NUVB Nuvation Bio Inc. Class A Common Stock
$6.73
Price · Aug 24, 2026
Fundamentals as of Aug 6, 2026
52W Range
$3–$10
56% of range
Analyst Rating
BUY
16 analysts
Price Target
$13
+95% upside
P/E (TTM)
-11.5
ROE
-60.3%
Net Profit Margin
-325.3%
NUVB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.73
Market Cap
$2.33B
P/E (TTM)
-11.5
EPS (TTM)
$-0.60
Revenue (TTM)
$63M
Div Yield
—
ROE
-60.3%
Debt/Equity
0.0
52W Range
$3 – $10
NUVB 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
$63M
2023-12-31
→
2025-12-31
EPS
$-0.60
2021-12-31
→
2025-12-31
Free Cash Flow
—
Margins
-325.3%
2024-12-31
→
2024-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NUVB
Peer Median
P/E (TTM)
-11.5
19.1
P/S (TTM)
37.1
14.2
P/B
7.6
3.6
EV / EBITDA
-8.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NUVB
Peer Median
Operating Margin
-338.7%
—
Net Profit Margin
-325.3%
-4.3%
ROA
-36.0%
-2.9%
ROE
-60.3%
-6.8%
ROIC
-68.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NUVB
Peer Median
Debt / Equity
0.0
—
Current Ratio
7.0
4.7
Quick Ratio
6.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NUVB
Peer Median
Revenue YoY
699.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NUVB
Peer Median
NUVB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 4 25.0%
- Buy 10 62.5%
- Hold 2 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-20
Median
$12.50
← Below all targets
$6.73
Low
$7.00
High
$21.00
Median target
$12.50
+85.7%
Mean target
$13.10
+94.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.15 | $-0.19 | 0.04% |
| March 31, 2026 | $0.01 | $0.01 | 0.00% |
| Dec. 31, 2025 | $-0.11 | $-0.09 | -0.02% |
| Sept. 30, 2025 | $-0.16 | $-0.17 | 0.01% |
| June 30, 2025 | $-0.17 | $-0.17 | 0.00% |
| March 31, 2025 | $-0.16 | $-0.16 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NUVB | $3.03B | -14.9 | 699.0% | -325.3% | -60.3% | — |
| TRVI | $1.61B | -39.1 | — | — | -22.4% | — |
| NKTR | $862M | -4.3 | -43.9% | -297.1% | -500.1% | — |
| PBH | $3.33B | 15.2 | -4.3% | 17.5% | 10.2% | 54.7% |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| OCUL | $2.62B | -8.5 | -18.5% | -511.9% | -55.4% | — |
| RAPP | $1.45B | -10.6 | — | — | -29.8% | — |
| HRMY | $2.16B | 13.8 | 21.5% | 18.3% | 19.3% | 77.2% |
| TRLV | — | — | -0.45% | -10.3% | -10.4% | 60.2% |
| KARD | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $63M | $8M | $0 | |
| Cost of Revenue | · | $7M | $0 | |
| Gross Profit | · | $795.0K | $0 | |
| R&D Expense | $115M | $99M | $71M | |
| SG&A Expense | $152M | $69M | $29M | |
| Operating Expenses | $276M | $600M | $100M | |
| Operating Income | $-213M | $-593M | $-100M | |
| Other Non-op | $2M | $-109.0K | $24M | |
| Pretax Income | $-205M | $-568M | $-76M | |
| Income Tax | $0 | $0 | $0 | |
| Net Income | $-205M | $-568M | $-76M | |
| EPS (Basic) | $-0.60 | $-2.11 | $-0.35 | |
| EPS (Diluted) | $-0.60 | $-2.11 | $-0.35 | |
| Shares (Basic) | 341,541 | 268,772 | 218,880 | |
| Shares (Diluted) | 341,541 | 268,772 | 218,880 | |
| EBITDA | $-213M | $-593M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $164M | $36M | $43M | |
| Short-term Investments | $365M | $467M | $569M | |
| Inventory | $11M | $0 | · | |
| Prepaid Expense | $12M | $7M | $2M | |
| Current Assets | $572M | $526M | $616M | |
| PP&E (Net) | $564.0K | $586.0K | $717.0K | |
| PP&E (Gross) | $2M | $1M | $1M | |
| Accum. Depreciation | $1M | $874.0K | $666.0K | |
| Intangibles | $11M | $5M | $0 | |
| Other Non-current Assets | $8M | $7M | $587.0K | |
| Total Assets | $595M | $541M | $621M | |
| Accounts Payable | $9M | $6M | $2M | |
| Accrued Liabilities | $45M | $33M | $10M | |
| Short-term Debt | $6M | $6M | $0 | |
| Current Liabilities | $82M | $58M | $14M | |
| Capital Leases | $3M | $969.0K | $2M | |
| Total Liabilities | $289M | $77M | $16M | |
| Long-term Debt | $47M | · | · | |
| Total Debt | $6M | $6M | · | |
| Common Stock | $1.42B | $1.37B | $948M | |
| Retained Earnings | $-1.12B | $-911M | $-343M | |
| AOCI | $-187.0K | $573.0K | $181.0K | |
| Stockholders' Equity | $306M | $464M | $605M | |
| Liabilities + Equity | $595M | $541M | $621M | |
| Shares Outstanding | 346,503,675 | 337,837,872 | 219,046,219 |
Cash Flow 6
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $2M | $683.0K | $222.0K | |
| Stock-based Comp | $36M | $32M | $20M | |
| Operating Cash Flow | $-173M | $-130M | $-68M | |
| Investing Cash Flow | $100M | $123M | $9M | |
| Financing Cash Flow | $203M | $331.0K | $628.0K | |
| Net Change in Cash | $128M | $-7M | $-58M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Gross Margin | · | 10.1% | · | |
| Operating Margin | -338.7% | -7527.3% | · | |
| Net Margin | -325.3% | -7213.8% | · | |
| Pretax Margin | -325.3% | -7213.8% | · | |
| EBITDA Margin | -338.7% | -7527.3% | · | |
| ROA | -36.0% | -97.7% | · | |
| ROE | -60.3% | -117.5% | · | |
| ROIC | -68.4% | -126.1% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 7.0 | 9.0 | · | |
| Quick Ratio | 6.4 | 8.6 | · | |
| Debt / Equity | 0.0 | 0.0 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 699.0% | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $63M | $8M | $0 | |
| Net Income TTM | $-205M | $-568M | $-76M | |
| Market Cap | $3.03B | $899M | · | |
| Enterprise Value | $2.50B | $402M | · | |
| P/E | -14.9 | -1.3 | -4.3 | |
| P/S | 48.1 | 114.1 | · | |
| P/B | 9.9 | 1.9 | · | |
| P / Tangible Book | 10.3 | 2.0 | 0.5 | |
| P / Cash Flow | -17.5 | -6.9 | · | |
| EV / EBITDA | -11.8 | -0.7 | · | |
| EV / Revenue | 39.8 | 51.1 | · | |
| Earnings Yield | -6.7% | -79.3% | -23.2% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32M | $83M | $42M | $13M | $5M | $3M | $6M | $727.0K | $1M | $0 | $0 | $0 | $0 | |
| Cost of Revenue | · | · | · | $3M | $3M | $2M | · | $2M | $1M | $0 | · | · | · | |
| Gross Profit | · | · | · | $10M | $2M | $990.0K | · | $-788.0K | $88.0K | $0 | $0 | $0 | $0 | |
| R&D Expense | $31M | $35M | $34M | $29M | $27M | $25M | $29M | $28M | $29M | $13M | $15M | $19M | $19M | |
| SG&A Expense | $43M | $38M | $40M | $37M | $38M | $35M | $26M | $20M | $16M | $7M | $5M | $8M | $8M | |
| Operating Expenses | $83M | $79M | $84M | $66M | $68M | $62M | $63M | $47M | $470M | $20M | $21M | $26M | $26M | |
| Operating Income | $-51M | $4M | $-34M | $-56M | $-64M | $-59M | $-54M | $-48M | $-470M | $-20M | $-21M | $-26M | $-26M | |
| Interest Expense | · | · | · | $5M | · | · | · | · | $132.0K | · | · | · | $0 | |
| Other Non-op | $-12M | $2M | $-9M | $642.0K | $5M | $6M | $-20M | $7M | $8M | $5M | $7M | $7M | $5M | |
| Pretax Income | $-63M | $5M | $-37M | $-56M | $-59M | $-53M | $-49M | $-41M | $-462M | $-15M | $-14M | $-20M | $-21M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-63M | $5M | $-37M | $-56M | $-59M | $-53M | $-49M | $-41M | $-462M | $-15M | $-14M | $-20M | $-21M | |
| EPS (Basic) | $-0.18 | $0.02 | $-0.11 | $-0.16 | $-0.17 | $-0.16 | $0.00 | $-0.15 | $-1.89 | $-0.07 | $-0.07 | $-0.09 | $-0.09 | |
| EPS (Diluted) | $-0.18 | $0.01 | $-0.11 | $-0.16 | $-0.17 | $-0.16 | $0.00 | $-0.15 | $-1.89 | $-0.07 | $-0.07 | $-0.09 | $-0.09 | |
| Shares (Basic) | 348,770 | 347,332 | -680,210 | 342,393 | 340,746 | 338,612 | -468,579 | 273,565 | 244,738 | 219,048 | -437,644 | 218,935 | 218,848 | |
| Shares (Diluted) | 348,770 | 377,521 | -680,210 | 342,393 | 340,746 | 338,612 | -468,579 | 273,565 | 244,738 | 219,048 | -437,644 | 218,935 | 218,848 | |
| EBITDA | $-51M | $4M | · | $-56M | $-64M | $-59M | · | $-48M | $-470M | $-20M | · | $-26M | $-26M |
Balance Sheet 25
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $259M | $125M | $164M | $99M | $248M | $48M | $36M | $30M | $34M | $35M | $43M | $24M | $50M | |
| Short-term Investments | $402M | $408M | $365M | $450M | $360M | $414M | $467M | $519M | $543M | $562M | $569M | $595M | $581M | |
| Inventory | $20M | $16M | $11M | $6M | $552.0K | $14.0K | $0 | · | · | · | · | · | · | |
| Prepaid Expense | $14M | $16M | $12M | $9M | $8M | $8M | $7M | $12M | $6M | $7M | $2M | $3M | $4M | |
| Current Assets | $726M | $592M | $572M | $578M | $623M | $476M | $526M | $565M | $587M | $608M | $616M | $625M | $637M | |
| PP&E (Net) | $715.0K | $535.0K | $564.0K | $560.0K | $615.0K | $562.0K | $586.0K | $719.0K | $751.0K | $686.0K | $717.0K | $764.0K | $804.0K | |
| PP&E (Gross) | · | · | $2M | · | · | · | $1M | · | · | · | $1M | · | · | |
| Accum. Depreciation | $1M | $1M | $1M | $1M | $1M | $971.0K | $874.0K | $839.0K | $782.0K | · | $666.0K | · | · | |
| Intangibles | $10M | $11M | $11M | $12M | $12M | $4M | $5M | $3M | $3M | · | $0 | · | · | |
| Other Non-current Assets | $4M | $4M | $8M | $7M | $7M | $7M | $7M | $480.0K | $1M | $1M | $587.0K | $587.0K | · | |
| Total Assets | $745M | $610M | $595M | $602M | $647M | $492M | $541M | $572M | $595M | $613M | $621M | $631M | $641M | |
| Accounts Payable | $12M | $22M | $9M | $15M | $22M | $11M | $6M | $12M | $5M | $2M | $2M | $2M | $3M | |
| Accrued Liabilities | $45M | $33M | $45M | $33M | $24M | $24M | $33M | $24M | $20M | $11M | $10M | $12M | $10M | |
| Short-term Debt | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $8M | $12M | · | $0 | · | · | |
| Current Liabilities | $87M | $80M | $82M | $68M | $66M | $53M | $58M | $59M | $51M | $16M | $14M | $16M | $13M | |
| Capital Leases | $2M | $2M | $3M | $3M | $3M | $4M | $969.0K | $985.0K | $972.0K | $2M | $2M | $3M | $2M | |
| Total Liabilities | $491M | $291M | $289M | $276M | $274M | $73M | $77M | $69M | $63M | $19M | $16M | $19M | $17M | |
| Long-term Debt | $243M | $47M | $47M | $47M | $47M | · | · | · | · | · | · | · | · | |
| Total Debt | $6M | $6M | · | $6M | $6M | $6M | · | $8M | $12M | · | · | · | · | |
| Common Stock | $1.43B | $1.43B | $1.42B | $1.40B | $1.40B | $1.38B | $1.37B | $1.36B | $1.08B | $953M | $948M | $944M | $938M | |
| Retained Earnings | $-1.17B | $-1.11B | $-1.12B | $-1.08B | $-1.02B | $-964M | $-911M | $-861M | $-820M | $-358M | $-343M | $-329M | $-309M | |
| AOCI | $-3M | $-2M | $-187.0K | $-139.0K | $-327.0K | $545.0K | $573.0K | $1M | $-1M | $-1M | $181.0K | $-3M | $-4M | |
| Stockholders' Equity | $254M | $320M | $306M | $326M | $373M | $419M | $464M | $503M | $257M | $594M | $605M | $612M | $625M | |
| Liabilities + Equity | $745M | $610M | $595M | $602M | $647M | $492M | $541M | $572M | $595M | $613M | $621M | $631M | $641M | |
| Shares Outstanding | 346,503,675 | 346,503,675 | 337,837,872 | 337,837,872 | 337,837,872 | 337,837,872 | 337,837,872 | 336,248,642 | 248,624,729 | 219,083,219 | 219,046,219 | 218,944,053 | 218,899,462 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $536.0K | $536.0K | $539.0K | $534.0K | $356.0K | $310.0K | $219.0K | $162.0K | $244.0K | $58.0K | $55.0K | $55.0K | $56.0K | |
| Stock-based Comp | $10M | $9M | $8M | $8M | $12M | $8M | $10M | $7M | $10M | $5M | $4M | $5M | $6M | |
| Operating Cash Flow | $-43M | $5M | $-30M | $-53M | $-48M | $-43M | $-46M | $-31M | $-37M | $-16M | $-15M | $-16M | $-17M | |
| Investing Cash Flow | $6M | $-44M | $87M | $-97M | $55M | $54M | $52M | $29M | $34M | $8M | $33M | $-10M | $37M | |
| Financing Cash Flow | $171M | $44.0K | $8M | $501.0K | $193M | $548.0K | $-900.0K | $-2M | $3M | $21.0K | $120.0K | $77.0K | $133.0K | |
| Net Change in Cash | $133M | $-39M | $65M | $-149M | $200M | $12M | $6M | $-4M | $-225.0K | $-8M | $18M | $-26M | $20M |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | 74.5% | 46.7% | 32.1% | · | -108.4% | 6.1% | · | · | · | · | |
| Operating Margin | -161.1% | 4.7% | · | -430.1% | -1315.7% | -1913.2% | · | -6616.4% | -32779.4% | · | · | · | · | |
| Net Margin | -198.3% | 6.5% | · | -425.2% | -1220.9% | -1726.2% | · | -5668.5% | -32229.4% | · | · | · | · | |
| Pretax Margin | -198.3% | 6.5% | · | -425.2% | -1220.9% | -1726.2% | · | -5668.5% | -32229.4% | · | · | · | · | |
| EBITDA Margin | -161.1% | 4.7% | · | -430.1% | -1315.7% | -1913.2% | · | -6616.4% | -32779.4% | · | · | · | · | |
| ROA | -9.0% | 0.98% | · | -9.5% | -9.5% | -9.6% | · | -6.9% | -74.8% | -2.3% | · | -3.0% | -3.0% | |
| ROE | -20.1% | 1.5% | · | -13.5% | -18.7% | -10.5% | · | -7.4% | -104.9% | -2.4% | · | -3.1% | -3.1% | |
| ROIC | -19.7% | 1.2% | · | -17.0% | -16.8% | -13.9% | · | -9.4% | -175.0% | -3.4% | · | -4.3% | -4.2% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.4 | 7.4 | · | 8.5 | 9.4 | 9.0 | · | 9.6 | 11.5 | 38.6 | · | 38.7 | 47.5 | |
| Quick Ratio | 7.6 | 6.7 | · | 8.1 | 9.2 | 8.7 | · | 9.3 | 11.3 | 37.9 | · | 38.4 | 47.0 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | · | |
| Interest Coverage | · | · | · | -11.0 | · | · | · | · | -3563.5 | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.2 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | · | |
| Inventory Turnover | · | · | · | 1.2 | 9.3 | 299.1 | · | · | · | · | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $133M | $104M | · | $22M | $10M | $5M | · | $2M | $1M | · | · | · | · | |
| Net Income TTM | $-172M | $-163M | · | $-209M | $-616M | $-572M | · | $-538M | $-518M | $-77M | · | $-89M | $-104M | |
| Market Cap | $1.97B | $1.49B | · | $1.25B | $659M | $595M | · | $770M | $726M | $797M | · | $293M | $394M | |
| Enterprise Value | $1.31B | $959M | · | $707M | $57M | $139M | · | $229M | $160M | · | · | · | · | |
| P/E | -11.4 | -8.9 | · | -5.8 | -0.8 | -0.8 | · | -1.0 | -1.4 | -10.4 | · | -3.4 | -3.8 | |
| P/S | 14.8 | 14.3 | · | 57.4 | 65.4 | 113.3 | · | 356.2 | 505.9 | · | · | · | · | |
| P/B | 7.8 | 4.7 | · | 3.8 | 1.8 | 1.4 | · | 1.5 | 2.8 | 1.3 | · | 0.5 | 0.6 | |
| P / Tangible Book | 8.1 | 4.8 | · | 4.0 | 1.8 | 1.4 | · | 1.5 | 2.9 | 1.3 | · | 0.5 | 0.6 | |
| P / Cash Flow | · | 293.3 | · | · | · | -13.9 | · | · | · | -50.8 | · | · | · | |
| EV / EBITDA | -25.7 | 247.0 | · | -12.5 | -0.9 | -2.3 | · | -4.8 | -0.3 | · | · | · | · | |
| EV / Revenue | 9.9 | 9.2 | · | 32.5 | 5.6 | 26.4 | · | 106.1 | 111.8 | · | · | · | · | |
| Earnings Yield | -8.8% | -11.2% | · | -17.3% | -121.5% | -129.0% | · | -96.1% | -73.3% | -9.6% | · | -29.8% | -26.1% |
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 | $63M | $8M | $0 | — | — |
| Gross Margin % | — | 10.1% | — | — | — |
| Operating Margin % | -338.7% | -7527.3% | — | — | — |
| Net Income | $-205M | $-568M | $-76M | $-104M | $-87M |
| Diluted EPS | $-0.60 | $-2.11 | $-0.35 | $-0.48 | $-0.44 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | — | — | — |
| Current Ratio | 7.0 | 9.0 | — | 50.7 | 45.6 |
| Quick Ratio | 6.4 | 8.6 | — | 50.2 | 45.2 |
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Institutional owners (13F) 258 filers · $945.6M 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 |
|---|---|---|---|---|
| 38 (-10 vs prior Q) | 24 (-9 vs prior Q) | 105 (+23 vs prior Q) | 53 (-12 vs prior Q) | +11.9M |
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 |
|---|---|---|---|---|
| FMR LLC | $164,210,680 | 28,910,331 | 17.37% | Shares |
| Decheng Capital LLC | $147,421,214 | 25,954,439 | 15.59% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $67,702,840 | 11,919,514 | 7.16% | Shares |
| Omega Fund Management, LLC | $45,900,586 | 8,081,089 | 4.85% | Shares |
| Laurion Capital Management LP | $44,417,674 | 7,820,013 | 4.70% | Shares |
| STATE STREET CORP | $41,866,110 | 7,370,794 | 4.43% | Shares |
| UBS Group AG | $36,208,324 | 6,374,705 | 3.83% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $30,251,706 | 5,324,691 | 3.20% | Shares |
| AMERICAN CENTURY COMPANIES INC | $25,557,979 | 4,499,643 | 2.70% | Shares |
| BANK OF AMERICA CORP /DE/ | $19,073,895 | 3,358,080 | 2.02% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $18,741,484 | 3,299,557 | 1.98% | Shares |
| Redmile Group, LLC | $17,216,131 | 3,031,009 | 1.82% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $15,271,623 | 2,688,666 | 1.62% | Shares |
| ALGERT GLOBAL LLC | $12,935,393 | 2,277,358 | 1.37% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11,694,382 | 2,058,870 | 1.24% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $11,631,595 | 2,047,816 | 1.23% | Shares |
| ARMISTICE CAPITAL, LLC | $11,360,000 | 2,000,000 | 1.20% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $10,090,827 | 1,776,554 | 1.07% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $9,966,952 | 1,754,745 | 1.05% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $9,211,176 | 1,621,686 | 0.97% | Shares |
| Knoll Capital Management, LLC | $9,079,996 | 1,598,591 | 0.96% | Shares |
| GOLDMAN SACHS GROUP INC | $7,988,102 | 1,406,356 | 0.84% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,645,252 | 1,345,995 | 0.81% | Shares |
| FIRST TRUST ADVISORS LP | $7,397,274 | 1,302,337 | 0.78% | Shares |
| ABRAMS CAPITAL MANAGEMENT, L.P. | $7,216,463 | 1,270,504 | 0.76% | Shares |
| CITADEL ADVISORS LLC | $7,121,698 | 1,253,820 | 0.75% | Shares |
| TWO SIGMA INVESTMENTS, LP | $7,090,963 | 1,248,409 | 0.75% | Shares |
| NewEdge Advisors, LLC | $6,996,243 | 1,231,733 | 0.74% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $5,802,268 | 1,021,526 | 0.61% | Shares |
| Woodline Partners LP | $5,541,022 | 975,532 | 0.59% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,195,945 | 914,779 | 0.55% | Shares |
| BlackRock, Inc. | $3,984,071 | 701,421 | 0.42% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $3,811,513 | 671,041 | 0.40% | Shares |
| Beacon Pointe Advisors, LLC | $3,591,186 | 632,251 | 0.38% | Shares |
| TWO SIGMA ADVISERS, LP | $3,522,176 | 393,100 | 0.37% | Shares |
| EDBI Pte Ltd | $3,379,541 | 1,270,504 | 0.36% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $3,037,431 | 534,759 | 0.32% | Shares |
| ACT CAPITAL MANAGEMENT, LLC | $2,953,600 | 520,000 | 0.31% | Shares |
| Swiss National Bank | $2,765,024 | 486,800 | 0.29% | Shares |
| Trexquant Investment LP | $2,755,129 | 485,058 | 0.29% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,484,557 | 437,422 | 0.26% | Shares |
| Corient Private Wealth LP | $2,470,080 | 434,873 | 0.26% | Shares |
| Castle Hook Partners LP | $2,328,720 | 409,986 | 0.25% | Shares |
| Man Group plc | $2,327,107 | 409,702 | 0.25% | Shares |
| XTX Topco Ltd | $2,277,038 | 400,887 | 0.24% | Shares |
| JPMORGAN CHASE & CO | $2,198,464 | 391,883 | 0.23% | Shares |
| TEMA ETFS LLC | $2,184,878 | 243,848 | 0.23% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,117,833 | 372,858 | 0.22% | Shares |
| Ishara Investments LP | $2,095,920 | 369,000 | 0.22% | Shares |
| ALPS ADVISORS INC | $1,999,332 | 351,995 | 0.21% | Shares |
| Palo Alto Investors LP | $1,855,139 | 326,609 | 0.20% | Shares |
| MORGAN STANLEY | $1,821,349 | 320,660 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $1,798,082 | 316,566 | 0.19% | Shares |
| D. E. Shaw & Co., Inc. | $1,774,199 | 312,359 | 0.19% | Shares |
| Intellectus Partners, LLC | $1,666,609 | 293,417 | 0.18% | Shares |
| Qube Research & Technologies Ltd | $1,631,415 | 287,221 | 0.17% | Shares |
| Quantinno Capital Management LP | $1,360,479 | 239,521 | 0.14% | Shares |
| Virtus Investment Advisers, LLC | $1,342,513 | 236,358 | 0.14% | Shares |
| IEQ CAPITAL, LLC | $1,335,851 | 235,185 | 0.14% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,303,233 | 303,784 | 0.14% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,290,996 | 227,288 | 0.14% | Shares |
| VANGUARD GROUP INC | $1,286,477 | 143,580 | 0.14% | Shares |
| BARCLAYS PLC | $1,281,595 | 225,633 | 0.14% | Shares |
| Balyasny Asset Management L.P. | $1,233,264 | 217,124 | 0.13% | Shares |
| Bank of New York Mellon Corp | $1,223,228 | 215,357 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,154,881 | 269,203 | 0.12% | Shares |
| CITIGROUP INC | $1,131,905 | 199,279 | 0.12% | Shares |
| GROUP ONE TRADING LLC | $1,121,630 | 197,470 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,041,928 | 183,438 | 0.11% | Shares |
| Gotham Asset Management, LLC | $1,034,623 | 182,152 | 0.11% | Shares |
| QVT Financial LP | $970,110 | 170,794 | 0.10% | Shares |
| Odyssean, LLC | $954,291 | 168,009 | 0.10% | Shares |
| Shay Capital LLC | $937,200 | 165,000 | 0.10% | Shares |
| Squarepoint Ops LLC | $932,718 | 164,211 | 0.10% | Shares |
| SEI INVESTMENTS CO | $866,927 | 152,628 | 0.09% | Shares |
| MetLife Investment Management, LLC | $841,185 | 148,096 | 0.09% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $812,530 | 143,051 | 0.09% | Shares |
| WEXFORD CAPITAL LP | $771,850 | 135,889 | 0.08% | Shares |
| HSBC HOLDINGS PLC | $761,804 | 131,800 | 0.08% | Shares |
| Aquatic Capital Management LLC | $759,865 | 133,779 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $758,973 | 133,622 | 0.08% | Shares |
| Meridian Wealth Management, LLC | $751,214 | 132,256 | 0.08% | Shares |
| Cresset Asset Management, LLC | $687,509 | 121,040 | 0.07% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $672,932 | 118,474 | 0.07% | Shares |
| Quadrature Capital Ltd | $659,522 | 116,113 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $659,249 | 116,065 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $653,768 | 115,100 | 0.07% | Put option |
| PRELUDE CAPITAL MANAGEMENT, LLC | $622,341 | 109,567 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $598,184 | 105,314 | 0.06% | Shares |
| Palumbo Wealth Management LLC | $584,785 | 102,955 | 0.06% | Shares |
| Invesco Ltd. | $577,531 | 101,678 | 0.06% | Shares |
| WELLS FARGO & COMPANY/MN | $567,693 | 99,946 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $566,864 | 99,800 | 0.06% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $503,816 | 88,700 | 0.05% | Call option |
| JANE STREET GROUP, LLC | $482,800 | 85,000 | 0.05% | Put option |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $475,322 | 81,811 | 0.05% | Shares |
| MARSHALL WACE, LLP | $473,723 | 83,402 | 0.05% | Shares |
| JANUS HENDERSON GROUP PLC | $463,410 | 108,400 | 0.05% | Shares |
| CWM, LLC | $456,645 | 106,444 | 0.05% | Shares |
| State of New Jersey Common Pension Fund D | $445,590 | 78,449 | 0.05% | Shares |
Company insiders 25 insiders · 12 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Junyuan Jerry Wang | CEO, ANHEART THERAPEUTICS LTD. | Nov. 11, 2024 S | 3,866,228 | 0 | 0 | $0 |
| Philippe Sauvage | Chief Financial Officer | July 15, 2026 M | 54,131 | 0 | 1 | $-286,485 |
| Jennifer A. Fox | Chief Financial Officer | Feb. 28, 2023 A | — | 0 | 0 | $0 |
| Gary Hattersley | CHIEF SCIENTIFIC OFFICER | Aug. 19, 2026 M | 0 | 0 | 1 | $-709,000 |
| Stacy Markel | CHIEF PEOPLE OFFICER | June 23, 2026 M | 32,591 | 0 | 1 | $-753,750 |
| Kerry Wentworth | CHIEF REGULATORY OFFICER | June 23, 2026 M | 53,000 | 0 | 3 | $-1,467,378 |
| Colleen Sjogren | Chief Commercial Officer | June 16, 2025 P | 81,000 | 0 | 0 | $0 |
| Dongfang Liu | CHIEF MEDICAL OFFICER | May 2, 2025 M | 12,000 | 0 | 0 | $0 |
| Moses Makunje | Title: VP, Finance and principal financial and accounting officer. | Feb. 28, 2025 A | — | 0 | 0 | $0 |
| David C. Hanley | CHIEF TECHNICAL OPERATIONS | Feb. 28, 2025 A | — | 0 | 0 | $0 |
| Sergey Yurasov | Chief Medical Officer | Feb. 10, 2021 A | — | 0 | 0 | $0 |
| Thomas Templeman | SVP, Pharmaceutical Ops | Feb. 10, 2021 A | — | 0 | 0 | $0 |
| Robert Mashal | Director | June 9, 2026 P | 225,000 | 1 | 0 | $118,250 |
| Xiangmin Cui | Director | May 21, 2026 A | 17,062,202 | 0 | 0 | $0 |
| Kathryn E Falberg | Director | May 21, 2026 A | 250,000 | 0 | 0 | $0 |
| Robert B Bazemore | Director | May 21, 2025 A | 5,000 | 0 | 0 | $0 |
| Daniel G Welch | Director | May 24, 2024 M | 659,947 | 0 | 0 | $0 |
| Oleg Nodelman | Director | Oct. 29, 2021 A | — | 0 | 0 | $0 |
| Graham K Cooper | Director | Feb. 10, 2021 M | 25,000 | 0 | 0 | $0 |
| Shalini Sharp | Director | Feb. 10, 2021 M | 35,000 | 0 | 0 | $0 |
| Faheem Hasnain | Director | Feb. 10, 2021 M | 55,000 | 0 | 0 | $0 |
| Daniel Bradbury | Director | Feb. 10, 2021 M | 25,000 | 0 | 0 | $0 |
| Anthony W Vernon | — | May 21, 2026 A | 304,100 | 0 | 0 | $0 |
| Kim D Blickenstaff | — | May 21, 2026 A | 172,189 | 0 | 0 | $0 |
| David Hung | — | Feb. 27, 2026 A | 59,281,054 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Omega Fund V, L.P., Omega Fund V GP, L.P., Omega Fund V GP Manager, Ltd., Claudio Nessi, Otello Stampacchia ×3 filings | Oct. 18, 2024 | — | Initial filing | — | SEC |
| Decheng Capital China Life Sciences USD Fund III, L.P., Decheng Capital Management III (Cayman), LLC, Decheng Capital Global Healthcare Fund (Master), LP, Decheng Capital Global Healthcare GP, LLC, Decheng Anbio Limited, Xiangmin Cui | Sept. 10, 2024 | — | Initial filing | Board campaign | SEC |
| David Hung, M.D. ×2 filings | March 26, 2024 | — | 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 49 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 |
|---|---|---|---|---|
| IDNA · iShares Trust | 1.58% | 568,089 SH | Aug. 21, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.30% | 37,591 NS | April 30, 2026 | N-PORT |
| CANC · Tema ETF Trust | 1.07% | 395,313 NS | May 31, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.07% | 423,144 SH | Aug. 21, 2026 | Daily |
| SBIO · ALPS ETF Trust | 1.06% | 357,260 NS | May 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 0.84% | 112,261 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.39% | 867,790 SH | Aug. 21, 2026 | Daily |
| IHE · iShares Trust | 0.36% | 898,081 SH | Aug. 21, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.34% | 801,199 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.13% | 7,653 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.12% | 1,851,279 SH | Aug. 21, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.12% | 322,790 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.11% | 2,326,568 SH | Aug. 21, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.08% | 270,228 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.07% | 314,234 SH | Aug. 21, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.07% | 74,705 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.06% | 218,055 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 6,468,994 SH | Aug. 21, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 220,426 SH | Aug. 21, 2026 | Daily |
| ISCV · iShares Trust | 0.05% | 51,844 SH | Aug. 21, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.04% | 7,959 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 1,450,662 SH | Aug. 19, 2026 | Daily |
| TECB · iShares Trust | 0.03% | 24,294 SH | Aug. 21, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 104,380 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 64,408 NS | May 31, 2026 | N-PORT |
| RB · ProShares Trust | 0.03% | 71 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.03% | 11,352 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.02% | 10,466 SH | Aug. 21, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 1,145,077 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 2,787,165 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 730,126 SH | Aug. 19, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 8,878 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 101,610 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 437,523 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 13,340 SH | Aug. 21, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 8,982 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 10,097 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 225 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 408,600 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 69,793 SH | Aug. 21, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 2,055 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 310,966 SH | Aug. 21, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 146,585 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 5,084 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 37,633 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 2,513 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 8,849,329 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 19,595 SH | Aug. 19, 2026 | Daily |
| SMLF · iShares Trust | — | 87,939 SH | Aug. 21, 2026 | Daily |