RNA Avidity Biosciences, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Feb 23, 2026
$7.84
· of 52w range
· above low
· to high
$7.6852w low
$73.0652w high
Market Cap (MRQ)
$1.19B
P/E (TTM)
-1.6
EPS (TTM)
$-4.97
Revenue (TTM)
$19M
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52W Range
$8–$73
Analyst Rating
BUY
Price Target
$25
P/E
-1.6
ROE
-44.0%
Net Profit Margin
-3650.4%
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RNA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$7.84
Market Cap (MRQ)
$1.19B
P/E (TTM)
-1.6
EPS (TTM)
$-4.97
Revenue (TTM)
$19M
ROE (TTM)
-44.0%
52W Range
$8–$73
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$19M2018-12-31 → 2025-12-31
EPS$-4.972020-12-31 → 2025-12-31
Free Cash Flow$-664M2020-12-31 → 2025-12-31
Net margin-3650.4%2020-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | RNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.65Y avg ≈-8.5 | ≈-8.5 | · | · | |
| P/S (TTM) | 63.25Y avg ≈253.2 | ≈253.2 | 40.4 | Overvalued | |
| P/B (MRQ) | 0.75Y avg ≈3.2 | ≈3.2 | 2.4 | Overvalued | |
| Price / FCF (TTM) | -1.85Y avg ≈-11.2 | ≈-11.2 | · | · | |
| Price / Cash Flow (TTM) | -1.85Y avg ≈-11.5 | ≈-11.5 | · | · | |
| Price / Tangible Book | 0.75Y avg ≈3.2 | ≈3.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | RNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -3977.3%5Y avg ≈-2624.9% | ≈-2624.9% | -2939.1% | Weak | |
| EBITDA Margin | -3977.3%5Y avg ≈-2624.9% | ≈-2624.9% | -1906.4% | Weak | |
| Pretax Margin | -3650.4% | · | -3779.8% | In line | |
| Net Profit Margin (TTM) | -3650.4%5Y avg ≈-2395.9% | ≈-2395.9% | -3650.4% | In line | |
| ROA (TTM) | -38.9%5Y avg ≈-33.1% | ≈-33.1% | -69.0% | Top tier | |
| ROE (TTM) | -44.0%5Y avg ≈-35.6% | ≈-35.6% | -81.2% | Top tier | |
| ROIC | -44.2% | · | -60.0% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | RNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 9.25Y avg ≈11.7 | ≈11.7 | 8.1 | In line | |
| Quick Ratio | 2.05Y avg ≈5.3 | ≈5.3 | 4.1 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | RNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 72.1%5Y avg ≈25.2% | ≈25.2% | · | · | |
| Revenue CAGR 3Y | 26.7%5Y avg ≈14.7% | ≈14.7% | · | · | |
| Revenue CAGR 5Y | 22.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | RNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.0 | In line |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
13.1%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-1.18 | $-1.43 | 17.6% | |
| March 31, 2026 | May 14, 2026 | $-0.97 | $-1.06 | 8.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $19M | $11M | $10M | $9M | $9M | $7M | $2M | |
| R&D Expense | $559M | $304M | $191M | $150M | $101M | $38M | $15M | |
| SG&A Expense | $206M | $86M | $54M | $38M | $26M | $13M | $5M | |
| Operating Expenses | $765M | $390M | $245M | $188M | $127M | $51M | $20M | |
| Operating Income | $-746M | $-379M | $-236M | $-179M | $-118M | $-44M | $-17M | |
| Interest Expense | · | · | · | $0 | $0 | $209.0K | $7M | |
| Other Non-op | $-2M | $-248.0K | $-594.0K | $-57.0K | $-62.0K | $-75.0K | $0 | |
| Pretax Income | $-685M | $-322M | $-212M | · | · | · | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-685M | $-322M | $-212M | $-174M | $-118M | $-44M | $-25M | |
| EPS (Basic) | $-4.97 | $-2.89 | $-2.91 | $-3.34 | $-2.85 | $-2.05 | · | |
| EPS (Diluted) | $-4.97 | $-2.89 | $-2.91 | $-3.34 | $-2.85 | $-2.05 | · | |
| Shares (Basic) | 137,710,000 | 111,582,000 | 73,012,000 | 52,162,000 | 41,428,000 | 21,663,000 | · | |
| Shares (Diluted) | 137,710,000 | 111,582,000 | 73,012,000 | 52,162,000 | 41,428,000 | 21,663,000 | · | |
| EBITDA | $-746M | $-379M | $-236M | $-179M | $-118M | $-44M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $383M | $220M | $185M | $340M | $320M | $321M | $95M | |
| Short-term Investments | · | · | · | · | $85M | $7M | · | |
| Receivables | · | $0 | $1M | $2M | · | · | · | |
| Prepaid Expense | $102M | $41M | $16M | $12M | $6M | · | · | |
| Other Current Assets | $53M | $19M | · | $2M | · | · | · | |
| Current Assets | $1.80B | $1.54B | $611M | $623M | $411M | $332M | $96M | |
| PP&E (Net) | $23M | $13M | $8M | $6M | $5M | $1M | $631.0K | |
| PP&E (Gross) | $35M | $21M | $14M | $9M | $7M | $3M | $2M | |
| Accum. Depreciation | $12M | $8M | $5M | $3M | $2M | $2M | $2M | |
| Other Non-current Assets | $82M | $521.0K | $301.0K | $598.0K | $599.0K | $47.0K | $600.0K | |
| Total Assets | $1.96B | $1.56B | $629M | $639M | $428M | $334M | $97M | |
| Accounts Payable | $12M | $8M | $9M | $5M | $3M | $8M | $2M | |
| Current Liabilities | $195M | $98M | $81M | $52M | $30M | $15M | $10M | |
| Capital Leases | $45M | $3M | $6M | $8M | $10M | $938.0K | $393.0K | |
| Other Non-current Liabilities | · | · | · | · | · | · | $45.0K | |
| Total Liabilities | $269M | $139M | $128M | $61M | $46M | $28M | $28M | |
| Long-term Debt | · | · | · | · | · | · | $5M | |
| Common Stock | $15.0K | $12.0K | $8.0K | $7.0K | $5.0K | $4.0K | $0 | |
| Paid-in Capital | · | · | · | $939M | $566M | $373M | $-43M | |
| Retained Earnings | $-1.58B | $-893M | $-571M | $-359M | $-185M | $-67M | $-22M | |
| AOCI | $3M | $3M | $125.0K | $-3M | $-187.0K | $-5.0K | · | |
| Stockholders' Equity | $1.69B | $1.42B | $501M | $578M | $381M | $306M | $-65M | |
| Liabilities + Equity | $1.96B | $1.56B | $629M | $639M | $428M | $334M | $97M | |
| Shares Outstanding | 151,205,000 | 119,893,000 | 79,275,000 | 69,768,000 | 47,754,000 | 37,569,000 | 2,989,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $98M | $51M | $38M | $27M | $17M | $4M | $406.0K | |
| Operating Cash Flow | $-650M | $-301M | $-119M | $-136M | $-95M | $-37M | $2M | |
| CapEx | $13M | $7M | $4M | $3M | $4M | $1M | $235.0K | |
| Investing Cash Flow | $-38M | $-854M | $-130M | $-190M | $-83M | $-8M | $-235.0K | |
| Net Debt Issued | · | · | · | $0 | $0 | $-5M | · | |
| Stock Issued | $837M | $762M | $61M | $345M | $175M | $274M | · | |
| Net Stock Activity | $837M | $762M | $61M | $345M | $20M | · | · | |
| Financing Cash Flow | $851M | $1.19B | $94M | $346M | $176M | $272M | $89M | |
| Net Change in Cash | $163M | $37M | $-155M | $20M | $-1M | $227M | $91M | |
| Free Cash Flow | $-664M | $-308M | $-123M | $-139M | $-99M | $-38M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -3977.3% | -3477.4% | -2464.4% | -1939.6% | -1265.8% | -652.4% | · | |
| Net Margin | -3650.4% | -2957.7% | -2219.9% | -1886.3% | -1265.4% | -653.5% | · | |
| Pretax Margin | -3650.4% | · | · | · | · | · | · | |
| EBITDA Margin | -3977.3% | -3477.4% | -2464.4% | -1939.6% | -1265.8% | -652.4% | · | |
| ROA | -38.9% | -29.4% | -33.5% | -32.6% | -31.0% | -20.6% | · | |
| ROE | -47.5% | -22.0% | -41.7% | -36.4% | -30.4% | -14.2% | · | |
| ROIC | -44.2% | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.2 | 15.7 | 7.6 | 12.0 | 13.9 | 22.7 | · | |
| Quick Ratio | 2.0 | 2.2 | 2.3 | 6.6 | 13.7 | 22.5 | · | |
| Interest Coverage | · | · | · | · | · | -211.9 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | · | 19.7 | 5.5 | · | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $11.17 | $11.89 | $6.32 | $8.29 | $7.99 | $8.15 | · | |
| Revenue / Share | $0.14 | $0.10 | $0.13 | $0.18 | · | · | · | |
| Cash Flow / Share | $-4.72 | $-2.70 | $-1.63 | $-2.61 | · | · | · | |
| Cash / Share | $2.53 | $1.83 | $2.33 | $4.88 | $6.71 | $8.56 | · | |
| EPS (TTM) | $-4.97 | $-2.89 | $-2.91 | $-3.34 | $-2.85 | $-2.05 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 72.1% | 14.0% | 3.6% | -1.1% | 37.4% | · | · | |
| Revenue CAGR 3Y | 26.7% | 5.3% | 12.1% | · | · | · | · | |
| Revenue CAGR 5Y | 22.5% | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $19M | $11M | $10M | $9M | $9M | $7M | · | |
| Net Income TTM | $-685M | $-322M | $-212M | $-174M | $-118M | $-44M | · | |
| Market Cap | $10.91B | $3.49B | $717M | $1.55B | $1.14B | $959M | · | |
| P/E | -14.5 | -10.1 | -3.1 | -6.6 | -8.3 | -12.4 | · | |
| P/S | 581.5 | 319.9 | 75.0 | 167.8 | 121.7 | 141.3 | · | |
| P/B | 6.5 | 2.4 | 1.4 | 2.7 | 3.0 | 3.1 | · | |
| P / Tangible Book | 6.5 | 2.4 | 1.4 | 2.7 | 3.0 | 3.1 | · | |
| P / Cash Flow | -16.8 | -11.6 | -6.0 | -11.4 | -12.0 | -25.8 | · | |
| P / FCF | -16.4 | -11.3 | -5.8 | -11.1 | -11.5 | -25.1 | · | |
| Earnings Yield | -6.9% | -9.9% | -32.1% | -15.0% | -12.0% | -8.0% | · |
Income Statement
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $860.0K | $12M | $4M | $2M | $3M | $2M | $2M | $4M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | |
| R&D Expense | $167M | $155M | $138M | $99M | $96M | $77M | $64M | $67M | $48M | $43M | $48M | $37M | $40M | $28M | $25M | $23M | |
| SG&A Expense | $89M | $46M | $37M | $34M | $28M | $23M | $21M | $14M | $14M | $12M | $12M | $10M | $9M | $9M | $7M | $6M | |
| Operating Expenses | $255M | $201M | $175M | $133M | $124M | $100M | $85M | $81M | $61M | $55M | $60M | $47M | $48M | $36M | $31M | $29M | |
| Operating Income | $-254M | $-189M | $-171M | $-132M | $-121M | $-98M | $-83M | $-77M | $-59M | $-53M | $-58M | $-45M | $-46M | $-34M | $-29M | $-26M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Other Non-op | $-477.0K | $-380.0K | $-651.0K | $-435.0K | $201.0K | $-232.0K | $-116.0K | $-101.0K | $-13.0K | $-162.0K | $-314.0K | $-12.0K | $-2.0K | $-25.0K | $-11.0K | $-2.0K | |
| Net Income | $-237M | $-174M | $-157M | $-116M | $-102M | $-80M | $-71M | $-69M | $-52M | $-47M | $-52M | $-44M | $-46M | $-34M | $-29M | $-26M | |
| EPS (Basic) | $-1.59 | $-1.27 | $-1.21 | $-0.90 | $-0.80 | $-0.65 | $-0.65 | $-0.79 | $-0.71 | $-0.66 | $-0.74 | $-0.82 | $-0.92 | $-0.71 | $-0.68 | $-0.70 | |
| EPS (Diluted) | $-1.59 | $-1.27 | $-1.21 | $-0.90 | $-0.80 | $-0.65 | $-0.65 | $-0.79 | $-0.71 | $-0.66 | $-0.74 | $-0.82 | $-0.92 | $-0.71 | $-0.68 | $-0.70 | |
| Shares (Basic) | · | 137,895,000 | 129,622,000 | 129,232,000 | · | 123,375,000 | 106,928,000 | 87,212,000 | 74,097,000 | 71,390,000 | 70,433,000 | 53,069,000 | 49,927,000 | 48,246,000 | 43,265,000 | 37,583,000 | |
| Shares (Diluted) | · | 137,895,000 | 129,622,000 | 129,232,000 | · | 123,375,000 | 106,928,000 | 87,212,000 | 74,097,000 | 71,390,000 | 70,433,000 | 53,069,000 | 49,927,000 | 48,246,000 | 43,265,000 | 37,583,000 | |
| EBITDA | · | $-189M | $-171M | $-132M | · | $-98M | $-83M | $-77M | $-59M | $-53M | $-58M | $-45M | · | $-34M | $-29M | $-26M |
Balance Sheet
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $383M | $350M | $244M | $254M | $220M | $370M | $576M | $471M | $86M | $154M | $119M | $144M | $125M | $139M | $410M | $276M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | $262M | $273M | $258M | $3M | $3M | |
| Receivables | · | · | · | · | · | $0 | $0 | $2M | · | $1M | · | · | · | · | · | · | |
| Prepaid Expense | $102M | $90M | $67M | $55M | $41M | $33M | $30M | $19M | · | $11M | · | · | · | · | · | · | |
| Other Current Assets | $53M | $60M | $43M | · | $19M | · | · | · | · | $6M | · | · | · | · | · | · | |
| Current Assets | $1.80B | $1.97B | $1.25B | $1.43B | $1.54B | $1.62B | $1.33B | $934M | $555M | $595M | $597M | $414M | $404M | $405M | $422M | $287M | |
| PP&E (Net) | $23M | $22M | $21M | $16M | $13M | $9M | $8M | $9M | $8M | $8M | $8M | $6M | $6M | $5M | $3M | $3M | |
| PP&E (Gross) | $35M | $32M | $30M | $24M | $21M | $17M | $15M | $15M | $13M | $12M | $11M | $9M | $9M | $7M | $5M | $4M | |
| Accum. Depreciation | $12M | $10M | $10M | $9M | $8M | $7M | $7M | $6M | $5M | $4M | $4M | $3M | $2M | $2M | $2M | $2M | |
| Other Non-current Assets | $82M | $91M | $91M | $739.0K | $521.0K | $318.0K | $364.0K | $425.0K | $344.0K | $424.0K | $474.0K | $523.0K | $415.0K | $548.0K | $488.0K | $407.0K | |
| Total Assets | $1.96B | $2.13B | $1.37B | $1.46B | $1.56B | $1.64B | $1.35B | $951M | $573M | $611M | $614M | $431M | $421M | $421M | $426M | $291M | |
| Accounts Payable | $12M | $10M | $4M | $7M | $8M | $8M | $9M | $2M | $6M | $6M | $4M | $26M | $21M | $19M | $12M | $9M | |
| Current Liabilities | $195M | $170M | $135M | $85M | $98M | $91M | $84M | $75M | $49M | $45M | $48M | $43M | $34M | $31M | $22M | $16M | |
| Capital Leases | $45M | $46M | $1M | $2M | $3M | $4M | $5M | $5M | $7M | $6M | $7M | $8M | $9M | $9M | $877.0K | $914.0K | |
| Total Liabilities | $269M | $248M | $176M | $130M | $139M | $137M | $126M | $121M | $56M | $52M | $55M | $54M | $46M | $45M | $31M | $26M | |
| Common Stock | $15.0K | $15.0K | $12.0K | $12.0K | $12.0K | $12.0K | $11.0K | $10.0K | $7.0K | $7.0K | $7.0K | $5.0K | $5.0K | $5.0K | $5.0K | $4.0K | |
| Retained Earnings | $-1.58B | $-1.34B | $-1.17B | $-1.01B | $-893M | $-791M | $-710M | $-640M | $-510M | $-458M | $-411M | $-308M | $-264M | $-219M | $-146M | $-117M | |
| AOCI | $3M | $2M | $2M | $3M | $3M | $7M | $-453.0K | $-464.0K | $-2M | $-3M | $-2M | $-3M | $-3M | $-2M | $-1.0K | $0 | |
| Stockholders' Equity | $1.69B | $1.89B | $1.19B | $1.33B | $1.42B | $1.50B | $1.22B | $831M | $517M | $559M | $559M | $377M | $374M | $376M | $395M | $264M | |
| Liabilities + Equity | $1.96B | $2.13B | $1.37B | $1.46B | $1.56B | $1.64B | $1.35B | $951M | $573M | $611M | $614M | $431M | $421M | $421M | $426M | $291M | |
| Shares Outstanding | 151,205,000 | 146,771,000 | 120,778,000 | 120,512,000 | 119,893,000 | 118,900,000 | 109,266,000 | 95,594,000 | 74,101,000 | 74,070,000 | 70,813,000 | 54,446,000 | 52,081,000 | 49,281,000 | 46,897,000 | 37,665,000 |
Cash Flow
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $43M | $19M | $18M | $18M | $14M | $14M | $13M | $10M | $10M | $9M | $9M | $7M | $7M | $6M | $5M | $4M | |
| Operating Cash Flow | $-170M | $-156M | $-200M | $-125M | $-100M | $-66M | $-65M | $-70M | $-37M | $-50M | $-49M | $-32M | $-36M | $-30M | $-21M | $-28M | |
| CapEx | $6M | $712.0K | $3M | $4M | $4M | $2M | $531.0K | $915.0K | $923.0K | $622.0K | $2M | $-107.0K | $1M | $758.0K | $800.0K | $708.0K | |
| Investing Cash Flow | $207M | $-588M | $185M | $157M | $-64M | $-482M | $-275M | $-33M | $-31M | $46M | $-196M | $11M | $-18M | $-175M | $-800.0K | $3M | |
| Stock Issued | $-538.0K | $837M | $0 | $0 | $-500.0K | $324M | $433M | $6M | $0 | $38M | $22M | $39M | $38M | $24M | · | · | |
| Net Stock Activity | · | · | · | $0 | · | · | · | $6M | · | · | $22M | · | · | $24M | · | · | |
| Financing Cash Flow | $-5M | $850M | $4M | $2M | $14M | $342M | $447M | $389M | $40.0K | $39M | $23M | $40M | $39M | $24M | $155M | $413.0K | |
| Net Change in Cash | $32M | $106M | $-10M | $34M | $-150M | $-206M | $107M | $286M | $-68M | $35M | $-222M | $19M | $-14M | $-181M | $134M | $-25M | |
| Free Cash Flow | · | · | · | $-129M | · | · | · | $-71M | · | · | $-51M | · | · | $-30M | · | · |
Profitability
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | -1513.5% | -4448.7% | -8360.9% | · | -4200.9% | -4040.4% | -2178.6% | -2080.4% | -2272.6% | -2579.3% | -1810.2% | · | -1919.8% | -1353.7% | -1011.4% | |
| Net Margin | · | -1398.3% | -4089.3% | -7360.0% | · | -3441.7% | -3461.8% | -1943.4% | -1858.0% | -2030.4% | -2346.3% | -1756.6% | · | -1907.2% | -1353.4% | -1010.9% | |
| EBITDA Margin | · | -1513.5% | -4448.7% | -8360.9% | · | -4200.9% | -4040.4% | -2178.6% | -2080.4% | -2272.6% | -2579.3% | -1810.2% | · | -1919.8% | -1353.7% | -1011.4% | |
| ROA | · | -9.2% | -11.6% | -9.6% | · | -7.3% | -7.2% | -8.8% | -10.4% | -9.1% | -10.1% | -10.2% | · | -9.3% | -7.6% | -8.2% | |
| ROE | · | -10.3% | -13.0% | -10.7% | · | -8.0% | -8.0% | -9.9% | -11.7% | -10.1% | -11.2% | -11.3% | · | -10.3% | -8.2% | -8.9% |
Liquidity & Solvency
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 11.6 | 9.3 | 16.9 | · | 17.8 | 15.8 | 12.5 | 11.4 | 13.1 | 12.4 | 9.7 | · | 13.1 | 18.8 | 17.6 | |
| Quick Ratio | · | 2.1 | 1.8 | 3.0 | · | 4.1 | 6.8 | 6.3 | 1.8 | 3.4 | 2.5 | 9.5 | · | 12.8 | 18.4 | 17.1 |
Efficiency
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | 3.5 | 4.5 | · | 3.9 | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $12.85 | $9.87 | $11.03 | · | $12.64 | $11.17 | $8.69 | $6.98 | $7.55 | $7.89 | $6.92 | · | $7.62 | $8.42 | $7.02 | |
| Revenue / Share | · | $0.09 | $0.03 | $0.01 | · | $0.02 | $0.02 | $0.04 | $0.04 | $0.03 | $0.03 | $0.05 | · | · | · | · | |
| Cash Flow / Share | · | · | · | $-0.97 | · | · | · | $-0.81 | · | · | $-0.70 | · | · | · | · | · | |
| Cash / Share | · | $2.39 | $2.02 | $2.11 | · | $3.11 | $5.27 | $4.93 | $1.16 | $2.08 | $1.68 | $2.64 | · | $2.83 | $8.74 | $7.34 | |
| EPS (TTM) | · | $-4.18 | $-3.56 | $-3.00 | · | $-2.89 | $-2.95 | $-2.96 | $-3.00 | $-3.11 | $-3.37 | $-3.29 | $-3.15 | $-2.93 | · | · |
Valuation (TTM)
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $21M | $11M | $9M | · | $10M | $11M | $11M | $10M | $10M | $10M | $8M | $8M | $8M | $10M | $9M | |
| Net Income TTM | · | $-550M | $-456M | $-369M | · | $-280M | $-252M | $-229M | $-202M | $-193M | $-192M | $-162M | $-148M | $-128M | $-96M | $-78M | |
| Market Cap | · | $6.39B | $3.43B | $3.56B | · | $5.46B | $4.46B | $2.44B | $473M | $821M | $1.09B | $889M | · | $910M | $1.16B | $931M | |
| P/E | · | -10.4 | -8.0 | -9.8 | · | -15.9 | -13.8 | -8.6 | -2.1 | -3.6 | -4.6 | -5.0 | -4.6 | -6.3 | · | · | |
| P/S | · | 306.4 | 319.7 | 398.5 | · | 539.8 | 421.1 | 224.4 | 46.6 | 83.8 | 112.5 | 107.0 | 94.7 | 108.1 | 120.1 | 101.2 | |
| P/B | · | 3.4 | 2.9 | 2.7 | · | 3.6 | 3.7 | 2.9 | 0.9 | 1.5 | 1.9 | 2.4 | · | 2.4 | 2.9 | 3.5 | |
| P / Tangible Book | · | 3.4 | 2.9 | 2.7 | · | 3.6 | 3.7 | 2.9 | 0.9 | 1.5 | 1.9 | 2.4 | · | 2.4 | 2.9 | 3.5 | |
| P / Cash Flow | · | · | · | -28.5 | · | · | · | -34.7 | · | · | -22.2 | · | · | -30.8 | · | · | |
| Earnings Yield | · | -9.6% | -12.5% | -10.2% | · | -6.3% | -7.2% | -11.6% | -47.0% | -28.0% | -21.9% | -20.2% | -21.7% | -15.9% | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $19M | $11M | $10M | $9M | $9M |
| Operating Margin % | -3977.3% | -3477.4% | -2464.4% | -1939.6% | -1265.8% |
| Net Income | $-685M | $-322M | $-212M | $-174M | $-118M |
| Diluted EPS | $-4.97 | $-2.89 | $-2.91 | $-3.34 | $-2.85 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 9.2 | 15.7 | 7.6 | 12.0 | 13.9 |
| Quick Ratio | 2.0 | 2.2 | 2.3 | 6.6 | 13.7 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-664M | $-308M | $-123M | $-139M | $-99M |
Institutional owners (13F) 19 filers · $1.1B 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.
Holders
19
Value held
$1.1B
New positions
0
Exited positions
1
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 0 (0 vs prior Q) | 1 (-323 vs prior Q) | 0 (0 vs prior Q) | 1 (0 vs prior Q) | -8K |
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 |
|---|---|---|---|---|
| VANGUARD GROUP INC | $984,520,403 | 13,649,250 | 91.14% | Shares |
| KRYGER CAPITAL Ltd | $75,398,932 | 1,045,320 | 6.98% | Shares |
| EFG Asset Management (North America) Corp. | $6,499,913 | 149,149 | 0.60% | Shares |
| AXA Investment Managers S.A. | $4,429,239 | 101,658 | 0.41% | Shares |
| ANGELO GORDON & CO., L.P. | $3,245,850 | 45,000 | 0.30% | Shares |
| Toroso Investments, LLC | $2,628,417 | 36,440 | 0.24% | Shares |
| WOLVERINE TRADING, LLC | $1,023,120 | 24,000 | 0.09% | Call option |
| Orion Portfolio Solutions, LLC | $675,595 | 22,886 | 0.06% | Shares |
| CIBC WORLD MARKETS CORP | $552,372 | 7,658 | 0.05% | Shares |
| WOLVERINE TRADING, LLC | $456,141 | 10,700 | 0.04% | Put option |
| Eisler Capital Management Ltd. | $322,088 | 7,600 | 0.03% | Call option |
| WOLVERINE TRADING, LLC | $285,493 | 6,697 | 0.03% | Shares |
| AlphaQuest LLC | $104,589 | 1,450 | 0.01% | Shares |
| OLIVER LAGORE VANVALIN INVESTMENT GROUP | $19,572 | 663 | 0.00% | Shares |
| Lindbrook Capital, LLC | $16,708 | 566 | 0.00% | Shares |
| FTB Advisors, Inc. | $13,915 | 490 | 0.00% | Shares |
| COMERICA BANK | $11,369 | 158 | 0.00% | Shares |
| Byrne Asset Management LLC | $1,372 | 102 | 0.00% | Shares |
| Hemington Wealth Management | $0 | 7 | 0.00% | Shares |
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 |
|---|---|---|---|---|---|
| RTW Investments, LP, Roderick Wong ×6 filings | Oct. 29, 2025 | 3.10% | Amendment | · | 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.
Company insiders 21 insiders · 11 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Sarah Boyce | President and CEO | Feb. 27, 2026 D | 0 | 0 | 3 | $-1,661,782 |
| Michael F Maclean | Chief Financial Officer | Feb. 27, 2026 D | 0 | 0 | 3 | $-471,650 |
| Joseph Baroldi | Chief Operating Officer | Feb. 2, 2021 A | · | 0 | 0 | $0 |
| Charles Calderaro III | Chief Technical Officer | Feb. 27, 2026 D | 0 | 0 | 1 | $-269,201 |
| Kathleen P. Gallagher | Chief Program Officer | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| Teresa Mccarthy | Chief Human Resources Officer | Feb. 27, 2026 D | 0 | 0 | 4 | $-1,357,138 |
| Michael W. Flanagan | Chief Scientific Officer | Feb. 27, 2026 D | 0 | 0 | 3 | $-644,790 |
| Steven George Hughes | Chief Medical Officer | Feb. 27, 2026 D | 0 | 0 | 4 | $-631,061 |
| Eric Mosbrooker | Chief Commercial Officer | Feb. 27, 2026 D | 0 | 0 | 1 | $-297,784 |
| John B Moriarty | Chief Legal Officer | Feb. 27, 2026 D | 0 | 0 | 1 | $-171,474 |
| Jae B. Kim | Chief Medical Officer | Feb. 2, 2021 A | · | 0 | 0 | $0 |
| Simona Skerjanec | Director | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| Jean Jinsun Kim | Director | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| Tamar Thompson | Director | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| Noreen Henig | Director | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| Troy Edward Wilson | Director | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| Edward M. Kaye MD | Director | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| Carsten Boess | Director | Feb. 27, 2026 D | 0 | 0 | 0 | $0 |
| LEVIN ARTHUR A | Director | Feb. 27, 2026 D | 0 | 0 | 1 | $-127,367 |
| Alexandria Venture Investments, LLC | 10% owner | June 16, 2020 C | 502,365 | 0 | 0 | $0 |
| Roderick Wong, M.D. | · | June 16, 2021 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 15 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.04% | 49,149 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 4,391 SH | Oct. 1, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 82,327 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 10,724 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 98,494 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.00% | 370,486 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 2,953 SH | Sept. 29, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 3,307 SH | Sept. 3, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 188,626 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 518,416 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 8,760 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,882 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 933 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.00% | 3,329 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 40,842 SH | Sept. 11, 2026 | Daily |
RNA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 8 analysts
BUY
Median target
$25.00
+218.9%
2 25.0%
Strong Buy
5 62.5%
Buy
1 12.5%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
4 analysts · 2026-09-30Mean target $25.00 +218.9%
Low$25.00
Mean$25.00
High$25.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RNA | $10.91B | -14.5 | 72.1% | -3650.4% | -47.5% | · |
| HUMA | · | · | · | · | · | · |
| KRRO | $75M | -0.6 | 181.5% | -1834.5% | -140.8% | · |
| OTLK | $57M | -0.6 | · | -4416.2% | 193.1% | 4.0% |
| PMVP | $67M | -0.8 | -40.5% | -1226.8% | -63.4% | · |
| CRBU | $151M | -1.0 | 11.7% | -1327.4% | -102.8% | · |
| SPRB | $120M | -1.7 | -51.3% | · | -139.9% | · |
| CBUS | · | -0.6 | -14.6% | -3492.3% | -223.0% | · |
| TNYA | $154M | -1.2 | · | · | -81.2% | · |
| HURA | · | -1.2 | · | · | · | · |
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Source: SEC 10-K filed Feb 23, 2026