PCVX Vaxcyte, Inc. - Common Stock
$62.23
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$30–$65
92% of range
Analyst Rating
BUY
17 analysts
Price Target
$109
+75% upside
P/E (TTM)
-11.1
ROE
-26.6%
Net Profit Margin
—
PCVX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$62.23
Market Cap
$8.16B
P/E (TTM)
-11.1
EPS (TTM)
$-5.63
Revenue (TTM)
—
Div Yield
—
ROE
-26.6%
Debt/Equity
—
52W Range
$30 – $65
PCVX 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
—
EPS
$-5.63
2020-12-31
→
2025-12-31
Free Cash Flow
$-669M
2020-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PCVX
Peer Median
P/E (TTM)
-11.1
16.0
P/B
3.0
3.9
Price / FCF
-12.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PCVX
Peer Median
ROA
-23.5%
-22.2%
ROE
-26.6%
-37.6%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PCVX
Peer Median
Current Ratio
7.9
5.7
Quick Ratio
7.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PCVX
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PCVX
Peer Median
PCVX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 7 41.2%
- Buy 8 47.1%
- Hold 2 11.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-13
Median
$110.00
← Below all targets
$62.23
Low
$67.00
High
$163.00
Median target
$110.00
+76.8%
Mean target
$109.00
+75.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.15%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.97 | $-2.10 | 0.13% |
| March 31, 2026 | $-2.30 | $-1.79 | -0.51% |
| Dec. 31, 2025 | $-1.80 | $-1.55 | -0.25% |
| Sept. 30, 2025 | $-1.56 | $-1.29 | -0.27% |
| June 30, 2025 | $-1.22 | $-1.19 | -0.03% |
| March 31, 2025 | $-1.04 | $-1.07 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PCVX | $6.05B | -8.2 | — | — | -26.6% | — |
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | — |
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
| SYRE | $2.56B | 10.1 | -62.0% | — | -26.5% | — |
| IMVT | $5.07B | -9.0 | 229.2% | — | -73.7% | — |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | — |
| IBRX | $2.00B | -5.2 | 668.3% | -310.2% | 71.0% | — |
| RYTM | $7.19B | -34.4 | 45.8% | -103.6% | -309.1% | — |
| TGTX | $4.63B | 10.8 | 87.3% | 72.6% | 96.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| R&D Expense | $794M | $477M | $332M | $169M | $78M | $74M | $46M | |
| SG&A Expense | $129M | $93M | $61M | $40M | $25M | $16M | $9M | |
| Operating Expenses | $924M | $570M | $468M | $232M | $104M | $90M | $54M | |
| Operating Income | $-924M | $-570M | $-468M | $-232M | $-104M | $-90M | $-54M | |
| Interest Expense | · | · | $0 | $2.0K | $7.0K | $7.0K | $40.0K | |
| Interest Income | $120M | $110M | $63M | $8M | $344.0K | $244.0K | $632.0K | |
| Other Non-op | $37M | $-4M | $3M | $9M | $4M | $364.0K | $4M | |
| Income Tax | $0 | $0 | $0 | · | · | · | · | |
| Net Income | $-767M | $-464M | $-402M | $-223M | $-100M | $-89M | $-50M | |
| EPS (Basic) | $-5.63 | $-3.80 | $-4.14 | $-3.44 | $-1.93 | $-3.02 | · | |
| EPS (Diluted) | $-5.63 | $-3.80 | $-4.14 | $-3.44 | $-1.93 | $-3.02 | · | |
| Shares (Basic) | 136,089,506 | 121,997,348 | 97,157,690 | 64,877,988 | 51,922,108 | 29,545,810 | · | |
| Shares (Diluted) | 136,089,506 | 121,997,348 | 97,157,690 | 64,877,988 | 51,922,108 | 29,545,810 | · | |
| EBITDA | $-907M | $-563M | $-465M | $-230M | $-102M | $-88M | · |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $174M | $388M | $397M | $835M | $69M | $386M | $59M | |
| Short-term Investments | $1.39B | $1.36B | $683M | $97M | $177M | · | · | |
| Prepaid Expense | $66M | $41M | $16M | $11M | $10M | $3M | $3M | |
| Other Current Assets | $2M | $2M | $2M | $2M | · | · | · | |
| Current Assets | $1.63B | $1.79B | $1.10B | $943M | $256M | $389M | $62M | |
| PP&E (Net) | $257M | $198M | $80M | $10M | $8M | $3M | $3M | |
| PP&E (Gross) | $290M | $214M | $89M | $16M | $12M | $7M | $6M | |
| Accum. Depreciation | $33M | $16M | $9M | $6M | $4M | $4M | $3M | |
| Other Non-current Assets | $119M | $64M | $38M | $5M | $4M | $550.0K | $584.0K | |
| Total Assets | $3.00B | $3.51B | $1.41B | $1.01B | $324M | $393M | $66M | |
| Accounts Payable | $71M | $48M | $15M | $10M | $7M | $30M | $3M | |
| Accrued Liabilities | $31M | $29M | $60M | $15M | $9M | $4M | $1M | |
| Current Liabilities | $206M | $140M | $145M | $41M | $29M | $47M | $11M | |
| Capital Leases | $111M | $65M | $22M | $12M | $12M | · | · | |
| Other Non-current Liabilities | $100.0K | $100.0K | $0 | $9.0K | $96.0K | $112.0K | $242.0K | |
| Total Liabilities | $317M | $205M | $167M | $53M | $40M | $47M | $12M | |
| Common Stock | $134.0K | $128.0K | $98.0K | $82.0K | $56.0K | $54.0K | $7.0K | |
| Retained Earnings | $-2.15B | $-1.39B | $-924M | $-522M | $-299M | $-199M | $-109M | |
| AOCI | $2M | $-4M | $179.0K | $-361.0K | $-241.0K | · | · | |
| Stockholders' Equity | $2.69B | $3.31B | $1.24B | $954M | $284M | $346M | $-106M | |
| Liabilities + Equity | $3.00B | $3.51B | $1.41B | $1.01B | $324M | $393M | $66M | |
| Shares Outstanding | 131,058,858 | 124,893,034 | 95,364,831 | 79,470,670 | 53,031,978 | 51,071,593 | 4,059,909 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $16M | $7M | $3M | $3M | $2M | $1M | $1M | |
| Stock-based Comp | $139M | $85M | $49M | $24M | $11M | $5M | $1M | |
| Other Non-cash | $-44M | $-81M | $54M | $27M | $-34M | $36M | · | |
| Operating Cash Flow | $-656M | $-453M | $-297M | $-171M | $-121M | $-47M | $-47M | |
| CapEx | $14M | $22M | $16M | $6M | $7M | $1M | $1M | |
| Investing Cash Flow | $437M | $-2.01B | $-773M | $75M | $-212M | $-1M | $-1M | |
| Stock Issued | · | $196M | $91M | $97M | $14M | $0 | · | |
| Net Stock Activity | · | $196M | $91M | $97M | $14M | · | · | |
| Financing Cash Flow | $2M | $2.45B | $640M | $862M | $18M | $375M | $42M | |
| Net Change in Cash | $-214M | $-9M | $-437M | $766M | $-316M | $327M | $-7M | |
| Free Cash Flow | $-669M | $-475M | $-313M | $-176M | $-128M | $-48M | · |
Profitability 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| ROA | -23.5% | -18.9% | -33.3% | -33.6% | -27.9% | -38.9% | · | |
| ROE | -26.6% | -13.8% | -30.4% | -34.0% | -33.9% | -25.1% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.9 | 12.8 | 7.5 | 23.3 | 8.9 | 8.3 | · | |
| Quick Ratio | 7.6 | 12.5 | 7.4 | 23.0 | 8.6 | 8.2 | · | |
| Interest Coverage | · | · | · | -116128.0 | -14810.0 | -12797.3 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-767M | $-464M | $-402M | $-223M | $-100M | $-89M | · | |
| Market Cap | $6.05B | $10.22B | $5.99B | $3.81B | $1.26B | $1.36B | · | |
| P/E | -8.2 | -21.5 | -15.2 | -13.9 | -12.3 | -8.8 | · | |
| P/B | 2.3 | 3.1 | 4.8 | 4.0 | 4.4 | 3.9 | · | |
| P / Tangible Book | 2.3 | 3.1 | 4.8 | 4.0 | 4.4 | 3.9 | · | |
| P / Cash Flow | -9.2 | -22.6 | -20.2 | -22.3 | -10.4 | -29.1 | · | |
| P / FCF | -9.0 | -21.5 | -19.1 | -21.6 | -9.9 | -28.4 | · | |
| Earnings Yield | -12.2% | -4.6% | -6.6% | -7.2% | -8.1% | -11.4% | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $268M | $313M | $242M | $210M | $194M | $148M | $134M | $117M | $132M | $95M | $104M | $97M | $73M | $58M | $52M | $48M | |
| SG&A Expense | $35M | $33M | $32M | $32M | $32M | $33M | $29M | $23M | $21M | $20M | $18M | $16M | $14M | $13M | $12M | $11M | |
| Operating Expenses | $303M | $346M | $274M | $242M | $226M | $181M | $162M | $140M | $153M | $114M | $197M | $113M | $87M | $71M | $87M | $59M | |
| Operating Income | $-303M | $-346M | $-274M | $-242M | $-226M | $-181M | $-162M | $-140M | $-153M | $-114M | $-197M | $-113M | $-87M | $-71M | $-87M | $-59M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | · | $0 | |
| Interest Income | $26M | $27M | $26M | $29M | $31M | $33M | $36M | $28M | $24M | $22M | $18M | $18M | $16M | $10M | $7M | $1M | |
| Other Non-op | $-7M | $-1M | $1M | $291.0K | $29M | $7M | $-11M | $9M | $465.0K | $-2M | $-47M | $20M | $19M | $11M | $9M | $660.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | |
| Net Income | $-284M | $-321M | $-247M | $-213M | $-167M | $-141M | $-137M | $-103M | $-129M | $-95M | $-181M | $-93M | $-68M | $-60M | $-78M | $-58M | |
| EPS (Basic) | $-1.97 | $-2.30 | $-1.81 | $-1.56 | $-1.22 | $-1.04 | $-1.02 | $-0.83 | $-1.10 | $-0.85 | $-1.83 | $-0.91 | $-0.70 | $-0.70 | $-1.03 | $-0.93 | |
| EPS (Diluted) | $-1.97 | $-2.30 | $-1.81 | $-1.56 | $-1.22 | $-1.04 | $-1.02 | $-0.83 | $-1.10 | $-0.85 | $-1.83 | $-0.91 | $-0.70 | $-0.70 | $-1.03 | $-0.93 | |
| Shares (Basic) | 144,494,106 | 139,506,680 | -271,831,701 | 136,196,512 | 136,033,746 | 135,690,949 | -230,643,625 | 123,693,461 | 117,256,561 | 111,690,951 | -188,775,652 | 101,668,655 | 98,057,870 | 86,206,817 | -115,477,945 | 61,989,347 | |
| Shares (Diluted) | 144,494,106 | 139,506,680 | -271,831,701 | 136,196,512 | 136,033,746 | 135,690,949 | -230,643,625 | 123,693,461 | 117,256,561 | 111,690,951 | -188,775,652 | 101,668,655 | 98,057,870 | 86,206,817 | -115,477,945 | 61,989,347 | |
| EBITDA | $-303M | $-343M | · | $-242M | $-226M | $-178M | · | $-140M | $-153M | $-113M | · | $-113M | $-87M | $-70M | · | $-59M |
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 | $183M | $261M | $174M | $281M | $307M | $347M | $388M | $1.05B | $519M | $612M | $397M | $545M | $531M | $380M | $835M | $278M | |
| Short-term Investments | $1.30B | $1.48B | $1.39B | $1.43B | $1.35B | $1.32B | $1.36B | $1.13B | $934M | $875M | · | $721M | $756M | $442M | · | $84M | |
| Prepaid Expense | $66M | $76M | $66M | $56M | $54M | $45M | $41M | $33M | $29M | $31M | · | $30M | $23M | $19M | · | $8M | |
| Other Current Assets | · | · | $2M | · | · | · | $2M | $3M | $1M | $2M | · | $1M | · | · | · | · | |
| Current Assets | $1.55B | $1.81B | $1.63B | $1.77B | $1.72B | $1.72B | $1.79B | $2.21B | $1.48B | $1.52B | · | $1.30B | $1.31B | $841M | · | $370M | |
| PP&E (Net) | $260M | $261M | $257M | $253M | $242M | $217M | $198M | $163M | $126M | $85M | · | $11M | $16M | $15M | · | $10M | |
| PP&E (Gross) | · | · | $290M | · | · | · | $214M | $177M | $138M | $95M | · | $20M | $24M | $22M | · | $15M | |
| Accum. Depreciation | · | · | $33M | · | · | · | $16M | $13M | $12M | $10M | · | $8M | $8M | $7M | · | $5M | |
| Other Non-current Assets | $193M | $156M | $119M | $107M | $95M | $76M | $64M | $60M | $53M | $46M | · | $3M | $3M | $4M | · | $5M | |
| Total Assets | $3.14B | $3.35B | $3.00B | $3.17B | $3.31B | $3.38B | $3.51B | $3.56B | $2.09B | $2.09B | · | $1.50B | $1.50B | $1.01B | · | $412M | |
| Accounts Payable | $101M | $63M | $71M | $49M | $31M | $21M | $48M | $18M | $10M | $22M | · | $16M | $16M | $12M | · | $5M | |
| Accrued Liabilities | $25M | $30M | $31M | $25M | $32M | $26M | $29M | $31M | $22M | $54M | · | $15M | $19M | $18M | · | $14M | |
| Current Liabilities | $271M | $242M | $206M | $200M | $154M | $97M | $140M | $124M | $83M | $87M | · | $86M | $60M | $53M | · | $39M | |
| Capital Leases | $109M | $110M | $111M | $79M | $80M | $81M | $65M | $18M | $18M | $20M | · | $8M | $9M | $11M | · | $13M | |
| Other Non-current Liabilities | · | · | $100.0K | · | · | · | $100.0K | · | · | · | · | $2.0K | $5.0K | $7.0K | · | $89.0K | |
| Total Liabilities | $380M | $352M | $317M | $279M | $234M | $178M | $205M | $142M | $101M | $107M | · | $93M | $69M | $63M | · | $53M | |
| Common Stock | $148.0K | $147.0K | $134.0K | $133.0K | $133.0K | $132.0K | $128.0K | $127.0K | $114.0K | $112.0K | · | $98.0K | $97.0K | $84.0K | · | $64.0K | |
| Retained Earnings | $-2.76B | $-2.48B | $-2.15B | $-1.91B | $-1.70B | $-1.53B | $-1.39B | $-1.25B | $-1.15B | $-1.02B | · | $-744M | $-651M | $-583M | · | $-444M | |
| AOCI | $-8M | $-7M | $2M | $856.0K | $-2M | $-322.0K | $-4M | $139.0K | $2M | $3M | · | $-2M | $-3M | $47.0K | · | $-657.0K | |
| Stockholders' Equity | $2.76B | $3.00B | $2.69B | $2.89B | $3.07B | $3.20B | $3.31B | $3.42B | $1.99B | $1.98B | $1.24B | $1.40B | $1.43B | $945M | $954M | $359M | |
| Liabilities + Equity | $3.14B | $3.35B | $3.00B | $3.17B | $3.31B | $3.38B | $3.51B | $3.56B | $2.09B | $2.09B | · | $1.50B | $1.50B | $1.01B | · | $412M | |
| Shares Outstanding | 144,785,934 | 144,314,981 | 131,058,858 | 130,029,111 | 129,816,472 | 128,939,412 | 124,893,034 | 124,429,862 | 110,575,993 | 108,755,731 | · | 95,099,101 | 93,812,533 | 80,640,851 | · | 60,572,692 |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $7M | $3M | $3M | $3M | $3M | $2M | $1M | $999.0K | $888.0K | $806.0K | $750.0K | $712.0K | $959.0K | $684.0K | |
| Stock-based Comp | $41M | $38M | $36M | $35M | $37M | $31M | $24M | $21M | $22M | $18M | $13M | $13M | $13M | $10M | $7M | $7M | |
| Other Non-cash | · | $-914.0K | · | · | · | $-59M | · | · | · | $-83M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-232M | $-281M | $-225M | $-143M | $-121M | $-166M | $-111M | $-61M | $-121M | $-159M | $-129M | $-58M | $-63M | $-48M | $-65M | $-39M | |
| CapEx | $4M | $2M | $3M | $4M | $2M | $5M | $4M | $5M | $8M | $6M | $5M | $7M | $-2M | $6M | $1M | $843.0K | |
| Investing Cash Flow | $148M | $-233M | $115M | $121M | $78M | $123M | $-557M | $-917M | $-80M | $-451M | $-14M | $22M | $-334M | $-448M | $-36M | $35M | |
| Stock Issued | · | · | · | · | · | · | · | $89M | $107M | $0 | · | $49M | $0 | $42M | $2M | $43M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $42M | · | · | |
| Financing Cash Flow | $6M | $602M | $2M | $-4M | $3M | $759.0K | $5M | $1.52B | $110M | $818M | $3M | $49M | $547M | $42M | $657M | $44M | |
| Net Change in Cash | $-78M | $87M | $-107M | $-26M | $-40M | $-41M | $-662M | $532M | $-93M | $214M | $-148M | $14M | $151M | $-454M | $556M | $40M | |
| Free Cash Flow | · | $-283M | · | · | · | $-172M | · | · | · | $-165M | · | · | · | $-53M | · | · |
Profitability 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -8.8% | -9.5% | · | -6.3% | -6.2% | -5.1% | · | -4.1% | -7.2% | -6.1% | · | -9.7% | -7.1% | -8.6% | · | -15.1% | |
| ROE | -9.8% | -10.3% | · | -6.8% | -6.6% | -5.4% | · | -4.3% | -7.5% | -6.5% | · | -10.5% | -7.6% | -9.3% | · | -17.4% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.7 | 7.5 | · | 8.8 | 11.1 | 17.7 | · | 17.9 | 17.9 | 17.4 | · | 15.1 | 21.8 | 15.9 | · | 9.4 | |
| Quick Ratio | 5.5 | 7.2 | · | 8.6 | 10.8 | 17.2 | · | 17.6 | 17.5 | 17.1 | · | 14.8 | 21.4 | 15.6 | · | 9.2 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-984M | $-841M | · | $-623M | $-539M | $-468M | · | $-420M | $-385M | $-316M | · | $-279M | $-235M | $-206M | · | $-172M | |
| Market Cap | $8.42B | $8.39B | · | $4.68B | $4.22B | $4.87B | · | $14.22B | $8.35B | $7.43B | · | $4.85B | $4.68B | $3.02B | · | $1.45B | |
| P/E | -8.2 | -9.5 | · | -7.7 | -7.8 | -9.9 | · | -31.0 | -21.2 | -21.6 | · | -15.7 | -16.0 | -12.1 | · | -8.2 | |
| P/B | 3.1 | 2.8 | · | 1.6 | 1.4 | 1.5 | · | 4.2 | 4.2 | 3.7 | · | 3.5 | 3.3 | 3.2 | · | 4.0 | |
| P / Tangible Book | 3.1 | 2.8 | · | 1.6 | 1.4 | 1.5 | · | 4.2 | 4.2 | 3.7 | · | 3.5 | 3.3 | 3.2 | · | 4.0 | |
| P / Cash Flow | · | -29.9 | · | · | · | -29.3 | · | · | · | -46.7 | · | · | · | -63.4 | · | · | |
| P / FCF | · | -29.7 | · | · | · | -28.4 | · | · | · | -45.1 | · | · | · | -56.7 | · | · | |
| Earnings Yield | -12.1% | -10.5% | · | -12.9% | -12.9% | -10.1% | · | -3.2% | -4.7% | -4.6% | · | -6.4% | -6.3% | -8.3% | · | -12.2% |
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 | |
|---|---|---|---|---|---|
| Net Income | $-767M | $-464M | $-402M | $-223M | $-100M |
| Diluted EPS | $-5.63 | $-3.80 | $-4.14 | $-3.44 | $-1.93 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 7.9 | 12.8 | 7.5 | 23.3 | 8.9 |
| Quick Ratio | 7.6 | 12.5 | 7.4 | 23.0 | 8.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-669M | $-475M | $-313M | $-176M | $-128M |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Institutional owners (13F) 371 filers · $6.3B 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 |
|---|---|---|---|---|
| 57 (-11 vs prior Q) | 45 (+22 vs prior Q) | 132 (+1 vs prior Q) | 98 (+20 vs prior Q) | +17.3M |
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 | $766,076,145 | 13,178,671 | 12.21% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $667,018,440 | 11,474,599 | 10.63% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $383,283,120 | 6,593,551 | 6.11% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $369,048,710 | 6,348,679 | 5.88% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $344,464,138 | 5,925,755 | 5.49% | Shares |
| STATE STREET CORP | $311,090,172 | 5,351,698 | 4.96% | Shares |
| Deep Track Capital, LP | $249,959,000 | 4,300,000 | 3.98% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $172,793,987 | 2,971,899 | 2.75% | Shares |
| Kynam Capital Management, LP | $169,875,334 | 2,922,335 | 2.71% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $143,722,240 | 2,472,428 | 2.29% | Shares |
| Caligan Partners LP | $127,225,411 | 2,188,636 | 2.03% | Shares |
| Paradigm Biocapital Advisors LP | $123,692,037 | 2,127,852 | 1.97% | Shares |
| D. E. Shaw & Co., Inc. | $110,188,147 | 1,895,547 | 1.76% | Shares |
| MAVERICK CAPITAL LTD | $93,777,757 | 1,613,242 | 1.49% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $85,149,522 | 1,464,812 | 1.36% | Shares |
| Pivotal bioVenture Partners Investment Advisor LLC | $82,862,571 | 1,425,470 | 1.32% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $80,229,411 | 1,380,219 | 1.28% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $72,929,898 | 1,254,600 | 1.16% | Put option |
| NORGES BANK | $72,418,645 | 1,245,805 | 1.15% | Shares |
| Polar Capital Holdings Plc | $68,938,867 | 1,185,943 | 1.10% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $65,761,190 | 1,131,278 | 1.05% | Shares |
| Caption Management, LLC | $60,873,736 | 1,047,200 | 0.97% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $54,098,219 | 930,642 | 0.86% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $51,154,400 | 880,000 | 0.82% | Shares |
| GOLDMAN SACHS GROUP INC | $50,494,159 | 868,642 | 0.80% | Shares |
| Saturn V Capital Management LP | $49,579,891 | 852,914 | 0.79% | Shares |
| Capital Research Global Investors | $48,640,917 | 836,761 | 0.78% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $47,242,251 | 812,700 | 0.75% | Call option |
| NOVO HOLDINGS A/S | $46,504,000 | 800,000 | 0.74% | Shares |
| AMERICAN CENTURY COMPANIES INC | $45,468,483 | 782,184 | 0.72% | Shares |
| Clearbridge Investments, LLC | $43,713,700 | 751,999 | 0.70% | Shares |
| Pictet Asset Management Holding SA | $40,384,015 | 694,719 | 0.64% | Shares |
| Caption Management, LLC | $37,767,061 | 649,700 | 0.60% | Call option |
| Eversept Partners, LP | $36,619,110 | 629,952 | 0.58% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $35,726,698 | 614,600 | 0.57% | Put option |
| JANE STREET GROUP, LLC | $35,162,837 | 604,900 | 0.56% | Put option |
| BOOTHBAY FUND MANAGEMENT, LLC | $31,050,895 | 534,163 | 0.49% | Shares |
| ALGERT GLOBAL LLC | $29,956,889 | 515,343 | 0.48% | Shares |
| FEDERATED HERMES, INC. | $29,405,932 | 505,865 | 0.47% | Shares |
| JENNISON ASSOCIATES LLC | $27,682,436 | 476,216 | 0.44% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $27,058,178 | 465,477 | 0.43% | Shares |
| BROWN ADVISORY INC | $26,956,916 | 463,735 | 0.43% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $26,316,788 | 452,723 | 0.42% | Shares |
| Elmind Capital, LP | $26,294,524 | 452,340 | 0.42% | Shares |
| First Turn Management, LLC | $25,800,187 | 443,836 | 0.41% | Shares |
| AMERIPRISE FINANCIAL INC | $24,289,156 | 417,842 | 0.39% | Shares |
| BANK OF AMERICA CORP /DE/ | $23,043,836 | 396,419 | 0.37% | Shares |
| Ikarian Capital, LLC | $22,594,085 | 388,682 | 0.36% | Shares |
| Ensign Peak Advisors, Inc | $22,187,407 | 381,686 | 0.35% | Shares |
| Qube Research & Technologies Ltd | $21,113,107 | 363,205 | 0.34% | Shares |
| Aberdeen Group plc | $21,087,006 | 362,756 | 0.34% | Shares |
| Alyeska Investment Group, L.P. | $21,058,871 | 362,272 | 0.34% | Shares |
| First Light Asset Management, LLC | $20,063,976 | 345,157 | 0.32% | Shares |
| Boxer Capital Management, LLC | $18,892,250 | 325,000 | 0.30% | Shares |
| Spruce Street Capital LP | $17,790,512 | 306,047 | 0.28% | Shares |
| Woodline Partners LP | $15,970,636 | 274,740 | 0.25% | Shares |
| TD Asset Management Inc | $15,964,823 | 274,640 | 0.25% | Shares |
| TWO SIGMA INVESTMENTS, LP | $15,920,412 | 273,876 | 0.25% | Shares |
| Artisan Partners Limited Partnership | $15,729,397 | 270,590 | 0.25% | Shares |
| JANE STREET GROUP, LLC | $14,881,280 | 256,000 | 0.24% | Call option |
| Swiss National Bank | $14,270,915 | 245,500 | 0.23% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $14,054,935 | 243,502 | 0.22% | Shares |
| University of Wisconsin Foundation | $13,936,609 | 239,749 | 0.22% | Shares |
| Nantahala Capital Management, LLC | $12,913,347 | 222,146 | 0.21% | Shares |
| California Public Employees Retirement System | $12,350,997 | 212,472 | 0.20% | Shares |
| Candriam S.C.A. | $12,082,543 | 208,054 | 0.19% | Shares |
| Rosalind Advisors, Inc. | $11,626,000 | 200,000 | 0.19% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $10,885,947 | 187,269 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $10,556,408 | 181,600 | 0.17% | Call option |
| CITADEL ADVISORS LLC | $10,259,945 | 176,500 | 0.16% | Put option |
| BlackRock, Inc. | $9,864,370 | 169,695 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $9,795,876 | 168,517 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $9,292,312 | 159,909 | 0.15% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $9,073,512 | 156,090 | 0.14% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $8,728,743 | 150,159 | 0.14% | Shares |
| HighVista Strategies LLC | $8,704,329 | 149,739 | 0.14% | Shares |
| ADAR1 Capital Management, LLC | $8,488,956 | 146,034 | 0.14% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $8,428,850 | 145,000 | 0.13% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,942,011 | 136,625 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $7,908,771 | 136,100 | 0.13% | Shares |
| Jump Financial, LLC | $7,847,550 | 135,000 | 0.13% | Shares |
| Nicholas Investment Partners, LP | $7,622,761 | 131,133 | 0.12% | Shares |
| Edgestream Partners, L.P. | $7,621,715 | 131,115 | 0.12% | Shares |
| Trexquant Investment LP | $7,459,997 | 128,333 | 0.12% | Shares |
| NAN FUNG TRINITY (HK) LTD | $7,145,921 | 122,930 | 0.11% | Shares |
| FRED ALGER MANAGEMENT, LLC | $6,799,175 | 116,965 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $6,686,113 | 115,020 | 0.11% | Shares |
| RAYMOND JAMES FINANCIAL INC | $6,622,635 | 113,928 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $6,307,338 | 108,504 | 0.10% | Shares |
| NEXTBio Capital Management LP | $6,232,873 | 107,223 | 0.10% | Shares |
| Assenagon Asset Management S.A. | $5,896,300 | 101,433 | 0.09% | Shares |
| Russell Investments Group, Ltd. | $5,372,186 | 92,416 | 0.09% | Shares |
| Ishara Investments LP | $4,766,660 | 82,000 | 0.08% | Shares |
| Man Group plc | $4,745,268 | 81,632 | 0.08% | Shares |
| MetLife Investment Management, LLC | $4,454,386 | 76,628 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,172,106 | 71,772 | 0.07% | Shares |
| Nuveen Asset Management, LLC | $4,171,176 | 50,955 | 0.07% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $4,102,900 | 70,581 | 0.07% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $3,882,677 | 66,793 | 0.06% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $3,869,829 | 66,572 | 0.06% | Shares |
Company insiders 26 insiders · 6 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Grant Pickering | CHIEF EXECUTIVE OFFICER | July 27, 2026 M | 133,215 | 0 | 19 | $-3,634,889 |
| Mikhail Eydelman | SVP, Gen Counsel & Corp Sec | Jan. 2, 2024 M | 20,710 | 0 | 0 | $0 |
| Elvia Cowan | SVP, Finance | Sept. 5, 2023 F | 7,301 | 0 | 0 | $0 |
| Jeff Fairman | VP, Research | Dec. 30, 2022 A | 286,227 | 0 | 0 | $0 |
| Paul Sauer | SVP Process Dev, Manufacturing | Dec. 30, 2022 A | 13,822 | 0 | 0 | $0 |
| Jane Wright Mitchell | General Counsel | Aug. 16, 2021 M | 3,125 | 0 | 0 | $0 |
| John Markels | Director | July 16, 2026 A | — | 0 | 0 | $0 |
| Moncef Slaoui | Director | June 22, 2026 A | — | 0 | 0 | $0 |
| Jacks Lee | Director | June 15, 2026 A | 6,856 | 0 | 0 | $0 |
| Teri Loxam | Director | June 15, 2026 A | 12,481 | 0 | 0 | $0 |
| John Furey | Director | June 15, 2026 A | 5,306 | 0 | 0 | $0 |
| Carlos V Paya | Director | June 15, 2026 A | 6,856 | 0 | 0 | $0 |
| Halley E Gilbert | Director | June 15, 2026 A | 12,481 | 0 | 0 | $0 |
| Heath Lukatch | Director | June 15, 2026 A | 19,481 | 0 | 0 | $0 |
| Olivier Brandicourt | Director | June 15, 2026 A | 4,699 | 0 | 0 | $0 |
| Anne S Drapeau | Director | June 15, 2026 A | 12,481 | 0 | 0 | $0 |
| Peter Hirth | Director | June 13, 2023 A | 5,625 | 0 | 0 | $0 |
| Michael E. Kamarck | Director | June 13, 2023 A | 5,625 | 0 | 0 | $0 |
| Robert Lorne Hopfner | Director | June 2, 2021 A | 1,405,418 | 0 | 0 | $0 |
| Patrick J. Heron | Director | June 2, 2021 A | 2,309,554 | 0 | 0 | $0 |
| Kurt Von Emster | Director | June 2, 2021 A | 4,168,718 | 0 | 0 | $0 |
| William J Newell | Director | Dec. 9, 2020 A | 66,684 | 0 | 0 | $0 |
| Abingworth LLP | 10% owner | June 11, 2020 A | — | 0 | 0 | $0 |
| Harpreet S. Dhaliwal | — | Aug. 5, 2026 M | 76,756 | 0 | 1 | $-935,000 |
| Jim Wassil | — | Aug. 3, 2026 M | 157,541 | 0 | 7 | $-359,339 |
| Andrew Guggenhime | — | Aug. 3, 2026 M | 105,176 | 0 | 5 | $-1,641,731 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 66 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 |
|---|---|---|---|---|
| MEDI · Harbor ETF Trust | 4.64% | 22,357 NS | April 30, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.77% | 14,071 NS | May 31, 2026 | N-PORT |
| JXX · Janus Detroit Street Trust | 1.50% | 9,470 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.95% | 6,201 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.93% | 84,388 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.64% | 1,036,456 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.57% | 7,857 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.37% | 5,321 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.33% | 4,658 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.33% | 811,906 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.30% | 95,213 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.26% | 38,275 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.24% | 3,356,678 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.23% | 11,543 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.23% | 1,911,818 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.23% | 758,123 SH | Aug. 8, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.23% | 51,944 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.22% | 53,843 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.21% | 71,663 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.18% | 8,767 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.17% | 774 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.16% | 80,790 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.16% | 398,426 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.16% | 5,848 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.16% | 37,325 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 51,629 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.14% | 24,348 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.14% | 617,889 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.13% | 63,935 SH | Aug. 8, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.12% | 347,815 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.12% | 5,787 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.11% | 54,160 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.10% | 3,311,956 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.10% | 367,549 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.10% | 11,551 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.09% | 4,571 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.09% | 1,507,400 SH | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.07% | 5,560 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.07% | 24,948 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.07% | 4,625 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.07% | 134 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.06% | 7,347 SH | Aug. 8, 2026 | Daily |
| FFLG · FIDELITY COVINGTON TRUST | 0.05% | 5,491 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.03% | 1,759 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 6,131 NS | May 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.03% | 31,742 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.03% | 71,343 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.03% | 116 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.02% | 36,335 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 8,744 NS | April 30, 2026 | N-PORT |