SEPN Septerna, Inc. - Common Stock
$44.01
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$11–$51
82% of range
Analyst Rating
BUY
16 analysts
Price Target
$53
+21% upside
P/E (TTM)
-40.0
ROE
-12.9%
Net Profit Margin
-106.4%
SEPN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$44.01
Market Cap
$1.97B
P/E (TTM)
-40.0
EPS (TTM)
$-1.10
Revenue (TTM)
$46M
Div Yield
—
ROE
-12.9%
Debt/Equity
—
52W Range
$11 – $51
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$46M
2023-12-31
→
2025-12-31
EPS
$-1.10
2023-12-31
→
2025-12-31
Free Cash Flow
$110M
2024-12-31
→
2025-12-31
Margins
-106.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SEPN
Peer Median
P/E (TTM)
-40.0
19.1
P/S (TTM)
42.9
14.2
P/B
5.2
3.6
Price / FCF
18.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SEPN
Peer Median
Operating Margin
-148.6%
—
Net Profit Margin
-106.4%
-4.3%
ROA
-9.3%
-2.9%
ROE
-12.9%
-6.8%
ROIC
-17.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SEPN
Peer Median
Current Ratio
4.7
4.7
Quick Ratio
4.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SEPN
Peer Median
Revenue YoY
4174.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SEPN
Peer Median
SEPN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 5 31.2%
- Buy 10 62.5%
- Hold 1 6.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-17
Median
$51.00
Mean
$53.11
Now
$44.01
Low
$38.00
High
$62.00
Median target
$51.00
+15.9%
Mean target
$53.11
+20.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.33%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.29 | $-0.43 | 0.14% |
| March 31, 2026 | $-0.19 | $-0.42 | 0.23% |
| Dec. 31, 2025 | $-0.24 | $-0.26 | 0.02% |
| Sept. 30, 2025 | $-0.09 | $0.81 | -0.90% |
| June 30, 2025 | $-0.56 | $0.88 | -1.4% |
| March 31, 2025 | $-0.49 | $-0.46 | -0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SEPN | $1.25B | -25.3 | 4174.5% | -106.4% | -12.9% | — |
| RAPP | $1.45B | -10.6 | — | — | -29.8% | — |
| HRMY | $2.16B | 13.8 | 21.5% | 18.3% | 19.3% | 77.2% |
| KARD | — | — | — | — | — | — |
| TRLV | — | — | -0.45% | -10.3% | -10.4% | 60.2% |
| ANIP | $1.78B | 23.8 | 43.8% | 8.9% | 16.6% | — |
| ETON | $457M | — | 104.9% | -5.8% | -18.4% | 53.5% |
| AVLN | — | — | — | — | — | — |
| MAZE | $2.04B | -13.6 | — | — | -598.9% | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $46M | $1M | $151.0K | |
| R&D Expense | $98M | $65M | $36M | |
| SG&A Expense | $29M | $17M | $10M | |
| Operating Expenses | $114M | $82M | $-2M | |
| Operating Income | $-68M | $-81M | $2M | |
| Interest Income | $20M | $9M | $3M | |
| Other Non-op | $-100.0K | $-90.0K | $10.0K | |
| Pretax Income | $-49M | $-72M | $-49M | |
| Income Tax | $12.0K | $-498.0K | $691.0K | |
| Net Income | $-49M | $-72M | $4M | |
| EPS (Basic) | $-1.10 | $-7.26 | $0.29 | |
| EPS (Diluted) | $-1.10 | $-7.26 | $0.29 | |
| Shares (Basic) | 44,258,338 | 9,891,126 | 1,928,586 | |
| Shares (Diluted) | 44,258,338 | 9,891,126 | 2,177,124 | |
| EBITDA | $-67M | $-79M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $121M | $238M | $88M | |
| Short-term Investments | $270M | $113M | $0 | |
| Receivables | $10M | $171.0K | $151.0K | |
| Prepaid Expense | $10M | $6M | $1M | |
| Other Current Assets | $1M | $239.0K | $92.0K | |
| Current Assets | $411M | $357M | $113M | |
| PP&E (Net) | $4M | $5M | $5M | |
| PP&E (Gross) | $9M | $8M | $6M | |
| Accum. Depreciation | $4M | $3M | $2M | |
| Other Non-current Assets | $816.0K | $267.0K | $97.0K | |
| Total Assets | $596M | $457M | $131M | |
| Accounts Payable | $10M | $3M | $3M | |
| Accrued Liabilities | $12M | $8M | $4M | |
| Current Liabilities | $87M | $13M | $7M | |
| Capital Leases | $21M | $24M | $13M | |
| Other Non-current Liabilities | $0 | $33.0K | $546.0K | |
| Total Liabilities | $214M | $37M | $20M | |
| Common Stock | $45.0K | $44.0K | $3.0K | |
| Retained Earnings | $-167M | $-118M | $-47M | |
| AOCI | $617.0K | $56.0K | $0 | |
| Stockholders' Equity | $382M | $420M | $-38M | |
| Liabilities + Equity | $596M | $457M | $131M | |
| Shares Outstanding | 44,806,272 | 44,422,505 | 3,168,134 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $2M | $1M | $800.0K | |
| Stock-based Comp | $8M | $3M | $2M | |
| Deferred Tax | $0 | $-491.0K | $491.0K | |
| Other Non-cash | $149M | $267.0K | · | |
| Operating Cash Flow | $110M | $-67M | $-39M | |
| CapEx | $518.0K | $2M | $3M | |
| Investing Cash Flow | $-229M | $-161M | $22M | |
| Financing Cash Flow | $2M | $378M | $75M | |
| Net Change in Cash | $-117M | $150M | $58M | |
| Taxes Paid | $0 | $232.0K | $75.0K | |
| Free Cash Flow | $110M | $-70M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating Margin | -148.6% | -7518.4% | · | |
| Net Margin | -106.4% | -6678.9% | · | |
| Pretax Margin | -106.3% | -6725.2% | · | |
| EBITDA Margin | -145.2% | -7388.2% | · | |
| ROA | -9.3% | -24.4% | · | |
| ROE | -12.9% | -43.2% | · | |
| ROIC | -17.9% | -19.1% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 4.7 | 27.8 | · | |
| Quick Ratio | 4.6 | 27.3 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · | |
| Receivables Turnover | 8.7 | 6.7 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 4174.5% | 611.9% | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $46M | $1M | · | |
| Net Income TTM | $-49M | $-72M | · | |
| Market Cap | $1.25B | $1.02B | · | |
| P/E | -25.3 | -3.2 | · | |
| P/S | 27.2 | 946.3 | · | |
| P/B | 3.3 | 2.4 | · | |
| P / Tangible Book | 3.3 | 2.4 | · | |
| P / Cash Flow | 11.3 | -15.1 | · | |
| P / FCF | 11.4 | -14.6 | · | |
| Earnings Yield | -4.0% | -31.7% | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27M | $27M | $24M | $21M | $119.0K | $219.0K | $212.0K | $176.0K | $370.0K | $317.0K | |
| R&D Expense | $35M | $30M | $32M | $24M | $22M | $19M | $19M | $18M | $15M | $13M | |
| SG&A Expense | $8M | $10M | $8M | $7M | $7M | $7M | $6M | $5M | $3M | $3M | |
| Operating Expenses | $44M | $40M | $40M | $19M | $29M | $26M | $25M | $23M | $18M | $16M | |
| Operating Income | $-17M | $-13M | $-16M | $3M | $-29M | $-26M | $-25M | $-23M | $-18M | $-15M | |
| Interest Income | $5M | $5M | $5M | $6M | $4M | $4M | $4M | $2M | $2M | $1M | |
| Other Non-op | $-23.0K | $-31.0K | $-41.0K | $-6.0K | $-25.0K | $-28.0K | $-18.0K | $-9.0K | $-15.0K | $-48.0K | |
| Pretax Income | $-12M | $-8M | $-11M | $8M | $-25M | $-21M | $-21M | $-21M | $-17M | $-14M | |
| Income Tax | $973.0K | $337.0K | $12.0K | $0 | $0 | $0 | $-564.0K | $-136.0K | $109.0K | $93.0K | |
| Net Income | $-13M | $-9M | $-11M | $8M | $-25M | $-21M | $-21M | $-21M | $-17M | $-14M | |
| EPS (Basic) | $-0.29 | $-0.19 | $-0.23 | $0.18 | $-0.56 | $-0.49 | $14.52 | $-8.40 | $-7.03 | $-6.35 | |
| EPS (Diluted) | $-0.29 | $-0.19 | $-0.23 | $0.18 | $-0.56 | $-0.49 | $14.52 | $-8.40 | $-7.03 | $-6.35 | |
| Shares (Basic) | 45,040,075 | 44,758,800 | -88,187,325 | 44,343,085 | 44,165,168 | 43,937,410 | 2,877,617 | 2,443,678 | 2,337,585 | 2,232,246 | |
| Shares (Diluted) | 45,040,075 | 44,758,800 | -89,446,339 | 45,602,099 | 44,165,168 | 43,937,410 | 2,877,617 | 2,443,678 | 2,337,585 | 2,232,246 | |
| EBITDA | $-16M | $-13M | · | $3M | $-29M | $-26M | · | $-22M | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $85M | $72M | $121M | $320M | $189M | $210M | $238M | $88M | · | · | |
| Short-term Investments | $288M | $276M | $270M | $154M | $137M | $126M | $113M | $42M | · | · | |
| Receivables | $12M | $11M | $10M | $9M | $151.0K | $250.0K | $171.0K | $210.0K | · | · | |
| Prepaid Expense | $12M | $10M | $10M | $9M | $7M | $6M | $6M | $3M | · | · | |
| Other Current Assets | $133.0K | $110.0K | $1M | $387.0K | $0 | $52.0K | $239.0K | $241.0K | · | · | |
| Current Assets | $396M | $368M | $411M | $492M | $334M | $342M | $357M | $133M | · | · | |
| PP&E (Net) | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | · | · | |
| PP&E (Gross) | $9M | $9M | $9M | $8M | $8M | $8M | $8M | $8M | · | · | |
| Accum. Depreciation | $5M | $5M | $4M | $4M | $4M | $3M | $3M | $3M | · | · | |
| Other Non-current Assets | $1M | $773.0K | $816.0K | $501.0K | $300.0K | $277.0K | $267.0K | $3M | · | · | |
| Total Assets | $567M | $570M | $596M | $607M | $415M | $434M | $457M | $174M | · | · | |
| Accounts Payable | $4M | $7M | $10M | $4M | $7M | $4M | $3M | $6M | · | · | |
| Accrued Liabilities | $13M | $9M | $12M | $8M | $7M | $4M | $8M | $6M | · | · | |
| Current Liabilities | $79M | $78M | $87M | $75M | $15M | $11M | $13M | $13M | · | · | |
| Capital Leases | $20M | $21M | $21M | $22M | $23M | $23M | $24M | $24M | · | · | |
| Other Non-current Liabilities | $521.0K | $100.0K | $0 | $0 | $2.0K | $27.0K | $33.0K | $191.0K | · | · | |
| Total Liabilities | $180M | $191M | $214M | $218M | $38M | $34M | $37M | $38M | · | · | |
| Common Stock | $46.0K | $45.0K | $45.0K | $45.0K | $45.0K | $44.0K | $44.0K | $3.0K | · | · | |
| Retained Earnings | $-189M | $-176M | $-167M | $-157M | $-165M | $-140M | $-118M | $-98M | · | · | |
| AOCI | $-1M | $-569.0K | $617.0K | $375.0K | $176.0K | $198.0K | $56.0K | $176.0K | · | · | |
| Stockholders' Equity | $387M | $378M | $382M | $389M | $378M | $400M | $420M | $-87M | · | · | |
| Liabilities + Equity | $567M | $570M | $596M | $607M | $415M | $434M | $457M | $174M | · | · | |
| Shares Outstanding | 45,667,490 | 44,916,572 | 44,806,272 | 44,638,703 | 44,567,891 | 44,448,435 | 44,422,505 | · | · | · |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $300.0K | $300.0K | |
| Stock-based Comp | $5M | $6M | $3M | $3M | $2M | $1M | $1M | $683.0K | $628.0K | $577.0K | |
| Deferred Tax | · | · | · | · | · | · | $-153.0K | $-136.0K | $-109.0K | $-93.0K | |
| Other Non-cash | · | $-23M | · | · | · | $-4M | · | · | · | · | |
| Operating Cash Flow | $-22M | $-26M | $-15M | $169M | $-20M | $-23M | $-21M | $-17M | $-13M | $-17M | |
| CapEx | $0 | $832.0K | $65.0K | $13.0K | $58.0K | $382.0K | $612.0K | $578.0K | $149.0K | $764.0K | |
| Investing Cash Flow | $18M | $-24M | $-185M | $-38M | $-786.0K | $-5M | $-133M | $-25M | $-12M | $10M | |
| Financing Cash Flow | $17M | $333.0K | $1M | $263.0K | $339.0K | $66.0K | $304M | $-1M | · | · | |
| Net Change in Cash | $13M | $-49M | $-199M | $131M | $-21M | $-28M | $150M | $-43M | $50M | $-7M | |
| Taxes Paid | · | · | · | · | · | · | $0 | $75.0K | · | · | |
| Free Cash Flow | · | $-26M | · | · | · | $-24M | · | · | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -62.9% | -50.1% | · | 12.2% | -24351.3% | -11831.1% | · | -12812.5% | · | · | |
| Net Margin | -48.7% | -32.6% | · | 38.0% | -20872.3% | -9806.4% | · | -11660.8% | · | · | |
| Pretax Margin | -45.1% | -31.3% | · | 38.0% | -20872.3% | -9806.4% | · | -11738.1% | · | · | |
| EBITDA Margin | -61.5% | -48.6% | · | 14.0% | -24015.1% | -11648.4% | · | -12585.2% | · | · | |
| ROA | -2.6% | -1.7% | · | 2.1% | -12.0% | -9.9% | · | -23.5% | · | · | |
| ROE | -3.4% | -2.2% | · | 5.4% | -13.2% | -10.7% | · | 47.0% | · | · | |
| ROIC | -4.7% | -3.7% | · | 0.67% | -7.7% | -6.5% | · | 25.6% | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.0 | 4.7 | · | 6.5 | 22.1 | 32.2 | · | 10.1 | · | · | |
| Quick Ratio | 4.8 | 4.6 | · | 6.4 | 21.6 | 31.6 | · | 9.9 | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | 0.0 | · | · | |
| Receivables Turnover | 4.3 | 4.8 | · | 4.9 | 1.6 | 1.8 | · | 1.7 | · | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $75M | $48M | · | $22M | $884.0K | $1M | · | $896.0K | · | · | |
| Net Income TTM | $-38M | $-47M | · | $-59M | $-83M | $-73M | · | $-62M | · | · | |
| Market Cap | $1.53B | $1.08B | · | $840M | $471M | $257M | · | · | · | · | |
| P/E | -38.9 | -22.7 | · | -2.0 | -0.6 | -0.3 | · | · | · | · | |
| P/S | 20.4 | 22.3 | · | 38.2 | 532.9 | 237.9 | · | · | · | · | |
| P/B | 4.0 | 2.9 | · | 2.2 | 1.2 | 0.6 | · | · | · | · | |
| P / Tangible Book | 4.0 | 2.9 | · | 2.2 | 1.2 | 0.6 | · | · | · | · | |
| P / Cash Flow | · | -42.1 | · | · | · | -11.0 | · | · | · | · | |
| P / FCF | · | -40.8 | · | · | · | -10.8 | · | · | · | · | |
| Earnings Yield | -2.6% | -4.4% | · | -49.3% | -155.9% | -384.6% | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | $46M | $1M | $151.0K |
| Operating Margin % | -148.6% | -7518.4% | — |
| Net Income | $-49M | $-72M | $4M |
| Diluted EPS | $-1.10 | $-7.26 | $0.29 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Current Ratio | 4.7 | 27.8 | — |
| Quick Ratio | 4.6 | 27.3 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Free Cash Flow | $110M | $-70M | — |
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Institutional owners (13F) 170 filers · $1.5B 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 |
|---|---|---|---|---|
| 62 (+32 vs prior Q) | 15 (-7 vs prior Q) | 43 (+3 vs prior Q) | 33 (+4 vs prior Q) | +1.2M |
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. | $234,291,284 | 6,995,858 | 15.96% | Shares |
| TRV GP V, LLC | $208,160,143 | 6,215,591 | 14.18% | Shares |
| Driehaus Capital Management LLC | $148,463,112 | 4,433,058 | 10.11% | Shares |
| TRV GP VI, LLC | $141,048,460 | 4,211,659 | 9.61% | Shares |
| SAMSARA BIOCAPITAL, LLC | $105,464,297 | 3,149,128 | 7.18% | Shares |
| Siren, L.L.C. | $63,631,000 | 1,900,000 | 4.33% | Shares |
| GOLDMAN SACHS GROUP INC | $57,564,688 | 1,718,862 | 3.92% | Shares |
| Avoro Capital Advisors LLC | $44,792,875 | 1,337,500 | 3.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $40,913,829 | 1,221,673 | 2.79% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $39,095,624 | 1,167,382 | 2.66% | Shares |
| First Light Asset Management, LLC | $32,259,577 | 963,260 | 2.20% | Shares |
| ADAR1 Capital Management, LLC | $31,505,617 | 940,747 | 2.15% | Shares |
| STATE STREET CORP | $21,856,579 | 652,630 | 1.49% | Shares |
| JANUS HENDERSON GROUP PLC | $21,333,558 | 890,754 | 1.45% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $19,943,040 | 595,346 | 1.36% | Shares |
| Casdin Capital, LLC | $18,528,945 | 553,268 | 1.26% | Shares |
| Catalio Capital Management, LP | $17,955,730 | 536,152 | 1.22% | Shares |
| LOOMIS SAYLES & CO L P | $17,416,173 | 520,041 | 1.19% | Shares |
| Caption Management, LLC | $14,735,600 | 440,000 | 1.00% | Call option |
| ALGERT GLOBAL LLC | $13,311,840 | 397,487 | 0.91% | Shares |
| Balyasny Asset Management L.P. | $11,736,303 | 350,442 | 0.80% | Shares |
| Longaeva Partners L.P. | $9,985,747 | 298,171 | 0.68% | Shares |
| Soleus Capital Management, L.P. | $9,209,750 | 275,000 | 0.63% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,774,380 | 262,000 | 0.60% | Call option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $7,708,862 | 230,184 | 0.52% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $7,458,290 | 222,702 | 0.51% | Shares |
| TWO SIGMA INVESTMENTS, LP | $7,397,439 | 220,885 | 0.50% | Shares |
| TUDOR INVESTMENT CORP ET AL | $6,698,000 | 200,000 | 0.46% | Call option |
| Caption Management, LLC | $6,698,000 | 200,000 | 0.46% | Put option |
| Kalehua Capital Management LLC | $6,515,279 | 194,544 | 0.44% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $6,264,003 | 187,041 | 0.43% | Shares |
| Woodline Partners LP | $6,213,567 | 185,535 | 0.42% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,547,819 | 165,656 | 0.38% | Shares |
| VANGUARD GROUP INC | $4,171,991 | 149,641 | 0.28% | Shares |
| TUDOR INVESTMENT CORP ET AL | $3,349,000 | 100,000 | 0.23% | Put option |
| CITADEL ADVISORS LLC | $2,739,482 | 81,800 | 0.19% | Call option |
| UBS Group AG | $2,551,067 | 76,174 | 0.17% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $2,525,983 | 75,425 | 0.17% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $2,499,995 | 74,649 | 0.17% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,284,319 | 68,209 | 0.16% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $2,283,348 | 68,180 | 0.16% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $2,109,870 | 63,000 | 0.14% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,041,986 | 60,973 | 0.14% | Shares |
| DIADEMA PARTNERS LP | $1,999,353 | 59,700 | 0.14% | Put option |
| JANE STREET GROUP, LLC | $1,915,628 | 57,200 | 0.13% | Call option |
| XTX Topco Ltd | $1,824,837 | 54,489 | 0.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,693,321 | 50,562 | 0.12% | Shares |
| Elmind Capital, LP | $1,655,880 | 49,444 | 0.11% | Shares |
| BARCLAYS PLC | $1,647,541 | 49,195 | 0.11% | Shares |
| Sofinnova Investments, Inc. | $1,590,976 | 47,506 | 0.11% | Shares |
| D. E. Shaw & Co., Inc. | $1,556,716 | 46,483 | 0.11% | Shares |
| Voleon Capital Management LP | $1,488,128 | 44,435 | 0.10% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,387,122 | 41,419 | 0.09% | Shares |
| Caption Management, LLC | $1,272,821 | 38,006 | 0.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,201,453 | 35,875 | 0.08% | Shares |
| Alyeska Investment Group, L.P. | $1,172,150 | 35,000 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,135,311 | 33,900 | 0.08% | Put option |
| Brevan Howard Capital Management LP | $986,347 | 29,452 | 0.07% | Shares |
| HighVista Strategies LLC | $982,496 | 29,337 | 0.07% | Shares |
| TUDOR INVESTMENT CORP ET AL | $970,071 | 28,966 | 0.07% | Shares |
| RHUMBLINE ADVISERS | $925,521 | 27,636 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $871,946 | 26,036 | 0.06% | Shares |
| Trexquant Investment LP | $858,851 | 25,645 | 0.06% | Shares |
| Logos Global Management LP | $788,623 | 23,548 | 0.05% | Shares |
| FMR LLC | $778,308 | 23,240 | 0.05% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $738,053 | 22,038 | 0.05% | Shares |
| ALLIANCEBERNSTEIN L.P. | $718,497 | 29,900 | 0.05% | Shares |
| TWO SIGMA ADVISERS, LP | $716,516 | 25,700 | 0.05% | Shares |
| Squarepoint Ops LLC | $710,624 | 21,219 | 0.05% | Shares |
| STRS OHIO | $703,290 | 21,000 | 0.05% | Shares |
| FRED ALGER MANAGEMENT, LLC | $701,883 | 20,958 | 0.05% | Shares |
| Jump Financial, LLC | $676,498 | 20,200 | 0.05% | Shares |
| Swiss National Bank | $663,102 | 19,800 | 0.05% | Shares |
| WELLS FARGO & COMPANY/MN | $657,677 | 19,638 | 0.04% | Shares |
| Aquatic Capital Management LLC | $583,630 | 17,427 | 0.04% | Shares |
| BlackRock, Inc. | $582,626 | 17,397 | 0.04% | Shares |
| Engineers Gate Manager LP | $581,052 | 17,350 | 0.04% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $567,522 | 16,946 | 0.04% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $555,833 | 16,597 | 0.04% | Shares |
| CITIGROUP INC | $553,623 | 16,531 | 0.04% | Shares |
| Nuveen Asset Management, LLC | $548,707 | 23,961 | 0.04% | Shares |
| State of Wyoming | $548,533 | 16,379 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $544,112 | 16,247 | 0.04% | Shares |
| Bank of New York Mellon Corp | $516,650 | 15,427 | 0.04% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $510,421 | 15,241 | 0.03% | Shares |
| Verdad Advisers, LP | $434,365 | 12,970 | 0.03% | Shares |
| MetLife Investment Management, LLC | $431,351 | 12,880 | 0.03% | Shares |
| Man Group plc | $384,097 | 11,469 | 0.03% | Shares |
| FEDERATED HERMES, INC. | $368,055 | 10,990 | 0.03% | Shares |
| China Universal Asset Management Co., Ltd. | $360,821 | 10,774 | 0.02% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $341,364 | 10,193 | 0.02% | Shares |
| Gotham Asset Management, LLC | $312,194 | 9,322 | 0.02% | Shares |
| Virtus Investment Advisers, LLC | $304,826 | 9,102 | 0.02% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $298,061 | 8,900 | 0.02% | Shares |
| Invesco Ltd. | $285,737 | 8,532 | 0.02% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $284,665 | 8,500 | 0.02% | Shares |
| FIRST TRUST ADVISORS LP | $259,179 | 7,739 | 0.02% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $248,496 | 7,420 | 0.02% | Shares |
| Quantinno Capital Management LP | $245,482 | 7,330 | 0.02% | Shares |
| Rangeley Capital, LLC | $241,128 | 7,200 | 0.02% | Shares |
Company insiders 15 insiders · 6 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey Finer | Chief Executive Officer | Feb. 6, 2026 A | 826,907 | 0 | 0 | $0 |
| Gil M Labrucherie | Chief Financial Officer | Feb. 6, 2026 A | 40,000 | 0 | 0 | $0 |
| Samira Shaikhly | Chief People Officer | June 29, 2026 M | 793 | 0 | 8 | $-2,802,156 |
| Uwe Klein | SVP, Biological Sciences | Feb. 6, 2026 A | 23,008 | 0 | 0 | $0 |
| Jae B. Kim | Chief Medical Officer | Feb. 6, 2026 A | — | 0 | 0 | $0 |
| Mark Andrew Wilson | Chief Legal Officer | Feb. 6, 2026 A | — | 0 | 0 | $0 |
| Abraham Bassan | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Jake Simson | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Bernard Coulie | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Alan Ezekowitz | Director | June 26, 2026 A | 117,420 | 0 | 0 | $0 |
| Keith Michael Gottesdiener | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Jeffrey K Tong | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Shalini Sharp | Director | June 26, 2026 A | — | 0 | 0 | $0 |
| Elizabeth Bhatt | — | Aug. 11, 2026 M | 174,209 | 0 | 7 | $-1,449,169 |
| Daniel D. Long | — | Aug. 3, 2026 M | 96,412 | 0 | 7 | $-825,272 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×2 filings | Aug. 14, 2026 | 11.80% | 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.
ETF ownership Held by 40 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 |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 0.69% | 3,760 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.69% | 10,849 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.44% | 7,698 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.14% | 12,566 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.07% | 1,657 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.06% | 51,545 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 10,731 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 1,006 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 9,265 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 108,128 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 787 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 797 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 17,360 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.00% | 5,127 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 20 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 16,325 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 675 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 11,580 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 418 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 672 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IBB · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IHE · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 13, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | — | — | July 13, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| ISCG · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | — | — | Aug. 17, 2026 | Daily |