NTRA Natera, Inc. - Common Stock
$315.20
Price · Aug 19, 2026
Fundamentals as of Aug 7, 2026
52W Range
$157–$326
94% of range
Analyst Rating
BUY
30 analysts
Price Target
$331
+5% upside
P/E (TTM)
-207.4
ROE
-14.1%
Net Profit Margin
-9.0%
About Natera, Inc. - Common Stock Company overview from Wikipedia
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women's health, cancer, and organ health. Natera's proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendments (CLIA) in San Carlos, California and Austin, Texas.
Read more
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women's health, cancer, and organ health. Natera's proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendments (CLIA) in San Carlos, California and Austin, Texas.
History
Natera (previously Gene Security Network) was founded by Matthew Rabinowitz and Jonathan Sheena in 2004. Natera launched its first product, the Spectrum preimplantation genetic test, in 2009.
In 2010, the company introduced the Anora miscarriage (POC) test. Natera's advanced carrier screening test, Horizon, launched in 2012. The following year, 2013, Natera launched the Panorama non-invasive prenatal test (NIPT).
In July 2015, Natera conducted an initial public offering of common stock at a price of $18.00 per share. The shares trade on the Nasdaq Global Select Market under the symbol "NTRA."
In 2017, Natera launched the Vistara single-gene NIPT. That same year, Natera introduced the Signatera molecular residual disease (MRD) test for research use only. The Signatera CLIA test was introduced for clinical use in 2019.
In 2018 Natera paid a $11 million fine to the department over allegations of improper billing and sales of Panorama to federal Healthcare services between the years of 2013 to 2016.
Natera launched the Prospera dd-cfDNA transplant assessment test in 2019, and the Renasight kidney gene panel and the Empower hereditary cancer test in 2020.
As of May 2021, Natera has performed over 3 million cell-free DNA tests. Natera's technology has also been written about in over 200 peer-reviewed journals and publications, including Nature, Science Magazine, and the Journal of Clinical Oncology.
Products and services
Women's health
The Panorama NIPT is the only single-nucleotide polymorphism (SNP)-based NIPT. The test analyzes fetal DNA found in the mother's blood to reveal a baby's risk for genetic disorders such as Down syndrome (trisomy 21) and Edwards syndrome (trisomy 18) as early as nine weeks. Panorama also tests for unique microdeletions and is the only test that can detect zygosity and fetal sex in twins.
Natera also offers Horizon, a carrier-screening test that uses next-generation sequencing to provide carrier status for up to 274 genetic conditions. Additionally, Natera offers the Anora products of conception (POC) miscarriage test, the Spectrum preimplantation genetic screening and diagnosis test, and the Vistara single-gene prenatal screening test. In 2020, Natera launched Empower, a hereditary cancer test that screens for up to 53 genes associated with increased risk for common hereditary cancers.
Oncology
Signatera is the first circulating tumor DNA (ctDNA) assay built for molecular residual disease (MRD) detection and cancer recurrence monitoring. In 2020, Signatera received the CE Mark, as well as final Medicare coverage in stage II-III colorectal cancer and draft coverage in immunotherapy response monitoring. Signatera has been clinically validated to detect colorectal cancer recurrence up to 16.5 months in advance of radiologic imaging and early-stage breast cancer up to two years earlier than imaging.
Organ health
The Prospera test is the first assay with high sensitivity to both T-cell-mediated and antibody-mediated rejection. In December 2019, the test received final Medicare coverage. In 2020, Natera launched Renasight, a test to determine if there is a genetic cause for an individual's kidney disease and if there may be other at-risk relatives.
Constellation
Natera offers a cloud-based bioinformatics platform called Constellation, allowing laboratories to access and use Natera's technology in their own facilities. Constellation is currently only available outside of the United States.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NTRA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$315.20
Market Cap
$44.03B
P/E (TTM)
-207.4
EPS (TTM)
$-1.52
Revenue (TTM)
$2.31B
Div Yield
—
ROE
-14.1%
Debt/Equity
0.0
52W Range
$157 – $326
NTRA Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.31B
2016-12-31
→
2025-12-31
EPS
$-1.52
2016-12-31
→
2025-12-31
Free Cash Flow
$109M
2016-12-31
→
2025-12-31
Margins
-9.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NTRA
Peer Median
P/E (TTM)
-207.4
17.7
P/S (TTM)
19.1
6.8
P/B
25.7
6.4
Price / FCF
403.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NTRA
Peer Median
Operating Margin
-13.4%
—
Net Profit Margin
-9.0%
20.3%
ROA
-10.3%
11.4%
ROE
-14.1%
16.8%
ROIC
-13.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NTRA
Peer Median
Debt / Equity
0.0
—
Current Ratio
3.4
3.4
Quick Ratio
0.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NTRA
Peer Median
Revenue YoY
35.9%
—
Revenue CAGR 3Y
41.1%
—
Revenue CAGR 5Y
42.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NTRA
Peer Median
NTRA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
30 analysts
- Strong Buy 12 40.0%
- Buy 14 46.7%
- Hold 4 13.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-17
Median
$348.00
Mean
$330.64
Now
$315.20
Low
$193.00
High
$375.00
Median target
$348.00
+10.4%
Mean target
$330.64
+4.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.11%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.47 | $-0.50 | 0.03% |
| March 31, 2026 | $-0.60 | $-0.55 | -0.05% |
| Dec. 31, 2025 | $0.36 | $-0.52 | 0.88% |
| Sept. 30, 2025 | $-0.64 | $-0.38 | -0.26% |
| June 30, 2025 | $-0.74 | $-0.63 | -0.11% |
| March 31, 2025 | $-0.50 | $-0.65 | 0.15% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NTRA | $32.00B | -150.7 | 35.9% | -9.0% | -14.1% | — |
| GILD | $152.32B | 18.1 | 2.4% | 28.9% | 40.5% | — |
| VRTX | $115.15B | 29.6 | 8.9% | 32.9% | 22.1% | — |
| REGN | $106.21B | 18.6 | 0.99% | 31.4% | 14.7% | — |
| RVMD | — | — | — | — | — | — |
| BIIB | $25.84B | 20.0 | 2.2% | 13.1% | 7.2% | — |
| ALNY | $52.64B | 170.7 | 65.2% | 8.5% | 60.4% | — |
| INSM | $37.29B | -27.1 | 66.7% | -210.5% | -128.4% | — |
| INCY | $19.60B | 15.4 | 21.2% | 25.0% | 27.6% | — |
| MRNA | $11.62B | -4.1 | -39.9% | -145.2% | -31.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $1.70B | $1.08B | $820M | $625M | $391M | $302M | $258M | $210M | $213M | $190M | $159M | |
| Cost of Revenue | · | · | · | · | · | · | · | $158M | $136M | $134M | $113M | $78M | |
| R&D Expense | $624M | $404M | $321M | $316M | $264M | $100M | $51M | $51M | $50M | $42M | $28M | $17M | |
| SG&A Expense | $1.18B | $841M | $618M | $589M | $511M | $304M | $206M | $155M | $155M | $136M | $110M | $63M | |
| Operating Expenses | $2.62B | $1.92B | $1.53B | $1.36B | $1.09B | $607M | $419M | $372M | $345M | $314M | $250M | $159M | |
| Operating Income | $-310M | $-222M | $-446M | $-541M | $-468M | $-216M | $-116M | $-115M | $-135M | $-101M | $-60M | $665.0K | |
| Interest Expense | $4M | $11M | $13M | $9M | $8M | $15M | $11M | $10M | $4M | $533.0K | $4M | $4M | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | $-8M | $-2M | |
| Pretax Income | $-268M | $-190M | $-435M | $-547M | $-471M | $-230M | $-123M | $-128M | $-137M | $-100M | $-70M | $-5M | |
| Income Tax | $-60M | $695.0K | $271.0K | $978.0K | $618.0K | $98.0K | $2M | $321.0K | $454.0K | $142.0K | · | $15.0K | |
| Net Income | $-208M | $-190M | $-435M | $-548M | $-472M | $-230M | $-125M | $-128M | $-138M | $-100M | $-70M | $-5M | |
| EPS (Basic) | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 | $-2.84 | $-1.79 | $-2.22 | $-2.58 | $-1.95 | $-2.68 | · | |
| EPS (Diluted) | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 | $-2.84 | $-1.79 | $-2.22 | $-2.59 | $-1.95 | $-2.68 | · | |
| Shares (Basic) | 136,721,000 | 124,718,000 | 114,997,000 | 98,408,000 | 90,558,000 | 81,011,000 | 69,555,000 | 57,848,000 | 53,312,000 | 51,576,000 | 26,204,000 | · | |
| Shares (Diluted) | 136,721,000 | 124,718,000 | 114,997,000 | 98,408,000 | 90,558,000 | 81,011,000 | 69,555,000 | 57,848,000 | 53,604,000 | 51,576,000 | 26,204,000 | · | |
| EBITDA | $-268M | $-191M | $-422M | $-524M | $-457M | $-208M | $-109M | $-107M | $-127M | $-90M | $-54M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | $466M | $84M | $49M | $62M | $46M | $13M | $15M | $29M | $87M | |
| Short-term Investments | · | $23M | $237M | $432M | $830M | $689M | $379M | $107M | $106M | $131M | $202M | · | |
| Receivables | $297M | $314M | $278M | $244M | $122M | $79M | $53M | $62M | $44M | $13M | $6M | $6M | |
| Inventory | $68M | $45M | $41M | $35M | $27M | $20M | $12M | $14M | $9M | $6M | $8M | $12M | |
| Prepaid Expense | $56M | $49M | $61M | $34M | $30M | $27M | $16M | $6M | $9M | $7M | $5M | $1M | |
| Current Assets | $1.50B | $1.38B | $1.26B | $1.21B | $1.09B | $863M | $523M | $241M | $181M | $174M | $251M | $106M | |
| PP&E (Net) | $241M | $162M | $111M | $92M | $66M | $33M | $23M | $24M | $30M | $32M | $13M | $15M | |
| PP&E (Gross) | $352M | $240M | $168M | $128M | $85M | $83M | $65M | $59M | $57M | $52M | $26M | $24M | |
| Accum. Depreciation | $111M | $78M | $56M | $36M | $19M | $50M | $42M | $34M | $27M | $19M | $14M | $10M | |
| Goodwill | $141M | · | · | · | · | · | · | · | · | · | · | · | |
| Intangibles | $374M | $11M | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $37M | $26M | $15M | $18M | $19M | $15M | $12M | $3M | $4M | $4M | $1M | $2M | |
| Total Assets | $2.40B | $1.66B | $1.44B | $1.39B | $1.24B | $932M | $583M | $268M | $215M | $211M | $265M | $124M | |
| Accounts Payable | $33M | $35M | $15M | $31M | $27M | $8M | $9M | $15M | $9M | $11M | $7M | $9M | |
| Accrued Liabilities | · | · | · | · | · | $60M | $49M | $32M | $33M | $20M | $19M | $10M | |
| Short-term Debt | $80M | $80M | $80M | $80M | $50M | $50M | $50M | $50M | $50M | $50M | $42M | · | |
| Current Liabilities | $441M | $344M | $307M | $310M | $219M | $199M | $180M | $114M | $106M | $96M | $80M | $30M | |
| Capital Leases | $118M | $97M | $67M | $77M | $61M | $21M | $26M | · | · | · | · | · | |
| Other Non-current Liabilities | $12M | $8M | · | · | $1M | $320.0K | $310.0K | · | $1M | · | · | · | |
| Total Liabilities | $686M | $465M | $676M | $689M | $583M | $446M | $304M | $236M | $189M | $104M | $80M | $54M | |
| Long-term Debt | · | · | $283M | $282M | $280M | · | · | · | · | · | · | · | |
| Total Debt | $80M | $80M | $80M | $80M | $50M | $50M | $50M | $50M | $50M | $50M | $42M | · | |
| Common Stock | $14.0K | $12.0K | $11.0K | $11.0K | $10.0K | $9.0K | $8.0K | $7.0K | $6.0K | $5.0K | $5.0K | $1.0K | |
| Retained Earnings | $-2.78B | $-2.57B | $-2.38B | $-1.94B | $-1.39B | $-929M | $-699M | $-575M | $-446M | $-346M | $-250M | $-180M | |
| AOCI | $-258.0K | $-344.0K | $-3M | $-16M | $-2M | $4M | $919.0K | $-552.0K | $-766.0K | $-725.0K | $-1M | · | |
| Stockholders' Equity | $1.71B | $1.20B | $765M | $706M | $653M | $486M | $279M | $32M | $25M | $144M | $226M | $-171M | |
| Liabilities + Equity | $2.40B | $1.66B | $1.44B | $1.39B | $1.24B | $932M | $583M | $268M | $215M | $211M | $265M | $124M | |
| Shares Outstanding | 139,693,000 | 132,646,000 | 119,581,000 | 111,255,000 | 95,140,000 | 86,223,000 | 78,005,000 | 62,083,000 | 54,040,000 | 52,665,000 | 50,346,000 | 6,879,000 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $42M | $31M | $24M | $17M | $11M | $9M | $8M | $8M | $7M | $6M | $6M | $5M | |
| Stock-based Comp | $354M | $274M | $192M | $152M | $115M | $50M | $29M | $14M | $11M | $11M | $7M | $5M | |
| Amort. of Intangibles | $4M | $1M | $0 | · | · | · | $1M | $1M | $1M | $600.0K | $200.0K | $0 | |
| Restructuring | · | · | · | · | $400.0K | $400.0K | · | · | · | · | · | · | |
| Other Non-cash | $27M | $21M | $-28M | $-53M | $10M | $-12M | $25M | $36M | $21M | $5M | $20M | · | |
| Operating Cash Flow | $215M | $136M | $-247M | $-432M | $-335M | $-183M | $-63M | $-71M | $-98M | $-74M | $-38M | $10M | |
| CapEx | $106M | $66M | $39M | $48M | $41M | $20M | $5M | $4M | $10M | $23M | $8M | $10M | |
| Investing Cash Flow | $-132M | $138M | $168M | $330M | $-205M | $-331M | $-266M | $-5M | $14M | $47M | $-211M | · | |
| Debt Issued | · | · | · | · | · | · | · | · | $75M | · | · | · | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $75M | · | · | · | |
| Financing Cash Flow | $47M | $30M | $254M | $483M | $576M | $501M | $341M | $114M | $80M | $13M | $190M | · | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $-3M | $-14M | $-58M | · | |
| Taxes Paid | $499.0K | $1M | $295.0K | $549.0K | $283.0K | $67.0K | $2M | $332.0K | $177.0K | · | · | · | |
| Free Cash Flow | $109M | $69M | $-286M | $-479M | $-376M | $-202M | $-68M | $-74M | $-107M | $-97M | $-46M | · | |
| Levered FCF | $106M | $59M | $-299M | $-489M | $-385M | $-217M | $-79M | $-85M | $-111M | $-98M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -13.4% | -13.1% | -41.2% | -66.0% | -74.9% | -55.3% | -38.5% | -44.5% | -63.5% | -44.5% | -31.4% | · | |
| Net Margin | -9.0% | -11.2% | -40.2% | -66.8% | -75.4% | -58.8% | -41.3% | -49.7% | -64.6% | -44.1% | -36.9% | · | |
| Pretax Margin | -11.6% | -11.2% | -40.1% | -66.7% | -75.3% | -58.7% | -40.6% | -49.6% | -64.4% | -44.0% | · | · | |
| EBITDA Margin | -11.6% | -11.3% | -39.0% | -63.9% | -73.0% | -53.1% | -35.9% | -41.6% | -60.2% | -41.6% | -28.5% | · | |
| ROA | -10.3% | -12.3% | -30.7% | -41.6% | -43.5% | -30.3% | -29.3% | -53.1% | -70.0% | -40.2% | -36.1% | · | |
| ROE | -14.1% | -18.4% | -56.1% | -102.6% | -66.8% | -45.0% | -68.7% | -288.9% | -204.7% | -57.5% | -1046.5% | · | |
| ROIC | -13.4% | -17.5% | -52.8% | -69.0% | -66.6% | -40.4% | -35.9% | -139.6% | -338.4% | -61.9% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.4 | 4.0 | 4.1 | 3.9 | 5.0 | 4.3 | 2.9 | 2.1 | 1.4 | 1.8 | 3.1 | · | |
| Quick Ratio | 0.7 | 1.0 | 1.7 | 3.7 | 4.7 | 4.1 | 2.7 | 1.9 | 1.2 | 1.7 | 2.9 | · | |
| Debt / Equity | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 1.6 | -4.8 | 0.5 | 0.2 | · | |
| Interest Coverage | -76.2 | -20.8 | -35.3 | -58.1 | -56.4 | -14.3 | -10.9 | -10.9 | -31.8 | -181.0 | -17.1 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.1 | 0.8 | 0.6 | 0.6 | 0.5 | 0.7 | 1.1 | 1.1 | 0.9 | 1.0 | · | |
| Inventory Turnover | · | · | · | · | · | · | · | 14.0 | 17.6 | 18.7 | 11.5 | · | |
| Receivables Turnover | 7.6 | 5.7 | 4.1 | 4.5 | 6.2 | 5.9 | 5.2 | 4.8 | 19.5 | 22.5 | 32.3 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 35.9% | 56.8% | 32.0% | 31.1% | 60.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 41.1% | 39.5% | 40.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 42.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.31B | $1.70B | $1.08B | $820M | $625M | $391M | $302M | $258M | $210M | $213M | $190M | · | |
| Net Income TTM | $-208M | $-190M | $-435M | $-548M | $-472M | $-230M | $-125M | $-128M | $-138M | $-100M | $-70M | · | |
| Market Cap | $32.00B | $21.00B | $7.49B | $4.47B | $8.89B | $8.58B | $2.63B | $867M | $486M | $617M | $544M | · | |
| Enterprise Value | · | · | · | $3.65B | $8.02B | $7.89B | $2.24B | $763M | $417M | $520M | $355M | · | |
| P/E | -150.7 | -103.5 | -16.6 | -7.2 | -17.9 | -35.0 | -18.8 | -6.3 | -3.5 | -6.0 | -4.0 | · | |
| P/S | 13.9 | 12.4 | 6.9 | 5.4 | 14.2 | 21.9 | 8.7 | 3.4 | 2.3 | 2.9 | 2.9 | · | |
| P/B | 18.7 | 17.6 | 9.8 | 6.3 | 13.6 | 17.6 | 9.4 | 26.9 | -46.8 | 5.8 | 2.9 | · | |
| P / Tangible Book | 26.7 | 17.7 | 9.8 | 6.3 | 13.6 | 17.6 | · | · | · | · | · | · | |
| P / Cash Flow | 148.6 | 154.8 | -30.3 | -10.4 | -26.5 | -47.0 | -41.4 | -12.3 | -5.0 | -8.3 | -14.4 | · | |
| P / FCF | 293.3 | 303.3 | -26.2 | -9.3 | -23.6 | -42.5 | -38.4 | -11.6 | -4.6 | -6.4 | -11.9 | · | |
| EV / EBITDA | · | · | · | -7.0 | -17.6 | -38.0 | -20.6 | -7.1 | -3.3 | -5.8 | -6.5 | · | |
| EV / FCF | · | · | · | -7.6 | -21.3 | -39.1 | -32.7 | -10.2 | -3.9 | -5.4 | -7.8 | · | |
| EV / Revenue | · | · | · | 4.5 | 12.8 | 20.2 | 7.4 | 3.0 | 2.0 | 2.4 | 1.9 | · | |
| Earnings Yield | -0.66% | -0.97% | -6.0% | -13.9% | -5.6% | -2.9% | -5.3% | -15.9% | -28.8% | -16.7% | -24.8% | · |
Income Statement 15
| 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 | $753M | $697M | $666M | $592M | $547M | $502M | $476M | $440M | $413M | $368M | $311M | $268M | $261M | $242M | $217M | $211M | |
| R&D Expense | $228M | $211M | $175M | $173M | $146M | $129M | $129M | $97M | $89M | $89M | $83M | $77M | $78M | $82M | $88M | $66M | |
| SG&A Expense | $327M | $328M | $291M | $309M | $311M | $267M | $235M | $214M | $198M | $194M | $161M | $155M | $153M | $150M | $144M | $148M | |
| Operating Expenses | $829M | $790M | $688M | $690M | $657M | $581M | $541M | $479M | $457M | $442M | $396M | $379M | $374M | $380M | $359M | $330M | |
| Operating Income | $-76M | $-94M | $-23M | $-98M | $-110M | $-79M | $-65M | $-39M | $-44M | $-74M | $-85M | $-111M | $-112M | $-138M | $-142M | $-119M | |
| Interest Expense | · | · | $990.0K | $1M | $1M | $1M | $1M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Other Non-op | $9M | $10M | · | · | $11M | $13M | · | · | · | · | · | · | · | · | · | · | |
| Pretax Income | $-67M | $-85M | $-13M | $-87M | $-101M | $-67M | $-55M | $-31M | $-37M | $-67M | $-78M | $-109M | $-111M | $-137M | $-142M | $-121M | |
| Income Tax | $-261.0K | $283.0K | $-61M | $207.0K | $275.0K | $173.0K | $-1M | $730.0K | $892.0K | $428.0K | $191.0K | $202.0K | $-282.0K | $160.0K | $421.0K | $185.0K | |
| Net Income | $-67M | $-85M | $47M | $-88M | $-101M | $-67M | $-54M | $-32M | $-37M | $-68M | $-78M | $-109M | $-111M | $-137M | $-143M | $-121M | |
| EPS (Basic) | $-0.47 | $-0.60 | $0.36 | $-0.64 | $-0.74 | $-0.50 | $-0.41 | $-0.26 | $-0.30 | $-0.56 | $-0.63 | $-0.95 | $-0.97 | $-1.23 | $-1.37 | $-1.25 | |
| EPS (Diluted) | $-0.47 | $-0.60 | $0.36 | $-0.64 | $-0.74 | $-0.50 | $-0.41 | $-0.26 | $-0.30 | $-0.56 | $-0.63 | $-0.95 | $-0.97 | $-1.23 | $-1.37 | $-1.25 | |
| Shares (Basic) | 143,279,000 | 141,502,000 | -271,604,000 | 137,187,000 | 136,388,000 | 134,750,000 | -242,724,000 | 123,775,000 | 122,853,000 | 120,814,000 | -225,631,000 | 115,171,000 | 113,690,000 | 111,767,000 | -190,801,000 | 97,052,000 | |
| Shares (Diluted) | 143,279,000 | 141,502,000 | -271,604,000 | 137,187,000 | 136,388,000 | 134,750,000 | -242,724,000 | 123,775,000 | 122,853,000 | 120,814,000 | -225,631,000 | 115,171,000 | 113,690,000 | 111,767,000 | -190,801,000 | 97,052,000 | |
| EBITDA | $-76M | $-79M | · | $-98M | $-110M | $-70M | · | $-39M | $-44M | $-67M | · | $-111M | $-112M | $-133M | · | $-119M |
Balance Sheet 26
| 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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $57M | |
| Short-term Investments | · | · | · | $1M | $16M | $18M | $23M | $29M | $90M | $69M | · | $268M | $355M | $409M | · | $464M | |
| Receivables | $422M | $418M | $297M | $286M | $309M | $318M | $314M | $307M | $336M | $289M | · | $255M | $260M | $247M | · | $236M | |
| Inventory | $80M | $71M | $68M | $65M | $54M | $50M | $45M | $49M | $41M | $43M | · | $42M | $43M | $41M | · | $40M | |
| Prepaid Expense | $65M | $76M | $56M | $54M | $52M | $56M | $49M | $45M | $38M | $47M | · | $33M | $27M | $30M | · | $32M | |
| Current Assets | $1.66B | $1.65B | $1.50B | $1.45B | $1.43B | $1.42B | $1.38B | $1.32B | $1.30B | $1.26B | · | $1.27B | $1.07B | $1.13B | · | $830M | |
| PP&E (Net) | $318M | $269M | $241M | $206M | $189M | $180M | $162M | $142M | $133M | $126M | · | $105M | $103M | $101M | · | $87M | |
| PP&E (Gross) | $451M | $390M | $352M | $307M | $281M | $267M | $240M | $213M | $198M | $185M | · | $155M | $148M | $141M | · | $119M | |
| Accum. Depreciation | $133M | $120M | $111M | $101M | $92M | $87M | $78M | $71M | $64M | $59M | · | $51M | $45M | $41M | · | $31M | |
| Goodwill | $141M | $141M | $141M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Intangibles | $360M | $367M | $374M | · | · | · | $11M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $50M | $51M | $37M | $71M | $41M | $41M | $26M | $38M | $29M | $26M | · | $16M | $18M | $19M | · | $18M | |
| Total Assets | $2.66B | $2.61B | $2.40B | $1.82B | $1.76B | $1.73B | $1.66B | $1.59B | $1.52B | $1.47B | · | $1.45B | $1.25B | $1.32B | · | $1.01B | |
| Accounts Payable | $75M | $62M | $33M | $46M | $37M | $39M | $35M | $28M | $33M | $26M | · | $21M | $21M | $36M | · | $34M | |
| Short-term Debt | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | · | $80M | $80M | $80M | · | $50M | |
| Current Liabilities | $553M | $558M | $441M | $442M | $385M | $366M | $344M | $301M | $315M | $306M | · | $290M | $277M | $291M | · | $267M | |
| Capital Leases | $143M | $145M | $118M | $104M | $103M | $103M | $97M | $99M | $61M | $64M | · | $68M | $71M | $74M | · | $78M | |
| Other Non-current Liabilities | $25M | $16M | $12M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $836M | $840M | $686M | $569M | $511M | $493M | $465M | $712M | $680M | $674M | · | $662M | $652M | $668M | · | $647M | |
| Total Debt | $80M | $80M | · | $80M | $80M | $80M | · | $80M | $80M | $80M | · | $80M | $80M | $80M | · | $50M | |
| Common Stock | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $12.0K | $12.0K | $12.0K | $12.0K | · | $11.0K | $11.0K | $11.0K | · | $10.0K | |
| Retained Earnings | $-2.93B | $-2.86B | $-2.78B | $-2.82B | $-2.74B | $-2.63B | $-2.57B | $-2.51B | $-2.48B | $-2.45B | · | $-2.30B | $-2.19B | $-2.08B | · | $-1.80B | |
| AOCI | $-108.0K | $-202.0K | $-258.0K | $-187.0K | $-287.0K | $-197.0K | $-344.0K | $-765.0K | $-1M | $-2M | $-3M | $-5M | $-9M | $-12M | $-16M | $-20M | |
| Stockholders' Equity | $1.82B | $1.77B | $1.71B | $1.25B | $1.25B | $1.24B | $1.20B | $879M | $837M | $794M | $765M | $785M | $596M | $651M | $706M | $362M | |
| Liabilities + Equity | $2.66B | $2.61B | $2.40B | $1.82B | $1.76B | $1.73B | $1.66B | $1.59B | $1.52B | $1.47B | · | $1.45B | $1.25B | $1.32B | · | $1.01B | |
| Shares Outstanding | 143,612,000 | 142,734,000 | 139,693,000 | 137,533,000 | 136,757,000 | 135,932,000 | 132,646,000 | 124,137,000 | 123,365,000 | 122,234,000 | · | 118,990,000 | 114,051,000 | 113,359,000 | · | 97,300,000 |
Cash Flow 11
| 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 | $15M | $15M | $12M | $10M | $10M | $9M | $8M | $8M | $8M | $7M | $7M | $7M | $5M | $5M | $4M | $5M | |
| Stock-based Comp | $103M | $95M | $93M | $91M | $93M | $78M | $72M | $71M | $67M | $64M | $49M | $57M | $44M | $40M | $36M | $40M | |
| Amort. of Intangibles | $6M | $7M | · | · | $0 | $300.0K | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $16M | · | · | · | $24M | · | · | · | $23M | · | · | · | $10M | · | · | |
| Operating Cash Flow | $55M | $40M | $74M | $59M | $38M | $44M | $53M | $52M | $4M | $27M | $-58M | $-30M | $-79M | $-81M | $-81M | $-102M | |
| CapEx | $63M | $22M | $36M | $22M | $26M | $22M | $18M | $16M | $12M | $20M | $10M | $9M | $9M | $11M | $12M | $12M | |
| Investing Cash Flow | $-63M | $-32M | $-72M | $-20M | $-24M | $-17M | $-11M | $43M | $-32M | $138M | $24M | $82M | $47M | $16M | $22M | $67M | |
| Financing Cash Flow | $12M | $4M | $32M | $2M | $13M | $544.0K | $11M | $2M | $11M | $6M | $7M | $236M | $9M | $2M | $468M | $1M | |
| Net Change in Cash | $4M | $12M | · | · | $26M | $28M | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $18M | · | · | · | $23M | · | · | · | $7M | · | · | · | $-92M | · | · | |
| Levered FCF | · | · | · | · | · | $22M | · | · | · | $4M | · | · | · | $-96M | · | · |
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 | -10.1% | -13.4% | · | -16.5% | -20.2% | -15.8% | · | -8.9% | -10.6% | -20.2% | · | -41.4% | -43.0% | -57.2% | · | -56.5% | |
| Net Margin | -8.9% | -12.2% | · | -14.8% | -18.5% | -13.3% | · | -7.2% | -9.1% | -18.4% | · | -40.6% | -42.4% | -56.6% | · | -57.7% | |
| Pretax Margin | -8.9% | -12.2% | · | -14.8% | -18.4% | -13.3% | · | -7.0% | -8.8% | -18.3% | · | -40.6% | -42.5% | -56.6% | · | -57.6% | |
| EBITDA Margin | -10.1% | -11.3% | · | -16.5% | -20.2% | -13.9% | · | -8.9% | -10.6% | -18.3% | · | -41.4% | -43.0% | -55.1% | · | -56.5% | |
| ROA | -3.0% | -3.9% | · | -5.1% | -6.2% | -4.2% | · | -2.1% | -2.7% | -4.9% | · | -8.9% | -9.6% | -11.1% | · | -10.5% | |
| ROE | -4.4% | -5.7% | · | -8.2% | -9.7% | -6.6% | · | -3.8% | -5.2% | -9.4% | · | -19.0% | -21.3% | -23.0% | · | -21.7% | |
| ROIC | -4.0% | -5.1% | · | -7.3% | -8.3% | -6.0% | · | -4.2% | -4.9% | -8.6% | · | -12.8% | -16.6% | -18.9% | · | -29.0% |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 3.0 | · | 3.3 | 3.7 | 3.9 | · | 4.4 | 4.1 | 4.1 | · | 4.4 | 3.8 | 3.9 | · | 3.1 | |
| Quick Ratio | 0.8 | 0.7 | · | 0.7 | 0.8 | 0.9 | · | 1.1 | 1.4 | 1.2 | · | 1.8 | 2.2 | 2.3 | · | 2.8 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Interest Coverage | · | · | · | -93.4 | -107.3 | -78.8 | · | -12.5 | -14.0 | -23.8 | · | -34.1 | -35.4 | -45.2 | · | -51.1 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 2.1 | 1.9 | · | 2.0 | 1.7 | 1.7 | · | 1.6 | 1.4 | 1.4 | · | 1.1 | 1.1 | 1.2 | · | 1.2 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.59B | $2.34B | · | $2.08B | $1.90B | $1.72B | · | $1.49B | $1.31B | $1.14B | · | $982M | $912M | $845M | · | $761M | |
| Net Income TTM | $-341M | $-341M | · | $-287M | $-237M | $-204M | · | $-246M | $-325M | $-424M | · | $-478M | $-514M | $-542M | · | $-556M | |
| Market Cap | $38.98B | $28.55B | · | $22.14B | $23.10B | $19.22B | · | $15.76B | $13.36B | $11.18B | · | $5.27B | $5.55B | $6.29B | · | $4.26B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $3.79B | |
| P/E | -110.8 | -80.6 | · | -75.2 | -93.9 | -87.3 | · | -61.3 | -39.0 | -24.7 | · | -10.1 | -9.8 | -10.2 | · | -7.5 | |
| P/S | 15.1 | 12.2 | · | 10.6 | 12.2 | 11.2 | · | 10.6 | 10.2 | 9.8 | · | 5.4 | 6.1 | 7.5 | · | 5.6 | |
| P/B | 21.4 | 16.1 | · | 17.7 | 18.5 | 15.5 | · | 17.9 | 16.0 | 14.1 | · | 6.7 | 9.3 | 9.7 | · | 11.8 | |
| P / Tangible Book | 29.5 | 22.6 | · | 17.7 | 18.5 | 15.5 | · | 17.9 | 16.0 | 14.1 | · | 6.7 | 9.3 | 9.7 | · | 11.8 | |
| P / Cash Flow | · | 710.6 | · | · | · | 432.4 | · | · | · | 414.0 | · | · | · | -77.8 | · | · | |
| P / FCF | · | 1582.9 | · | · | · | 849.1 | · | · | · | 1672.1 | · | · | · | -68.0 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -31.9 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 5.0 | |
| Earnings Yield | -0.90% | -1.2% | · | -1.3% | -1.1% | -1.1% | · | -1.6% | -2.6% | -4.1% | · | -9.9% | -10.2% | -9.8% | · | -13.3% |
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 | $2.31B | $1.70B | $1.08B | $820M | $625M |
| Operating Margin % | -13.4% | -13.1% | -41.2% | -66.0% | -74.9% |
| Net Income | $-208M | $-190M | $-435M | $-548M | $-472M |
| Diluted EPS | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Current Ratio | 3.4 | 4.0 | 4.1 | 3.9 | 5.0 |
| Quick Ratio | 0.7 | 1.0 | 1.7 | 3.7 | 4.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $109M | $69M | $-286M | $-479M | $-376M |
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Institutional owners (13F) 935 filers · $20.5B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 172 (+66 vs prior Q) | 63 (-37 vs prior Q) | 340 (+35 vs prior Q) | 248 (-6 vs prior Q) | +27.7M |
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 |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $1,690,649,234 | 6,228,216 | 8.25% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,569,697,628 | 5,782,640 | 7.66% | Shares |
| FMR LLC | $1,189,034,607 | 4,380,308 | 5.80% | Shares |
| STATE STREET CORP | $992,317,506 | 3,655,618 | 4.84% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $965,965,683 | 3,558,540 | 4.71% | Shares |
| Castle Hook Partners LP | $704,759,120 | 2,596,276 | 3.44% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $644,934,457 | 2,382,981 | 3.15% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $602,175,451 | 2,218,366 | 2.94% | Shares |
| NORGES BANK | $496,243,717 | 1,828,122 | 2.42% | Shares |
| FRED ALGER MANAGEMENT, LLC | $467,285,974 | 1,721,444 | 2.28% | Shares |
| Sofinnova Investments, Inc. | $420,823,506 | 1,550,280 | 2.05% | Shares |
| Capital World Investors | $408,365,851 | 1,504,387 | 1.99% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $408,180,994 | 1,503,706 | 1.99% | Shares |
| MAVERICK CAPITAL LTD | $368,266,171 | 1,356,663 | 1.80% | Shares |
| D. E. Shaw & Co., Inc. | $322,096,327 | 1,186,577 | 1.57% | Shares |
| GOLDMAN SACHS GROUP INC | $311,099,616 | 1,146,066 | 1.52% | Shares |
| Clearbridge Investments, LLC | $276,424,438 | 1,018,325 | 1.35% | Shares |
| RTW INVESTMENTS, LP | $271,450,000 | 1,000,000 | 1.32% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $249,356,413 | 918,609 | 1.22% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $197,243,187 | 726,628 | 0.96% | Shares |
| ARK Investment Management LLC | $186,989,592 | 688,855 | 0.91% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $174,716,892 | 643,643 | 0.85% | Shares |
| Chevy Chase Trust Holdings, LLC | $162,830,912 | 599,856 | 0.79% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $160,551,817 | 591,460 | 0.78% | Shares |
| FIRST TRUST ADVISORS LP | $138,768,953 | 511,214 | 0.68% | Shares |
| GILDER GAGNON HOWE & CO LLC | $135,199,396 | 498,064 | 0.66% | Shares |
| AMERICAN CENTURY COMPANIES INC | $129,951,802 | 478,732 | 0.63% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $125,949,543 | 463,988 | 0.61% | Shares |
| Avala Global LP | $124,867,000 | 460,000 | 0.61% | Shares |
| JANE STREET GROUP, LLC | $120,781,406 | 444,949 | 0.59% | Shares |
| Robeco Institutional Asset Management B.V. | $110,918,814 | 408,616 | 0.54% | Shares |
| VIKING GLOBAL INVESTORS LP | $106,053,886 | 390,694 | 0.52% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $105,594,050 | 389,000 | 0.52% | Shares |
| Driehaus Capital Management LLC | $104,202,054 | 383,872 | 0.51% | Shares |
| GOLDMAN SACHS GROUP INC | $103,829,625 | 382,500 | 0.51% | Call option |
| Swiss National Bank | $103,096,710 | 379,800 | 0.50% | Shares |
| JANE STREET GROUP, LLC | $100,300,775 | 369,500 | 0.49% | Put option |
| Amova Asset Management Americas, Inc. | $99,926,238 | 368,066 | 0.49% | Shares |
| Man Group plc | $97,455,436 | 359,018 | 0.48% | Shares |
| California Public Employees Retirement System | $93,399,430 | 344,076 | 0.46% | Shares |
| Squarepoint Ops LLC | $91,279,949 | 336,268 | 0.45% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $84,486,098 | 311,240 | 0.41% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $82,819,395 | 305,100 | 0.40% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $82,812,880 | 305,076 | 0.40% | Shares |
| COATUE MANAGEMENT LLC | $80,563,646 | 296,790 | 0.39% | Shares |
| Capital Impact Advisors, LLC | $80,411,091 | 296,228 | 0.39% | Shares |
| AMERIPRISE FINANCIAL INC | $75,314,616 | 277,451 | 0.37% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $74,936,546 | 276,064 | 0.37% | Shares |
| CITADEL ADVISORS LLC | $72,099,020 | 265,607 | 0.35% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $71,251,553 | 262,485 | 0.35% | Shares |
| ORBIMED ADVISORS LLC | $71,119,900 | 262,000 | 0.35% | Shares |
| TWO SIGMA ADVISERS, LP | $70,490,993 | 307,700 | 0.34% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $70,377,484 | 259,265 | 0.34% | Shares |
| PointState Capital LP | $70,037,357 | 258,012 | 0.34% | Shares |
| Point72 Asset Management, L.P. | $68,655,134 | 252,920 | 0.34% | Shares |
| Assenagon Asset Management S.A. | $68,098,390 | 250,869 | 0.33% | Shares |
| BlackRock, Inc. | $61,219,847 | 225,529 | 0.30% | Shares |
| National Pension Service | $61,139,769 | 225,234 | 0.30% | Shares |
| ALLIANCEBERNSTEIN L.P. | $58,410,679 | 292,068 | 0.29% | Shares |
| TD Asset Management Inc | $56,207,523 | 207,064 | 0.27% | Shares |
| ZEVENBERGEN CAPITAL INVESTMENTS LLC | $55,932,001 | 206,049 | 0.27% | Shares |
| CITADEL ADVISORS LLC | $54,561,450 | 201,000 | 0.27% | Put option |
| Artemis Investment Management LLP | $54,313,616 | 200,087 | 0.27% | Shares |
| NEUBERGER BERMAN GROUP LLC | $52,978,986 | 195,170 | 0.26% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $50,424,281 | 185,759 | 0.25% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $49,380,284 | 181,913 | 0.24% | Shares |
| Eversept Partners, LP | $47,722,810 | 175,807 | 0.23% | Shares |
| Erste Asset Management GmbH | $47,112,625 | 173,011 | 0.23% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $47,109,261 | 173,547 | 0.23% | Shares |
| RHUMBLINE ADVISERS | $46,531,361 | 171,418 | 0.23% | Shares |
| JENNISON ASSOCIATES LLC | $46,107,586 | 169,857 | 0.23% | Shares |
| TUDOR INVESTMENT CORP ET AL | $45,830,804 | 168,837 | 0.22% | Shares |
| LPL Financial LLC | $45,315,137 | 166,937 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $44,300,640 | 163,200 | 0.22% | Call option |
| Qube Research & Technologies Ltd | $43,724,895 | 161,079 | 0.21% | Shares |
| IEQ CAPITAL, LLC | $40,419,133 | 148,901 | 0.20% | Shares |
| Ensign Peak Advisors, Inc | $39,971,827 | 147,253 | 0.20% | Shares |
| JANE STREET GROUP, LLC | $39,930,295 | 147,100 | 0.19% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $39,561,022 | 197,815 | 0.19% | Shares |
| MILLENNIUM MANAGEMENT LLC | $39,068,984 | 143,927 | 0.19% | Shares |
| ROYAL BANK OF CANADA | $38,963,000 | 143,535 | 0.19% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $38,891,999 | 143,275 | 0.19% | Shares |
| HighTower Advisors, LLC | $38,255,720 | 140,931 | 0.19% | Shares |
| Caption Management, LLC | $38,003,000 | 140,000 | 0.19% | Call option |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $37,658,258 | 138,730 | 0.18% | Shares |
| Rokos Capital Management LLP | $37,210,859 | 137,049 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $36,308,609 | 133,758 | 0.18% | Shares |
| RAYMOND JAMES FINANCIAL INC | $35,775,481 | 131,794 | 0.17% | Shares |
| MAPLELANE CAPITAL, LLC | $34,338,425 | 126,500 | 0.17% | Call option |
| CANADA PENSION PLAN INVESTMENT BOARD | $33,741,235 | 124,300 | 0.16% | Shares |
| BANK OF AMERICA CORP /DE/ | $32,343,539 | 119,151 | 0.16% | Shares |
| Davern Capital Partners, LP | $32,295,764 | 118,975 | 0.16% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $32,267,262 | 118,870 | 0.16% | Shares |
| ThornTree Capital Partners LP | $31,493,900 | 116,021 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $30,918,155 | 113,900 | 0.15% | Call option |
| MARSHALL WACE, LLP | $30,550,069 | 112,544 | 0.15% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $30,538,398 | 112,501 | 0.15% | Shares |
| UBS Group AG | $29,990,339 | 110,482 | 0.15% | Shares |
| Science & Technology Partners, L.P. | $29,826,926 | 109,880 | 0.15% | Shares |
| AVIVA PLC | $29,381,205 | 108,238 | 0.14% | Shares |
Company insiders 21 insiders · 1 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Robert Alan Schueren | Chief Operating Officer | Oct. 7, 2020 M | 52,855 | 0 | 0 | $0 |
| Rowan E Chapman | Director | July 15, 2026 S | 4,663 | 0 | 2 | $-679,637 |
| Eric H Rubin | Director | June 26, 2026 A | 2,204 | 0 | 0 | $0 |
| Monica Bertagnolli | Director | June 26, 2026 A | 7,020 | 0 | 0 | $0 |
| Gail Boxer Marcus | Director | June 26, 2026 A | 7,852 | 0 | 1 | $-651,646 |
| Roy D. Baynes | Director | June 26, 2026 A | 20,158 | 0 | 0 | $0 |
| Thomas J. Lynch Jr. | Director | June 26, 2026 A | 1,905 | 0 | 0 | $0 |
| Herm Rosenman | Director | June 26, 2026 A | 5,927 | 0 | 5 | $-15,143,996 |
| ROELOF BOTHA ("RB") | Director | June 26, 2026 A | 4,585 | 0 | 6 | $-17,184,060 |
| Dr. James I. Healy | Director | Dec. 13, 2023 S | 0 | 0 | 0 | $0 |
| Todd C Cozzens | Director | June 12, 2020 A | 7,278 | 0 | 0 | $0 |
| John Steuart | Director | May 16, 2019 M | 7,278 | 0 | 0 | $0 |
| Edward C. Driscoll Jr. | Director | May 16, 2019 M | 52,009 | 0 | 0 | $0 |
| Jonathan Sheena | — | Aug. 10, 2026 S | 230,464 | 0 | 41 | $-7,235,616 |
| Matthew Rabinowitz | — | Aug. 7, 2026 S | 2,000 | 0 | 25 | $-23,012,521 |
| Michael Burkes Brophy | — | Aug. 4, 2026 S | 51,637 | 0 | 7 | $-1,498,665 |
| John Fesko | — | Aug. 3, 2026 S | 183,774 | 0 | 3 | $-519,299 |
| Solomon Moshkevich | — | Aug. 3, 2026 S | 129,019 | 0 | 13 | $-2,685,306 |
| Daniel Rabinowitz | — | Aug. 3, 2026 S | 170,073 | 0 | 19 | $-13,604,463 |
| Steven Leonard Chapman | — | Aug. 3, 2026 S | 99,897 | 0 | 10 | $-2,476,206 |
| Ruth Williams Brinkley | — | April 24, 2026 A | 5,475 | 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 |
|---|---|---|---|---|---|
| Sofinnova Venture Partners VIII, L.P. (“SVP VIII”), Sofinnova Management VIII, L.L.C., Sofinnova Venture Partners IX, L.P. (“SVP IX”), Sofinnova Management IX, L.L.C., Dr. Michael F. Powell (“Powell”), Dr. James I. Healy ×3 filings | Feb. 13, 2020 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 103 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 |
|---|---|---|---|---|
| GNOM · Global X Funds | 4.15% | 10,370 NS | May 31, 2026 | N-PORT |
| ARKG · ARK ETF Trust | 4.07% | 243,718 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 2.79% | 1,002,768 SH | Aug. 8, 2026 | Daily |
| MEDI · Harbor ETF Trust | 2.35% | 3,142 NS | April 30, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 2.22% | 81,682 SH | Aug. 8, 2026 | Daily |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 2.17% | 5,611 NS | April 30, 2026 | N-PORT |
| MID · AMERICAN CENTURY ETF TRUST | 1.72% | 7,656 NS | May 31, 2026 | N-PORT |
| HFGO · Hartford Funds Exchange-Traded Trust | 1.57% | 13,843 NS | April 30, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.43% | 2,615 NS | May 31, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 1.34% | 56,770 NS | April 30, 2026 | N-PORT |
| ARKK · ARK ETF Trust | 1.17% | 369,404 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 1.04% | 2,954 NS | April 30, 2026 | N-PORT |
| IWP · iShares Trust | 1.04% | 789,272 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 1.01% | 1,802,288 SH | Aug. 8, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.98% | 24,696 NS | April 30, 2026 | N-PORT |
| TAX · EA Series Trust | 0.92% | 1,046 NS | May 29, 2026 | N-PORT |
| HQGO · Lattice Strategies Trust | 0.68% | 1,580 NS | April 30, 2026 | N-PORT |
| SXQG · EXCHANGE TRADED CONCEPTS TRUST | 0.66% | 1,989 NS | May 31, 2026 | N-PORT |
| TEXN · iShares Trust | 0.63% | 396 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.60% | 95,727 SH | Aug. 8, 2026 | Daily |
| IYH · iShares Trust | 0.59% | 81,823 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.56% | 54,813 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.54% | 404,713 SH | Aug. 8, 2026 | Daily |
| CANC · Tema ETF Trust | 0.54% | 4,238 NS | May 31, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 0.48% | 60,571 NS | May 31, 2026 | N-PORT |
| IMCG · iShares Trust | 0.48% | 74,206 SH | Aug. 8, 2026 | Daily |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.48% | 29,486 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.44% | 1,643,356 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.44% | 3,120,454 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.44% | 60,581 NS | April 30, 2026 | N-PORT |
| LQAI · Exchange Listed Funds Trust | 0.40% | 41 NS | April 30, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.28% | 8,068 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.26% | 555,978 SH | Aug. 8, 2026 | Daily |
| GSLC · Goldman Sachs ETF Trust | 0.26% | 178,926 NS | May 31, 2026 | N-PORT |
| SIZE · iShares Trust | 0.25% | 4,071 SH | Aug. 8, 2026 | Daily |
| IMCB · iShares Trust | 0.25% | 15,707 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.24% | 21,798 SH | Aug. 8, 2026 | Daily |
| MMLG · First Trust Exchange-Traded Fund VI… | 0.24% | 1,020 NS | May 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.24% | 17,374 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.24% | 5,580 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.24% | 558 NS | May 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 23,988 NS | April 30, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.22% | 103 NS | May 31, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.22% | 2,049 NS | May 31, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.20% | 15,978 NS | May 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.17% | 12,285 NS | April 30, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.13% | 3,281 SH | Aug. 8, 2026 | Daily |
| GGUS · Goldman Sachs ETF Trust | 0.11% | 2,357 NS | May 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.11% | 13,472 SH | Aug. 8, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.11% | 216,186 SH | Aug. 8, 2026 | Daily |