RYTM Rhythm Pharmaceuticals, Inc. - Common Stock
$109.79
Price · Aug 21, 2026
Fundamentals as of Aug 4, 2026
52W Range
$74–$122
74% of range
Analyst Rating
BUY
22 analysts
Price Target
$142
+29% upside
P/E (TTM)
-35.3
ROE
-309.1%
Net Profit Margin
-103.6%
About Rhythm Pharmaceuticals, Inc. - Common Stock Company overview from Wikipedia
RYTM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$109.79
Market Cap
$7.38B
P/E (TTM)
-35.3
EPS (TTM)
$-3.11
Revenue (TTM)
$190M
Div Yield
—
ROE
-309.1%
Debt/Equity
0.8
52W Range
$75 – $122
RYTM 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
$190M
2016-12-31
→
2025-12-31
EPS
$-3.11
2019-12-31
→
2025-12-31
Free Cash Flow
$-117M
2017-12-31
→
2025-12-31
Margins
-103.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RYTM
Peer Median
P/E (TTM)
-35.3
16.0
P/S (TTM)
38.9
47.5
P/B
53.1
8.5
EV / EBITDA
-37.1
—
Price / FCF
-63.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RYTM
Peer Median
Operating Margin
-101.2%
—
Net Profit Margin
-103.6%
-140.2%
ROA
-45.1%
-45.0%
ROE
-309.1%
-86.5%
ROIC
-77.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RYTM
Peer Median
Debt / Equity
0.8
0.0
Current Ratio
4.4
5.8
Quick Ratio
3.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RYTM
Peer Median
Revenue YoY
45.8%
—
Revenue CAGR 3Y
100.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RYTM
Peer Median
RYTM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 8 36.4%
- Buy 12 54.5%
- Hold 2 9.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-18
Median
$145.00
Now
$109.79
Low
$105.00
High
$160.00
Median target
$145.00
+32.1%
Mean target
$141.53
+28.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.73 | $-0.84 | 0.11% |
| March 31, 2026 | $-0.83 | $-0.87 | 0.04% |
| Dec. 31, 2025 | $-0.73 | $-0.84 | 0.11% |
| Sept. 30, 2025 | $-0.82 | $-0.74 | -0.08% |
| June 30, 2025 | $-0.75 | $-0.69 | -0.06% |
| March 31, 2025 | $-0.81 | $-0.72 | -0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RYTM | $7.19B | -34.4 | 45.8% | -103.6% | -309.1% | — |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | — |
| IBRX | $2.00B | -5.2 | 668.3% | -310.2% | 71.0% | — |
| TGTX | $4.63B | 10.8 | 87.3% | 72.6% | 96.7% | — |
| ORKA | $1.48B | -3.3 | — | — | -25.9% | — |
| CAI | $7.62B | -8.4 | 97.0% | -8.4% | -13.2% | — |
| CGON | $3.35B | -20.0 | 254.7% | -3985.0% | -22.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $190M | $130M | $77M | $24M | $3M | $0 | $0 | $0 | $0 | $0 | |
| Cost of Revenue | $19M | $13M | $9M | $2M | $599.0K | · | · | · | · | · | |
| R&D Expense | $167M | $238M | $135M | $109M | $104M | $90M | $109M | $50M | $23M | $20M | |
| SG&A Expense | $195M | $144M | $118M | $92M | $68M | $46M | $37M | $28M | $10M | $6M | |
| Operating Expenses | $382M | $396M | $262M | $203M | $173M | $137M | $146M | $78M | $32M | $26M | |
| Operating Income | $-192M | $-266M | $-184M | $-179M | $-170M | $-137M | $-146M | $-78M | $-32M | $-26M | |
| Interest Expense | · | · | $14M | $5M | · | · | · | · | · | · | |
| Interest Income | · | · | · | · | $447.0K | $3M | $5M | $4M | $566.0K | $33.0K | |
| Other Non-op | $1M | $2M | $190.0K | $-790.0K | $100M | $3M | $5M | $4M | $-1M | $33.0K | |
| Pretax Income | $-196M | $-260M | $-184M | $-181M | $-70M | · | · | · | · | · | |
| Income Tax | $497.0K | $346.0K | $564.0K | · | · | · | · | · | · | · | |
| Net Income | $-197M | $-261M | $-185M | $-181M | $-70M | $-134M | $-141M | $-74M | $-34M | $-26M | |
| EPS (Basic) | $-3.11 | $-4.34 | $-3.20 | $-3.47 | $-1.40 | $-3.04 | $-3.86 | · | · | · | |
| EPS (Diluted) | $-3.11 | $-4.34 | $-3.20 | $-3.47 | $-1.40 | $-3.04 | $-3.86 | · | · | · | |
| Shares (Basic) | 64,984,361 | 60,995,204 | 57,673,128 | 52,120,701 | 49,600,294 | 44,127,220 | 36,422,450 | · | · | · | |
| Shares (Diluted) | 64,984,361 | 60,995,204 | 57,673,128 | 52,120,701 | 49,600,294 | 44,127,220 | 36,422,450 | · | · | · | |
| EBITDA | $-192M | $-265M | $-183M | $-178M | $-169M | $-136M | $-145M | $-78M | $-32M | · |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $54M | $89M | $60M | $128M | $59M | $101M | $62M | $50M | $34M | $7M | |
| Short-term Investments | $335M | $231M | $216M | $206M | $236M | $72M | $230M | · | $114M | $4M | |
| Receivables | $26M | $19M | $15M | $6M | $1M | · | · | · | · | · | |
| Inventory | $26M | $19M | $9M | $3M | $111.0K | · | · | · | · | · | |
| Prepaid Expense | $26M | $16M | $9M | $12M | $12M | $9M | $10M | $7M | $3M | $638.0K | |
| Other Current Assets | $10M | $9M | $7M | $7M | $4M | $3M | $4M | $1M | $1M | $216.0K | |
| Current Assets | $467M | $374M | $308M | $354M | $308M | $182M | $302M | $259M | $151M | $11M | |
| PP&E (Net) | $1M | $632.0K | $1M | $2M | $3M | $3M | $4M | $1M | $840.0K | $930.0K | |
| PP&E (Gross) | $6M | $5M | $5M | $5M | $5M | $5M | $4M | $2M | $1M | $1M | |
| Accum. Depreciation | $5M | $5M | $4M | $3M | $2M | $1M | $752.0K | $809.0K | $367.0K | $144.0K | |
| Intangibles | $5M | $6M | $7M | $8M | $5M | · | · | · | · | · | |
| Other Non-current Assets | $3M | $7M | $15M | $17M | · | · | · | · | · | · | |
| Total Assets | $480M | $392M | $333M | $382M | $330M | $187M | $309M | $260M | $152M | $12M | |
| Accounts Payable | $14M | $12M | $5M | $5M | $6M | $5M | $10M | $8M | $2M | $2M | |
| Accrued Liabilities | $84M | $63M | $48M | $33M | $30M | $13M | $14M | $6M | $4M | $3M | |
| Current Liabilities | $106M | $116M | $55M | $40M | $43M | $18M | $24M | $14M | $7M | $5M | |
| Capital Leases | $3M | $4M | $490.0K | $1M | $2M | · | · | · | · | · | |
| Total Liabilities | $210M | $228M | $163M | $118M | $45M | $21M | $28M | $14M | $7M | $5M | |
| Long-term Debt | $108M | $110M | · | · | · | · | · | · | · | · | |
| Total Debt | $108M | $110M | · | · | · | · | · | · | · | · | |
| Common Stock | $67.0K | $61.0K | $59.0K | $56.0K | $50.0K | $44.0K | $44.0K | $34.0K | $27.0K | $10.0K | |
| Paid-in Capital | $1.49B | $1.18B | $1.06B | $974M | $813M | $626M | $606M | $431M | $255M | $44M | |
| Retained Earnings | $-1.35B | $-1.16B | $-895M | $-710M | $-529M | $-459M | $-325M | $-185M | $-110M | $-77M | |
| AOCI | $-796.0K | $-39.0K | $134.0K | $-92.0K | $-1.0K | $49.0K | · | · | · | · | |
| Stockholders' Equity | $139M | $22M | $170M | $264M | $284M | $167M | $281M | $246M | $145M | $-33M | |
| Liabilities + Equity | $480M | $392M | $333M | $382M | $330M | $187M | $309M | $260M | $152M | $12M | |
| Shares Outstanding | 67,205,321 | 62,390,654 | 59,426,559 | 56,612,429 | 50,283,574 | 44,235,903 | 43,996,753 | 34,410,725 | 27,284,140 | 10,196,292 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $500.0K | $700.0K | $900.0K | $896.0K | $816.0K | $690.0K | $834.0K | $442.0K | $223.0K | $144.0K | |
| Stock-based Comp | $67M | $40M | $33M | $20M | $21M | $17M | $12M | $6M | $2M | $1M | |
| Deferred Tax | $0 | $0 | $0 | · | · | · | · | $0 | $0 | $0 | |
| Amort. of Intangibles | · | · | $855.0K | $774.0K | $342.0K | · | · | · | · | · | |
| Other Non-cash | $14M | $106M | $15M | $-13M | $-98M | $-6M | $5M | $5M | $2M | · | |
| Operating Cash Flow | $-116M | $-114M | $-136M | $-173M | $-146M | $-122M | $-123M | $-62M | $-29M | $-23M | |
| CapEx | $953.0K | $0 | $47.0K | $281.0K | $434.0K | $214.0K | $3M | $722.0K | $133.0K | $1M | |
| Investing Cash Flow | $-137M | $-48M | $-6M | $28M | $-62M | $159M | $-28M | $-87M | $-110M | $-5M | |
| Debt Issued | $0 | $0 | $24M | $72M | · | · | · | · | · | · | |
| Net Debt Issued | $-20M | $-13M | $17M | $72M | · | · | · | · | · | · | |
| Stock Issued | $34M | $39M | $49M | $131M | $162M | · | $161M | $163M | $126M | · | |
| Net Stock Activity | $34M | $39M | $49M | $131M | $162M | · | $161M | $163M | $126M | · | |
| Financing Cash Flow | $218M | $191M | $74M | $214M | $166M | $2M | $163M | $165M | $167M | · | |
| Net Change in Cash | $-35M | $29M | $-68M | $68M | $-42M | $39M | $13M | $15M | $28M | $-28M | |
| Free Cash Flow | $-117M | · | $-136M | $-174M | $-146M | $-122M | $-126M | $-63M | $-30M | · | |
| Levered FCF | · | · | $-150M | · | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -101.2% | -204.0% | -238.1% | -757.9% | -5391.9% | · | · | · | · | · | |
| Net Margin | -103.6% | -200.3% | -238.5% | -766.2% | -2207.1% | · | · | · | · | · | |
| Pretax Margin | -103.3% | -200.0% | -237.8% | · | · | · | · | · | · | · | |
| EBITDA Margin | -100.9% | -203.5% | -236.9% | -754.1% | -5366.0% | · | · | · | · | · | |
| ROA | -45.1% | -71.9% | -51.6% | -50.9% | -27.0% | -54.1% | -49.5% | -36.0% | -41.1% | · | |
| ROE | -309.1% | -1582.1% | -100.6% | -66.4% | -23.0% | -73.7% | -65.4% | -28.7% | -60.2% | · | |
| ROIC | -77.9% | -202.1% | -108.9% | · | · | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.4 | 3.2 | 5.6 | 8.9 | 7.1 | 10.1 | 12.4 | 19.0 | 22.4 | · | |
| Quick Ratio | 3.9 | 2.9 | 5.3 | 8.5 | 6.8 | 9.6 | 2.6 | 3.6 | 22.0 | · | |
| Debt / Equity | 0.8 | 5.1 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.7 | 5.0 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | -13.3 | -34.4 | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Inventory Turnover | 0.9 | 1.0 | 1.6 | 1.4 | 10.8 | · | · | · | · | · | |
| Receivables Turnover | 8.5 | 7.8 | 7.3 | 6.5 | 6.2 | · | · | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 45.8% | 68.1% | 227.6% | 649.5% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 100.2% | 245.5% | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $190M | $130M | $77M | $24M | $3M | $0 | $0 | $0 | $0 | · | |
| Net Income TTM | $-197M | $-261M | $-185M | $-181M | $-70M | $-134M | $-141M | $-74M | $-34M | · | |
| Market Cap | $7.19B | $3.49B | $2.73B | $1.65B | $502M | $1.32B | $1.01B | $925M | $793M | · | |
| Enterprise Value | $6.91B | $3.28B | · | · | · | · | · | · | · | · | |
| P/E | -34.4 | -12.9 | -14.4 | -8.4 | -7.1 | -9.8 | -5.9 | · | · | · | |
| P/S | 37.9 | 26.8 | 35.3 | 69.7 | 159.1 | · | · | · | · | · | |
| P/B | 51.7 | 160.7 | 16.1 | 6.2 | 1.8 | 7.9 | 3.6 | 3.8 | 5.5 | · | |
| P / Tangible Book | 53.8 | 224.5 | 16.8 | 6.4 | 1.8 | 7.9 | · | · | · | · | |
| P / Cash Flow | -62.2 | -30.7 | -20.1 | -9.5 | -3.4 | -10.8 | -8.2 | -14.9 | -26.9 | · | |
| P / FCF | -61.7 | · | -20.1 | -9.5 | -3.4 | -10.8 | -8.0 | -14.7 | -26.8 | · | |
| EV / EBITDA | -36.1 | -12.4 | · | · | · | · | · | · | · | · | |
| EV / FCF | -59.3 | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 36.4 | 25.2 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -2.9% | -7.8% | -7.0% | -11.9% | -14.0% | -10.2% | -16.8% | · | · | · |
Income Statement 16
| 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 | $71M | $60M | $57M | $51M | $49M | $33M | $42M | $33M | $29M | $26M | $24M | $23M | $19M | $11M | $9M | $4M | |
| Cost of Revenue | $9M | $7M | $5M | $5M | $6M | $4M | $4M | $4M | $3M | $3M | $3M | $2M | $2M | $1M | $1M | $497.0K | |
| R&D Expense | $43M | $42M | $42M | $46M | $42M | $37M | $41M | $38M | $30M | $129M | $30M | $34M | $34M | $38M | $24M | $21M | |
| SG&A Expense | $67M | $64M | $57M | $52M | $46M | $39M | $38M | $35M | $36M | $34M | $32M | $30M | $30M | $25M | $26M | $22M | |
| Operating Expenses | $120M | $112M | $104M | $104M | $94M | $80M | $83M | $77M | $70M | $166M | $66M | $66M | $66M | $64M | $51M | $44M | |
| Operating Income | $-49M | $-52M | $-47M | $-53M | $-45M | $-47M | $-41M | $-44M | $-40M | $-140M | $-41M | $-44M | $-47M | $-53M | $-42M | $-39M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $5M | · | $3M | $3M | $3M | · | $2M | |
| Other Non-op | $1M | $-2M | $58.0K | $274.0K | $2M | $-644.0K | $325.0K | $1M | $302.0K | $524.0K | $393.0K | $-159.0K | $-17.0K | $-27.0K | $-54.0K | $-370.0K | |
| Pretax Income | $-49M | $-55M | $-48M | $-53M | $-46M | $-49M | $-43M | $-44M | $-32M | $-141M | $-41M | $-44M | $-47M | $-52M | $-42M | $-41M | |
| Income Tax | $444.0K | $545.0K | $-31.0K | $111.0K | $337.0K | $80.0K | $-89.0K | $-344.0K | $479.0K | $300.0K | $196.0K | $368.0K | $0 | $0 | · | · | |
| Net Income | $-49M | $-56M | $-48M | $-53M | $-47M | $-49M | $-43M | $-44M | $-32M | $-141M | $-42M | $-44M | $-47M | $-52M | $-42M | $-41M | |
| EPS (Basic) | $-0.73 | $-0.83 | $-0.73 | $-0.82 | $-0.75 | $-0.81 | $-0.71 | $-0.73 | $-0.55 | $-2.35 | $-0.70 | $-0.76 | $-0.82 | $-0.92 | $-0.74 | $-0.79 | |
| EPS (Diluted) | $-0.73 | $-0.83 | $-0.73 | $-0.82 | $-0.75 | $-0.81 | $-0.71 | $-0.73 | $-0.55 | $-2.35 | $-0.70 | $-0.76 | $-0.82 | $-0.92 | · | $-0.79 | |
| Shares (Basic) | 68,592,661 | 67,974,193 | -128,020,218 | 66,261,055 | 63,684,359 | 63,059,165 | -121,380,096 | 61,219,918 | 61,011,824 | 60,143,558 | -113,778,469 | 57,874,960 | 56,867,662 | 56,708,975 | -100,004,851 | 51,400,922 | |
| Shares (Diluted) | 68,592,661 | 67,974,193 | -128,020,218 | 66,261,055 | 63,684,359 | 63,059,165 | -121,380,096 | 61,219,918 | 61,011,824 | 60,143,558 | -113,778,469 | 57,874,960 | 56,867,662 | 56,708,975 | · | 51,400,922 | |
| EBITDA | $-49M | $-52M | · | $-53M | $-45M | $-47M | · | $-44M | · | $-140M | · | $-44M | $-47M | $-53M | · | $-39M |
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 | $66M | $62M | $54M | $52M | $136M | $106M | $89M | $48M | $162M | $53M | · | $65M | $116M | $110M | · | $185M | |
| Short-term Investments | $265M | $278M | $335M | $364M | $155M | $208M | $231M | $251M | $157M | $148M | · | $235M | $138M | $185M | · | $163M | |
| Receivables | $40M | $34M | $26M | $33M | $26M | $18M | $19M | $19M | $18M | $15M | · | $15M | $14M | $8M | · | $3M | |
| Inventory | $31M | $29M | $26M | $22M | $19M | $19M | $19M | $14M | $12M | $9M | · | $8M | $6M | $5M | · | · | |
| Prepaid Expense | $25M | $27M | $26M | $24M | $25M | $18M | $16M | $9M | $9M | $11M | · | $8M | $10M | $10M | · | $11M | |
| Other Current Assets | · | · | $10M | · | · | · | $9M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $427M | $430M | $467M | $495M | $361M | $369M | $374M | $340M | $357M | $236M | · | $329M | $284M | $318M | · | $362M | |
| PP&E (Net) | $103.0K | $1M | $1M | $237.0K | $297.0K | $462.0K | $632.0K | $801.0K | $973.0K | $1M | · | $2M | $2M | $2M | · | $2M | |
| PP&E (Gross) | · | · | $6M | · | · | · | $5M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $5M | · | · | · | $5M | · | · | · | · | · | · | · | · | · | |
| Intangibles | $5M | $5M | $5M | $6M | $6M | $6M | $6M | $6M | $7M | $7M | · | $7M | $7M | $8M | · | $8M | |
| Other Non-current Assets | · | · | $3M | · | · | · | $7M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $437M | $442M | $480M | $507M | $373M | $387M | $392M | $364M | $382M | $259M | · | $354M | $310M | $346M | · | $390M | |
| Accounts Payable | $16M | $12M | $14M | $14M | $16M | $12M | $12M | $5M | $5M | $8M | · | $4M | $8M | $13M | · | $5M | |
| Accrued Liabilities | · | · | $84M | · | · | $59M | $63M | $55M | $48M | $45M | · | $44M | $36M | $31M | · | $26M | |
| Current Liabilities | $124M | $103M | $106M | $104M | $129M | $112M | $116M | $98M | $55M | $54M | · | $50M | $46M | $46M | · | $33M | |
| Capital Leases | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $3M | $284.0K | · | $692.0K | $888.0K | $1M | · | $1M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | $36M | $35M | · | · | · | · | · | · | |
| Total Liabilities | $220M | $205M | $210M | $211M | $239M | $224M | $228M | $211M | $202M | $197M | · | $157M | $128M | $126M | · | $108M | |
| Long-term Debt | $106M | $108M | $108M | $109M | $110M | $110M | $110M | · | · | · | · | · | · | · | · | $73M | |
| Total Debt | $106M | $108M | · | $109M | $110M | $110M | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $69.0K | $69.0K | $67.0K | $67.0K | $64.0K | $62.0K | $61.0K | $61.0K | $60.0K | $60.0K | · | $59.0K | $57.0K | $56.0K | · | $56.0K | |
| Paid-in Capital | $1.56B | $1.53B | $1.49B | $1.45B | $1.24B | $1.22B | $1.18B | $1.12B | $1.11B | $1.10B | · | $1.05B | $991M | $982M | · | $949M | |
| Retained Earnings | $-1.46B | $-1.41B | $-1.35B | $-1.30B | $-1.25B | $-1.20B | $-1.16B | $-1.11B | $-1.07B | $-1.04B | · | $-853M | $-809M | $-762M | · | $-668M | |
| AOCI | $-912.0K | $444.0K | $-796.0K | $-926.0K | $-2M | $-51.0K | $-39.0K | $-604.0K | $-617.0K | $-181.0K | · | $-113.0K | $-14.0K | $-6.0K | · | $-339.0K | |
| Stockholders' Equity | $103M | $123M | $139M | $149M | $-12M | $19M | $22M | $11M | $39M | $62M | $170M | $197M | $182M | $220M | $264M | $281M | |
| Liabilities + Equity | $437M | $442M | $480M | $507M | $373M | $387M | $392M | $364M | $382M | $259M | · | $354M | $310M | $346M | · | $390M | |
| Shares Outstanding | 68,816,868 | 68,445,084 | 67,205,321 | 66,684,077 | 63,913,185 | 63,494,892 | 62,390,654 | 61,436,251 | 61,095,949 | 60,964,468 | · | 59,089,352 | 56,896,068 | 56,852,404 | · | 55,756,256 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $26M | $23M | $19M | $19M | $16M | $13M | $11M | $11M | $10M | $8M | $9M | $9M | $9M | $6M | $5M | $5M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | · | · | $214.0K | · | $214.0K | |
| Operating Cash Flow | $-9M | $-44M | $-25M | $-27M | $-23M | $-40M | $-19M | $-25M | $-29M | $-41M | $-29M | $-29M | $-41M | $-36M | $-34M | $-47M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | $-1.0K | $1.0K | $0 | $47.0K | $-1.0K | $95.0K | |
| Investing Cash Flow | $14M | $57M | $30M | $-246M | $54M | $25M | $21M | $-91M | $-9M | $30M | $23M | $-95M | $48M | $18M | $-41M | $-40M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-3M | $38M | |
| Net Debt Issued | · | $-4M | · | · | · | $-5M | · | · | · | $-3M | · | · | · | $-1M | · | · | |
| Stock Issued | $0 | $0 | · | · | $0 | $34M | · | · | · | · | $0 | · | · | · | $14M | · | |
| Net Stock Activity | · | $0 | · | · | · | $34M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-1M | $-5M | $-3M | $189M | $-889.0K | $32M | $38M | $2M | $146M | $4M | $2M | $73M | $-965.0K | $-133.0K | $17M | $159M | |
| Net Change in Cash | $3M | $8M | $2M | $-83M | $30M | $17M | $42M | $-114M | $108M | $-7M | $-5M | $-51M | $6M | $-18M | $-57M | $72M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $-36M | · | · |
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 | -68.1% | -87.1% | · | -102.6% | -93.4% | -143.7% | · | -132.0% | · | -538.7% | · | -195.3% | -242.5% | -458.0% | · | · | |
| Net Margin | -69.2% | -92.6% | · | -103.1% | -96.1% | -151.3% | · | -131.2% | · | -544.4% | · | -196.2% | -243.0% | -455.0% | · | · | |
| Pretax Margin | -68.6% | -91.6% | · | -102.9% | -95.5% | -151.1% | · | -132.3% | · | -543.3% | · | -194.6% | · | · | · | · | |
| EBITDA Margin | -68.1% | -87.1% | · | -102.6% | -93.4% | -143.7% | · | -132.0% | · | -538.7% | · | -195.3% | -242.5% | -458.0% | · | · | |
| ROA | -12.2% | -13.4% | · | -12.2% | -12.4% | -15.3% | · | -12.2% | · | -46.8% | · | -11.9% | -15.9% | -16.6% | · | -11.0% | |
| ROE | -108.3% | -78.5% | · | -66.1% | -340.0% | -122.9% | · | -41.8% | · | -100.5% | · | -18.4% | -24.7% | -22.9% | · | -13.5% | |
| ROIC | -23.4% | -22.9% | · | -20.5% | -46.6% | -36.6% | · | -388.2% | · | -227.6% | · | -22.4% | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.5 | 4.2 | · | 4.7 | 2.8 | 3.3 | · | 3.5 | · | 4.4 | · | 6.6 | 6.2 | 6.9 | · | 10.9 | |
| Quick Ratio | 3.0 | 3.6 | · | 4.3 | 2.4 | 3.0 | · | 3.3 | · | 4.0 | · | 6.3 | 5.8 | 6.6 | · | 10.6 | |
| Debt / Equity | 1.0 | 0.9 | · | 0.7 | -9.2 | 5.8 | · | · | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.9 | 0.8 | · | 0.7 | -8.9 | 5.7 | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -29.4 | · | -14.0 | -14.1 | -17.2 | · | -18.3 |
Efficiency 3
| 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 | 0.0 | · | · | |
| Inventory Turnover | 0.4 | 0.3 | · | 0.3 | 0.4 | 0.3 | · | 0.4 | · | 0.4 | · | 0.6 | 0.7 | 0.5 | · | · | |
| Receivables Turnover | 2.1 | 2.3 | · | 2.0 | 2.2 | 2.0 | · | 2.0 | · | 2.3 | · | 2.5 | 2.5 | 2.6 | · | · |
Valuation (TTM) 13
| 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 | $231M | $193M | · | $166M | $144M | $121M | · | $111M | $97M | $79M | · | $57M | $44M | $26M | · | $16M | |
| Net Income TTM | $-204M | $-205M | · | $-193M | $-172M | $-267M | · | $-261M | $-264M | $-284M | · | $-184M | $-185M | $-191M | · | $-174M | |
| Market Cap | $7.64B | $5.95B | · | $6.73B | $4.04B | $3.36B | · | $3.22B | · | $2.64B | · | $1.35B | $938M | $1.01B | · | $1.37B | |
| Enterprise Value | $7.42B | $5.72B | · | $6.43B | $3.86B | $3.16B | · | · | · | · | · | · | · | · | · | · | |
| P/E | -35.5 | -27.1 | · | -32.5 | -22.2 | -11.9 | · | -11.9 | -9.2 | -8.9 | · | -7.0 | -4.8 | -4.9 | · | -7.1 | |
| P/S | 33.1 | 30.9 | · | 40.6 | 28.1 | 27.8 | · | 29.0 | · | 33.4 | · | 23.6 | 21.3 | 38.5 | · | 86.0 | |
| P/B | 74.2 | 48.4 | · | 45.3 | -339.2 | 177.5 | · | 287.0 | · | 42.9 | · | 6.9 | 5.1 | 4.6 | · | 4.9 | |
| P / Tangible Book | 77.9 | 50.5 | · | 47.0 | · | 259.0 | · | 666.8 | 76.6 | 48.2 | · | 7.1 | 5.4 | 4.8 | · | 5.0 | |
| P / Cash Flow | · | -134.7 | · | · | · | -83.4 | · | · | · | -64.8 | · | · | · | -27.8 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -27.8 | · | · | |
| EV / EBITDA | -152.7 | -109.3 | · | -122.1 | -85.2 | -67.2 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 32.1 | 29.7 | · | 38.8 | 26.9 | 26.1 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -2.8% | -3.7% | · | -3.1% | -4.5% | -8.4% | · | -8.4% | -10.9% | -11.2% | · | -14.3% | -20.7% | -20.5% | · | -14.0% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $190M | $130M | $77M | $24M | $3M |
| Operating Margin % | -101.2% | -204.0% | -238.1% | -757.9% | -5391.9% |
| Net Income | $-197M | $-261M | $-185M | $-181M | $-70M |
| Diluted EPS | $-3.11 | $-4.34 | $-3.20 | $-3.47 | $-1.40 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.8 | 5.1 | — | — | — |
| Current Ratio | 4.4 | 3.2 | 5.6 | 8.9 | 7.1 |
| Quick Ratio | 3.9 | 2.9 | 5.3 | 8.5 | 6.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-117M | — | $-136M | $-174M | $-146M |
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Institutional owners (13F) 320 filers · $7.0B 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 |
|---|---|---|---|---|
| 57 (-9 vs prior Q) | 38 (-8 vs prior Q) | 105 (+2 vs prior Q) | 95 (+11 vs prior Q) | +2.6M |
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 |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $740,218,912 | 6,666,837 | 10.63% | Shares |
| BAKER BROS. ADVISORS LP | $622,265,747 | 5,604,483 | 8.94% | Shares |
| VANGUARD GROUP INC | $612,335,379 | 5,720,622 | 8.80% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $351,837,748 | 3,168,853 | 5.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $348,289,452 | 3,136,895 | 5.00% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $333,753,626 | 3,005,977 | 4.79% | Shares |
| PERCEPTIVE ADVISORS LLC | $287,156,334 | 2,586,295 | 4.12% | Shares |
| STATE STREET CORP | $285,728,722 | 2,573,529 | 4.10% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $245,220,303 | 2,208,595 | 3.52% | Shares |
| Polar Capital Holdings Plc | $184,713,061 | 1,663,632 | 2.65% | Shares |
| GOLDMAN SACHS GROUP INC | $181,683,274 | 1,636,344 | 2.61% | Shares |
| Capital Research Global Investors | $170,131,602 | 1,532,303 | 2.44% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $145,911,779 | 1,313,860 | 2.10% | Shares |
| CITADEL ADVISORS LLC | $140,303,282 | 1,263,652 | 2.02% | Shares |
| Checkpoint Capital L.P. | $131,681,580 | 1,186,000 | 1.89% | Shares |
| Siren, L.L.C. | $126,160,613 | 1,136,275 | 1.81% | Shares |
| Pictet Asset Management Holding SA | $106,252,095 | 957,785 | 1.53% | Shares |
| MORGAN STANLEY | $94,763,217 | 853,492 | 1.36% | Shares |
| FMR LLC | $89,815,609 | 808,931 | 1.29% | Shares |
| Woodline Partners LP | $84,259,668 | 758,891 | 1.21% | Shares |
| ALLIANCEBERNSTEIN L.P. | $77,814,059 | 894,723 | 1.12% | Shares |
| Clearbridge Investments, LLC | $77,329,368 | 696,473 | 1.11% | Shares |
| Rock Springs Capital Management LP | $76,899,156 | 692,598 | 1.10% | Shares |
| NORGES BANK | $76,149,259 | 685,844 | 1.09% | Shares |
| Integral Health Asset Management, LLC | $61,066,500 | 550,000 | 0.88% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $49,488,625 | 445,723 | 0.71% | Shares |
| Candriam S.C.A. | $48,032,508 | 433,025 | 0.69% | Shares |
| Squarepoint Ops LLC | $46,956,919 | 422,921 | 0.67% | Shares |
| Point72 Asset Management, L.P. | $45,989,736 | 414,210 | 0.66% | Shares |
| Sofinnova Investments, Inc. | $45,303,238 | 408,027 | 0.65% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $44,078,910 | 397,000 | 0.63% | Shares |
| BRAIDWELL LP | $42,316,642 | 381,128 | 0.61% | Shares |
| LOOMIS SAYLES & CO L P | $40,081,941 | 361,001 | 0.58% | Shares |
| Artisan Partners Limited Partnership | $39,395,220 | 354,816 | 0.57% | Shares |
| AMERIPRISE FINANCIAL INC | $38,809,678 | 349,540 | 0.56% | Shares |
| ORBIMED ADVISORS LLC | $35,851,587 | 322,900 | 0.52% | Shares |
| MILLENNIUM MANAGEMENT LLC | $35,165,311 | 316,719 | 0.51% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $35,155,873 | 316,634 | 0.51% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $34,581,515 | 311,461 | 0.50% | Shares |
| Capital World Investors | $24,587,594 | 221,450 | 0.35% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $21,914,435 | 197,374 | 0.31% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $21,452,661 | 193,215 | 0.31% | Shares |
| Assenagon Asset Management S.A. | $20,706,096 | 186,491 | 0.30% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $17,616,744 | 160,094 | 0.25% | Shares |
| First Turn Management, LLC | $17,100,619 | 154,018 | 0.25% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $16,449,317 | 148,152 | 0.24% | Shares |
| BANK OF AMERICA CORP /DE/ | $16,099,572 | 145,002 | 0.23% | Shares |
| Nicholas Investment Partners, LP | $15,463,148 | 139,270 | 0.22% | Shares |
| ADAR1 Capital Management, LLC | $15,117,623 | 136,158 | 0.22% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $15,085,313 | 135,867 | 0.22% | Shares |
| Qube Research & Technologies Ltd | $14,923,542 | 134,410 | 0.21% | Shares |
| NEXTBio Capital Management LP | $14,629,091 | 131,758 | 0.21% | Shares |
| BlackRock, Inc. | $14,611,659 | 131,601 | 0.21% | Shares |
| Driehaus Capital Management LLC | $14,354,514 | 129,285 | 0.21% | Shares |
| SummitTX Capital, L.P. | $14,034,303 | 126,401 | 0.20% | Shares |
| Logos Global Management LP | $13,878,750 | 125,000 | 0.20% | Shares |
| Opaleye Management Inc. | $13,601,175 | 122,500 | 0.20% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $13,530,782 | 121,866 | 0.19% | Shares |
| Longaeva Partners L.P. | $12,221,516 | 110,074 | 0.18% | Shares |
| Swiss National Bank | $12,179,991 | 109,700 | 0.17% | Shares |
| PFM Health Sciences, LP | $11,275,097 | 101,550 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,991,970 | 99,000 | 0.16% | Call option |
| Aberdeen Group plc | $10,541,854 | 94,946 | 0.15% | Shares |
| AXIOM INVESTORS LLC /DE | $9,646,286 | 86,880 | 0.14% | Shares |
| First Light Asset Management, LLC | $9,522,488 | 85,765 | 0.14% | Shares |
| ALGERT GLOBAL LLC | $9,263,344 | 83,431 | 0.13% | Shares |
| Granahan Investment Management, LLC | $9,245,468 | 83,270 | 0.13% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $8,926,812 | 80,400 | 0.13% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $8,863,942 | 80,552 | 0.13% | Shares |
| Atom Investors LP | $8,156,819 | 73,465 | 0.12% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $8,153,155 | 73,432 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $8,142,147 | 73,333 | 0.12% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $7,610,884 | 68,548 | 0.11% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,581,239 | 68,281 | 0.11% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $7,314,658 | 65,880 | 0.11% | Shares |
| Blue Owl Capital Holdings LP | $6,823,349 | 61,455 | 0.10% | Shares |
| ExodusPoint Capital Management, LP | $6,789,151 | 61,147 | 0.10% | Shares |
| PRUDENTIAL FINANCIAL INC | $6,444,736 | 58,045 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $6,347,585 | 57,170 | 0.09% | Shares |
| Trexquant Investment LP | $6,245,215 | 56,248 | 0.09% | Shares |
| NEUBERGER BERMAN GROUP LLC | $6,210,463 | 55,935 | 0.09% | Shares |
| CITIGROUP INC | $6,124,526 | 55,161 | 0.09% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $5,915,567 | 53,279 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $5,842,843 | 52,624 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $5,723,148 | 65,806 | 0.08% | Shares |
| Nan Fung Group Holdings Ltd | $5,453,794 | 49,120 | 0.08% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $5,384,622 | 48,497 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,362,749 | 48,300 | 0.08% | Put option |
| CANADA PENSION PLAN INVESTMENT BOARD | $5,262,822 | 47,400 | 0.08% | Shares |
| Hillsdale Investment Management Inc. | $4,885,320 | 44,000 | 0.07% | Shares |
| Cinctive Capital Management LP | $4,745,311 | 42,739 | 0.07% | Shares |
| Zweig-DiMenna Associates LLC | $4,674,363 | 42,100 | 0.07% | Shares |
| TD Asset Management Inc | $4,305,521 | 38,778 | 0.06% | Shares |
| EFG International AG | $3,726,164 | 33,563 | 0.05% | Shares |
| FIRST TRUST ADVISORS LP | $3,606,476 | 32,482 | 0.05% | Shares |
| Exome Asset Management LLC | $3,576,165 | 32,209 | 0.05% | Shares |
| Rafferty Asset Management, LLC | $3,575,943 | 32,207 | 0.05% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $3,573,945 | 32,189 | 0.05% | Shares |
| MetLife Investment Management, LLC | $3,564,507 | 32,104 | 0.05% | Shares |
| Schonfeld Strategic Advisors LLC | $3,176,234 | 28,607 | 0.05% | Shares |
Company insiders 36 insiders · 12 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David P Meeker | President and CEO | Feb. 11, 2026 A | 239,016 | 0 | 0 | $0 |
| Keith Michael Gottesdiener | CEO & President | March 9, 2020 M | 558,250 | 0 | 0 | $0 |
| Hunter C Smith | Chief Financial Officer | May 18, 2026 M | 119,611 | 0 | 23 | $-2,217,136 |
| Manher Joshi | Chief Medical Officer | Aug. 17, 2026 A | — | 0 | 0 | $0 |
| Christopher Paul German | Corporate Controller & CAO | May 15, 2026 M | 0 | 0 | 2 | $-930,921 |
| Pamela J. Cramer | Chief Human Resources Officer | Feb. 11, 2026 A | 29,376 | 0 | 4 | $-2,987,366 |
| William T. Roberts | Chief Accounting Officer | March 29, 2023 M | 7,872 | 0 | 0 | $0 |
| Linda Shapiro Manning | Chief Medical Officer | Feb. 9, 2022 A | — | 0 | 0 | $0 |
| Murray Stewart | Chief Medical Officer | Feb. 11, 2021 A | — | 0 | 0 | $0 |
| Nithya Desikan | Chief Commercial Officer | Aug. 31, 2020 M | 43,602 | 0 | 0 | $0 |
| Leonardus H.T. Van Der Ploeg | Chief Scientific Officer | May 31, 2019 M | 42,339 | 0 | 0 | $0 |
| Fred T. Fiedorek | Chief Medical Officer | Feb. 14, 2018 A | — | 0 | 0 | $0 |
| Lynn A. Tetrault | Director | June 24, 2026 A | 11,712 | 0 | 1 | $-3,711,840 |
| Stuart A Arbuckle | Director | June 24, 2026 A | 11,712 | 0 | 0 | $0 |
| Christophe Jean | Director | June 24, 2026 A | 11,712 | 0 | 0 | $0 |
| Jennifer L Good | Director | June 24, 2026 A | 11,712 | 0 | 0 | $0 |
| David W J Mcgirr | Director | June 24, 2026 A | 11,712 | 0 | 0 | $0 |
| Kimberly J Popovits | Director | April 1, 2026 A | — | 0 | 0 | $0 |
| Edward T. Mathers | Director | March 12, 2026 J | 14,168 | 0 | 0 | $0 |
| Camille L Bedrosian | Director | June 24, 2025 A | 7,000 | 0 | 0 | $0 |
| Todd Foley | Director | March 15, 2021 S | 909,258 | 0 | 0 | $0 |
| Neil Exter | Director | June 6, 2018 A | 0 | 0 | 0 | $0 |
| Hadley Harbor Master Investors (Cayman) L.P. | 10% owner | Oct. 10, 2017 C | 545,256 | 0 | 0 | $0 |
| Ravi Viswanathan | 10% owner | Oct. 10, 2017 C | 4,909,956 | 0 | 0 | $0 |
| Ipsen, S.A. | 10% owner | Oct. 10, 2017 C | 833,099 | 0 | 0 | $0 |
| Forest Baskett | 10% owner | Oct. 10, 2017 C | 4,909,956 | 0 | 0 | $0 |
| Patrick J. Kerins | 10% owner | Oct. 10, 2017 C | 4,909,956 | 0 | 0 | $0 |
| David M Mott | 10% owner | Oct. 10, 2017 C | 4,909,956 | 0 | 0 | $0 |
| James M Barrett | 10% owner | Oct. 10, 2017 C | 4,909,956 | 0 | 0 | $0 |
| Peter J Barris | 10% owner | Oct. 10, 2017 C | 4,909,956 | 0 | 0 | $0 |
| Alastair Garfield | — | Aug. 13, 2026 S | 2,295 | 0 | 4 | $-912,697 |
| Joseph Shulman | — | Aug. 13, 2026 M | 15,915 | 0 | 8 | $-5,858,835 |
| Jennifer Chien | — | Aug. 13, 2026 M | 0 | 0 | 1 | $-8,901,395 |
| Yann Mazabraud | — | Aug. 12, 2026 M | 55,655 | 0 | 6 | $-6,620,591 |
| Simon Kelner | — | Feb. 11, 2021 A | — | 0 | 0 | $0 |
| Scott D. Sandell | — | Oct. 10, 2017 C | 4,909,956 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| April 30, 2024 | — | Initial filing | — | SEC | |
| Perceptive Advisors LLC, Perceptive Life Sciences Master Fund, Ltd., C2 Life Sciences LLC, Perceptive Discovery Fund LP, Joseph Edelman ×3 filings | April 17, 2024 | — | Initial filing | — | SEC |
| New Enterprise Associates 13, L.P., NEA Partners 13, L.P., NEA 13 GP, LTD, Forest Baskett, Patrick J. Kerins, Scott D. Sandell ×2 filings | March 29, 2023 | — | Initial filing | Passive investment | SEC |
| MPM BioVentures V, L.P., MPM Asset Management Investors BV5 LLC, MPM BioVentures V GP LLC, MPM BioVentures V LLC, Ansbert Gadicke, Luke Evnin, Todd Foley ×2 filings | June 26, 2020 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 5, 2020 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 12, 2019 | — | Initial filing | Passive investment | SEC |
| OrbiMed Advisors LLC, OrbiMed Capital GP V LLC ×5 filings | Aug. 10, 2018 | — | 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 52 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 |
|---|---|---|---|---|
| MEDI · Harbor ETF Trust | 3.79% | 12,831 NS | April 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 1.58% | 30,540 NS | April 30, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.14% | 8,333 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 0.88% | 6,307 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.85% | 53,930 NS | April 30, 2026 | N-PORT |
| GDOC · Goldman Sachs ETF Trust | 0.68% | 1,538 NS | May 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.56% | 492,552 SH | Aug. 19, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.52% | 3,798 SH | Aug. 19, 2026 | Daily |
| GSC · Goldman Sachs ETF Trust | 0.51% | 14,505 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.39% | 502,139 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.36% | 59,038 SH | Aug. 19, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.36% | 30,730 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.30% | 2,526 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.30% | 9,299 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.25% | 15,768 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.24% | 2,335 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 20,187 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.21% | 908,106 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.20% | 1,409,592 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.19% | 317,548 SH | Aug. 19, 2026 | Daily |
| ISCG · iShares Trust | 0.19% | 16,599 SH | Aug. 19, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.16% | 25,413 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.13% | 22,978 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.12% | 2,491 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.11% | 292,435 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.09% | 2,368 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.09% | 1,571,929 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.09% | 164,403 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.08% | 715,506 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.07% | 26,169 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.07% | 4,339 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.07% | 1,948 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.07% | 17,397 SH | Aug. 19, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.06% | 7,134 NS | May 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.06% | 10,436 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.06% | 3,421 SH | Aug. 19, 2026 | Daily |
| URTY · ProShares Trust | 0.05% | 1,974 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 12,143 SH | Aug. 19, 2026 | Daily |
| HDG · ProShares Trust | 0.02% | 49 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 16,766 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 2,916 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 2,177,236 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 4,502 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 84,094 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 12,173 SH | Aug. 19, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 14,092 SH | Aug. 19, 2026 | Daily |
| SCHK · SCHWAB STRATEGIC TRUST | 0.01% | 4,991 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 35,572 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 24 NS | May 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 43,280 SH | Aug. 19, 2026 | Daily |