RARE Ultragenyx Pharmaceutical Inc. - Common Stock
$26.41
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$18–$40
38% of range
Analyst Rating
BUY
25 analysts
Price Target
$53
+100% upside
P/E (TTM)
-4.6
ROE
-1613.2%
Net Profit Margin
-85.4%
RARE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$26.41
Market Cap
$2.60B
P/E (TTM)
-4.6
EPS (TTM)
$-5.83
Revenue (TTM)
$673M
Div Yield
—
ROE
-1613.2%
Debt/Equity
—
52W Range
$18 – $40
RARE 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
$673M
2016-12-31
→
2025-12-31
EPS
$-5.83
2020-12-31
→
2025-12-31
Free Cash Flow
$-472M
2016-12-31
→
2025-12-31
Margins
-85.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RARE
Peer Median
P/E (TTM)
-4.6
97.6
P/S (TTM)
3.9
7.7
P/B
-32.4
8.0
Price / FCF
-5.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RARE
Peer Median
Operating Margin
-79.5%
—
Net Profit Margin
-85.4%
-51.7%
ROA
-37.9%
-44.2%
ROE
-1613.2%
-63.5%
ROIC
673.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RARE
Peer Median
Current Ratio
2.5
4.9
Quick Ratio
1.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RARE
Peer Median
Revenue YoY
20.2%
—
Revenue CAGR 3Y
22.8%
—
Revenue CAGR 5Y
20.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RARE
Peer Median
RARE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
25 analysts
- Strong Buy 8 32.0%
- Buy 14 56.0%
- Hold 3 12.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-15
Median
$46.00
Mean
$52.84
← Below all targets
$26.41
Low
$27.00
High
$96.00
Median target
$46.00
+74.2%
Mean target
$52.84
+100.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.90 | $-1.24 | 0.34% |
| March 31, 2026 | $-1.84 | $-1.54 | -0.30% |
| Dec. 31, 2025 | $-1.29 | $-1.11 | -0.18% |
| Sept. 30, 2025 | $-1.81 | $-1.26 | -0.55% |
| June 30, 2025 | $-1.17 | $-1.32 | 0.15% |
| March 31, 2025 | $-1.57 | $-1.65 | 0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RARE | $2.22B | -3.9 | 20.2% | -85.4% | -1613.2% | — |
| NRIX | $1.80B | -5.8 | 53.9% | -314.9% | -53.6% | — |
| BEAM | $2.82B | -34.2 | 120.0% | -57.2% | -7.0% | — |
| SLS | $577M | -15.1 | — | — | -55.4% | — |
| BCRX | $1.66B | 6.4 | 94.1% | 30.2% | -97.6% | — |
| COAG | — | — | — | — | — | — |
| KOD | $1.73B | -6.5 | — | — | -202.0% | — |
| KLRA | — | — | — | — | — | — |
| CDNA | $959M | -47.1 | 13.8% | -5.6% | -6.8% | — |
| MLYS | $2.96B | -15.8 | — | — | -32.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $673M | $560M | $434M | $363M | $351M | $271M | $104M | $51M | $3M | $133.0K | |
| Cost of Revenue | · | · | · | · | · | · | · | $1M | $1.0K | · | |
| R&D Expense | $750M | $698M | $648M | $706M | $497M | $412M | $357M | $294M | $232M | $183M | |
| SG&A Expense | $349M | $321M | $310M | $278M | $220M | $183M | $162M | $128M | $100M | $65M | |
| Operating Expenses | · | · | · | · | · | $601M | $528M | $423M | $332M | $248M | |
| Operating Income | $-535M | $-536M | $-569M | $-649M | $-382M | $-330M | $-424M | $-371M | $-329M | $-248M | |
| Interest Income | $25M | $37M | $27M | $11M | $2M | $7M | $13M | $10M | $4M | $4M | |
| Other Non-op | $1M | $-5M | $-1M | $-2M | $-2M | $607.0K | $-787.0K | $-6M | $7M | $-2M | |
| Pretax Income | $-571M | $-567M | $-609M | $-702M | $-453M | $-185M | $-399M | $-197M | $-318M | $-246M | |
| Income Tax | $4M | $2M | $-2M | $6M | $1M | $1M | $3M | $514.0K | $-16M | $35.0K | |
| Net Income | $-575M | $-569M | $-607M | $-707M | $-454M | $-187M | $-403M | $-198M | $-302M | $-246M | |
| EPS (Basic) | $-5.83 | $-6.29 | $-8.25 | $-10.12 | $-6.70 | $-3.07 | · | · | · | · | |
| EPS (Diluted) | $-5.83 | $-6.29 | $-8.25 | $-10.12 | $-6.70 | $-3.07 | · | · | · | · | |
| Shares (Basic) | 98,600,000 | 90,500,000 | 73,500,000 | 69,914,225 | 67,795,540 | 60,845,550 | · | · | · | · | |
| Shares (Diluted) | 98,600,000 | 90,500,000 | 73,500,000 | 69,914,225 | 67,795,540 | 60,845,550 | · | · | · | · | |
| EBITDA | $-500M | $-500M | $-543M | $-631M | $-368M | $-318M | $-416M | $-352M | $-323M | $-245M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $421M | $174M | $214M | $133M | $308M | $714M | $434M | $113M | $100M | $161M | |
| Short-term Investments | · | · | · | · | · | · | $322M | $346M | $134M | $219M | |
| Receivables | $158M | $122M | $73M | $40M | $28M | $23M | $33M | $13M | $5M | · | |
| Inventory | $52M | $45M | $34M | $27M | $16M | $13M | $12M | $7M | $757.0K | · | |
| Prepaid Expense | $61M | $40M | $48M | $69M | $72M | $58M | $51M | $43M | $29M | $20M | |
| Other Current Assets | · | · | $48M | $69M | · | · | · | · | · | · | |
| Current Assets | $951M | $817M | $732M | $884M | $857M | $1.30B | $851M | $522M | $270M | $402M | |
| PP&E (Net) | $244M | $266M | $291M | $260M | $141M | $74M | $44M | $20M | $22M | $17M | |
| PP&E (Gross) | $380M | $378M | $374M | $323M | $191M | $111M | $70M | $38M | $33M | $23M | |
| Accum. Depreciation | $136M | $112M | $83M | $63M | $50M | $37M | $26M | $18M | $11M | $6M | |
| Goodwill | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | · | |
| Intangibles | $176M | $178M | $166M | $160M | $131M | $131M | $129M | $129M | $142M | · | |
| Other Non-current Assets | $60M | $63M | $58M | $48M | $21M | $9M | $3M | $4M | $3M | $2M | |
| Total Assets | $1.53B | $1.50B | $1.49B | $1.55B | $1.52B | $1.76B | $1.14B | $720M | $491M | $541M | |
| Accounts Payable | $31M | $39M | $42M | $43M | $17M | $13M | $13M | $12M | $9M | $5M | |
| Accrued Liabilities | $265M | $241M | $196M | $205M | $146M | $108M | $83M | $62M | $62M | $55M | |
| Current Liabilities | $384M | $344M | $280M | $261M | $181M | $190M | $103M | $75M | $71M | $60M | |
| Capital Leases | $24M | $30M | $31M | $20M | $30M | $39M | $30M | · | · | · | |
| Deferred Tax | $30M | $30M | $30M | $32M | $33M | $33M | $33M | $31M | $31M | · | |
| Other Non-current Liabilities | $44M | $17M | $12M | $5M | $1M | $7M | · | $5M | $5M | $6M | |
| Total Liabilities | $1.60B | $1.24B | $1.22B | $1.19B | $600M | $605M | $482M | $111M | $107M | $67M | |
| Common Stock | $0 | $0 | $82.0K | $70.0K | $69.0K | $67.0K | $58.0K | $51.0K | $44.0K | $41.0K | |
| Paid-in Capital | $4.45B | $4.21B | $3.66B | $3.14B | $3.00B | $2.77B | $2.09B | $1.64B | $1.22B | $1.00B | |
| Retained Earnings | $-4.53B | $-3.96B | $-3.39B | $-2.78B | $-2.07B | $-1.62B | $-1.43B | $-1.03B | $-833M | $-531M | |
| Treasury Stock | $8M | $4M | $432.0K | $0 | · | · | · | · | · | · | |
| AOCI | $1M | $-1M | $647.0K | $-7M | $-1M | $689.0K | $-147.0K | $-633.0K | $-6M | $905.0K | |
| Stockholders' Equity | $-80M | $255M | $275M | $352M | $923M | $1.15B | $654M | $609M | $383M | $474M | |
| Liabilities + Equity | $1.53B | $1.50B | $1.49B | $1.55B | $1.52B | $1.76B | $1.14B | $720M | $491M | $541M | |
| Shares Outstanding | 96,600,000 | 92,500,000 | 82,300,000 | 70,200,000 | 69,344,998 | 66,818,520 | 57,838,220 | 50,860,588 | 44,167,071 | 41,240,230 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $35M | $36M | $26M | $18M | $13M | $12M | $9M | $20M | $6M | $3M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | $68M | $48M | |
| Deferred Tax | · | $-1M | $-2M | $2M | · | · | $2M | · | $-16M | · | |
| Other Non-cash | $74M | $118M | $104M | $310M | $102M | $42M | $47M | $-112M | $-9M | $33M | |
| Operating Cash Flow | $-466M | $-414M | $-475M | $-380M | $-339M | $-132M | $-345M | $-291M | $-254M | $-161M | |
| CapEx | $6M | $7M | $44M | $116M | $73M | $44M | $25M | $4M | $3M | $10M | |
| Investing Cash Flow | $236M | $-18M | $168M | $-292M | $-195M | $-179M | $-13M | $-33M | $55M | $91M | |
| Stock Issued | · | · | · | $0 | $0 | $436M | $330M | $271M | · | · | |
| Net Stock Activity | · | · | · | $0 | · | $436M | $330M | $271M | · | · | |
| Financing Cash Flow | $478M | $399M | $388M | $501M | $119M | $600M | $679M | $337M | $136M | $139M | |
| Net Change in Cash | $252M | $-35M | $81M | $-172M | $-417M | $290M | $321M | $12M | $-62M | $69M | |
| Taxes Paid | $4M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-472M | $-422M | $-519M | $-497M | $-412M | $-176M | $-370M | $-295M | $-257M | $-171M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -79.5% | -95.7% | -131.1% | -178.6% | -108.6% | -121.8% | -409.0% | -721.2% | -12593.5% | -186471.4% | |
| Net Margin | -85.4% | -101.6% | -139.7% | -194.7% | -129.2% | -68.8% | -388.3% | -383.8% | -11567.3% | -184867.7% | |
| Pretax Margin | -84.8% | -101.3% | -140.1% | -193.1% | -128.9% | -68.4% | -385.1% | -382.8% | -12187.5% | -184841.4% | |
| EBITDA Margin | -74.3% | -89.3% | -125.1% | -173.6% | -104.9% | -117.3% | -400.8% | -683.2% | -12370.5% | -183897.0% | |
| ROA | -37.9% | -38.0% | -40.0% | -46.1% | -27.7% | -12.9% | -43.4% | -32.6% | -58.6% | -44.7% | |
| ROE | -1613.2% | -189.1% | -395.0% | -172.3% | -48.9% | -20.5% | -58.3% | -31.1% | -70.5% | -48.9% | |
| ROIC | 673.4% | -210.5% | -206.1% | -185.6% | -41.5% | -28.8% | -65.4% | -61.2% | -81.4% | -52.3% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.4 | 2.6 | 3.4 | 4.7 | 6.8 | 8.2 | 7.0 | 3.8 | 6.7 | |
| Quick Ratio | 1.5 | 0.9 | 1.0 | 0.7 | 1.9 | 3.9 | 7.6 | 6.3 | 3.4 | 6.3 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | |
| Inventory Turnover | · | · | · | · | · | · | · | 0.3 | 0.0 | · | |
| Receivables Turnover | 4.8 | 5.7 | 7.6 | 10.6 | 13.6 | 9.7 | 4.6 | 5.7 | 1.0 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 20.2% | 29.0% | 19.4% | 3.4% | 29.7% | · | · | · | · | · | |
| Revenue CAGR 3Y | 22.8% | 16.8% | 17.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 20.0% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $673M | $560M | $434M | $363M | $351M | $271M | $104M | $51M | $3M | $133.0K | |
| Net Income TTM | $-575M | $-569M | $-607M | $-707M | $-454M | $-187M | $-403M | $-198M | $-302M | $-246M | |
| Market Cap | $2.22B | $3.89B | $3.94B | $3.25B | $5.83B | $9.25B | $2.47B | $2.21B | $2.05B | $2.90B | |
| P/E | -3.9 | -6.7 | -5.8 | -4.6 | -12.6 | -45.1 | -6.1 | -11.1 | · | · | |
| P/S | 3.3 | 6.9 | 9.1 | 9.0 | 16.6 | 34.1 | 23.8 | 42.9 | 784.3 | 21801.5 | |
| P/B | -27.8 | 15.2 | 14.3 | 9.2 | 6.3 | 8.0 | 3.8 | 3.6 | 5.3 | 6.1 | |
| P / Tangible Book | · | 117.9 | 61.2 | 22.1 | 7.8 | 9.4 | · | · | · | · | |
| P / Cash Flow | -4.8 | -9.4 | -8.3 | -8.5 | -17.2 | -70.0 | -7.2 | -7.6 | -8.1 | -18.0 | |
| P / FCF | -4.7 | -9.2 | -7.6 | -6.5 | -14.2 | -52.5 | -6.7 | -7.5 | -8.0 | -16.9 | |
| Earnings Yield | -25.4% | -14.9% | -17.2% | -21.8% | -8.0% | -2.2% | -16.4% | -9.0% | · | · |
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 | $214M | $136M | $207M | $160M | $167M | $139M | $165M | $139M | $147M | $109M | $127M | $98M | $108M | $100M | $103M | $91M | |
| R&D Expense | $167M | $187M | $203M | $216M | $165M | $166M | $188M | $170M | $162M | $178M | $160M | $157M | $165M | $166M | $171M | $237M | |
| SG&A Expense | $88M | $88M | $88M | $87M | $87M | $87M | $82M | $80M | $81M | $78M | $77M | $75M | $81M | $77M | $73M | $70M | |
| Operating Income | $-75M | $-169M | $-113M | $-171M | $-108M | $-143M | $-122M | $-132M | $-116M | $-165M | $-122M | $-145M | $-148M | $-154M | $-146M | $-225M | |
| Interest Income | $5M | $6M | $7M | $6M | $6M | $7M | $10M | $11M | $7M | $9M | $9M | $6M | $6M | $6M | $6M | $3M | |
| Other Non-op | $1M | · | $-934.0K | $-1M | $2M | $837.0K | $-5M | $3M | $-2M | $-2M | $1M | $-699.0K | $-2M | $308.0K | $180.0K | $-1M | |
| Pretax Income | $-91M | $-184M | $-128M | $-180M | $-114M | $-150M | $-133M | $-133M | $-131M | $-170M | $-127M | $-159M | $-159M | $-163M | $-153M | $-239M | |
| Income Tax | $1M | $1M | $870.0K | $873.0K | $1M | $1M | $384.0K | $303.0K | $858.0K | $455.0K | $-4M | $650.0K | $732.0K | $495.0K | $-1M | $6M | |
| Net Income | $-92M | $-185M | $-129M | $-180M | $-115M | $-151M | $-133M | $-134M | $-132M | $-171M | $-124M | $-160M | $-160M | $-164M | $-152M | $-245M | |
| EPS (Basic) | $-0.90 | $-1.84 | $-1.28 | $-1.81 | $-1.17 | $-1.57 | $-1.34 | $-1.40 | $-1.52 | $-2.03 | $-1.44 | $-2.23 | $-2.25 | $-2.33 | $-2.17 | $-3.50 | |
| EPS (Diluted) | $-0.90 | $-1.84 | $-1.28 | $-1.81 | $-1.17 | $-1.57 | $-1.34 | $-1.40 | $-1.52 | $-2.03 | $-1.44 | $-2.23 | $-2.25 | $-2.33 | $-2.17 | $-3.50 | |
| Shares (Basic) | 101,900,000 | 100,600,000 | -195,920,392 | 99,771,297 | 98,500,000 | 96,300,000 | -175,860,804 | 95,493,996 | 86,580,516 | 84,286,292 | -139,430,962 | 71,664,493 | 70,897,991 | 70,368,478 | -139,581,974 | 70,054,173 | |
| Shares (Diluted) | 101,900,000 | 100,600,000 | -195,920,392 | 99,771,297 | 98,500,000 | 96,300,000 | -175,860,804 | 95,493,996 | 86,580,516 | 84,286,292 | -139,430,962 | 71,664,493 | 70,897,991 | 70,368,478 | -139,581,974 | 70,054,173 | |
| EBITDA | $-75M | $-161M | · | $-171M | $-108M | $-134M | · | $-132M | $-116M | $-157M | · | $-145M | $-148M | $-149M | · | $-225M |
Balance Sheet 28
| 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 | $125M | $175M | $421M | $203M | $176M | $127M | $174M | $151M | $481M | $112M | $214M | $73M | $102M | $86M | $133M | $392M | |
| Receivables | $200M | $121M | $158M | $113M | $124M | $99M | $122M | $93M | $106M | $100M | · | $79M | $71M | $43M | · | $31M | |
| Inventory | $59M | $55M | $52M | $52M | $46M | $46M | $45M | $43M | $40M | $36M | · | $32M | $28M | $27M | · | $22M | |
| Prepaid Expense | $55M | $68M | $61M | $53M | $61M | $60M | $40M | · | · | · | · | $46M | $51M | $67M | · | $71M | |
| Other Current Assets | · | · | · | · | · | · | · | $41M | $55M | $48M | · | · | · | · | · | · | |
| Current Assets | $606M | $657M | $951M | $643M | $720M | $699M | $817M | $800M | $965M | $596M | · | $599M | $702M | $766M | · | $1.01B | |
| PP&E (Net) | $235M | $239M | $244M | $250M | $256M | $261M | $266M | $272M | $279M | $285M | · | $297M | $289M | $278M | · | $235M | |
| PP&E (Gross) | · | · | $380M | · | · | · | $378M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $136M | · | · | · | $112M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | · | $44M | $44M | $44M | · | $44M | |
| Intangibles | $172M | $174M | $176M | $173M | $175M | $177M | $178M | $165M | $166M | $165M | · | $157M | $158M | $159M | · | $158M | |
| Other Non-current Assets | $63M | $61M | $60M | $58M | $60M | $62M | $63M | $54M | $54M | $60M | · | $28M | $26M | $22M | · | $18M | |
| Total Assets | $1.26B | $1.30B | $1.53B | $1.19B | $1.31B | $1.31B | $1.50B | $1.54B | $1.62B | $1.31B | · | $1.24B | $1.31B | $1.38B | · | $1.62B | |
| Accounts Payable | $39M | $42M | $31M | $41M | $34M | $47M | $39M | $36M | $60M | $41M | · | $33M | $42M | $59M | · | $24M | |
| Accrued Liabilities | $221M | $194M | $265M | $221M | $181M | $173M | $241M | $185M | $154M | $149M | · | $179M | $168M | $144M | · | $189M | |
| Current Liabilities | $351M | $325M | $384M | $340M | $293M | $292M | $344M | $285M | $273M | $246M | · | $254M | $244M | $218M | · | $227M | |
| Capital Leases | · | · | $24M | $22M | $25M | $28M | $30M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $30M | $30M | $30M | $30M | $30M | $30M | $30M | $30M | $30M | $30M | · | $32M | $32M | $32M | · | $33M | |
| Other Non-current Liabilities | $41M | $42M | $20M | $19M | $17M | $17M | $17M | $16M | $15M | $14M | · | $10M | $10M | $9M | · | $4M | |
| Total Liabilities | $1.55B | $1.52B | $1.60B | $1.17B | $1.15B | $1.16B | $1.24B | $1.18B | $1.19B | $1.17B | · | $1.21B | $1.18B | $1.16B | · | $1.15B | |
| Common Stock | $0 | $0 | $0 | $96.0K | $96.0K | $94.0K | $0 | $92.0K | $92.0K | $83.0K | · | $72.0K | $71.0K | $71.0K | · | $70.0K | |
| Paid-in Capital | $4.52B | $4.48B | $4.45B | $4.41B | $4.37B | $4.25B | $4.21B | $4.17B | $4.12B | $3.70B | · | $3.30B | $3.24B | $3.17B | · | $3.11B | |
| Retained Earnings | $-4.81B | $-4.72B | $-4.53B | $-4.40B | $-4.22B | $-4.11B | $-3.96B | $-3.82B | $-3.69B | $-3.56B | · | $-3.26B | $-3.10B | $-2.94B | · | $-2.63B | |
| Treasury Stock | $10M | $10M | $8M | $8M | $8M | $8M | $4M | $4M | $3M | $3M | · | $381.0K | $381.0K | $356.0K | · | · | |
| AOCI | $0 | $0 | $1M | $820.0K | $-268.0K | $-341.0K | $-1M | $896.0K | $-1M | $-431.0K | · | $-2M | $-3M | $-4M | · | $-10M | |
| Stockholders' Equity | $-291M | $-236M | $-80M | $9M | $151M | $144M | $255M | $347M | $432M | $140M | $275M | $32M | $129M | $220M | $352M | $469M | |
| Liabilities + Equity | $1.26B | $1.30B | $1.53B | $1.19B | $1.31B | $1.31B | $1.50B | $1.54B | $1.62B | $1.31B | · | $1.24B | $1.31B | $1.38B | · | $1.62B | |
| Shares Outstanding | 98,600,000 | 98,300,000 | 96,600,000 | 96,442,027 | 96,353,634 | 93,903,785 | 92,500,000 | 92,304,317 | 92,135,384 | 83,094,037 | 82,300,000 | 72,174,307 | 71,465,424 | 70,660,249 | 70,197,297 | 70,079,777 |
Cash Flow 8
| 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 | $8M | $8M | $9M | $9M | $9M | $9M | $10M | $9M | $9M | $9M | $8M | $7M | $5M | $5M | $5M | $5M | |
| Other Non-cash | · | $-20M | · | · | · | $-24M | · | · | · | $-29M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-97M | $-197M | $-100M | $-91M | $-108M | $-166M | $-79M | $-67M | $-77M | $-191M | $-84M | $-118M | $-116M | $-157M | $-90M | $-95M | |
| CapEx | $1M | $1M | $938.0K | $1M | $2M | $1M | $163.0K | $2M | $2M | $3M | $1M | $4M | $14M | $25M | $27M | $26M | |
| Investing Cash Flow | $44M | $-49M | $-72M | $117M | $71M | $120M | $103M | $-276M | $61M | $94M | $-107M | $64M | $99M | $111M | $-172M | $-162M | |
| Financing Cash Flow | · | · | $394M | $2.0K | $84M | $157.0K | $3M | $11M | $385M | $-58.0K | $330M | $25M | $33M | $-722.0K | $2M | $492M | |
| Net Change in Cash | $-49M | $-247M | $221M | $26M | $49M | $-45M | $24M | $-330M | $368M | $-97M | $140M | $-29M | $16M | $-46M | $-259M | $234M | |
| Free Cash Flow | · | $-198M | · | · | · | $-168M | · | · | · | $-194M | · | · | · | $-182M | · | · |
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 | -35.0% | -124.3% | · | -106.8% | -64.8% | -102.6% | · | -94.6% | -79.1% | -151.9% | · | -148.0% | -136.6% | -153.3% | · | -248.1% | |
| Net Margin | -43.0% | -136.0% | · | -112.8% | -69.0% | -108.5% | · | -95.7% | -89.5% | -156.8% | · | -162.8% | -147.6% | -163.2% | · | -270.2% | |
| Pretax Margin | -42.5% | -135.3% | · | -112.3% | -68.5% | -107.5% | · | -95.5% | -88.9% | -156.4% | · | -162.2% | -146.9% | -162.7% | · | -263.3% | |
| EBITDA Margin | -35.0% | -118.4% | · | -106.8% | -64.8% | -96.2% | · | -94.6% | -79.1% | -143.8% | · | -148.0% | -136.6% | -148.1% | · | -248.1% | |
| ROA | -7.2% | -14.2% | · | -13.2% | -7.9% | -11.5% | · | -9.6% | -9.0% | -12.7% | · | -11.2% | -12.2% | -11.8% | · | -15.8% | |
| ROE | 131.7% | 403.2% | · | -101.4% | -39.4% | -106.2% | · | -70.5% | -46.9% | -94.6% | · | -63.8% | -39.6% | -32.2% | · | -34.9% | |
| ROIC | 26.1% | 72.0% | · | -1874.9% | -71.9% | -100.0% | · | -38.1% | -27.1% | -118.2% | · | -459.4% | -115.2% | -70.1% | · | -49.3% |
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 | 1.7 | 2.0 | · | 1.9 | 2.5 | 2.4 | · | 2.8 | 3.5 | 2.4 | · | 2.4 | 2.9 | 3.5 | · | 4.5 | |
| Quick Ratio | 0.9 | 0.9 | · | 0.9 | 1.0 | 0.8 | · | 0.9 | 2.1 | 0.9 | · | 0.6 | 0.7 | 0.6 | · | 1.9 |
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 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.3 | 1.2 | · | 1.6 | 1.4 | 1.4 | · | 1.6 | 1.7 | 1.5 | · | 1.8 | 2.0 | 2.8 | · | 3.2 |
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 | $677M | $601M | · | $605M | $592M | $535M | · | $493M | $462M | $416M | · | $398M | $389M | $360M | · | $342M | |
| Net Income TTM | $-572M | $-631M | · | $-580M | $-531M | $-587M | · | $-595M | $-622M | $-654M | · | $-729M | $-727M | $-720M | · | $-629M | |
| Market Cap | $3.29B | $2.06B | · | $2.90B | $3.50B | $3.40B | · | $5.13B | $3.79B | $3.88B | · | $2.57B | $3.30B | $2.83B | · | $2.90B | |
| P/E | -5.8 | -3.3 | · | -5.1 | -6.4 | -5.6 | · | -7.7 | -5.1 | -5.3 | · | -3.5 | -4.5 | -3.9 | · | -4.6 | |
| P/S | 4.9 | 3.4 | · | 4.8 | 5.9 | 6.4 | · | 10.4 | 8.2 | 9.3 | · | 6.5 | 8.5 | 7.9 | · | 8.5 | |
| P/B | -11.3 | -8.7 | · | 316.7 | 23.2 | 23.6 | · | 14.8 | 8.8 | 27.7 | · | 81.1 | 25.5 | 12.9 | · | 6.2 | |
| P / Tangible Book | · | · | · | · | · | · | · | 37.3 | 17.1 | · | · | · | · | 167.6 | · | 10.9 | |
| P / Cash Flow | · | -10.5 | · | · | · | -20.4 | · | · | · | -20.3 | · | · | · | -18.1 | · | · | |
| P / FCF | · | -10.4 | · | · | · | -20.3 | · | · | · | -20.0 | · | · | · | -15.6 | · | · | |
| Earnings Yield | -17.1% | -30.5% | · | -19.8% | -15.6% | -18.0% | · | -12.9% | -19.5% | -18.9% | · | -28.9% | -22.4% | -25.6% | · | -21.8% |
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 | $673M | $560M | $434M | $363M | $351M |
| Operating Margin % | -79.5% | -95.7% | -131.1% | -178.6% | -108.6% |
| Net Income | $-575M | $-569M | $-607M | $-707M | $-454M |
| Diluted EPS | $-5.83 | $-6.29 | $-8.25 | $-10.12 | $-6.70 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.4 | 2.6 | 3.4 | 4.7 |
| Quick Ratio | 1.5 | 0.9 | 1.0 | 0.7 | 1.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-472M | $-422M | $-519M | $-497M | $-412M |
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Institutional owners (13F) 346 filers · $2.7B 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 |
|---|---|---|---|---|
| 69 (+12 vs prior Q) | 37 (-8 vs prior Q) | 113 (-13 vs prior Q) | 97 (+10 vs prior Q) | +9.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RTW INVESTMENTS, LP | $260,338,324 | 7,796,895 | 9.48% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $226,722,608 | 6,790,135 | 8.26% | Shares |
| STATE STREET CORP | $205,641,197 | 6,158,766 | 7.49% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $143,459,834 | 4,296,491 | 5.22% | Shares |
| TWO SIGMA INVESTMENTS, LP | $120,911,868 | 3,621,200 | 4.40% | Shares |
| SANDS CAPITAL MANAGEMENT, LLC | $105,457,908 | 3,158,368 | 3.84% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $98,157,217 | 2,939,719 | 3.57% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $95,092,590 | 2,847,936 | 3.46% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $73,869,758 | 2,211,828 | 2.69% | Shares |
| Bellevue Group AG | $66,204,857 | 1,982,775 | 2.41% | Shares |
| Sofinnova Investments, Inc. | $57,347,492 | 1,717,505 | 2.09% | Shares |
| D. E. Shaw & Co., Inc. | $54,716,761 | 1,638,717 | 1.99% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $52,756,200 | 1,580,000 | 1.92% | Shares |
| MPM BIOIMPACT LLC | $47,354,199 | 1,418,215 | 1.72% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $41,455,555 | 1,241,556 | 1.51% | Shares |
| Candriam S.C.A. | $33,419,286 | 1,001,841 | 1.22% | Shares |
| Rock Springs Capital Management LP | $32,316,678 | 967,855 | 1.18% | Shares |
| Jefferies Financial Group Inc. | $31,040,212 | 929,626 | 1.13% | Shares |
| Eagle Health Investments LP | $29,520,800 | 884,121 | 1.07% | Shares |
| Qube Research & Technologies Ltd | $29,457,292 | 882,219 | 1.07% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $27,926,528 | 836,374 | 1.02% | Shares |
| MILLENNIUM MANAGEMENT LLC | $25,403,947 | 760,825 | 0.93% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $25,377,702 | 760,039 | 0.92% | Shares |
| Caption Management, LLC | $24,000,732 | 718,800 | 0.87% | Put option |
| BANK OF AMERICA CORP /DE/ | $23,505,893 | 703,980 | 0.86% | Shares |
| Pictet Asset Management Holding SA | $23,159,948 | 753,695 | 0.84% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $22,418,413 | 671,411 | 0.82% | Shares |
| GREAT POINT PARTNERS LLC | $20,034,000 | 600,000 | 0.73% | Put option |
| Palo Alto Investors LP | $19,916,968 | 596,495 | 0.73% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $19,649,815 | 588,494 | 0.72% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $19,574,220 | 586,230 | 0.71% | Shares |
| Trexquant Investment LP | $18,577,695 | 556,385 | 0.68% | Shares |
| BlackRock, Inc. | $18,510,448 | 554,371 | 0.67% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $16,995,510 | 509,000 | 0.62% | Put option |
| Sofinnova Investments, Inc. | $16,695,000 | 500,000 | 0.61% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $16,633,796 | 498,167 | 0.61% | Shares |
| TORONTO DOMINION BANK | $13,856,850 | 415,000 | 0.50% | Shares |
| VANGUARD GROUP INC | $13,818,814 | 600,818 | 0.50% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $13,813,443 | 413,700 | 0.50% | Shares |
| Caption Management, LLC | $13,753,341 | 411,900 | 0.50% | Call option |
| Cutter Capital Management, LP | $13,734,562 | 379,303 | 0.50% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $13,624,489 | 408,041 | 0.50% | Shares |
| ALGERT GLOBAL LLC | $13,020,898 | 389,964 | 0.47% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $12,735,614 | 381,420 | 0.46% | Shares |
| AXA Investment Managers S.A. | $12,549,316 | 417,198 | 0.46% | Shares |
| SummitTX Capital, L.P. | $12,496,875 | 374,270 | 0.46% | Shares |
| GOLDMAN SACHS GROUP INC | $12,394,401 | 371,201 | 0.45% | Shares |
| Privium Fund Management B.V. | $11,312,532 | 338,800 | 0.41% | Shares |
| Squarepoint Ops LLC | $11,298,108 | 338,368 | 0.41% | Shares |
| Walleye Capital LLC | $11,180,775 | 334,854 | 0.41% | Shares |
| TWO SIGMA ADVISERS, LP | $11,076,800 | 481,600 | 0.40% | Shares |
| Catalio Capital Management, LP | $10,559,654 | 316,252 | 0.38% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $9,944,000 | 297,819 | 0.36% | Shares |
| Ensign Peak Advisors, Inc | $9,710,413 | 290,818 | 0.35% | Shares |
| GordonMD Global Investments LP | $9,653,082 | 289,101 | 0.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,215,640 | 276,000 | 0.34% | Call option |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $8,929,454 | 267,429 | 0.33% | Shares |
| FMR LLC | $8,597,725 | 257,494 | 0.31% | Shares |
| Quantinno Capital Management LP | $8,363,060 | 250,466 | 0.30% | Shares |
| JPMORGAN CHASE & CO | $7,279,842 | 232,755 | 0.27% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $7,212,140 | 215,997 | 0.26% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $7,157,948 | 214,374 | 0.26% | Shares |
| CITADEL ADVISORS LLC | $7,029,630 | 210,531 | 0.26% | Shares |
| Ishara Investments LP | $6,844,950 | 205,000 | 0.25% | Shares |
| Man Group plc | $6,508,245 | 194,916 | 0.24% | Shares |
| FIFTH THIRD BANCORP | $6,452,150 | 193,236 | 0.23% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $6,396,789 | 191,578 | 0.23% | Shares |
| Blue Owl Capital Holdings LP | $6,098,283 | 182,638 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,039,283 | 180,871 | 0.22% | Shares |
| Woodline Partners LP | $5,736,569 | 171,805 | 0.21% | Shares |
| Atom Investors LP | $5,735,434 | 171,771 | 0.21% | Shares |
| Swiss National Bank | $5,597,900 | 167,652 | 0.20% | Shares |
| Ikarian Capital, LLC | $5,529,952 | 165,617 | 0.20% | Shares |
| Stonepine Capital Management, LLC | $5,500,000 | 200,000 | 0.20% | Call option |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $5,260,270 | 171,456 | 0.19% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $5,229,275 | 156,612 | 0.19% | Shares |
| Cubist Systematic Strategies, LLC | $5,194,035 | 172,674 | 0.19% | Shares |
| Eversept Partners, LP | $5,146,401 | 154,130 | 0.19% | Shares |
| MARSHALL WACE, LLP | $5,053,810 | 151,357 | 0.18% | Shares |
| Ghisallo Capital Management LLC | $5,008,500 | 150,000 | 0.18% | Shares |
| Mariner, LLC | $4,887,301 | 146,400 | 0.18% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $4,841,550 | 145,000 | 0.18% | Shares |
| FRED ALGER MANAGEMENT, LLC | $4,779,945 | 143,155 | 0.17% | Shares |
| Corient Private Wealth LP | $4,644,350 | 139,094 | 0.17% | Shares |
| SR One Capital Management, LP | $4,599,573 | 137,753 | 0.17% | Shares |
| B Group, Inc. | $4,507,650 | 135,000 | 0.16% | Shares |
| PINNACLE ASSOCIATES LTD | $4,377,563 | 131,104 | 0.16% | Shares |
| Caption Management, LLC | $4,340,700 | 130,000 | 0.16% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $4,275,089 | 128,035 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $4,144,518 | 124,125 | 0.15% | Shares |
| Apollon Wealth Management, LLC | $4,121,962 | 123,449 | 0.15% | Shares |
| Odyssean, LLC | $4,076,485 | 122,087 | 0.15% | Shares |
| Assenagon Asset Management S.A. | $4,035,649 | 120,864 | 0.15% | Shares |
| EFG Asset Management (North America) Corp. | $3,848,509 | 127,985 | 0.14% | Shares |
| BARCLAYS PLC | $3,742,919 | 112,097 | 0.14% | Shares |
| IEQ CAPITAL, LLC | $3,540,194 | 106,026 | 0.13% | Shares |
| Rafferty Asset Management, LLC | $3,394,260 | 101,655 | 0.12% | Shares |
| Crestwood Advisors Group, LLC | $3,348,149 | 100,274 | 0.12% | Shares |
| Tetragon Partners GP Ltd | $3,339,000 | 100,000 | 0.12% | Call option |
| CITADEL ADVISORS LLC | $3,308,949 | 99,100 | 0.12% | Put option |
Company insiders 28 insiders · 15 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Emil D Kakkis | President & CEO | April 16, 2026 A | 735,739 | 0 | 1 | $-1,240,411 |
| Howard Horn | Chief Financial Officer | Aug. 3, 2026 S | 96,295 | 0 | 12 | $-1,332,021 |
| Mardi Dier | CFO & Executive Vice President | Oct. 14, 2022 S | 66,695 | 0 | 0 | $0 |
| Wladimir Hogenhuis | Chief Operating Officer | Oct. 4, 2019 F | 18,703 | 0 | 0 | $0 |
| Karah Herdman Parschauer | EVP and Chief Legal Officer | Aug. 3, 2026 S | 92,562 | 0 | 5 | $-487,890 |
| Eric Crombez | EVP and Chief Medical Officer | May 5, 2026 S | 111,189 | 0 | 2 | $-168,847 |
| Theodore Alan Huizenga | SVP, Chief Accounting Officer | April 22, 2026 A | 68,911 | 0 | 4 | $-44,636 |
| Erik Harris | EVP & Chief Commercial Officer | April 16, 2026 A | 118,410 | 0 | 1 | $-240,289 |
| John Richard Pinion | EVP, Chief Quality Operations Officer | April 16, 2026 A | 133,142 | 0 | 1 | $-228,661 |
| Dennis Karl Huang | EVP, Chief Technical Operations Officer | April 16, 2026 A | 147,845 | 0 | 0 | $0 |
| Thomas Richard Kassberg | CBO & EVP | March 3, 2025 F | 264,730 | 0 | 0 | $0 |
| Camille L Bedrosian | EVP and Chief Medical Officer | March 1, 2023 S | 46,720 | 0 | 0 | $0 |
| Shalini Sharp | EVP, Finance | Oct. 14, 2020 S | 97,812 | 0 | 0 | $0 |
| Jayson Donald Alexander Dallas | EVP & Chief Commercial Officer | June 1, 2018 F | 23,830 | 0 | 0 | $0 |
| Sunil Agarwal | Chief Medical Officer | May 21, 2015 A | 29,400 | 0 | 0 | $0 |
| Corazon (Corsee) D. Sanders | Director | June 15, 2026 S | 21,095 | 0 | 1 | $-50,100 |
| Deborah Dunsire | Director | May 14, 2026 A | 38,566 | 0 | 0 | $0 |
| Daniel G Welch | Director | May 14, 2026 A | 40,441 | 0 | 0 | $0 |
| Amrit Ray | Director | May 15, 2025 A | 23,365 | 0 | 0 | $0 |
| Shehnaaz Suliman | Director | May 15, 2025 A | 25,940 | 0 | 0 | $0 |
| Lars Ekman | Director | June 24, 2022 A | 17,745 | 0 | 0 | $0 |
| William Aliski | Director | June 24, 2021 A | 66,849 | 0 | 0 | $0 |
| Clay B Siegall | Director | Aug. 10, 2020 M | 2,550 | 0 | 0 | $0 |
| Eran Nadav | Director | July 10, 2014 A | — | 0 | 0 | $0 |
| Marten Steen | Director | Jan. 30, 2014 A | — | 0 | 0 | $0 |
| Matthew K Fust | — | May 14, 2026 A | 33,696 | 0 | 0 | $0 |
| Michael Narachi | — | May 14, 2026 A | 40,441 | 0 | 0 | $0 |
| FMR LLC | — | Aug. 1, 2014 J | 1,457,994 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Ultragenyx Pharmaceutical Inc. | Nov. 6, 2020 | — | Initial filing | Passive investment | 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 48 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 |
|---|---|---|---|---|
| TMFS · RBB Fund, Inc. | 3.03% | 74,931 NS | May 31, 2026 | N-PORT |
| GNOM · Global X Funds | 2.25% | 52,426 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 1.31% | 83,707 NS | April 30, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.09% | 26,120 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.85% | 178,057 NS | April 30, 2026 | N-PORT |
| MMLG · First Trust Exchange-Traded Fund VI… | 0.36% | 13,877 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.31% | 3,204 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.18% | 659,687 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.18% | 194,893 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.17% | 5,362 SH | Aug. 8, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.13% | 54,688 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.12% | 3,571 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 34,325 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.11% | 9,780 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.11% | 46,526 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.10% | 3,381 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.10% | 556,246 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.09% | 1,238,640 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.09% | 46,723 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.09% | 491,706 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.08% | 2,451,260 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.07% | 395,227 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 59,639 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.05% | 14,131 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 463,045 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 1,127,405 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.04% | 2,146,622 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.04% | 251,571 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.04% | 4,391 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 39,736 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.03% | 10,374 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.03% | 5,097 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 4,961 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,648 NS | May 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.01% | 21,519 SH | Aug. 8, 2026 | Daily |
| GGUS · Goldman Sachs ETF Trust | 0.01% | 1,628 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 32,531 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 140,637 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 3,080 NS | April 30, 2026 | N-PORT |
| JUST · Goldman Sachs ETF Trust | 0.00% | 859 NS | May 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.00% | 7,427 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 25,502 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 56,898 NS | May 31, 2026 | N-PORT |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 3,007 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 129 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,987,783 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 76,072 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 8,035 SH | Aug. 8, 2026 | Daily |