PVLA Palvella Therapeutics, Inc. - Common Stock
$139.78
Price · Aug 24, 2026
Fundamentals as of Aug 4, 2026
52W Range
$49–$161
81% of range
Analyst Rating
BUY
22 analysts
Price Target
$231
+65% upside
P/E (TTM)
-37.7
ROE
-110.1%
Net Profit Margin
-1610.6%
PVLA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$139.78
Market Cap
$1.73B
P/E (TTM)
-37.7
EPS (TTM)
$-3.71
Revenue (TTM)
$43M
Div Yield
—
ROE
-110.1%
Debt/Equity
—
52W Range
$49 – $161
PVLA Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$43M
2017-12-31
→
2023-12-31
EPS
$-3.71
2020-12-31
→
2025-12-31
Free Cash Flow
—
2017-12-31
→
2022-12-31
Margins
-1610.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PVLA
Peer Median
P/E (TTM)
-37.7
55.4
P/S (TTM)
88.4
7.7
P/B
61.8
7.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PVLA
Peer Median
Operating Margin
-1490.4%
—
Net Profit Margin
-1610.6%
-2.0%
ROA
-56.5%
-32.7%
ROE
-110.1%
-37.9%
ROIC
-137.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PVLA
Peer Median
Current Ratio
5.2
7.4
Quick Ratio
5.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PVLA
Peer Median
Revenue YoY
65.3%
—
Revenue CAGR 3Y
13.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PVLA
Peer Median
PVLA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 6 27.3%
- Buy 15 68.2%
- Hold 1 4.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-24
Median
$232.00
← Below all targets
$139.78
Low
$205.00
High
$270.00
Median target
$232.00
+66.0%
Mean target
$230.53
+64.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.37%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.52 | $-1.18 | -0.34% |
| March 31, 2026 | $-1.20 | $-0.95 | -0.25% |
| Dec. 31, 2025 | $-1.07 | $-0.93 | -0.14% |
| Sept. 30, 2025 | $-1.03 | $-0.86 | -0.17% |
| June 30, 2025 | $-0.86 | $-0.76 | -0.10% |
| March 31, 2025 | $-0.74 | $-1.24 | 0.50% |
| Dec. 31, 2024 | $-2.72 | $-0.66 | -2.1% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PVLA | $1.30B | -28.2 | 65.3% | -1610.6% | -110.1% | — |
| BHVN | $1.50B | -1.6 | — | — | -310.8% | — |
| PURR | — | — | — | — | — | — |
| STOK | $1.87B | -264.5 | 404.5% | -3.7% | -2.0% | — |
| VRDN | $3.17B | -7.7 | 23359.9% | -483.6% | -55.4% | — |
| GENB | — | — | — | — | — | — |
| SRPT | $2.26B | -3.0 | 15.6% | -32.5% | -57.1% | — |
| ZBIO | $1.98B | -4.3 | 100.0% | -3777.4% | -156.8% | — |
| AGIO | $1.59B | -3.8 | 48.0% | -764.0% | -32.2% | — |
| TSHA | $1.57B | -16.2 | 17.3% | -1115.3% | -44.0% | — |
| DMRA | — | — | 38.3% | -17981.1% | -167.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | $43M | $26M | $31M | $29M | $46M | $29M | $25M | $6M | $3M | $5M | |
| R&D Expense | $23M | $8M | $9M | $53M | $67M | $47M | $55M | $41M | $22M | $20M | $8M | $6M | |
| SG&A Expense | $16M | $6M | $3M | $16M | $17M | $17M | $18M | $18M | $18M | $9M | $8M | $7M | |
| Operating Expenses | $39M | $14M | $12M | $69M | $83M | $63M | $73M | $60M | $40M | $29M | $17M | $13M | |
| Operating Income | $-39M | $-14M | $-12M | $-43M | $-52M | $-34M | $-27M | $-31M | $-15M | $-23M | $-14M | $-7M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $3M | |
| Other Non-op | $727.0K | $-131.0K | $712.0K | $1M | $2M | $-4M | $-26.0K | $2M | $-2M | $120.0K | $10.9K | $3.0K | |
| Pretax Income | $-42M | $-17M | $19M | $-33M | $-46M | $-37M | $-25M | $-27M | $-17M | $-23M | $-14M | $-10M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $164.0K | $0 | $-312.0K | $1M | $162.0K | $203.9K | $-18 | |
| Net Income | $-42M | $-17M | $19M | $-33M | $-46M | $-37M | $-25M | $-27M | $-18M | $-23M | $-14M | $-10M | |
| EPS (Basic) | $-3.71 | $-7.83 | $2.19 | $-0.45 | $-0.71 | $-0.68 | · | · | · | · | · | · | |
| EPS (Diluted) | $-3.71 | $-7.83 | $2.17 | · | $-0.71 | $-0.68 | · | · | · | · | · | · | |
| Shares (Basic) | 11,251,250 | 2,225,934 | 1,770,167 | 74,172,000 | 64,547,000 | 54,481,000 | · | · | · | · | · | · | |
| Shares (Diluted) | 11,251,250 | 2,225,934 | 1,793,980 | · | 64,547,000 | 54,481,000 | · | · | · | · | · | · | |
| EBITDA | $-39M | $-14M | · | $-41M | · | $-34M | $-27M | $-31M | $-15M | · | · | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $58M | $84M | $7M | $39M | $118M | $70M | $62M | $75M | $38M | $29M | $29M | $18M | |
| Short-term Investments | $0 | · | $9M | $21M | $0 | $0 | $42M | $53M | $35M | $0 | · | · | |
| Receivables | $0 | $358.0K | $0 | $6M | $3M | $2M | $7M | $3M | $16M | $57.0K | $0 | $0 | |
| Prepaid Expense | $1M | $2M | $198.0K | $3M | $7M | $4M | $4M | $5M | $2M | $3M | $2M | $1M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | · | $1M | |
| Current Assets | $59M | $88M | $8M | $73M | $128M | $76M | $115M | $135M | $90M | $33M | $32M | $20M | |
| PP&E (Net) | · | · | $0 | $17M | $19M | $22M | $20M | $5M | $4M | $2M | $2M | $2M | |
| PP&E (Gross) | · | · | · | $27M | $27M | $28M | $23M | $8M | $7M | $5M | $4M | $4M | |
| Accum. Depreciation | · | · | · | $10M | $8M | $6M | $4M | $3M | $3M | $2M | $2M | $2M | |
| Other Non-current Assets | · | · | $0 | $1M | $3M | $3M | $3M | $910.0K | $130.0K | $126.0K | $126.8K | · | |
| Total Assets | $60M | $88M | $8M | $95M | $154M | $105M | $141M | $141M | $104M | $35M | $34M | $22M | |
| Accounts Payable | $5M | $5M | $936.0K | $4M | $9M | $2M | $6M | $3M | $2M | $2M | $1M | · | |
| Accrued Liabilities | · | · | · | · | · | $8M | $10M | $9M | $6M | $4M | $2M | $986.6K | |
| Current Liabilities | $11M | $12M | $2M | $37M | $51M | $22M | $27M | $48M | $46M | $8M | $3M | $4M | |
| Capital Leases | $431.0K | $0 | $0 | $12M | $14M | $16M | $15M | $0 | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | $0 | $0 | $6.0K | $0 | $27.0K | $37.0K | $47.0K | $23.9K | $334.0K | |
| Total Liabilities | $32M | $26M | $11M | $68M | $103M | $74M | $90M | $101M | $92M | $10M | $3M | $4M | |
| Common Stock | $12.0K | $11.0K | $0 | $74.0K | $72.0K | $56.0K | $55.0K | $54.0K | $45.0K | $43.0K | $39.8K | $29.3K | |
| Paid-in Capital | $163M | $156M | $2M | $319M | $307M | · | · | · | · | · | $112M | $85M | |
| Retained Earnings | $-135M | $-94M | $-76M | $-290M | $-257M | $-211M | $-174M | $-147M | $-120M | $-103M | $-80M | $-66M | |
| AOCI | $83.0K | $3.0K | $0 | $-254.0K | $829.0K | $-295.0K | $-2M | $-3M | $-5M | $-2M | $-1M | $-843.1K | |
| Stockholders' Equity | $28M | $63M | $-74M | $-94M | $51M | $31M | $51M | $40M | $12M | $25M | $31M | $18M | |
| Liabilities + Equity | $60M | $88M | $8M | $95M | $154M | $105M | $141M | $141M | $104M | $35M | $34M | $22M | |
| Shares Outstanding | 12,380,933 | 11,012,105 | 1,770,167 | 74,519,103 | 72,222,661 | 56,003,000 | 55,212,437 | 54,151,219 | 45,017,062 | 43,058,827 | 39,833,023 | 29,279,522 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | $2M | $3M | $2M | · | · | · | · | · | · | · | |
| Stock-based Comp | $6M | $830.0K | $603.0K | $4M | $5M | $5M | $5M | $5M | $3M | $2M | $1M | $571.4K | |
| Deferred Tax | · | · | $0 | $0 | $0 | $0 | $0 | $-164.0K | $0 | $0 | $0 | $0 | |
| Other Non-cash | · | · | · | $-34M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-25M | $-11M | $-14M | $-60M | $-8M | $-46M | $-52M | $-1M | $50M | $-14M | $-13M | $-5M | |
| CapEx | · | · | $171.0K | $1M | $949.0K | $3M | $2M | $2M | $2M | $560.0K | $620.7K | $267.4K | |
| Investing Cash Flow | · | · | $12M | $-21M | $-949.0K | $39M | $10M | $-9M | $-46M | · | · | · | |
| Stock Issued | · | · | $20M | $7M | $38M | $10M | · | · | · | · | $26M | $12M | |
| Net Stock Activity | · | · | · | $7M | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-660.0K | $87M | $5M | $7M | $59M | $10M | $32M | $49M | $4M | · | · | · | |
| Net Change in Cash | $-26M | $76M | $-9M | $-79M | $47M | $8M | $-13M | $37M | $9M | $6.0K | $11M | $15M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | $51.7K | |
| Free Cash Flow | · | · | · | $-61M | · | $-49M | $-55M | $-3M | $48M | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1490.4% | · | · | -167.8% | · | -115.7% | -58.7% | -105.9% | -57.7% | · | · | · | |
| Net Margin | -1610.6% | · | · | -128.5% | · | -127.0% | -55.0% | -91.9% | -69.8% | · | · | · | |
| Pretax Margin | -1610.6% | · | · | -128.5% | · | -126.4% | -55.0% | -93.0% | -65.5% | · | · | · | |
| EBITDA Margin | -1490.4% | · | · | -157.1% | · | -115.7% | -58.7% | -105.9% | -57.7% | · | · | · | |
| ROA | -56.5% | -36.4% | · | -26.7% | · | -30.3% | -17.9% | -21.8% | -25.4% | · | · | · | |
| ROE | -110.1% | 140.6% | · | -92.1% | · | -99.7% | -70.8% | -59.3% | -96.0% | · | · | · | |
| ROIC | -137.9% | -22.5% | · | -155.7% | · | -109.8% | -52.9% | -76.3% | -135.1% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.2 | 7.3 | · | 2.0 | · | 3.4 | 4.3 | 2.8 | 2.0 | · | · | · | |
| Quick Ratio | 5.1 | 7.0 | · | 1.8 | · | 3.3 | 4.1 | 2.7 | 1.9 | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | 0.2 | · | 0.2 | 0.3 | 0.2 | 0.4 | · | · | · | |
| Receivables Turnover | 14.5 | · | · | 5.7 | · | 6.9 | 9.8 | 3.2 | 3.2 | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | 65.3% | -17.6% | 7.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | · | · | 13.4% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $20M | $20M | $43M | $26M | $31M | $29M | $46M | $29M | $25M | $6M | $3M | $5M | |
| Net Income TTM | $-42M | $-17M | $19M | $-33M | $-46M | $-37M | $-25M | $-27M | $-18M | $-23M | $-14M | $-10M | |
| Market Cap | $1.30B | $132M | · | $6.20B | · | $11.20B | $15.99B | $11.52B | $27.19B | · | · | · | |
| P/E | -28.2 | -1.5 | 6.7 | -118.9 | -425.9 | -294.1 | · | · | · | · | · | · | |
| P/S | 66.2 | 6.8 | · | 239.4 | · | 382.0 | 345.5 | 396.0 | 1075.8 | · | · | · | |
| P/B | 46.3 | 2.1 | · | 222.0 | · | 361.0 | 311.4 | 288.6 | 2359.9 | · | · | · | |
| P / Tangible Book | 46.3 | 2.1 | · | · | 430.3 | 361.0 | · | · | · | · | · | · | |
| P / Cash Flow | -51.8 | -12.2 | · | -103.5 | · | -244.0 | -304.8 | -10809.9 | 546.5 | · | · | · | |
| P / FCF | · | · | · | -101.7 | · | -230.4 | -291.1 | -4169.1 | 568.8 | · | · | · | |
| Earnings Yield | -3.5% | -65.2% | 14.9% | -0.84% | -0.23% | -0.34% | · | · | · | · | · | · |
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 | $53.0K | · | $20M | $20M | $2M | $6M | $5M | |
| R&D Expense | $12M | $9M | $7M | $7M | $5M | $4M | $3M | $3M | $1M | $984.0K | $-29M | $10M | $14M | $13M | $13M | $14M | |
| SG&A Expense | $9M | $6M | $4M | $4M | $4M | $4M | $2M | $2M | $1M | $775.0K | $-11M | $7M | $4M | $4M | $4M | $4M | |
| Operating Expenses | $21M | $15M | $11M | $10M | $9M | $8M | $4M | $5M | $3M | $2M | $-55M | $31M | $18M | $17M | $17M | $18M | |
| Operating Income | $-21M | $-15M | $-11M | $-10M | $-9M | $-8M | $-4M | $-5M | $-3M | $-2M | $13M | $-12M | $2M | $-16M | $-12M | $-12M | |
| Other Non-op | $-8.0K | $-32.0K | $-92.0K | $34.0K | $561.0K | $224.0K | $-175.0K | $-20.0K | $64.0K | $0 | $424.0K | $506.0K | $-161.0K | $-57.0K | $-325.0K | $723.0K | |
| Pretax Income | $-22M | $-16M | $-13M | $-11M | $-9M | $-8M | $-4M | $-7M | $-4M | $-3M | · | · | · | · | · | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Income | $-22M | $-16M | $-13M | $-11M | $-9M | $-8M | $-4M | $-7M | $-4M | $-3M | $39M | $-11M | $4M | $-13M | $-8M | $-10M | |
| EPS (Basic) | $-1.52 | $-1.20 | $-1.08 | $-1.03 | $-0.86 | $-0.74 | $0.12 | $-3.94 | $-2.47 | $-1.54 | $21.41 | $-8.70 | $3.63 | $-14.15 | $-0.11 | $-0.13 | |
| EPS (Diluted) | $-1.52 | $-1.20 | $-1.08 | $-1.03 | $-0.86 | $-0.74 | $0.12 | $-3.94 | $-2.47 | $-1.54 | $20.50 | $-8.70 | $3.62 | · | · | · | |
| Shares (Basic) | 14,356,219 | 13,085,271 | -21,879,470 | 11,064,282 | 11,052,741 | 11,013,697 | -3,084,567 | 1,770,167 | 1,770,167 | 1,770,167 | -1,491,833 | 1,236,000 | 1,095,000 | 931,000 | -148,061,000 | 74,397,000 | |
| Shares (Diluted) | 14,356,219 | 13,085,271 | -21,879,470 | 11,064,282 | 11,052,741 | 11,013,697 | -3,084,567 | 1,770,167 | 1,770,167 | 1,770,167 | 704,980 | 1,236,000 | 1,098,000 | · | · | · | |
| EBITDA | $-21M | $-15M | · | $-10M | $-9M | $-8M | · | $-3M | $-4M | $-5M | · | $-12M | $2M | $-15M | · | $-12M |
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 | $188M | $206M | $58M | $64M | $70M | $76M | $84M | $19M | $20M | $19M | $7M | $33M | $45M | $40M | $39M | $48M | |
| Short-term Investments | $63M | $55M | · | · | · | · | · | $0 | $0 | $0 | · | $12M | $10M | $9M | $21M | $21M | |
| Receivables | · | · | $0 | $0 | $0 | $0 | $358.0K | $373.0K | $1M | $2M | $0 | $1M | $952.0K | $1M | $6M | $829.0K | |
| Prepaid Expense | $2M | $1M | $1M | $1M | $1M | $2M | $2M | $280.0K | $649.0K | $3M | $198.0K | $9M | $11M | $11M | $3M | $8M | |
| Current Assets | $253M | $263M | $59M | $67M | $74M | $79M | $88M | · | · | · | $8M | $59M | $66M | $61M | $73M | $79M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $0 | $16M | $17M | $17M | $16M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | · | $27M | $27M | $27M | $24M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | $11M | $10M | $10M | $8M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | · | · | · | $287.0K | $1M | $1M | $1M | $1M | |
| Total Assets | $254M | $264M | $60M | $67M | $74M | $79M | $88M | $21M | $25M | $29M | $8M | $59M | $88M | $82M | $95M | $99M | |
| Accounts Payable | $7M | $5M | $5M | $3M | $5M | $4M | $5M | $801.0K | $969.0K | $2M | $936.0K | $3M | $8M | $6M | $4M | $4M | |
| Current Liabilities | $12M | $9M | $11M | $10M | $10M | $9M | $12M | $4M | $6M | $8M | $2M | $29M | $34M | $43M | $37M | $34M | |
| Capital Leases | $318.0K | $375.0K | $431.0K | · | · | · | $0 | · | · | · | · | $0 | $12M | $12M | $12M | $11M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | |
| Total Liabilities | $37M | $31M | $32M | $28M | $26M | $24M | $26M | · | · | · | $11M | $29M | $47M | $67M | $68M | $63M | |
| Common Stock | $14.0K | $14.0K | $12.0K | $11.0K | $11.0K | $11.0K | $11.0K | $1.0K | $1.0K | $1.0K | $0 | $99.0K | $99.0K | $74.0K | $74.0K | $74.0K | |
| Paid-in Capital | $390M | $383M | $163M | $161M | $159M | $157M | $156M | $343M | $343M | $342M | $2M | $341M | $340M | $319M | $319M | $317M | |
| Retained Earnings | $-173M | $-151M | $-135M | $-123M | $-111M | $-102M | $-94M | $-326M | $-323M | $-320M | $-76M | $-310M | $-300M | $-304M | $-290M | $-282M | |
| AOCI | $89.0K | $95.0K | $83.0K | $104.0K | $-111.0K | $-3.0K | $3.0K | $-316.0K | $-436.0K | $-346.0K | $0 | $-339.0K | $-137.0K | $-426.0K | $-254.0K | $524.0K | |
| Stockholders' Equity | $217M | $232M | $28M | $39M | $48M | $56M | $63M | $16M | $19M | $22M | $-74M | $31M | $40M | $15M | $28M | $36M | |
| Liabilities + Equity | $254M | $264M | $60M | $67M | $74M | $79M | $88M | $21M | $25M | $29M | $8M | $59M | $88M | $82M | $95M | $99M | |
| Shares Outstanding | 14,395,705 | 14,313,659 | 12,380,933 | 11,088,329 | 11,059,665 | 11,021,389 | 11,012,105 | 1,320,240 | 1,320,240 | 1,236,688 | 1,770,167 | · | 98,851,927 | 74,519,103 | 74,519,103 | 74,406,253 |
Cash Flow 11
| 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 | · | · | · | · | · | · | · | $0 | $0 | $-30.0K | · | $739.0K | $758.0K | $605.0K | $575.0K | $767.0K | |
| Stock-based Comp | $5M | $3M | $2M | $2M | $1M | $1M | $268.0K | $-331.0K | $-109.0K | $146.0K | $-2M | $966.0K | $1M | $884.0K | $949.0K | $974.0K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $-7M | · | · | · | $1M | · | · | |
| Operating Cash Flow | $-13M | $-11M | $-5M | $-8M | $-5M | $-7M | $-5M | $3M | $4M | $-1M | $20M | $-10M | $-13M | $-11M | $-13M | $-9M | |
| CapEx | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $69.0K | $67.0K | $48.0K | $-11.0K | $34.0K | |
| Investing Cash Flow | $-7M | $-55M | · | · | $0 | $0 | · | $142.0K | $2M | $9M | · | $-2M | $-1M | $12M | $1M | $5M | |
| Stock Issued | $0 | $230M | · | · | $0 | $0 | · | $0 | · | · | · | $0 | $20M | $0 | $0 | $282.0K | |
| Net Stock Activity | · | $230M | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $1M | $215M | $-49.0K | $242.0K | $349.0K | $-1M | $75M | $12M | $10M | $0 | $-15M | $0 | $20M | $0 | $93.0K | $282.0K | |
| Net Change in Cash | $-19M | $148M | $-6M | $-7M | $-5M | $-8M | $69M | $5M | $5M | $-1M | $-3M | $-12M | $5M | $1M | $-10M | $-6M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-7M | · | · | · | $-11M | · | · |
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 | -1089.3% | -1384.4% | · | -1620.5% | -1340.6% | -1046.7% | · | · | · | -10005.7% | · | -60.5% | 10.3% | -801.2% | · | -226.6% | |
| Net Margin | -1113.0% | -1469.4% | · | -1806.5% | -1372.6% | -1088.4% | · | · | · | -9230.2% | · | -55.1% | 19.8% | -680.9% | · | -181.3% | |
| Pretax Margin | -1113.0% | -1469.4% | · | -1806.5% | -1372.6% | -1088.4% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -1089.3% | -1384.4% | · | -1620.5% | -1340.6% | -1046.7% | · | · | · | -10062.3% | · | -60.5% | 10.3% | -769.9% | · | -226.6% | |
| ROA | -13.4% | -9.2% | · | -25.9% | -19.2% | -15.0% | · | -7.2% | -6.4% | -8.8% | · | -13.6% | 3.9% | -12.0% | · | -7.4% | |
| ROE | -16.5% | -10.9% | · | -41.3% | -28.5% | -21.1% | · | -12.3% | -12.1% | -26.2% | · | -32.5% | 9.4% | -38.3% | · | -21.7% | |
| ROIC | -9.9% | -6.4% | · | -26.3% | -19.4% | -14.2% | · | · | · | · | · | · | · | · | · | · |
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 | 21.2 | 28.9 | · | 6.5 | 7.7 | 8.8 | · | · | · | · | · | 2.0 | 1.9 | 1.4 | · | 2.3 | |
| Quick Ratio | 21.0 | 28.7 | · | 6.2 | 7.3 | 8.4 | · | 4.6 | 3.3 | 2.8 | · | 1.6 | 1.6 | 1.2 | · | 2.1 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.2 | 0.2 | 0.0 | · | 0.0 | |
| Receivables Turnover | · | · | · | 3.4 | 0.9 | 0.8 | · | 0.0 | 0.0 | 0.0 | · | 20.8 | 18.1 | 1.4 | · | 1.4 |
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 | $20M | $20M | · | $20M | $20M | $20M | · | $20M | $40M | $42M | · | $47M | $31M | $22M | · | $24M | |
| Net Income TTM | $-58M | $-45M | · | $-36M | $-29M | $-22M | · | $-24M | $-13M | $-22M | · | $-30M | $-29M | $-38M | · | $-42M | |
| Market Cap | $2.20B | $1.78B | · | $695M | $249M | $308M | · | $22M | $13M | $18M | · | · | $1.31B | $5.82B | · | $6.85B | |
| P/E | -33.1 | -32.5 | · | -9.5 | -2.8 | -3.2 | · | -1.0 | -1.1 | · | · | · | · | -111.5 | · | -131.4 | |
| P/S | 112.4 | 91.2 | · | 35.5 | 12.7 | 15.8 | · | 1.1 | 0.3 | 0.4 | · | · | 42.3 | 264.6 | · | 283.9 | |
| P/B | 10.1 | 7.7 | · | 18.0 | 5.2 | 5.6 | · | 1.3 | 0.7 | 0.8 | · | · | 32.4 | 376.4 | · | 191.4 | |
| P / Tangible Book | 10.1 | 7.7 | · | 18.0 | 5.2 | 5.6 | · | 1.3 | 0.7 | 0.8 | · | · | 32.4 | 376.4 | · | 191.4 | |
| P / Cash Flow | · | -164.2 | · | · | · | -45.6 | · | · | · | -2.6 | · | · | · | -529.1 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -2.6 | · | · | · | -526.8 | · | · | |
| Earnings Yield | -3.0% | -3.1% | · | -10.5% | -35.5% | -31.1% | · | -100.4% | -92.7% | · | · | · | · | -0.90% | · | -0.76% |
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 | — | — | $43M | $26M | $31M |
| Operating Margin % | -1490.4% | — | — | -167.8% | — |
| Net Income | $-42M | $-17M | $19M | $-33M | $-46M |
| Diluted EPS | $-3.71 | $-7.83 | $2.17 | — | $-0.71 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 5.2 | 7.3 | — | 2.0 | — |
| Quick Ratio | 5.1 | 7.0 | — | 1.8 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | $-61M | — |
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 211 filers · $1.9B 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 |
|---|---|---|---|---|
| 36 (-34 vs prior Q) | 19 (-3 vs prior Q) | 89 (+24 vs prior Q) | 47 (+14 vs prior Q) | +708K |
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 |
|---|---|---|---|---|
| MONTANOVA CAPITAL, LLC | $173,512,745 | 1,135,406 | 9.19% | Shares |
| Frazier Life Sciences Management, L.P. | $134,848,368 | 882,400 | 7.15% | Shares |
| JENNISON ASSOCIATES LLC | $124,781,044 | 816,523 | 6.61% | Shares |
| First Light Asset Management, LLC | $117,961,911 | 771,901 | 6.25% | Shares |
| BVF INC/IL | $102,815,615 | 672,789 | 5.45% | Shares |
| STATE STREET CORP | $99,817,745 | 653,172 | 5.29% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $78,517,999 | 513,794 | 4.16% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $73,175,272 | 478,833 | 3.88% | Shares |
| FEDERATED HERMES, INC. | $66,173,352 | 433,015 | 3.51% | Shares |
| VANGUARD GROUP INC | $51,885,966 | 495,710 | 2.75% | Shares |
| Woodline Partners LP | $48,522,948 | 317,517 | 2.57% | Shares |
| ORBIMED ADVISORS LLC | $44,678,455 | 292,360 | 2.37% | Shares |
| Siren, L.L.C. | $39,348,858 | 257,485 | 2.08% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $39,149,734 | 256,182 | 2.07% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $36,385,548 | 238,031 | 1.93% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $35,375,385 | 231,484 | 1.87% | Shares |
| EMERALD ADVISERS, LLC | $35,070,051 | 229,486 | 1.86% | Shares |
| FMR LLC | $32,814,733 | 214,728 | 1.74% | Shares |
| ALLIANCEBERNSTEIN L.P. | $31,557,391 | 253,168 | 1.67% | Shares |
| MPM BIOIMPACT LLC | $31,179,406 | 204,027 | 1.65% | Shares |
| GOLDMAN SACHS GROUP INC | $28,993,469 | 189,723 | 1.54% | Shares |
| First Turn Management, LLC | $23,908,689 | 156,450 | 1.27% | Shares |
| Bellevue Group AG | $23,687,100 | 155,000 | 1.26% | Shares |
| Caption Management, LLC | $21,394,800 | 140,000 | 1.13% | Put option |
| EMERALD MUTUAL FUND ADVISERS TRUST | $19,843,219 | 129,847 | 1.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $19,707,973 | 128,962 | 1.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,430,092 | 120,600 | 0.98% | Call option |
| Aberdeen Group plc | $18,374,771 | 120,238 | 0.97% | Shares |
| NEXTBio Capital Management LP | $13,739,893 | 89,909 | 0.73% | Shares |
| Clio Asset Management LLC | $13,194,937 | 86,343 | 0.70% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,706,012 | 76,600 | 0.62% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $11,307,916 | 73,995 | 0.60% | Shares |
| Avidity Partners Management LP | $10,697,400 | 70,000 | 0.57% | Shares |
| AWM Investment Company, Inc. | $10,608,153 | 69,416 | 0.56% | Shares |
| SEVEN GRAND MANAGERS, LLC | $9,169,200 | 60,000 | 0.49% | Shares |
| Clearbridge Investments, LLC | $9,068,458 | 59,341 | 0.48% | Shares |
| NEUBERGER BERMAN GROUP LLC | $8,445,444 | 55,264 | 0.45% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $8,140,721 | 53,270 | 0.43% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,979,038 | 52,212 | 0.42% | Shares |
| Ensign Peak Advisors, Inc | $7,894,681 | 51,660 | 0.42% | Shares |
| Nicholas Investment Partners, LP | $7,597,905 | 49,718 | 0.40% | Shares |
| Balyasny Asset Management L.P. | $6,805,992 | 44,536 | 0.36% | Shares |
| Lisanti Capital Growth, LLC | $6,567,440 | 42,975 | 0.35% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $6,215,278 | 40,140 | 0.33% | Shares |
| ROYCE & ASSOCIATES LP | $6,190,585 | 40,509 | 0.33% | Shares |
| ORBIMED ADVISORS LLC | $6,112,800 | 40,000 | 0.32% | Call option |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $6,092,169 | 39,865 | 0.32% | Shares |
| Apis Capital Advisors, LLC | $5,959,980 | 39,000 | 0.32% | Shares |
| Blue Owl Capital Holdings LP | $5,541,100 | 36,259 | 0.29% | Shares |
| FIFTH THIRD BANCORP | $5,438,100 | 35,585 | 0.29% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,979,334 | 32,583 | 0.26% | Shares |
| FRED ALGER MANAGEMENT, LLC | $4,802,216 | 31,424 | 0.25% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $4,786,017 | 31,318 | 0.25% | Shares |
| CITADEL ADVISORS LLC | $4,645,728 | 30,400 | 0.25% | Call option |
| Caption Management, LLC | $4,584,600 | 30,000 | 0.24% | Call option |
| BANK OF AMERICA CORP /DE/ | $4,577,265 | 29,952 | 0.24% | Shares |
| JANE STREET GROUP, LLC | $4,095,576 | 26,800 | 0.22% | Call option |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $3,820,500 | 25,000 | 0.20% | Shares |
| NOMURA HOLDINGS INC | $3,662,026 | 23,963 | 0.19% | Shares |
| Legato Capital Management LLC | $3,589,741 | 23,490 | 0.19% | Shares |
| TD Asset Management Inc | $3,476,044 | 22,746 | 0.18% | Shares |
| ACT CAPITAL MANAGEMENT, LLC | $3,438,450 | 22,500 | 0.18% | Shares |
| Swiss National Bank | $2,964,708 | 19,400 | 0.16% | Shares |
| Informed Momentum Co LLC | $2,880,504 | 18,849 | 0.15% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,762,833 | 18,079 | 0.15% | Shares |
| F/m Investments LLC | $2,666,098 | 17,446 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,658,610 | 17,397 | 0.14% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,375,587 | 15,545 | 0.13% | Shares |
| CITIGROUP INC | $2,270,905 | 14,860 | 0.12% | Shares |
| ALPS ADVISORS INC | $2,193,884 | 14,356 | 0.12% | Shares |
| Capricorn Fund Managers Ltd | $2,152,928 | 14,088 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $2,067,339 | 13,528 | 0.11% | Shares |
| Trexquant Investment LP | $2,062,306 | 13,495 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $2,032,506 | 13,300 | 0.11% | Put option |
| BlackRock, Inc. | $1,945,093 | 12,728 | 0.10% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,878,769 | 12,294 | 0.10% | Shares |
| OAK RIDGE INVESTMENTS LLC | $1,839,647 | 12,038 | 0.10% | Shares |
| Cresset Asset Management, LLC | $1,777,144 | 11,629 | 0.09% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,762,167 | 11,531 | 0.09% | Shares |
| Rafferty Asset Management, LLC | $1,736,188 | 11,361 | 0.09% | Shares |
| Bank of New York Mellon Corp | $1,633,340 | 10,688 | 0.09% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,593,913 | 10,430 | 0.08% | Shares |
| Mariner, LLC | $1,583,364 | 10,361 | 0.08% | Shares |
| Knights of Columbus Asset Advisors LLC | $1,532,937 | 10,031 | 0.08% | Shares |
| XTX Topco Ltd | $1,354,138 | 8,861 | 0.07% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $1,284,605 | 8,406 | 0.07% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,208,195 | 7,906 | 0.06% | Shares |
| MetLife Investment Management, LLC | $978,812 | 6,405 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $977,895 | 6,399 | 0.05% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $976,825 | 6,392 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $948,859 | 6,209 | 0.05% | Shares |
| ASPIRIANT, LLC | $894,303 | 5,852 | 0.05% | Shares |
| PROFUND ADVISORS LLC | $879,173 | 5,753 | 0.05% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $873,519 | 5,716 | 0.05% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $859,462 | 6,895 | 0.05% | Shares |
| Penn Capital Management Company, LLC | $841,427 | 5,506 | 0.04% | Shares |
| ExodusPoint Capital Management, LP | $839,593 | 5,494 | 0.04% | Shares |
| Squarepoint Ops LLC | $790,996 | 5,176 | 0.04% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $787,176 | 5,151 | 0.04% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $722,991 | 4,731 | 0.04% | Shares |
Company insiders 31 insiders · 14 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kaupinen Wes | President and CEO | Feb. 5, 2026 A | — | 0 | 0 | $0 |
| Stephen S. Yoder | Chief Executive Officer | Feb. 24, 2023 A | 6,000 | 0 | 0 | $0 |
| Matthew E Korenberg | CFO, Treasurer | June 12, 2026 M | 1,000 | 0 | 0 | $0 |
| Thomas Bures | Chief Financial Officer | Feb. 24, 2023 A | — | 0 | 0 | $0 |
| Allan Reine | SVP and Chief Financial Officer | Aug. 17, 2017 P | 65,000 | 0 | 0 | $0 |
| Darlene M Deptula-Hicks | SVP, Chief Financial Officer | June 13, 2016 P | 5,000 | 0 | 0 | $0 |
| Kathleen Goin | Chief Operating Officer | Aug. 19, 2026 M | 0 | 0 | 30 | $-4,851,562 |
| Ashley Hartmann Kline | Chief Commercial Officer | Feb. 5, 2026 A | — | 0 | 0 | $0 |
| Jeffrey S Martini | Chief Scientific Officer | Feb. 5, 2026 A | — | 0 | 0 | $0 |
| Ahmed Mousa | Chief Business Officer | Feb. 24, 2023 A | — | 0 | 0 | $0 |
| Shane Olwill | Chief Development Officer | Feb. 24, 2023 A | — | 0 | 0 | $0 |
| Hitto Kaufmann | Chief Scientific Officer | Feb. 24, 2023 A | — | 0 | 0 | $0 |
| Louis Matis | SVP, Chief Development Officer | Feb. 23, 2017 A | 10,000 | 0 | 0 | $0 |
| Claude Knopf | Chief Business Officer | Nov. 28, 2016 A | — | 0 | 0 | $0 |
| Matthew Pauls | Director | June 29, 2026 A | — | 0 | 0 | $0 |
| Tadd S. Wessel | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| John Doux | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Todd C Davis | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| George M Jenkins | Director | June 10, 2026 A | 187,616 | 2 | 0 | $549,974 |
| Christopher P Kiritsy | Director | June 10, 2026 A | 5,000 | 0 | 0 | $0 |
| Elaine J Heron | Director | June 10, 2026 A | 47,812 | 1 | 0 | $300,000 |
| James A Geraghty | Director | Dec. 12, 2024 D | 0 | 0 | 0 | $0 |
| Maya R. Said | Director | June 21, 2023 A | — | 0 | 0 | $0 |
| Ann Barbier | Director | June 21, 2023 A | — | 0 | 0 | $0 |
| Michael Richman | Director | June 21, 2023 A | — | 0 | 0 | $0 |
| Peter A Kiener | Director | June 21, 2023 A | — | 0 | 0 | $0 |
| Matthew L Sherman | Director | June 21, 2023 A | — | 0 | 0 | $0 |
| Chau Quang Khuong | Director | July 25, 2017 A | 65,398 | 0 | 0 | $0 |
| Jean-Pierre Bizzari | Director | Jan. 25, 2017 A | — | 0 | 0 | $0 |
| Steven Prelack | Director | Jan. 25, 2017 A | — | 0 | 0 | $0 |
| Julian Adams | Director | Jan. 25, 2017 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Kaupinen Wes, Wesley H. Kaupinen 2019 Irrevocable Trust dated February 28, 2019, Christine L. Kaupinen, Christine L. Kaupinen 2019 Irrevocable Trust dated February 28, 2019, Michael Christopher | Dec. 20, 2024 | 14.60% | Initial filing | — | SEC |
| Biotechnology Value Fund, L.P., BVF I GP LLC, Biotechnology Value Fund II, L.P., BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP Holdings LLC, BVF Partners L.P., BVF Inc., Mark N. Lampert ×2 filings | Aug. 17, 2023 | — | Initial filing | — | SEC |
| OrbiMed Advisors LLC, OrbiMed Capital GP III LLC ×10 filings | Sept. 27, 2018 | — | 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 31 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 |
|---|---|---|---|---|
| LFSC · RBB Fund, Inc. | 1.95% | 17,254 NS | May 31, 2026 | N-PORT |
| SBIO · ALPS ETF Trust | 1.03% | 14,096 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.96% | 2,798 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.39% | 15,705 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.18% | 22,955 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.10% | 11,762 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.10% | 101,267 SH | Aug. 21, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 63,184 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 279,021 SH | Aug. 21, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 4,017 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 3,330 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 364 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 1,578 SH | Aug. 21, 2026 | Daily |
| ISCB · iShares Trust | 0.02% | 450 SH | Aug. 21, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 1,030 SH | Aug. 21, 2026 | Daily |
| RB · ProShares Trust | 0.02% | 2 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 4,496 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 113,556 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 30,157 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 667 SH | Aug. 21, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 285 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 288 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 3,843 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 7 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 232 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 3,388 SH | Aug. 21, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 14,772 SH | Aug. 21, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 218 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 388,390 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 904 SH | Aug. 19, 2026 | Daily |
| SMMV · iShares Trust | — | 1,747 SH | Aug. 19, 2026 | Daily |