |
| Net Margin | -21.5% | -34.0% | -50.4% | -103.4% | -79.8% | · | |
| EBITDA Margin | -16.3% | -27.1% | -41.5% | -89.6% | -52.5% | · | |
| ROA | -21.4% | -26.8% | -29.7% | -38.0% | -38.1% | · | |
| ROE | -111.6% | -304.3% | -178.1% | -120.4% | -46.5% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 5.3 | 5.4 | 5.7 | 8.9 | 14.3 | · | |
| Quick Ratio | 4.3 | 4.3 | 4.9 | 7.7 | 13.2 | · | |
| Debt / Equity | 3.1 | 7.4 | 2.8 | 1.5 | 0.7 | · | |
| LT Debt / Equity | 3.1 | 7.4 | 2.8 | 1.5 | 0.7 | · | |
| Interest Coverage | · | · | -3.2 | -5.4 | -3.2 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 0.8 | 0.6 | 0.4 | 0.5 | · | |
| Inventory Turnover | 1.5 | 1.7 | 1.7 | 1.5 | 1.6 | · | |
| Receivables Turnover | 7.3 | 6.4 | 6.6 | 6.2 | 5.8 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 25.1% | 22.1% | 43.7% | 0.75% | 9.8% | · | |
| Revenue CAGR 3Y | 30.0% | 20.9% | 16.7% | · | · | · | |
| Revenue CAGR 5Y | 19.4% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $100M | $80M | $65M | $46M | $45M | · | |
| Net Income TTM | $-21M | $-27M | $-33M | $-47M | $-36M | · | |
| Market Cap | $518M | $337M | $287M | $37M | $246M | · | |
| Enterprise Value | $516M | $344M | $277M | $13M | $181M | · | |
| P/E | -23.4 | -12.0 | -8.1 | -0.8 | -4.6 | · | |
| P/S | 5.2 | 4.2 | 4.4 | 0.8 | 5.5 | · | |
| P/B | 27.2 | 42.1 | 13.9 | 1.1 | 3.4 | · | |
| P / Tangible Book | 27.2 | 42.1 | 13.9 | 1.1 | 3.4 | · | |
| P / Cash Flow | -47.1 | -18.8 | -14.6 | -1.0 | -10.0 | · | |
| P / FCF | -45.7 | -18.5 | -14.4 | -1.0 | -9.9 | · | |
| EV / EBITDA | -31.6 | -15.9 | -10.2 | -0.3 | -7.6 | · | |
| EV / FCF | -45.5 | -18.8 | -14.0 | -0.3 | -7.2 | · | |
| EV / Revenue | 5.2 | 4.3 | 4.2 | 0.3 | 4.0 | · | |
| Earnings Yield | -4.3% | -8.3% | -12.3% | -128.2% | -21.5% | · |
Income Statement 17
| 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 | $23M | $22M | $27M | $27M | $20M | $23M | $21M | $21M | $19M | $18M | $18M | $16M | $17M | $14M | $13M | $11M | |
| Cost of Revenue | $4M | $4M | $6M | $6M | $3M | $5M | $5M | $6M | $5M | $5M | $4M | $4M | $5M | $4M | $4M | $3M | |
| Gross Profit | $19M | $18M | $21M | $21M | $16M | $17M | $16M | $15M | $14M | $13M | $14M | $12M | $12M | $10M | $9M | $8M | |
| R&D Expense | $7M | $7M | $7M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $6M | |
| SG&A Expense | $5M | $5M | $-7M | $5M | $6M | $4M | $-6M | $4M | $5M | $15M | $13M | $13M | $14M | $13M | $14M | $13M | |
| Operating Expenses | $24M | $24M | $22M | $24M | $24M | $22M | $20M | $20M | $20M | $21M | $19M | $18M | $20M | $19M | $19M | $18M | |
| Operating Income | $-5M | $-6M | $-2M | $-3M | $-8M | $-5M | $-4M | $-4M | $-6M | $-8M | $-5M | $-6M | $-8M | $-8M | $-10M | $-10M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $2M | · | $2M | $2M | $2M | $2M | $2M | |
| Interest Income | $523.0K | $565.0K | $638.0K | $667.0K | $718.0K | $793.0K | $681.0K | $754.0K | $762.0K | $827.0K | $822.0K | $769.0K | $733.0K | $726.0K | $800.0K | $423.0K | |
| Other Non-op | $-41.0K | $-165.0K | $0 | $82.0K | $-486.0K | $-82.0K | $-86.0K | $219.0K | $120.0K | $51.0K | $265.0K | $115.0K | $122.0K | $-817.0K | $-146.0K | $-103.0K | |
| Income Tax | · | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income | $-6M | $-7M | $-3M | $-3M | $-9M | $-7M | $-5M | $-5M | $-8M | $-9M | $-6M | $-7M | $-9M | $-10M | $-11M | $-12M | |
| EPS (Basic) | $-0.18 | $-0.20 | $-0.08 | $-0.11 | $-0.26 | $-0.21 | $-0.16 | $-0.19 | $-0.26 | $-0.32 | $-0.22 | $-0.28 | $-0.36 | $-0.41 | $-0.44 | $-0.48 | |
| EPS (Diluted) | $-0.18 | $-0.20 | $-0.08 | $-0.11 | $-0.26 | $-0.21 | $-0.16 | $-0.19 | $-0.26 | $-0.32 | $-0.22 | $-0.28 | $-0.36 | $-0.41 | $-0.44 | $-0.48 | |
| Shares (Basic) | 34,104,430 | 33,716,813 | -64,756,110 | 33,134,606 | 32,863,031 | 31,480,911 | -57,456,703 | 29,444,625 | 28,853,216 | 28,285,176 | -50,735,304 | 26,017,329 | 25,472,526 | 25,097,262 | -48,944,954 | 24,728,701 | |
| Shares (Diluted) | 34,104,430 | 33,716,813 | -64,756,110 | 33,134,606 | 32,863,031 | 31,480,911 | -57,456,703 | 29,444,625 | 28,853,216 | 28,285,176 | -50,735,304 | 26,017,329 | 25,472,526 | 25,097,262 | -48,944,954 | 24,728,701 | |
| EBITDA | $-5M | $-6M | · | $-3M | $-7M | $-5M | · | $-4M | $-6M | $-8M | · | $-6M | $-8M | $-8M | · | $-10M |
Balance Sheet 24
| 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 | $13M | $15M | $22M | $21M | $23M | $27M | $13M | $15M | $13M | $13M | $18M | $10M | $8M | $7M | $7M | $6M | |
| Short-term Investments | $39M | $39M | $39M | $39M | $39M | $39M | $39M | $41M | $43M | $46M | $48M | $52M | $56M | $61M | $71M | · | |
| Receivables | $15M | $15M | $15M | $15M | $14M | $15M | $13M | $12M | $11M | $12M | $12M | $11M | $11M | $9M | $7M | $8M | |
| Inventory | $18M | $17M | $17M | $18M | $16M | $14M | $13M | $12M | $11M | $11M | $11M | $10M | $10M | $11M | $10M | $9M | |
| Prepaid Expense | $1M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $2M | $3M | $3M | $3M | |
| Current Assets | $86M | $87M | $94M | $95M | $94M | $97M | $81M | $83M | $80M | $84M | $93M | $84M | $87M | $90M | $98M | $104M | |
| PP&E (Net) | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $998.0K | $1M | $1M | $949.0K | $976.0K | $1M | $1M | $894.0K | |
| PP&E (Gross) | $10M | $10M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $10M | $10M | $10M | $10M | $10M | |
| Accum. Depreciation | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M | $9M | |
| Other Non-current Assets | $98.0K | $106.0K | $113.0K | $120.0K | $87.0K | $15.0K | $15.0K | $15.0K | $15.0K | $15.0K | $15.0K | $15.0K | $21.0K | $21.0K | $21.0K | $21.0K | |
| Total Assets | $97M | $99M | $106M | $107M | $106M | $110M | $95M | $96M | $94M | $99M | $108M | $99M | $102M | $106M | $114M | $120M | |
| Accounts Payable | $4M | $5M | $2M | $5M | $5M | $4M | $3M | $2M | $2M | $3M | $2M | $1M | $2M | $2M | $2M | $1M | |
| Accrued Liabilities | $11M | $9M | $13M | $12M | $10M | $8M | $10M | $10M | $8M | $7M | $11M | $10M | $8M | $7M | $7M | $8M | |
| Current Liabilities | $17M | $16M | $18M | $20M | $17M | $15M | $15M | $15M | $13M | $13M | $16M | $13M | $12M | $10M | $11M | $9M | |
| Capital Leases | $9M | $9M | $10M | $10M | $11M | $11M | $12M | $12M | $13M | $13M | $14M | $14M | $15M | $15M | $15M | $16M | |
| Total Liabilities | $85M | $84M | $87M | $89M | $87M | $86M | $87M | $86M | $85M | $85M | $87M | $83M | $81M | $79M | $79M | $77M | |
| Total Debt | $59M | $59M | · | $59M | $59M | $60M | · | $59M | $59M | $58M | · | $56M | $55M | $54M | · | $52M | |
| Common Stock | $34.0K | $34.0K | $34.0K | $33.0K | $33.0K | $33.0K | $30.0K | $30.0K | $29.0K | $29.0K | $28.0K | $26.0K | $26.0K | $25.0K | $25.0K | $25.0K | |
| Paid-in Capital | $577M | $574M | $571M | $568M | $566M | $562M | $539M | $535M | $530M | $527M | $524M | $514M | $512M | $509M | $507M | $504M | |
| Retained Earnings | $-565M | $-559M | $-552M | $-550M | $-546M | $-538M | $-531M | $-526M | $-520M | $-513M | $-504M | $-498M | $-490M | $-481M | $-471M | $-460M | |
| AOCI | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $-1M | $-1M | |
| Stockholders' Equity | $12M | $14M | $19M | $19M | $19M | $24M | $8M | $10M | $10M | $14M | $21M | $16M | $21M | $27M | $35M | $43M | |
| Liabilities + Equity | $97M | $99M | $106M | $107M | $106M | $110M | $95M | $96M | $94M | $99M | $108M | $99M | $102M | $106M | $114M | $120M | |
| Shares Outstanding | 34,282,567 | 33,909,408 | 33,574,759 | 33,280,887 | 33,044,371 | 32,751,240 | 30,145,039 | 29,777,966 | 29,139,206 | 28,717,452 | 27,823,465 | 26,244,935 | 25,816,929 | 25,352,204 | 25,045,751 | 24,864,119 |
Cash Flow 9
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $3M | $2M | $2M | $2M | |
| Operating Cash Flow | $-4M | $-6M | $506.0K | $-2M | $-2M | $-7M | $-5M | $-2M | $-4M | $-8M | $-3M | $-2M | $-4M | $-10M | $-8M | $-7M | |
| CapEx | $125.0K | $117.0K | $97.0K | $30.0K | $168.0K | $37.0K | $39.0K | $100.0K | $63.0K | $104.0K | $32.0K | $9.0K | $0 | $132.0K | $102.0K | $31.0K | |
| Investing Cash Flow | $-125.0K | $-117.0K | $-97.0K | $-30.0K | $-168.0K | $-37.0K | $2M | $1M | $3M | $2M | $3M | $4M | $5M | $10M | $9M | $7M | |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 | $50M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | · | $0 | · | · | · | $-50M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $1M | $-166.0K | $635.0K | $-235.0K | $-2M | $21M | $848.0K | $3M | $509.0K | $72.0K | $8M | $-27.0K | $195.0K | $-255.0K | $-138.0K | $-8.0K | |
| Net Change in Cash | $-3M | $-6M | $1M | $-2M | $-4M | $14M | $-2M | $3M | $-154.0K | $-5M | $8M | $2M | $1M | $115.0K | $917.0K | $-14.0K | |
| Free Cash Flow | · | $-6M | · | · | · | $-8M | · | · | · | $-8M | · | · | · | $-10M | · | · |
Profitability 6
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.8% | 81.8% | · | 77.4% | 77.1% | 77.0% | · | 73.2% | 73.4% | 73.6% | · | 74.5% | 72.5% | 71.7% | · | 71.4% | |
| Operating Margin | -22.5% | -25.2% | · | -9.5% | -29.0% | -22.9% | · | -20.2% | -32.4% | -41.6% | · | -36.2% | -47.6% | -57.5% | · | -91.4% | |
| Net Margin | -27.2% | -30.3% | · | -12.8% | -36.8% | -29.2% | · | -25.9% | -39.0% | -49.2% | · | -44.2% | -55.3% | -71.7% | · | -105.6% | |
| EBITDA Margin | -22.5% | -25.2% | · | -9.5% | -29.0% | -22.9% | · | -20.2% | -32.4% | -41.6% | · | -36.2% | -47.6% | -57.5% | · | -91.4% | |
| ROA | -6.1% | -6.4% | · | -3.4% | -8.6% | -6.3% | · | -5.6% | -7.6% | -8.7% | · | -6.6% | -8.3% | -8.8% | · | -9.0% | |
| ROE | -39.6% | -34.5% | · | -24.7% | -59.0% | -34.1% | · | -41.6% | -48.3% | -42.7% | · | -24.3% | -24.6% | -23.0% | · | -18.8% |
Liquidity & Solvency 5
| 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 | 4.9 | 5.4 | · | 4.9 | 5.5 | 6.6 | · | 5.6 | 6.4 | 6.4 | · | 6.6 | 7.5 | 9.1 | · | 11.1 | |
| Quick Ratio | 3.8 | 4.3 | · | 3.8 | 4.4 | 5.6 | · | 4.6 | 5.3 | 5.4 | · | 5.7 | 6.5 | 7.8 | · | 1.4 | |
| Debt / Equity | 5.0 | 4.1 | · | 3.2 | 3.0 | 2.5 | · | 6.0 | 6.0 | 4.0 | · | 3.4 | 2.6 | 2.0 | · | 1.2 | |
| LT Debt / Equity | 5.0 | 4.1 | · | 3.2 | 3.0 | 2.5 | · | 6.0 | 6.0 | 4.0 | · | 3.4 | 2.6 | 2.0 | · | 1.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -3.3 | · | -2.7 | -3.7 | -4.2 | · | -5.4 |
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 | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.2 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.5 | 0.5 | 0.4 | · | 0.5 | 0.5 | 0.4 | · | 0.4 | |
| Receivables Turnover | 1.6 | 1.5 | · | 2.1 | 1.9 | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.6 | · | 1.5 |
Valuation (TTM) 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 TTM | $92M | $95M | · | $94M | $86M | $81M | · | $75M | $70M | $66M | · | $59M | $52M | $47M | · | $43M | |
| Net Income TTM | $-25M | $-25M | · | $-24M | $-28M | $-28M | · | $-29M | $-33M | $-36M | · | $-39M | $-44M | $-46M | · | $-44M | |
| Market Cap | $545M | $446M | · | $343M | $368M | $403M | · | $208M | $220M | $379M | · | $255M | $116M | $118M | · | $93M | |
| Enterprise Value | $552M | $451M | · | $342M | $365M | $396M | · | $210M | $224M | $378M | · | $250M | $107M | $104M | · | $140M | |
| P/E | -21.2 | -16.9 | · | -13.4 | -12.1 | -12.5 | · | -6.6 | -6.2 | -9.6 | · | -6.4 | -2.5 | -2.5 | · | -2.1 | |
| P/S | 5.9 | 4.7 | · | 3.6 | 4.3 | 5.0 | · | 2.8 | 3.1 | 5.8 | · | 4.4 | 2.2 | 2.5 | · | 2.2 | |
| P/B | 45.8 | 30.9 | · | 18.5 | 18.9 | 16.6 | · | 21.1 | 22.3 | 26.4 | · | 15.6 | 5.5 | 4.3 | · | 2.1 | |
| P / Tangible Book | 45.8 | 30.9 | · | 18.5 | 18.9 | 16.6 | · | 21.1 | 22.3 | 26.4 | · | 15.6 | 5.5 | 4.3 | · | 2.1 | |
| P / Cash Flow | · | -75.6 | · | · | · | -53.8 | · | · | · | -50.4 | · | · | · | -12.1 | · | · | |
| P / FCF | · | -74.1 | · | · | · | -53.5 | · | · | · | -49.7 | · | · | · | -12.0 | · | · | |
| EV / EBITDA | -107.3 | -81.0 | · | -131.5 | -53.4 | -76.9 | · | -49.5 | -35.9 | -50.1 | · | -42.0 | -13.6 | -12.5 | · | -13.7 | |
| EV / FCF | · | -74.9 | · | · | · | -52.7 | · | · | · | -49.5 | · | · | · | -10.6 | · | · | |
| EV / Revenue | 6.0 | 4.7 | · | 3.6 | 4.2 | 4.9 | · | 2.8 | 3.2 | 5.8 | · | 4.3 | 2.0 | 2.2 | · | 3.2 | |
| Earnings Yield | -4.7% | -5.9% | · | -7.5% | -8.3% | -8.0% | · | -15.1% | -16.1% | -10.4% | · | -15.7% | -39.4% | -40.5% | · | -48.3% |
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 | $100M | $80M | $65M | $46M | $45M |
| Gross Margin % | 77.2% | 73.9% | 73.6% | 71.4% | 74.0% |
| Operating Margin % | -16.3% | -27.1% | -41.5% | -89.6% | -52.5% |
| Net Income | $-21M | $-27M | $-33M | $-47M | $-36M |
| Diluted EPS | $-0.66 | $-0.93 | $-1.27 | $-1.91 | $-2.17 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 3.1 | 7.4 | 2.8 | 1.5 | 0.7 |
| Current Ratio | 5.3 | 5.4 | 5.7 | 8.9 | 14.3 |
| Quick Ratio | 4.3 | 4.3 | 4.9 | 7.7 | 13.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-11M | $-18M | $-20M | $-37M | $-25M |
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Institutional owners (13F) 121 filers · $343.9M 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 |
|---|---|---|---|---|
| 25 (0 vs prior Q) | 18 (+8 vs prior Q) | 43 (+11 vs prior Q) | 34 (-3 vs prior Q) | +1.4M |
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 |
|---|---|---|---|---|
| Polar Capital Holdings Plc | $52,406,873 | 3,298,104 | 15.24% | Shares |
| Soleus Capital Management, L.P. | $46,257,729 | 2,911,122 | 13.45% | Shares |
| First Light Asset Management, LLC | $45,463,944 | 2,861,167 | 13.22% | Shares |
| ORBIMED ADVISORS LLC | $23,916,436 | 1,505,125 | 6.95% | Shares |
| Driehaus Capital Management LLC | $22,999,043 | 1,447,391 | 6.69% | Shares |
| VANGUARD GROUP INC | $20,055,031 | 1,298,901 | 5.83% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $19,498,174 | 1,227,072 | 5.67% | Shares |
| ARMISTICE CAPITAL, LLC | $10,995,880 | 692,000 | 3.20% | Shares |
| Kent Lake PR LLC | $10,310,000 | 1,000,000 | 3.00% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,107,001 | 572,971 | 2.65% | Shares |
| FMR LLC | $8,814,993 | 554,751 | 2.56% | Shares |
| STATE STREET CORP | $8,741,597 | 550,132 | 2.54% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $5,468,130 | 344,124 | 1.59% | Shares |
| Qube Research & Technologies Ltd | $3,515,456 | 221,237 | 1.02% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,501,695 | 220,371 | 1.02% | Shares |
| Palumbo Wealth Management LLC | $3,324,173 | 209,199 | 0.97% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $3,316,291 | 208,703 | 0.96% | Shares |
| ALGERT GLOBAL LLC | $2,936,059 | 184,774 | 0.85% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,900,465 | 182,534 | 0.84% | Shares |
| HighMark Wealth Management LLC | $2,590,070 | 163,000 | 0.75% | Shares |
| BlackRock, Inc. | $2,571,653 | 161,841 | 0.75% | Shares |
| CITADEL ADVISORS LLC | $2,046,632 | 128,800 | 0.60% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $2,029,598 | 127,728 | 0.59% | Shares |
| JPMORGAN CHASE & CO | $2,001,089 | 121,058 | 0.58% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $1,812,398 | 114,059 | 0.53% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,774,897 | 111,699 | 0.52% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,745,898 | 109,874 | 0.51% | Shares |
| GOLDMAN SACHS GROUP INC | $1,533,083 | 96,481 | 0.45% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $1,506,372 | 94,800 | 0.44% | Shares |
| D. E. Shaw & Co., Inc. | $1,479,232 | 93,092 | 0.43% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,393,188 | 87,677 | 0.41% | Shares |
| Man Group plc | $1,335,920 | 84,073 | 0.39% | Shares |
| NORGES BANK | $1,269,611 | 79,900 | 0.37% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,236,735 | 77,831 | 0.36% | Shares |
| Legato Capital Management LLC | $1,117,607 | 70,334 | 0.32% | Shares |
| SEI INVESTMENTS CO | $987,993 | 62,177 | 0.29% | Shares |
| TWO SIGMA ADVISERS, LP | $788,984 | 51,100 | 0.23% | Shares |
| Informed Momentum Co LLC | $630,134 | 39,656 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $532,585 | 33,517 | 0.15% | Shares |
| RHUMBLINE ADVISERS | $503,131 | 31,664 | 0.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $486,536 | 30,619 | 0.14% | Shares |
| BARCLAYS PLC | $481,626 | 30,310 | 0.14% | Shares |
| TWO SIGMA INVESTMENTS, LP | $479,751 | 30,192 | 0.14% | Shares |
| KOTLER KEVIN | $467,338 | 30,268 | 0.14% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $455,916 | 28,692 | 0.13% | Shares |
| HSBC HOLDINGS PLC | $419,912 | 26,033 | 0.12% | Shares |
| GWN SECURITIES INC. | $404,718 | 25,470 | 0.12% | Shares |
| Western Wealth Management, LLC | $364,676 | 22,950 | 0.11% | Shares |
| Susquehanna Portfolio Strategies, LLC | $354,013 | 22,279 | 0.10% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $351,169 | 22,100 | 0.10% | Shares |
| Squarepoint Ops LLC | $337,901 | 21,265 | 0.10% | Shares |
| XTX Topco Ltd | $323,902 | 20,384 | 0.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $321,757 | 20,249 | 0.09% | Shares |
| ExodusPoint Capital Management, LP | $298,255 | 18,770 | 0.09% | Shares |
| MetLife Investment Management, LLC | $275,183 | 17,318 | 0.08% | Shares |
| Bank of New York Mellon Corp | $269,749 | 16,976 | 0.08% | Shares |
| EntryPoint Capital, LLC | $262,074 | 16,493 | 0.08% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $256,592 | 16,148 | 0.07% | Shares |
| Nuveen Asset Management, LLC | $206,120 | 18,420 | 0.06% | Shares |
| Engineers Gate Manager LP | $204,028 | 12,840 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $193,922 | 12,204 | 0.06% | Shares |
| ALLIANCEBERNSTEIN L.P. | $180,287 | 13,710 | 0.05% | Shares |
| CITIGROUP INC | $172,979 | 10,886 | 0.05% | Shares |
| Invesco Ltd. | $166,368 | 10,470 | 0.05% | Shares |
| Quantinno Capital Management LP | $162,602 | 10,233 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $161,347 | 10,154 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $158,519 | 9,976 | 0.05% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $157,152 | 9,890 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $145,123 | 9,133 | 0.04% | Shares |
| AlphaQuest LLC | $138,219 | 8,952 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $122,353 | 7,700 | 0.04% | Shares |
| Corton Capital Inc. | $119,452 | 11,586 | 0.03% | Shares |
| Nuveen, LLC | $102,951 | 6,479 | 0.03% | Shares |
| NORTHERN TRUST CORP | $66,214 | 4,167 | 0.02% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $61,955 | 3,899 | 0.02% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $46,526 | 2,928 | 0.01% | Shares |
| Legal & General Group Plc | $41,092 | 2,586 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $39,010 | 2,455 | 0.01% | Shares |
| MARSHALL WACE, LLP | $33,734 | 2,123 | 0.01% | Shares |
| Allworth Financial LP | $23,947 | 1,507 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $23,819 | 1,499 | 0.01% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $19,068 | 1,200 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $18,121 | 1,378 | 0.01% | Shares |
| CWM, LLC | $17,660 | 1,343 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $13,000 | 806 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $7,548 | 475 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $6,992 | 440 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $6,601 | 502 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $5,600 | 340 | 0.00% | Shares |
| Steward Partners Investment Advisory, LLC | $4,767 | 300 | 0.00% | Shares |
| MORGAN STANLEY | $3,861 | 243 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $2,831 | 178 | 0.00% | Shares |
| FEDERATED HERMES, INC. | $2,685 | 169 | 0.00% | Shares |
| Quarry LP | $2,558 | 161 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $2,447 | 154 | 0.00% | Shares |
| Arax Advisory Partners | $1,939 | 122 | 0.00% | Shares |
| UBS Group AG | $1,859 | 117 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $1,836 | 115,535 | 0.00% | Shares |
| Sterling Capital Management LLC | $1,478 | 93 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $1,382 | 87 | 0.00% | Shares |
Company insiders 16 insiders · 5 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joel Becker | CHIEF EXECUTIVE OFFICER | June 3, 2026 F | 140,436 | 0 | 0 | $0 |
| Michael Favet | Chief Executive Officer | Feb. 21, 2023 A | 407,080 | 0 | 0 | $0 |
| Rebecca Kuhn | Chief Financial Officer | Feb. 27, 2024 A | 152,204 | 0 | 0 | $0 |
| Martha Morrell | CHIEF MEDICAL OFFICER | June 24, 2026 F | 52,050 | 0 | 0 | $0 |
| Irina Ridley | Chief Legal Officer/Secretary | Feb. 20, 2023 A | 141,139 | 0 | 0 | $0 |
| Rakhi Kumar | Director | June 19, 2026 A | 23,039 | 0 | 0 | $0 |
| Uri Geiger | Director | June 19, 2026 A | 18,537 | 0 | 0 | $0 |
| Frank M Fischer | Director | June 19, 2026 A | 599,534 | 0 | 0 | $0 |
| Renee Ryan | Director | June 5, 2026 A | 2,890 | 0 | 0 | $0 |
| Lisa Andrade | Director | June 5, 2026 A | 2,890 | 0 | 0 | $0 |
| Scott R Huennekens | Director | June 5, 2026 A | 2,890 | 0 | 0 | $0 |
| Joseph Lacob | Director | Dec. 19, 2025 A | 13,889 | 0 | 0 | $0 |
| Greg Shaw Garfield | Director | June 13, 2022 A | 5,614,384 | 0 | 0 | $0 |
| Evan Norton | Director | April 21, 2021 A | 4,042,657 | 0 | 0 | $0 |
| KCK LTD. | 10% owner | Oct. 2, 2024 S | 5,554,089 | 0 | 0 | $0 |
| Accelmed Partners II L.P. | 10% owner | Nov. 22, 2022 P | 4,432,948 | 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 |
|---|---|---|---|---|---|
| Accelmed Partners II LP, Accelmed Partners II GP, L.P., Accelmed Partners II, LLC, Uri Geiger ×2 filings | Nov. 23, 2022 | — | 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 18 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 |
|---|---|---|---|---|
| IBRN · iShares Trust | 0.37% | 2,057 SH | Aug. 8, 2026 | Daily |
| OASC · Unified Series Trust | 0.17% | 8,457 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.08% | 90,069 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 242,859 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.02% | 12,112 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 28,462 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 11,076 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 674,652 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 1,198 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 152,437 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 937 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 947 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 24 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 698 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 11,265 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 290,278 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 908,479 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,828 SH | Aug. 8, 2026 | Daily |