PMVP PMV Pharmaceuticals, Inc. - Common Stock
$1.24
Price · Aug 19, 2026
Fundamentals as of Aug 14, 2026
52W Range
$1–$2
26% of range
Analyst Rating
BUY
12 analysts
Price Target
$4
+223% upside
P/E (TTM)
-0.8
ROE
-63.4%
Net Profit Margin
-1226.8%
PMVP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.24
Market Cap
$66M
P/E (TTM)
-0.8
EPS (TTM)
$-1.48
Revenue (TTM)
—
Div Yield
—
ROE
-63.4%
Debt/Equity
—
52W Range
$1 – $2
PMVP 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
$-1.48
2020-12-31
→
2025-12-31
Free Cash Flow
$-74M
2020-12-31
→
2025-12-31
Margins
-1226.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PMVP
Peer Median
P/E (TTM)
-0.8
—
P/S (TTM)
10.4
165.8
P/B
0.6
1.6
Price / FCF
-0.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PMVP
Peer Median
Operating Margin
-1360.4%
—
Net Profit Margin
-1226.8%
-2229.6%
ROA
-50.5%
-64.3%
ROE
-63.4%
-102.1%
ROIC
-80.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PMVP
Peer Median
Current Ratio
10.1
4.8
Quick Ratio
9.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PMVP
Peer Median
Revenue YoY
-40.5%
—
Revenue CAGR 3Y
20.4%
—
Revenue CAGR 5Y
57.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PMVP
Peer Median
PMVP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 4 33.3%
- Buy 7 58.3%
- Hold 1 8.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-18
Median
$4.00
← Below all targets
$1.24
Low
$3.00
High
$5.00
Median target
$4.00
+222.6%
Mean target
$4.00
+222.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.34 | $-0.42 | 0.08% |
| Dec. 31, 2025 | $-0.34 | $-0.41 | 0.07% |
| Sept. 30, 2025 | $-0.40 | $-0.41 | 0.01% |
| June 30, 2025 | $-0.41 | $-0.39 | -0.02% |
| March 31, 2025 | $-0.34 | $-0.38 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PMVP | $67M | -0.8 | -40.5% | -1226.8% | -63.4% | — |
| CRDF | $192M | -4.1 | -13.2% | -7732.0% | -88.2% | — |
| XBIT | — | -1.6 | — | — | — | — |
| NMAD | — | — | — | — | — | — |
| MNOV | $64M | -5.5 | — | -2928.8% | -27.1% | — |
| RNTX | — | -0.6 | — | — | — | — |
| TENX | $114M | -9.1 | — | — | -52.5% | — |
| BOLD | $27M | -0.5 | — | — | -46.7% | — |
| INMB | $41M | -0.8 | 257.1% | -91866.0% | -175.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| R&D Expense | $70M | $59M | $56M | $52M | $36M | $24M | $21M | |
| SG&A Expense | $16M | $27M | $24M | $25M | $22M | $11M | $6M | |
| Operating Expenses | $86M | $85M | $80M | $77M | $58M | $35M | $27M | |
| Operating Income | $-86M | $-85M | $-80M | $-77M | $-58M | $-35M | $-27M | |
| Other Non-op | $6M | $11M | $11M | $4M | $470.0K | $508.0K | $1M | |
| Pretax Income | $-80M | $-75M | $-69M | $-73M | $-58M | $-34M | $-25M | |
| Income Tax | $-2M | $-16M | $2.0K | $-9.0K | $23.0K | $6.0K | $8.0K | |
| Net Income | $-78M | $-59M | $-69M | $-73M | $-58M | $-34M | $-25M | |
| EPS (Basic) | $-1.48 | $-1.14 | $-1.44 | $-1.61 | $-1.28 | $-2.40 | · | |
| EPS (Diluted) | $-1.48 | $-1.14 | $-1.44 | $-1.61 | $-1.28 | $-2.40 | · | |
| Shares (Basic) | 52,541,613 | 51,578,807 | 48,014,645 | 45,594,824 | 45,137,656 | 14,364,475 | · | |
| Shares (Diluted) | 52,541,613 | 51,578,807 | 48,014,645 | 45,594,824 | 45,137,656 | 14,364,475 | · | |
| EBITDA | $-86M | $-85M | $-80M | $-77M | $-58M | $-35M | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $38M | $41M | $38M | $108M | $172M | $361M | $73M | |
| Short-term Investments | $75M | $129M | $165M | $133M | $125M | · | · | |
| Prepaid Expense | $2M | $6M | $4M | $5M | $3M | $3M | $607.0K | |
| Current Assets | $115M | $176M | $207M | $247M | $301M | $365M | $102M | |
| PP&E (Net) | $237.0K | $409.0K | $11M | $11M | $3M | $569.0K | $739.0K | |
| PP&E (Gross) | $2M | $2M | $14M | $13M | $5M | $2M | $2M | |
| Accum. Depreciation | $1M | $1M | $3M | $2M | $2M | $2M | $1M | |
| Other Non-current Assets | $297.0K | $235.0K | $190.0K | $313.0K | $221.0K | $201.0K | $201.0K | |
| Total Assets | $117M | $191M | $252M | $270M | $332M | $366M | $103M | |
| Accounts Payable | $3M | $7M | $3M | $3M | $3M | $2M | $3M | |
| Accrued Liabilities | $8M | $7M | $10M | $7M | $9M | $5M | $2M | |
| Current Liabilities | $11M | $14M | $14M | $11M | $12M | $6M | $5M | |
| Capital Leases | $435.0K | $838.0K | $12M | $13M | $11M | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | $51.0K | |
| Total Liabilities | $12M | $15M | $26M | $24M | $23M | $6M | $5M | |
| Retained Earnings | $-446M | $-369M | $-310M | $-241M | $-168M | $-110M | $-75M | |
| AOCI | $84.0K | $139.0K | $224.0K | $-445.0K | $-78.0K | · | $-3.0K | |
| Stockholders' Equity | $105M | $176M | $226M | $246M | $309M | $359M | $-70M | |
| Liabilities + Equity | $117M | $191M | $252M | $270M | $332M | $366M | $103M | |
| Shares Outstanding | 53,331,766 | 51,935,134 | 51,445,862 | 45,771,332 | 45,433,684 | 44,777,818 | 3,046,200 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $6M | $9M | $12M | $10M | $5M | $2M | $908.0K | |
| Operating Cash Flow | $-74M | $-51M | $-56M | $-64M | $-47M | $-33M | $-22M | |
| CapEx | $29.0K | $655.0K | $962.0K | $8M | $1M | $148.0K | $109.0K | |
| Investing Cash Flow | $70M | $53M | $-51M | $-1M | $-144M | $28M | $3M | |
| Stock Issued | · | · | $35M | · | · | $223M | · | |
| Net Stock Activity | · | · | $35M | · | · | $223M | · | |
| Financing Cash Flow | $505.0K | $313.0K | $36M | $958.0K | $2M | $293M | $62M | |
| Net Change in Cash | $-3M | $2M | $-71M | $-64M | $-188M | $288M | $43M | |
| Taxes Paid | · | · | · | · | $23.0K | $6.0K | $8.0K | |
| Free Cash Flow | $-74M | $-52M | $-57M | $-72M | $-48M | $-33M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1360.4% | -802.0% | -717.3% | -2124.1% | -12982.8% | -5367.4% | · | |
| Net Margin | -1226.8% | -551.0% | -617.3% | -2021.4% | -12883.3% | -5290.3% | · | |
| Pretax Margin | -1261.1% | -702.1% | -617.3% | -2021.7% | -12878.2% | -5289.4% | · | |
| EBITDA Margin | -1360.4% | -802.0% | -717.3% | -2124.1% | -12982.8% | -5367.4% | · | |
| ROA | -50.5% | -26.5% | -26.4% | -24.4% | -16.6% | -14.7% | · | |
| ROE | -63.4% | -31.4% | -29.8% | -28.9% | -18.3% | -9.5% | · | |
| ROIC | -80.1% | -38.1% | -35.5% | -31.3% | -18.9% | -9.7% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.1 | 12.2 | 14.8 | 22.8 | 24.7 | 56.9 | · | |
| Quick Ratio | 9.9 | 11.8 | 14.5 | 22.3 | 24.3 | 56.4 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -40.5% | -4.6% | 208.0% | 707.8% | -31.0% | · | · | |
| Revenue CAGR 3Y | 20.4% | 187.4% | 157.9% | · | · | · | · | |
| Revenue CAGR 5Y | 57.6% | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6M | $11M | $11M | $4M | $449.0K | $651.0K | · | |
| Net Income TTM | $-78M | $-59M | $-69M | $-73M | $-58M | $-34M | · | |
| Market Cap | $67M | $78M | $159M | $398M | $1.05B | $2.75B | · | |
| P/E | -0.8 | -1.3 | -2.2 | -5.4 | -18.0 | -25.6 | · | |
| P/S | 10.5 | 7.4 | 14.3 | 109.8 | 2337.5 | 4230.9 | · | |
| P/B | 0.6 | 0.4 | 0.7 | 1.6 | 3.4 | 7.7 | · | |
| P / Tangible Book | 0.6 | 0.4 | 0.7 | 1.6 | 3.4 | 7.7 | · | |
| P / Cash Flow | -0.9 | -1.5 | -2.9 | -6.2 | -22.5 | -84.1 | · | |
| P / FCF | -0.9 | -1.5 | -2.8 | -5.6 | -21.9 | -83.7 | · | |
| Earnings Yield | -118.4% | -75.5% | -46.5% | -18.5% | -5.5% | -3.9% | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $15M | $15M | $16M | $18M | $18M | $17M | $14M | $17M | $15M | $13M | $13M | $14M | $14M | $15M | $15M | $14M | |
| SG&A Expense | $4M | $4M | $3M | $4M | $4M | $4M | $11M | $5M | $6M | $5M | $6M | $6M | $6M | $6M | $6M | $6M | |
| Operating Expenses | $19M | $19M | $19M | $23M | $23M | $22M | $25M | $22M | $20M | $18M | $19M | $20M | $20M | $21M | $21M | $19M | |
| Operating Income | $-19M | $-19M | $-19M | $-23M | $-23M | $-22M | $-25M | $-22M | $-20M | $-18M | $-19M | $-20M | $-20M | $-21M | $-21M | $-19M | |
| Other Non-op | $798.0K | $981.0K | $1M | $1M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $1M | |
| Pretax Income | $-18M | $-18M | $-18M | $-21M | $-21M | $-20M | $-23M | $-19M | $-17M | $-15M | $-16M | $-17M | $-17M | $-19M | $-19M | $-18M | |
| Income Tax | $3.0K | · | $26.0K | $-6.0K | $5.0K | $-2M | $0 | $74.0K | $-16M | · | $-1.0K | $-1.0K | $4.0K | · | $0 | $-9.0K | |
| Net Income | $-18M | $-18M | $-18M | $-21M | $-21M | $-17M | $-23M | $-19M | $-1M | $-15M | $-16M | $-17M | $-17M | $-19M | $-19M | $-18M | |
| EPS (Basic) | $-0.34 | $-0.34 | $-0.33 | $-0.40 | $-0.41 | $-0.34 | $-0.45 | $-0.37 | $-0.02 | $-0.30 | $-0.30 | $-0.34 | $-0.38 | $-0.42 | $-0.42 | $-0.40 | |
| EPS (Diluted) | $-0.34 | $-0.34 | $-0.33 | $-0.40 | $-0.41 | $-0.34 | $-0.45 | $-0.37 | $-0.02 | $-0.30 | $-0.30 | $-0.34 | $-0.38 | $-0.42 | $-0.42 | $-0.40 | |
| Shares (Basic) | 53,386,909 | 53,331,766 | -104,414,514 | 52,993,238 | 52,010,827 | 51,952,062 | -102,919,833 | 51,574,027 | 51,478,751 | 51,445,862 | -92,619,140 | 49,047,296 | 45,813,132 | 45,773,357 | -91,065,244 | 45,622,957 | |
| Shares (Diluted) | 53,386,909 | 53,331,766 | -104,414,514 | 52,993,238 | 52,010,827 | 51,952,062 | -102,919,833 | 51,574,027 | 51,478,751 | 51,445,862 | -92,619,140 | 49,047,296 | 45,813,132 | 45,773,357 | -91,065,244 | 45,622,957 | |
| EBITDA | $-19M | $-19M | · | $-23M | $-23M | $-22M | · | $-22M | $-20M | $-18M | · | $-20M | $-20M | $-21M | · | $-19M |
Balance Sheet 19
| 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 | $12M | $39M | $38M | $36M | $44M | $51M | $41M | $49M | $49M | $48M | · | $52M | $68M | $143M | · | $100M | |
| Short-term Investments | $67M | $54M | $75M | $93M | $98M | $109M | $129M | $134M | $164M | $150M | · | $150M | $119M | $86M | · | $159M | |
| Prepaid Expense | $2M | $2M | $2M | $3M | $3M | $3M | $6M | $6M | $5M | $4M | · | $3M | $3M | $3M | · | $5M | |
| Current Assets | $81M | $96M | $115M | $132M | $145M | $163M | $176M | $190M | $219M | $202M | · | $205M | $190M | $233M | · | $265M | |
| PP&E (Net) | $154.0K | $203.0K | $237.0K | $255.0K | $287.0K | $376.0K | $409.0K | $10M | $11M | $11M | · | $11M | $11M | $11M | · | $10M | |
| PP&E (Gross) | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $14M | $15M | $15M | · | $14M | $14M | $14M | · | $12M | |
| Accum. Depreciation | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $4M | $4M | $4M | · | $3M | $3M | $2M | · | $2M | |
| Other Non-current Assets | $296.0K | $296.0K | $297.0K | $249.0K | $248.0K | $237.0K | $235.0K | $242.0K | $182.0K | $182.0K | · | $180.0K | $181.0K | $314.0K | · | $307.0K | |
| Total Assets | $82M | $97M | $117M | $134M | $153M | $171M | $191M | $223M | $238M | $237M | · | $261M | $242M | $254M | · | $285M | |
| Accounts Payable | $2M | $2M | $3M | $3M | $3M | $4M | $7M | $2M | $5M | $859.0K | · | $2M | $3M | $2M | · | $5M | |
| Accrued Liabilities | $8M | $7M | $8M | $9M | $9M | $6M | $7M | $10M | $6M | $10M | · | $9M | $8M | $9M | · | $6M | |
| Current Liabilities | $11M | $9M | $11M | $12M | $12M | $10M | $14M | $14M | $11M | $12M | · | $11M | $11M | $11M | · | $12M | |
| Capital Leases | $0 | $0 | $435.0K | $541.0K | $643.0K | $742.0K | $838.0K | $12M | $12M | $12M | · | $13M | $13M | $13M | · | $12M | |
| Total Liabilities | $11M | $9M | $12M | $13M | $12M | $11M | $15M | $26M | $23M | $24M | · | $23M | $24M | $24M | · | $24M | |
| Retained Earnings | $-483M | $-464M | $-446M | $-428M | $-407M | $-386M | $-369M | $-346M | $-326M | $-325M | · | $-294M | $-278M | $-260M | · | $-222M | |
| AOCI | $-82.0K | $-15.0K | $84.0K | $91.0K | $21.0K | $84.0K | $139.0K | $410.0K | $-185.0K | $-129.0K | · | $-355.0K | $-328.0K | $-116.0K | · | $-1M | |
| Stockholders' Equity | $72M | $88M | $105M | $121M | $141M | $160M | $176M | $198M | $214M | $213M | $226M | $238M | $218M | $230M | $246M | $261M | |
| Liabilities + Equity | $82M | $97M | $117M | $134M | $153M | $171M | $191M | $223M | $238M | $237M | · | $261M | $242M | $254M | · | $285M | |
| Shares Outstanding | 53,460,432 | 53,331,766 | 53,331,766 | 52,993,238 | 52,993,238 | 51,954,135 | 51,935,134 | 51,749,504 | 51,522,125 | 51,445,862 | · | 51,157,636 | 46,143,536 | 45,774,761 | · | 45,624,860 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $1M | $1M | $1M | $2M | $2M | $1M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Operating Cash Flow | $-15M | $-20M | $-17M | $-20M | $-18M | $-18M | $-17M | $-17M | $-2M | $-16M | $-12M | $-16M | $-13M | $-15M | $-15M | $-17M | |
| CapEx | $0 | $0 | $15.0K | $-1.0K | $11.0K | $4.0K | $56.0K | $1.0K | $4.0K | $594.0K | $197.0K | $44.0K | $565.0K | $156.0K | $2M | $2M | |
| Investing Cash Flow | $-12M | $21M | $18M | $12M | $11M | $29M | $8M | $17M | $2M | $26M | $-3M | $-34M | $-64M | $50M | $23M | $30M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $0 | $33M | · | · | · | · | |
| Financing Cash Flow | $143.0K | $0 | $392.0K | $0 | $103.0K | $10.0K | $172.0K | $0 | $141.0K | $0 | $288.0K | $33M | $2M | $12.0K | $548.0K | $6.0K | |
| Net Change in Cash | $-27M | $1M | $2M | $-8M | $-7M | $10M | $-9M | $284.0K | $872.0K | $10M | $-14M | $-16M | $-75M | $35M | $8M | $13M | |
| Free Cash Flow | · | $-20M | · | · | · | $-18M | · | · | · | $-17M | · | · | · | $-15M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2396.1% | -1940.7% | · | -1521.8% | -1353.8% | -1114.4% | · | -837.0% | -720.1% | -617.2% | · | -657.8% | -746.4% | -923.9% | · | -1723.8% | |
| Net Margin | -2295.2% | -1840.6% | · | -1422.9% | -1255.0% | -901.1% | · | -735.2% | -43.3% | -517.3% | · | -557.6% | -646.7% | -822.7% | · | -1621.8% | |
| Pretax Margin | -2294.8% | -1840.6% | · | -1423.3% | -1254.7% | -1014.6% | · | -732.4% | -620.7% | -517.3% | · | -557.6% | -646.6% | -822.7% | · | -1622.6% | |
| EBITDA Margin | -2396.1% | -1940.7% | · | -1521.8% | -1353.8% | -1114.4% | · | -837.0% | -720.1% | -617.2% | · | -657.8% | -746.4% | -923.9% | · | -1723.8% | |
| ROA | -15.4% | -13.5% | · | -11.8% | -10.9% | -8.6% | · | -7.9% | -0.51% | -5.5% | · | -6.5% | -6.4% | · | · | -5.8% | |
| ROE | -17.1% | -14.5% | · | -13.2% | -11.9% | -9.3% | · | -8.8% | -0.56% | -6.0% | · | -7.1% | -7.0% | · | · | -6.2% | |
| ROIC | -26.4% | · | · | -18.6% | -16.3% | -12.0% | · | -11.1% | -0.66% | · | · | · | -9.2% | · | · | -7.4% |
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 | 7.7 | 11.1 | · | 10.8 | 12.5 | 16.8 | · | 14.0 | 19.2 | 16.8 | · | 19.2 | 16.6 | · | · | 22.8 | |
| Quick Ratio | 7.5 | 10.9 | · | 10.5 | 12.3 | 16.4 | · | 13.5 | 18.7 | 16.4 | · | 18.8 | 16.3 | · | · | 22.2 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5M | $6M | · | $8M | $9M | $10M | · | $11M | $11M | $11M | · | $9M | $7M | $4M | · | $2M | |
| Net Income TTM | $-78M | $-78M | · | $-79M | $-59M | $-53M | · | $-52M | $-51M | $-68M | · | $-71M | $-72M | $-73M | · | $-69M | |
| Market Cap | $72M | $66M | · | $74M | $56M | $57M | · | $77M | $83M | $87M | · | $314M | $289M | · | · | $543M | |
| P/E | -0.9 | -0.8 | · | -0.9 | -0.9 | -1.1 | · | -1.4 | -1.6 | -1.2 | · | -4.0 | -4.0 | -3.0 | · | -7.8 | |
| P/S | 14.5 | 10.9 | · | 9.6 | 6.2 | 5.5 | · | 6.8 | 7.3 | 8.0 | · | 34.4 | 42.8 | · | · | 263.7 | |
| P/B | 1.0 | 0.8 | · | 0.6 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 1.3 | 1.3 | · | · | 2.1 | |
| P / Tangible Book | 1.0 | 0.8 | · | 0.6 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 1.3 | 1.3 | · | · | 2.1 | |
| P / Cash Flow | · | -3.4 | · | · | · | -3.1 | · | · | · | -5.4 | · | · | · | · | · | · | |
| P / FCF | · | -3.4 | · | · | · | -3.1 | · | · | · | -5.2 | · | · | · | · | · | · | |
| Earnings Yield | -111.2% | -120.2% | · | -108.6% | -107.5% | -94.5% | · | -69.1% | -64.2% | -84.7% | · | -25.1% | -25.2% | -33.8% | · | -12.8% |
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 | |
|---|---|---|---|---|---|
| Operating Margin % | -1360.4% | -802.0% | -717.3% | -2124.1% | -12982.8% |
| Net Income | $-78M | $-59M | $-69M | $-73M | $-58M |
| Diluted EPS | $-1.48 | $-1.14 | $-1.44 | $-1.61 | $-1.28 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 10.1 | 12.2 | 14.8 | 22.8 | 24.7 |
| Quick Ratio | 9.9 | 11.8 | 14.5 | 22.3 | 24.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-74M | $-52M | $-57M | $-72M | $-48M |
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Institutional owners (13F) 69 filers · $42.8M 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 |
|---|---|---|---|---|
| 8 (-8 vs prior Q) | 8 (0 vs prior Q) | 12 (-8 vs prior Q) | 21 (+8 vs prior Q) | -1.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BML Capital Management, LLC | $7,142,200 | 5,330,000 | 16.67% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $5,688,414 | 4,245,085 | 13.28% | Shares |
| Sio Capital Management, LLC | $3,529,744 | 2,634,137 | 8.24% | Shares |
| Euclidean Capital LLC | $3,521,042 | 2,627,643 | 8.22% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $3,162,400 | 2,360,000 | 7.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,696,107 | 2,012,020 | 6.29% | Shares |
| ArrowMark Colorado Holdings LLC | $2,625,836 | 1,959,579 | 6.13% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,618,542 | 1,954,136 | 6.11% | Shares |
| Eversept Partners, LP | $2,533,811 | 1,890,904 | 5.91% | Shares |
| TWO SIGMA ADVISERS, LP | $1,092,625 | 874,100 | 2.55% | Shares |
| Stonepine Capital Management, LLC | $718,355 | 536,086 | 1.68% | Shares |
| Aldebaran Capital, LLC | $626,359 | 467,432 | 1.46% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $574,663 | 428,853 | 1.34% | Shares |
| BIT Capital GmbH | $546,124 | 407,555 | 1.27% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $516,605 | 385,084 | 1.21% | Shares |
| Verdad Advisers, LP | $485,564 | 362,361 | 1.13% | Shares |
| Walleye Capital LLC | $449,830 | 335,694 | 1.05% | Shares |
| Assenagon Asset Management S.A. | $442,204 | 330,003 | 1.03% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $341,399 | 254,775 | 0.80% | Shares |
| BANK OF AMERICA CORP /DE/ | $321,747 | 240,110 | 0.75% | Shares |
| VANGUARD GROUP INC | $272,496 | 217,997 | 0.64% | Shares |
| CITADEL ADVISORS LLC | $271,082 | 202,300 | 0.63% | Call option |
| ADAR1 Capital Management, LLC | $269,351 | 201,008 | 0.63% | Shares |
| STATE STREET CORP | $245,459 | 183,178 | 0.57% | Shares |
| RBF Capital, LLC | $217,348 | 162,200 | 0.51% | Shares |
| BlackRock, Inc. | $205,158 | 153,103 | 0.48% | Shares |
| MAI Capital Management | $178,383 | 133,122 | 0.42% | Shares |
| Rangeley Capital, LLC | $132,982 | 99,240 | 0.31% | Shares |
| NORTHERN TRUST CORP | $124,683 | 93,047 | 0.29% | Shares |
| Ikarian Capital, LLC | $119,442 | 89,136 | 0.28% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $94,475 | 70,504 | 0.22% | Shares |
| PNC Financial Services Group, Inc. | $87,454 | 65,264 | 0.20% | Shares |
| Quadrature Capital Ltd | $83,174 | 62,070 | 0.19% | Shares |
| Seven Fleet Capital Management LP | $71,782 | 53,569 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $63,393 | 47,308 | 0.15% | Shares |
| Accurate Wealth Management, LLC | $62,000 | 50,000 | 0.14% | Shares |
| Cubist Systematic Strategies, LLC | $61,417 | 43,869 | 0.14% | Shares |
| ALGERT GLOBAL LLC | $53,403 | 39,853 | 0.12% | Shares |
| COOPER/HAIMS ADVISORS, LLC | $52,288 | 39,021 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $50,292 | 37,531 | 0.12% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $43,496 | 32,460 | 0.10% | Shares |
| Squarepoint Ops LLC | $42,656 | 31,833 | 0.10% | Shares |
| HSBC HOLDINGS PLC | $40,776 | 30,891 | 0.10% | Shares |
| BARCLAYS PLC | $36,899 | 27,536 | 0.09% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $36,349 | 27,126 | 0.08% | Shares |
| GOLDMAN SACHS GROUP INC | $32,293 | 24,099 | 0.08% | Shares |
| MARSHALL WACE, LLP | $30,329 | 22,634 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $28,889 | 21,559 | 0.07% | Shares |
| CITIGROUP INC | $25,857 | 19,296 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $25,061 | 18,702 | 0.06% | Shares |
| Pathstone Holdings, LLC | $23,433 | 17,487 | 0.05% | Shares |
| JANE STREET GROUP, LLC | $22,244 | 16,600 | 0.05% | Call option |
| Corient Private Wealth LP | $20,100 | 15,000 | 0.05% | Shares |
| Sand Hill Global Advisors, LLC | $16,802 | 12,539 | 0.04% | Shares |
| Independent Advisor Alliance | $16,750 | 12,500 | 0.04% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $13,668 | 10,200 | 0.03% | Shares |
| MORGAN STANLEY | $13,109 | 9,783 | 0.03% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $11,779 | 8,790 | 0.03% | Shares |
| Silver Grove Financial Group, Inc. | $6,809 | 5,082 | 0.02% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $2,968 | 2,215,894 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $1,294 | 966 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,190 | 1,000 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $694 | 518 | 0.00% | Shares |
| UBS Group AG | $484 | 361 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $276 | 214 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $121 | 90 | 0.00% | Shares |
| HRT FINANCIAL LP | $67 | 50,510 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $24 | 18 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $0 | 76 | 0.00% | Shares |
Company insiders 15 insiders · 4 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Carulli | Chief Financial Officer | Jan. 18, 2024 A | 91,286 | 0 | 0 | $0 |
| Winston Kung | COO, CFO | May 12, 2023 A | 10,600 | 0 | 0 | $0 |
| Deepika Jalota | Chief Development Officer | Jan. 18, 2024 A | 125,501 | 0 | 0 | $0 |
| Leila Alland | Chief Medical Officer | Sept. 15, 2023 S | 45,909 | 0 | 0 | $0 |
| Kirsten Flowers | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Laurie Stelzer | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Charles M Baum | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Carol Giltner Gallagher | Director | June 4, 2026 G | — | 0 | 0 | $0 |
| Arnold J Levine | Director | June 4, 2026 A | 409,842 | 0 | 0 | $0 |
| Richard A. Heyman | Director | June 8, 2023 A | 0 | 0 | 0 | $0 |
| Peter A. Thompson | Director | June 2, 2022 A | 475,000 | 0 | 0 | $0 |
| Thilo Schroeder | Director | Oct. 6, 2021 S | 1,101,283 | 0 | 0 | $0 |
| Arnold L Oronsky | Director | Sept. 29, 2020 C | 6,469,911 | 0 | 0 | $0 |
| David Henry Mack | — | March 5, 2026 A | 451,109 | 0 | 0 | $0 |
| Wellington Biomedical Innovation Master Investors (Cayman) I L.P. | — | Sept. 29, 2020 C | 760,267 | 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 |
|---|---|---|---|---|---|
| ORBIMED ADVISORS LLC, ORBIMED CAPITAL GP V LLC ×5 filings | March 4, 2026 | 0.00% | 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 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.