OCUL Ocular Therapeutix, Inc. - Common Stock
$11.43
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$6–$16
51% of range
Analyst Rating
BUY
18 analysts
Price Target
$27
+137% upside
P/E (TTM)
-8.0
ROE
-55.4%
Net Profit Margin
-511.9%
OCUL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$11.43
Market Cap
$2.47B
P/E (TTM)
-8.0
EPS (TTM)
$-1.42
Revenue (TTM)
$52M
Div Yield
—
ROE
-55.4%
Debt/Equity
—
52W Range
$6 – $16
OCUL 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
$52M
2016-12-31
→
2025-12-31
EPS
$-1.42
2019-12-31
→
2025-12-31
Free Cash Flow
$-217M
2016-12-31
→
2025-12-31
Margins
-511.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
OCUL
Peer Median
P/E (TTM)
-8.0
19.1
P/S (TTM)
47.5
14.2
P/B
3.8
3.6
Price / FCF
-11.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
OCUL
Peer Median
Operating Margin
-519.8%
—
Net Profit Margin
-511.9%
-4.3%
ROA
-42.0%
-2.9%
ROE
-55.4%
-6.8%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
OCUL
Peer Median
Current Ratio
15.4
4.7
Quick Ratio
15.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
OCUL
Peer Median
Revenue YoY
-18.5%
—
Revenue CAGR 3Y
0.29%
—
Revenue CAGR 5Y
24.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
OCUL
Peer Median
OCUL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 6 33.3%
- Buy 11 61.1%
- Hold 1 5.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-19
Median
$28.00
← Below all targets
$11.43
Low
$18.00
High
$34.00
Median target
$28.00
+145.0%
Mean target
$27.09
+137.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.35 | $-0.40 | 0.05% |
| March 31, 2026 | $-0.40 | $-0.32 | -0.08% |
| Dec. 31, 2025 | $-0.29 | $-0.33 | 0.04% |
| Sept. 30, 2025 | $-0.38 | $-0.37 | -0.01% |
| June 30, 2025 | $-0.39 | $-0.36 | -0.03% |
| March 31, 2025 | $-0.38 | $-0.30 | -0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| OCUL | $2.62B | -8.5 | -18.5% | -511.9% | -55.4% | — |
| SUPN | $2.86B | -73.1 | 8.6% | -5.4% | -3.6% | — |
| ATAI | $223M | -1.4 | -1.9% | -48464.0% | -83.1% | — |
| TRVI | $1.61B | -39.1 | — | — | -22.4% | — |
| NUVB | $3.03B | -14.9 | 699.0% | -325.3% | -60.3% | — |
| 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% |
| RAPP | $1.45B | -10.6 | — | — | -29.8% | — |
| HRMY | $2.16B | 13.8 | 21.5% | 18.3% | 19.3% | 77.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52M | $64M | $58M | $51M | $44M | $17M | $4M | $2M | $2M | $2M | $2M | $772.0K | |
| Cost of Revenue | $7M | $6M | $5M | $5M | $4M | $2M | $2M | $465.0K | $457.0K | $443.0K | $319.0K | $91.0K | |
| R&D Expense | $197M | $128M | $61M | $53M | $50M | $29M | $41M | $37M | $31M | $27M | $27M | $19M | |
| SG&A Expense | $64M | $61M | $34M | $32M | $32M | $23M | $22M | $19M | $16M | $11M | $9M | $7M | |
| Operating Expenses | $322M | $236M | $141M | $130M | $122M | $80M | $90M | $61M | $64M | $45M | $40M | $28M | |
| Operating Income | $-270M | $-172M | $-82M | $-79M | $-78M | $-63M | $-86M | $-59M | $-62M | $-43M | $-38M | $-27M | |
| Interest Expense | · | · | $11M | $7M | $7M | $7M | $6M | $2M | $2M | $2M | $2M | $1M | |
| Other Non-op | $4M | $-22M | $2M | $-1.0K | $1.0K | · | $-8.0K | · | $5.0K | $-1.0K | $7.0K | $-442.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-266M | $-194M | $-81M | $-71M | $-7M | $-156M | $-86M | $-60M | $-63M | $-45M | $-40M | $-29M | |
| EPS (Basic) | $-1.42 | $-1.22 | $-1.01 | $-0.92 | $-0.09 | $-2.56 | $-1.91 | · | · | · | · | · | |
| EPS (Diluted) | $-1.42 | $-1.22 | $-1.02 | $-0.97 | $-0.98 | $-2.56 | $-1.91 | · | · | · | · | · | |
| Shares (Basic) | 187,241,483 | 158,265,162 | 79,827,362 | 76,875,035 | 76,392,870 | 60,752,225 | 45,273,231 | · | · | · | · | · | |
| Shares (Diluted) | 187,241,483 | 158,265,162 | 85,596,594 | 82,644,267 | 82,162,102 | 60,752,225 | 45,273,231 | · | · | · | · | · | |
| EBITDA | $-266M | $-168M | $-79M | $-77M | $-76M | $-60M | $-83M | $-57M | $-60M | $-42M | $-37M | $-27M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $737M | $392M | $196M | $102M | $164M | $228M | $54M | $54M | $42M | $33M | $31M | $37M | |
| Receivables | $31M | $32M | $26M | $21M | $21M | $12M | $3M | $201.0K | $226.0K | $250.0K | $193.0K | $329.0K | |
| Inventory | $4M | $3M | $2M | $2M | $1M | $1M | $954.0K | $217.0K | $122.0K | $113.0K | $134.0K | $133.0K | |
| Prepaid Expense | $11M | $13M | $8M | $4M | $5M | $5M | $2M | $2M | $1M | $1M | $2M | $893.0K | |
| Current Assets | $782M | $441M | $232M | $130M | $191M | $246M | $60M | $56M | $43M | $70M | $107M | $76M | |
| PP&E (Net) | $20M | $9M | $12M | $10M | $7M | $8M | $10M | $10M | $10M | $3M | $3M | $2M | |
| PP&E (Gross) | $47M | $33M | $32M | $27M | $22M | $21M | $20M | $18M | $16M | $7M | $6M | $4M | |
| Accum. Depreciation | $28M | $24M | $20M | $17M | $15M | $13M | $10M | $8M | $5M | $4M | $3M | $2M | |
| Total Assets | $808M | $458M | $252M | $149M | $205M | $262M | $79M | $73M | $55M | $75M | $110M | $78M | |
| Accounts Payable | $4M | $4M | $4M | $5M | $5M | $3M | $3M | $3M | $4M | $2M | $2M | $1M | |
| Accrued Liabilities | $44M | $35M | $29M | $24M | $20M | $14M | $8M | $6M | $4M | $5M | $3M | $3M | |
| Short-term Debt | · | · | · | · | · | $8M | · | · | $6M | $2M | · | $1M | |
| Current Liabilities | $51M | $41M | $35M | $31M | $26M | $27M | $12M | $9M | $13M | $8M | $5M | $6M | |
| Capital Leases | $3M | $5M | $7M | $9M | $6M | $8M | $9M | · | · | · | · | · | |
| Other Non-current Liabilities | $887.0K | $141.0K | $108.0K | $93.0K | · | · | · | $3M | · | · | · | · | |
| Total Liabilities | $154M | $143M | $161M | $114M | $117M | $186M | $82M | $37M | $29M | $23M | $21M | $19M | |
| Total Debt | · | · | · | · | · | $8M | · | · | $6M | $2M | · | $1M | |
| Common Stock | $22.0K | $16.0K | $12.0K | $8.0K | $8.0K | $8.0K | $5.0K | $4.0K | $3.0K | $3.0K | $2.0K | $2.0K | |
| Retained Earnings | $-1.16B | $-891M | $-698M | $-617M | $-546M | $-539M | $-384M | $-297M | $-237M | $-174M | $-129M | $-89M | |
| AOCI | · | · | · | · | · | · | · | · | · | $-5.0K | $-68.0K | · | |
| Stockholders' Equity | $654M | $315M | $91M | $35M | $88M | $76M | $-4M | $36M | $26M | $52M | $90M | $59M | |
| Liabilities + Equity | $808M | $458M | $252M | $149M | $205M | $262M | $79M | $73M | $55M | $75M | $110M | $78M | |
| Shares Outstanding | 215,927,600 | 157,749,490 | 114,963,193 | 77,201,819 | 76,731,940 | 75,996,732 | 50,333,559 | 41,518,091 | 29,658,202 | 25,024,100 | 24,750,281 | 21,333,507 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $4M | $4M | $3M | $2M | $2M | $3M | $3M | $2M | $2M | $881.0K | $754.0K | $547.0K | |
| Stock-based Comp | $43M | $33M | $18M | $17M | $15M | $8M | $9M | $7M | $7M | $6M | $5M | $3M | |
| Restructuring | · | · | · | · | · | · | $3M | · | $3M | · | · | · | |
| Other Non-cash | $14M | $22M | $-10M | $-8M | $-76M | $92M | $-2M | $982.0K | $4M | $4M | $611.0K | $5M | |
| Operating Cash Flow | $-205M | $-135M | $-70M | $-60M | $-66M | $-54M | $-78M | $-49M | $-50M | $-34M | $-34M | $-20M | |
| CapEx | $12M | $1M | $6M | $4M | $1M | $841.0K | $2M | $2M | $8M | $2M | $2M | $1M | |
| Investing Cash Flow | $-12M | $-1M | $-6M | $-4M | $-1M | $-841.0K | $-2M | $-2M | $27M | $37M | $-39M | · | |
| Debt Issued | · | · | $82M | · | · | · | · | · | · | · | · | · | |
| Net Debt Issued | · | · | $56M | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | $117M | · | · | $225M | $38M | $62M | $29M | $627.0K | $66M | $70M | |
| Net Stock Activity | · | · | $117M | · | · | $225M | $38M | $62M | $29M | $872.0K | · | $70M | |
| Financing Cash Flow | $562M | $332M | $170M | $1M | $3M | $228M | $75M | $69M | $32M | $585.0K | $66M | · | |
| Net Change in Cash | $345M | $196M | $94M | $-62M | $-64M | $174M | $-4M | $18M | $8M | $4M | $-7M | $20M | |
| Free Cash Flow | $-217M | $-136M | $-76M | $-63M | $-67M | $-54M | $-80M | $-51M | $-59M | $-36M | $-36M | $-22M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -519.8% | -269.6% | -141.0% | -152.7% | -179.3% | -361.1% | -2029.9% | -2970.8% | -3220.1% | -2296.0% | -2182.7% | -3509.6% | |
| Net Margin | -511.9% | -303.7% | -138.1% | -137.9% | -15.1% | -894.3% | -2043.3% | -3014.0% | -3296.2% | -2369.0% | -2271.3% | -3710.9% | |
| EBITDA Margin | -511.4% | -263.6% | -135.9% | -148.7% | -173.7% | -345.2% | -1970.0% | -2855.9% | -3135.6% | -2249.3% | -2139.6% | -3438.7% | |
| ROA | -42.0% | -54.5% | -40.2% | -40.1% | -2.8% | -91.4% | -113.8% | -93.4% | -97.2% | -48.3% | -42.2% | -58.9% | |
| ROE | -55.4% | -58.0% | -163.1% | -174.1% | -7.5% | -432.5% | -2251.9% | -147.4% | -162.2% | -63.1% | -53.6% | 7383.5% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.4 | 10.7 | 6.7 | 4.1 | 7.3 | 9.2 | 5.0 | 6.1 | 3.2 | 8.4 | 19.9 | 13.0 | |
| Quick Ratio | 15.1 | 10.3 | 6.4 | 3.9 | 7.0 | 9.0 | 4.7 | 5.9 | 3.1 | 4.0 | 5.8 | 6.4 | |
| Debt / Equity | · | · | · | · | · | 0.1 | · | · | 0.2 | 0.0 | · | 0.0 | |
| Interest Coverage | · | · | -7.3 | -11.2 | -11.7 | -9.3 | -14.1 | -34.0 | -32.7 | -25.8 | -22.2 | -24.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Inventory Turnover | 2.0 | 2.1 | 2.5 | 2.8 | 3.6 | 1.9 | 4.0 | · | 3.9 | 3.6 | 2.4 | 1.4 | |
| Receivables Turnover | 1.6 | 2.2 | 2.5 | 2.4 | 2.6 | 2.4 | 3.1 | 9.3 | 8.1 | 8.5 | 6.7 | 2.7 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -18.5% | 9.0% | 13.5% | 18.3% | 150.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 0.29% | 13.6% | 49.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 24.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $52M | $64M | $58M | $51M | $44M | $17M | $4M | $2M | $2M | $2M | $2M | $772.0K | |
| Net Income TTM | $-266M | $-194M | $-81M | $-71M | $-7M | $-156M | $-86M | $-60M | $-63M | $-45M | $-40M | $-29M | |
| Market Cap | $2.62B | $1.35B | $513M | $217M | $535M | $1.57B | $199M | $165M | $132M | $209M | $232M | $502M | |
| Enterprise Value | · | · | · | · | · | $1.35B | · | · | $96M | $178M | · | $466M | |
| P/E | -8.5 | -7.0 | -4.4 | -2.9 | -7.1 | -8.1 | -2.1 | -2.5 | · | · | · | · | |
| P/S | 50.5 | 21.1 | 8.8 | 4.2 | 12.3 | 90.4 | 47.0 | 83.0 | 68.6 | 111.0 | 132.5 | 650.0 | |
| P/B | 4.0 | 4.3 | 5.6 | 6.1 | 6.1 | 20.7 | -54.8 | 4.6 | 5.0 | 4.0 | 2.6 | 8.5 | |
| P / Tangible Book | 4.0 | 4.3 | 5.6 | 6.1 | 6.1 | 20.7 | · | · | · | · | · | · | |
| P / Cash Flow | -12.8 | -10.0 | -7.3 | -3.6 | -8.2 | -29.4 | -2.6 | -3.4 | -2.6 | -6.2 | -6.9 | -24.5 | |
| P / FCF | -12.1 | -9.9 | -6.7 | -3.4 | -8.0 | -28.9 | -2.5 | -3.2 | -2.2 | -5.8 | -6.5 | -23.1 | |
| EV / EBITDA | · | · | · | · | · | -22.5 | · | · | -1.6 | -4.2 | · | -17.5 | |
| EV / FCF | · | · | · | · | · | -24.9 | · | · | -1.6 | -5.0 | · | -21.4 | |
| EV / Revenue | · | · | · | · | · | 77.8 | · | · | 49.9 | 94.4 | · | 603.3 | |
| Earnings Yield | -11.7% | -14.3% | -22.9% | -34.5% | -14.1% | -12.4% | -48.4% | -39.5% | · | · | · | · |
Income Statement 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 | $13M | $11M | $13M | $15M | $13M | $11M | $17M | $15M | $16M | $15M | $15M | $15M | $15M | $13M | $14M | $12M | |
| Cost of Revenue | $2M | $1M | $2M | $2M | $2M | $1M | $1M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| R&D Expense | $54M | $66M | $51M | $52M | $51M | $43M | $41M | $37M | $29M | $21M | $16M | $15M | $15M | $15M | $14M | $14M | |
| SG&A Expense | $22M | $20M | $18M | $16M | $14M | $16M | $15M | $12M | $20M | $14M | $8M | $9M | $8M | $9M | $8M | $9M | |
| Operating Expenses | $96M | $104M | $83M | $83M | $81M | $75M | $68M | $61M | $60M | $46M | $35M | $34M | $36M | $36M | $33M | $34M | |
| Operating Income | $-82M | $-93M | $-70M | $-69M | $-68M | $-64M | $-51M | $-46M | $-44M | $-32M | $-20M | $-19M | $-21M | $-23M | $-19M | $-22M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | · | $3M | $2M | $2M | · | $2M | |
| Other Non-op | $3M | $5M | $5M | $-720.0K | $-173.0K | $-136.0K | $2M | $10M | $-187.0K | $-33M | $2M | $0 | $0 | $-1.0K | $0 | $1.0K | |
| Net Income | $-79M | $-89M | $-65M | $-69M | $-68M | $-64M | $-48M | $-36M | $-44M | $-65M | $-29M | $-516.0K | $-21M | $-30M | $-16M | $-24M | |
| EPS (Basic) | $-0.35 | $-0.40 | $-0.27 | $-0.38 | $-0.39 | $-0.38 | $-0.25 | $-0.22 | $-0.26 | $-0.49 | $-0.35 | $-0.01 | $-0.26 | $-0.39 | $-0.21 | $-0.31 | |
| EPS (Diluted) | $-0.35 | $-0.40 | $-0.27 | $-0.38 | $-0.39 | $-0.38 | $-0.25 | $-0.22 | $-0.26 | $-0.49 | $-0.12 | $-0.25 | $-0.26 | $-0.39 | $-0.19 | $-0.31 | |
| Shares (Basic) | 224,952,428 | 224,099,410 | -338,669,976 | 183,919,808 | 172,594,662 | 169,396,989 | -306,574,296 | 166,992,735 | 165,824,778 | 132,021,945 | -154,979,902 | 79,373,272 | 78,047,705 | 77,386,287 | -153,610,763 | 76,975,839 | |
| Shares (Diluted) | 224,952,428 | 224,099,410 | -338,669,976 | 183,919,808 | 172,594,662 | 169,396,989 | -306,574,296 | 166,992,735 | 165,824,778 | 132,021,945 | -154,979,902 | 85,142,504 | 78,047,705 | 77,386,287 | -159,379,995 | 76,975,839 | |
| EBITDA | $-82M | $-92M | · | $-69M | $-68M | $-63M | · | $-46M | $-44M | $-31M | · | $-19M | $-21M | $-22M | · | $-22M |
Balance Sheet 22
| 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 | $599M | $667M | $737M | $345M | $391M | $350M | $392M | $427M | $460M | $483M | $196M | $111M | $67M | $79M | $102M | $121M | |
| Receivables | $30M | $24M | $31M | $31M | $30M | $25M | $32M | $30M | $30M | $27M | · | $24M | $27M | $21M | · | $20M | |
| Inventory | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $3M | $3M | · | $2M | $2M | $2M | · | $2M | |
| Prepaid Expense | $12M | $11M | $11M | $8M | $9M | $10M | $13M | $13M | $6M | $8M | · | $5M | $5M | $5M | · | $3M | |
| Current Assets | $644M | $706M | $782M | $387M | $433M | $388M | $441M | $473M | $499M | $520M | · | $141M | $101M | $107M | · | $146M | |
| PP&E (Net) | $19M | $18M | $20M | $17M | $10M | $11M | $9M | $10M | $11M | $11M | · | $12M | $13M | $12M | · | $7M | |
| PP&E (Gross) | · | · | $47M | · | · | · | $33M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $28M | · | · | · | $24M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $671M | $733M | $808M | $411M | $451M | $406M | $458M | $490M | $517M | $539M | · | $162M | $123M | $129M | · | $159M | |
| Accounts Payable | $7M | $8M | $4M | $6M | $6M | $5M | $4M | $4M | $4M | $6M | · | $4M | $4M | $5M | · | $5M | |
| Accrued Liabilities | $39M | $36M | $44M | $40M | $34M | $31M | $35M | $30M | $24M | $16M | · | $29M | $25M | $22M | · | $22M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | · | · | |
| Current Liabilities | $49M | $48M | $51M | $49M | $43M | $38M | $41M | $36M | $30M | $24M | · | $35M | $32M | $30M | · | $29M | |
| Capital Leases | $3M | $4M | $3M | $4M | $4M | $5M | $5M | $6M | $6M | $6M | · | $7M | $8M | $8M | · | $5M | |
| Other Non-current Liabilities | $931.0K | $909.0K | $887.0K | $151.0K | $148.0K | $144.0K | $141.0K | $117.0K | $114.0K | $111.0K | · | $106.0K | $104.0K | $100.0K | · | · | |
| Total Liabilities | $151M | $151M | $154M | $153M | $145M | $140M | $143M | $138M | $139M | $131M | · | $155M | $119M | $119M | · | $112M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | · | · | |
| Common Stock | $22.0K | $22.0K | $22.0K | $18.0K | $17.0K | $16.0K | $16.0K | $16.0K | $16.0K | $15.0K | · | $8.0K | $8.0K | $8.0K | · | $8.0K | |
| Retained Earnings | $-1.32B | $-1.25B | $-1.16B | $-1.09B | $-1.02B | $-955M | $-891M | $-843M | $-806M | $-762M | · | $-668M | $-668M | $-647M | · | $-601M | |
| Stockholders' Equity | $520M | $582M | $654M | $258M | $306M | $266M | $315M | $352M | $378M | $408M | $91M | $8M | $3M | $10M | $35M | $46M | |
| Liabilities + Equity | $671M | $733M | $808M | $411M | $451M | $406M | $458M | $490M | $517M | $539M | · | $162M | $123M | $129M | · | $159M | |
| Shares Outstanding | 219,589,303 | 218,896,915 | 215,927,600 | 174,949,558 | 172,925,389 | 159,262,024 | 157,749,490 | 156,654,938 | 155,624,363 | 154,704,086 | · | 79,412,114 | 79,233,804 | 77,516,638 | · | 77,010,385 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $1M | $1M | $1M | $1M | $981.0K | $951.0K | $959.0K | $956.0K | $920.0K | $958.0K | $890.0K | $652.0K | $483.0K | $491.0K | $509.0K | |
| Stock-based Comp | $15M | $16M | $11M | $12M | $10M | $10M | $7M | $7M | $11M | $8M | $4M | $5M | $4M | $5M | $4M | $4M | |
| Restructuring | · | · | · | · | · | · | · | · | $2M | · | · | · | · | · | · | · | |
| Other Non-cash | · | $6M | · | · | · | $8M | · | · | · | $22M | · | · | · | $5M | · | · | |
| Operating Cash Flow | $-67M | $-66M | $-54M | $-51M | $-55M | $-45M | $-39M | $-37M | $-25M | $-34M | $-22M | $-8M | $-20M | $-20M | $-17M | $-13M | |
| CapEx | $3M | $5M | $3M | $6M | $1M | $2M | $202.0K | $89.0K | $742.0K | $255.0K | $459.0K | $259.0K | $2M | $3M | $2M | $794.0K | |
| Investing Cash Flow | $-3M | $-5M | $-3M | $-6M | $-1M | $-2M | $-202.0K | $-89.0K | $-742.0K | $-255.0K | $-459.0K | $-259.0K | $-2M | $-3M | $-2M | $-794.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | $0 | $316M | · | $708.0K | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $316M | · | · | · | · | · | · | |
| Financing Cash Flow | $3M | $294.0K | $449M | $10M | $98M | $4M | $5M | $4M | $2M | $321M | $108M | $52M | $10M | $78.0K | $458.0K | $374.0K | |
| Net Change in Cash | $-68M | $-70M | $392M | $-46M | $41M | $-42M | $-35M | $-32M | $-23M | $287M | $85M | $44M | $-12M | $-23M | $-19M | $-14M | |
| Free Cash Flow | · | $-71M | · | · | · | $-47M | · | · | · | $-34M | · | · | · | $-23M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -609.3% | -865.5% | · | -472.3% | -502.6% | -597.5% | · | -298.2% | -265.1% | -214.0% | · | -127.4% | -135.5% | -168.6% | · | -180.1% | |
| Net Margin | -584.5% | -821.6% | · | -477.3% | -503.9% | -598.7% | · | -236.6% | -266.3% | -438.9% | · | -3.4% | -136.2% | -226.7% | · | -202.2% | |
| EBITDA Margin | -609.3% | -853.6% | · | -472.3% | -502.6% | -588.3% | · | -298.2% | -265.1% | -207.8% | · | -127.4% | -135.5% | -165.0% | · | -180.1% | |
| ROA | -14.0% | -15.6% | · | -15.4% | -14.0% | -13.6% | · | -11.2% | -13.7% | -19.4% | · | -0.32% | -14.0% | -19.2% | · | -12.9% | |
| ROE | -19.1% | -20.9% | · | -22.8% | -19.8% | -19.0% | · | -20.3% | -23.0% | -31.1% | · | -1.9% | -60.0% | -67.8% | · | -36.2% |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.1 | 14.8 | · | 7.9 | 10.1 | 10.2 | · | 13.0 | 16.6 | 21.4 | · | 4.0 | 3.1 | 3.6 | · | 5.0 | |
| Quick Ratio | 12.8 | 14.5 | · | 7.6 | 9.8 | 9.9 | · | 12.6 | 16.3 | 21.0 | · | 3.8 | 2.9 | 3.4 | · | 4.8 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | 0.7 | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -7.8 | · | -5.6 | -10.3 | -12.8 | · | -12.0 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.6 | 0.4 | · | 0.6 | 0.7 | 0.4 | · | 0.7 | 0.6 | 0.5 | · | 0.7 | 0.7 | 0.7 | · | 0.8 | |
| Receivables Turnover | 0.4 | 0.4 | · | 0.5 | 0.4 | 0.4 | · | 0.6 | 0.6 | 0.6 | · | 0.7 | 0.6 | 0.6 | · | 0.6 |
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 | $52M | $49M | · | $54M | $56M | $57M | · | $62M | $61M | $58M | · | $56M | $53M | $51M | · | $50M | |
| Net Income TTM | $-305M | $-290M | · | $-238M | $-212M | $-209M | · | $-146M | $-130M | $-116M | · | $-76M | $-94M | $-86M | · | $-53M | |
| Market Cap | $2.16B | $1.85B | · | $2.05B | $1.60B | $1.17B | · | $1.36B | $1.06B | $1.41B | · | $249M | $409M | $409M | · | $320M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | $344M | · | · | · | |
| P/E | -6.5 | -5.5 | · | -8.5 | -7.4 | -5.4 | · | -7.1 | -5.4 | -6.5 | · | -2.6 | -4.3 | -4.5 | · | -4.1 | |
| P/S | 41.3 | 37.5 | · | 37.8 | 28.6 | 20.4 | · | 22.1 | 17.3 | 24.1 | · | 4.5 | 7.7 | 8.0 | · | 6.4 | |
| P/B | 4.1 | 3.2 | · | 7.9 | 5.2 | 4.4 | · | 3.9 | 2.8 | 3.5 | · | 31.8 | 132.4 | 42.1 | · | 6.9 | |
| P / Tangible Book | 4.1 | 3.2 | · | 7.9 | 5.2 | 4.4 | · | 3.9 | 2.8 | 3.5 | · | 31.8 | 132.4 | 42.1 | · | 6.9 | |
| P / Cash Flow | · | -28.1 | · | · | · | -26.1 | · | · | · | -41.5 | · | · | · | -20.5 | · | · | |
| P / FCF | · | -26.2 | · | · | · | -25.0 | · | · | · | -41.2 | · | · | · | -17.5 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | -16.7 | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | 6.5 | · | · | · | |
| Earnings Yield | -15.5% | -18.3% | · | -11.7% | -13.5% | -18.4% | · | -14.0% | -18.4% | -15.3% | · | -38.5% | -23.4% | -22.2% | · | -24.3% |
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 | $52M | $64M | $58M | $51M | $44M |
| Operating Margin % | -519.8% | -269.6% | -141.0% | -152.7% | -179.3% |
| Net Income | $-266M | $-194M | $-81M | $-71M | $-7M |
| Diluted EPS | $-1.42 | $-1.22 | $-1.02 | $-0.97 | $-0.98 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 15.4 | 10.7 | 6.7 | 4.1 | 7.3 |
| Quick Ratio | 15.1 | 10.3 | 6.4 | 3.9 | 7.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-217M | $-136M | $-76M | $-63M | $-67M |
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Institutional owners (13F) 287 filers · $1.5B 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 |
|---|---|---|---|---|
| 41 (-43 vs prior Q) | 40 (-8 vs prior Q) | 92 (-17 vs prior Q) | 85 (+27 vs prior Q) | -3.7M |
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 |
|---|---|---|---|---|
| Deep Track Capital, LP | $193,319,289 | 19,686,282 | 12.74% | Shares |
| FMR LLC | $186,253,151 | 18,966,716 | 12.28% | Shares |
| Avoro Capital Advisors LLC | $123,142,800 | 12,540,000 | 8.12% | Shares |
| Summer Road LLC | $119,885,466 | 12,208,296 | 7.90% | Shares |
| Venrock Adviser, LLC | $101,606,813 | 10,346,926 | 6.70% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $86,736,083 | 8,832,595 | 5.72% | Shares |
| Logos Global Management LP | $52,046,000 | 5,300,000 | 3.43% | Shares |
| STATE STREET CORP | $51,390,829 | 5,233,282 | 3.39% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $42,555,901 | 4,332,781 | 2.81% | Shares |
| Point72 Asset Management, L.P. | $32,329,335 | 3,292,193 | 2.13% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $25,633,686 | 2,610,355 | 1.69% | Shares |
| Balyasny Asset Management L.P. | $22,298,343 | 2,270,707 | 1.47% | Shares |
| Octagon Capital Advisors LP | $20,376,500 | 2,075,000 | 1.34% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $19,376,137 | 1,973,130 | 1.28% | Shares |
| Woodline Partners LP | $16,375,920 | 1,667,609 | 1.08% | Shares |
| TCG Crossover Management, LLC | $16,180,925 | 1,647,752 | 1.07% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $15,221,000 | 1,550,000 | 1.00% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $15,058,361 | 1,533,438 | 0.99% | Shares |
| Defilade Capital Management, L.P. | $14,634,609 | 1,490,286 | 0.96% | Shares |
| GOLDMAN SACHS GROUP INC | $13,918,348 | 1,417,347 | 0.92% | Shares |
| Squarepoint Ops LLC | $13,904,266 | 1,415,913 | 0.92% | Shares |
| Boxer Capital Management, LLC | $12,766,000 | 1,300,000 | 0.84% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,659,944 | 1,289,200 | 0.83% | Shares |
| TWO SIGMA INVESTMENTS, LP | $11,965,798 | 1,218,513 | 0.79% | Shares |
| Knoll Capital Management, LLC | $11,296,928 | 1,150,400 | 0.74% | Shares |
| UBS Group AG | $11,278,476 | 1,148,521 | 0.74% | Shares |
| Balyasny Asset Management L.P. | $9,576,464 | 975,200 | 0.63% | Call option |
| Candriam S.C.A. | $8,906,402 | 907,839 | 0.59% | Shares |
| Empire Life Investments Inc. | $8,560,015 | 871,692 | 0.56% | Shares |
| Cetera Investment Advisers | $7,715,885 | 785,732 | 0.51% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $7,399,321 | 753,495 | 0.49% | Shares |
| Aptus Capital Advisors, LLC | $6,271,946 | 638,691 | 0.41% | Shares |
| Second Line Capital, LLC | $6,271,445 | 638,640 | 0.41% | Shares |
| BlackRock, Inc. | $6,216,905 | 633,086 | 0.41% | Shares |
| Opaleye Management Inc. | $5,892,000 | 600,000 | 0.39% | Shares |
| ALGERT GLOBAL LLC | $5,816,474 | 592,309 | 0.38% | Shares |
| Cubist Systematic Strategies, LLC | $5,449,633 | 466,179 | 0.36% | Shares |
| Man Group plc | $5,337,975 | 543,582 | 0.35% | Shares |
| Sio Capital Management, LLC | $5,297,821 | 539,493 | 0.35% | Shares |
| ACUTA CAPITAL PARTNERS, LLC | $5,228,963 | 532,481 | 0.34% | Shares |
| AXA Investment Managers S.A. | $5,142,209 | 439,881 | 0.34% | Shares |
| TUDOR INVESTMENT CORP ET AL | $5,132,551 | 522,663 | 0.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,754,058 | 484,120 | 0.31% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $4,734,752 | 482,154 | 0.31% | Shares |
| BEACON INVESTMENT ADVISORS LLC | $4,272,986 | 435,131 | 0.28% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $4,131,461 | 420,719 | 0.27% | Shares |
| Trexquant Investment LP | $4,112,429 | 418,781 | 0.27% | Shares |
| HighVista Strategies LLC | $4,011,804 | 408,534 | 0.26% | Shares |
| Rock Springs Capital Management LP | $3,768,091 | 383,716 | 0.25% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,719,364 | 378,754 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $3,710,251 | 377,826 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,627,508 | 369,400 | 0.24% | Call option |
| Propel Bio Management, LLC | $3,515,226 | 357,966 | 0.23% | Shares |
| CITADEL ADVISORS LLC | $3,440,928 | 350,400 | 0.23% | Call option |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $3,296,240 | 335,666 | 0.22% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,033,427 | 308,903 | 0.20% | Shares |
| Swiss National Bank | $3,002,956 | 305,800 | 0.20% | Shares |
| KVP Capital Advisors, LP | $2,946,000 | 300,000 | 0.19% | Shares |
| Verition Fund Management LLC | $2,938,134 | 299,199 | 0.19% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,859,584 | 291,200 | 0.19% | Put option |
| RHUMBLINE ADVISERS | $2,657,690 | 270,642 | 0.18% | Shares |
| E. Ohman J:or Asset Management AB | $2,541,000 | 300,000 | 0.17% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $2,436,000 | 248,048 | 0.16% | Shares |
| BARCLAYS PLC | $2,429,400 | 247,393 | 0.16% | Shares |
| Advisory Services Network, LLC | $2,262,852 | 230,433 | 0.15% | Shares |
| TD Asset Management Inc | $2,256,636 | 229,800 | 0.15% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,251,294 | 229,256 | 0.15% | Shares |
| Rhenman & Partners Asset Management AB | $2,209,500 | 225,000 | 0.15% | Shares |
| ORBIMED ADVISORS LLC | $2,160,400 | 220,000 | 0.14% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,036,531 | 207,386 | 0.13% | Shares |
| Walleye Capital LLC | $1,981,499 | 201,782 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,922,859 | 227,020 | 0.13% | Shares |
| Bank of New York Mellon Corp | $1,869,404 | 190,367 | 0.12% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $1,856,814 | 187,557 | 0.12% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,830,016 | 186,356 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,810,090 | 213,706 | 0.12% | Shares |
| Exome Asset Management LLC | $1,783,194 | 181,588 | 0.12% | Shares |
| TWO SIGMA ADVISERS, LP | $1,735,097 | 142,924 | 0.11% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,683,148 | 171,400 | 0.11% | Call option |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,660,209 | 169,064 | 0.11% | Shares |
| Steward Partners Investment Advisory, LLC | $1,621,694 | 165,142 | 0.11% | Shares |
| Wealthspire Advisors, LLC | $1,600,267 | 162,960 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $1,519,154 | 154,700 | 0.10% | Put option |
| WESBANCO BANK INC | $1,463,180 | 149,000 | 0.10% | Shares |
| RoundAngle Advisors LLC | $1,410,119 | 166,484 | 0.09% | Shares |
| SIMPLEX TRADING, LLC | $1,338,033 | 136,256 | 0.09% | Shares |
| VANGUARD GROUP INC | $1,266,955 | 104,362 | 0.08% | Shares |
| CITIGROUP INC | $1,265,160 | 128,835 | 0.08% | Shares |
| D. E. Shaw & Co., Inc. | $1,222,168 | 124,457 | 0.08% | Shares |
| Marble Bar Asset Management LLP | $1,203,127 | 122,518 | 0.08% | Shares |
| TRUIST FINANCIAL CORP | $1,188,220 | 121,000 | 0.08% | Shares |
| MetLife Investment Management, LLC | $1,178,724 | 120,033 | 0.08% | Shares |
| JPMORGAN CHASE & CO | $1,103,781 | 111,493 | 0.07% | Shares |
| Vontobel Holding Ltd. | $1,093,634 | 111,368 | 0.07% | Shares |
| Erste Asset Management GmbH | $1,089,000 | 110,000 | 0.07% | Shares |
| KRAEMATON INVESTMENT ADVISORS, INC | $1,079,876 | 109,967 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,078,491 | 109,826 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,024,835 | 104,362 | 0.07% | Shares |
| J. Goldman & Co LP | $999,283 | 101,760 | 0.07% | Shares |
| XTX Topco Ltd | $996,445 | 101,471 | 0.07% | Shares |
Company insiders 36 insiders · 25 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dugel Pravin | Executive Chairman, President and CEO | June 16, 2026 G | 50,092 | 0 | 5 | $-1,962,405 |
| Antony C. Mattessich | President and CEO | Feb. 3, 2024 A | 588,701 | 0 | 0 | $0 |
| Jason Shand Robins | Chief Financial Officer | June 10, 2026 A | 68,097 | 0 | 0 | $0 |
| Bradford W Smith | CFO and Treasurer | Jan. 31, 2017 A | — | 0 | 0 | $0 |
| Michael H. Goldstein | President, Ophthalmology & CMO | Feb. 3, 2022 A | 313,335 | 0 | 0 | $0 |
| Donald Notman | Chief Operating Officer | Feb. 12, 2026 S | 366,356 | 0 | 4 | $-218,120 |
| Patricia Kitchen | Chief Operating Officer | Feb. 17, 2021 A | — | 0 | 0 | $0 |
| James Fortune | Chief Operating Officer | Jan. 31, 2017 A | 112,060 | 0 | 0 | $0 |
| Nadia Waheed | Chief Medical Officer | June 3, 2026 S | 300,079 | 0 | 3 | $-220,877 |
| Sanjay Nayak | Chief Strategy Officer | May 26, 2026 S | 328,795 | 0 | 5 | $-168,653 |
| Peter Kaiser | Chief Development Officer | May 26, 2026 S | 266,141 | 0 | 5 | $-226,465 |
| Jeffrey S. Heier | Chief Scientific Officer | May 26, 2026 S | 320,350 | 0 | 5 | $-244,648 |
| David Wayne Robinson | Global CCO | Jan. 21, 2026 A | 136,000 | 0 | 0 | $0 |
| Steve Lawrence Meyers | Chief Commercial Officer | Jan. 2, 2026 A | 217,628 | 0 | 0 | $0 |
| Namrata Saroj | Chief Business Officer | Jan. 2, 2026 A | 254,620 | 0 | 1 | $-277,790 |
| Todd Anderman | Chief Legal Officer | Jan. 2, 2026 A | 152,468 | 0 | 1 | $-137,369 |
| Philip C. Strassburger | General Counsel | Feb. 3, 2024 A | 161,493 | 0 | 0 | $0 |
| Rabia Gurses Ozden | Chief Medical Officer | Feb. 3, 2024 A | 153,054 | 0 | 0 | $0 |
| Christopher G White | Chief Business Officer | Feb. 3, 2024 A | 123,689 | 0 | 0 | $0 |
| Amarpreet Sawhney | Chairman of the Board | June 7, 2019 P | 1,056,031 | 0 | 0 | $0 |
| Kevin F. Hanley | Sr. VP Technical Operations | Jan. 2, 2019 A | 20,000 | 0 | 0 | $0 |
| Daniel M Bollag | Sr. VP Reg. Affairs & Quality | Jan. 2, 2019 A | 42,100 | 0 | 0 | $0 |
| Charles Andrew Hurley | Chief Commercial Officer | Jan. 31, 2017 A | — | 0 | 0 | $0 |
| Jonathan H. Talamo | Chief Medical Officer | Jan. 31, 2017 A | — | 0 | 0 | $0 |
| Eric Ankerud | EVP, Regulatory, Quality & Compliance | Jan. 31, 2017 A | 78,651 | 0 | 0 | $0 |
| Seung Suh Hong | Director | June 10, 2026 A | 60,933 | 0 | 0 | $0 |
| Leslie J. Williams | Director | June 10, 2026 A | 65,433 | 0 | 0 | $0 |
| Charles M Warden | Director | June 10, 2026 A | 100,464 | 0 | 0 | $0 |
| Adrienne L Graves | Director | June 10, 2026 A | 64,000 | 0 | 0 | $0 |
| Richard L Lindstrom MD | Director | June 10, 2026 A | 260,933 | 1 | 0 | $461,354 |
| RAINES MERILEE | Director | June 10, 2026 A | 60,933 | 0 | 0 | $0 |
| Bruce Peacock | Director | June 18, 2021 A | 0 | 0 | 0 | $0 |
| Jaswinder Chadha | Director | June 14, 2018 A | 130,448 | 0 | 0 | $0 |
| William J Oshea | Director | June 14, 2018 A | — | 0 | 0 | $0 |
| James M Garvey | Director | June 1, 2017 A | — | 0 | 0 | $0 |
| SUMMER ROAD LLC | 10% owner | Feb. 26, 2024 P | 8,591,401 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| Summer Road LLC ×6 filings | Feb. 27, 2024 | — | Initial filing | Passive investment | SEC |
| Amarpreet Sawhney | Aug. 4, 2014 | — | 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 40 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 |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 1.32% | 18,162 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.10% | 8,049 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.08% | 65,684 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.05% | 81,474 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.04% | 8,848 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.04% | 528,156 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 842,934 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 6,920 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 72,719 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 6,998 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 7,543 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 176 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 71,876 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 17,163 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 184,477 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 99,636 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 24,811 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 3,657 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 31,811 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 449 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IHE · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PJP · Invesco Exchange-Traded Fund Trust | — | — | Aug. 6, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 13, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| ISCG · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| ISCV · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| WSML · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | — | — | July 20, 2026 | Daily |