PHAT Phathom Pharmaceuticals, Inc. - Common Stock
$9.67
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$8–$18
14% of range
Analyst Rating
BUY
17 analysts
Price Target
$22
+122% upside
P/E (TTM)
-3.5
ROE
52.4%
Net Profit Margin
-126.4%
PHAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.67
Market Cap
$768M
P/E (TTM)
-3.5
EPS (TTM)
$-3.03
Revenue (TTM)
$175M
Div Yield
—
ROE
52.4%
Debt/Equity
-0.5
52W Range
$8 – $18
PHAT 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
$175M
2022-12-31
→
2025-12-31
EPS
$-3.03
2021-12-31
→
2025-12-31
Free Cash Flow
$-167M
2019-12-31
→
2025-12-31
Margins
-126.4%
2023-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PHAT
Peer Median
P/E (TTM)
-3.5
11.7
P/S (TTM)
4.4
5.4
P/B
-1.8
3.7
EV / EBITDA
-5.3
—
Price / FCF
-4.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PHAT
Peer Median
Gross Margin
87.1%
83.9%
Operating Margin
-91.4%
—
Net Profit Margin
-126.4%
-45.6%
ROA
-69.4%
-25.4%
ROE
52.4%
-27.1%
ROIC
69.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PHAT
Peer Median
Debt / Equity
-0.5
—
Current Ratio
1.7
4.6
Quick Ratio
1.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PHAT
Peer Median
Revenue YoY
216.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PHAT
Peer Median
PHAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 6 35.3%
- Buy 9 52.9%
- Hold 2 11.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-18
Median
$21.50
← Below all targets
$9.67
Low
$13.00
High
$29.00
Median target
$21.50
+122.3%
Mean target
$21.50
+122.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.21 | $-0.26 | 0.05% |
| March 31, 2026 | $-0.37 | $-0.33 | -0.04% |
| Dec. 31, 2025 | $-0.29 | $-0.39 | 0.10% |
| Sept. 30, 2025 | $-0.41 | $-0.56 | 0.15% |
| June 30, 2025 | $-1.05 | $-1.06 | 0.01% |
| March 31, 2025 | $-1.31 | $-1.17 | -0.14% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PHAT | $1.18B | -5.5 | 216.9% | -126.4% | 52.4% | 87.1% |
| COLL | $1.47B | 26.8 | 23.6% | 8.1% | 23.5% | 59.4% |
| AMPH | $1.22B | 13.2 | -1.7% | 13.6% | 12.7% | 49.5% |
| ACRS | $363M | -5.7 | -58.2% | -829.6% | -55.3% | — |
| SGP | — | — | — | — | 50.0% | — |
| CRMD | $922M | 5.7 | 617.0% | 52.3% | 52.1% | 88.5% |
| ARVN | $753M | -10.4 | -0.30% | -30.8% | -15.5% | — |
| ZVRA | $509M | 6.6 | 350.9% | 78.2% | 61.2% | — |
| CTNM | — | -5.3 | — | — | -27.7% | — |
| EOLS | $432M | -8.3 | 11.6% | -17.4% | 247.3% | 66.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $175M | $55M | $682.0K | $0 | |
| Cost of Revenue | $23M | $8M | $167.0K | $0 | |
| Gross Profit | $153M | $47M | $515.0K | $0 | |
| R&D Expense | $33M | $34M | $50M | $71M | |
| SG&A Expense | $280M | $291M | $118M | $101M | |
| Operating Expenses | $312M | $325M | $168M | $172M | |
| Operating Income | $-160M | $-277M | $-167M | $-172M | |
| Interest Expense | · | · | $42M | $27M | |
| Interest Income | $7M | $15M | $8M | $2M | |
| Other Non-op | $-190.0K | $-8.0K | $-188.0K | $-110.0K | |
| Pretax Income | $-221M | $-334M | · | · | |
| Income Tax | $0 | $0 | $0 | $0 | |
| Net Income | $-221M | $-334M | $-202M | $-198M | |
| EPS (Basic) | $-3.03 | $-5.29 | $-3.93 | $-5.05 | |
| EPS (Diluted) | $-3.03 | $-5.29 | $-3.93 | $-5.05 | |
| Shares (Basic) | 72,918,764 | 63,176,210 | 51,289,092 | 39,118,215 | |
| Shares (Diluted) | 72,918,764 | 63,176,210 | 51,289,092 | 39,118,215 | |
| EBITDA | $-159M | $-277M | $-167M | $-172M |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $130M | $297M | $381M | $155M | |
| Receivables | $78M | $39M | $2M | $0 | |
| Inventory | $6M | $3M | $1M | $0 | |
| Prepaid Expense | $15M | $21M | $13M | $5M | |
| Current Assets | $229M | $360M | $397M | $161M | |
| PP&E (Net) | $1M | $1M | $2M | $1M | |
| PP&E (Gross) | $5M | $4M | $4M | $3M | |
| Accum. Depreciation | $3M | $3M | $2M | $1M | |
| Other Non-current Assets | $3M | $2M | $2M | $299.0K | |
| Total Assets | $259M | $378M | $414M | $165M | |
| Accounts Payable | $5M | $11M | $13M | $10M | |
| Accrued Liabilities | $90M | $53M | $17M | $15M | |
| Current Liabilities | $132M | $86M | $39M | $26M | |
| Capital Leases | $2M | · | $462.0K | $1M | |
| Other Non-current Liabilities | $4M | $12M | $10M | $8M | |
| Total Liabilities | $697M | $632M | $487M | $240M | |
| Long-term Debt | $209M | $201M | $138M | $95M | |
| Total Debt | $209M | $201M | $138M | $95M | |
| Common Stock | $6.0K | $6.0K | $5.0K | $3.0K | |
| Retained Earnings | $-1.48B | $-1.26B | $-929M | $-727M | |
| Treasury Stock | $0 | $0 | $0 | $0 | |
| Stockholders' Equity | $-438M | $-254M | $-73M | $-75M | |
| Liabilities + Equity | $259M | $378M | $414M | $165M | |
| Shares Outstanding | 71,419,025 | 68,518,238 | 57,970,044 | 41,468,871 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $633.0K | $795.0K | $575.0K | $620.0K | |
| Stock-based Comp | $29M | $24M | $45M | $24M | |
| Other Non-cash | $25M | $43M | $18M | $26M | |
| Operating Cash Flow | $-167M | $-267M | $-138M | $-147M | |
| CapEx | $229.0K | $135.0K | $2M | $1M | |
| Investing Cash Flow | $-229.0K | $-135.0K | $-2M | $-1M | |
| Debt Issued | $0 | $59M | $39M | $0 | |
| Net Debt Issued | $0 | $59M | $39M | · | |
| Stock Issued | · | · | $14M | · | |
| Financing Cash Flow | $-288.0K | $183M | $368M | $120M | |
| Net Change in Cash | $-167M | $-84M | $228M | $-28M | |
| Free Cash Flow | $-167M | $-267M | $-139M | $-148M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Gross Margin | 87.1% | 85.6% | 75.5% | · | |
| Operating Margin | -91.4% | -502.2% | -24532.5% | · | |
| Net Margin | -126.4% | -605.1% | -29558.9% | · | |
| Pretax Margin | -126.4% | · | · | · | |
| EBITDA Margin | -91.0% | -500.8% | -24448.2% | · | |
| ROA | -69.4% | -84.4% | -69.7% | -111.6% | |
| ROE | 52.4% | 151.7% | 445.4% | 390.6% | |
| ROIC | 69.8% | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.7 | 4.2 | 10.2 | 6.1 | |
| Quick Ratio | 1.6 | 3.9 | 9.9 | 5.9 | |
| Debt / Equity | -0.5 | -0.8 | -1.9 | -1.3 | |
| LT Debt / Equity | -0.5 | -0.8 | -1.9 | -1.3 | |
| Interest Coverage | · | · | -4.0 | -6.3 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.1 | 0.0 | · | |
| Inventory Turnover | 5.2 | 3.6 | 0.3 | · | |
| Receivables Turnover | 3.0 | 2.7 | 0.8 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 216.9% | 8001.5% | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $175M | $55M | $682.0K | $0 | |
| Net Income TTM | $-221M | $-334M | $-202M | $-198M | |
| Market Cap | $1.18B | $471M | $529M | $465M | |
| Enterprise Value | $1.26B | $375M | $286M | $405M | |
| P/E | -5.5 | -1.5 | -2.3 | -2.2 | |
| P/S | 6.8 | 8.5 | 776.1 | · | |
| P/B | -2.7 | -1.9 | -7.3 | -6.2 | |
| P / Cash Flow | -7.1 | -1.8 | -3.8 | -3.2 | |
| P / FCF | -7.1 | -1.8 | -3.8 | -3.2 | |
| EV / EBITDA | -7.9 | -1.4 | -1.7 | -2.4 | |
| EV / FCF | -7.6 | -1.4 | -2.1 | -2.7 | |
| EV / Revenue | 7.2 | 6.8 | 418.9 | · | |
| Earnings Yield | -18.3% | -65.1% | -43.0% | -45.0% |
Income Statement 16
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $74M | $58M | $58M | $50M | $40M | $29M | $30M | $16M | $7M | $2M | $682.0K | $0 | $0 | $0 | |
| Cost of Revenue | $15M | $12M | $8M | $6M | $5M | $4M | $4M | $2M | $1M | $426.0K | $167.0K | $0 | $0 | $0 | |
| Gross Profit | $59M | $46M | $50M | $43M | $34M | $25M | $26M | $14M | $6M | $1M | $515.0K | $0 | $0 | $0 | |
| R&D Expense | $8M | $8M | $7M | $7M | $9M | $9M | $9M | $9M | $7M | $9M | $13M | $12M | $13M | $11M | |
| SG&A Expense | $55M | $54M | $48M | $52M | $85M | $94M | $77M | $76M | $76M | $62M | $57M | $23M | $19M | $19M | |
| Operating Expenses | $63M | $62M | $56M | $59M | $94M | $104M | $85M | $85M | $83M | $71M | $70M | $36M | $32M | $30M | |
| Operating Income | $-4M | $-15M | $-6M | $-15M | $-60M | $-79M | $-59M | $-71M | $-77M | $-70M | $-70M | $-36M | $-32M | $-30M | |
| Interest Expense | · | · | · | · | · | · | · | · | $18M | $17M | · | $10M | $10M | $9M | |
| Interest Income | $2M | $2M | $1M | $1M | $2M | $3M | $4M | $4M | $4M | $4M | $3M | $3M | $348.0K | $1M | |
| Other Non-op | $-24.0K | $-831.0K | $-6.0K | $-7.0K | $-155.0K | $-22.0K | $49.0K | $-8.0K | $-6.0K | $-43.0K | $-14.0K | $-197.0K | $3.0K | $20.0K | |
| Net Income | $-18M | $-30M | $-21M | $-30M | $-76M | $-94M | $-74M | $-86M | $-91M | $-83M | $-80M | $-43M | $-41M | $-38M | |
| EPS (Basic) | $-0.21 | $-0.37 | $-0.26 | $-0.41 | $-1.05 | $-1.31 | $-0.99 | $-1.32 | $-1.56 | $-1.42 | $-1.44 | $-0.76 | $-0.84 | $-0.89 | |
| EPS (Diluted) | $-0.21 | $-0.37 | $-0.26 | $-0.41 | $-1.05 | $-1.31 | $-0.99 | $-1.32 | $-1.56 | $-1.42 | $-1.44 | $-0.76 | $-0.84 | $-0.89 | |
| Shares (Basic) | 83,747,104 | 82,050,618 | -144,913,285 | 73,396,435 | 72,466,203 | 71,969,411 | -118,381,262 | 64,627,847 | 58,558,145 | 58,371,480 | -96,348,323 | 56,782,379 | 48,500,516 | 42,354,520 | |
| Shares (Diluted) | 83,747,104 | 82,050,618 | -144,913,285 | 73,396,435 | 72,466,203 | 71,969,411 | -118,381,262 | 64,627,847 | 58,558,145 | 58,371,480 | -96,348,323 | 56,782,379 | 48,500,516 | 42,354,520 | |
| EBITDA | $-4M | $-15M | · | $-15M | $-60M | $-79M | · | $-71M | $-77M | $-70M | · | $-36M | $-32M | $-30M |
Balance Sheet 24
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $182M | $181M | $130M | $135M | $150M | $212M | $297M | $335M | $276M | $322M | $381M | $214M | $249M | $130M | |
| Receivables | $97M | $81M | $78M | $56M | $51M | $36M | $39M | $21M | $11M | $4M | $2M | · | · | · | |
| Inventory | $8M | $7M | $6M | $4M | $3M | $3M | $3M | $3M | $2M | $1M | $1M | $111.0K | $111.0K | · | |
| Prepaid Expense | $8M | $8M | $15M | $13M | $15M | $13M | $21M | $15M | $15M | $13M | $13M | $13M | $9M | $10M | |
| Current Assets | $296M | $277M | $229M | $208M | $219M | $265M | $360M | $374M | $305M | $340M | $397M | $227M | $258M | $140M | |
| PP&E (Net) | $971.0K | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | |
| PP&E (Gross) | · | · | $5M | · | · | · | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | |
| Accum. Depreciation | · | · | $3M | · | · | · | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-current Assets | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $4M | $4M | $299.0K | |
| Total Assets | $327M | $305M | $259M | $240M | $250M | $294M | $378M | $387M | $319M | $356M | $414M | $237M | $265M | $144M | |
| Accounts Payable | $5M | $6M | $5M | $1M | $4M | $12M | $11M | $7M | $8M | $8M | $13M | $6M | $4M | $5M | |
| Accrued Liabilities | $109M | $83M | $90M | $65M | $64M | $43M | $53M | $36M | $27M | $17M | $17M | $13M | $15M | $8M | |
| Current Liabilities | $154M | $125M | $132M | $93M | $92M | $74M | $86M | $65M | $47M | $43M | $39M | $24M | $22M | $14M | |
| Capital Leases | $2M | $2M | $2M | $2M | $589.0K | $0 | · | $0 | $133.0K | $292.0K | $462.0K | $628.0K | $789.0K | $945.0K | |
| Other Non-current Liabilities | $4M | $4M | $4M | $12M | $12M | $12M | $12M | $11M | $10M | $10M | $10M | $8M | $8M | $8M | |
| Total Liabilities | $671M | $642M | $697M | $663M | $656M | $633M | $632M | $574M | $553M | $505M | $487M | $255M | $247M | $234M | |
| Long-term Debt | $165M | $164M | $209M | $207M | $205M | $203M | $201M | $176M | $174M | $149M | $138M | $99M | $98M | $97M | |
| Total Debt | $165M | $164M | · | $207M | $205M | $203M | · | $176M | $174M | $149M | · | $99M | $98M | $97M | |
| Common Stock | $8.0K | $7.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $4.0K | |
| Retained Earnings | $-1.53B | $-1.51B | $-1.48B | $-1.46B | $-1.43B | $-1.36B | $-1.26B | $-1.19B | $-1.10B | $-1.01B | $-929M | $-849M | $-806M | $-765M | |
| Treasury Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Stockholders' Equity | $-344M | $-337M | $-438M | $-423M | $-406M | $-338M | $-254M | $-187M | $-234M | $-149M | $-73M | $-18M | $18M | $-90M | |
| Liabilities + Equity | $327M | $305M | $259M | $240M | $250M | $294M | $378M | $387M | $319M | $356M | $414M | $237M | $265M | $144M | |
| Shares Outstanding | 80,070,048 | 79,442,367 | 71,419,025 | 71,043,149 | 70,104,419 | 69,638,070 | 68,518,238 | 68,323,938 | 58,601,025 | 58,524,101 | 57,970,044 | 56,809,085 | 56,639,085 | 43,571,140 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $114.0K | $110.0K | $128.0K | $156.0K | $172.0K | $177.0K | $193.0K | $191.0K | $197.0K | $214.0K | $185.0K | $121.0K | $123.0K | $146.0K | |
| Stock-based Comp | $7M | $6M | $6M | $9M | $8M | $6M | $7M | $6M | $6M | $6M | $25M | $6M | $7M | $7M | |
| Other Non-cash | · | $9M | · | · | · | $4M | · | · | · | $8M | · | · | · | $-9M | |
| Operating Cash Flow | $-2M | $-16M | $-5M | $-14M | $-63M | $-85M | $-63M | $-64M | $-71M | $-69M | $-44M | $-32M | $-22M | $-40M | |
| CapEx | $44.0K | $61.0K | $87.0K | $27.0K | $97.0K | $18.0K | $5.0K | $44.0K | $46.0K | $40.0K | $475.0K | $939.0K | $6.0K | $214.0K | |
| Investing Cash Flow | $-44.0K | $-61.0K | $-87.0K | $-27.0K | $-97.0K | $-18.0K | $-5.0K | $-44.0K | $-46.0K | $-40.0K | $-475.0K | $-939.0K | $-6.0K | $-214.0K | |
| Debt Issued | $0 | $173M | $0 | $0 | $0 | $0 | $25M | $0 | $25M | $10M | $39M | $0 | $0 | $0 | |
| Net Debt Issued | · | $-56M | · | · | · | $0 | · | · | · | $10M | · | · | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | · | |
| Financing Cash Flow | $4M | $67M | $-97.0K | $-271.0K | $80.0K | $0 | $26M | $122M | $25M | $10M | $212M | $13.0K | $142M | $14M | |
| Net Change in Cash | $2M | $51M | $-5M | $-14M | $-63M | $-85M | $-37M | $58M | $-46M | $-59M | $168M | $-33M | $119M | $-26M | |
| Free Cash Flow | · | $-16M | · | · | · | $-85M | · | · | · | $-69M | · | · | · | $-40M |
Profitability 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.7% | 79.4% | · | 87.5% | 87.2% | 86.9% | · | 85.6% | 81.2% | 77.7% | · | · | · | · | |
| Operating Margin | -5.3% | -26.6% | · | -30.9% | -151.7% | -276.5% | · | -433.0% | -1055.4% | -3658.7% | · | · | · | · | |
| Net Margin | -23.7% | -52.1% | · | -60.6% | -191.9% | -330.7% | · | -523.3% | -1248.6% | -4333.3% | · | · | · | · | |
| EBITDA Margin | -5.3% | -26.4% | · | -30.9% | -151.7% | -275.9% | · | -433.0% | -1055.4% | -3647.5% | · | · | · | · | |
| ROA | -6.1% | -10.1% | · | -9.6% | -26.6% | -29.0% | · | -27.4% | -31.3% | -33.1% | · | -19.7% | -17.1% | -25.8% | |
| ROE | 4.7% | 9.0% | · | 9.8% | 23.7% | 38.7% | · | 83.5% | 84.6% | 69.4% | · | 195.7% | -772.9% | 145.0% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 2.2 | · | 2.2 | 2.4 | 3.6 | · | 5.7 | 6.5 | 7.8 | · | 9.5 | 12.0 | 9.7 | |
| Quick Ratio | 1.8 | 2.1 | · | 2.1 | 2.2 | 3.4 | · | 5.4 | 6.1 | 7.5 | · | 8.9 | 11.6 | 9.0 | |
| Debt / Equity | -0.5 | -0.5 | · | -0.5 | -0.5 | -0.6 | · | -0.9 | -0.7 | -1.0 | · | -5.6 | 5.6 | -1.1 | |
| LT Debt / Equity | -0.5 | -0.5 | · | -0.5 | -0.5 | -0.6 | · | -0.9 | -0.7 | -1.0 | · | -5.6 | 5.6 | -1.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -4.4 | -4.1 | · | -3.5 | -3.3 | -3.3 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | · | · | · | |
| Inventory Turnover | 2.7 | 2.5 | · | 1.8 | 1.8 | 1.6 | · | 1.5 | 1.2 | 0.6 | · | · | · | · | |
| Receivables Turnover | 1.0 | 1.0 | · | 1.3 | 1.3 | 1.4 | · | 1.6 | 1.3 | 1.0 | · | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $222M | $176M | · | $134M | $92M | $54M | · | $26M | $9M | $2M | · | · | · | · | |
| Net Income TTM | $-154M | $-230M | · | $-286M | $-347M | $-354M | · | $-303M | $-259M | $-205M | · | $-173M | $-181M | $-180M | |
| Market Cap | $869M | $883M | · | $836M | $672M | $437M | · | $1.24B | $604M | $622M | · | $589M | $811M | $311M | |
| Enterprise Value | $851M | $865M | · | $908M | $728M | $428M | · | $1.08B | $502M | $448M | · | $475M | $660M | $278M | |
| P/E | -5.3 | -3.5 | · | -2.9 | -1.8 | -1.1 | · | -3.6 | -2.2 | -2.7 | · | -2.7 | -3.3 | -1.5 | |
| P/S | 3.9 | 5.0 | · | 6.2 | 7.3 | 8.1 | · | 48.3 | 65.4 | 325.1 | · | · | · | · | |
| P/B | -2.5 | -2.6 | · | -2.0 | -1.7 | -1.3 | · | -6.6 | -2.6 | -4.2 | · | -33.1 | 46.1 | -3.4 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | · | 46.1 | · | |
| P / Cash Flow | · | -56.4 | · | · | · | -5.1 | · | · | · | -9.0 | · | · | · | -7.8 | |
| P / FCF | · | -56.2 | · | · | · | -5.1 | · | · | · | -9.0 | · | · | · | -7.8 | |
| EV / EBITDA | -214.6 | -56.3 | · | -59.5 | -12.1 | -5.4 | · | -15.2 | -6.5 | -6.4 | · | -13.3 | -20.8 | -9.3 | |
| EV / FCF | · | -55.1 | · | · | · | -5.0 | · | · | · | -6.5 | · | · | · | -7.0 | |
| EV / Revenue | 3.8 | 4.9 | · | 6.8 | 7.9 | 7.9 | · | 42.1 | 54.3 | 234.5 | · | · | · | · | |
| Earnings Yield | -18.8% | -28.3% | · | -34.8% | -54.6% | -89.5% | · | -28.0% | -44.5% | -36.8% | · | -36.7% | -30.6% | -64.6% |
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 | $175M | $55M | $682.0K | $0 | — |
| Gross Margin % | 87.1% | 85.6% | 75.5% | — | — |
| Operating Margin % | -91.4% | -502.2% | -24532.5% | — | — |
| Net Income | $-221M | $-334M | $-202M | $-198M | $-144M |
| Diluted EPS | $-3.03 | $-5.29 | $-3.93 | $-5.05 | $-3.89 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -0.5 | -0.8 | -1.9 | -1.3 | 1.2 |
| Current Ratio | 1.7 | 4.2 | 10.2 | 6.1 | 9.9 |
| Quick Ratio | 1.6 | 3.9 | 9.9 | 5.9 | 9.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-167M | $-267M | $-139M | $-148M | $-149M |
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Institutional owners (13F) 178 filers · $617.3M 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 |
|---|---|---|---|---|
| 33 (+1 vs prior Q) | 30 (-5 vs prior Q) | 51 (-22 vs prior Q) | 50 (+13 vs prior Q) | +3.2M |
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 |
|---|---|---|---|---|
| Frazier Life Sciences Management, L.P. | $135,261,406 | 12,466,489 | 21.91% | Shares |
| Medicxi Ventures Management (Jersey) Ltd | $80,990,606 | 7,464,572 | 13.12% | Shares |
| Carlyle Group Inc. | $37,940,367 | 3,496,808 | 6.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $36,627,799 | 3,375,834 | 5.93% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,827,842 | 2,656,944 | 4.67% | Shares |
| NEA Management Company, LLC | $21,267,834 | 1,960,169 | 3.45% | Shares |
| 683 Capital Management, LLC | $20,072,501 | 1,850,000 | 3.25% | Shares |
| STATE STREET CORP | $17,211,605 | 1,586,323 | 2.79% | Shares |
| Catalys Pacific, LLC | $16,208,316 | 1,493,854 | 2.63% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $15,871,000 | 1,462,738 | 2.57% | Shares |
| GOLDMAN SACHS GROUP INC | $15,552,303 | 1,433,392 | 2.52% | Shares |
| WASATCH ADVISORS LP | $14,897,577 | 1,340,916 | 2.41% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $12,271,034 | 1,130,751 | 1.99% | Shares |
| Ensign Peak Advisors, Inc | $11,413,256 | 1,051,913 | 1.85% | Shares |
| Propel Bio Management, LLC | $11,396,384 | 1,050,358 | 1.85% | Shares |
| Point72 Asset Management, L.P. | $11,090,794 | 1,022,193 | 1.80% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $8,643,446 | 796,631 | 1.40% | Shares |
| SummitTX Capital, L.P. | $8,566,618 | 789,550 | 1.39% | Shares |
| EcoR1 Capital, LLC | $6,781,250 | 625,000 | 1.10% | Shares |
| PERCEPTIVE ADVISORS LLC | $5,772,200 | 532,000 | 0.94% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,631,975 | 519,076 | 0.91% | Shares |
| CITADEL ADVISORS LLC | $5,216,680 | 480,800 | 0.85% | Call option |
| VANGUARD GROUP INC | $4,969,501 | 299,548 | 0.81% | Shares |
| StepStone Group LP | $4,689,364 | 422,085 | 0.76% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,547,170 | 419,094 | 0.74% | Shares |
| Woodline Partners LP | $4,004,214 | 369,052 | 0.65% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,847,117 | 354,573 | 0.62% | Shares |
| AMERIPRISE FINANCIAL INC | $3,189,358 | 293,950 | 0.52% | Shares |
| Simplify Asset Management Inc. | $2,704,547 | 249,267 | 0.44% | Shares |
| JPMORGAN CHASE & CO | $2,616,050 | 240,667 | 0.42% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,456,440 | 226,400 | 0.40% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,281,755 | 210,300 | 0.37% | Call option |
| NewEdge Advisors, LLC | $2,212,988 | 203,962 | 0.36% | Shares |
| Avidity Partners Management LP | $2,170,000 | 200,000 | 0.35% | Shares |
| Jump Financial, LLC | $2,081,746 | 191,866 | 0.34% | Shares |
| Opaleye Management Inc. | $2,013,641 | 185,589 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $2,006,176 | 184,901 | 0.32% | Shares |
| Trexquant Investment LP | $1,886,641 | 173,884 | 0.31% | Shares |
| Jones Hill Capital LP | $1,752,123 | 161,486 | 0.28% | Shares |
| MARSHALL WACE, LLP | $1,751,191 | 161,400 | 0.28% | Shares |
| XTX Topco Ltd | $1,473,777 | 135,832 | 0.24% | Shares |
| DIADEMA PARTNERS LP | $1,409,958 | 129,950 | 0.23% | Shares |
| SIG BROKERAGE, LP | $1,345,400 | 124,000 | 0.22% | Call option |
| Engineers Gate Manager LP | $1,283,088 | 118,257 | 0.21% | Shares |
| Virtus Investment Advisers, LLC | $1,216,708 | 112,139 | 0.20% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,178,885 | 108,653 | 0.19% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $1,105,968 | 101,745 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $1,096,761 | 101,084 | 0.18% | Shares |
| Stratos Wealth Partners, LTD. | $1,085,000 | 100,000 | 0.18% | Shares |
| Swiss National Bank | $1,071,980 | 98,800 | 0.17% | Shares |
| GILDER GAGNON HOWE & CO LLC | $956,254 | 88,134 | 0.15% | Shares |
| Stonepine Capital Management, LLC | $922,358 | 85,010 | 0.15% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $838,879 | 77,316 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $837,620 | 77,200 | 0.14% | Call option |
| BlackRock, Inc. | $835,548 | 77,009 | 0.14% | Shares |
| Campbell & CO Investment Adviser LLC | $746,035 | 68,759 | 0.12% | Shares |
| Penn Mutual Asset Management | $681,402 | 62,802 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $675,771 | 62,283 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $654,740 | 60,346 | 0.11% | Shares |
| UBS Group AG | $635,105 | 58,535 | 0.10% | Shares |
| Birchview Capital, LP | $596,750 | 55,000 | 0.10% | Shares |
| D. E. Shaw & Co., Inc. | $585,206 | 53,936 | 0.09% | Shares |
| ALLIANCEBERNSTEIN L.P. | $547,612 | 49,290 | 0.09% | Shares |
| CITIGROUP INC | $543,661 | 50,107 | 0.09% | Shares |
| Bank of New York Mellon Corp | $540,037 | 49,773 | 0.09% | Shares |
| Pale Fire Capital SE | $539,386 | 49,713 | 0.09% | Shares |
| NOMURA HOLDINGS INC | $532,735 | 49,100 | 0.09% | Put option |
| Man Group plc | $528,167 | 48,679 | 0.09% | Shares |
| AlphaQuest LLC | $468,668 | 28,250 | 0.08% | Shares |
| ADAR1 Capital Management, LLC | $465,465 | 42,900 | 0.08% | Shares |
| Quantbot Technologies LP | $463,892 | 42,755 | 0.08% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $459,866 | 42,384 | 0.07% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $446,866 | 40,222 | 0.07% | Shares |
| BARCLAYS PLC | $435,660 | 40,153 | 0.07% | Shares |
| NOMURA HOLDINGS INC | $434,000 | 40,000 | 0.07% | Shares |
| Y-Intercept (Hong Kong) Ltd | $432,318 | 39,845 | 0.07% | Shares |
| Fiduciary Trust Co | $387,681 | 35,731 | 0.06% | Shares |
| Nebula Research & Development LLC | $363,816 | 37,937 | 0.06% | Shares |
| Persistent Asset Partners Ltd | $359,753 | 33,157 | 0.06% | Shares |
| ALLSTATE CORP | $356,694 | 32,875 | 0.06% | Shares |
| Squarepoint Ops LLC | $342,806 | 31,595 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $337,435 | 31,100 | 0.05% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $309,290 | 28,506 | 0.05% | Shares |
| MetLife Investment Management, LLC | $304,961 | 28,107 | 0.05% | Shares |
| Kera Capital Partners, Inc. | $291,062 | 26,826 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $280,342 | 25,838 | 0.05% | Shares |
| Caption Management, LLC | $260,400 | 24,000 | 0.04% | Call option |
| Caption Management, LLC | $260,400 | 24,000 | 0.04% | Put option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $245,720 | 22,647 | 0.04% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $244,500 | 22,535 | 0.04% | Shares |
| Summit Financial Wealth Advisors, LLC | $240,252 | 22,143 | 0.04% | Shares |
| JANUS HENDERSON GROUP PLC | $239,403 | 21,500 | 0.04% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $236,198 | 18,731 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $225,344 | 20,769 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $220,255 | 20,300 | 0.04% | Put option |
| Invesco Ltd. | $211,065 | 19,453 | 0.03% | Shares |
| INSPIRION WEALTH ADVISORS, LLC | $209,794 | 19,914 | 0.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $192,316 | 17,725 | 0.03% | Shares |
| State of Wyoming | $191,383 | 17,639 | 0.03% | Shares |
| PROFUND ADVISORS LLC | $187,455 | 17,277 | 0.03% | Shares |
Company insiders 20 insiders · 9 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Steven L Basta | President and CEO | Feb. 10, 2026 F | 373,315 | 0 | 0 | $0 |
| Molly Henderson | CFO and CBO | April 7, 2025 S | 89,868 | 0 | 0 | $0 |
| Todd P. Branning | Chief Financial Officer | Jan. 28, 2021 A | — | 0 | 0 | $0 |
| Terrie Curran | President and Chief Executive | Feb. 27, 2025 A | 360,465 | 0 | 0 | $0 |
| Azmi Nabulsi | Chief Operating Officer | Feb. 27, 2025 A | 312,590 | 0 | 0 | $0 |
| Robert Charles Breedlove | Principal Accounting Officer | July 14, 2026 F | 59,925 | 0 | 2 | $-12,652 |
| Anne Marie Cook | Chief Legal Off. & Corp. Sec. | Feb. 10, 2026 F | 88,660 | 0 | 0 | $0 |
| Sanjeev Narula | Chief Financial & Bus. Officer | Jan. 2, 2026 A | 226,715 | 0 | 0 | $0 |
| Anthony J. Guzzo | VP, Chief Accounting Officer | Jan. 19, 2022 A | 8,399 | 0 | 0 | $0 |
| Asit Parikh | Director | May 22, 2026 G | 148,500 | 0 | 0 | $0 |
| Mark Stenhouse | Director | May 19, 2026 A | 54,122 | 0 | 0 | $0 |
| Theodore R Schroeder | Director | May 19, 2026 A | 45,122 | 0 | 0 | $0 |
| James N. Topper | Director | May 19, 2026 A | 66,718 | 0 | 0 | $0 |
| Frank Karbe | Director | May 19, 2026 A | 91,622 | 0 | 0 | $0 |
| Michael F Cola | Director | May 19, 2026 A | 63,920 | 0 | 0 | $0 |
| Heidi Kunz | Director | May 19, 2026 A | 54,122 | 0 | 0 | $0 |
| David A Socks | Director | May 23, 2024 A | 19,500 | 0 | 0 | $0 |
| Tadataka Yamada | Director | May 21, 2021 A | — | 0 | 0 | $0 |
| Jonathan S. Edwards | Director | Oct. 29, 2019 C | 47,984 | 0 | 0 | $0 |
| Takeda Pharmaceutical Company Limited | — | Jan. 24, 2024 S | 3,755,583 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences X, L.P., FHMLS X, L.P., FHMLS X, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., Frazier Life Sciences IX, L.P., FHMLS IX, L.P., FHMLS IX, L.L.C., Frazier Life Sciences XII, L.P., FHMLS XII, L.P., FHMLS XII, L.L.C., James N. Topper, Patrick J. Heron ×3 filings | Nov. 4, 2025 | 8.60% | Amendment | — | SEC |
| Frazier Life Sciences IX, L.P., FHMLS IX, L.P., FHMLS IX, L.L.C., Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences Public Overage Fund, L.P., FHMLSP Overage, L.P., FHMLSP Overage, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., James N. Topper, Patrick J. Heron, Albert Cha, James Brush, Daniel Estes ×8 filings | Aug. 22, 2024 | — | Initial filing | — | SEC |
| Takeda Pharmaceutical Company Limited ×3 filings | April 10, 2024 | — | Initial filing | — | SEC |
| Frazier Life Sciences IX, L.P ., FHMLS IX, L.P., FHMLS IX, L.L.C., Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences Public Overage Fund, L.P., FHMLSP Overage, L.P., FHMLSP Overage, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., James N. Topper, Patrick J. Heron, Albert Cha, James Brush, Daniel Estes | May 26, 2023 | — | Initial filing | — | SEC |
| S.S. OR ×5 filings | Nov. 12, 2021 | — | 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 34 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 |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.23% | 64,997 NS | April 30, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 1.01% | 11,659 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 0.09% | 182,732 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.09% | 166,627 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 49,552 NS | May 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.05% | 4,339 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.04% | 78,352 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.04% | 2,912 NS | May 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.04% | 414,853 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 283,184 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 30,521 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 329,427 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 20,112 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 18,573 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 1,253,335 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 2,182 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 586,438 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 15,003 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 148,237 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 236,650 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 21,971 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 2,641 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 129,591 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 1,707 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,727 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.00% | 2,570 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.00% | 43 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,333 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 205 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 79,259 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 33,490 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 9,288 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,007,668 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,478 SH | Aug. 8, 2026 | Daily |