SANA Sana Biotechnology, Inc. - Common Stock
$3.98
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$3–$7
35% of range
Analyst Rating
BUY
15 analysts
Price Target
$8
+112% upside
P/E (TTM)
-4.2
ROE
-172.3%
Net Profit Margin
—
About Sana Biotechnology, Inc. - Common Stock Company overview from Wikipedia
SANA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.98
Market Cap
$1.07B
P/E (TTM)
-4.2
EPS (TTM)
$-0.96
Revenue (TTM)
—
Div Yield
—
ROE
-172.3%
Debt/Equity
—
52W Range
$3 – $7
SANA 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
$-0.96
2020-12-31
→
2025-12-31
Free Cash Flow
$-145M
2021-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SANA
Peer Median
P/E (TTM)
-4.2
—
P/B
6.7
3.9
Price / FCF
-7.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SANA
Peer Median
ROA
-53.2%
-36.2%
ROE
-172.3%
-42.0%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SANA
Peer Median
Current Ratio
1.9
12.0
Quick Ratio
1.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SANA
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SANA
Peer Median
SANA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 6 40.0%
- Buy 7 46.7%
- Hold 2 13.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-19
Median
$7.00
Mean
$8.43
← Below all targets
$3.98
Low
$6.00
High
$12.00
Median target
$7.00
+76.1%
Mean target
$8.43
+112.0%
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 | $-0.13 | $-0.15 | 0.02% |
| March 31, 2026 | $-0.17 | $-0.17 | 0.00% |
| Dec. 31, 2025 | $-0.21 | $-0.14 | -0.07% |
| Sept. 30, 2025 | $-0.16 | $-0.18 | 0.02% |
| June 30, 2025 | $-0.21 | $-0.21 | 0.00% |
| March 31, 2025 | $-0.21 | $-0.23 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SANA | $1.09B | -4.2 | — | — | -172.3% | — |
| MNKD | $1.75B | 283.5 | 22.2% | 1.7% | -11.1% | — |
| REPL | $633M | -2.3 | — | — | -146.2% | — |
| VOR | $506M | -0.2 | — | — | 83.4% | — |
| SVRA | $1.23B | -11.4 | — | — | -73.4% | — |
| AVTX | $336M | -3.1 | -86.6% | -132642.4% | -83.4% | — |
| ARDX | $1.42B | -22.4 | 22.1% | -15.1% | -40.2% | — |
| ODTX | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| R&D Expense | $132M | $216M | $262M | $286M | $249M | $133M | |
| SG&A Expense | $44M | $64M | $73M | $72M | $50M | $28M | |
| Operating Expenses | $250M | $273M | $293M | $273M | $357M | $286M | |
| Operating Income | $-250M | $-273M | $-293M | $-273M | $-357M | $-286M | |
| Other Non-op | $2M | $-5M | $-52.0K | $-674.0K | $305.0K | $97.0K | |
| Pretax Income | · | · | · | · | $-356M | $-285M | |
| Income Tax | $0 | · | · | · | · | · | |
| Net Income | $-244M | $-267M | $-283M | $-269M | $-356M | $-285M | |
| EPS (Basic) | $-0.96 | $-1.16 | $-1.46 | $-1.43 | $-2.14 | $-21.92 | |
| EPS (Diluted) | $-0.96 | $-1.16 | $-1.46 | $-1.43 | $-2.14 | $-21.92 | |
| Shares (Basic) | 253,234,000 | 230,891,000 | 194,541,000 | 188,344,000 | 166,433,000 | 13,014,000 | |
| Shares (Diluted) | 253,234,000 | 230,891,000 | 194,541,000 | 188,344,000 | 166,433,000 | 13,014,000 | |
| EBITDA | $-250M | $-273M | $-293M | $-273M | $-357M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $72M | $128M | $134M | $177M | $253M | $125M | |
| Short-term Investments | $67M | $25M | $72M | $247M | $298M | $253M | |
| Prepaid Expense | $6M | $4M | $4M | $14M | $7M | $6M | |
| Current Assets | $149M | $161M | $214M | $444M | $558M | $384M | |
| PP&E (Net) | $27M | $77M | $71M | $67M | $65M | $47M | |
| PP&E (Gross) | $82M | $131M | $112M | $101M | $84M | $55M | |
| Accum. Depreciation | $55M | $54M | $42M | $34M | $19M | $8M | |
| Goodwill | $141M | $141M | $141M | $141M | $141M | $141M | |
| Intangibles | $59M | $59M | $59M | $59M | $59M | $59M | |
| Other Non-current Assets | $3M | $5M | $6M | $5M | $5M | $190.0K | |
| Total Assets | $417M | $501M | $565M | $823M | $1.13B | $730M | |
| Accounts Payable | $2M | $5M | $4M | $3M | $2M | $2M | |
| Current Liabilities | $79M | $45M | $64M | $112M | $99M | $31M | |
| Capital Leases | $64M | $82M | $91M | $96M | $102M | $68M | |
| Other Non-current Liabilities | $11M | $10M | · | · | · | $540.0K | |
| Total Liabilities | $256M | $251M | $278M | $323M | $401M | $299M | |
| Common Stock | $27.0K | $22.0K | $20.0K | $19.0K | $18.0K | $2.0K | |
| Paid-in Capital | $2.01B | $1.86B | $1.63B | $1.56B | $1.52B | $8M | |
| Retained Earnings | $-1.85B | $-1.60B | $-1.34B | $-1.05B | $-785M | $-429M | |
| AOCI | $28.0K | $14.0K | $-60.0K | $-4M | $-1M | $30.0K | |
| Stockholders' Equity | $161M | $251M | $288M | $499M | $729M | $-421M | |
| Liabilities + Equity | $417M | $501M | $565M | $823M | $1.13B | $730M | |
| Shares Outstanding | 266,732,000 | 223,923,000 | 197,857,000 | 191,022,000 | 184,929,000 | 16,170,000 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $25M | $38M | $36M | $38M | $22M | $6M | |
| Amort. of Intangibles | $0 | $0 | $0 | $0 | $0 | · | |
| Operating Cash Flow | $-144M | $-223M | $-254M | $-290M | $-251M | $-138M | |
| CapEx | $938.0K | $33M | $20M | $21M | $30M | $24M | |
| Investing Cash Flow | $-40M | $17M | $172M | $211M | $-246M | $-253M | |
| Stock Issued | $126M | $181M | $27M | $4M | $5M | · | |
| Net Stock Activity | $126M | · | $5M | $601.0K | · | · | |
| Financing Cash Flow | $129M | $200M | $32M | $5M | $632M | $436M | |
| Net Change in Cash | $-55M | $-6M | $-50M | $-75M | $135M | $45M | |
| Free Cash Flow | $-145M | $-257M | $-274M | $-311M | $-281M | · |
Profitability 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | -53.2% | -50.0% | -40.8% | -27.6% | -38.3% | · | |
| ROE | -172.3% | -98.3% | -86.7% | -50.6% | -45.7% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 3.5 | 3.3 | 4.0 | 5.6 | · | |
| Quick Ratio | 1.8 | 3.4 | 3.2 | 3.8 | 5.6 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-244M | $-267M | $-283M | $-269M | $-356M | $-285M | |
| Market Cap | $1.09B | $365M | $807M | $755M | $2.86B | · | |
| P/E | -4.2 | -1.4 | -2.8 | -2.8 | -7.2 | · | |
| P/B | 6.7 | 1.5 | 2.8 | 1.5 | 3.9 | · | |
| P / Tangible Book | · | 7.2 | 9.2 | 2.5 | 5.4 | · | |
| P / Cash Flow | -7.5 | -1.6 | -3.2 | -2.6 | -11.4 | · | |
| P / FCF | -7.5 | -1.4 | -3.0 | -2.4 | -10.2 | · | |
| Earnings Yield | -23.6% | -71.2% | -35.8% | -36.2% | -13.8% | · |
Income Statement 11
| 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $31M | $29M | $35M | $30M | $30M | $37M | $45M | $53M | $61M | $56M | $56M | $66M | $73M | $67M | $77M | $73M | |
| SG&A Expense | $11M | $11M | $12M | $10M | $10M | $11M | $17M | $14M | $16M | $16M | $21M | $19M | $17M | $17M | $16M | $18M | |
| Operating Expenses | $65M | $49M | $61M | $44M | $95M | $51M | $51M | $62M | $49M | $111M | $91M | $2M | $116M | $84M | $86M | $73M | |
| Operating Income | $-65M | $-49M | $-61M | $-44M | $-95M | $-51M | $-51M | $-62M | $-49M | $-111M | $-91M | $-2M | $-116M | $-84M | $-86M | $-73M | |
| Other Non-op | $656.0K | $453.0K | $1M | $360.0K | $598.0K | $249.0K | $141.0K | $-742.0K | $-4M | $215.0K | $-224.0K | $303.0K | $-84.0K | $-47.0K | $-106.0K | $-198.0K | |
| Net Income | $-64M | $-47M | $-59M | $-42M | $-94M | $-49M | $-49M | $-60M | $-50M | $-107M | $-88M | $984.0K | $-114M | $-82M | $-85M | $-72M | |
| EPS (Basic) | $-0.22 | $-0.17 | $-0.20 | $-0.16 | $-0.39 | $-0.21 | $-0.21 | $-0.25 | $-0.21 | $-0.49 | $-0.44 | $0.00 | $-0.59 | $-0.43 | $-0.45 | $-0.39 | |
| EPS (Diluted) | $-0.22 | $-0.17 | $-0.20 | $-0.16 | $-0.39 | $-0.21 | $-0.21 | $-0.25 | $-0.21 | $-0.49 | $-0.44 | $0.00 | $-0.59 | $-0.43 | $-0.45 | $-0.39 | |
| Shares (Basic) | 295,667,000 | 276,856,000 | -483,247,000 | 260,494,000 | 238,409,000 | 237,578,000 | -456,251,000 | 235,412,000 | 234,440,000 | 217,290,000 | -386,205,000 | 196,978,000 | 192,540,000 | 191,228,000 | 189,303,000 | 187,626,000 | |
| Shares (Diluted) | 295,667,000 | 276,856,000 | -483,247,000 | 260,494,000 | 238,409,000 | 237,578,000 | -456,251,000 | 235,412,000 | 234,440,000 | 217,290,000 | -389,700,000 | 200,473,000 | 192,540,000 | 191,228,000 | 189,303,000 | 187,626,000 | |
| EBITDA | $-65M | $-49M | · | $-44M | $-95M | $-51M | · | $-62M | $-49M | $-111M | · | $-2M | $-116M | $-84M | $-86M | $-73M |
Balance Sheet 23
| 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $57M | $84M | $72M | $103M | $71M | $96M | $128M | $127M | $135M | $177M | $134M | $168M | $174M | $160M | $163M | $195M | |
| Short-term Investments | $103M | $17M | $67M | $50M | $1M | $9M | $25M | $72M | $117M | $134M | · | $100M | $152M | $189M | $322M | $290M | |
| Prepaid Expense | $6M | $6M | $6M | $5M | $6M | $4M | $4M | $7M | $8M | $6M | · | $7M | $7M | $15M | $8M | $10M | |
| Current Assets | $171M | $112M | $149M | $162M | $83M | $113M | $161M | $210M | $263M | $321M | · | $280M | $339M | $370M | $500M | $494M | |
| PP&E (Net) | $25M | $26M | $27M | $30M | $33M | $74M | $77M | $83M | $86M | $82M | · | $68M | $63M | $64M | $67M | $68M | |
| PP&E (Gross) | $85M | $83M | $82M | $84M | $86M | $131M | $131M | $136M | $135M | $127M | · | $116M | $105M | $103M | $98M | $94M | |
| Accum. Depreciation | $59M | $57M | $55M | $54M | $53M | $57M | $54M | $53M | $49M | $46M | · | $47M | $43M | $38M | $30M | $26M | |
| Goodwill | $141M | $141M | $141M | $141M | $141M | $141M | $141M | $141M | $141M | $141M | · | $141M | $141M | $141M | $141M | $141M | |
| Intangibles | $59M | $59M | $59M | $59M | $59M | $59M | $59M | $59M | $59M | $59M | · | $59M | $59M | $59M | $59M | $59M | |
| Other Non-current Assets | $552.0K | $563.0K | $3M | $3M | $3M | $4M | $5M | $6M | $6M | $7M | · | $6M | $7M | $5M | $5M | $5M | |
| Total Assets | $432M | $374M | $417M | $435M | $362M | $445M | $501M | $559M | $619M | $681M | · | $631M | $707M | $747M | $898M | $971M | |
| Accounts Payable | $1M | $2M | $2M | $2M | $2M | $989.0K | $5M | $3M | $4M | $6M | · | $10M | $3M | $2M | $4M | $3M | |
| Current Liabilities | $124M | $86M | $79M | $36M | $33M | $33M | $45M | $47M | $51M | $53M | · | $67M | $112M | $103M | $115M | $97M | |
| Capital Leases | $59M | $60M | $64M | $68M | $72M | $78M | $82M | $85M | $89M | $93M | · | $83M | $100M | $102M | $100M | $103M | |
| Other Non-current Liabilities | $9M | $10M | $11M | $8M | $8M | $9M | $10M | $7M | $7M | · | · | · | · | · | · | · | |
| Total Liabilities | $277M | $254M | $256M | $240M | $239M | $236M | $251M | $267M | $279M | $306M | · | $266M | $352M | $319M | $332M | $332M | |
| Common Stock | $30.0K | $27.0K | $27.0K | $26.0K | $23.0K | $23.0K | $22.0K | $22.0K | $22.0K | $22.0K | · | $20.0K | $20.0K | $19.0K | $19.0K | $19.0K | |
| Paid-in Capital | $2.11B | $2.02B | $2.01B | $1.99B | $1.87B | $1.86B | $1.86B | $1.85B | $1.84B | $1.82B | · | $1.62B | $1.61B | $1.57B | $1.55B | $1.54B | |
| Retained Earnings | $-1.96B | $-1.90B | $-1.85B | $-1.79B | $-1.75B | $-1.65B | $-1.60B | $-1.56B | $-1.50B | $-1.45B | · | $-1.25B | $-1.25B | $-1.14B | $-974M | $-889M | |
| AOCI | $-66.0K | $-2.0K | $28.0K | $21.0K | $0 | $0 | $14.0K | $54.0K | $-19.0K | $-15.0K | · | $-202.0K | $-865.0K | $-2M | $-6M | $-6M | |
| Stockholders' Equity | $155M | $119M | $161M | $195M | $123M | $209M | $251M | $292M | $340M | $375M | $288M | $366M | $355M | $428M | $566M | $640M | |
| Liabilities + Equity | $432M | $374M | $417M | $435M | $362M | $445M | $501M | $559M | $619M | $681M | · | $631M | $707M | $747M | $898M | $971M | |
| Shares Outstanding | 299,306,000 | 269,817,000 | 266,732,000 | 262,264,000 | 230,510,000 | 225,463,000 | 223,923,000 | 223,108,000 | 222,209,000 | 221,286,000 | 197,857,000 | 197,064,000 | 196,880,000 | 191,409,000 | 189,885,000 | 188,430,000 |
Cash Flow 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $5M | $6M | $6M | $5M | $7M | $7M | $6M | $11M | $11M | $9M | $8M | $9M | $10M | $9M | $10M | $10M | |
| Operating Cash Flow | $-33M | $-37M | $-33M | $-29M | $-33M | $-49M | $-47M | $-52M | $-59M | $-66M | $-52M | $-64M | $-59M | $-79M | $-65M | $-71M | |
| CapEx | $2M | $288.0K | $873.0K | $41.0K | $-112.0K | $136.0K | $436.0K | $4M | $13M | $16M | $14M | $2M | $2M | $2M | $4M | $4M | |
| Investing Cash Flow | $-88M | $49M | $-16M | $-48M | $8M | $17M | $47M | $42M | $6M | $-77M | $15M | $51M | $43M | $63M | $32M | $78M | |
| Stock Issued | · | · | $17M | $109M | · | · | $0 | $-29.0K | · | · | $24M | $192.0K | $2M | $236.0K | $897.0K | $2M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $236.0K | · | · | |
| Financing Cash Flow | $94M | $-128.0K | $18M | $110M | $561.0K | $982.0K | $643.0K | $2M | $11M | $186M | $2M | $187.0K | $30M | $236.0K | $2M | $2M | |
| Net Change in Cash | $-27M | $12M | $-31M | $32M | $-25M | $-31M | $570.0K | $-8M | $-42M | $44M | $-35M | $-12M | $13M | $-16M | $-31M | $8M | |
| Free Cash Flow | · | $-38M | · | · | · | $-49M | · | · | · | $-81M | · | · | · | $-81M | · | · |
Profitability 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -16.1% | -11.5% | · | -8.5% | -19.1% | -8.8% | · | -10.1% | -7.6% | -15.0% | · | 0.13% | -13.6% | -9.2% | -8.0% | -6.5% | |
| ROE | -45.9% | -28.8% | · | -17.3% | -40.6% | -16.9% | · | -18.2% | -14.5% | -26.8% | · | 0.21% | -22.9% | -14.5% | -12.2% | -9.4% |
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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.3 | · | 4.6 | 2.5 | 3.4 | · | 4.5 | 5.2 | 6.1 | · | 4.2 | 3.0 | 3.6 | 4.4 | 5.1 | |
| Quick Ratio | 1.3 | 1.2 | · | 4.3 | 2.2 | 3.2 | · | 4.2 | 5.0 | 5.9 | · | 4.0 | 2.9 | 3.4 | 4.2 | 5.0 |
Valuation (TTM) 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-247M | $-233M | · | $-245M | $-253M | $-267M | · | $-217M | $-271M | $-303M | · | $-280M | $-354M | $-271M | $-272M | $-168M | |
| Market Cap | $1.04B | $777M | · | $931M | $629M | $379M | · | $928M | $1.21B | $2.21B | · | $763M | $1.17B | $626M | $1.14B | $1.21B | |
| P/E | -3.7 | -3.1 | · | -3.5 | -2.6 | -1.4 | · | -4.4 | -4.2 | -6.6 | · | -2.6 | -3.2 | -2.3 | -4.1 | -6.9 | |
| P/B | 6.8 | 6.5 | · | 4.8 | 5.1 | 1.8 | · | 3.2 | 3.6 | 5.9 | · | 2.1 | 3.3 | 1.5 | 2.0 | 1.9 | |
| P / Tangible Book | · | · | · | · | · | 40.9 | · | 10.0 | 8.7 | 12.6 | · | 4.6 | 7.6 | 2.7 | 3.1 | 2.8 | |
| P / Cash Flow | · | -20.8 | · | · | · | -7.8 | · | · | · | -33.7 | · | · | · | -7.9 | · | · | |
| P / FCF | · | -20.6 | · | · | · | -7.8 | · | · | · | -27.2 | · | · | · | -7.7 | · | · | |
| Earnings Yield | -26.9% | -32.3% | · | -28.4% | -38.8% | -69.0% | · | -22.8% | -23.6% | -15.1% | · | -38.0% | -31.2% | -44.0% | -24.5% | -14.5% |
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 | |
|---|---|---|---|---|---|
| Net Income | $-244M | $-267M | $-283M | $-269M | $-356M |
| Diluted EPS | $-0.96 | $-1.16 | $-1.46 | $-1.43 | $-2.14 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.9 | 3.5 | 3.3 | 4.0 | 5.6 |
| Quick Ratio | 1.8 | 3.4 | 3.2 | 3.8 | 5.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-145M | $-257M | $-274M | $-311M | $-281M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 230 filers · $461.8M 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 |
|---|---|---|---|---|
| 40 (+15 vs prior Q) | 20 (-3 vs prior Q) | 62 (+2 vs prior Q) | 64 (+5 vs prior Q) | +24.0M |
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 |
|---|---|---|---|---|
| Flagship Pioneering, LLC | $87,256,477 | 25,001,856 | 18.90% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $65,437,500 | 18,750,000 | 14.17% | Shares |
| FMR LLC | $61,969,794 | 17,756,388 | 13.42% | Shares |
| STATE STREET CORP | $39,098,938 | 11,203,134 | 8.47% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $35,662,216 | 10,218,400 | 7.72% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $29,230,219 | 8,375,421 | 6.33% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $14,127,346 | 4,047,089 | 3.06% | Shares |
| Marex Group Ltd | $13,921,959 | 3,989,100 | 3.01% | Shares |
| Alphabet Inc. | $9,815,625 | 2,812,500 | 2.13% | Shares |
| Integral Health Asset Management, LLC | $6,980,000 | 2,000,000 | 1.51% | Shares |
| TORONTO DOMINION BANK | $6,883,610 | 1,972,381 | 1.49% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,567,095 | 1,881,689 | 1.42% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $6,521,826 | 1,868,718 | 1.41% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,813,342 | 1,379,181 | 1.04% | Shares |
| Woodline Partners LP | $4,599,583 | 1,317,932 | 1.00% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,318,655 | 1,237,437 | 0.94% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,296,539 | 1,231,100 | 0.93% | Shares |
| VANGUARD GROUP INC | $4,279,011 | 1,051,354 | 0.93% | Shares |
| Omega Fund Management, LLC | $2,944,688 | 843,750 | 0.64% | Shares |
| GOLDMAN SACHS GROUP INC | $2,732,335 | 782,904 | 0.59% | Shares |
| Crestline Management, L.P. | $2,637,619 | 755,736 | 0.57% | Shares |
| ArrowMark Colorado Holdings LLC | $2,391,086 | 685,125 | 0.52% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,280,725 | 653,503 | 0.49% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,229,541 | 638,837 | 0.48% | Shares |
| Corient Private Wealth LP | $2,192,418 | 628,200 | 0.47% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,184,199 | 625,845 | 0.47% | Shares |
| Point72 Asset Management, L.P. | $2,076,868 | 595,091 | 0.45% | Shares |
| BlackRock, Inc. | $1,387,327 | 397,515 | 0.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,340,450 | 384,083 | 0.29% | Shares |
| Swiss National Bank | $1,214,869 | 348,100 | 0.26% | Shares |
| BAKER BROS. ADVISORS LP | $1,083,586 | 310,483 | 0.23% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,016,654 | 291,305 | 0.22% | Shares |
| CITIGROUP INC | $914,118 | 261,925 | 0.20% | Shares |
| TWO SIGMA ADVISERS, LP | $902,201 | 221,671 | 0.20% | Shares |
| XTX Topco Ltd | $790,799 | 226,590 | 0.17% | Shares |
| RHUMBLINE ADVISERS | $779,695 | 223,412 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $694,510 | 199,000 | 0.15% | Call option |
| Rafferty Asset Management, LLC | $686,591 | 196,731 | 0.15% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $674,557 | 193,283 | 0.15% | Shares |
| Clearstead Advisors, LLC | $595,880 | 170,739 | 0.13% | Shares |
| ALGERT GLOBAL LLC | $588,306 | 168,569 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $584,722 | 167,542 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $562,511 | 161,178 | 0.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $538,402 | 186,945 | 0.12% | Shares |
| PEAK6 LLC | $523,500 | 150,000 | 0.11% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $517,218 | 148,200 | 0.11% | Put option |
| Bank of New York Mellon Corp | $489,514 | 140,262 | 0.11% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $471,050 | 163,559 | 0.10% | Shares |
| IEQ CAPITAL, LLC | $449,484 | 128,792 | 0.10% | Shares |
| Virtus Investment Advisers, LLC | $426,091 | 122,089 | 0.09% | Shares |
| GROUP ONE TRADING LLC | $420,004 | 120,345 | 0.09% | Shares |
| AMERIPRISE FINANCIAL INC | $416,405 | 119,314 | 0.09% | Shares |
| Optimize Financial Inc | $405,230 | 140,705 | 0.09% | Shares |
| HSBC HOLDINGS PLC | $391,857 | 111,959 | 0.08% | Shares |
| MetLife Investment Management, LLC | $383,757 | 109,959 | 0.08% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $382,494 | 109,597 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $380,410 | 109,000 | 0.08% | Call option |
| Clarius Group, LLC | $357,000 | 212,500 | 0.08% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $354,821 | 101,668 | 0.08% | Shares |
| PROFUND ADVISORS LLC | $347,262 | 99,502 | 0.08% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $314,815 | 77,350 | 0.07% | Shares |
| MORGAN STANLEY | $314,557 | 90,131 | 0.07% | Shares |
| GILDER GAGNON HOWE & CO LLC | $313,960 | 89,960 | 0.07% | Shares |
| TUDOR INVESTMENT CORP ET AL | $306,743 | 87,892 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $295,153 | 84,571 | 0.06% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $287,552 | 82,393 | 0.06% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $286,361 | 82,052 | 0.06% | Shares |
| SCS Capital Management LLC | $283,563 | 81,250 | 0.06% | Shares |
| VARCOV Co. | $278,834 | 79,895 | 0.06% | Shares |
| Quadrature Capital Ltd | $268,925 | 77,056 | 0.06% | Shares |
| Invesco Ltd. | $255,360 | 73,169 | 0.06% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $252,121 | 72,241 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $250,233 | 71,700 | 0.05% | Put option |
| CWM, LLC | $243,202 | 84,445 | 0.05% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $238,034 | 61,827 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $210,534 | 60,325 | 0.05% | Shares |
| Quinn Opportunity Partners LLC | $209,749 | 60,100 | 0.05% | Shares |
| Palumbo Wealth Management LLC | $208,608 | 59,773 | 0.05% | Shares |
| Arax Advisory Partners | $207,857 | 59,558 | 0.05% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $207,480 | 59,450 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $202,081 | 57,903 | 0.04% | Shares |
| State of New Jersey Common Pension Fund D | $195,747 | 56,088 | 0.04% | Shares |
| Brevan Howard Capital Management LP | $183,382 | 52,545 | 0.04% | Shares |
| BFSG, LLC | $177,990 | 51,000 | 0.04% | Shares |
| JANUS HENDERSON GROUP PLC | $167,293 | 58,189 | 0.04% | Shares |
| ARIZONA STATE RETIREMENT SYSTEM | $167,045 | 47,864 | 0.04% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $164,592 | 47,161 | 0.04% | Shares |
| COLDSTREAM CAPITAL MANAGEMENT INC | $157,050 | 45,000 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $154,572 | 44,290 | 0.03% | Shares |
| BARCLAYS PLC | $147,103 | 42,150 | 0.03% | Shares |
| Focus Partners Wealth | $145,027 | 41,555 | 0.03% | Shares |
| D. E. Shaw & Co., Inc. | $139,914 | 40,090 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $134,745 | 38,609 | 0.03% | Shares |
| OP Asset Management Ltd | $132,575 | 37,987 | 0.03% | Shares |
| AXQ CAPITAL, LP | $131,821 | 37,771 | 0.03% | Shares |
| Vanguard Investments Australia, Ltd. | $130,955 | 37,523 | 0.03% | Shares |
| MAI Capital Management | $127,106 | 36,420 | 0.03% | Shares |
| KLP KAPITALFORVALTNING AS | $126,338 | 36,200 | 0.03% | Shares |
| JANE STREET GROUP, LLC | $125,291 | 35,900 | 0.03% | Call option |
| VOYA INVESTMENT MANAGEMENT LLC | $121,916 | 34,933 | 0.03% | Shares |
Company insiders 15 insiders · 3 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Steve Harr | President & CEO | Feb. 8, 2021 C | 8,173,750 | 0 | 0 | $0 |
| James J. Macdonald | EVP, General Counsel and Corporate Secretary | Feb. 8, 2021 C | 7,812 | 0 | 0 | $0 |
| Sunil Agarwal | EVP, Head of Development and Chief Medical Officer | Feb. 3, 2021 A | — | 0 | 0 | $0 |
| Hans Edgar Bishop | Director | July 6, 2026 A | 5,854,800 | 0 | 0 | $0 |
| Michelle Seitz | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Alise Reicin | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Robert L. Rosiello | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Joshua H. Bilenker | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Richard Mulligan | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Patrick Y Yang | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Robert Nelsen | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Geoffrey Von Maltzahn | Director | Feb. 3, 2021 A | 366,122 | 0 | 0 | $0 |
| Douglas G. Cole | Director | Feb. 3, 2021 A | — | 0 | 0 | $0 |
| Mary Agnes Wilderotter | Director | Feb. 3, 2021 A | — | 0 | 0 | $0 |
| FMR LLC | 10% owner | Jan. 8, 2025 S | 4,541,511 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 33 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 |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.47% | 53,698 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.24% | 380,569 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.07% | 15,146 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 391,597 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.05% | 1,319,292 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.04% | 9,849 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 196,803 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 1,640,065 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.03% | 425,508 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 1,056,163 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 4,710,519 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 73,518 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 7,902 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 770,926 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.01% | 21,821 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,941,879 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 521,984 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 8,018 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 78,026 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.01% | 25,406 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 6,180 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 6,247 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 10,275 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 6,567 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 92,682 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 110,952 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 157 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 125,731 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 256,154 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 49,655 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 12,291 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 6,251,644 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,302 SH | Aug. 8, 2026 | Daily |