RANI Rani Therapeutics Holdings, Inc. - Class A Common Stock
$0.87
Price · Aug 18, 2026
Fundamentals as of Aug 13, 2026
52W Range
$0–$4
13% of range
Analyst Rating
BUY
10 analysts
Price Target
$8
+762% upside
P/E (TTM)
-3.0
ROE
-169.6%
Net Profit Margin
-1817.1%
RANI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.87
Market Cap
—
P/E (TTM)
-3.0
EPS (TTM)
$-0.45
Revenue (TTM)
$2M
Div Yield
—
ROE
-169.6%
Debt/Equity
0.0
52W Range
$0 – $4
RANI 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
$2M
2020-12-31
→
2025-12-31
EPS
$-0.45
2021-12-31
→
2025-12-31
Free Cash Flow
$-19M
2021-12-31
→
2025-12-31
Margins
-1817.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RANI
Peer Median
P/E (TTM)
-3.0
44.2
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RANI
Peer Median
Operating Margin
-2346.0%
—
Net Profit Margin
-1817.1%
-48.0%
ROA
-62.3%
-62.1%
ROE
-169.6%
-79.9%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RANI
Peer Median
Debt / Equity
0.0
0.0
Current Ratio
4.2
3.4
Quick Ratio
1.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RANI
Peer Median
Revenue YoY
58.9%
—
Revenue CAGR 3Y
-27.7%
—
Revenue CAGR 5Y
28.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RANI
Peer Median
RANI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 2 20.0%
- Buy 7 70.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-17
Median
$7.00
Mean
$7.50
← Below all targets
$0.87
Low
$5.00
High
$11.00
Median target
$7.00
+704.7%
Mean target
$7.50
+762.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.04 | $-0.05 | 0.01% |
| Dec. 31, 2025 | $-0.07 | $-0.07 | -0.00% |
| Sept. 30, 2025 | $-0.12 | $-0.13 | 0.01% |
| June 30, 2025 | $-0.18 | $-0.20 | 0.02% |
| March 31, 2025 | $-0.22 | $-0.21 | -0.01% |
| Dec. 31, 2024 | $-0.27 | $-0.25 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RANI | — | -3.0 | 58.9% | -1817.1% | -169.6% | — |
| NTHI | — | -2.6 | -51.8% | — | — | — |
| CPIX | $60M | -20.9 | 17.6% | -6.4% | -11.9% | — |
| PLYX | — | — | — | — | -193.7% | — |
| RFL | — | -1.6 | 44.0% | -3328.2% | -34.6% | — |
| CGTX | $120M | -4.2 | — | — | -113.7% | — |
| VRCA | $143M | -4.9 | 370.2% | -50.3% | -492.8% | — |
| LONA | $71M | -0.3 | — | — | -353.4% | — |
| CING | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $2M | $1M | $0 | $0 | $3M | $462.0K | |
| R&D Expense | $20M | $27M | $40M | $37M | $26M | $12M | |
| SG&A Expense | $20M | $24M | $26M | $27M | $28M | $5M | |
| Operating Expenses | $40M | $54M | $66M | $63M | $54M | $-17M | |
| Operating Income | $-38M | $-53M | $-66M | $-63M | $-52M | $-17M | |
| Interest Expense | $3M | $5M | $5M | $1M | $466.0K | $124.0K | |
| Interest Income | · | · | · | · | $89.0K | $63.0K | |
| Pretax Income | · | · | $-68M | $-63M | $-53M | $-17M | |
| Income Tax | $0 | $0 | $0 | $70.0K | $41.0K | $35.0K | |
| Net Income | $-30M | $-30M | $-34M | $-31M | $-8M | · | |
| EPS (Basic) | $-0.45 | $-1.05 | $-1.33 | $-1.28 | $-0.43 | · | |
| EPS (Diluted) | $-0.45 | $-1.05 | $-1.33 | $-1.28 | $-0.43 | · | |
| Shares (Basic) | 66,138 | 28,476 | 25,505 | 23,817 | 19,534 | · | |
| Shares (Diluted) | 66,138 | 28,476 | 25,505 | 23,817 | 19,534 | · | |
| EBITDA | $-38M | $-53M | $-66M | $-63M | $-52M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19M | $4M | $6M | $27M | $117M | $73M | |
| Short-term Investments | · | · | · | $98M | · | · | |
| Receivables | $2M | $0 | · | · | · | · | |
| Prepaid Expense | $2M | $2M | $2M | $2M | $2M | $167.0K | |
| Current Assets | $53M | $30M | $51M | $101M | $120M | $75M | |
| PP&E (Net) | $736.0K | $2M | $6M | $6M | $5M | $4M | |
| PP&E (Gross) | · | · | $6M | $4M | $3M | $3M | |
| Accum. Depreciation | $6M | $5M | $4M | $3M | $2M | $2M | |
| Other Non-current Assets | $246.0K | $246.0K | $246.0K | $0 | · | · | |
| Total Assets | $59M | $37M | $58M | $108M | $124M | $79M | |
| Accounts Payable | $309.0K | $1M | $648.0K | $1M | $1M | $537.0K | |
| Accrued Liabilities | · | · | · | $2M | $1M | $550.0K | |
| Current Liabilities | $13M | $20M | $8M | $5M | $3M | $5M | |
| Capital Leases | $3M | $4M | $0 | $59.0K | $0 | · | |
| Total Liabilities | $17M | $33M | $32M | $34M | $3M | $8M | |
| Long-term Debt | $0 | $25M | $30M | $30M | · | $4M | |
| Total Debt | $0 | $25M | $29M | $29M | · | · | |
| Common Stock | · | · | · | · | · | $0 | |
| Paid-in Capital | $166M | $105M | $86M | $76M | $56M | $0 | |
| Retained Earnings | $-133M | $-103M | $-73M | $-39M | $-8M | $-114M | |
| AOCI | $1.0K | $5.0K | $-12.0K | $-73.0K | $0 | · | |
| Stockholders' Equity | $33M | $2M | $13M | $37M | $47M | $-113M | |
| Liabilities + Equity | $59M | $37M | $58M | $108M | $124M | $79M |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $900.0K | $1M | $822.0K | $548.0K | $497.0K | · | |
| Stock-based Comp | $12M | $16M | $19M | $16M | $23M | · | |
| Deferred Tax | · | · | · | $0 | $0 | $0 | |
| Operating Cash Flow | $-19M | $-35M | $-51M | $-47M | $-32M | $-15M | |
| CapEx | $88.0K | $268.0K | $1M | $2M | $506.0K | $1M | |
| Investing Cash Flow | $-7M | $20M | $30M | $-72M | $-506.0K | $-1M | |
| Net Debt Issued | $-21M | $-5M | · | · | · | · | |
| Stock Issued | · | · | · | · | $71M | · | |
| Net Stock Activity | · | · | · | · | $71M | · | |
| Financing Cash Flow | $40M | $14M | $233.0K | $29M | $77M | $73M | |
| Net Change in Cash | $15M | $-2M | $-21M | $-90M | $44M | $57M | |
| Taxes Paid | $0 | $0 | $35.0K | $48.0K | $73.0K | · | |
| Free Cash Flow | $-19M | $-36M | $-52M | $-48M | $-33M | · | |
| Levered FCF | · | · | $-58M | $-49M | $-33M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -2346.0% | -5186.2% | · | · | -1899.1% | · | |
| Net Margin | -1817.1% | -2920.0% | · | · | -306.6% | · | |
| Pretax Margin | · | · | · | · | -1952.4% | · | |
| EBITDA Margin | -2346.0% | -5186.2% | · | · | -1899.1% | · | |
| ROA | -62.3% | -63.5% | -40.9% | -26.3% | -8.2% | · | |
| ROE | -169.6% | -404.1% | -136.6% | -72.6% | 25.3% | · | |
| ROIC | · | · | -156.5% | -96.2% | -108.9% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.2 | 1.5 | 6.4 | 21.0 | 45.3 | · | |
| Quick Ratio | 1.6 | 0.2 | 0.7 | 26.1 | 44.5 | · | |
| Debt / Equity | 0.0 | 12.4 | 2.3 | 0.8 | · | · | |
| LT Debt / Equity | 0.0 | 4.8 | 1.9 | 0.8 | · | · | |
| Interest Coverage | -13.3 | -10.6 | -13.0 | -59.2 | -110.7 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | · | |
| Receivables Turnover | 1.6 | · | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 58.9% | · | · | · | 488.1% | · | |
| Revenue CAGR 3Y | · | -27.7% | · | · | · | · | |
| Revenue CAGR 5Y | 28.7% | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $2M | $1M | $0 | $0 | $3M | · | |
| Net Income TTM | $-30M | $-30M | $-34M | $-31M | $-8M | · | |
| P/E | -3.0 | -1.3 | -2.5 | -4.6 | -38.0 | · | |
| Earnings Yield | -33.3% | -76.6% | -40.1% | -21.7% | -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 | $2M | $2M | $1M | $0 | $0 | $172.0K | $1M | $0 | $0 | $0 | · | · | · | · | · | $0 | |
| R&D Expense | $5M | $5M | $5M | $3M | $6M | $7M | $7M | $6M | $6M | $8M | $8M | $11M | $11M | $10M | $10M | $9M | |
| SG&A Expense | $6M | $5M | $5M | $4M | $5M | $6M | $5M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $7M | $7M | |
| Operating Expenses | $11M | $10M | $10M | $7M | $11M | $12M | $16M | $12M | $13M | $14M | $13M | $18M | $18M | $17M | $17M | $16M | |
| Operating Income | $-9M | $-8M | $-9M | $-7M | $-11M | $-12M | $-15M | $-12M | $-13M | $-14M | $-13M | $-18M | $-18M | $-17M | $-17M | $-16M | |
| Interest Expense | $8.0K | $88.0K | $346.0K | $725.0K | $877.0K | $943.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $719.0K | $352.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | · | · | · | $-18M | $-19M | $-17M | $-17M | $-16M | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $-254.0K | $107.0K | |
| Net Income | $-7M | $-7M | $-10M | $-5M | $-7M | $-7M | $-9M | $-7M | $-7M | $-7M | $-7M | $-9M | $-9M | $-8M | $-9M | $-8M | |
| EPS (Basic) | $-0.04 | $-0.04 | $0.07 | $-0.12 | $-0.18 | $-0.22 | $-0.26 | $-0.24 | $-0.26 | $-0.29 | $-0.27 | $-0.36 | $-0.37 | $-0.33 | $-2.21 | $0.33 | |
| EPS (Diluted) | $-0.04 | $-0.04 | $0.07 | $-0.12 | $-0.18 | $-0.22 | $-0.26 | $-0.24 | $-0.26 | $-0.29 | $-0.27 | $-0.36 | $-0.37 | $-0.33 | $-2.21 | $0.33 | |
| Shares (Basic) | 187,168,000 | 179,996,000 | -116,359,862 | 46,444,000 | 36,542,000 | 33,440,000 | -81,165,524 | 28,836,000 | 26,324,000 | 26,034,000 | -76,111,495 | 25,552,000 | 25,345,000 | 25,240,000 | -70,224,183 | 24,468,000 | |
| Shares (Diluted) | 187,168,000 | 179,996,000 | -116,359,862 | 46,444,000 | 36,542,000 | 33,440,000 | -81,165,524 | 28,836,000 | 26,324,000 | 26,034,000 | -76,111,495 | 25,552,000 | 25,345,000 | 25,240,000 | -70,224,183 | 24,468,000 | |
| EBITDA | $-9M | $-8M | · | $-7M | $-11M | $-12M | · | $-12M | $-13M | $-14M | · | $-18M | $-18M | $-17M | · | $-16M |
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 | $5M | $10M | $19M | $4M | $10M | $10M | $4M | $4M | $5M | $7M | $6M | $5M | $8M | $19M | $27M | $27M | |
| Receivables | $2M | $2M | $2M | · | · | $600.0K | $0 | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $1M | $2M | $2M | $811.0K | $857.0K | $1M | $2M | $2M | $1M | $2M | $2M | $3M | $2M | $2M | $2M | $3M | |
| Current Assets | $57M | $47M | $53M | $5M | $11M | $18M | $30M | $32M | $32M | $41M | $51M | $63M | $76M | $89M | $101M | $101M | |
| PP&E (Net) | $525.0K | $601.0K | $736.0K | $922.0K | $1M | $1M | $2M | $5M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | · | |
| Accum. Depreciation | $6M | $6M | $6M | · | · | · | $5M | · | · | · | $4M | · | · | · | $3M | · | |
| Other Non-current Assets | $246.0K | $246.0K | $246.0K | $245.0K | $293.0K | $246.0K | $246.0K | $246.0K | $246.0K | $246.0K | $246.0K | · | · | · | $0 | · | |
| Total Assets | $61M | $52M | $59M | $10M | $17M | $24M | $37M | $44M | $44M | $54M | $58M | $70M | $84M | $96M | $108M | $108M | |
| Accounts Payable | $1M | $858.0K | $309.0K | $2M | $2M | $2M | $1M | $2M | $506.0K | $806.0K | $648.0K | $1M | $1M | $2M | $1M | $2M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | |
| Current Liabilities | $11M | $14M | $13M | $19M | $21M | $20M | $20M | $20M | $17M | $13M | $8M | $7M | $6M | $5M | $5M | $7M | |
| Capital Leases | $2M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $5M | $0 | $171.0K | $338.0K | $500.0K | $59.0K | $318.0K | |
| Total Liabilities | $13M | $16M | $17M | $22M | $26M | $29M | $33M | $38M | $38M | $39M | $32M | $36M | $35M | $35M | $34M | $22M | |
| Long-term Debt | · | · | $0 | $14M | $18M | $21M | $25M | $29M | $30M | $30M | $29M | $30M | $30M | $30M | $29M | $15M | |
| Total Debt | · | · | · | $14M | $17M | $21M | · | $28M | $29M | $29M | · | $29M | $29M | $29M | · | $14M | |
| Paid-in Capital | $186M | $168M | $166M | $114M | $111M | $107M | $105M | $97M | $90M | $88M | $86M | $83M | $81M | $78M | $76M | $72M | |
| Retained Earnings | $-147M | $-140M | $-133M | $-122M | $-117M | $-110M | $-103M | $-94M | $-87M | $-80M | $-73M | $-66M | $-57M | $-47M | $-39M | $-30M | |
| AOCI | $-30.0K | $-8.0K | $1.0K | $3.0K | $3.0K | $2.0K | $5.0K | $8.0K | $-5.0K | $-11.0K | $-12.0K | $-41.0K | $-63.0K | $-10.0K | $-73.0K | $-57.0K | |
| Stockholders' Equity | $39M | $28M | $33M | $-8M | $-6M | $-3M | $2M | $3M | $3M | $7M | $13M | $18M | $24M | $31M | $37M | $42M | |
| Liabilities + Equity | $61M | $52M | $59M | $10M | $17M | $24M | $37M | $44M | $44M | $54M | $58M | $70M | $84M | $96M | $108M | $108M |
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 | $152.0K | $161.0K | $186.0K | $223.0K | $240.0K | $251.0K | $266.0K | $259.0K | $255.0K | $248.0K | $227.0K | $218.0K | $189.0K | $188.0K | $174.0K | $141.0K | |
| Stock-based Comp | $2M | $2M | $2M | $2M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $4M | $4M | $4M | |
| Operating Cash Flow | $-9M | $-6M | $294.0K | $-5M | $-6M | $-8M | $-9M | $-8M | $-9M | $-9M | $-12M | $-14M | $-12M | $-12M | $-15M | $-12M | |
| CapEx | $32.0K | $15.0K | $0 | $0 | $37.0K | $51.0K | $31.0K | $125.0K | $94.0K | $18.0K | $167.0K | $479.0K | $335.0K | $248.0K | $530.0K | $456.0K | |
| Investing Cash Flow | $-15M | $-2M | $-31M | $0 | $6M | $18M | $3M | $469.0K | $7M | $10M | $13M | $12M | $789.0K | $4M | $-457.0K | $-71M | |
| Net Debt Issued | · | $0 | · | · | · | $-4M | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Financing Cash Flow | $19M | $-27.0K | $45M | $-1M | $188.0K | $-4M | $6M | $8M | $141.0K | $121.0K | $96.0K | $49.0K | $80.0K | $8.0K | $15M | $14M | |
| Net Change in Cash | $-5M | $-9M | $14M | $-6M | $105.0K | $6M | $-515.0K | $-237.0K | $-2M | $1M | $892.0K | $-3M | $-11M | $-8M | $-212.0K | $-69M | |
| Free Cash Flow | · | $-7M | · | · | · | $-8M | · | · | · | $-9M | · | · | · | $-12M | · | · |
Profitability 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -516.9% | -488.2% | · | · | · | -6984.3% | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | -432.7% | -411.8% | · | · | · | -4223.3% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -516.9% | -488.2% | · | · | · | -6984.3% | · | · | · | · | · | · | · | · | · | · | |
| ROA | -19.0% | -18.5% | · | -20.2% | -22.1% | -18.7% | · | -11.9% | -10.7% | -10.0% | · | -10.3% | -9.9% | -7.9% | · | -6.5% | |
| ROE | -43.9% | -55.5% | · | 228.4% | 488.5% | -334.6% | · | -65.6% | -50.5% | -39.3% | · | -30.8% | -25.9% | -19.9% | · | -17.0% | |
| ROIC | · | · | · | · | · | · | · | · | · | · | · | -38.1% | -34.3% | · | · | -28.8% |
Liquidity & Solvency 5
| 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 | 5.3 | 3.4 | · | 0.3 | 0.5 | 0.9 | · | 1.6 | 1.9 | 3.1 | · | 8.6 | 13.3 | 17.3 | · | 14.0 | |
| Quick Ratio | 0.6 | 0.8 | · | 0.2 | 0.5 | 0.5 | · | 0.2 | 0.3 | 0.5 | · | 0.7 | 1.3 | 3.7 | · | 3.8 | |
| Debt / Equity | · | · | · | -1.7 | -3.1 | -6.8 | · | 9.1 | 10.4 | 4.0 | · | 1.7 | 1.2 | 1.0 | · | 0.3 | |
| LT Debt / Equity | · | · | · | 0.0 | -0.4 | -1.9 | · | 4.3 | 6.1 | 2.8 | · | 1.6 | 1.2 | 1.0 | · | 0.3 | |
| Interest Coverage | -1103.5 | -94.8 | · | -10.0 | -12.0 | -12.7 | · | -8.8 | -9.8 | -10.8 | · | -13.6 | -14.5 | -13.7 | · | -46.4 |
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 | |
| Receivables Turnover | 1.7 | 1.3 | · | · | · | 0.6 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 4
| 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 | $3M | $2M | · | $172.0K | $172.0K | $172.0K | · | · | · | · | · | · | · | · | · | · | |
| Net Income TTM | $-27M | $-26M | · | $-26M | $-28M | $-28M | · | $-30M | $-33M | $-34M | · | $-35M | $-33M | $-30M | · | $-25M | |
| P/E | -2.0 | -1.3 | · | -0.7 | -0.6 | -1.2 | · | -1.9 | -3.0 | -2.3 | · | -3.0 | -68.7 | 8.6 | · | 12.4 | |
| Earnings Yield | -50.0% | -76.2% | · | -152.0% | -175.1% | -80.2% | · | -53.2% | -33.7% | -43.4% | · | -33.6% | -1.5% | 11.6% | · | 8.0% |
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 | $2M | $1M | $0 | $0 | $3M |
| Operating Margin % | -2346.0% | -5186.2% | — | — | -1899.1% |
| Net Income | $-30M | $-30M | $-34M | $-31M | $-8M |
| Diluted EPS | $-0.45 | $-1.05 | $-1.33 | $-1.28 | $-0.43 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 12.4 | 2.3 | 0.8 | — |
| Current Ratio | 4.2 | 1.5 | 6.4 | 21.0 | 45.3 |
| Quick Ratio | 1.6 | 0.2 | 0.7 | 26.1 | 44.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-19M | $-36M | $-52M | $-48M | $-33M |
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Institutional owners (13F) 76 filers · $42.7M 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 |
|---|---|---|---|---|
| 15 (-1 vs prior Q) | 16 (+9 vs prior Q) | 14 (-2 vs prior Q) | 13 (-3 vs prior Q) | +6.1M |
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 |
|---|---|---|---|---|
| SAMSARA BIOCAPITAL, LLC | $7,884,709 | 10,369,159 | 18.46% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $6,463,400 | 8,500,000 | 15.13% | Shares |
| VANGUARD GROUP INC | $6,240,465 | 4,622,567 | 14.61% | Shares |
| AWM Investment Company, Inc. | $5,703,000 | 7,500,000 | 13.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,467,869 | 4,562,985 | 8.12% | Shares |
| SymBiosis Capital Partners, LLC | $2,694,941 | 3,667,585 | 6.31% | Shares |
| Longaeva Partners L.P. | $1,771,321 | 2,329,459 | 4.15% | Shares |
| Polar Asset Management Partners Inc. | $1,763,019 | 2,318,542 | 4.13% | Shares |
| Siren, L.L.C. | $1,520,800 | 2,000,000 | 3.56% | Shares |
| HEIGHTS CAPITAL MANAGEMENT, INC | $710,655 | 934,580 | 1.66% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $544,769 | 715,964 | 1.28% | Shares |
| CITADEL ADVISORS LLC | $488,173 | 641,995 | 1.14% | Shares |
| Nan Fung Group Holdings Ltd | $375,321 | 493,584 | 0.88% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $348,176 | 458,126 | 0.82% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $327,532 | 430,737 | 0.77% | Shares |
| STATE STREET CORP | $283,737 | 373,142 | 0.66% | Shares |
| JANE STREET GROUP, LLC | $236,084 | 310,473 | 0.55% | Shares |
| UNITED SERVICES AUTOMOBILE ASSOCIATION | $230,206 | 302,743 | 0.54% | Shares |
| KESTRA PRIVATE WEALTH SERVICES, LLC | $214,691 | 282,340 | 0.50% | Shares |
| BlackRock, Inc. | $208,379 | 274,039 | 0.49% | Shares |
| UBS Group AG | $199,257 | 262,180 | 0.47% | Shares |
| NORTHERN TRUST CORP | $129,626 | 170,471 | 0.30% | Shares |
| CWA Asset Management Group, LLC | $114,060 | 150,000 | 0.27% | Shares |
| TAKEDA PHARMACEUTICAL CO LTD | $101,554 | 203,190 | 0.24% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $87,066 | 114,500 | 0.20% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $44,103 | 58,000 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $43,944 | 57,790 | 0.10% | Shares |
| Well Done, LLC | $39,552 | 52,014 | 0.09% | Shares |
| MOTCO | $36,597 | 48,129 | 0.09% | Shares |
| Squarepoint Ops LLC | $31,862 | 41,902 | 0.07% | Shares |
| MARSHALL WACE, LLP | $31,456 | 41,389 | 0.07% | Shares |
| LASRY MARC | $31,431 | 62,887 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $24,131 | 31,751 | 0.06% | Shares |
| Lafayette Investments, Inc. | $17,474 | 22,979 | 0.04% | Shares |
| TRAPHAGEN INVESTMENT ADVISORS LLC | $16,748 | 22,024 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $16,264 | 21,400 | 0.04% | Put option |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $15,740 | 20,700 | 0.04% | Shares |
| Cerity Partners LLC | $14,516 | 19,090 | 0.03% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $14,486 | 19,051 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $13,601 | 17,887 | 0.03% | Shares |
| J. Safra Sarasin Holding AG | $12,931 | 17,000 | 0.03% | Shares |
| XTX Topco Ltd | $12,896 | 16,959 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $12,887 | 16,948 | 0.03% | Shares |
| CITADEL ADVISORS LLC | $12,014 | 15,800 | 0.03% | Call option |
| SBI Securities Co., Ltd. | $11,793 | 15,509 | 0.03% | Shares |
| ACT Advisors, LLC. | $11,258 | 14,806 | 0.03% | Shares |
| Bank of New York Mellon Corp | $10,553 | 13,878 | 0.02% | Shares |
| Farther Finance Advisors, LLC | $10,494 | 13,800 | 0.02% | Shares |
| CLEAR WAVE WEALTH MANAGEMENT LLC | $10,058 | 13,228 | 0.02% | Shares |
| Disciplined Investors, L.L.C. | $9,277 | 12,200 | 0.02% | Shares |
| Sanctuary Advisors, LLC | $9,135 | 12,014 | 0.02% | Shares |
| GOLDMAN SACHS GROUP INC | $8,927 | 11,740 | 0.02% | Shares |
| Rockefeller Capital Management L.P. | $8,779 | 11,545 | 0.02% | Shares |
| JANE STREET GROUP, LLC | $8,745 | 11,500 | 0.02% | Call option |
| Prime Capital Investment Advisors, LLC | $8,733 | 11,485 | 0.02% | Shares |
| CARY STREET PARTNERS FINANCIAL LLC | $8,022 | 10,550 | 0.02% | Shares |
| EWA, LLC | $7,999 | 10,520 | 0.02% | Shares |
| BARCLAYS PLC | $7,631 | 10,036 | 0.02% | Shares |
| ISLAY CAPITAL MANAGEMENT, LLC | $7,308 | 9,611 | 0.02% | Shares |
| JPMORGAN CHASE & CO | $5,198 | 6,798 | 0.01% | Shares |
| SIMPLEX TRADING, LLC | $3,903 | 5,136 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $3,822 | 5,026 | 0.01% | Shares |
| OSAIC HOLDINGS, INC. | $2,878 | 3,787 | 0.01% | Shares |
| GROUP ONE TRADING LLC | $2,832 | 3,724 | 0.01% | Shares |
| Allworth Financial LP | $2,372 | 3,119 | 0.01% | Shares |
| CITIGROUP INC | $2,010 | 2,643 | 0.00% | Shares |
| Balyasny Asset Management L.P. | $1,677 | 2,206 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,623 | 2,134 | 0.00% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $836 | 1,100 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $735 | 1,000 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $190 | 249,716 | 0.00% | Shares |
| Cygnus Capital Advisors, LLC | $85 | 115,649 | 0.00% | Shares |
| Janney Montgomery Scott LLC | $37 | 49,200 | 0.00% | Shares |
| AlphaMark Advisors, LLC | $1 | 500 | 0.00% | Shares |
| MORGAN STANLEY | $1 | 1 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $0 | 124 | 0.00% | Shares |
Company insiders 21 insiders · 7 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Talat Imran | Chief Executive Officer | June 27, 2026 F | 434,736 | 1 | 1 | $13,900 |
| Nicholas Maestas | Chief Financial Officer | July 17, 2026 A | — | 0 | 0 | $0 |
| Svai S Sanford | Chief Financial Officer | May 23, 2025 A | 119,597 | 0 | 0 | $0 |
| Alireza Javadi | Chief Technical Officer | June 27, 2026 F | 9,380 | 0 | 1 | $-301 |
| Kate Mckinley | Chief Business Officer | June 3, 2026 A | — | 0 | 0 | $0 |
| Mir Hashim | Chief Scientific Officer | May 23, 2025 A | 134,265 | 0 | 0 | $0 |
| Eric Groen | General Counsel | March 21, 2024 A | 24,216 | 0 | 0 | $0 |
| MIR A IMRAN | Director | July 21, 2026 P | 2,119,334 | 2 | 0 | $1,274,840 |
| Vasudev Jaiprakash Bailey | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Lisa Ann Rometty | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Abraham Bassan | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Dennis A Ausiello | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| Jean Luc Butel | Director | May 28, 2026 A | 50,500 | 0 | 0 | $0 |
| Andrew Farquharson | Director | Dec. 16, 2024 A | 72,818 | 0 | 0 | $0 |
| Maulik Nanavaty | Director | Dec. 16, 2024 A | 500 | 0 | 0 | $0 |
| Laureen Debuono | Director | Dec. 16, 2024 A | — | 0 | 0 | $0 |
| Lyn Baranowski | Director | May 25, 2022 A | — | 0 | 0 | $0 |
| South Cone Investments Limited Partnership | 10% owner | Oct. 21, 2025 S | 2,379,194 | 0 | 2 | $-15,714,430 |
| Cortes Isidoro Alfonso Quiroga | 10% owner | Nov. 2, 2022 P | 5,247,786 | 0 | 0 | $0 |
| InCube Labs, L.L.C. | 10% owner | Feb. 3, 2022 J | 13,923 | 0 | 0 | $0 |
| Michelle Gilson | — | Aug. 3, 2026 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 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 |
|---|---|---|---|---|---|
| Samsara BioCapital, L.P., Samsara BioCapital GP, LLC, Samsara Opportunity Fund, L.P., Samsara Opportunity Fund GP, LLC, Srinivas Akkaraju ×2 filings | May 28, 2026 | 9.90% | Amendment | — | SEC |
| InCube Labs, L.L.C., MIR A IMRAN, InCube Ventures II, LP, Rani Investment Corp. | Oct. 27, 2025 | 22.10% | Amendment | — | SEC |
| South Cone Investments Limited Partnership, South Lake One LLC, South Lake Management LLC ×4 filings | Oct. 22, 2025 | 4.90% | Amendment | Passive investment | SEC |
| Aequanimitas Limited Partnership, Isidoro Alfonso Quiroga Cortés ×2 filings | Dec. 8, 2023 | — | Initial filing | — | SEC |
| Isidoro Quiroga Moreno, South Cone Investments Limited Partnership, South Lake One LLC, Aequanimitas Limited Partnership, South Lake Management LLC ×2 filings | Feb. 1, 2022 | — | Initial filing | — | SEC |
| Mir Imran, InCube Labs, LLC | Aug. 23, 2021 | — | 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 4 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.