QTTB Q32 Bio Inc. - Common Stock
$15.44
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$2–$24
63% of range
Analyst Rating
BUY
11 analysts
Price Target
$43
+177% upside
P/E (TTM)
6.4
ROE
200.3%
Net Profit Margin
55.5%
QTTB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.44
Market Cap
$198M
P/E (TTM)
6.4
EPS (TTM)
$2.42
Revenue (TTM)
$54M
Div Yield
—
ROE
200.3%
Debt/Equity
—
52W Range
$2 – $24
QTTB 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
$54M
2018-12-31
→
2025-12-31
EPS
$2.42
2021-12-31
→
2025-12-31
Free Cash Flow
$-34M
2018-12-31
→
2025-12-31
Margins
55.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
QTTB
Peer Median
P/E (TTM)
6.4
16.6
P/S (TTM)
3.7
9.4
P/B
4.7
2.4
Price / FCF
-5.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
QTTB
Peer Median
Operating Margin
31.4%
—
Net Profit Margin
55.5%
-298.0%
ROA
38.7%
-38.4%
ROE
200.3%
-63.7%
ROIC
40.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
QTTB
Peer Median
Current Ratio
4.9
3.9
Quick Ratio
4.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
QTTB
Peer Median
Revenue CAGR 3Y
155.9%
—
Revenue CAGR 5Y
81.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
QTTB
Peer Median
QTTB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 3 27.3%
- Buy 7 63.6%
- Hold 1 9.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-18
Median
$38.00
Mean
$42.75
← Below all targets
$15.44
Low
$36.00
High
$59.00
Median target
$38.00
+146.2%
Mean target
$42.75
+177.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
1.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.44 | $-0.55 | 0.11% |
| March 31, 2026 | $-0.54 | $-0.69 | 0.15% |
| Dec. 31, 2025 | $3.65 | $-0.88 | 4.5% |
| Sept. 30, 2025 | $-0.60 | $-1.21 | 0.61% |
| June 30, 2025 | $-0.78 | $-1.00 | 0.22% |
| March 31, 2025 | $-0.90 | $-1.25 | 0.35% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| QTTB | $43M | 1.4 | — | 55.5% | 200.3% | — |
| ZURA | — | — | — | — | — | — |
| EVMN | $540M | -1.5 | 85.7% | -529.8% | -401.2% | — |
| CCCC | $185M | -1.5 | 1.0% | -292.1% | -48.8% | — |
| MPLT | $773M | -0.9 | — | — | -151.1% | — |
| CABA | $220M | -1.0 | — | — | -115.5% | — |
| OCGN | $422M | -5.6 | 8.8% | -1537.4% | 1488.8% | — |
| LRMR | $317M | -2.2 | — | — | -167.4% | — |
| PBYI | $300M | 9.8 | -0.91% | 13.6% | 26.5% | — |
| RZLT | $388M | -4.6 | — | — | -56.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54M | $0 | $-7M | $3M | $34M | $3M | $2M | $5M | |
| R&D Expense | $19M | $48M | $32M | $98M | $93M | $100M | $89M | $48M | |
| SG&A Expense | $18M | $18M | $10M | $38M | $37M | $33M | $22M | $17M | |
| Operating Expenses | $37M | $66M | $42M | $136M | $130M | $133M | $112M | $65M | |
| Operating Income | $17M | $-66M | $-48M | $-133M | $-96M | $-130M | $-110M | $-60M | |
| Other Non-op | $1M | $4M | $1M | $134M | $185.0K | $2M | $6M | $4M | |
| Pretax Income | $30M | $-46M | $-53M | $1M | $-96M | · | · | · | |
| Income Tax | $0 | $21.0K | $318.0K | $715.0K | $0 | $0 | $0 | $0 | |
| Net Income | $30M | $-48M | $-54M | $-5M | $-96M | $-129M | $-104M | $-56M | |
| EPS (Basic) | $2.42 | $-5.12 | $-153.96 | $-0.09 | $-1.73 | · | · | · | |
| EPS (Diluted) | $2.42 | $-6.58 | $-153.96 | $-0.09 | $-1.73 | · | · | · | |
| Shares (Basic) | 12,300,568 | 9,320,884 | 349,060 | 57,399,762 | 55,283,318 | · | · | · | |
| Shares (Diluted) | 12,314,796 | 9,657,696 | 349,060 | 57,399,762 | 55,283,318 | · | · | · | |
| EBITDA | $17M | $-66M | · | $-133M | $-96M | $-130M | $-110M | $-62M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $48M | $78M | $26M | $34M | $108M | $217M | $54M | $38M | |
| Short-term Investments | · | $0 | $0 | $141M | · | · | · | · | |
| Prepaid Expense | $7M | $4M | $3M | $6M | $7M | $2M | $4M | $7M | |
| Other Current Assets | $20.0K | $396.0K | $83.0K | · | · | · | · | · | |
| Current Assets | $55M | $82M | $29M | $181M | $192M | $220M | $267M | $222M | |
| PP&E (Net) | $979.0K | $1M | $2M | $1M | $2M | $37M | $43M | $36M | |
| PP&E (Gross) | $3M | $3M | $3M | $7M | $8M | $53M | $51M | $38M | |
| Accum. Depreciation | $2M | $1M | $966.0K | $6M | $6M | $16M | $8M | $2M | |
| Other Non-current Assets | $0 | $116.0K | $5M | · | · | · | · | · | |
| Total Assets | $62M | $92M | $47M | $228M | $212M | $264M | $311M | $259M | |
| Accounts Payable | $879.0K | $3M | $3M | $1M | $2M | $5M | $3M | $16M | |
| Accrued Liabilities | $4M | $7M | $10M | · | · | · | · | · | |
| Current Liabilities | $11M | $16M | $14M | $23M | $17M | $23M | $12M | $23M | |
| Capital Leases | $5M | $6M | $6M | $28M | $24M | $13M | · | · | |
| Other Non-current Liabilities | $0 | $55M | $55M | · | · | · | · | · | |
| Total Liabilities | $20M | $87M | $119M | $50M | $42M | $68M | $52M | $63M | |
| Common Stock | $2.0K | $2.0K | $1.0K | $6.0K | $6.0K | $5.0K | $4.0K | $3.0K | |
| Paid-in Capital | $247M | $240M | $4M | $608M | · | · | · | · | |
| Retained Earnings | $-205M | $-235M | $-187M | $-429M | $-424M | $-328M | $-200M | $-96M | |
| AOCI | · | $0 | $0 | $-404.0K | $-7.0K | $0 | $183.0K | $-77.0K | |
| Stockholders' Equity | $42M | $6M | $-183M | $-131M | $170M | $196M | $259M | $196M | |
| Liabilities + Equity | $62M | $92M | $47M | $228M | $212M | $264M | $311M | $259M | |
| Shares Outstanding | 12,858,047 | 12,197,615 | 359,569 | 57,483,910 | 57,150,274 | 50,265,575 | 45,116,742 | 37,358,526 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $5M | $4M | $1M | $13M | $17M | $13M | $8M | $3M | |
| Deferred Tax | · | $100.0K | $300.0K | · | · | · | · | · | |
| Restructuring | · | · | $10M | · | · | · | · | · | |
| Operating Cash Flow | $-34M | $-68M | $-19M | $-114M | $-110M | $-94M | $-91M | $-43M | |
| CapEx | $0 | $75.0K | $5.0K | $1M | $2M | $4M | $22M | $25M | |
| Investing Cash Flow | $7M | $20M | $-5.0K | $37M | $-51M | $205M | $-52M | $-122M | |
| Stock Issued | $0 | $42M | $0 | $0 | $50M | · | $135M | · | |
| Net Stock Activity | $0 | $42M | · | $0 | $50M | · | $135M | · | |
| Financing Cash Flow | $-3M | $95M | $406.0K | $596.0K | $52M | $53M | $158M | $151M | |
| Net Change in Cash | · | · | $5M | $-76M | $-108M | $164M | $15M | $-13M | |
| Free Cash Flow | $-34M | $-68M | · | $-115M | $-112M | $-98M | $-113M | $-68M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 31.4% | · | · | -4154.6% | -282.4% | -4821.0% | -6599.2% | -1671.1% | |
| Net Margin | 55.5% | · | · | -156.0% | -281.9% | -4762.9% | -6237.4% | -1553.1% | |
| Pretax Margin | 55.5% | · | · | 37.3% | · | · | · | · | |
| EBITDA Margin | 31.4% | · | · | -4154.6% | -282.4% | -4821.0% | -6599.2% | -1671.1% | |
| ROA | 38.7% | -68.5% | · | -2.3% | -40.3% | -44.8% | -36.5% | -28.8% | |
| ROE | 200.3% | -398.3% | · | -2.6% | -52.0% | -70.3% | -40.2% | -28.0% | |
| ROIC | 40.2% | -1165.3% | · | -30.2% | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.9 | 5.0 | · | 8.0 | 11.1 | 9.7 | 21.5 | 8.7 | |
| Quick Ratio | 4.3 | 4.7 | · | 1.5 | 6.3 | 9.6 | 4.3 | 1.5 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.0 | · | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | -90.6% | 1157.2% | · | · | · | |
| Revenue CAGR 3Y | 155.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 81.8% | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $54M | $0 | $-7M | $3M | $34M | $3M | $2M | $5M | |
| Net Income TTM | $30M | $-48M | $-54M | $-5M | $-96M | $-129M | $-104M | $-56M | |
| Market Cap | $43M | $42M | · | $1.30B | $3.74B | $10.21B | $16.81B | $15.04B | |
| P/E | 1.4 | -0.5 | -0.1 | -252.0 | -37.9 | · | · | · | |
| P/S | 0.8 | · | · | 406.4 | 110.2 | 3780.5 | 10090.3 | 2825.3 | |
| P/B | 1.0 | 7.4 | · | 7.3 | 22.1 | 52.1 | 65.0 | 77.2 | |
| P / Tangible Book | 1.0 | 7.4 | · | · | 22.1 | 52.1 | · | · | |
| P / Cash Flow | -1.3 | -0.6 | · | -11.5 | -34.1 | -108.3 | -184.0 | -353.3 | |
| P / FCF | -1.3 | -0.6 | · | -11.3 | -33.4 | -104.2 | -148.5 | -222.8 | |
| Earnings Yield | 72.9% | -191.3% | -1406.8% | -0.40% | -2.6% | · | · | · |
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 | $-15M | $2M | $3M | $3M | $802.0K | $802.0K | |
| R&D Expense | $4M | $3M | $3M | $4M | $5M | $7M | $11M | $14M | $13M | $10M | $8M | $7M | $8M | $8M | $27M | $26M | |
| SG&A Expense | $5M | $5M | $5M | $4M | $4M | $5M | $4M | $4M | $5M | $5M | $3M | $2M | $2M | $2M | $8M | $8M | |
| Operating Expenses | $9M | $8M | $8M | $8M | $9M | $12M | $15M | $19M | $18M | $15M | $11M | $10M | $10M | $10M | $35M | $34M | |
| Operating Income | $-9M | $-8M | $46M | $-8M | $-9M | $-12M | $-15M | $-19M | $-18M | $-15M | $-26M | $-8M | $-7M | $-7M | $-34M | $-33M | |
| Other Non-op | $319.0K | $113.0K | $115.0K | $188.0K | $-318.0K | $1M | $358.0K | $1M | $2M | $158.0K | $196.0K | $84.0K | $165.0K | $578.0K | $1M | $1M | |
| Pretax Income | · | · | $58M | $-7M | $-9M | $-11M | $-14M | $-18M | $-16M | $1M | $-27M | $-14M | $-6M | $-7M | $-33M | $-32M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $21.0K | $0 | $0 | $0 | $383.0K | $-65.0K | $0 | $0 | $-403.0K | $46.0K | |
| Net Income | $-9M | $-8M | $58M | $-7M | $-9M | $-11M | $-14M | $-18M | $-17M | $1M | $-27M | $-14M | $-6M | $-7M | $-34M | $-34M | |
| EPS (Basic) | $-0.44 | $-0.54 | $4.70 | $-0.60 | $-0.78 | $-0.90 | $-3.27 | $-1.46 | $-1.42 | $1.03 | $-76.91 | $-40.52 | $-16.69 | $-19.84 | $-0.60 | $-0.59 | |
| EPS (Diluted) | $-0.44 | $-0.54 | $4.70 | $-0.60 | $-0.78 | $-0.90 | $2.63 | $-1.46 | $-1.42 | $-6.33 | $-76.91 | $-40.52 | $-16.69 | $-19.84 | $-0.58 | $-0.59 | |
| Shares (Basic) | 20,342,345 | 14,095,371 | -24,335,204 | 12,240,542 | 12,197,615 | 12,197,615 | -15,715,032 | 12,076,412 | 11,964,224 | 995,280 | -689,787 | 346,288 | 347,936 | 344,623 | -114,712,971 | 57,447,192 | |
| Shares (Diluted) | 20,342,345 | 14,095,371 | -24,320,976 | 12,240,542 | 12,197,615 | 12,197,615 | -16,717,120 | 12,076,412 | 11,964,224 | 2,334,180 | -689,787 | 346,288 | 347,936 | 344,623 | -115,308,584 | 57,447,192 | |
| EBITDA | $-9M | $-8M | · | $-8M | $-9M | $-12M | · | $-19M | $-18M | $-15M | · | $-31M | $-31M | $-28M | · | $-33M |
Balance Sheet 23
| 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 | $106M | $51M | $48M | $49M | $55M | $65M | $78M | $89M | $98M | $116M | $26M | $29M | $77M | $39M | $34M | $43M | |
| Short-term Investments | · | · | · | · | · | · | · | $0 | · | · | $0 | $74M | $50M | $111M | · | · | |
| Prepaid Expense | $3M | $6M | $7M | $2M | $3M | $3M | $4M | $5M | $4M | $3M | $3M | $3M | $4M | $4M | $6M | $12M | |
| Other Current Assets | $19.0K | $20.0K | $20.0K | $24.0K | $77.0K | $93.0K | $396.0K | $229.0K | $51.0K | $67.0K | $83.0K | · | · | · | · | · | |
| Current Assets | $110M | $57M | $55M | $51M | $58M | $69M | $82M | $94M | $112M | $138M | $29M | $107M | $131M | $154M | $181M | $213M | |
| PP&E (Net) | $804.0K | $889.0K | $979.0K | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $0 | $845.0K | $1M | $1M | $1M | |
| PP&E (Gross) | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $0 | $7M | $7M | $7M | $8M | |
| Accum. Depreciation | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $966.0K | $0 | $7M | $6M | $6M | $7M | |
| Other Non-current Assets | · | · | $0 | $0 | $570.0K | $444.0K | $116.0K | $40.0K | $1M | $1M | $5M | · | · | · | · | · | |
| Total Assets | $116M | $64M | $62M | $58M | $66M | $79M | $92M | $105M | $124M | $152M | $47M | $140M | $169M | $198M | $228M | $263M | |
| Accounts Payable | $2M | $653.0K | $879.0K | $973.0K | $910.0K | $3M | $3M | $1M | $2M | $5M | $3M | $8M | $3M | $4M | $1M | $5M | |
| Accrued Liabilities | $4M | $4M | $4M | $4M | $4M | $5M | $7M | $9M | $11M | $20M | $10M | · | · | · | · | · | |
| Current Liabilities | $5M | $11M | $11M | $11M | $12M | $15M | $16M | $14M | $17M | $33M | $14M | $25M | $23M | $19M | $23M | $25M | |
| Capital Leases | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | $6M | $6M | $27M | $27M | $27M | $28M | $28M | |
| Other Non-current Liabilities | · | · | $0 | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | · | · | · | · | · | |
| Total Liabilities | $10M | $17M | $20M | $76M | $78M | $83M | $87M | $86M | $91M | $104M | $119M | $52M | $50M | $46M | $50M | $54M | |
| Common Stock | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | |
| Paid-in Capital | $327M | $259M | $247M | $244M | $243M | $242M | $240M | $239M | $237M | $235M | $4M | $614M | $612M | $610M | · | · | |
| Retained Earnings | $-222M | $-213M | $-205M | $-263M | $-255M | $-246M | $-235M | $-221M | $-203M | $-186M | $-187M | $-526M | $-493M | $-458M | $-429M | $-395M | |
| AOCI | · | · | · | $0 | $0 | $0 | · | $-1.0K | $-1.0K | $-5.0K | $0 | $-36.0K | $-88.0K | $-182.0K | $-404.0K | $-457.0K | |
| Stockholders' Equity | $106M | $46M | $42M | $-18M | $-12M | $-4M | $6M | $18M | $34M | $49M | $-183M | $88M | $119M | $152M | $178M | $209M | |
| Liabilities + Equity | $116M | $64M | $62M | $58M | $66M | $79M | $92M | $105M | $124M | $152M | $47M | $140M | $169M | $198M | $228M | $263M | |
| Shares Outstanding | 23,736,600 | 14,629,463 | 12,858,047 | 12,304,352 | 12,197,615 | 12,197,615 | 12,197,615 | 12,138,869 | 11,995,206 | 11,929,520 | 359,569 | 57,902,210 | 57,798,133 | 57,794,767 | 57,483,910 | 57,480,610 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $417.0K | $521.0K | $-4M | $-2M | $296.0K | $3M | $3M | |
| Restructuring | · | · | · | $0 | $0 | $900.0K | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-3M | $-6M | $-6M | $-4M | $-11M | $-12M | $-11M | $-20M | $-22M | $-15M | $-11M | $42M | $2M | $-12M | $-27M | $-25M | |
| CapEx | · | · | $0 | $0 | · | · | $2.0K | $58.0K | $15.0K | $0 | $0 | $-223.0K | $-224.0K | $5.0K | $9.0K | $6.0K | |
| Investing Cash Flow | $0 | $0 | $7M | $0 | $0 | $0 | $-2.0K | $10M | $10M | $97.0K | $0 | $-92M | $-31M | $-5.0K | $18M | $-108M | |
| Stock Issued | $0 | $10M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $42M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $10M | · | · | · | $0 | · | · | · | $42M | · | · | · | · | · | · | |
| Financing Cash Flow | $59M | $9M | $-2M | $-2M | · | · | $317.0K | $997.0K | $-6M | $99M | $76.0K | $178.0K | $-120.0K | $15.0K | $32.0K | $124.0K | |
| Net Change in Cash | · | · | · | · | · | · | · | · | · | · | · | $-48M | $37M | $5M | $-9M | $-133M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-15M | · | · | · | $-26M | · | · |
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 | 3706.5% | 4021.9% | · | 3444.1% | 3229.2% | 3296.0% | · | · | · | · | · | · | -8705.1% | -3430.3% | · | -4097.5% | |
| Net Margin | 3636.6% | 3963.0% | · | 3358.6% | 3341.2% | 2973.3% | · | · | · | · | · | · | -9899.4% | -3596.5% | · | -4205.2% | |
| Pretax Margin | · | · | · | 3358.6% | 3341.2% | 2973.3% | · | · | · | · | · | · | -8278.2% | -3247.1% | · | -3939.3% | |
| EBITDA Margin | 3706.5% | 4021.9% | · | 3444.1% | 3229.2% | 3296.0% | · | · | · | · | · | · | -8705.1% | -3430.3% | · | -4097.5% | |
| ROA | -9.8% | -10.7% | · | -9.1% | -10.0% | -9.5% | · | -14.4% | -11.6% | 0.59% | · | -16.4% | -15.4% | -11.3% | · | -13.7% | |
| ROE | -19.1% | -36.0% | · | 9658.8% | -89.2% | -49.3% | · | -33.0% | -22.2% | 1.0% | · | -22.2% | -19.5% | -13.8% | · | -16.6% | |
| ROIC | · | · | · | 41.1% | 75.0% | 304.6% | · | -102.8% | -53.5% | -30.4% | · | -35.1% | -25.8% | -18.1% | · | -15.7% |
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 | 20.3 | 5.4 | · | 4.6 | 5.1 | 4.7 | · | 6.5 | 6.5 | 4.2 | · | 4.2 | 5.7 | 8.3 | · | 8.4 | |
| Quick Ratio | 19.7 | 4.8 | · | 4.4 | 4.8 | 4.5 | · | 6.2 | 5.7 | 3.5 | · | 4.1 | 5.5 | 8.1 | · | 1.7 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | -0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 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 | $2M | $2M | · | $2M | $2M | $2M | · | $2M | $5M | $8M | · | $9M | $8M | $5M | · | $4M | |
| Net Income TTM | $-33M | $-36M | · | $-46M | $-55M | $-45M | · | $-48M | $-36M | $-26M | · | $-60M | $-75M | $22M | · | $-1M | |
| Market Cap | $302M | $94M | · | $24M | $18M | $20M | · | $542M | $215M | $203M | · | $1.22B | $921M | $1.07B | · | $1.67B | |
| P/E | -5.4 | -2.3 | · | -0.5 | -0.3 | -0.2 | · | -0.9 | -0.3 | -0.2 | · | -0.3 | -0.4 | -1.0 | · | -579.6 | |
| P/S | 162.7 | 50.5 | · | 13.1 | 9.8 | 10.8 | · | 291.4 | 42.5 | 25.4 | · | 138.4 | 118.7 | 200.2 | · | 408.0 | |
| P/B | 2.9 | 2.0 | · | -1.3 | -1.5 | -5.0 | · | 29.6 | 6.4 | 4.2 | · | 13.8 | 7.7 | 7.1 | · | 8.0 | |
| P / Tangible Book | 2.9 | 2.0 | · | · | · | · | · | 29.6 | 6.4 | 4.2 | · | 13.8 | 7.7 | 7.1 | · | 8.0 | |
| P / Cash Flow | · | -14.8 | · | · | · | -1.6 | · | · | · | -14.0 | · | · | · | -41.1 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -14.0 | · | · | · | -40.8 | · | · | |
| Earnings Yield | -18.5% | -43.9% | · | -188.9% | -306.0% | -612.7% | · | -111.5% | -361.9% | -489.3% | · | -368.7% | -236.2% | -104.4% | · | -0.17% |
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 | $54M | $0 | $-7M | $3M | $34M |
| Operating Margin % | 31.4% | — | — | -4154.6% | -282.4% |
| Net Income | $30M | $-48M | $-54M | $-5M | $-96M |
| Diluted EPS | $2.42 | $-6.58 | $-153.96 | $-0.09 | $-1.73 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 4.9 | 5.0 | — | 8.0 | 11.1 |
| Quick Ratio | 4.3 | 4.7 | — | 1.5 | 6.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-34M | $-68M | — | $-115M | $-112M |
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Institutional owners (13F) 77 filers · $280.5M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 33 (+25 vs prior Q) | 8 (0 vs prior Q) | 14 (+1 vs prior Q) | 14 (+4 vs prior Q) | +13.3M |
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 |
|---|---|---|---|---|
| ORBIMED ADVISORS LLC | $52,590,554 | 4,127,987 | 18.75% | Shares |
| Boxer Capital Management, LLC | $40,122,209 | 3,149,310 | 14.30% | Shares |
| Atlas Venture Life Science Advisors, LLC | $34,615,930 | 2,717,106 | 12.34% | Shares |
| BVF INC/IL | $29,939,000 | 2,350,000 | 10.67% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $29,715,502 | 2,332,457 | 10.59% | Shares |
| Point72 Asset Management, L.P. | $14,949,065 | 1,173,396 | 5.33% | Shares |
| Opaleye Management Inc. | $11,860,940 | 931,000 | 4.23% | Shares |
| Logos Global Management LP | $10,192,000 | 800,000 | 3.63% | Shares |
| SummitTX Capital, L.P. | $9,348,281 | 733,774 | 3.33% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $6,609,550 | 518,803 | 2.36% | Shares |
| Ikarian Capital, LLC | $5,478,200 | 430,000 | 1.95% | Shares |
| Woodline Partners LP | $3,646,341 | 286,212 | 1.30% | Shares |
| AMERICAN CENTURY COMPANIES INC | $3,474,860 | 272,752 | 1.24% | Shares |
| Sanofi | $3,109,617 | 244,083 | 1.11% | Shares |
| ACORN CAPITAL ADVISORS, LLC | $2,754,019 | 216,171 | 0.98% | Shares |
| Ikarian Capital, LLC | $2,548,000 | 200,000 | 0.91% | Put option |
| RENAISSANCE TECHNOLOGIES LLC | $2,288,104 | 179,600 | 0.82% | Shares |
| JANE STREET GROUP, LLC | $1,686,164 | 132,352 | 0.60% | Shares |
| MONIMUS CAPITAL MANAGEMENT, LP | $1,682,139 | 132,036 | 0.60% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,661,640 | 130,427 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $1,537,247 | 120,663 | 0.55% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,273,455 | 99,923 | 0.45% | Shares |
| MARSHALL WACE, LLP | $854,153 | 67,045 | 0.30% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $843,605 | 66,217 | 0.30% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $780,962 | 61,300 | 0.28% | Put option |
| Carlyle Group Inc. | $769,020 | 60,363 | 0.27% | Shares |
| STATE STREET CORP | $665,206 | 52,214 | 0.24% | Shares |
| TWO SIGMA INVESTMENTS, LP | $631,675 | 49,582 | 0.23% | Shares |
| Quadrature Capital Ltd | $463,685 | 36,396 | 0.17% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $440,970 | 34,613 | 0.16% | Shares |
| DAFNA Capital Management LLC | $419,095 | 32,896 | 0.15% | Shares |
| Knott David M Jr | $387,449 | 30,412 | 0.14% | Shares |
| Affinity Asset Advisors, LLC | $353,879 | 27,777 | 0.13% | Shares |
| Squarepoint Ops LLC | $303,085 | 23,790 | 0.11% | Shares |
| NORTHERN TRUST CORP | $301,059 | 23,631 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $297,377 | 23,342 | 0.11% | Shares |
| MANGROVE PARTNERS IM, LLC | $282,191 | 22,150 | 0.10% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $255,857 | 20,083 | 0.09% | Shares |
| LPL Financial LLC | $231,486 | 18,170 | 0.08% | Shares |
| UBS Group AG | $183,698 | 14,419 | 0.07% | Shares |
| Balyasny Asset Management L.P. | $157,237 | 12,342 | 0.06% | Shares |
| ExodusPoint Capital Management, LP | $144,421 | 11,336 | 0.05% | Shares |
| MILLENNIUM MANAGEMENT LLC | $139,223 | 10,928 | 0.05% | Shares |
| XTX Topco Ltd | $138,535 | 10,874 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $61,458 | 4,824 | 0.02% | Shares |
| Nuveen Asset Management, LLC | $54,758 | 15,918 | 0.02% | Shares |
| MORGAN STANLEY | $54,132 | 4,249 | 0.02% | Shares |
| FMR LLC | $43,163 | 3,388 | 0.02% | Shares |
| CITIGROUP INC | $36,793 | 2,888 | 0.01% | Shares |
| BlackRock, Inc. | $25,047 | 1,966 | 0.01% | Shares |
| Private Wealth Asset Management, LLC | $21,658 | 1,700 | 0.01% | Shares |
| Arax Advisory Partners | $14,154 | 1,111 | 0.01% | Shares |
| FEDERATED HERMES, INC. | $13,377 | 1,050 | 0.00% | Shares |
| Rockefeller Capital Management L.P. | $7,351 | 577 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $6,585 | 500 | 0.00% | Shares |
| VANGUARD GROUP INC | $6,358 | 1,915 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $5,784 | 454 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,860 | 303 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $3,058 | 240 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $2,779 | 218,234 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $2,115 | 166 | 0.00% | Shares |
| Truvestments Capital LLC | $2,064 | 162 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $1,579 | 124 | 0.00% | Shares |
| Allworth Financial LP | $1,376 | 108 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $1,198 | 94 | 0.00% | Shares |
| Clearstead Advisors, LLC | $854 | 67 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $573 | 45 | 0.00% | Shares |
| Federation des caisses Desjardins du Quebec | $484 | 38 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $433 | 34 | 0.00% | Shares |
| CWM, LLC | $250 | 39 | 0.00% | Shares |
| Cambridge Investment Research Advisors, Inc. | $230 | 18,081 | 0.00% | Shares |
| HRT FINANCIAL LP | $203 | 15,949 | 0.00% | Shares |
| HARBOUR INVESTMENTS, INC. | $140 | 11 | 0.00% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $25 | 2 | 0.00% | Shares |
| AdvisorNet Financial, Inc | $25 | 2 | 0.00% | Shares |
| DANSKE BANK A/S | $13 | 1 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $0 | 28 | 0.00% | Shares |
Company insiders 29 insiders · 13 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jodie Pope Morrison | CEO | July 16, 2026 A | 353,104 | 0 | 3 | $-141,391 |
| Albert Seymour | President and Chief Executive Officer | Sept. 6, 2023 M | 150,874 | 0 | 0 | $0 |
| Lee Kalowski | CFO and President | July 16, 2026 A | 142,443 | 0 | 3 | $-57,038 |
| Paul Alloway | Former President and Chief Operating Officer of Homology Medicines, Inc. | March 25, 2024 S | 2,596 | 0 | 0 | $0 |
| Timothy P Kelly | Chief Operating Officer | Feb. 24, 2022 A | 2,224 | 0 | 0 | $0 |
| Siyamak Rasty | Chief Operating Officer | July 9, 2019 S | 222,707 | 0 | 0 | $0 |
| Shelia M. Violette | Chief Scientific Officer | July 16, 2026 A | 130,569 | 0 | 2 | $-18,078 |
| Jason Campagna | Chief Medical Officer | Feb. 24, 2025 A | 37,500 | 0 | 0 | $0 |
| Charles Michaud Jr | Former Vice President, Corporate Controller and Treasurer of Homology Medicines, Inc. | March 25, 2024 S | 927 | 0 | 0 | $0 |
| Julie Jordan | Chief Medical Officer | Aug. 3, 2023 M | 7,496 | 0 | 0 | $0 |
| Michael Lee Blum | Chief Commercial Officer | Feb. 23, 2023 A | 13,538 | 0 | 0 | $0 |
| Bradford W Smith | Chief Financial and Business Officer and Treasurer | Feb. 23, 2023 A | 14,219 | 0 | 0 | $0 |
| Gabriel Cohn | Chief Medical Officer | Jan. 1, 2022 M | 2,629 | 0 | 0 | $0 |
| Diyong Xu | Director | June 12, 2026 A | 625,000 | 2 | 0 | $15,000,000 |
| David S. Grayzel | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Sven Ante Lundberg | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Isaac Manke | Director | June 12, 2026 A | 53,521 | 0 | 0 | $0 |
| Arthur Tzianabos | Director | June 12, 2026 A | 7,983 | 0 | 0 | $0 |
| Mark T Iwicki | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Mary Thistle | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Kathleen Laporte | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Jeffrey V. Poulton | Director | June 14, 2023 A | — | 0 | 0 | $0 |
| Alise Reicin | Director | June 14, 2023 A | — | 0 | 0 | $0 |
| Matthew R Patterson | Director | June 14, 2023 A | — | 0 | 0 | $0 |
| Steven Gillis | Director | June 14, 2023 A | 6,068,695 | 0 | 0 | $0 |
| Kush Parmar | Director | June 15, 2022 A | 181,435 | 0 | 0 | $0 |
| Richard J. Gregory | Director | June 15, 2022 A | 10,806 | 0 | 0 | $0 |
| Cameron Wheeler | Director | June 6, 2019 A | — | 0 | 0 | $0 |
| Mahendra Shah | Director | April 2, 2018 A | 909,742 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| ORBIMED ADVISORS LLC, ORBIMED CAPITAL GP VII LLC, OrbiMed Genesis GP LLC ×5 filings | July 20, 2026 | 13.90% | Amendment | — | SEC |
| Atlas Venture Fund X, L.P., ATLAS VENTURE ASSOCIATES X, L.P., Atlas Venture Associates X, LLC, Atlas Venture Opportunity Fund I, L.P., Atlas Venture Associates Opportunity I, L.P., Atlas Venture Associates Opportunity I, LLC, Atlas Venture Opportunity Fund II, L.P., Atlas Venture Associates Opportunity II, L.P., Atlas Venture Associates Opportunity II, LLC, Atlas Venture Opportunity Fund Ill, L.P., Atlas Venture Associates Opportunity III, L.P., Atlas Venture Associates Opportunity III, LLC ×2 filings | May 28, 2026 | 3.60% | Amendment | — | SEC |
| Acorn Bioventures, L.P., Acorn Capital Advisors, GP, LLC, Anders Hove | April 4, 2024 | — | Initial filing | M&A / sale | SEC |
| Deerfield Mgmt III, L.P., Deerfield Private Design Fund III, L.P., Deerfield Healthcare Innovations Fund, L.P., Deerfield Mgmt HIF, L.P., Deerfield Management Company, L.P., James E. Flynn ×5 filings | May 1, 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 8 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.70% | 10,132 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.03% | 29,465 SH | Aug. 8, 2026 | Daily |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.01% | 128,510 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 14,652 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 314 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 119,269 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 389,115 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.00% | 490 NS | April 30, 2026 | N-PORT |