PRAX Praxis Precision Medicines, Inc. - Common Stock
$373.02
Price · Aug 25, 2026
Fundamentals as of Aug 6, 2026
52W Range
$37–$393
94% of range
Analyst Rating
BUY
25 analysts
Price Target
$639
+71% upside
P/E (TTM)
-30.6
ROE
-47.3%
Net Profit Margin
—
PRAX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$373.02
Market Cap
$10.39B
P/E (TTM)
-30.6
EPS (TTM)
$-13.48
Revenue (TTM)
$0
Div Yield
—
ROE
-47.3%
Debt/Equity
—
52W Range
$37 – $393
PRAX 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
$0
2022-12-31
→
2025-12-31
EPS
$-13.48
2020-12-31
→
2025-12-31
Free Cash Flow
$-249M
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
PRAX
Peer Median
P/E (TTM)
-30.6
28.5
P/B
11.8
12.9
Price / FCF
-41.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PRAX
Peer Median
ROA
-42.7%
-28.4%
ROE
-47.3%
-49.2%
ROIC
-37.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PRAX
Peer Median
Current Ratio
10.2
5.0
Quick Ratio
10.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PRAX
Peer Median
Revenue YoY
249.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PRAX
Peer Median
PRAX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
25 analysts
- Strong Buy 9 36.0%
- Buy 13 52.0%
- Hold 2 8.0%
- Sell 0 0.0%
- Strong Sell 1 4.0%
12-Month Price Target
19 analysts · 2026-08-22
Median
$575.00
Now
$373.02
Low
$188.00
High
$1201.00
Median target
$575.00
+54.1%
Mean target
$638.68
+71.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.19%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-2.87 | $-3.73 | 0.86% |
| March 31, 2026 | $-3.20 | $-3.62 | 0.42% |
| Dec. 31, 2025 | $-3.50 | $-3.16 | -0.34% |
| Sept. 30, 2025 | $-3.36 | $-3.51 | 0.15% |
| June 30, 2025 | $-3.31 | $-3.40 | 0.09% |
| March 31, 2025 | $-3.29 | $-3.27 | -0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PRAX | $7.43B | -21.9 | 249.5% | — | -47.3% | — |
| MDGL | $13.30B | -45.3 | 432.1% | -30.1% | -44.4% | — |
| CYTK | $7.81B | -9.7 | 376.6% | -891.6% | 152.7% | — |
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
| SMMT | $13.56B | -12.1 | — | — | -235.1% | — |
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | — |
| KYMR | $6.33B | -21.1 | -16.7% | -794.0% | -24.4% | — |
| APGE | $5.16B | -17.9 | — | — | — | — |
| PTGX | $5.47B | -42.6 | -89.4% | -282.8% | -20.3% | — |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $0 | $9M | $2M | $0 | |
| R&D Expense | $267M | $152M | $87M | $155M | |
| SG&A Expense | $59M | $56M | $42M | $60M | |
| Operating Expenses | $326M | $209M | $129M | $215M | |
| Operating Income | $-326M | $-200M | $-126M | $-215M | |
| Other Non-op | $23M | $17M | $3M | $957.0K | |
| Pretax Income | $-303M | $-183M | $-123M | · | |
| Income Tax | $471.0K | · | · | · | |
| Net Income | $-303M | $-183M | $-123M | $-214M | |
| EPS (Basic) | $-13.48 | $-10.21 | $-18.69 | $-69.65 | |
| EPS (Diluted) | $-13.48 | $-10.21 | $-18.69 | $-69.65 | |
| Shares (Basic) | 22,504,676 | 17,906,794 | 6,594,316 | 3,073,100 | |
| Shares (Diluted) | 22,504,676 | 17,906,794 | 6,594,316 | 3,073,100 | |
| EBITDA | $-326M | $-200M | $-126M | $-215M |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $357M | $215M | $81M | $62M | |
| Short-term Investments | $242M | $177M | · | · | |
| Prepaid Expense | $12M | $12M | $4M | $10M | |
| Current Assets | $611M | $404M | $85M | $111M | |
| PP&E (Net) | $147.0K | $230.0K | $588.0K | $971.0K | |
| PP&E (Gross) | $2M | $2M | $2M | $2M | |
| Accum. Depreciation | $2M | $1M | $1M | $572.0K | |
| Intangibles | $0 | · | · | · | |
| Other Non-current Assets | $0 | $416.0K | $416.0K | $416.0K | |
| Total Assets | $938M | $483M | $88M | $115M | |
| Accounts Payable | $25M | $13M | $6M | $15M | |
| Accrued Liabilities | $35M | $24M | $7M | $16M | |
| Current Liabilities | $60M | $38M | $16M | $34M | |
| Capital Leases | $0 | $110.0K | $1M | $2M | |
| Total Liabilities | $60M | $38M | $18M | $39M | |
| Common Stock | $15.0K | $14.0K | $13.0K | $5.0K | |
| Paid-in Capital | $2.02B | $1.28B | $724M | $607M | |
| Retained Earnings | $-1.14B | $-837M | $-654M | $-531M | |
| AOCI | $563.0K | $654.0K | $0 | $-173.0K | |
| Stockholders' Equity | $878M | $445M | $70M | $76M | |
| Liabilities + Equity | $938M | $483M | $88M | $115M | |
| Shares Outstanding | 25,195,092 | 19,422,358 | 8,791,877 | 3,292,163 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Stock-based Comp | $34M | $41M | $25M | $29M | |
| Operating Cash Flow | $-249M | $-132M | $-111M | $-185M | |
| CapEx | $56.0K | $0 | $50.0K | $444.0K | |
| Investing Cash Flow | $-311M | $-248M | $39M | $97M | |
| Stock Issued | · | · | · | $0 | |
| Net Stock Activity | · | · | · | $0 | |
| Financing Cash Flow | $702M | $514M | $92M | $10M | |
| Net Change in Cash | $142M | $134M | $20M | $-78M | |
| Taxes Paid | $224.0K | · | · | · | |
| Free Cash Flow | $-249M | $-132M | $-111M | $-185M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | · | -2340.3% | -5164.4% | · | |
| Net Margin | · | -2137.5% | -5037.9% | · | |
| EBITDA Margin | · | -2340.3% | -5164.4% | · | |
| ROA | -42.7% | -64.0% | -121.4% | -105.0% | |
| ROE | -47.3% | -44.1% | -157.6% | -236.2% | |
| ROIC | -37.2% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 10.2 | 10.8 | 5.4 | 3.2 | |
| Quick Ratio | 10.0 | 5.7 | 5.2 | 1.8 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | · | 249.5% | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $0 | $9M | $2M | $0 | |
| Net Income TTM | $-303M | $-183M | $-123M | $-214M | |
| Market Cap | $7.43B | $1.49B | $196M | $1.76B | |
| P/E | -21.9 | -7.5 | -1.2 | -0.5 | |
| P/S | · | 174.8 | 80.1 | · | |
| P/B | 8.5 | 3.4 | 2.8 | 23.2 | |
| P / Tangible Book | 8.5 | 3.4 | 2.8 | 23.2 | |
| P / Cash Flow | -29.8 | -11.3 | -1.8 | -9.5 | |
| P / FCF | -29.8 | -11.3 | -1.8 | -9.5 | |
| Earnings Yield | -4.6% | -13.3% | -83.9% | -195.1% |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | $0 | $0 | $0 | $0 | $7M | $302.0K | $357.0K | $431.0K | $515.0K | $468.0K | $781.0K | $683.0K | $0 | $0 | |
| R&D Expense | $69M | $78M | $78M | $66M | $63M | $61M | $56M | $42M | $27M | $27M | $18M | $17M | $26M | $26M | $28M | $30M | |
| SG&A Expense | $27M | $28M | $20M | $13M | $13M | $14M | $15M | $15M | $11M | $15M | $10M | $9M | $10M | $13M | $13M | $14M | |
| Operating Expenses | $97M | $106M | $97M | $78M | $76M | $75M | $71M | $57M | $38M | $42M | $28M | $26M | $36M | $39M | $41M | $44M | |
| Operating Income | $-97M | $-106M | $-97M | $-78M | $-76M | $-75M | $-64M | $-57M | $-37M | $-42M | $-28M | $-26M | $-35M | $-38M | $-41M | $-44M | |
| Other Non-op | $13M | $13M | $8M | $4M | $5M | $5M | $5M | $5M | $5M | $2M | $928.0K | $884.0K | $648.0K | $636.0K | $280.0K | $345.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-44M | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Net Income | $-84M | $-93M | $-89M | $-74M | $-71M | $-69M | $-59M | $-52M | $-33M | $-40M | $-27M | $-25M | $-34M | $-37M | $-41M | $-44M | |
| EPS (Basic) | $-2.87 | $-3.20 | $-3.52 | $-3.36 | $-3.31 | $-3.29 | $-2.88 | $-2.75 | $-1.74 | $-2.84 | $1.99 | $-2.72 | $-7.38 | $-10.58 | $-65.86 | $-0.96 | |
| EPS (Diluted) | $-2.87 | $-3.20 | $-3.52 | $-3.36 | $-3.31 | $-3.29 | $-2.88 | $-2.75 | $-1.74 | $-2.84 | $1.99 | $-2.72 | $-7.38 | $-10.58 | $-65.86 | $-0.96 | |
| Shares (Basic) | 29,131,375 | 28,883,596 | -42,003,253 | 21,977,268 | 21,474,827 | 21,055,834 | -33,706,621 | 18,884,562 | 18,824,479 | 13,904,374 | -10,634,667 | 9,039,427 | 4,649,371 | 3,540,185 | -133,699,055 | 45,774,376 | |
| Shares (Diluted) | 29,131,375 | 28,883,596 | -42,003,253 | 21,977,268 | 21,474,827 | 21,055,834 | -33,706,621 | 18,884,562 | 18,824,479 | 13,904,374 | -10,634,667 | 9,039,427 | 4,649,371 | 3,540,185 | -133,699,055 | 45,774,376 | |
| EBITDA | $-97M | $-106M | · | $-78M | $-76M | $-75M | · | $-57M | $-37M | $-42M | · | $-26M | $-35M | $-38M | · | $-44M |
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 | $475M | $536M | $357M | $150M | $157M | $166M | $215M | $169M | $145M | $152M | $81M | $101M | $124M | $81M | $62M | $62M | |
| Short-term Investments | $284M | $251M | $242M | · | · | · | $177M | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $13M | $11M | $12M | $7M | $5M | $6M | $12M | $3M | $5M | $4M | · | $2M | $6M | $9M | $10M | $9M | |
| Current Assets | $772M | $798M | $611M | $274M | $307M | $334M | $404M | $360M | $357M | $212M | · | $103M | $130M | $94M | $111M | $132M | |
| PP&E (Net) | $492.0K | $170.0K | $147.0K | $174.0K | $258.0K | $247.0K | $230.0K | $277.0K | $369.0K | $476.0K | · | $700.0K | $759.0K | $865.0K | $971.0K | $1M | |
| PP&E (Gross) | · | · | $2M | · | · | · | $2M | · | · | · | · | · | · | · | $2M | · | |
| Accum. Depreciation | · | · | $2M | · | · | · | $1M | · | · | · | · | · | · | · | $572.0K | · | |
| Intangibles | $773.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $643.0K | · | $0 | $0 | $0 | $0 | $416.0K | $416.0K | $416.0K | $416.0K | · | $416.0K | $416.0K | $416.0K | $416.0K | $416.0K | |
| Total Assets | $1.39B | $1.46B | $938M | $396M | $453M | $479M | $483M | $416M | $441M | $250M | · | $107M | $133M | $98M | $115M | $137M | |
| Accounts Payable | $23M | $31M | $25M | $31M | $29M | $23M | $13M | $15M | $8M | $9M | · | $7M | $8M | $17M | $15M | $10M | |
| Accrued Liabilities | $25M | $18M | $35M | $22M | $19M | $16M | $24M | $15M | $10M | $7M | · | $7M | $13M | $9M | $16M | $18M | |
| Current Liabilities | $49M | $50M | $60M | $53M | $49M | $40M | $38M | $33M | $21M | $19M | · | $17M | $24M | $30M | $34M | $29M | |
| Capital Leases | · | · | $0 | $0 | $0 | $0 | $110.0K | $436.0K | $755.0K | $1M | · | $2M | $2M | $2M | $2M | $3M | |
| Total Liabilities | $49M | $50M | $60M | $53M | $49M | $40M | $38M | $34M | $22M | $21M | · | $20M | $28M | $34M | $39M | $32M | |
| Common Stock | $15.0K | $15.0K | $15.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $13.0K | · | $13.0K | $13.0K | $6.0K | $5.0K | $5.0K | |
| Paid-in Capital | $2.66B | $2.64B | $2.02B | $1.39B | $1.38B | $1.34B | $1.28B | $1.16B | $1.15B | $923M | · | $714M | $708M | $633M | $607M | $595M | |
| Retained Earnings | $-1.32B | $-1.23B | $-1.14B | $-1.05B | $-977M | $-906M | $-837M | $-778M | $-726M | $-693M | · | $-627M | $-602M | $-568M | $-531M | $-489M | |
| AOCI | $-3M | $-2M | $563.0K | $500.0K | $395.0K | $659.0K | $654.0K | $1M | $-71.0K | $3.0K | · | $0 | $0 | $-19.0K | $-173.0K | $-536.0K | |
| Stockholders' Equity | $1.34B | $1.41B | $878M | $344M | $404M | $439M | $445M | $383M | $419M | $230M | $70M | $87M | $106M | $64M | $76M | $105M | |
| Liabilities + Equity | $1.39B | $1.46B | $938M | $396M | $453M | $479M | $483M | $416M | $441M | $250M | · | $107M | $133M | $98M | $115M | $137M | |
| Shares Outstanding | 27,916,593 | 27,859,514 | 25,195,092 | 21,165,933 | 21,040,474 | 20,341,917 | 19,422,358 | 17,785,697 | 17,755,506 | 13,258,047 | 8,791,877 | 128,547,336 | 128,540,223 | 57,960,387 | 3,292,163 | 46,864,327 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $11M | $17M | $10M | $7M | $8M | $9M | $9M | $12M | $6M | $14M | $6M | $6M | $6M | $8M | $6M | $7M | |
| Operating Cash Flow | $-78M | $-86M | $-76M | $-65M | $-55M | $-53M | $-56M | $-28M | $-27M | $-21M | $-24M | $-23M | $-31M | $-33M | $-29M | $-45M | |
| CapEx | $245.0K | $62.0K | $0 | $0 | $56.0K | $0 | $0 | $0 | · | · | $50.0K | $0 | $0 | $0 | $0 | $45.0K | |
| Investing Cash Flow | $11M | $-344M | $-328M | $50M | $18M | $-51M | $-11M | $50M | $-196M | $-91M | $-50.0K | $0 | $5M | $34M | $23M | $48M | |
| Financing Cash Flow | $5M | $609M | $613M | $7M | $29M | $54M | $114M | $1M | $216M | $183M | $4M | $0 | $70M | $18M | $5M | $3M | |
| Net Change in Cash | $-62M | $179M | $208M | $-8M | $-8M | $-50M | $47M | $24M | $-7M | $71M | $-20M | $-23M | $43M | $19M | $-825.0K | $6M | |
| Free Cash Flow | · | $-86M | · | · | · | · | · | · | · | · | · | · | · | $-33M | · | · |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | -18819.5% | -10500.8% | -9718.3% | · | -5452.1% | -4476.3% | -5577.0% | · | · | |
| Net Margin | · | · | · | · | · | · | · | -17188.7% | -9153.2% | -9177.0% | · | -5263.2% | -4393.3% | -5483.9% | · | · | |
| EBITDA Margin | · | · | · | · | · | · | · | -18819.5% | -10500.8% | -9718.3% | · | -5452.1% | -4476.3% | -5577.0% | · | · | |
| ROA | -9.1% | -9.6% | · | -18.2% | -15.9% | -19.0% | · | -19.9% | -11.4% | -22.7% | · | -20.2% | -21.9% | -22.2% | · | -19.1% | |
| ROE | -9.6% | -10.0% | · | -20.4% | -17.3% | -20.7% | · | -22.1% | -12.4% | -26.9% | · | -25.7% | -28.1% | -29.3% | · | -21.9% | |
| ROIC | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -42.1% |
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 | 15.7 | 15.9 | · | 5.2 | 6.3 | 8.4 | · | 11.0 | 17.3 | 11.3 | · | 6.2 | 5.3 | 3.2 | · | 4.6 | |
| Quick Ratio | 15.5 | 15.7 | · | 2.8 | 3.2 | 4.2 | · | 5.1 | 7.0 | 8.1 | · | 6.0 | 5.1 | 2.7 | · | 2.2 |
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 | · | · |
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 | $302.0K | $302.0K | · | $302.0K | $659.0K | $1M | · | $2M | $2M | $2M | · | $2M | $1M | $683.0K | · | · | |
| Net Income TTM | $-321M | $-307M | · | $-273M | $-251M | $-213M | · | $-151M | $-124M | $-125M | · | $-138M | $-157M | $-183M | · | $-231M | |
| Market Cap | $9.35B | $8.98B | · | $1.12B | $885M | $770M | · | $1.02B | $734M | $809M | · | $3.30B | $2.22B | $703M | · | $1.60B | |
| P/E | -26.3 | -24.5 | · | -4.2 | -3.8 | -3.6 | · | -5.7 | -2.8 | -2.6 | · | -1.2 | -0.9 | -0.8 | · | -7.1 | |
| P/S | 30947.7 | 29722.0 | · | 3714.6 | 1342.6 | 706.7 | · | 656.9 | 360.5 | 342.4 | · | 1706.6 | 1514.6 | 1029.8 | · | · | |
| P/B | 7.0 | 6.4 | · | 3.3 | 2.2 | 1.8 | · | 2.7 | 1.8 | 3.5 | · | 38.0 | 21.0 | 10.9 | · | 15.2 | |
| P / Tangible Book | 7.0 | 6.4 | · | 3.3 | 2.2 | 1.8 | · | 2.7 | 1.8 | 3.5 | · | 38.0 | 21.0 | 10.9 | · | 15.2 | |
| P / Cash Flow | · | -104.2 | · | · | · | -14.5 | · | · | · | -38.8 | · | · | · | -21.4 | · | · | |
| P / FCF | · | -104.1 | · | · | · | · | · | · | · | · | · | · | · | -21.4 | · | · | |
| Earnings Yield | -3.8% | -4.1% | · | -24.0% | -26.4% | -28.0% | · | -17.5% | -35.5% | -38.5% | · | -84.4% | -117.3% | -118.4% | · | -14.1% |
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 | $0 | $9M | $2M | $0 | — |
| Operating Margin % | — | -2340.3% | -5164.4% | — | — |
| Net Income | $-303M | $-183M | $-123M | $-214M | $-167M |
| Diluted EPS | $-13.48 | $-10.21 | $-18.69 | $-69.65 | $-3.94 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 10.2 | 10.8 | 5.4 | 3.2 | 7.5 |
| Quick Ratio | 10.0 | 5.7 | 5.2 | 1.8 | 3.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-249M | $-132M | $-111M | $-185M | $-126M |
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Institutional owners (13F) 335 filers · $9.1B 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 |
|---|---|---|---|---|
| 63 (-23 vs prior Q) | 39 (+8 vs prior Q) | 118 (+7 vs prior Q) | 103 (+21 vs prior Q) | -2.9M |
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 |
|---|---|---|---|---|
| JANUS HENDERSON GROUP PLC | $1,086,154,856 | 3,373,916 | 11.95% | Shares |
| PERCEPTIVE ADVISORS LLC | $681,627,753 | 2,035,986 | 7.50% | Shares |
| FMR LLC | $661,132,579 | 1,974,768 | 7.27% | Shares |
| BAKER BROS. ADVISORS LP | $586,953,158 | 1,753,198 | 6.46% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $447,006,586 | 1,335,185 | 4.92% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $413,565,752 | 1,235,299 | 4.55% | Shares |
| VANGUARD GROUP INC | $377,765,605 | 1,281,691 | 4.16% | Shares |
| STATE STREET CORP | $343,656,004 | 1,026,443 | 3.78% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $339,972,549 | 1,015,480 | 3.74% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $322,520,281 | 963,351 | 3.55% | Shares |
| Driehaus Capital Management LLC | $321,079,680 | 959,048 | 3.53% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $218,564,045 | 652,714 | 2.40% | Shares |
| Cormorant Asset Management, LP | $214,265,600 | 640,000 | 2.36% | Shares |
| BANK OF AMERICA CORP /DE/ | $174,683,713 | 521,771 | 1.92% | Shares |
| Hood River Capital Management LLC | $142,341,660 | 425,167 | 1.57% | Shares |
| GOLDMAN SACHS GROUP INC | $118,540,100 | 354,073 | 1.30% | Shares |
| NORGES BANK | $116,161,752 | 346,969 | 1.28% | Shares |
| Pictet Asset Management Holding SA | $98,035,469 | 291,689 | 1.08% | Shares |
| Polar Capital Holdings Plc | $93,450,267 | 279,131 | 1.03% | Shares |
| Vivo Capital, LLC | $90,766,926 | 271,116 | 1.00% | Shares |
| Logos Global Management LP | $87,045,400 | 260,000 | 0.96% | Shares |
| AMERICAN CENTURY COMPANIES INC | $79,451,539 | 237,315 | 0.87% | Shares |
| ORBIMED ADVISORS LLC | $77,035,179 | 230,100 | 0.85% | Shares |
| Caption Management, LLC | $75,260,792 | 224,800 | 0.83% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $73,656,478 | 220,008 | 0.81% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $73,284,861 | 218,898 | 0.81% | Shares |
| Verition Fund Management LLC | $67,326,269 | 201,100 | 0.74% | Put option |
| Woodline Partners LP | $66,962,352 | 200,013 | 0.74% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $63,077,449 | 188,409 | 0.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $62,994,421 | 188,161 | 0.69% | Shares |
| Affinity Asset Advisors, LLC | $61,936,150 | 185,000 | 0.68% | Shares |
| Soleus Capital Management, L.P. | $59,430,916 | 177,517 | 0.65% | Shares |
| Aberdeen Group plc | $55,708,721 | 166,399 | 0.61% | Shares |
| Qube Research & Technologies Ltd | $51,047,105 | 152,475 | 0.56% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $41,882,229 | 125,100 | 0.46% | Put option |
| 683 Capital Management, LLC | $36,960,816 | 110,400 | 0.41% | Put option |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $35,376,590 | 105,668 | 0.39% | Shares |
| MARSHALL WACE, LLP | $34,519,862 | 103,109 | 0.38% | Shares |
| Nantahala Capital Management, LLC | $33,479,000 | 100,000 | 0.37% | Put option |
| MetLife Investment Management, LLC | $30,312,891 | 90,543 | 0.33% | Shares |
| Velan Capital Investment Management LP | $29,722,991 | 88,781 | 0.33% | Shares |
| First Turn Management, LLC | $27,964,339 | 83,528 | 0.31% | Shares |
| ACUTA CAPITAL PARTNERS, LLC | $27,719,273 | 82,796 | 0.30% | Shares |
| Alyeska Investment Group, L.P. | $27,066,432 | 80,846 | 0.30% | Shares |
| ADAR1 Capital Management, LLC | $24,859,162 | 74,253 | 0.27% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $24,843,762 | 74,207 | 0.27% | Shares |
| Ensign Peak Advisors, Inc | $24,423,600 | 72,952 | 0.27% | Shares |
| Ikarian Capital, LLC | $24,386,773 | 72,842 | 0.27% | Shares |
| NEUBERGER BERMAN GROUP LLC | $24,064,705 | 71,880 | 0.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,334,863 | 69,700 | 0.26% | Call option |
| ALLIANCEBERNSTEIN L.P. | $23,042,384 | 71,518 | 0.25% | Shares |
| 72 Investment Holdings, LLC | $22,073,709 | 65,933 | 0.24% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $21,988,672 | 65,679 | 0.24% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $21,629,108 | 64,605 | 0.24% | Shares |
| AMERIPRISE FINANCIAL INC | $20,654,868 | 61,695 | 0.23% | Shares |
| Candriam S.C.A. | $20,354,378 | 60,856 | 0.22% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $19,029,464 | 56,840 | 0.21% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $16,109,425 | 48,118 | 0.18% | Shares |
| Boxer Capital Management, LLC | $15,553,339 | 46,457 | 0.17% | Shares |
| Swiss National Bank | $15,433,819 | 46,100 | 0.17% | Shares |
| ArrowMark Colorado Holdings LLC | $15,410,384 | 46,030 | 0.17% | Shares |
| California Public Employees Retirement System | $15,189,422 | 45,370 | 0.17% | Shares |
| JANE STREET GROUP, LLC | $14,630,323 | 43,700 | 0.16% | Put option |
| KVP Capital Advisors, LP | $14,362,491 | 42,900 | 0.16% | Shares |
| SEB Asset Management AB | $14,297,180 | 42,705 | 0.16% | Shares |
| Squarepoint Ops LLC | $14,228,910 | 42,501 | 0.16% | Shares |
| Integral Health Asset Management, LLC | $13,391,600 | 40,000 | 0.15% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $12,956,962 | 38,684 | 0.14% | Shares |
| PFM Health Sciences, LP | $12,914,524 | 38,575 | 0.14% | Shares |
| STEMPOINT CAPITAL LP | $12,468,584 | 37,243 | 0.14% | Shares |
| Burkehill Global Management, LP | $11,717,650 | 35,000 | 0.13% | Shares |
| University of Wisconsin Foundation | $11,627,257 | 34,730 | 0.13% | Shares |
| BlackRock, Inc. | $11,180,647 | 33,396 | 0.12% | Shares |
| B Group, Inc. | $11,127,415 | 33,237 | 0.12% | Shares |
| Bank of New York Mellon Corp | $11,050,748 | 33,008 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $10,829,433 | 32,347 | 0.12% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $10,570,659 | 31,574 | 0.12% | Shares |
| HighVista Strategies LLC | $10,114,006 | 30,210 | 0.11% | Shares |
| Clearbridge Investments, LLC | $9,367,759 | 27,981 | 0.10% | Shares |
| JANE STREET GROUP, LLC | $9,139,767 | 27,300 | 0.10% | Call option |
| Exome Asset Management LLC | $9,107,962 | 27,205 | 0.10% | Shares |
| TD Asset Management Inc | $9,093,566 | 27,162 | 0.10% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $9,058,747 | 27,058 | 0.10% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $8,906,418 | 26,603 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $8,753,754 | 26,147 | 0.10% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $8,672,504 | 24,739 | 0.10% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $8,634,234 | 25,790 | 0.09% | Shares |
| CASTLEARK MANAGEMENT LLC | $8,165,528 | 24,390 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $8,101,918 | 24,200 | 0.09% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $7,577,637 | 22,634 | 0.08% | Shares |
| Ishara Investments LP | $7,549,515 | 22,550 | 0.08% | Shares |
| Man Group plc | $7,085,496 | 21,164 | 0.08% | Shares |
| Susquehanna Portfolio Strategies, LLC | $7,072,774 | 21,126 | 0.08% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $7,030,925 | 21,001 | 0.08% | Shares |
| Ikarian Capital, LLC | $6,695,800 | 20,000 | 0.07% | Call option |
| SummitTX Capital, L.P. | $6,621,811 | 19,779 | 0.07% | Shares |
| Moody Aldrich Partners LLC | $6,383,106 | 19,066 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $6,294,052 | 18,800 | 0.07% | Call option |
| TWO SIGMA INVESTMENTS, LP | $6,279,991 | 18,758 | 0.07% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $6,015,507 | 17,968 | 0.07% | Shares |
Company insiders 16 insiders · 6 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Marcio Souza | Chief Executive Officer | July 8, 2026 G | 0 | 0 | 0 | $0 |
| Timothy Edwin Kelly | Chief Financial Officer | Nov. 14, 2025 A | 24,663 | 0 | 0 | $0 |
| Alex Nemiroff | General Counsel and Secretary | Nov. 20, 2025 M | 20,832 | 0 | 4 | $-4,852,208 |
| Lauren Mastrocola | Principal Accounting Officer | Nov. 20, 2025 M | 10,442 | 0 | 2 | $-2,612,265 |
| Nicole Sweeny | Chief Commercial Officer | Jan. 7, 2022 A | 40,800 | 0 | 0 | $0 |
| Bernard Ravina | Chief Medical Officer | Jan. 7, 2022 A | 102,533 | 0 | 0 | $0 |
| Jill Desimone | Director | June 24, 2026 M | 2,337 | 0 | 12 | $-3,611,315 |
| Merit Ester Cudkowicz | Director | June 10, 2026 A | 1,371 | 0 | 0 | $0 |
| Jeffrey Chodakewitz | Director | June 10, 2026 A | 1,371 | 0 | 0 | $0 |
| Stuart A Arbuckle | Director | June 10, 2026 A | 2,537 | 0 | 0 | $0 |
| Gregory Norden | Director | June 10, 2026 A | 1,559 | 0 | 0 | $0 |
| William D Young | Director | June 10, 2026 A | 3,269 | 0 | 0 | $0 |
| Dean J Mitchell | Director | June 10, 2026 A | 18,622 | 0 | 0 | $0 |
| Jeffrey B Kindler | Director | June 10, 2026 A | 2,537 | 0 | 0 | $0 |
| Stefan Vitorovic | Director | Oct. 20, 2020 C | 2,689,329 | 0 | 0 | $0 |
| Novo Holdings A/S | 10% owner | Oct. 20, 2020 C | 2,442,080 | 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 |
|---|---|---|---|---|---|
| Velan Capital Master Fund LP, Velan Capital Holdings LLC, Velan Capital Investment Management LP, Velan Capital Management LLC, Adam Morgan, Balaji Venkataraman ×2 filings | June 28, 2023 | — | 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 61 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 | 5.36% | 1,157 SH | Aug. 21, 2026 | Daily |
| GNOM · Global X Funds | 4.01% | 6,388 NS | May 31, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 1.04% | 1,554 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 1.00% | 16,345 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.88% | 1,026 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.67% | 195,168 SH | Aug. 21, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.65% | 1,629 SH | Aug. 21, 2026 | Daily |
| IWO · iShares Trust | 0.57% | 233,767 SH | Aug. 21, 2026 | Daily |
| GDOC · Goldman Sachs ETF Trust | 0.55% | 316 NS | May 31, 2026 | N-PORT |
| MEDI · Harbor ETF Trust | 0.50% | 433 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.50% | 26,912 SH | Aug. 19, 2026 | Daily |
| BIB · ProShares Trust | 0.49% | 1,029 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.44% | 353 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.39% | 6,384 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.38% | 8,664 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.34% | 859 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.29% | 643,701 SH | Aug. 21, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.26% | 144,661 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.25% | 11,145 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.25% | 6,781 SH | Aug. 21, 2026 | Daily |
| RB · ProShares Trust | 0.24% | 8 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.23% | 1,215 NS | May 31, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.22% | 8,846 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.20% | 405,873 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.20% | 11,745 SH | Aug. 19, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.19% | 123,726 NS | May 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.14% | 5,633 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.13% | 951 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.12% | 9,885 SH | Aug. 21, 2026 | Daily |
| ISCB · iShares Trust | 0.12% | 964 SH | Aug. 21, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.12% | 10,867 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.12% | 1,757 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.11% | 639,384 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.11% | 69,046 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.10% | 300,792 SH | Aug. 19, 2026 | Daily |
| URTY · ProShares Trust | 0.10% | 963 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.09% | 7,391 SH | Aug. 21, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.09% | 2,420 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.08% | 1,456 SH | Aug. 21, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.07% | 13,678 NS | April 30, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.05% | 16 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.05% | 586 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.04% | 949 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.04% | 24 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.03% | 12,964 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.02% | 6,831 NS | May 31, 2026 | N-PORT |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.02% | 720 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 1,078 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 34,046 SH | Aug. 21, 2026 | Daily |
| GUSA · Goldman Sachs ETF Trust II | 0.01% | 867 NS | May 31, 2026 | N-PORT |