PACB Pacific Biosciences of California, Inc. - Common Stock
$1.23
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$1–$3
10% of range
Analyst Rating
BUY
14 analysts
Price Target
$2
+86% upside
P/E (TTM)
-0.7
ROE
-1634.9%
Net Profit Margin
-341.5%
About Pacific Biosciences of California, Inc. - Common Stock Company overview from Wikipedia
Pacific Biosciences of California, Inc. is an American biotechnology company founded in 2004 that develops and manufactures systems for gene sequencing and some novel real time biological observation. PacBio has two principal sequencing platforms: single-molecule real-time sequencing (SMRT), based on the properties of zero-mode waveguides and sequencing by binding (SBB) chemistry, which uses native nucleotides and scarless incorporation for DNA binding and extension.
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Pacific Biosciences of California, Inc. (a.k.a. PacBio) is an American biotechnology company founded in 2004 that develops and manufactures systems for gene sequencing and some novel real time biological observation. PacBio has two principal sequencing platforms: single-molecule real-time sequencing (SMRT), based on the properties of zero-mode waveguides and sequencing by binding (SBB) chemistry, which uses native nucleotides and scarless incorporation for DNA binding and extension.
History
The company was founded based on research done at Cornell University that combined semiconductor processing and photonics with biotechnology research. Three graduate students in the lab of Professors Watt W. Webb — Jonas Korlach — and Harold Craighead — Steve Turner and Mathieu Foquet — became the first employees.
It began under the name Nanofluidics, Inc. The company raised nearly US$400,000,000 in six rounds of primarily venture capital financing, making it one of the most capitalized startups in 2010 leading up to their public offering in October of that year. Key investors included Mohr Davidow Ventures, Kleiner, Perkins, Caufield & Byers, Alloy Ventures, and Wellcome Trust.
The company's first commercial product, the PacBio RS, was sold to a limited set of customers in 2010 and was commercially released in early 2011. A subsequent version of the sequencer called the PacBio RS II was released in April 2013.
Leadership
In 2004, Kleiner Perkins entrepreneur-in-residence Hugh Martin became CEO. On 6 January 2012 board member Michael Hunkapiller, PhD assumed the role of CEO. Hunkapiller retired in September 2020, and was replaced by chairman of the board Christian Henry. Henry was a former executive VP and chief commercial officer of Illumina before joining the board at PacBio in July 2018.
Illumina: attempted acquisition
On 1 November 2018, Illumina, Inc. agreed to purchase PacBio for US$1.2 billion in cash. The deal was expected to close in the fourth quarter of 2019. In December 2019, the Federal Trade Commission sued to block the acquisition. The deal was abandoned with an announcement on 2 January 2020. Illumina further agreed to pay Pacific Biosciences a $98 million US termination fee plus previously agreed upon deal extension payments of $22 million US in February and $6 million US in March 2020.
Sequencing technology
Sequencing instruments
The company's first scientific instrument, called the PacBio RS, was released to a limited set of customers in late 2010., with full commercial release in early 2011. Sequencing provider GATC Biotech was selected by Pacific Biosciences as its first European service provider in late 2010. A new version of the sequencer was released in April 2013 it produced longer sequence reads and higher throughput than the original RS instrument. The RS instrument will officially be supported until the end of 2021. In September 2015, the company released a new sequencing instrument, the Sequel System, with increased sequencing capacity at a smaller size and lower price compared to the PacBio RS II. Subsequently, in October 2022, PacBio launched a new sequencing system, which can sequence 1,300 human genomes per year as compared to 86 per year of the previous PacBio sequencing machines.
Reagents and SMRT Cells
To use either instrument, customers must also purchase reagent packs for DNA preparation and sequencing and small consumables called "SMRT Cells." Cells for early forms of the sequencer are slightly less than one-centimeter square and contains tens of thousands of zero-mode waveguides, whereas newer systems have a higher density of cells and contain 25 million zero-mode waveguides (ZMWGs), allowing for faster DNA sequencing.
Software and applications
Their secondary analysis bioinformatics product for the RS, called “SMRT Analysis”, was open source. For the Sequel system the secondary analysis software was reorganized as the "SMRT Link" application. In 2013, the company released new bioinformatics tools for automated genome assembly (HGAP) and finishing (Quiver).
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
PACB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.23
Market Cap
$382M
P/E (TTM)
-0.7
EPS (TTM)
$-1.82
Revenue (TTM)
$160M
Div Yield
—
ROE
-1634.9%
Debt/Equity
—
52W Range
$1 – $3
PACB 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
$160M
2016-12-31
→
2025-12-31
EPS
$-1.82
2018-12-31
→
2025-12-31
Free Cash Flow
$-114M
2016-12-31
→
2025-12-31
Margins
-341.5%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PACB
Peer Median
P/E (TTM)
-0.7
17.5
P/S (TTM)
2.4
3.3
P/B
71.5
2.1
Price / FCF
-3.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PACB
Peer Median
Gross Margin
28.6%
42.5%
Operating Margin
-346.1%
—
Net Profit Margin
-341.5%
-56.5%
ROA
-53.4%
-17.2%
ROE
-1634.9%
-41.3%
ROIC
-10360.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PACB
Peer Median
Current Ratio
5.1
4.9
Quick Ratio
4.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PACB
Peer Median
Revenue YoY
3.9%
—
Revenue CAGR 3Y
7.6%
—
Revenue CAGR 5Y
15.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PACB
Peer Median
PACB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 4 28.6%
- Buy 5 35.7%
- Hold 4 28.6%
- Sell 1 7.1%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-14
Median
$2.50
Mean
$2.29
← Below all targets
$1.23
Low
$1.25
High
$3.00
Median target
$2.50
+103.0%
Mean target
$2.29
+86.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.19%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.14 | $-0.13 | -0.01% |
| March 31, 2026 | $-0.12 | $-0.14 | 0.02% |
| Dec. 31, 2025 | $-0.12 | $-0.15 | 0.03% |
| Sept. 30, 2025 | $-0.13 | $-0.15 | 0.03% |
| June 30, 2025 | $-0.14 | $-0.17 | 0.03% |
| March 31, 2025 | $-1.44 | $-0.19 | -1.2% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PACB | $565M | -1.0 | 3.9% | -341.5% | -1634.9% | 28.6% |
| CTKB | $649M | 505.0 | 0.52% | -33.0% | -18.5% | 51.8% |
| MLAB | $489M | 73.1 | 3.4% | 2.7% | 3.7% | 63.5% |
| OABI | — | — | — | — | — | — |
| DNA | $484M | -1.5 | -25.1% | -183.8% | -55.8% | — |
| TKNO | $204M | -11.9 | 7.3% | -42.6% | -23.8% | 33.2% |
| LAB | $495M | -6.4 | -6.2% | -87.8% | -17.6% | 49.9% |
| LFCR | $249M | -5.3 | 0.47% | -30.0% | -461.3% | 31.3% |
| CDXS | $147M | -3.3 | 18.6% | -62.5% | -82.8% | — |
| QSI | — | — | — | — | — | — |
| MXCT | $166M | -3.7 | -14.5% | -135.1% | -24.6% | 81.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $160M | $154M | $201M | $128M | $131M | $79M | $91M | $79M | $93M | $91M | $93M | $61M | |
| Cost of Revenue | $114M | $117M | $148M | $79M | $72M | $46M | $56M | $54M | $59M | $47M | $39M | $37M | |
| Gross Profit | $46M | $37M | $53M | $49M | $59M | $33M | $35M | $25M | $35M | $44M | $53M | $23M | |
| R&D Expense | $97M | $135M | $187M | $193M | $113M | $64M | $60M | $63M | $65M | $68M | $60M | $48M | |
| SG&A Expense | $141M | $175M | $170M | $161M | $124M | $73M | $75M | $63M | $59M | $48M | $45M | $38M | |
| Operating Expenses | $600M | $512M | $387M | $356M | $269M | $137M | $135M | $126M | $124M | $115M | $83M | $86M | |
| Operating Income | $-554M | $-474M | $-334M | $-307M | $-210M | $-104M | $-101M | $-101M | $-90M | $-71M | $-29M | $-63M | |
| Interest Expense | · | · | $14M | $15M | $13M | $267.0K | $3M | $2M | $3M | $3M | $3M | $3M | |
| Other Non-op | $15M | $24M | $33M | $8M | $93.0K | $2M | $1M | $848.0K | $516.0K | $103.0K | $364.0K | $-478.0K | |
| Pretax Income | $-546M | $-310M | $-318M | $-314M | $-275M | $29M | $-84M | · | · | · | · | · | |
| Income Tax | $318.0K | $316.0K | $-11M | $0 | $-94M | · | · | · | · | · | · | · | |
| Net Income | $-546M | $-310M | $-307M | $-314M | $-181M | $29M | $-84M | $-103M | $-92M | $-74M | $-32M | $-66M | |
| EPS (Basic) | $-1.82 | $-1.13 | $-1.21 | $-1.40 | $-0.89 | $0.18 | $-0.55 | $-0.76 | · | · | · | · | |
| EPS (Diluted) | $-1.82 | $-1.59 | $-1.21 | $-1.40 | $-0.89 | $0.17 | $-0.55 | $-0.76 | · | · | · | · | |
| Shares (Basic) | 299,959,000 | 274,488,000 | 253,629,000 | 224,550,000 | 204,136,000 | 165,187,000 | 152,527,000 | 135,094,000 | · | · | · | · | |
| Shares (Diluted) | 299,959,000 | 288,366,000 | 253,629,000 | 224,550,000 | 204,136,000 | 174,970,000 | 152,527,000 | 135,094,000 | · | · | · | · | |
| EBITDA | $-554M | $-474M | $-334M | $-307M | $-210M | $-104M | $-101M | $-94M | $-81M | $-67M | $-25M | $-59M |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $64M | $55M | $180M | $325M | $461M | $82M | $30M | $19M | $17M | $17M | $34M | $36M | |
| Short-term Investments | $216M | $335M | $452M | $447M | $584M | $237M | $19M | $84M | $46M | $55M | $49M | $65M | |
| Receivables | $35M | $28M | $37M | $19M | $24M | $17M | $15M | $9M | $13M | $11M | $5M | $3M | |
| Inventory | $49M | $59M | $57M | $50M | $25M | $14M | $13M | $18M | $23M | $16M | $11M | $11M | |
| Prepaid Expense | $11M | $19M | $17M | $10M | $7M | $5M | $3M | $3M | $2M | $10M | $12M | $2M | |
| Other Current Assets | · | · | · | · | · | · | · | · | $931.0K | $476.0K | $741.0K | $107.0K | |
| Current Assets | $375M | $496M | $742M | $852M | $1.10B | $356M | $81M | $132M | $102M | $109M | $111M | $118M | |
| PP&E (Net) | $24M | $31M | $36M | $42M | $33M | $25M | $30M | $34M | $38M | $15M | $9M | $7M | |
| PP&E (Gross) | $117M | $112M | $111M | $107M | $89M | $75M | $74M | $71M | $70M | $52M | $42M | $37M | |
| Accum. Depreciation | $92M | $82M | $75M | $65M | $56M | $50M | $44M | $37M | $32M | $37M | $34M | $30M | |
| Goodwill | $318M | $318M | $462M | $410M | $410M | · | · | · | · | · | · | · | |
| Intangibles | $15M | $390M | $457M | $410M | $411M | · | · | · | · | · | · | · | |
| Other Non-current Assets | $9M | $9M | $13M | $11M | $1M | $43.0K | $42.0K | $43.0K | $45.0K | $10M | $8M | $29.0K | |
| Total Assets | $784M | $1.26B | $1.75B | $1.77B | $2.01B | $414M | $148M | $170M | $144M | $138M | $131M | $124M | |
| Accounts Payable | $21M | $17M | $15M | $12M | $11M | $4M | $8M | $7M | $9M | $8M | $5M | $6M | |
| Accrued Liabilities | $34M | $23M | $46M | $33M | $36M | $17M | $13M | $13M | $13M | $17M | $16M | $11M | |
| Short-term Debt | · | $0 | $490.0K | $2M | $2M | · | $16M | · | · | · | · | · | |
| Current Liabilities | $73M | $66M | $95M | $263M | $72M | $39M | $49M | $27M | $29M | $34M | $38M | $31M | |
| Capital Leases | $57M | $15M | $32M | $41M | $50M | $38M | $42M | · | · | · | · | $2M | |
| Other Non-current Liabilities | $0 | $546.0K | $751.0K | $1M | $3M | $752.0K | · | · | · | $2M | $1M | $2M | |
| Total Liabilities | $779M | $754M | $1.04B | $1.20B | $1.22B | $78M | $93M | $56M | $58M | $53M | $58M | $69M | |
| Long-term Debt | · | · | · | $897M | $896M | · | $16M | $15M | $14M | $16M | · | $14M | |
| Total Debt | · | $0 | $490.0K | $2M | $2M | · | $16M | · | · | · | · | · | |
| Common Stock | $302.0K | $294.0K | $268.0K | $227.0K | $221.0K | $192.0K | $153.0K | $150.0K | $116.0K | $93.0K | $80.0K | $74.0K | |
| Paid-in Capital | $2.70B | $2.65B | $2.54B | $2.10B | $2.01B | $1.37B | $1.12B | $1.10B | $966M | $872M | $787M | $736M | |
| Retained Earnings | $-2.70B | $-2.15B | $-1.84B | $-1.53B | $-1.22B | $-1.04B | $-1.07B | $-982M | $-880M | $-788M | $-713M | $-681M | |
| AOCI | $457.0K | $422.0K | $219.0K | $-5M | $-1M | $85.0K | $5.0K | $-36.0K | $-32.0K | $5.0K | $-7.0K | $9.0K | |
| Stockholders' Equity | $5M | $507M | $701M | $563M | $791M | $335M | $55M | $114M | $86M | $85M | $74M | $55M | |
| Liabilities + Equity | $784M | $1.26B | $1.75B | $1.77B | $2.01B | $414M | $148M | $170M | $144M | $138M | $131M | $124M | |
| Shares Outstanding | 301,956,000 | 294,418,000 | 267,744,000 | 226,505,000 | 220,978,000 | 192,294,000 | 153,119,000 | 150,244,000 | 116,277,000 | 92,677,000 | 79,983,000 | 73,927,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | $7M | $8M | $4M | $4M | $4M | |
| Stock-based Comp | $42M | $71M | $72M | $79M | $73M | $18M | $16M | $23M | $20M | $20M | $14M | $10M | |
| Deferred Tax | $-546.0K | $-205.0K | $-11M | $0 | $-94M | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $369M | $27M | $8M | $913.0K | $0 | $0 | $0 | · | · | · | · | · | |
| Restructuring | · | $13M | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | · | · | · | · | · | · | $6M | $-4M | $-17M | $-34M | $528.0K | |
| Operating Cash Flow | $-111M | $-206M | $-259M | $-263M | $-111M | $20M | $-78M | $-66M | $-68M | $-68M | $-48M | $-51M | |
| CapEx | $3M | $6M | $9M | $17M | $6M | $1M | $3M | $2M | $10M | $8M | $3M | $2M | |
| Investing Cash Flow | $115M | $124M | $5M | $116M | $-679M | $-219M | $62M | $-38M | $-2M | $-15M | · | · | |
| Stock Issued | $0 | $0 | $189M | $0 | $32M | $46M | $9M | $10M | $9M | $8M | $7M | $4M | |
| Net Stock Activity | $0 | $0 | $15M | $11M | $32M | $46M | $9M | $10M | $9M | $8M | $7M | $4M | |
| Financing Cash Flow | $3M | $-43M | $109M | $10M | $1.17B | $252M | $27M | $107M | $69M | $66M | · | · | |
| Net Change in Cash | $8M | $-125M | $-146M | $-138M | $380M | · | · | · | $-258.0K | $-17M | $-3M | $10M | |
| Taxes Paid | $481.0K | $256.0K | $140.0K | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-114M | $-212M | $-268M | $-280M | $-117M | $18M | $-81M | $-68M | $-78M | $-76M | $-51M | $-53M | |
| Levered FCF | · | · | $-282M | · | $-125M | · | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.6% | 24.2% | 26.3% | 38.2% | 45.1% | 41.3% | 38.0% | 31.9% | 37.1% | 48.7% | 57.6% | 38.6% | |
| Operating Margin | -346.1% | -308.0% | -166.8% | -239.4% | -161.2% | -132.3% | -110.6% | -128.4% | -96.1% | -78.5% | -31.4% | -103.7% | |
| Net Margin | -341.5% | -201.2% | -153.0% | -244.9% | -138.8% | 37.3% | -92.6% | -130.4% | -98.6% | -82.0% | -34.2% | -109.2% | |
| Pretax Margin | -341.3% | -201.0% | -158.7% | -244.9% | -210.6% | · | · | · | · | · | · | · | |
| EBITDA Margin | -346.1% | -308.0% | -166.8% | -239.4% | -161.2% | -132.3% | -110.6% | -119.3% | -87.0% | -74.3% | -27.4% | -96.8% | |
| ROA | -53.4% | -20.6% | -17.5% | -16.7% | -15.0% | 10.5% | -52.9% | -65.2% | -65.4% | -55.3% | -24.8% | -50.7% | |
| ROE | -1634.9% | -64.6% | -41.9% | -52.8% | -22.2% | 12.7% | -158.8% | -83.4% | -108.0% | -94.0% | -49.3% | -106.6% | |
| ROIC | -10360.5% | -93.7% | -46.0% | · | -17.5% | · | · | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.1 | 7.5 | 7.8 | 3.2 | 15.4 | 9.2 | 1.6 | 4.9 | 3.5 | 3.2 | 2.9 | 3.7 | |
| Quick Ratio | 4.3 | 6.3 | 7.0 | 3.0 | 14.9 | 8.7 | 1.3 | 4.1 | 2.7 | 2.5 | 2.3 | 3.3 | |
| Debt / Equity | · | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.3 | · | · | · | · | · | |
| Interest Coverage | · | · | -23.3 | -20.9 | -16.8 | -391.0 | -38.5 | -41.7 | -30.7 | -22.0 | -10.0 | -22.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.6 | 0.5 | 0.7 | 0.7 | 0.7 | 0.5 | |
| Inventory Turnover | 2.1 | 2.0 | 2.8 | 2.1 | 3.7 | 3.4 | 3.6 | 2.6 | 3.0 | 3.5 | 3.5 | 3.5 | |
| Receivables Turnover | 5.1 | 4.8 | 7.2 | 6.0 | 6.4 | 4.9 | 7.6 | 7.1 | 7.5 | 10.9 | 21.4 | 19.7 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.9% | -23.2% | 56.3% | -1.7% | 65.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 7.6% | 5.7% | 36.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $160M | $154M | $201M | $128M | $131M | $79M | $91M | $79M | $93M | $91M | $93M | $61M | |
| Net Income TTM | $-546M | $-310M | $-307M | $-314M | $-181M | $29M | $-84M | $-103M | $-92M | $-74M | $-32M | $-66M | |
| Market Cap | $565M | $539M | $2.63B | $1.85B | $4.52B | $4.99B | $787M | $1.11B | $307M | $352M | $1.05B | $580M | |
| Enterprise Value | · | $149M | $2.00B | $1.08B | $3.48B | · | $754M | · | · | · | · | · | |
| P/E | -1.0 | -1.2 | -8.1 | -5.8 | -23.0 | 152.6 | -9.3 | -9.7 | · | · | · | · | |
| P/S | 3.5 | 3.5 | 13.1 | 14.4 | 34.6 | 63.2 | 8.7 | 14.1 | 3.3 | 3.9 | 11.3 | 9.6 | |
| P/B | 105.6 | 1.1 | 3.7 | 3.3 | 5.7 | 14.9 | 14.3 | 9.7 | 3.6 | 4.2 | 14.3 | 10.5 | |
| P / Tangible Book | · | · | · | · | · | 14.9 | · | · | · | · | · | · | |
| P / Cash Flow | -5.1 | -2.6 | -10.1 | -7.0 | -40.7 | 255.8 | -10.0 | -16.7 | -4.5 | -5.2 | -21.9 | -11.3 | |
| P / FCF | -5.0 | -2.5 | -9.8 | -6.6 | -38.6 | 270.2 | -9.7 | -16.3 | -3.9 | -4.6 | -20.6 | -10.9 | |
| EV / EBITDA | · | -0.3 | -6.0 | -3.5 | -16.5 | · | -7.5 | · | · | · | · | · | |
| EV / FCF | · | -0.7 | -7.4 | -3.9 | -29.7 | · | -9.3 | · | · | · | · | · | |
| EV / Revenue | · | 1.0 | 10.0 | 8.4 | 26.7 | · | 8.3 | · | · | · | · | · | |
| Earnings Yield | -97.3% | -86.9% | -12.3% | -17.1% | -4.3% | 0.66% | -10.7% | -10.3% | · | · | · | · |
Income Statement 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39M | $37M | $45M | $38M | $40M | $37M | $39M | $40M | $36M | $39M | $58M | $56M | $48M | $39M | $27M | $32M | |
| Cost of Revenue | $26M | $24M | $28M | $23M | $25M | $39M | $29M | $30M | $30M | $28M | $49M | $38M | $32M | $29M | $22M | $19M | |
| Gross Profit | $13M | $13M | $17M | $16M | $15M | $-1M | $10M | $10M | $6M | $11M | $10M | $18M | $16M | $10M | $5M | $14M | |
| R&D Expense | $23M | $20M | $23M | $23M | $23M | $29M | $27M | $26M | $38M | $43M | $45M | $48M | $46M | $49M | $43M | $47M | |
| SG&A Expense | $33M | $31M | $34M | $31M | $36M | $40M | $42M | $44M | $46M | $44M | $46M | $43M | $41M | $40M | $45M | $37M | |
| Operating Expenses | $57M | $21M | $58M | $55M | $60M | $428M | $163M | $74M | $182M | $93M | $97M | $100M | $89M | $101M | $92M | $88M | |
| Operating Income | $-45M | $-8M | $-41M | $-39M | $-45M | $-429M | $-153M | $-64M | $-176M | $-81M | $-88M | $-82M | $-73M | $-91M | $-87M | $-75M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | · | $4M | $4M | $4M | · | $4M | |
| Other Non-op | $2M | $2M | $3M | $3M | $5M | $4M | $4M | $7M | $6M | $7M | $8M | $9M | $9M | $7M | $6M | $1M | |
| Pretax Income | $-45M | $-8M | $-40M | $-38M | $-42M | $-426M | $3M | $-61M | $-173M | $-78M | $-83M | $-78M | $-70M | $-88M | $-84M | $-77M | |
| Income Tax | $58.0K | $184.0K | $202.0K | $383.0K | $35.0K | $-302.0K | $316.0K | $0 | $0 | $0 | $-718.0K | $-11M | $0 | $0 | $0 | $0 | |
| Net Income | $-45M | $-8M | $-40M | $-38M | $-42M | $-426M | $2M | $-61M | $-173M | $-78M | $-82M | $-67M | $-70M | $-88M | $-84M | $-77M | |
| EPS (Basic) | $-0.14 | $-0.03 | $-0.11 | $-0.13 | $-0.14 | $-1.44 | $0.02 | $-0.22 | $-0.64 | $-0.29 | $-0.31 | $-0.26 | $-0.28 | $-0.36 | $-0.37 | $-0.34 | |
| EPS (Diluted) | $-0.14 | $-0.03 | $-0.11 | $-0.13 | $-0.14 | $-1.44 | $-0.44 | $-0.22 | $-0.64 | $-0.29 | $-0.31 | $-0.26 | $-0.28 | $-0.36 | $-0.37 | $-0.34 | |
| Shares (Basic) | 310,655,000 | 305,819,000 | -597,905,000 | 300,844,000 | 300,162,000 | 296,858,000 | -540,390,000 | 272,915,000 | 272,385,000 | 269,578,000 | -493,474,000 | 255,001,000 | 250,070,000 | 242,032,000 | -447,361,000 | 225,123,000 | |
| Shares (Diluted) | 310,655,000 | 305,819,000 | -597,905,000 | 300,844,000 | 300,162,000 | 296,858,000 | -526,512,000 | 272,915,000 | 272,385,000 | 269,578,000 | -493,474,000 | 255,001,000 | 250,070,000 | 242,032,000 | -447,361,000 | 225,123,000 | |
| EBITDA | $-45M | $-8M | · | $-39M | $-45M | $-429M | · | $-64M | $-176M | $-81M | · | $-82M | $-73M | $-91M | · | $-75M |
Balance Sheet 27
| 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 | $61M | $56M | $64M | $56M | $55M | $59M | $55M | $78M | $100M | $77M | $180M | $386M | $209M | $354M | $325M | $304M | |
| Short-term Investments | $176M | $220M | $216M | $242M | $260M | $285M | $335M | $393M | $410M | $485M | · | $382M | $621M | $521M | · | $530M | |
| Receivables | $31M | $29M | $35M | $31M | $32M | $32M | $28M | $29M | $32M | $30M | · | $30M | $24M | $30M | · | $23M | |
| Inventory | $61M | $51M | $49M | $53M | $54M | $54M | $59M | $66M | $69M | $67M | · | $68M | $68M | $62M | · | $43M | |
| Prepaid Expense | $10M | $13M | $11M | $12M | $12M | $15M | $19M | $17M | $17M | $17M | · | $15M | $14M | $14M | · | $13M | |
| Current Assets | $339M | $370M | $375M | $394M | $413M | $445M | $496M | $584M | $628M | $677M | · | $882M | $936M | $981M | · | $914M | |
| PP&E (Net) | $27M | $24M | $24M | $22M | $23M | $25M | $31M | $32M | $35M | $37M | · | $40M | $40M | $41M | · | $39M | |
| PP&E (Gross) | · | · | $117M | · | · | · | $112M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $92M | · | · | · | $82M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $318M | $318M | $318M | $318M | $318M | $318M | $318M | $369M | $369M | $462M | · | $464M | $410M | $410M | · | $410M | |
| Intangibles | $13M | $14M | $15M | $16M | $17M | $18M | $390M | $436M | $443M | $450M | · | $462M | $410M | $410M | · | $410M | |
| Other Non-current Assets | $13M | $14M | $9M | $9M | $9M | $9M | $9M | $10M | $10M | $10M | · | $13M | $13M | $13M | · | $1M | |
| Total Assets | $752M | $782M | $784M | $803M | $825M | $861M | $1.26B | $1.45B | $1.51B | $1.67B | · | $1.90B | $1.85B | $1.90B | · | $1.82B | |
| Accounts Payable | $19M | $14M | $21M | $16M | $15M | $14M | $17M | $12M | $17M | $21M | · | $16M | $17M | $17M | · | $13M | |
| Accrued Liabilities | $30M | $34M | $34M | $29M | $27M | $29M | $23M | $19M | $22M | $22M | · | $35M | $27M | $19M | · | $25M | |
| Current Liabilities | $69M | $65M | $73M | $63M | $60M | $67M | $66M | $60M | $78M | $73M | · | $184M | $271M | $266M | · | $82M | |
| Capital Leases | $60M | $59M | $57M | $54M | $52M | $50M | $15M | $17M | $20M | $29M | · | $34M | $37M | $39M | · | $43M | |
| Other Non-current Liabilities | $8M | $8M | $0 | $0 | $0 | $0 | $546.0K | $751.0K | $751.0K | $751.0K | · | $1M | $837.0K | $969.0K | · | $2M | |
| Total Liabilities | $785M | $780M | $779M | $767M | $764M | $769M | $754M | $997M | $1.02B | $1.02B | · | $1.13B | $1.21B | $1.20B | · | $1.19B | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $897M | · | $897M | |
| Common Stock | $311.0K | $311.0K | $302.0K | $302.0K | $300.0K | $300.0K | $294.0K | $274.0K | $272.0K | $272.0K | · | $258.0K | $250.0K | $250.0K | · | $226.0K | |
| Paid-in Capital | $2.72B | $2.71B | $2.70B | $2.69B | $2.68B | $2.67B | $2.65B | $2.60B | $2.58B | $2.57B | · | $2.52B | $2.33B | $2.31B | · | $2.08B | |
| Retained Earnings | $-2.75B | $-2.70B | $-2.70B | $-2.65B | $-2.62B | $-2.58B | $-2.15B | $-2.15B | $-2.09B | $-1.92B | · | $-1.76B | $-1.69B | $-1.62B | · | $-1.45B | |
| AOCI | $-503.0K | $-147.0K | $457.0K | $415.0K | $267.0K | $381.0K | $422.0K | $2M | $-523.0K | $-306.0K | · | $-2M | $-3M | $-2M | · | $-6M | |
| Stockholders' Equity | $-33M | $2M | $5M | $36M | $61M | $92M | $507M | $453M | $493M | $649M | $701M | $764M | $642M | $692M | $563M | $627M | |
| Liabilities + Equity | $752M | $782M | $784M | $803M | $825M | $861M | $1.26B | $1.45B | $1.51B | $1.67B | · | $1.90B | $1.85B | $1.90B | · | $1.82B | |
| Shares Outstanding | 310,810,000 | 310,487,000 | 301,956,000 | 301,853,000 | 300,350,000 | 300,041,000 | 294,418,000 | 273,812,000 | 272,491,000 | 272,280,000 | 267,744,000 | 258,374,000 | 250,473,000 | 249,803,000 | 226,505,000 | 225,916,000 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $9M | $4M | $10M | $11M | $12M | $9M | $16M | $18M | $17M | $20M | $17M | $20M | $18M | $18M | $18M | $19M | |
| Amort. of Intangibles | · | $1M | $1M | $1M | $1M | $366M | $7M | $7M | $7M | $7M | $7M | $942.0K | $232.0K | $234.0K | $228.0K | $229.0K | |
| Restructuring | · | · | · | · | · | · | · | · | $11M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-36M | $-45M | $-19M | $-19M | $-29M | $-44M | $-31M | $-45M | $-54M | $-76M | $-58M | $-65M | $-42M | $-95M | $-61M | $-63M | |
| CapEx | $2M | $3M | $861.0K | $-86.0K | $550.0K | $1M | $2M | $-787.0K | $1M | $4M | $2M | $830.0K | $2M | $4M | $5M | $4M | |
| Investing Cash Flow | $40M | $36M | $26M | $19M | $25M | $45M | $58M | $23M | $77M | $-34M | $-67M | $242M | $-99M | $-73M | $80M | $54M | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $189M | $0 | $-6M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $189M | · | · | |
| Financing Cash Flow | $255.0K | $1M | $0 | $1M | $0 | $2M | $-50M | $812.0K | $-152.0K | $7M | $-82M | $-781.0K | $-5M | $196M | $819.0K | $3M | |
| Net Change in Cash | $5M | $-7M | $7M | $2M | $-4M | $3M | $-23M | $-22M | $22M | $-103M | $-206M | $176M | $-145M | $29M | $21M | $-6M | |
| Free Cash Flow | · | $-48M | · | · | · | $-45M | · | · | · | $-80M | · | · | · | $-98M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-83M | · | · | · | $-102M | · | · |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.4% | 34.5% | · | 41.4% | 36.9% | -3.7% | · | 25.0% | 16.5% | 29.1% | · | 32.1% | 32.7% | 25.1% | · | 41.9% | |
| Operating Margin | -114.4% | -22.5% | · | -101.1% | -112.8% | -1154.5% | · | -160.3% | -488.3% | -209.6% | · | -148.1% | -153.8% | -234.6% | · | -230.9% | |
| Net Margin | -114.7% | -22.3% | · | -98.9% | -105.4% | -1146.8% | · | -151.9% | -481.3% | -201.4% | · | -120.1% | -146.8% | -226.3% | · | -238.2% | |
| Pretax Margin | -114.5% | -21.8% | · | -97.9% | -105.4% | -1147.6% | · | -151.9% | -481.3% | -201.4% | · | -139.3% | -146.8% | -226.3% | · | -238.2% | |
| EBITDA Margin | -114.4% | -22.5% | · | -101.1% | -112.8% | -1154.5% | · | -160.3% | -488.3% | -209.6% | · | -148.1% | -153.8% | -234.6% | · | -230.9% | |
| ROA | -5.7% | -1.0% | · | -3.4% | -3.6% | -33.7% | · | -3.6% | -10.3% | -4.4% | · | -3.6% | -3.8% | -4.6% | · | -4.0% | |
| ROE | -316.5% | -17.6% | · | -15.5% | -15.1% | -115.1% | · | -10.0% | -30.6% | -11.7% | · | -9.6% | -10.5% | -12.3% | · | -10.5% | |
| ROIC | 134.5% | -361.2% | · | -108.8% | -73.0% | -467.7% | · | -14.1% | -35.7% | -12.5% | · | -9.3% | -11.4% | -13.2% | · | · |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.9 | 5.7 | · | 6.2 | 6.9 | 6.7 | · | 9.7 | 8.0 | 9.3 | · | 4.8 | 3.4 | 3.7 | · | 11.2 | |
| Quick Ratio | 3.9 | 4.7 | · | 5.2 | 5.8 | 5.6 | · | 8.3 | 6.9 | 8.1 | · | 4.3 | 3.1 | 3.4 | · | 10.5 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -22.8 | · | -23.0 | -20.6 | -25.1 | · | -20.4 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.6 | · | 0.4 | 0.4 | 0.4 | · | 0.7 | 0.6 | 0.6 | · | 0.6 | |
| Receivables Turnover | 1.2 | 1.2 | · | 1.3 | 1.2 | 1.2 | · | 1.3 | 1.3 | 1.3 | · | 2.1 | 1.9 | 1.4 | · | 1.4 |
Valuation (TTM) 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $154M | $153M | · | $155M | $153M | $152M | · | $170M | $178M | $181M | · | $174M | $154M | $140M | · | $136M | |
| Net Income TTM | $-133M | $-514M | · | $-567M | $-702M | $-738M | · | $-379M | $-388M | $-303M | · | $-302M | $-306M | $-318M | · | $-213M | |
| Market Cap | $522M | $410M | · | $386M | $372M | $354M | · | $465M | $373M | $1.02B | · | $2.16B | $3.33B | $2.89B | · | $1.31B | |
| P/E | -3.8 | -0.8 | · | -0.7 | -0.5 | -0.5 | · | -1.2 | -0.9 | -3.2 | · | -6.7 | -10.2 | -8.3 | · | -6.1 | |
| P/S | 3.4 | 2.7 | · | 2.5 | 2.4 | 2.3 | · | 2.7 | 2.1 | 5.6 | · | 12.4 | 21.6 | 20.7 | · | 9.7 | |
| P/B | -15.7 | 173.2 | · | 10.7 | 6.1 | 3.9 | · | 1.0 | 0.8 | 1.6 | · | 2.8 | 5.2 | 4.2 | · | 2.1 | |
| P / Cash Flow | · | -9.2 | · | · | · | -8.0 | · | · | · | -13.5 | · | · | · | -30.5 | · | · | |
| P / FCF | · | -8.6 | · | · | · | -7.8 | · | · | · | -12.8 | · | · | · | -29.4 | · | · | |
| Earnings Yield | -26.2% | -131.8% | · | -150.8% | -196.8% | -219.5% | · | -82.9% | -107.3% | -31.7% | · | -14.8% | -9.8% | -12.0% | · | -16.4% |
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 | $160M | $154M | $201M | $128M | $131M |
| Gross Margin % | 28.6% | 24.2% | 26.3% | 38.2% | 45.1% |
| Operating Margin % | -346.1% | -308.0% | -166.8% | -239.4% | -161.2% |
| Net Income | $-546M | $-310M | $-307M | $-314M | $-181M |
| Diluted EPS | $-1.82 | $-1.59 | $-1.21 | $-1.40 | $-0.89 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 5.1 | 7.5 | 7.8 | 3.2 | 15.4 |
| Quick Ratio | 4.3 | 6.3 | 7.0 | 3.0 | 14.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-114M | $-212M | $-268M | $-280M | $-117M |
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Institutional owners (13F) 247 filers · $274.5M 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 |
|---|---|---|---|---|
| 29 (-21 vs prior Q) | 28 (-2 vs prior Q) | 65 (+10 vs prior Q) | 79 (+2 vs prior Q) | +13.0M |
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 |
|---|---|---|---|---|
| ARK Investment Management LLC | $50,032,778 | 29,781,416 | 18.23% | Shares |
| SOFTBANK GROUP CORP. | $34,358,638 | 20,451,570 | 12.52% | Shares |
| VANGUARD GROUP INC | $28,083,542 | 15,017,937 | 10.23% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,508,529 | 13,397,934 | 8.20% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $10,951,905 | 6,516,920 | 3.99% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $10,096,321 | 6,009,715 | 3.68% | Shares |
| Amova Asset Management Americas, Inc. | $10,036,224 | 6,009,715 | 3.66% | Shares |
| STATE STREET CORP | $10,014,774 | 5,961,175 | 3.65% | Shares |
| Point72 Asset Management, L.P. | $8,042,664 | 4,787,300 | 2.93% | Shares |
| TWO SIGMA INVESTMENTS, LP | $7,127,566 | 4,242,599 | 2.60% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,656,903 | 3,962,442 | 2.43% | Shares |
| Point72 (DIFC) Ltd | $5,465,775 | 4,270,137 | 1.99% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,488,819 | 2,671,916 | 1.64% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,455,861 | 2,652,298 | 1.62% | Shares |
| D. E. Shaw & Co., Inc. | $3,959,804 | 2,357,026 | 1.44% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,675,213 | 2,187,627 | 1.34% | Shares |
| Longaeva Partners L.P. | $3,558,628 | 2,118,231 | 1.30% | Shares |
| GOLDMAN SACHS GROUP INC | $3,262,914 | 1,942,211 | 1.19% | Shares |
| IQ EQ FUND MANAGEMENT (IRELAND) Ltd | $2,846,837 | 1,694,546 | 1.04% | Shares |
| Birchview Capital, LP | $2,268,000 | 1,350,000 | 0.83% | Shares |
| BlackRock, Inc. | $2,210,561 | 1,315,810 | 0.81% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,812,811 | 1,079,054 | 0.66% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,623,216 | 966,200 | 0.59% | Shares |
| BOURNE LENT ASSET MANAGEMENT INC | $1,584,332 | 943,055 | 0.58% | Shares |
| TWO SIGMA ADVISERS, LP | $1,547,425 | 827,500 | 0.56% | Shares |
| HHLR ADVISORS, LTD. | $1,543,739 | 918,892 | 0.56% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,358,616 | 808,700 | 0.49% | Shares |
| Casdin Capital, LLC | $1,215,929 | 723,767 | 0.44% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,150,308 | 684,707 | 0.42% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,095,649 | 652,172 | 0.40% | Shares |
| XTX Topco Ltd | $1,073,322 | 638,882 | 0.39% | Shares |
| Numerai GP LLC | $1,044,068 | 621,469 | 0.38% | Shares |
| CARRET ASSET MANAGEMENT, LLC | $1,008,235 | 600,140 | 0.37% | Shares |
| Man Group plc | $1,003,521 | 597,334 | 0.37% | Shares |
| Balyasny Asset Management L.P. | $948,090 | 564,339 | 0.35% | Shares |
| PEAK6 LLC | $933,327 | 555,552 | 0.34% | Shares |
| Vestmark Advisory Solutions, Inc. | $803,384 | 478,205 | 0.29% | Shares |
| ArrowMark Colorado Holdings LLC | $786,882 | 468,382 | 0.29% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $741,954 | 441,639 | 0.27% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $673,008 | 400,600 | 0.25% | Put option |
| RHUMBLINE ADVISERS | $599,738 | 356,996 | 0.22% | Shares |
| CAXTON ASSOCIATES LP | $577,087 | 315,348 | 0.21% | Shares |
| Mirador Capital Partners LP | $575,370 | 342,482 | 0.21% | Shares |
| LPL Financial LLC | $567,003 | 337,502 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $566,071 | 336,947 | 0.21% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $529,407 | 315,123 | 0.19% | Shares |
| ALLIANCEBERNSTEIN L.P. | $510,919 | 387,060 | 0.19% | Shares |
| Qube Research & Technologies Ltd | $500,558 | 297,951 | 0.18% | Shares |
| Nuveen Asset Management, LLC | $494,437 | 270,184 | 0.18% | Shares |
| GROUP ONE TRADING LLC | $488,645 | 290,860 | 0.18% | Shares |
| WATER ISLAND CAPITAL LLC | $459,759 | 273,666 | 0.17% | Shares |
| HSBC HOLDINGS PLC | $457,555 | 277,306 | 0.17% | Shares |
| BARCLAYS PLC | $447,482 | 266,359 | 0.16% | Shares |
| WELLS FARGO & COMPANY/MN | $430,196 | 256,069 | 0.16% | Shares |
| Bank of New York Mellon Corp | $426,179 | 253,678 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $406,056 | 241,700 | 0.15% | Call option |
| Quadrature Capital Ltd | $311,899 | 185,654 | 0.11% | Shares |
| Green Alpha Advisors, LLC | $300,140 | 178,655 | 0.11% | Shares |
| MARSHALL WACE, LLP | $274,919 | 163,642 | 0.10% | Shares |
| UBS Group AG | $271,868 | 161,826 | 0.10% | Shares |
| MetLife Investment Management, LLC | $264,093 | 157,198 | 0.10% | Shares |
| RAYMOND JAMES FINANCIAL INC | $260,524 | 155,074 | 0.09% | Shares |
| AdvisorNet Financial, Inc | $255,565 | 152,122 | 0.09% | Shares |
| Main Street Research LLC | $255,528 | 152,100 | 0.09% | Shares |
| JANE STREET GROUP, LLC | $255,192 | 151,900 | 0.09% | Call option |
| Voleon Capital Management LP | $226,521 | 134,834 | 0.08% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $223,315 | 132,926 | 0.08% | Shares |
| IEQ CAPITAL, LLC | $207,954 | 123,782 | 0.08% | Shares |
| CITIGROUP INC | $206,867 | 123,135 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $204,592 | 121,781 | 0.07% | Shares |
| Koa Wealth Management, LLC | $201,600 | 120,000 | 0.07% | Shares |
| Invesco Ltd. | $188,456 | 112,176 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $186,144 | 110,800 | 0.07% | Call option |
| BENJAMIN EDWARDS INC | $179,922 | 107,153 | 0.07% | Shares |
| KAVAR CAPITAL PARTNERS GROUP, LLC | $173,576 | 103,319 | 0.06% | Shares |
| Bridgewater Associates, LP | $172,638 | 102,761 | 0.06% | Shares |
| GABELLI FUNDS LLC | $168,000 | 100,000 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $152,964 | 91,050 | 0.06% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $142,506 | 84,825 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $134,324 | 79,955 | 0.05% | Shares |
| NJ State Employees Deferred Compensation Plan | $128,000 | 100,000 | 0.05% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $126,573 | 75,341 | 0.05% | Shares |
| HUB Investment Partners, LLC | $126,000 | 75,000 | 0.05% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $120,861 | 71,941 | 0.04% | Shares |
| HARTLINE INVESTMENT CORP/ | $115,920 | 69,000 | 0.04% | Shares |
| Cerity Partners LLC | $115,811 | 68,935 | 0.04% | Shares |
| STIFEL FINANCIAL CORP | $114,659 | 68,249 | 0.04% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $113,249 | 67,410 | 0.04% | Shares |
| SIMPLEX TRADING, LLC | $110,307 | 65,659 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $109,536 | 65,200 | 0.04% | Put option |
| Nuveen, LLC | $99,117 | 58,998 | 0.04% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $96,004 | 57,145 | 0.03% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $94,854 | 56,461 | 0.03% | Shares |
| Cetera Investment Advisers | $91,834 | 54,663 | 0.03% | Shares |
| State of Wyoming | $91,169 | 54,267 | 0.03% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $86,972 | 51,769 | 0.03% | Shares |
| Abacus Planning Group, Inc. | $86,080 | 51,238 | 0.03% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $85,770 | 54,981 | 0.03% | Shares |
| Evolution Wealth Advisors, LLC | $84,000 | 50,000 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $83,046 | 49,432 | 0.03% | Shares |
Company insiders 30 insiders · 6 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mark Van Oene | President & CEO | Aug. 17, 2026 S | 2,705,853 | 0 | 5 | $-370,277 |
| Susan K Barnes | EVP, CFO and PAO | Feb. 19, 2020 S | 874,812 | 0 | 0 | $0 |
| James Michael Phillips | SVP, Research & Development | March 24, 2020 S | 249,220 | 0 | 0 | $0 |
| Kevin P Corcoran | SVP, Market Development | Nov. 24, 2017 M | 158,174 | 0 | 0 | $0 |
| Michael Glynn | Chief Commercial Officer | Feb. 15, 2012 A | — | 0 | 0 | $0 |
| Stephen W Turner | VP & Chief Technology Officer | July 11, 2011 J | 1,093,063 | 0 | 0 | $0 |
| Christopher Gibson | Director | June 3, 2026 A | 53,913 | 0 | 0 | $0 |
| Hannah Valantine | Director | June 3, 2026 A | 22,821 | 0 | 0 | $0 |
| William W. Ericson | Director | June 3, 2026 A | 41,616 | 0 | 0 | $0 |
| Christopher M Smith | Director | June 3, 2026 A | 54,099 | 0 | 0 | $0 |
| Marshall Mohr | Director | June 3, 2026 A | 132,821 | 0 | 0 | $0 |
| Randall S Livingston | Director | June 3, 2026 A | 22,821 | 0 | 0 | $0 |
| Kathy Ordonez | Director | June 3, 2026 A | 403,037 | 0 | 0 | $0 |
| John F Milligan | Director | June 3, 2026 A | 132,821 | 0 | 0 | $0 |
| David B. Singer | Director | June 13, 2012 A | — | 0 | 0 | $0 |
| Susan E Siegel | Director | June 13, 2012 A | 65,000 | 0 | 0 | $0 |
| Hugh C Martin | Director | Feb. 3, 2012 M | 342,458 | 0 | 0 | $0 |
| James R Gibson II | — | April 1, 2026 S | 1,245,663 | 0 | 1 | $-120,813 |
| Michele Farmer | — | March 3, 2026 S | 305,948 | 0 | 3 | $-84,510 |
| Christian O Henry | — | March 3, 2026 S | 3,581,813 | 0 | 3 | $-772,728 |
| Lucy Shapiro | — | June 4, 2025 A | 22,821 | 0 | 0 | $0 |
| Susan G. Kim | — | Sept. 30, 2024 S | 695,654 | 0 | 0 | $0 |
| Jeff Eidel | — | Aug. 19, 2024 S | 869,730 | 0 | 0 | $0 |
| David W Meline | — | June 18, 2024 A | 57,116 | 0 | 0 | $0 |
| David Botstein | — | May 24, 2023 A | 0 | 0 | 0 | $0 |
| Peter Fromen | — | March 2, 2022 A | 190,280 | 0 | 0 | $0 |
| Michael Hunkapiller | — | Feb. 26, 2021 M | 848,405 | 0 | 0 | $0 |
| Eric Schaefer | — | Feb. 22, 2021 S | 88,474 | 0 | 0 | $0 |
| BYERS BROOK H | — | May 17, 2016 A | 110,504 | 0 | 0 | $0 |
| Brian B Dow | — | March 2, 2015 P | 18,119 | 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 |
|---|---|---|---|---|---|
| Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, Alec N. Litowitz ×3 filings | Aug. 29, 2019 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 32 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 |
|---|---|---|---|---|
| ARKG · ARK ETF Trust | 1.41% | 10,964,895 NS | April 30, 2026 | N-PORT |
| EVNT · AltShares Trust | 0.75% | 62,040 NS | May 31, 2026 | N-PORT |
| GNOM · Global X Funds | 0.40% | 151,435 NS | May 31, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.39% | 75,049 SH | Aug. 8, 2026 | Daily |
| IDNA · iShares Trust | 0.37% | 622,048 SH | Aug. 8, 2026 | Daily |
| ARKK · ARK ETF Trust | 0.36% | 14,733,201 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 1,067,027 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 280,941 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.03% | 2,125,671 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.02% | 16,737 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.02% | 11,163 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.02% | 2,413,297 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 121,533 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 7,202,610 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 12,995 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 3,579,782 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 1,624,029 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 727,094 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 1,434,895 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 10,163 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 10,278 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 9,612 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 258 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.00% | 206,229 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 174,278 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 431,365 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 48,231 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 68,930 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 9,535,565 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 17,047 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 22,805 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 8,144 NS | April 30, 2026 | N-PORT |