PTGX Protagonist Therapeutics, Inc. - Common Stock
$157.69
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$54–$161
97% of range
Analyst Rating
BUY
20 analysts
Price Target
$165
+5% upside
P/E (TTM)
-78.9
ROE
-20.3%
Net Profit Margin
-282.8%
PTGX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$157.69
Market Cap
$10.13B
P/E (TTM)
-78.9
EPS (TTM)
$-2.05
Revenue (TTM)
$46M
Div Yield
—
ROE
-20.3%
Debt/Equity
—
52W Range
$55 – $161
PTGX 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
$46M
2017-12-31
→
2025-12-31
EPS
$-2.05
2020-12-31
→
2025-12-31
Free Cash Flow
$56M
2016-12-31
→
2025-12-31
Margins
-282.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PTGX
Peer Median
P/E (TTM)
-78.9
115.3
P/S (TTM)
220.1
33.9
P/B
16.5
3.9
Price / FCF
180.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PTGX
Peer Median
Operating Margin
-343.6%
—
Net Profit Margin
-282.8%
-93.3%
ROA
-18.4%
-22.2%
ROE
-20.3%
-37.6%
ROIC
-25.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PTGX
Peer Median
Current Ratio
12.7
5.7
Quick Ratio
12.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PTGX
Peer Median
Revenue YoY
-89.4%
—
Revenue CAGR 3Y
20.1%
—
Revenue CAGR 5Y
10.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PTGX
Peer Median
PTGX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 7 35.0%
- Buy 11 55.0%
- Hold 2 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-16
Median
$167.00
Now
$157.69
Low
$112.00
High
$225.00
Median target
$167.00
+5.9%
Mean target
$165.31
+4.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.11%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.29 | $2.12 | 0.17% |
| March 31, 2026 | $0.05 | $-0.54 | 0.59% |
| Dec. 31, 2025 | $-0.69 | $-0.50 | -0.19% |
| Sept. 30, 2025 | $-0.62 | $-0.65 | 0.03% |
| June 30, 2025 | $-0.55 | $-0.59 | 0.04% |
| March 31, 2025 | $-0.19 | $-0.24 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PTGX | $5.47B | -42.6 | -89.4% | -282.8% | -20.3% | — |
| PRAX | $7.43B | -21.9 | 249.5% | — | -47.3% | — |
| CYTK | $7.81B | -9.7 | 376.6% | -891.6% | 152.7% | — |
| SMMT | $13.56B | -12.1 | — | — | -235.1% | — |
| APGE | $5.16B | -17.9 | — | — | — | — |
| KYMR | $6.33B | -21.1 | -16.7% | -794.0% | -24.4% | — |
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | — |
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
| SYRE | $2.56B | 10.1 | -62.0% | — | -26.5% | — |
| PCVX | $6.05B | -8.2 | — | — | -26.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46M | $434M | $60M | $27M | $27M | $29M | $231.0K | $31M | $20M | |
| R&D Expense | $159M | $138M | $120M | $126M | $126M | $75M | $65M | $59M | $46M | |
| SG&A Expense | $45M | $43M | $33M | $32M | $27M | $19M | $16M | $14M | $12M | |
| Operating Expenses | $204M | $182M | $154M | $158M | $153M | $93M | $81M | $73M | $58M | |
| Operating Income | $-158M | $253M | $-94M | $-131M | $-126M | $-65M | $-81M | $-42M | $-38M | |
| Interest Expense | · | · | · | · | · | $598.0K | $169.0K | · | · | |
| Interest Income | $29M | $26M | $15M | $4M | $443.0K | $900.0K | $3M | $3M | $948.0K | |
| Other Non-op | $27.0K | $250.0K | $-201.0K | $-80.0K | $-149.0K | $-46.0K | $-1.0K | $-20.0K | $-8.0K | |
| Pretax Income | $-129M | $279M | $-79M | $-127M | $-126M | $-65M | $-78M | $-40M | $-37M | |
| Income Tax | $838.0K | $4M | $0 | $0 | $0 | $1M | $-691.0K | $-799.0K | $0 | |
| Net Income | $-130M | $275M | $-79M | $-127M | $-126M | $-66M | $-77M | $-39M | $-37M | |
| EPS (Basic) | $-2.05 | $4.47 | $-1.39 | $-2.60 | $-2.71 | $-1.92 | · | · | · | |
| EPS (Diluted) | $-2.05 | $4.23 | $-1.39 | $-2.60 | $-2.71 | $-1.92 | · | · | · | |
| Shares (Basic) | 63,573,048 | 61,566,989 | 56,763,559 | 49,042,232 | 46,322,910 | 34,396,446 | · | · | · | |
| Shares (Diluted) | 63,573,048 | 65,077,722 | 56,763,559 | 49,042,232 | 46,322,910 | 34,396,446 | · | · | · | |
| EBITDA | $-157M | $254M | $-93M | $-130M | $-125M | $-64M | $-80M | $-42M | $-37M |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $128M | $97M | $187M | $126M | $124M | $117M | $33M | $82M | $106M | |
| Short-term Investments | $439M | $322M | $155M | $112M | $203M | $188M | $100M | $47M | $38M | |
| Prepaid Expense | $10M | $8M | $4M | $6M | $9M | $6M | $6M | $3M | $4M | |
| Other Current Assets | $10.0K | $248.0K | $76.0K | $42.0K | · | · | · | · | $1M | |
| Current Assets | $578M | $592M | $356M | $243M | $341M | $316M | $145M | $138M | $151M | |
| PP&E (Net) | $4M | $3M | $1M | $2M | $2M | $1M | $2M | $861.0K | $879.0K | |
| PP&E (Gross) | $12M | $10M | $7M | $7M | $6M | $5M | $4M | $3M | $2M | |
| Accum. Depreciation | $8M | $7M | $6M | $5M | $4M | $3M | $3M | $2M | $2M | |
| Total Assets | $668M | $745M | $358M | $248M | $348M | $324M | $155M | $139M | $164M | |
| Accounts Payable | $5M | $2M | $772.0K | $4M | $2M | $3M | $3M | $6M | $1M | |
| Accrued Liabilities | $28M | $24M | $19M | $25M | $38M | $18M | $12M | $11M | $10M | |
| Current Liabilities | $45M | $47M | $21M | $31M | $44M | $40M | $35M | $26M | $43M | |
| Capital Leases | $8M | $10M | · | $1M | $4M | $4M | $6M | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | $121.0K | · | · | · | |
| Total Liabilities | $53M | $69M | $21M | $32M | $48M | $45M | $75M | $27M | $43M | |
| Long-term Debt | · | · | · | · | · | · | $10M | · | · | |
| Common Stock | $1.0K | $1.0K | $1.0K | · | · | · | · | · | $0 | |
| Retained Earnings | $-471M | $-341M | $-616M | $-537M | $-409M | $-284M | $-218M | $-140M | $-102M | |
| AOCI | $641.0K | $-82.0K | $-105.0K | $-359.0K | $-299.0K | $28.0K | $-221.0K | $-233.0K | $-6.0K | |
| Stockholders' Equity | $615M | $675M | $337M | $216M | $300M | $280M | $80M | $113M | $121M | |
| Liabilities + Equity | $668M | $745M | $358M | $248M | $348M | $324M | $155M | $139M | $164M | |
| Shares Outstanding | 62,577,897 | 61,035,139 | 57,708,613 | 49,339,252 | 47,838,330 | 43,745,465 | 27,217,649 | 23,187,219 | 21,088,306 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $826.0K | $977.0K | $1M | $813.0K | $948.0K | $732.0K | $527.0K | $406.0K | |
| Stock-based Comp | $46M | $38M | $29M | $24M | $16M | $8M | $8M | $7M | $4M | |
| Deferred Tax | · | · | · | · | · | $1M | $-775.0K | $-799.0K | · | |
| Other Non-cash | $141M | $-129M | $-22M | $-6M | $478.0K | $-16M | $27M | $-18M | $36M | |
| Operating Cash Flow | $58M | $184M | $-70M | $-108M | $-108M | $-72M | $-42M | $-50M | $4M | |
| CapEx | $2M | $1M | $609.0K | $795.0K | $1M | $471.0K | $967.0K | $486.0K | $666.0K | |
| Investing Cash Flow | $-49M | $-299M | $-39M | $91M | $-16M | $-91M | $-54M | $2M | $16M | |
| Debt Issued | · | · | · | · | · | · | $10M | · | · | |
| Net Debt Issued | · | · | · | · | · | $-11M | · | · | · | |
| Stock Issued | · | · | $108M | · | $124M | $213M | $34M | $2M | · | |
| Net Stock Activity | · | · | $108M | · | $124M | $213M | $34M | $2M | · | |
| Financing Cash Flow | $23M | $26M | $170M | $19M | $130M | $248M | $46M | $24M | $66M | |
| Net Change in Cash | $31M | $-89M | $61M | $2M | $6M | $84M | $-49M | $-24M | $85M | |
| Taxes Paid | $4M | $2M | · | · | · | · | · | · | · | |
| Free Cash Flow | $56M | $183M | $-71M | $-109M | $-109M | $-73M | $-42M | $-50M | $3M | |
| Levered FCF | · | · | · | · | · | $-74M | $-43M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -343.6% | 58.2% | -156.1% | -494.2% | -460.0% | · | · | -136.7% | · | |
| Net Margin | -282.8% | 63.3% | -131.6% | -479.3% | -458.9% | · | · | -125.9% | · | |
| Pretax Margin | -281.0% | 64.3% | -131.6% | -479.3% | -458.9% | · | · | -128.4% | · | |
| EBITDA Margin | -340.9% | 58.4% | -154.5% | -490.4% | -457.0% | · | · | -135.0% | · | |
| ROA | -18.4% | 49.9% | -26.1% | -42.8% | -37.4% | -27.6% | -52.4% | -25.7% | -28.7% | |
| ROE | -20.3% | 45.6% | -24.7% | -55.5% | -39.9% | -29.4% | -88.0% | -32.9% | -35.5% | |
| ROIC | -25.9% | 36.9% | -27.8% | -60.9% | -41.9% | -23.5% | -99.8% | -38.3% | -31.4% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.7 | 12.5 | 16.7 | 7.8 | 7.7 | 7.8 | 4.1 | 5.3 | 3.5 | |
| Quick Ratio | 12.5 | 8.8 | 16.1 | 7.6 | 7.4 | 7.6 | 3.8 | 4.9 | 3.4 | |
| Interest Coverage | · | · | · | · | · | -107.9 | -476.5 | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.8 | 0.2 | 0.1 | 0.1 | · | · | 0.2 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -89.4% | 624.1% | 125.7% | -2.8% | -4.4% | · | · | · | · | |
| Revenue CAGR 3Y | 20.1% | 151.3% | 28.0% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.0% | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $46M | $434M | $60M | $27M | $27M | $29M | $231.0K | $31M | $20M | |
| Net Income TTM | $-130M | $275M | $-79M | $-127M | $-126M | $-66M | $-77M | $-39M | $-37M | |
| Market Cap | $5.47B | $2.36B | $1.32B | $538M | $1.64B | $882M | $192M | $156M | $439M | |
| P/E | -42.6 | 9.1 | -16.5 | -4.2 | -12.6 | -10.5 | · | · | · | |
| P/S | 118.8 | 5.4 | 22.1 | 20.3 | 59.8 | 30.8 | 830.7 | 5.0 | 21.9 | |
| P/B | 8.9 | 3.5 | 3.9 | 2.5 | 5.5 | 3.2 | 2.4 | 1.4 | 3.6 | |
| P / Tangible Book | 8.9 | 3.5 | 3.9 | 2.5 | 5.5 | 3.2 | · | · | · | |
| P / Cash Flow | 94.8 | 12.8 | -18.8 | -5.0 | -15.2 | -12.2 | -4.6 | -3.1 | 113.3 | |
| P / FCF | 97.5 | 12.9 | -18.7 | -4.9 | -15.0 | -12.1 | -4.5 | -3.1 | 136.8 | |
| Earnings Yield | -2.4% | 11.0% | -6.1% | -23.8% | -7.9% | -9.5% | · | · | · |
Income Statement 15
| 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 | $213M | $56M | $7M | $5M | $6M | $28M | $171M | $5M | $4M | $255M | $60M | $0 | $0 | $0 | $0 | $0 | |
| R&D Expense | $42M | $47M | $46M | $40M | $37M | $36M | $35M | $36M | $34M | $34M | $29M | $31M | $33M | $27M | $30M | $25M | |
| SG&A Expense | $13M | $13M | $11M | $11M | $11M | $12M | $9M | $10M | $9M | $15M | $8M | $8M | $9M | $9M | $7M | $7M | |
| Operating Expenses | $55M | $60M | $58M | $51M | $48M | $48M | $44M | $46M | $43M | $49M | $37M | $38M | $42M | $36M | $37M | $32M | |
| Operating Income | $159M | $-4M | $-50M | $-46M | $-42M | $-19M | $127M | $-41M | $-39M | $206M | $23M | $-38M | $-42M | $-36M | $-37M | $-32M | |
| Interest Income | $6M | $6M | $7M | $7M | $7M | $8M | $7M | $8M | $7M | $4M | $4M | $4M | $4M | $2M | $2M | $1M | |
| Other Non-op | $-81.0K | $53.0K | $-124.0K | $33.0K | $36.0K | $82.0K | $31.0K | $141.0K | $97.0K | $-19.0K | $44.0K | $-31.0K | $-19.0K | $-195.0K | $71.0K | $-86.0K | |
| Pretax Income | $165M | $2M | $-44M | $-39M | $-35M | $-12M | $134M | $-34M | $-31M | $211M | $27M | $-34M | $-38M | $-34M | · | · | |
| Income Tax | $2M | $-2M | $666.0K | $0 | $172.0K | $0 | $2M | $-420.0K | $-676.0K | $3M | · | $0 | $0 | $0 | · | · | |
| Net Income | $163M | $4M | $-44M | $-39M | $-35M | $-12M | $132M | $-33M | $-31M | $207M | $27M | $-34M | $-38M | $-34M | $-34M | $-31M | |
| EPS (Basic) | $2.47 | $0.06 | $-0.69 | $-0.62 | $-0.55 | $-0.19 | $2.10 | $-0.54 | $-0.50 | $3.41 | $0.54 | $-0.58 | $-0.68 | $-0.67 | $-0.69 | $-0.64 | |
| EPS (Diluted) | $2.29 | $0.05 | $-0.69 | $-0.62 | $-0.55 | $-0.19 | $2.01 | $-0.54 | $-0.50 | $3.26 | $0.54 | $-0.58 | $-0.68 | $-0.67 | $-0.69 | $-0.64 | |
| Shares (Basic) | 65,935,769 | 65,087,847 | -126,673,627 | 63,772,332 | 63,510,537 | 62,963,806 | -122,361,923 | 61,767,934 | 61,305,289 | 60,855,689 | -109,768,732 | 59,182,899 | 56,775,742 | 50,573,650 | -97,867,857 | 49,107,639 | |
| Shares (Diluted) | 71,007,011 | 70,492,618 | -126,673,627 | 63,772,332 | 63,510,537 | 62,963,806 | -121,590,829 | 61,767,934 | 61,305,289 | 63,595,328 | -109,768,732 | 59,182,899 | 56,775,742 | 50,573,650 | -97,867,857 | 49,107,639 | |
| EBITDA | $159M | $-3M | · | $-46M | $-42M | $-19M | · | $-41M | $-39M | $207M | · | $-38M | $-42M | $-36M | · | $-32M |
Balance Sheet 21
| 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 | $420M | $194M | $128M | $114M | $169M | $140M | $97M | $131M | $356M | $173M | $187M | $231M | $235M | $128M | $126M | $153M | |
| Short-term Investments | $362M | $354M | $439M | $462M | $402M | $435M | $322M | $338M | $208M | $150M | · | $90M | $78M | $103M | · | $115M | |
| Prepaid Expense | $8M | $12M | $10M | $10M | $9M | $9M | $8M | $8M | $7M | $5M | · | $4M | $4M | $5M | · | $9M | |
| Other Current Assets | · | · | $10.0K | $191.0K | $92.0K | · | $248.0K | $3M | $1M | $360.0K | · | $65.0K | · | · | · | · | |
| Current Assets | $807M | $613M | $578M | $586M | $603M | $606M | $592M | $477M | $571M | $628M | · | $325M | $317M | $236M | · | $277M | |
| PP&E (Net) | $3M | $4M | $4M | $4M | $4M | $4M | $3M | $2M | $2M | $1M | · | $1M | $1M | $1M | · | $2M | |
| PP&E (Gross) | $13M | $12M | $12M | $12M | $12M | $11M | $10M | $9M | $8M | $8M | · | $7M | $7M | $7M | · | $7M | |
| Accum. Depreciation | $9M | $9M | $8M | $8M | $8M | $7M | $7M | $7M | $7M | $6M | · | $6M | $6M | $5M | · | $5M | |
| Other Non-current Assets | $832.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $886M | $697M | $668M | $702M | $718M | $742M | $745M | $604M | $615M | $629M | · | $330M | $320M | $240M | · | $282M | |
| Accounts Payable | $3M | $8M | $5M | $6M | $3M | $3M | $2M | $3M | $4M | $4M | · | $1M | $5M | $4M | · | $5M | |
| Accrued Liabilities | $22M | $17M | $28M | $23M | $15M | $12M | $24M | $21M | $15M | $16M | · | $25M | $19M | $17M | · | $30M | |
| Current Liabilities | $37M | $35M | $45M | $45M | $36M | $35M | $47M | $45M | $42M | $40M | · | $28M | $26M | $23M | · | $37M | |
| Capital Leases | $7M | $7M | $8M | $9M | $9M | $10M | $10M | $11M | $11M | · | · | · | · | $462.0K | · | $2M | |
| Total Liabilities | $44M | $42M | $53M | $56M | $50M | $53M | $69M | $72M | $73M | $69M | · | $28M | $26M | $24M | · | $39M | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | · | $1.0K | $1.0K | $1.0K | · | · | |
| Retained Earnings | $-304M | $-467M | $-471M | $-426M | $-387M | $-352M | $-341M | $-472M | $-439M | $-408M | · | $-643M | $-609M | $-570M | · | $-503M | |
| AOCI | $-828.0K | $-269.0K | $641.0K | $525.0K | $-15.0K | $85.0K | $-82.0K | $1M | $-249.0K | $-229.0K | · | $-170.0K | $-198.0K | $-122.0K | · | $-480.0K | |
| Stockholders' Equity | $842M | $655M | $615M | $645M | $668M | $689M | $675M | $532M | $541M | $560M | $337M | $302M | $294M | $216M | $216M | $244M | |
| Liabilities + Equity | $886M | $697M | $668M | $702M | $718M | $742M | $745M | $604M | $615M | $629M | · | $330M | $320M | $240M | · | $282M | |
| Shares Outstanding | 64,672,032 | 64,227,057 | 62,577,897 | 62,447,102 | 62,107,572 | 61,928,760 | 61,035,139 | 59,521,903 | 58,762,063 | 58,600,787 | 57,708,613 | 57,647,476 | 57,494,185 | 51,440,503 | 49,339,252 | 49,198,411 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $397.0K | $407.0K | $376.0K | $361.0K | $304.0K | $239.0K | $118.0K | $231.0K | $241.0K | $236.0K | $248.0K | $244.0K | $237.0K | $248.0K | $256.0K | $270.0K | |
| Stock-based Comp | $14M | $15M | $11M | $11M | $11M | $14M | $9M | $10M | $9M | $9M | $7M | $7M | $8M | $8M | $6M | $6M | |
| Other Non-cash | · | $-68M | · | · | · | $123M | · | · | · | $-244M | · | · | · | $-8M | · | · | |
| Operating Cash Flow | $219M | $-49M | $-37M | $-2M | $-29M | $125M | $-29M | $-28M | $269M | $-27M | $17M | $-27M | $-26M | $-34M | $-32M | $-25M | |
| CapEx | $168.0K | $215.0K | $144.0K | $88.0K | $813.0K | $545.0K | $310.0K | $775.0K | $28.0K | $242.0K | $19.0K | $404.0K | $176.0K | $10.0K | $70.0K | $162.0K | |
| Investing Cash Flow | $-2M | $91M | $49M | $-59M | $55M | $-94M | $-9M | $-209M | $-88M | $6M | $-61M | $-14M | $26M | $10M | $4M | $57M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $8.0K | $-78.0K | · | · | · | · | |
| Financing Cash Flow | $10M | $23M | $3M | $6M | $3M | $11M | $4M | $12M | $3M | $7M | $527.0K | $35M | $108M | $26M | $553.0K | $680.0K | |
| Net Change in Cash | $226M | $65M | $15M | $-55M | $29M | $42M | $-34M | $-225M | $183M | $-14M | $-44M | $-5M | $108M | $2M | $-27M | $33M | |
| Free Cash Flow | · | $-49M | · | · | · | $125M | · | · | · | $-28M | · | · | · | $-34M | · | · |
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 | 74.4% | -6.5% | · | -985.2% | -758.0% | -68.2% | · | -886.7% | -931.0% | 80.9% | · | · | · | · | · | · | |
| Net Margin | 76.3% | 6.7% | · | -834.9% | -627.0% | -41.1% | · | -710.4% | -734.7% | 81.3% | · | · | · | · | · | · | |
| Pretax Margin | 77.3% | 4.0% | · | -834.9% | -623.9% | -41.1% | · | -719.4% | -751.0% | 82.6% | · | · | · | · | · | · | |
| EBITDA Margin | 74.4% | -5.8% | · | -985.2% | -758.0% | -67.3% | · | -886.7% | -931.0% | 81.0% | · | · | · | · | · | · | |
| ROA | 20.3% | 0.53% | · | -6.0% | -5.2% | -1.7% | · | -7.1% | -6.6% | 47.7% | · | -11.1% | -12.2% | -11.5% | · | -9.5% | |
| ROE | 21.6% | 0.56% | · | -6.7% | -5.8% | -1.9% | · | -8.0% | -7.3% | 53.4% | · | -12.5% | -13.7% | -13.0% | · | -10.9% | |
| ROIC | 18.6% | -0.92% | · | -7.2% | -6.3% | -2.8% | · | -7.7% | -7.0% | 36.2% | · | · | · | · | · | · |
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 | 21.7 | 17.8 | · | 13.0 | 17.0 | 17.3 | · | 10.7 | 13.7 | 15.7 | · | 11.7 | 12.0 | 10.1 | · | 7.5 | |
| Quick Ratio | 21.0 | 15.9 | · | 12.8 | 16.1 | 16.4 | · | 10.5 | 13.6 | 8.1 | · | 11.5 | 11.9 | 9.9 | · | 7.3 |
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 | 0.3 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.6 | · | 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 | $280M | $95M | · | $43M | $43M | $292M | · | $264M | $259M | $255M | · | $0 | $859.0K | $27M | · | $37M | |
| Net Income TTM | $93M | $-82M | · | $-119M | $-110M | $132M | · | $109M | $104M | $101M | · | $-138M | $-144M | $-127M | · | $-127M | |
| Market Cap | $7.93B | $6.77B | · | $4.15B | $3.43B | $2.99B | · | $2.68B | $2.04B | $1.70B | · | $962M | $1.59B | $1.18B | · | $415M | |
| P/E | 104.8 | -80.5 | · | -35.0 | -31.1 | 23.8 | · | 27.4 | 23.1 | 21.8 | · | -6.5 | -9.8 | -8.9 | · | -3.2 | |
| P/S | 28.3 | 71.3 | · | 95.9 | 80.4 | 10.3 | · | 10.2 | 7.9 | 6.6 | · | · | 1848.6 | 44.5 | · | 11.2 | |
| P/B | 9.4 | 10.3 | · | 6.4 | 5.1 | 4.3 | · | 5.0 | 3.8 | 3.0 | · | 3.2 | 5.4 | 5.5 | · | 1.7 | |
| P / Tangible Book | 9.4 | 10.3 | · | 6.4 | 5.1 | 4.3 | · | 5.0 | 3.8 | 3.0 | · | 3.2 | 5.4 | 5.5 | · | 1.7 | |
| P / Cash Flow | · | -138.3 | · | · | · | 23.9 | · | · | · | -61.8 | · | · | · | -34.4 | · | · | |
| P / FCF | · | -137.7 | · | · | · | 24.0 | · | · | · | -61.3 | · | · | · | -34.4 | · | · | |
| Earnings Yield | 0.95% | -1.2% | · | -2.9% | -3.2% | 4.2% | · | 3.6% | 4.3% | 4.6% | · | -15.4% | -10.2% | -11.2% | · | -31.0% |
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 | $46M | $434M | $60M | $27M | $27M |
| Operating Margin % | -343.6% | 58.2% | -156.1% | -494.2% | -460.0% |
| Net Income | $-130M | $275M | $-79M | $-127M | $-126M |
| Diluted EPS | $-2.05 | $4.23 | $-1.39 | $-2.60 | $-2.71 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 12.7 | 12.5 | 16.7 | 7.8 | 7.7 |
| Quick Ratio | 12.5 | 8.8 | 16.1 | 7.6 | 7.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $56M | $183M | $-71M | $-109M | $-109M |
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Institutional owners (13F) 369 filers · $6.0B 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 |
|---|---|---|---|---|
| 65 (+5 vs prior Q) | 34 (-13 vs prior Q) | 143 (+36 vs prior Q) | 84 (-28 vs prior Q) | +6.9M |
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 |
|---|---|---|---|---|
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $778,248,897 | 6,348,906 | 12.91% | Shares |
| RTW INVESTMENTS, LP | $620,398,832 | 5,061,175 | 10.29% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $444,879,349 | 3,629,298 | 7.38% | Shares |
| STATE STREET CORP | $407,156,089 | 3,321,554 | 6.75% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $349,769,037 | 2,853,394 | 5.80% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $349,287,787 | 2,849,468 | 5.79% | Shares |
| JOHNSON & JOHNSON | $300,220,852 | 2,449,183 | 4.98% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $185,989,291 | 1,516,976 | 3.08% | Shares |
| Woodline Partners LP | $173,349,326 | 1,414,173 | 2.87% | Shares |
| BANK OF AMERICA CORP /DE/ | $140,547,654 | 1,146,579 | 2.33% | Shares |
| PERCEPTIVE ADVISORS LLC | $120,358,728 | 981,879 | 2.00% | Shares |
| ADAR1 Capital Management, LLC | $117,782,587 | 960,863 | 1.95% | Shares |
| JENNISON ASSOCIATES LLC | $112,878,407 | 920,855 | 1.87% | Shares |
| Alyeska Investment Group, L.P. | $109,010,149 | 889,298 | 1.81% | Shares |
| Hood River Capital Management LLC | $108,206,024 | 882,738 | 1.79% | Shares |
| Driehaus Capital Management LLC | $89,612,477 | 731,053 | 1.49% | Shares |
| Clearbridge Investments, LLC | $88,911,554 | 725,335 | 1.47% | Shares |
| FMR LLC | $82,247,135 | 670,967 | 1.36% | Shares |
| AMERICAN CENTURY COMPANIES INC | $73,376,587 | 598,600 | 1.22% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $71,559,017 | 583,774 | 1.19% | Shares |
| Pictet Asset Management Holding SA | $69,624,214 | 567,990 | 1.15% | Shares |
| GOLDMAN SACHS GROUP INC | $69,261,132 | 565,028 | 1.15% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $53,659,027 | 437,747 | 0.89% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $46,648,554 | 380,556 | 0.77% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $36,954,438 | 301,472 | 0.61% | Shares |
| 683 Capital Management, LLC | $35,548,200 | 290,000 | 0.59% | Shares |
| Stephens Investment Management Group LLC | $34,546,967 | 281,832 | 0.57% | Shares |
| Eagle Health Investments LP | $30,439,311 | 248,322 | 0.50% | Shares |
| NEUBERGER BERMAN GROUP LLC | $30,311,828 | 247,282 | 0.50% | Shares |
| NEXTBio Capital Management LP | $26,885,839 | 219,333 | 0.45% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $26,320,868 | 214,724 | 0.44% | Shares |
| SEB Asset Management AB | $25,737,215 | 209,963 | 0.43% | Shares |
| Public Sector Pension Investment Board | $25,458,395 | 207,688 | 0.42% | Shares |
| Bank of New York Mellon Corp | $22,273,031 | 181,702 | 0.37% | Shares |
| Affinity Asset Advisors, LLC | $21,099,083 | 172,125 | 0.35% | Shares |
| Fisher Asset Management, LLC | $20,902,831 | 170,524 | 0.35% | Shares |
| Boxer Capital Management, LLC | $20,838,600 | 170,000 | 0.35% | Shares |
| Caption Management, LLC | $19,833,444 | 161,800 | 0.33% | Put option |
| NAN FUNG TRINITY (HK) LTD | $19,694,929 | 160,670 | 0.33% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $18,592,199 | 151,674 | 0.31% | Shares |
| Caption Management, LLC | $18,387,000 | 150,000 | 0.30% | Call option |
| ORBIMED ADVISORS LLC | $18,387,000 | 150,000 | 0.30% | Call option |
| AMERIPRISE FINANCIAL INC | $17,395,696 | 141,913 | 0.29% | Shares |
| RHUMBLINE ADVISERS | $17,317,951 | 141,279 | 0.29% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $17,294,000 | 141,081 | 0.29% | Shares |
| TD Asset Management Inc | $16,542,171 | 134,950 | 0.27% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $16,428,049 | 134,019 | 0.27% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $13,306,672 | 108,555 | 0.22% | Shares |
| Catalio Capital Management, LP | $13,091,421 | 106,799 | 0.22% | Shares |
| Swiss National Bank | $12,552,192 | 102,400 | 0.21% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $12,503,406 | 102,002 | 0.21% | Shares |
| Opaleye Management Inc. | $12,258,000 | 100,000 | 0.20% | Shares |
| ASSETMARK, INC | $12,097,052 | 98,687 | 0.20% | Shares |
| JANUS HENDERSON GROUP PLC | $12,077,934 | 114,575 | 0.20% | Shares |
| Legal & General Group Plc | $11,363,044 | 92,699 | 0.19% | Shares |
| ALGERT GLOBAL LLC | $10,750,021 | 87,698 | 0.18% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $10,282,379 | 83,883 | 0.17% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $10,246,953 | 83,594 | 0.17% | Shares |
| AXIOM INVESTORS LLC /DE | $10,012,702 | 81,683 | 0.17% | Shares |
| PRUDENTIAL FINANCIAL INC | $9,693,626 | 79,080 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $8,385,940 | 79,563 | 0.14% | Shares |
| Nuveen, LLC | $8,236,886 | 67,196 | 0.14% | Shares |
| BlackRock, Inc. | $8,091,628 | 66,011 | 0.13% | Shares |
| Knott David M Jr | $7,722,540 | 63,000 | 0.13% | Shares |
| Moody Aldrich Partners LLC | $7,305,891 | 59,601 | 0.12% | Shares |
| Eversept Partners, LP | $7,171,420 | 58,504 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,994,660 | 57,062 | 0.12% | Shares |
| Bellevue Group AG | $6,825,500 | 55,682 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,790,932 | 55,400 | 0.11% | Put option |
| FIRST TRUST ADVISORS LP | $6,725,351 | 54,865 | 0.11% | Shares |
| KVP Capital Advisors, LP | $6,496,740 | 53,000 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $6,329,909 | 51,639 | 0.10% | Shares |
| CASTLEARK MANAGEMENT LLC | $6,198,871 | 50,570 | 0.10% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,184,556 | 58,677 | 0.10% | Shares |
| Granahan Investment Management, LLC | $6,105,587 | 49,809 | 0.10% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $5,993,427 | 48,894 | 0.10% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $5,597,983 | 45,668 | 0.09% | Shares |
| Seven Fleet Capital Management LP | $5,565,132 | 45,400 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,565,132 | 45,400 | 0.09% | Call option |
| Caption Management, LLC | $5,516,100 | 45,000 | 0.09% | Shares |
| EFG Asset Management (North America) Corp. | $5,492,601 | 82,639 | 0.09% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $5,458,365 | 44,529 | 0.09% | Shares |
| GREAT LAKES ADVISORS, LLC | $5,369,004 | 43,800 | 0.09% | Shares |
| ORBIMED ADVISORS LLC | $5,160,618 | 42,100 | 0.09% | Shares |
| Elmind Capital, LP | $4,658,040 | 38,000 | 0.08% | Shares |
| LMR Partners LLP | $4,658,040 | 38,000 | 0.08% | Shares |
| Atika Capital Management LLC | $4,444,260 | 36,256 | 0.07% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $4,443,770 | 36,252 | 0.07% | Shares |
| MetLife Investment Management, LLC | $4,387,383 | 35,792 | 0.07% | Shares |
| Birchview Capital, LP | $4,292,506 | 35,018 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,063,772 | 33,152 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $3,971,592 | 32,400 | 0.07% | Call option |
| Aquilo Capital Management, LLC | $3,950,625 | 81,692 | 0.07% | Shares |
| MORGAN STANLEY | $3,857,347 | 31,468 | 0.06% | Shares |
| Illinois Municipal Retirement Fund | $3,580,684 | 29,211 | 0.06% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $3,574,555 | 29,161 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $3,488,995 | 28,463 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $3,474,530 | 28,345 | 0.06% | Shares |
| DEUTSCHE BANK AG\ | $3,463,620 | 28,256 | 0.06% | Shares |
| Schonfeld Strategic Advisors LLC | $3,441,064 | 28,072 | 0.06% | Shares |
Company insiders 20 insiders · 9 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Asif Ali | Chief Financial Officer | April 20, 2026 S | 59,003 | 0 | 5 | $-7,315,451 |
| Donald A. Kalkofen | Chief Financial Officer | Feb. 15, 2022 A | 18,521 | 0 | 0 | $0 |
| Thomas P. O'Neil | Chief Financial Officer | Aug. 15, 2018 A | 30,560 | 0 | 0 | $0 |
| Arturo Molina MD | Chief Medical Officer | March 26, 2026 M | 84,115 | 0 | 6 | $-4,491,766 |
| Suneel Gupta | Chief Development Officer | Nov. 26, 2024 M | 267,433 | 0 | 0 | $0 |
| David Y Liu | Chief R&D Strategy Officer | Nov. 16, 2022 M | 167,590 | 0 | 0 | $0 |
| Samuel R Saks | Chief Medical Officer | Feb. 26, 2021 A | 14,000 | 0 | 0 | $0 |
| Richard S Shame | Chief Medical Officer | Feb. 28, 2019 A | 32,021 | 0 | 0 | $0 |
| William A Hodder | Sr. VP - Corporate Development | Oct. 11, 2016 A | — | 0 | 0 | $0 |
| William D. Waddill | Director | June 23, 2026 M | 7,825 | 0 | 8 | $-6,074,420 |
| Bryan Giraudo | Director | May 7, 2026 M | 12,695 | 0 | 4 | $-5,918,880 |
| Harold E Selick | Director | March 26, 2026 M | 60,845 | 0 | 1 | $-2,520,000 |
| Lewis T Williams | Director | Feb. 17, 2026 M | 7,825 | 0 | 1 | $-1,483,560 |
| Sarah A O'Dowd | Director | Jan. 2, 2026 A | 7,825 | 0 | 0 | $0 |
| Daniel N Swisher JR | Director | Oct. 26, 2023 A | — | 0 | 0 | $0 |
| Sarah B. Noonberg | Director | Jan. 16, 2023 A | 0 | 0 | 0 | $0 |
| Chaitan Khosla PHD | Director | Aug. 11, 2020 M | 0 | 0 | 0 | $0 |
| Armen Shanafelt | Director | May 29, 2018 A | 2,099,482 | 0 | 0 | $0 |
| Julie Papanek | Director | May 25, 2017 A | 2,453,255 | 0 | 0 | $0 |
| PATEL DINESH V PH D | — | Aug. 11, 2026 M | 523,478 | 0 | 11 | $-42,337,688 |
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 |
|---|---|---|---|---|---|
| Lilly Ventures Fund I, LLC, LV Management Group, LLC, S. Edward Torres, Steven E. Hall, Ph.D., Armen B. Shanafelt, Ph.D. ×2 filings | June 8, 2020 | — | 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 76 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 |
|---|---|---|---|---|
| PSCH · Invesco Exchange-Traded Fund Trust … | 4.46% | 52,464 SH | Aug. 8, 2026 | Daily |
| PBE · Invesco Exchange-Traded Fund Trust | 3.49% | 86,705 SH | Aug. 8, 2026 | Daily |
| NBDS · Neuberger Berman ETF Trust | 2.97% | 10,761 NS | May 31, 2026 | N-PORT |
| XSMO · Invesco Exchange-Traded Fund Trust | 2.69% | 572,095 SH | Aug. 8, 2026 | Daily |
| CAFG · Pacer Funds Trust | 2.15% | 4,916 NS | April 30, 2026 | N-PORT |
| RZG · Invesco Exchange-Traded Fund Trust | 1.86% | 17,703 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 0.98% | 561,172 SH | Aug. 8, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.96% | 50,321 NS | April 30, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.82% | 6,865 NS | April 30, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.81% | 71,955 SH | Aug. 8, 2026 | Daily |
| BBC · ETFis Series Trust I | 0.77% | 2,894 NS | April 30, 2026 | N-PORT |
| FDMO · FIDELITY COVINGTON TRUST | 0.72% | 61,466 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.69% | 447,961 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.65% | 12,871 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.64% | 3,501 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.56% | 557,682 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.55% | 7,144 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.50% | 8,846 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.48% | 3,686,440 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.44% | 65,879 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.41% | 1,068 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.41% | 2,139 NS | May 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.40% | 211,363 SH | Aug. 8, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.37% | 19,517 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.33% | 3,261 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.32% | 2,361 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 17,406 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.28% | 1,560,269 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.27% | 20,237 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.26% | 2,151 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.26% | 705 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.23% | 354,172 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.22% | 851,812 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.17% | 27,056 SH | Aug. 8, 2026 | Daily |
| ROSC · Lattice Strategies Trust | 0.17% | 917 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.15% | 2,739 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.14% | 6,703 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.13% | 17,224 NS | April 30, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.13% | 1,964 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.12% | 24,666 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.12% | 282,329 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.12% | 2,384 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 5,370 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.10% | 20,511 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.10% | 7,026 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.10% | 27,848 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.09% | 1,475,028 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.09% | 153,362 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.09% | 2,143 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.08% | 8,339 NS | May 31, 2026 | N-PORT |