RLMD Relmada Therapeutics, Inc. - Common Stock
$4.80
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$1–$8
57% of range
Analyst Rating
BUY
12 analysts
Price Target
$13
+164% upside
P/E (TTM)
-3.3
ROE
-112.0%
Net Profit Margin
—
RLMD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.80
Market Cap
$352M
P/E (TTM)
-3.3
EPS (TTM)
$-1.45
Revenue (TTM)
—
Div Yield
—
ROE
-112.0%
Debt/Equity
—
52W Range
$1 – $8
RLMD 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
—
EPS
$-1.45
2021-12-31
→
2025-12-31
Free Cash Flow
—
2018-06-30
→
2020-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RLMD
Peer Median
P/E (TTM)
-3.3
11.7
P/S (TTM)
63860.9
5.4
P/B
4.1
3.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RLMD
Peer Median
ROA
-82.1%
-25.4%
ROE
-112.0%
-27.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RLMD
Peer Median
Current Ratio
14.6
4.6
Quick Ratio
14.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RLMD
Peer Median
Revenue YoY
93.7%
—
Revenue CAGR 3Y
54.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RLMD
Peer Median
RLMD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 4 33.3%
- Buy 7 58.3%
- Hold 1 8.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-18
Median
$12.00
← Below all targets
$4.80
Low
$9.00
High
$19.00
Median target
$12.00
+150.0%
Mean target
$12.67
+163.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.11 | $-0.20 | 0.09% |
| March 31, 2026 | $-0.22 | $-0.20 | -0.02% |
| Dec. 31, 2025 | $-0.29 | $-0.14 | -0.15% |
| Sept. 30, 2025 | $-0.30 | $-0.12 | -0.18% |
| June 30, 2025 | $-0.30 | $-0.26 | -0.04% |
| March 31, 2025 | $-0.58 | $-0.32 | -0.26% |
| Dec. 31, 2024 | $-0.62 | $-0.71 | 0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RLMD | $354M | -3.3 | 93.7% | — | -112.0% | — |
| ARVN | $753M | -10.4 | -0.30% | -30.8% | -15.5% | — |
| ZVRA | $509M | 6.6 | 350.9% | 78.2% | 61.2% | — |
| CTNM | — | -5.3 | — | — | -27.7% | — |
| EOLS | $432M | -8.3 | 11.6% | -17.4% | 247.3% | 66.3% |
| AQST | $788M | -8.3 | -22.6% | -188.1% | 157.7% | — |
| BIOA | $495M | -5.9 | — | -896.1% | -28.4% | — |
| AVIR | $279M | -1.8 | — | — | -49.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $27M | $46M | $55M | $113M | $91M | $36M | $8M | $3M | $1M | · | · | |
| SG&A Expense | $32M | $38M | $49M | $48M | $35M | $25M | $7M | $4M | $6M | · | · | |
| Operating Expenses | $59M | $84M | $104M | $161M | $126M | $61M | $15M | $7M | $7M | · | · | |
| Operating Income | $-59M | $-84M | $-104M | $-161M | $-126M | $-61M | $-15M | $-7M | $-7M | · | · | |
| Interest Income | $1M | $4M | $5M | · | · | · | · | · | · | · | · | |
| Other Non-op | $2M | $4M | $5M | $4M | $-48.3K | $1M | $104.1K | $-2M | $932.3K | · | · | |
| Net Income | $-57M | $-80M | $-99M | $-157M | $-126M | $-59M | $-15M | $-9M | $-6M | · | · | |
| EPS (Basic) | $-1.45 | $-2.65 | $-3.28 | $-5.30 | $-7.16 | · | · | · | · | · | · | |
| EPS (Diluted) | $-1.45 | $-2.65 | $-3.28 | $-5.30 | $-7.16 | · | · | · | · | · | · | |
| Shares (Basic) | 39,479,694 | 30,163,751 | 30,099,203 | 29,628,664 | 17,552,738 | · | · | · | · | · | · | |
| Shares (Diluted) | 39,479,694 | 30,163,751 | 30,099,203 | 29,628,664 | 17,552,738 | · | · | · | · | · | · | |
| EBITDA | $-59M | $-84M | $-104M | $-161M | $-126M | $-61M | · | $-7M | · | · | · |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3M | $4M | $4M | $5M | $44M | $2M | $36M | $2M | $2M | $9M | · | |
| Short-term Investments | $90M | $41M | $92M | $143M | $167M | $115M | $80M | · | · | · | · | |
| Receivables | · | · | · | $512.4K | · | · | · | · | · | · | · | |
| Prepaid Expense | $977.7K | $886.5K | $1M | $4M | $11M | $903.2K | $423.9K | $426.9K | $472.5K | · | · | |
| Current Assets | $94M | $46M | $98M | $153M | $223M | $118M | $117M | $3M | $2M | · | · | |
| PP&E (Net) | · | · | · | · | · | $1.3K | $5.0K | $12.1K | $2.3K | · | · | |
| PP&E (Gross) | · | · | · | · | $16.7K | $16.7K | $16.7K | $16.7K | $4.3K | · | · | |
| Accum. Depreciation | · | · | · | · | $16.7K | $15.4K | $11.7K | $4.6K | $2.0K | · | · | |
| Other Non-current Assets | $19.5K | $22.0K | $43.1K | $34.9K | $28.3K | $25.0K | $25.0K | $24.8K | $22.0K | · | · | |
| Total Assets | $94M | $46M | $98M | $153M | $223M | $118M | $117M | $3M | $3M | · | · | |
| Accounts Payable | $2M | $4M | $4M | $5M | $11M | $8M | $522.7K | $765.4K | $529.6K | · | · | |
| Accrued Liabilities | $5M | $6M | $9M | $7M | $4M | $4M | $824.9K | $659.5K | $394.6K | · | · | |
| Short-term Debt | · | · | · | · | · | · | $110.2K | $285.2K | $276.7K | · | · | |
| Current Liabilities | $6M | $10M | $12M | $12M | $15M | $13M | $1M | $6M | $1M | · | · | |
| Total Liabilities | $7M | $10M | $12M | $12M | $15M | $13M | $1M | $9M | $1M | · | · | |
| Total Debt | · | · | · | · | · | · | · | $285.2K | · | · | · | |
| Common Stock | $73.3K | $30.2K | $30.1K | $30.1K | $27.7K | $16.3K | $14.5K | $12.6K | $12.5K | · | · | |
| Paid-in Capital | $785M | $676M | $646M | $603M | $513M | $285M | $236M | $89M | $87M | · | · | |
| Retained Earnings | $-698M | $-641M | $-561M | $-462M | $-305M | $-179M | $-120M | $-94M | $-85M | · | · | |
| Stockholders' Equity | $87M | $36M | $85M | $140M | $208M | $106M | $116M | $-6M | $1M | $7M | · | |
| Liabilities + Equity | $94M | $46M | $98M | $153M | $223M | $118M | $117M | $3M | $3M | · | · | |
| Shares Outstanding | 73,333,622 | 30,174,202 | 30,099,203 | 30,099,203 | 27,740,147 | 16,332,939 | 14,457,013 | 12,549,870 | 12,528,374 | · | · |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $14M | $30M | $44M | $44M | $40M | $21M | $3M | $518.0K | $704.5K | · | · | |
| Operating Cash Flow | $-46M | $-52M | $-52M | $-104M | $-92M | $-28M | $-12M | $-6M | $-6M | · | · | |
| CapEx | · | · | · | · | · | $182M | $85M | $12.4K | $49.7K | · | · | |
| Investing Cash Flow | $-48M | $52M | $50M | $20M | $-54M | $-34M | $-80M | $-12.4K | $-49.7K | · | · | |
| Stock Issued | $94M | · | · | $43M | $185M | $20M | · | · | · | · | · | |
| Net Stock Activity | $94M | · | · | $43M | $185M | $18M | · | · | · | · | · | |
| Financing Cash Flow | $94M | $-40.3K | $-98.5K | $45M | $188M | $28M | $126M | $7M | $-273.7K | · | · | |
| Net Change in Cash | · | · | · | · | · | · | · | $528.4K | $-7M | · | · | |
| Free Cash Flow | · | · | · | · | · | $-210M | · | $-6M | · | · | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | -2013.0% | -6063.3% | -10483.4% | -4348.0% | · | 517.5% | · | · | · | |
| Net Margin | · | · | -1917.7% | -5905.2% | -10487.4% | -4249.2% | · | 670.3% | · | · | · | |
| EBITDA Margin | · | · | -2013.0% | -6063.3% | -10483.4% | -4348.0% | · | 517.5% | · | · | · | |
| ROA | -82.1% | -111.6% | -78.9% | -83.5% | -73.6% | -50.5% | · | -304.5% | · | · | · | |
| ROE | -112.0% | -192.4% | -106.2% | -102.4% | -89.5% | -52.2% | · | 228.9% | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.6 | 4.4 | 8.0 | 12.3 | 14.8 | 9.4 | · | 0.5 | · | · | · | |
| Quick Ratio | 14.5 | 4.4 | 7.9 | 11.9 | 11.1 | 9.3 | · | 0.4 | · | · | · | |
| Debt / Equity | · | · | · | · | · | · | · | -0.1 | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | 0.0 | 0.0 | 0.0 | 0.0 | · | -0.5 | · | · | · | |
| Receivables Turnover | · | · | · | 10.4 | · | · | · | · | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | 93.7% | 121.8% | -14.3% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | · | · | 54.4% | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.5K | $5.5K | $5.5K | $5.5K | $5.5K | $5.5K | · | $5.5K | $5.5K | $5.5K | $5.5K | |
| Net Income TTM | $-57M | $-80M | $-99M | $-157M | $-126M | $-59M | · | $-9M | $-6M | · | · | |
| Market Cap | $354M | $16M | $125M | $105M | $625M | $524M | · | $51M | · | · | · | |
| Enterprise Value | · | · | · | · | · | · | · | $49M | · | · | · | |
| P/E | -3.3 | -0.2 | -1.3 | -0.7 | -3.1 | · | · | · | · | · | · | |
| P/S | 64260.0 | 2846.6 | 22607.2 | 19057.7 | 113386.3 | 95028.5 | · | 9198.4 | · | · | · | |
| P/B | 4.1 | 0.4 | 1.5 | 0.7 | 3.0 | 5.0 | · | -9.2 | · | · | · | |
| P / Tangible Book | 4.1 | 0.4 | 1.5 | 0.7 | 3.0 | 5.0 | · | · | · | · | · | |
| P / Cash Flow | -7.7 | -0.3 | -2.4 | -1.0 | -6.8 | -18.8 | · | -8.4 | · | · | · | |
| P / FCF | · | · | · | · | · | -2.5 | · | -8.4 | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | -7.0 | · | · | · | |
| EV / FCF | · | · | · | · | · | · | · | -8.1 | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 8843.9 | · | · | · | |
| Earnings Yield | -30.0% | -509.6% | -79.2% | -151.9% | -31.8% | · | · | · | · | · | · |
Income Statement 12
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $8M | $8M | $8M | $4M | $3M | $12M | $11M | $11M | $11M | $13M | $15M | $10M | $14M | $16M | $27M | $31M | |
| SG&A Expense | $7M | $11M | $12M | $6M | $7M | $6M | $8M | $12M | $8M | $10M | $12M | $12M | $12M | $12M | $12M | $8M | |
| Operating Expenses | $15M | $19M | $20M | $10M | $10M | $18M | $19M | $23M | $19M | $23M | $27M | $23M | $26M | $28M | $39M | $39M | |
| Operating Income | $-15M | $-19M | $-20M | $-10M | $-10M | $-18M | $-19M | $-23M | $-19M | $-23M | $-27M | $-23M | $-26M | $-28M | $-39M | $-39M | |
| Interest Income | $2M | $959.8K | $387.2K | $247.0K | $321.5K | $440.3K | $654.6K | $856.5K | $963.0K | $1M | $1M | $1M | $1M | $1M | · | · | |
| Other Non-op | $2M | $409.8K | $465.4K | $235.8K | $354.9K | $659.0K | $418.4K | $1M | $1M | $1M | $2M | $690.6K | $723.8K | $2M | $758.1K | $-681.5K | |
| Net Income | $-13M | $-19M | $-20M | $-10M | $-10M | $-18M | $-19M | $-22M | $-18M | $-22M | $-25M | $-22M | $-25M | $-26M | $-38M | $-39M | |
| EPS (Basic) | $-0.11 | $-0.22 | $-0.27 | $-0.30 | $-0.30 | $-0.58 | $-0.62 | $-0.72 | $-0.59 | $-0.72 | $-0.84 | $-0.73 | $-0.84 | $-0.87 | $-1.26 | $-1.31 | |
| EPS (Diluted) | $-0.11 | $-0.22 | $-0.27 | $-0.30 | $-0.30 | $-0.58 | $-0.62 | $-0.72 | $-0.59 | $-0.72 | $-0.84 | $-0.73 | $-0.84 | $-0.87 | $-1.26 | $-1.31 | |
| Shares (Basic) | 112,375,941 | 86,596,873 | -57,312,440 | 33,191,622 | 33,191,622 | 30,408,890 | -60,316,823 | 30,174,202 | 30,174,202 | 30,132,170 | -60,198,406 | 30,099,203 | 30,099,203 | 30,099,203 | 158,466 | 30,063,735 | |
| Shares (Diluted) | 112,375,941 | 86,596,873 | -57,312,440 | 33,191,622 | 33,191,622 | 30,408,890 | -60,316,823 | 30,174,202 | 30,174,202 | 30,132,170 | -60,198,406 | 30,099,203 | 30,099,203 | 30,099,203 | -58,763,567 | 30,063,735 | |
| EBITDA | $-15M | $-19M | · | $-10M | $-10M | $-18M | · | $-23M | $-19M | $-23M | · | $-23M | $-26M | $-28M | · | $-39M |
Balance Sheet 17
| 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 | $11M | $10M | $3M | $1M | $1M | $1M | $4M | $1M | $2M | $1M | $4M | $7M | $14M | $29M | $5M | $43M | |
| Short-term Investments | $206M | $224M | $90M | $13M | $19M | $26M | $41M | $53M | $68M | $82M | $92M | $100M | $104M | $104M | $143M | $142M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $512.4K | · | |
| Prepaid Expense | $1M | $1M | $977.7K | $967.7K | $474.6K | $596.4K | $886.5K | $2M | $537.5K | $752.3K | $1M | $3M | $3M | $3M | $4M | $3M | |
| Current Assets | $219M | $235M | $94M | $15M | $21M | $28M | $46M | $56M | $71M | $84M | $98M | $109M | $122M | $136M | $153M | $187M | |
| Other Non-current Assets | $19.5K | $19.5K | $19.5K | $22.0K | $22.0K | $22.0K | $22.0K | $22.0K | $53.6K | $43.1K | $43.1K | $47.7K | $34.6K | $34.9K | $34.9K | $16.1K | |
| Total Assets | $219M | $235M | $94M | $15M | $21M | $28M | $46M | $56M | $71M | $84M | $98M | $109M | $122M | $136M | $153M | $187M | |
| Accounts Payable | $2M | $6M | $2M | $1M | $1M | $1M | $4M | $2M | $4M | $5M | $4M | $3M | $5M | $4M | $5M | $10M | |
| Accrued Liabilities | $5M | $7M | $5M | $4M | $4M | $4M | $6M | $6M | $5M | $7M | $9M | $6M | $6M | $6M | $7M | $10M | |
| Current Liabilities | $7M | $13M | $6M | $5M | $5M | $5M | $10M | $8M | $10M | $12M | $12M | $8M | $11M | $10M | $12M | $21M | |
| Total Liabilities | $13M | $17M | $7M | $5M | $5M | $5M | $10M | $8M | · | $12M | $12M | · | · | $10M | $12M | · | |
| Common Stock | $106.7K | $104.9K | $73.3K | $33.2K | $33.2K | $33.2K | $30.2K | $30.2K | $30.2K | $30.2K | $30.1K | $30.1K | $30.1K | $30.1K | $30.1K | $28.6K | |
| Paid-in Capital | $937M | $936M | $785M | $688M | $684M | $681M | $676M | $670M | $662M | $655M | $646M | $636M | $625M | $614M | $603M | $590M | |
| Retained Earnings | $-730M | $-717M | $-698M | $-678M | $-668M | $-658M | $-641M | $-622M | $-600M | $-583M | $-561M | $-536M | $-514M | $-488M | $-462M | $-424M | |
| Stockholders' Equity | $207M | $219M | $87M | $9M | $16M | $22M | $36M | $48M | $61M | $72M | $85M | $101M | $111M | $125M | $140M | $166M | |
| Liabilities + Equity | $219M | $235M | $94M | $15M | $21M | $28M | $46M | $56M | $71M | $84M | $98M | $109M | $122M | $136M | $153M | $187M | |
| Shares Outstanding | 106,669,846 | 104,890,223 | 73,333,622 | 33,191,622 | 33,191,622 | 33,191,622 | 30,174,202 | 30,174,202 | 30,174,202 | 30,174,202 | 30,099,203 | 30,099,203 | 30,099,203 | 30,099,203 | 30,099,203 | 28,641,991 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $902.9K | $956.2K | $2M | $4M | $3M | $4M | $7M | $8M | $7M | $8M | $10M | $11M | $11M | $11M | $12M | $8M | |
| Operating Cash Flow | $-10M | $-15M | $-15M | $-7M | $-6M | $-18M | $-9M | $-17M | $-13M | $-13M | $-10M | $-12M | $-13M | $-17M | $-36M | $-27M | |
| Investing Cash Flow | $18M | $-135M | $-77M | $7M | $7M | $15M | $11M | $16M | $14M | $10M | $8M | $4M | $-1M | $40M | $-2M | $32M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Stock Repurchased | $6M | $3M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-3M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-6M | $157M | $94M | $0 | · | · | $-172.5K | $-89.6K | $0 | $221.7K | · | · | · | · | $409.9K | $569.1K | |
| Net Change in Cash | · | · | · | · | · | · | · | · | · | · | · | · | $-14M | $23M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | · | · | · | -1717.3% | -1909.0% | -2331.3% | · | -4680.6% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | -1665.0% | -1855.9% | -2179.6% | · | -4762.9% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | -1717.3% | -1909.0% | -2331.3% | · | -4680.6% | |
| ROA | -10.8% | -14.5% | · | -28.6% | -21.4% | -31.3% | · | -26.4% | -18.4% | -19.9% | · | -14.8% | -15.0% | -14.6% | · | -28.3% | |
| ROE | -11.6% | -15.8% | · | -35.4% | -25.5% | -37.2% | · | -29.3% | -20.6% | -22.1% | · | -16.5% | -16.4% | -15.7% | · | -33.0% |
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 | 29.5 | 18.3 | · | 2.9 | 4.1 | 5.3 | · | 6.9 | 7.4 | 6.8 | · | 13.0 | 11.4 | 13.4 | · | 9.0 | |
| Quick Ratio | 29.3 | 18.1 | · | 2.7 | 4.0 | 5.2 | · | 6.7 | 7.4 | 6.8 | · | 12.6 | 11.1 | 13.1 | · | 8.9 |
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 |
Valuation (TTM) 9
| 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 | $5.5K | $5.5K | · | $5.5K | $5.5K | $5.5K | · | $5.5K | $5.5K | $5.5K | · | $5.5K | $5.5K | $5.5K | · | $5.5K | |
| Net Income TTM | $-52M | $-57M | · | $-59M | $-67M | $-79M | · | $-83M | $-87M | $-95M | · | $-113M | $-131M | $-145M | · | $-162M | |
| Market Cap | $738M | $730M | · | $67M | $20M | $9M | · | $98M | $91M | $140M | · | $90M | $74M | $68M | · | $1.06B | |
| P/E | -7.4 | -5.0 | · | -1.1 | -0.3 | -0.1 | · | -1.2 | -1.0 | -1.5 | · | -0.8 | -0.6 | · | · | · | |
| P/S | 133917.9 | 132444.8 | · | 12103.6 | 3613.0 | 1625.9 | · | 17736.6 | 16422.8 | 25455.4 | · | 16382.0 | 13433.2 | 12341.1 | · | 192366.9 | |
| P/B | 3.6 | 3.3 | · | 7.0 | 1.2 | 0.4 | · | 2.1 | 1.5 | 1.9 | · | 0.9 | 0.7 | 0.5 | · | 6.4 | |
| P / Tangible Book | 3.6 | 3.3 | · | 7.0 | 1.2 | 0.4 | · | 2.1 | 1.5 | 1.9 | · | 0.9 | 0.7 | 0.5 | · | 6.4 | |
| P / Cash Flow | · | -48.5 | · | · | · | -0.5 | · | · | · | -10.8 | · | · | · | -4.1 | · | · | |
| Earnings Yield | -13.4% | -20.1% | · | -94.5% | -365.0% | -966.7% | · | -85.2% | -96.0% | -68.0% | · | -125.0% | -176.8% | · | · | · |
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 | |
|---|---|---|---|---|---|
| Operating Margin % | — | — | -2013.0% | -6063.3% | -10483.4% |
| Net Income | $-57M | $-80M | $-99M | $-157M | $-126M |
| Diluted EPS | $-1.45 | $-2.65 | $-3.28 | $-5.30 | $-7.16 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 14.6 | 4.4 | 8.0 | 12.3 | 14.8 |
| Quick Ratio | 14.5 | 4.4 | 7.9 | 11.9 | 11.1 |
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Institutional owners (13F) 131 filers · $617.1M 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 |
|---|---|---|---|---|
| 50 (+16 vs prior Q) | 22 (+14 vs prior Q) | 27 (+1 vs prior Q) | 26 (+1 vs prior Q) | +4.1M |
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 |
|---|---|---|---|---|
| JANUS HENDERSON GROUP PLC | $76,892,206 | 11,063,862 | 12.46% | Shares |
| Squadron Capital Management LLC | $50,862,000 | 7,350,000 | 8.24% | Shares |
| Venrock Adviser, LLC | $47,362,591 | 6,844,305 | 7.67% | Shares |
| Spruce Street Capital LP | $44,227,990 | 6,391,328 | 7.17% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $32,961,053 | 4,763,158 | 5.34% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $30,864,653 | 4,460,210 | 5.00% | Shares |
| Jones Hill Capital LP | $25,293,119 | 3,655,075 | 4.10% | Shares |
| ORBIMED ADVISORS LLC | $25,127,869 | 3,631,195 | 4.07% | Shares |
| STATE STREET CORP | $17,421,446 | 2,517,550 | 2.82% | Shares |
| MILLENNIUM MANAGEMENT LLC | $16,343,843 | 2,361,827 | 2.65% | Shares |
| Ikarian Capital, LLC | $14,866,644 | 2,148,359 | 2.41% | Shares |
| Driehaus Capital Management LLC | $14,753,807 | 2,132,053 | 2.39% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $14,664,588 | 2,118,463 | 2.38% | Shares |
| AMERIPRISE FINANCIAL INC | $13,410,767 | 1,937,972 | 2.17% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $12,860,239 | 1,858,416 | 2.08% | Shares |
| Balyasny Asset Management L.P. | $10,523,161 | 1,520,688 | 1.71% | Shares |
| STEMPOINT CAPITAL LP | $10,103,844 | 1,460,093 | 1.64% | Shares |
| Commodore Capital LP | $9,861,000 | 1,425,000 | 1.60% | Shares |
| Polar Capital Holdings Plc | $9,275,762 | 1,340,428 | 1.50% | Shares |
| CITADEL ADVISORS LLC | $7,346,722 | 1,061,665 | 1.19% | Shares |
| Sio Capital Management, LLC | $6,944,649 | 1,003,562 | 1.13% | Shares |
| Opaleye Management Inc. | $6,470,200 | 935,000 | 1.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,215,530 | 898,198 | 1.01% | Shares |
| Boxer Capital Management, LLC | $5,827,374 | 842,106 | 0.94% | Shares |
| Soleus Capital Management, L.P. | $5,827,374 | 842,106 | 0.94% | Shares |
| GREAT POINT PARTNERS LLC | $5,827,374 | 842,106 | 0.94% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,619,449 | 812,059 | 0.91% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,080,602 | 734,191 | 0.82% | Shares |
| Corient Private Wealth LP | $4,933,372 | 719,582 | 0.80% | Shares |
| Qube Research & Technologies Ltd | $4,785,491 | 691,545 | 0.78% | Shares |
| GOLDMAN SACHS GROUP INC | $4,446,404 | 642,544 | 0.72% | Shares |
| Walleye Capital LLC | $4,264,367 | 616,238 | 0.69% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $3,908,132 | 564,759 | 0.63% | Shares |
| MARSHALL WACE, LLP | $3,895,122 | 562,879 | 0.63% | Shares |
| Integral Health Asset Management, LLC | $3,460,000 | 500,000 | 0.56% | Shares |
| ADAR1 Capital Management, LLC | $3,127,273 | 451,918 | 0.51% | Shares |
| Knott David M Jr | $3,120,920 | 451,000 | 0.51% | Shares |
| HighVista Strategies LLC | $3,084,929 | 445,799 | 0.50% | Shares |
| AdvisorShares Investments LLC | $3,037,195 | 438,901 | 0.49% | Shares |
| Birchview Capital, LP | $2,824,052 | 408,100 | 0.46% | Shares |
| DIADEMA PARTNERS LP | $2,500,660 | 361,367 | 0.41% | Shares |
| PARSONS CAPITAL MANAGEMENT INC/RI | $2,450,158 | 354,069 | 0.40% | Shares |
| Seven Fleet Capital Management LP | $2,409,994 | 348,265 | 0.39% | Shares |
| Harvest Investment Services, LLC | $2,358,959 | 340,890 | 0.38% | Shares |
| Woodline Partners LP | $2,272,673 | 328,421 | 0.37% | Shares |
| SEVEN GRAND MANAGERS, LLC | $2,185,253 | 315,788 | 0.35% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,956,402 | 282,717 | 0.32% | Shares |
| VANGUARD GROUP INC | $1,820,065 | 376,825 | 0.29% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,487,212 | 214,915 | 0.24% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,077,533 | 155,713 | 0.17% | Shares |
| RHUMBLINE ADVISERS | $817,298 | 118,108 | 0.13% | Shares |
| TWO SIGMA ADVISERS, LP | $783,426 | 162,200 | 0.13% | Shares |
| D. E. Shaw & Co., Inc. | $757,560 | 109,474 | 0.12% | Shares |
| Bank of New York Mellon Corp | $755,505 | 109,177 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $754,280 | 109,000 | 0.12% | Call option |
| ALPS ADVISORS INC | $736,676 | 106,456 | 0.12% | Shares |
| MGO ONE SEVEN LLC | $692,000 | 100,000 | 0.11% | Shares |
| Eversept Partners, LP | $644,889 | 93,192 | 0.10% | Shares |
| Informed Momentum Co LLC | $612,053 | 88,447 | 0.10% | Shares |
| Verdad Advisers, LP | $601,998 | 86,994 | 0.10% | Shares |
| WELLS FARGO & COMPANY/MN | $596,940 | 86,263 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $526,612 | 76,100 | 0.09% | Call option |
| MANGROVE PARTNERS IM, LLC | $496,199 | 71,705 | 0.08% | Shares |
| SEI INVESTMENTS CO | $480,075 | 69,375 | 0.08% | Shares |
| AMERICAN CENTURY COMPANIES INC | $466,048 | 67,348 | 0.08% | Shares |
| CITIGROUP INC | $458,768 | 66,296 | 0.07% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $399,976 | 57,800 | 0.06% | Shares |
| LMR Partners LLP | $384,752 | 55,600 | 0.06% | Shares |
| MetLife Investment Management, LLC | $384,489 | 55,562 | 0.06% | Shares |
| Virtus Investment Advisers, LLC | $340,478 | 49,202 | 0.06% | Shares |
| LPL Financial LLC | $336,111 | 48,571 | 0.05% | Shares |
| apricus wealth, LLC | $328,437 | 47,462 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $305,608 | 44,163 | 0.05% | Shares |
| Trexquant Investment LP | $302,722 | 43,746 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $300,051 | 43,360 | 0.05% | Shares |
| BARCLAYS PLC | $292,362 | 42,249 | 0.05% | Shares |
| BlackRock, Inc. | $281,907 | 40,738 | 0.05% | Shares |
| ALLIANCEBERNSTEIN L.P. | $275,616 | 39,600 | 0.04% | Shares |
| JPMORGAN CHASE & CO | $273,637 | 39,203 | 0.04% | Shares |
| Persistent Asset Partners Ltd | $267,202 | 38,613 | 0.04% | Shares |
| Invesco Ltd. | $260,946 | 37,709 | 0.04% | Shares |
| AlTi Global, Inc. | $221,267 | 31,975 | 0.04% | Shares |
| Pale Fire Capital SE | $219,018 | 31,650 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $208,347 | 30,108 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $192,999 | 27,890 | 0.03% | Shares |
| PROFUND ADVISORS LLC | $189,096 | 27,326 | 0.03% | Shares |
| Belvedere Trading LLC | $187,532 | 27,100 | 0.03% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $179,920 | 26,000 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $173,187 | 25,027 | 0.03% | Shares |
| Robertson Stephens Wealth Management, LLC | $173,000 | 25,000 | 0.03% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $148,780 | 21,500 | 0.02% | Shares |
| State of Wyoming | $142,455 | 20,586 | 0.02% | Shares |
| Rafferty Asset Management, LLC | $137,729 | 19,903 | 0.02% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $136,462 | 19,720 | 0.02% | Shares |
| Nuveen, LLC | $124,913 | 18,051 | 0.02% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $124,145 | 17,940 | 0.02% | Shares |
| PRUDENTIAL FINANCIAL INC | $110,858 | 16,020 | 0.02% | Shares |
| NORTHERN TRUST CORP | $102,810 | 14,857 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $99,849 | 14,429 | 0.02% | Shares |
| Pandora Wealth, Inc. | $96,600 | 20,000 | 0.02% | Shares |
Company insiders 14 insiders · 8 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Sergio Traversa | Chief Executive Officer | Dec. 12, 2025 A | 1,300,000 | 5 | 0 | $890,895 |
| Maged Shenouda | Chief Financial Officer | Dec. 12, 2025 A | 800,000 | 2 | 0 | $1,148,060 |
| Douglas Beck | Chief Financial Officer | Feb. 23, 2015 A | — | 0 | 0 | $0 |
| Eliseo Oreste Salinas | President and CSO | Feb. 23, 2015 A | — | 0 | 0 | $0 |
| Paul Edward Kelly | COO | Dec. 12, 2025 A | 502,295 | 1 | 0 | $198,000 |
| Chuck Ence | CA and CO | Dec. 12, 2025 A | 403,931 | 1 | 0 | $299,200 |
| Cedric O'Gorman | Chief Medical Officer | May 23, 2023 P | 10,121 | 0 | 0 | $0 |
| Ottavio V. Vitolo | CMO | Dec. 19, 2019 A | — | 0 | 0 | $0 |
| Fabiana Fedeli | Director | Dec. 12, 2025 A | — | 0 | 0 | $0 |
| John Glasspool | Director | Dec. 12, 2025 A | — | 0 | 0 | $0 |
| Charles J Casamento | Director | Dec. 12, 2025 A | 0 | 0 | 0 | $0 |
| Eric Thomas Schmidt | Director | May 25, 2023 A | 100,000 | 0 | 0 | $0 |
| Shreeram Agharkar | Director | Dec. 31, 2015 P | 5,759 | 0 | 0 | $0 |
| Sandesh Seth | Director | Dec. 15, 2015 P | 123,258 | 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 |
|---|---|---|---|---|---|
| Laidlaw & Company (UK) Ltd., Matthew D. Eitner, James P. Ahern, Dr. John H. Leaman, Dr. Todd Johnson, Benjamin H. Snedeker, David Buchen, Timothy S. Callahan ×8 filings | June 2, 2016 | — | 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 16 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 |
|---|---|---|---|---|
| IBRN · iShares Trust | 0.50% | 7,221 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.12% | 320,670 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 101,233 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.03% | 844,605 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 544,580 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 2,385,693 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,204,524 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 244,563 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 38,187 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 29,782 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 3,772 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 164,968 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 29,990 SH | Aug. 8, 2026 | Daily |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 7,280 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,169,804 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,822 SH | Aug. 8, 2026 | Daily |