PEPG PepGen Inc. - Common Stock
$3.10
Price · Aug 24, 2026
Fundamentals as of Aug 6, 2026
52W Range
$1–$8
29% of range
Analyst Rating
STRONG BUY
14 analysts
Price Target
$10
+229% upside
P/E (TTM)
-1.5
ROE
-82.0%
Net Profit Margin
—
PEPG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.10
Market Cap
$213M
P/E (TTM)
-1.5
EPS (TTM)
$-2.12
Revenue (TTM)
—
Div Yield
—
ROE
-82.0%
Debt/Equity
—
52W Range
$1 – $8
PEPG 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
$-2.12
2021-12-31
→
2025-12-31
Free Cash Flow
$-82M
2022-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PEPG
Peer Median
P/E (TTM)
-1.5
1.2
P/B
1.4
1.6
Price / FCF
-2.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PEPG
Peer Median
ROA
-55.2%
-56.8%
ROE
-82.0%
-83.3%
ROIC
-63.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PEPG
Peer Median
Current Ratio
11.9
8.5
Quick Ratio
11.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PEPG
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PEPG
Peer Median
PEPG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 7 50.0%
- Buy 5 35.7%
- Hold 1 7.1%
- Sell 1 7.1%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-19
Median
$10.50
Now
$3.10
Low
$2.50
High
$20.00
Median target
$10.50
+239.3%
Mean target
$10.19
+229.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.26 | $-0.30 | 0.04% |
| March 31, 2026 | $-0.26 | $-0.32 | 0.06% |
| Dec. 31, 2025 | $-0.27 | $-0.38 | 0.11% |
| Sept. 30, 2025 | $-0.52 | $-0.58 | 0.06% |
| June 30, 2025 | $-0.70 | $-0.84 | 0.14% |
| March 31, 2025 | $-0.92 | $-0.73 | -0.19% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PEPG | $448M | -3.1 | — | — | -82.0% | — |
| IMUX | — | -0.9 | — | — | — | — |
| NBP | — | — | — | — | — | — |
| TNXP | $200M | -1.1 | 29.8% | -946.2% | -60.0% | — |
| KROS | $398M | 8.9 | — | 35.7% | 17.2% | — |
| CHRS | $172M | 1.0 | 59.8% | 398.4% | 185.8% | — |
| WHWK | $114M | -7.3 | -72.5% | -288.3% | -13.4% | — |
| CRBP | $143M | -1.4 | — | — | -60.8% | — |
| KRRO | $75M | -0.6 | 181.5% | -1834.5% | -140.8% | — |
| VYGR | $232M | -1.9 | -49.5% | -296.5% | -54.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| R&D Expense | $71M | $76M | $68M | $54M | $19M | |
| SG&A Expense | $23M | $21M | $17M | $14M | $8M | |
| Operating Expenses | $94M | $98M | $85M | $68M | $27M | |
| Operating Income | $-94M | $-98M | $-85M | $-68M | $-27M | |
| Interest Income | $4M | $7M | $6M | $3M | · | |
| Other Non-op | $-11.0K | $-1.0K | $-187.0K | $110.0K | $-172.0K | |
| Pretax Income | $-90M | $-91M | $-79M | $-65M | $-27M | |
| Income Tax | $49.0K | $-617.0K | $73.0K | $4M | $0 | |
| Net Income | $-90M | $-90M | $-79M | $-69M | $-27M | |
| EPS (Basic) | $-2.12 | $-2.85 | $-3.30 | $-4.42 | $-30.27 | |
| EPS (Diluted) | $-2.12 | $-2.85 | $-3.30 | $-4.42 | $-30.27 | |
| Shares (Basic) | 42,221,808 | 31,583,073 | 23,796,000 | 15,639,728 | 901,108 | |
| Shares (Diluted) | 42,221,808 | 31,583,073 | 23,796,000 | 15,639,728 | 901,108 | |
| EBITDA | $-92M | $-96M | $-84M | $-68M | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $61M | $49M | $81M | $182M | $133M | |
| Short-term Investments | $88M | $71M | $30M | $0 | · | |
| Prepaid Expense | $3M | $4M | $2M | $4M | $2M | |
| Current Assets | $151M | $124M | $113M | $186M | $140M | |
| PP&E (Net) | $2M | $4M | $5M | $3M | $636.0K | |
| PP&E (Gross) | $6M | $7M | $6M | $4M | $1M | |
| Accum. Depreciation | $4M | $3M | $2M | $389.0K | $430.0K | |
| Other Non-current Assets | $372.0K | $426.0K | $442.0K | $1M | $3M | |
| Total Assets | $174M | $151M | $143M | $217M | $144M | |
| Accounts Payable | $822.0K | $2M | $1M | $1M | $3M | |
| Accrued Liabilities | $9M | $12M | $14M | $12M | $7M | |
| Current Liabilities | $13M | $17M | $18M | $19M | $10M | |
| Capital Leases | $14M | $16M | $17M | $19M | · | |
| Total Liabilities | $26M | $32M | $35M | $38M | $11M | |
| Common Stock | $7.0K | $3.0K | $2.0K | $2.0K | · | |
| Retained Earnings | $-361M | $-271M | $-181M | $-103M | $-34M | |
| AOCI | $11.0K | $23.0K | $34.0K | $-81.0K | $17.0K | |
| Stockholders' Equity | $147M | $119M | $108M | $180M | $-32M | |
| Liabilities + Equity | $174M | $151M | $143M | $217M | $144M | |
| Shares Outstanding | 68,874,944 | 32,619,663 | 23,823,241 | 23,713,196 | 963,588 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $1M | $2M | $1M | $500.0K | $200.0K | |
| Stock-based Comp | $11M | $11M | $7M | $5M | $2M | |
| Other Non-cash | $-4M | $-5M | $1M | $5M | · | |
| Operating Cash Flow | $-82M | $-82M | $-69M | $-59M | $-23M | |
| CapEx | $264.0K | $497.0K | $3M | $4M | $500.0K | |
| Investing Cash Flow | $-15M | $-38M | $-32M | $-4M | $-500.0K | |
| Stock Issued | · | $10M | · | $114M | · | |
| Net Stock Activity | · | $10M | · | $114M | · | |
| Financing Cash Flow | $108M | $89M | $-189.0K | $112M | $148M | |
| Net Change in Cash | $11M | $-31M | $-101M | $49M | $125M | |
| Taxes Paid | $82.0K | $71.0K | $3M | · | · | |
| Free Cash Flow | $-82M | $-83M | $-72M | $-63M | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| ROA | -55.2% | -61.2% | -43.6% | -38.3% | · | |
| ROE | -82.0% | -70.3% | -67.1% | -37.1% | · | |
| ROIC | -63.5% | -81.8% | -78.2% | -40.2% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 11.9 | 7.4 | 6.4 | 9.9 | · | |
| Quick Ratio | 11.7 | 7.2 | 6.3 | 9.7 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Income TTM | $-90M | $-90M | $-79M | $-69M | · | |
| Market Cap | $448M | $124M | $162M | $317M | · | |
| P/E | -3.1 | -1.3 | -2.1 | -3.0 | · | |
| P/B | 3.0 | 1.0 | 1.5 | 1.8 | · | |
| P / Tangible Book | 3.0 | 1.0 | 1.5 | 1.8 | · | |
| P / Cash Flow | -5.5 | -1.5 | -2.3 | -5.3 | · | |
| P / FCF | -5.5 | -1.5 | -2.3 | -5.0 | · | |
| Earnings Yield | -32.6% | -75.2% | -48.5% | -33.1% | · |
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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $13M | $13M | $14M | $13M | $18M | $25M | $19M | $18M | $25M | $15M | $16M | $21M | $17M | $14M | $16M | $14M | |
| SG&A Expense | $6M | $6M | $6M | $5M | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $3M | |
| Operating Expenses | $19M | $19M | $20M | $19M | $24M | $31M | $24M | $23M | $30M | $20M | $21M | $25M | $21M | $18M | $20M | $18M | |
| Operating Income | $-19M | $-19M | $-20M | $-19M | $-24M | $-31M | $-24M | $-23M | $-30M | $-20M | $-21M | $-25M | $-21M | $-18M | $-20M | $-18M | |
| Interest Income | $1M | $1M | $1M | $634.0K | $842.0K | $1M | $1M | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $943.0K | $250.0K | |
| Other Non-op | $50.0K | $-56.0K | $-5.0K | $-6.0K | $3.0K | $-3.0K | $26.0K | $-39.0K | $-31.0K | $43.0K | $43.0K | $-88.0K | $-62.0K | $-80.0K | $4.0K | $76.0K | |
| Pretax Income | $-18M | $-18M | $-18M | $-18M | $-23M | $-30M | $-23M | $-21M | $-28M | $-18M | $-19M | $-23M | $-20M | $-16M | $-19M | $-17M | |
| Income Tax | $16.0K | $15.0K | $49.0K | $0 | $0 | $0 | $-617.0K | $0 | $0 | · | · | · | · | · | · | · | |
| Net Income | $-18M | $-18M | $-18M | $-18M | $-23M | $-30M | $-22M | $-21M | $-28M | $-18M | $-19M | $-23M | $-20M | $-16M | $-19M | $-17M | |
| EPS (Basic) | $-0.26 | $-0.26 | $0.02 | $-0.52 | $-0.70 | $-0.92 | $-0.69 | $-0.66 | $-0.87 | $-0.63 | $-0.81 | $-0.98 | $-0.82 | $-0.69 | $-0.79 | $-1.23 | |
| EPS (Diluted) | $-0.26 | $-0.26 | $0.02 | $-0.52 | $-0.70 | $-0.92 | $-0.69 | $-0.66 | $-0.87 | $-0.63 | $-0.81 | $-0.98 | $-0.82 | $-0.69 | $-0.79 | $-1.23 | |
| Shares (Basic) | 69,202,376 | 69,091,100 | -57,564,434 | 34,362,876 | 32,748,646 | 32,674,720 | -62,124,057 | 32,581,542 | 32,469,187 | 28,656,401 | -47,546,775 | 23,790,430 | 23,790,430 | 23,761,915 | 23,562,395 | 14,090,455 | |
| Shares (Diluted) | 69,202,376 | 69,091,100 | -57,564,434 | 34,362,876 | 32,748,646 | 32,674,720 | -62,124,057 | 32,581,542 | 32,469,187 | 28,656,401 | -47,546,775 | 23,790,430 | 23,790,430 | 23,761,915 | 23,562,395 | 14,090,455 | |
| EBITDA | $-19M | $-19M | · | $-18M | $-24M | $-31M | · | $-23M | $-30M | $-19M | · | $-24M | $-21M | $-18M | $-19M | $-18M |
Balance Sheet 20
| 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23M | $42M | $61M | $143M | $35M | $44M | $49M | $42M | $66M | $134M | $81M | $130M | $147M | $165M | $196M | $219M | |
| Short-term Investments | $94M | $90M | $88M | $21M | $40M | $54M | $71M | $97M | $95M | $41M | $30M | · | · | · | · | · | |
| Prepaid Expense | $3M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $3M | $2M | $2M | $4M | $3M | $3M | $5M | $3M | |
| Current Assets | $120M | $134M | $151M | $166M | $77M | $101M | $124M | $142M | $165M | $178M | $113M | $133M | $150M | $168M | $204M | $226M | |
| PP&E (Net) | $1M | $2M | $2M | $2M | $2M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $3M | $3M | |
| PP&E (Gross) | $6M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $3M | $3M | |
| Accum. Depreciation | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | $871.0K | $540.0K | $245.0K | $415.0K | |
| Other Non-current Assets | $265.0K | $389.0K | $372.0K | $372.0K | $426.0K | $426.0K | $426.0K | $426.0K | $2M | $2M | $442.0K | $2M | $2M | $1M | $1M | $1M | |
| Total Assets | $141M | $156M | $174M | $190M | $102M | $127M | $151M | $170M | $194M | $207M | $143M | $164M | $182M | $201M | $208M | $231M | |
| Accounts Payable | $1M | $622.0K | $822.0K | $766.0K | $856.0K | $3M | $2M | $6M | $8M | $1M | $1M | $4M | $2M | $1M | $5M | $5M | |
| Accrued Liabilities | $5M | $5M | $9M | $9M | $12M | $15M | $12M | $8M | $11M | $7M | $14M | $14M | $12M | $13M | $11M | $15M | |
| Current Liabilities | $9M | $9M | $13M | $13M | $16M | $20M | $17M | $17M | $22M | $11M | $18M | $21M | $17M | $18M | $16M | $21M | |
| Capital Leases | $13M | $13M | $14M | $14M | $15M | $15M | $16M | $16M | $16M | $17M | $17M | $17M | $18M | $18M | · | · | |
| Total Liabilities | $22M | $22M | $26M | $27M | $31M | $36M | $32M | $33M | $38M | $28M | $35M | $38M | $35M | $36M | $16M | $21M | |
| Common Stock | $7.0K | $7.0K | $7.0K | $7.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | |
| Retained Earnings | $-397M | $-379M | $-361M | $-343M | $-325M | $-302M | $-271M | $-249M | $-228M | $-200M | $-181M | $-162M | $-139M | $-119M | $-88M | $-69M | |
| AOCI | $-117.0K | $-59.0K | $11.0K | $-25.0K | $-43.0K | $-22.0K | $23.0K | $91.0K | $-75.0K | $-37.0K | $34.0K | $-57.0K | $13.0K | $-28.0K | $-130.0K | $-99.0K | |
| Stockholders' Equity | $120M | $134M | $147M | $163M | $71M | $92M | $119M | $137M | $155M | $179M | $108M | $126M | $147M | $165M | $193M | $210M | |
| Liabilities + Equity | $141M | $156M | $174M | $190M | $102M | $127M | $151M | $170M | $194M | $207M | $143M | $164M | $182M | $201M | $208M | $231M | |
| Shares Outstanding | · | · | 68,874,944 | · | · | · | 32,619,663 | · | · | · | 23,823,241 | · | · | · | · | · |
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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $300.0K | $300.0K | $400.0K | $300.0K | $300.0K | $400.0K | $300.0K | $400.0K | $400.0K | $400.0K | $400.0K | $300.0K | $300.0K | $200.0K | $100.0K | $100.0K | |
| Stock-based Comp | $3M | $3M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | |
| Other Non-cash | · | $-4M | · | · | · | $3M | · | · | · | $-7M | · | · | · | $-651.0K | · | · | |
| Operating Cash Flow | $-16M | $-18M | $-16M | $-19M | $-24M | $-23M | $-19M | $-24M | $-16M | $-23M | $-19M | $-16M | $-17M | $-15M | $-21M | $-13M | |
| CapEx | $30.0K | $0 | $-1.0K | $97.0K | $43.0K | $125.0K | $228.0K | $185.0K | $31.0K | $53.0K | $184.0K | $225.0K | $1M | $1M | $430.0K | $609.0K | |
| Investing Cash Flow | $-4M | $-1M | $-66M | $19M | $15M | $17M | $27M | $-133.0K | $-53M | $-11M | $-30M | $-225.0K | $-1M | $-1M | $-430.0K | $-609.0K | |
| Stock Issued | $0 | $2M | · | $0 | $0 | $0 | $0 | $0 | $0 | $10M | · | · | · | · | $0 | · | |
| Net Stock Activity | · | $2M | · | · | · | $0 | · | · | · | $10M | · | · | · | · | · | · | |
| Financing Cash Flow | $-65.0K | $2M | $-171.0K | $108M | $98.0K | $0 | $128.0K | $327.0K | $1M | $87M | $26.0K | $-534.0K | $-19.0K | $130.0K | $-1M | $113M | |
| Net Change in Cash | $-19M | $-18M | $-82M | $108M | $-9M | $-6M | $7M | $-24M | $-68M | $53M | $-49M | $-17M | $-18M | $-16M | $-23M | $100M | |
| Taxes Paid | $49.0K | $0 | $-4.0K | $0 | $0 | $86.0K | $0 | $0 | $71.0K | $0 | · | · | · | · | · | · | |
| Free Cash Flow | · | $-18M | · | · | · | $-23M | · | · | · | $-23M | · | · | · | $-17M | · | · |
Profitability 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -14.6% | -12.5% | · | -10.0% | -15.6% | -18.1% | · | -12.8% | -15.1% | -8.8% | · | -12.5% | -9.5% | -9.8% | -17.8% | -15.0% | |
| ROE | -18.7% | -15.7% | · | -12.0% | -20.4% | -22.3% | · | -16.2% | -18.7% | -10.5% | · | -14.6% | -10.9% | -28.3% | -19.3% | -16.5% | |
| ROIC | -15.9% | -14.1% | · | -11.4% | -33.6% | · | · | · | · | · | · | · | · | · | · | · |
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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.4 | 15.0 | · | 13.1 | 4.7 | 4.9 | · | 8.5 | 7.5 | 15.8 | · | 6.4 | 8.9 | 9.3 | 13.2 | 11.0 | |
| Quick Ratio | 13.0 | 14.8 | · | 12.9 | 4.6 | 4.8 | · | 8.3 | 7.3 | 15.6 | · | 6.2 | 8.7 | 9.2 | 12.6 | 10.6 |
Valuation (TTM) 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-77M | $-89M | · | $-93M | $-103M | $-98M | · | $-91M | $-89M | $-77M | · | $-78M | $-72M | $-70M | $-62M | $-49M | |
| P/E | -1.0 | -0.7 | · | -1.6 | -0.4 | -0.5 | · | -2.7 | -4.8 | -4.7 | · | -1.5 | -2.5 | -0.6 | -0.3 | -0.3 | |
| Earnings Yield | -96.7% | -135.6% | · | -60.6% | -283.8% | -219.2% | · | -36.7% | -20.7% | -21.2% | · | -64.6% | -39.5% | -177.0% | -330.7% | -355.2% |
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 | $-90M | $-90M | $-79M | $-69M | $-27M |
| Diluted EPS | $-2.12 | $-2.85 | $-3.30 | $-4.42 | $-30.27 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 11.9 | 7.4 | 6.4 | 9.9 | — |
| Quick Ratio | 11.7 | 7.2 | 6.3 | 9.7 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-82M | $-83M | $-72M | $-63M | — |
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Institutional owners (13F) 81 filers · $99.7M 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 |
|---|---|---|---|---|
| 7 (-24 vs prior Q) | 28 (+10 vs prior Q) | 20 (-7 vs prior Q) | 29 (+1 vs prior Q) | -5.1M |
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 |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $36,116,181 | 20,064,545 | 36.24% | Shares |
| VANGUARD GROUP INC | $12,599,545 | 1,935,414 | 12.64% | Shares |
| Commodore Capital LP | $8,055,000 | 4,475,000 | 8.08% | Shares |
| VIKING GLOBAL INVESTORS LP | $6,268,381 | 3,482,434 | 6.29% | Shares |
| Laurion Capital Management LP | $4,951,539 | 2,750,855 | 4.97% | Shares |
| ADAR1 Capital Management, LLC | $4,663,953 | 2,591,085 | 4.68% | Shares |
| Vivo Capital, LLC | $4,185,000 | 2,325,000 | 4.20% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,484,656 | 1,935,920 | 3.50% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,216,177 | 1,786,765 | 3.23% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,736,443 | 1,520,246 | 2.75% | Shares |
| AWM Investment Company, Inc. | $1,080,000 | 600,000 | 1.08% | Shares |
| MONIMUS CAPITAL MANAGEMENT, LP | $1,057,838 | 587,688 | 1.06% | Shares |
| Squarepoint Ops LLC | $952,349 | 529,083 | 0.96% | Shares |
| Creek Drive Management Group LLC | $810,000 | 450,000 | 0.81% | Shares |
| Ikarian Capital, LLC | $804,897 | 447,165 | 0.81% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $764,626 | 424,484 | 0.77% | Shares |
| DIADEMA PARTNERS LP | $671,911 | 373,284 | 0.67% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $659,054 | 366,141 | 0.66% | Shares |
| Rosalind Advisors, Inc. | $630,000 | 350,000 | 0.63% | Shares |
| Driehaus Capital Management LLC | $503,836 | 279,909 | 0.51% | Shares |
| Boxer Capital Management, LLC | $491,206 | 272,892 | 0.49% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $470,657 | 261,476 | 0.47% | Shares |
| XTX Topco Ltd | $441,625 | 245,347 | 0.44% | Shares |
| STATE STREET CORP | $412,902 | 229,390 | 0.41% | Shares |
| Artia Global Partners LP | $369,583 | 205,324 | 0.37% | Shares |
| GOLDMAN SACHS GROUP INC | $302,598 | 168,110 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $292,891 | 162,717 | 0.29% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $201,728 | 112,071 | 0.20% | Shares |
| NORTHERN TRUST CORP | $177,728 | 98,738 | 0.18% | Shares |
| Qube Research & Technologies Ltd | $177,446 | 98,581 | 0.18% | Shares |
| RBF Capital, LLC | $171,076 | 95,042 | 0.17% | Shares |
| Persistent Asset Partners Ltd | $171,005 | 95,003 | 0.17% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $168,660 | 93,700 | 0.17% | Shares |
| Cubist Systematic Strategies, LLC | $141,695 | 30,670 | 0.14% | Shares |
| TWO SIGMA ADVISERS, LP | $135,447 | 20,806 | 0.14% | Shares |
| Rangeley Capital, LLC | $126,000 | 70,000 | 0.13% | Shares |
| Verdad Advisers, LP | $120,384 | 66,880 | 0.12% | Shares |
| TWO SIGMA INVESTMENTS, LP | $119,282 | 66,268 | 0.12% | Shares |
| UBS Group AG | $106,331 | 59,073 | 0.11% | Shares |
| MARSHALL WACE, LLP | $80,418 | 44,677 | 0.08% | Shares |
| AMERICAN CENTURY COMPANIES INC | $76,682 | 42,601 | 0.08% | Shares |
| Quadrature Capital Ltd | $73,685 | 40,936 | 0.07% | Shares |
| Point72 Asset Management, L.P. | $71,496 | 39,720 | 0.07% | Shares |
| Rathbones Group PLC | $57,605 | 32,003 | 0.06% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $53,528 | 29,738 | 0.05% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $51,082 | 28,379 | 0.05% | Shares |
| Bronte Capital Management Pty Ltd. | $31,997 | 17,776 | 0.03% | Shares |
| Vanguard Global Advisers, LLC | $31,901 | 17,723 | 0.03% | Shares |
| Vanguard Personalized Indexing Management, LLC | $31,732 | 17,629 | 0.03% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $31,240 | 6,762 | 0.03% | Shares |
| Nuveen Asset Management, LLC | $27,595 | 7,281 | 0.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,971 | 13,317 | 0.02% | Shares |
| CITADEL ADVISORS LLC | $23,580 | 13,100 | 0.02% | Put option |
| Aigen Investment Management, LP | $23,179 | 12,877 | 0.02% | Shares |
| China Universal Asset Management Co., Ltd. | $19,814 | 11,008 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $19,080 | 10,600 | 0.02% | Put option |
| BlackRock, Inc. | $18,565 | 10,314 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,360 | 10,200 | 0.02% | Call option |
| GROUP ONE TRADING LLC | $17,537 | 9,743 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $10,003 | 5,557 | 0.01% | Shares |
| JPMORGAN CHASE & CO | $8,695 | 4,885 | 0.01% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $8,071 | 4,484 | 0.01% | Shares |
| BARCLAYS PLC | $7,742 | 4,301 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $5,569 | 3,094 | 0.01% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,855 | 2,697 | 0.00% | Shares |
| FMR LLC | $2,995 | 1,664 | 0.00% | Shares |
| CITIGROUP INC | $2,929 | 1,627 | 0.00% | Shares |
| GF FUND MANAGEMENT CO. LTD. | $2,569 | 1,427 | 0.00% | Shares |
| CITADEL ADVISORS LLC | $2,293 | 1,274 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $1,535 | 852,852 | 0.00% | Shares |
| Bare Financial Services, Inc | $589 | 327 | 0.00% | Shares |
| Rialto Wealth Management, LLC | $573 | 318 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $554 | 326 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $351 | 195 | 0.00% | Shares |
| Cornerstone Financial Management LLC | $218 | 121 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $108 | 60 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $23 | 13 | 0.00% | Shares |
| MORGAN STANLEY | $22 | 12 | 0.00% | Shares |
| CWM, LLC | $9 | 5 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $1 | 869 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $0 | 61 | 0.00% | Shares |
Company insiders 18 insiders · 9 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| James G Mcarthur | President and CEO | April 17, 2025 P | 113,913 | 0 | 0 | $0 |
| Noel Donnelly | Chief Financial Officer | March 3, 2025 A | 24,956 | 0 | 0 | $0 |
| Kasra Kasraian | Chief Technical Officer | May 21, 2026 S | 50,074 | 0 | 1 | $-1,739 |
| Paul Streck | EVP, Head of R&D | May 30, 2025 P | 27,805 | 0 | 0 | $0 |
| Mary Beth Delena | General Counsel | March 3, 2025 A | 14,968 | 0 | 0 | $0 |
| Michelle L Mellion | Chief Medical Officer | July 25, 2024 M | 0 | 0 | 0 | $0 |
| Niels Svenstrup | SVP, Chem. Mfg & Controls | May 17, 2024 S | 0 | 0 | 0 | $0 |
| Jaya Goyal | EVP, Res. & Preclin. Dev. | March 24, 2023 M | 0 | 0 | 0 | $0 |
| Sonia Bracegirdle | Sr. VP Strategy & Operations | May 6, 2022 A | — | 0 | 0 | $0 |
| Lisa Wyman | Director | June 18, 2026 A | — | 0 | 0 | $0 |
| Howard Mayer | Director | June 18, 2026 A | — | 0 | 0 | $0 |
| Joshua Resnick | Director | June 18, 2026 A | — | 0 | 0 | $0 |
| Habib J Dable | Director | June 18, 2026 A | — | 0 | 0 | $0 |
| Laurie Keating | Director | June 18, 2026 A | 4,166 | 0 | 0 | $0 |
| Mitchell H. Finer | Director | June 18, 2026 A | — | 0 | 0 | $0 |
| Heidi Henson | Director | June 18, 2026 A | — | 0 | 0 | $0 |
| Christopher Ashton | Director | June 20, 2024 A | — | 0 | 0 | $0 |
| Oxford Sciences Innovation plc | 10% owner | May 10, 2022 P | 4,755,388 | 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 |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×5 filings | Sept. 30, 2025 | 29.20% | Amendment | — | 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 9 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 |
|---|---|---|---|---|
| IBRN · iShares Trust | 0.18% | 4,634 SH | Aug. 21, 2026 | Daily |
| IWC · iShares Trust | 0.03% | 142,628 SH | Aug. 21, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 471,969 SH | Aug. 21, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.01% | 4,033 SH | Aug. 21, 2026 | Daily |
| BIB · ProShares Trust | 0.01% | 2,541 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 42,601 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 17,863 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 480,909 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,408,449 SH | Aug. 19, 2026 | Daily |