SMMT Summit Therapeutics Inc. - Common Stock
$12.97
Price · Aug 19, 2026
Fundamentals as of Jul 23, 2026
52W Range
$12–$30
5% of range
Analyst Rating
BUY
24 analysts
Price Target
$29
+121% upside
P/E (TTM)
-9.0
ROE
-235.1%
Net Profit Margin
—
SMMT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$12.97
Market Cap
$10.06B
P/E (TTM)
-9.0
EPS (TTM)
$-1.44
Revenue (TTM)
$0
Div Yield
—
ROE
-235.1%
Debt/Equity
—
52W Range
$12 – $30
SMMT 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
$0
2019-01-31
→
2024-12-31
EPS
$-1.44
2019-01-31
→
2025-12-31
Free Cash Flow
$-324M
2020-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SMMT
Peer Median
P/E (TTM)
-9.0
28.5
P/B
15.3
12.9
Price / FCF
-31.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SMMT
Peer Median
ROA
-181.9%
-28.4%
ROE
-235.1%
-49.2%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SMMT
Peer Median
Current Ratio
9.9
5.0
Quick Ratio
9.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SMMT
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SMMT
Peer Median
SMMT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
24 analysts
- Strong Buy 5 20.8%
- Buy 11 45.8%
- Hold 6 25.0%
- Sell 1 4.2%
- Strong Sell 1 4.2%
12-Month Price Target
13 analysts · 2026-08-17
Median
$33.52
Mean
$28.61
Now
$12.97
Low
$9.84
High
$41.76
Median target
$33.52
+158.5%
Mean target
$28.61
+120.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.28 | $-0.28 | 0.00% |
| March 31, 2026 | $-0.24 | $-0.18 | -0.06% |
| Dec. 31, 2025 | $-0.29 | $-0.07 | -0.22% |
| Sept. 30, 2025 | $-0.31 | $-0.13 | -0.18% |
| June 30, 2025 | $-0.12 | $-0.10 | -0.02% |
| March 31, 2025 | $-0.09 | $-0.09 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SMMT | $13.56B | -12.1 | — | — | -235.1% | — |
| MDGL | $13.30B | -45.3 | 432.1% | -30.1% | -44.4% | — |
| HALO | $7.93B | 26.3 | 37.5% | 22.7% | 166.1% | — |
| CYTK | $7.81B | -9.7 | 376.6% | -891.6% | 152.7% | — |
| PRAX | $7.43B | -21.9 | 249.5% | — | -47.3% | — |
| PTGX | $5.47B | -42.6 | -89.4% | -282.8% | -20.3% | — |
| KYMR | $6.33B | -21.1 | -16.7% | -794.0% | -24.4% | — |
| APGE | $5.16B | -17.9 | — | — | — | — |
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | — |
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | · | $0 | $0 | $705.0K | $2M | $860.0K | $743.0K | |
| R&D Expense | · | · | $59M | $52M | $85M | $53M | $40M | |
| SG&A Expense | $557M | $60M | $29M | $27M | $24M | $19M | $11M | |
| Operating Expenses | $1.09B | $226M | $610M | $87M | $109M | $73M | $51M | |
| Operating Income | · | $-226M | $-610M | $-72M | $-86M | $-53M | $-27M | |
| Interest Expense | · | · | · | $4M | $242.0K | $255.0K | $291.0K | |
| Interest Income | · | · | · | $2M | $0 | $4.0K | $5.0K | |
| Other Non-op | $-53.0K | $0 | $-252.0K | $304.0K | $-39.0K | $283.0K | $-2M | |
| Pretax Income | $-1.08B | $-221M | $-615M | $-79M | $-89M | $-53M | $-29M | |
| Income Tax | $0 | $0 | $0 | · | $0 | $-213.0K | $36.0K | |
| Net Income | $-1.08B | $-221M | $-615M | $-79M | $-89M | $-53M | $-29M | |
| EPS (Basic) | $-1.44 | $-0.31 | $-0.99 | $-0.41 | $-0.67 | $-0.76 | $-0.89 | |
| EPS (Diluted) | $-1.44 | $-0.31 | $-0.99 | $-0.41 | $-0.67 | $-0.76 | $-0.89 | |
| Shares (Basic) | 747,702,265 | 718,541,896 | 619,646,180 | 193,336,063 | 131,714,225 | 69,524,148 | 32,829,003 | |
| Shares (Diluted) | 747,702,265 | 718,541,896 | 619,646,180 | 193,336,063 | 131,714,225 | 69,524,148 | 32,829,003 | |
| EBITDA | · | $-226M | $-610M | $-72M | $-86M | $-53M | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $225M | $105M | $71M | $349M | $72M | $66M | $64M | |
| Short-term Investments | $488M | $307M | $115M | $0 | · | · | · | |
| Receivables | · | · | $0 | $349.0K | $1M | $331.0K | $541.0K | |
| Prepaid Expense | $7M | $11M | $3M | $2M | $7M | $10M | $9M | |
| Other Current Assets | · | · | $181.0K | $486.0K | $1M | $2M | $1M | |
| Current Assets | $720M | $424M | $190M | $657M | $97M | $88M | $80M | |
| PP&E (Net) | $1M | $254.0K | $204.0K | $906.0K | $694.0K | $725.0K | $518.0K | |
| PP&E (Gross) | · | $1M | $1M | $2M | $2M | $2M | $2M | |
| Accum. Depreciation | · | $1M | $1M | $1M | $1M | $1M | $1M | |
| Goodwill | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Intangibles | · | $0 | $0 | $0 | $10M | $12M | $13M | |
| Other Non-current Assets | $7M | $3M | $4M | $577.0K | $170.0K | $0 | · | |
| Total Assets | $751M | $436M | $203M | $664M | $113M | $102M | $96M | |
| Accounts Payable | $20M | $5M | $3M | $355.0K | $4M | $6M | $4M | |
| Accrued Liabilities | $32M | $20M | $9M | $11M | $7M | $3M | $6M | |
| Short-term Debt | · | · | $0 | $20M | · | · | · | |
| Current Liabilities | $73M | $42M | $20M | $39M | $26M | $20M | $14M | |
| Capital Leases | $18M | $3M | $3M | $3M | $2M | $75.0K | $422.0K | |
| Deferred Tax | · | · | · | · | · | · | $2M | |
| Other Non-current Liabilities | $2M | $2M | $2M | $1M | $3M | $3M | $3M | |
| Total Liabilities | $92M | $47M | $125M | $538M | $30M | $23M | $17M | |
| Total Debt | · | · | $0 | · | · | · | · | |
| Common Stock | $8M | $7M | $7M | $2M | $980.0K | $826.0K | $672.0K | |
| Paid-in Capital | $2.95B | $1.60B | $1.07B | $505M | $384M | $293M | $241M | |
| Retained Earnings | $-2.29B | $-1.21B | $-993M | $-378M | $-300M | $-211M | $-158M | |
| AOCI | $-3M | $-2M | $-2M | $-2M | $-2M | $-4M | $-5M | |
| Stockholders' Equity | $659M | $389M | $78M | $127M | $83M | $79M | $79M | |
| Liabilities + Equity | $751M | $436M | $203M | $664M | $113M | $102M | $96M | |
| Shares Outstanding | 775,371,200 | 737,626,004 | 701,660,053 | 211,091,425 | 98,039,540 | 82,575,064 | 67,178,054 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $732M | $51M | $14M | $12M | $13M | $2M | $845.0K | |
| Deferred Tax | · | · | · | · | $0 | $0 | $0 | |
| Amort. of Intangibles | · | $0 | $0 | $914.0K | $1M | $1M | $970.0K | |
| Operating Cash Flow | $-323M | $-142M | $-77M | $-42M | $-73M | $-48M | $-21M | |
| CapEx | $657.0K | $139.0K | $128.0K | $624.0K | $306.0K | $421.0K | $205.0K | |
| Investing Cash Flow | $-174M | $-205M | $-588M | $-624.0K | $-306.0K | $-421.0K | $-341.0K | |
| Stock Issued | · | · | $105M | $100M | $75M | $50M | $50M | |
| Net Stock Activity | · | · | $105M | $100M | $75M | $50M | · | |
| Dividends Paid | · | · | · | · | · | $0 | $0 | |
| Financing Cash Flow | $618M | $381M | $87M | $620M | $78M | $51M | $50M | |
| Net Change in Cash | $120M | $34M | $-577M | $577M | $5M | $3M | $29M | |
| Taxes Paid | $0 | $0 | $52.0K | $0 | $7.0K | $-70.0K | $63.0K | |
| Free Cash Flow | $-324M | $-142M | $-77M | $-42M | $-73M | $-49M | · | |
| Levered FCF | · | · | · | · | $-73M | $-49M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | -10225.4% | -4764.3% | -6185.2% | · | |
| Net Margin | · | · | · | -11174.8% | -4897.8% | -6127.6% | · | |
| Pretax Margin | · | · | · | -11174.8% | -4897.8% | -6152.3% | · | |
| EBITDA Margin | · | · | · | -10225.4% | -4764.3% | -6185.2% | · | |
| ROA | -181.9% | -69.3% | -141.8% | -20.3% | -82.1% | -53.0% | · | |
| ROE | -235.1% | -53.5% | -694.6% | -60.6% | -95.5% | -89.3% | · | |
| ROIC | · | · | · | · | -103.5% | -66.7% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.9 | 10.2 | 9.3 | 16.9 | 3.8 | 4.4 | · | |
| Quick Ratio | 9.8 | 9.9 | 9.1 | 9.0 | 2.9 | 3.4 | · | |
| Debt / Equity | · | · | 0.0 | · | · | · | · | |
| Interest Coverage | · | · | · | -16.4 | -306.7 | -208.6 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | · | · | 0.0 | 0.8 | 2.0 | 2.0 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | -61.0% | 110.3% | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $0 | $0 | $705.0K | $2M | $860.0K | · | |
| Net Income TTM | $-1.08B | $-221M | $-615M | $-79M | $-89M | $-53M | · | |
| Market Cap | $13.56B | $13.16B | $1.83B | $897M | $264M | $388M | · | |
| Enterprise Value | · | · | $1.65B | · | · | · | · | |
| P/E | -12.1 | -57.6 | -2.6 | -10.4 | -4.0 | -6.2 | · | |
| P/S | · | · | · | 1272.5 | 145.8 | 451.3 | · | |
| P/B | 20.6 | 33.9 | 23.6 | 7.1 | 3.2 | 4.9 | · | |
| P / Tangible Book | 20.6 | 34.0 | 24.2 | 7.2 | 3.7 | 5.9 | · | |
| P / Cash Flow | -42.0 | -92.6 | -23.9 | -21.6 | -3.6 | -8.1 | · | |
| P / FCF | -41.9 | -92.5 | -23.8 | -21.3 | -3.6 | -8.0 | · | |
| EV / EBITDA | · | · | -2.7 | · | · | · | · | |
| EV / FCF | · | · | -21.4 | · | · | · | · | |
| Dividend Yield | · | · | · | · | · | 0.00% | · | |
| Earnings Yield | -8.2% | -1.7% | -37.9% | -9.7% | -24.9% | -16.2% | · | |
| Payout Ratio | · | · | · | · | · | 0.00% | · | |
| Annual Payout | · | · | · | · | · | $0 | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | · | $0 | · | · | $0 | $0 | $0 | $0 | $220.0K | $235.0K | |
| R&D Expense | $158M | $133M | · | · | $208M | $51M | · | · | · | $31M | $15M | $9M | $10M | · | $17M | $9M | |
| SG&A Expense | $63M | $63M | $78M | $103M | $360M | $16M | $14M | $21M | $14M | $12M | $5M | $6M | $7M | $8M | $6M | $7M | |
| Operating Expenses | $220M | $195M | $225M | $234M | $568M | $67M | $66M | $58M | $60M | $42M | $21M | $16M | $538M | $21M | $23M | $16M | |
| Operating Income | · | · | · | · | · | · | · | $-58M | $-60M | $-42M | $-20M | $-16M | $-537M | $-20M | $-17M | $-13M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | $8M | · | $692.0K | $653.0K | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | · | · | |
| Other Non-op | $500.0K | $6M | $-4M | $0 | $-53.0K | $4M | $-2M | $0 | $0 | $2M | $-64.0K | $-5.0K | $417.0K | $289.0K | $46.0K | $-14.0K | |
| Net Income | $-216M | $-189M | $-219M | $-232M | $-566M | $-63M | $-61M | $-56M | $-60M | $-43M | $-21M | $-15M | $-542M | $-19M | $-21M | $-17M | |
| EPS (Basic) | $-0.28 | $-0.24 | $-0.28 | $-0.31 | $-0.76 | $-0.09 | $-0.08 | $-0.08 | $-0.09 | $-0.06 | $-0.03 | $-0.02 | $-1.43 | $-0.04 | $-0.10 | $-0.12 | |
| EPS (Diluted) | $-0.28 | $-0.24 | $-0.28 | $-0.31 | $-0.76 | $-0.09 | $-0.08 | $-0.08 | $-0.09 | $-0.06 | $-0.03 | $-0.02 | $-1.43 | $-0.04 | $-0.10 | $-0.12 | |
| Shares (Basic) | 778,184,568 | 775,458,141 | -1,476,404,662 | 743,415,917 | 742,615,007 | 738,076,003 | -1,417,804,042 | 726,656,045 | 707,904,643 | 701,785,250 | 697,739,477 | 697,685,365 | 378,163,980 | -295,728,655 | 208,909,351 | 140,114,997 | |
| Shares (Diluted) | 778,184,568 | 775,458,141 | -1,476,404,662 | 743,415,917 | 742,615,007 | 738,076,003 | -1,417,804,042 | 726,656,045 | 707,904,643 | 701,785,250 | 697,739,477 | 697,685,365 | 378,163,980 | -295,728,655 | 208,909,351 | 140,114,997 | |
| EBITDA | · | · | · | · | · | · | · | $-58M | $-60M | $-42M | $-20M | $-16M | $-537M | · | $-17M | $-13M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $419M | $107M | $225M | $239M | $298M | $212M | $105M | $94M | $28M | $61M | $24M | $42M | $71M | $349M | $122M | $57M | |
| Short-term Investments | $271M | $492M | $488M | $0 | $0 | $150M | $307M | $393M | $297M | $95M | $175M | $173M | $171M | · | · | · | |
| Receivables | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $140.0K | $238.0K | |
| Prepaid Expense | $30M | $18M | $7M | $8M | $11M | $9M | $11M | $2M | $2M | $5M | $5M | $6M | $1M | · | $2M | $5M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | $120.0K | $2M | $409.0K | · | $428.0K | $2M | |
| Current Assets | $721M | $617M | $720M | $246M | $309M | $371M | $424M | $490M | $329M | $163M | $205M | $228M | $248M | · | $137M | $79M | |
| PP&E (Net) | $2M | $2M | $1M | $810.0K | $690.0K | $652.0K | $254.0K | $265.0K | $223.0K | $181.0K | $229.0K | $225.0K | $412.0K | · | $930.0K | $1M | |
| Goodwill | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $8M | $9M | |
| Other Non-current Assets | $8M | $8M | $7M | $7M | $7M | $4M | $3M | $2M | $2M | $2M | $4M | $254.0K | $156.0K | · | $140.0K | $179.0K | |
| Total Assets | $752M | $648M | $751M | $262M | $324M | $384M | $436M | $503M | $342M | $177M | $218M | $237M | $255M | · | $155M | $96M | |
| Accounts Payable | $23M | $28M | $20M | $22M | $23M | $5M | $5M | $3M | $3M | $6M | $3M | $987.0K | $710.0K | · | $1M | $4M | |
| Accrued Liabilities | $65M | $44M | $32M | $27M | $26M | $21M | $20M | $18M | $12M | $7M | $4M | $4M | $12M | · | $11M | $6M | |
| Short-term Debt | · | · | · | · | · | · | · | $24M | $100M | · | $100M | $0 | · | · | · | · | |
| Current Liabilities | $104M | $83M | $73M | $65M | $60M | $35M | $42M | $59M | $140M | $23M | $114M | $12M | $17M | · | $17M | $15M | |
| Capital Leases | $17M | $17M | $18M | $3M | $2M | $3M | $3M | $4M | $5M | $6M | $4M | $4M | $2M | · | $3M | $1M | |
| Other Non-current Liabilities | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $1M | $2M | $1M | · | $2M | $3M | |
| Total Liabilities | $122M | $102M | $92M | $69M | $65M | $39M | $47M | $65M | $147M | $133M | $119M | $118M | $121M | · | $22M | $44M | |
| Total Debt | · | · | · | · | · | · | · | $24M | $100M | · | $100M | $0 | · | · | · | · | |
| Common Stock | $8M | $8M | $8M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | · | $2M | $981.0K | |
| Paid-in Capital | $3.32B | $3.02B | $2.95B | $2.26B | $2.10B | $1.62B | $1.60B | $1.59B | $1.29B | $1.08B | $1.05B | $1.05B | $1.05B | · | $494M | $391M | |
| Retained Earnings | $-2.70B | $-2.48B | $-2.29B | $-2.07B | $-1.84B | $-1.28B | $-1.21B | $-1.15B | $-1.10B | $-1.04B | $-957M | $-935M | $-921M | · | $-359M | $-338M | |
| AOCI | $-3M | $-3M | $-3M | $-3M | $-3M | $-3M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | $-1M | · | $-3M | $-3M | |
| Stockholders' Equity | $630M | $546M | $659M | $192M | $259M | $344M | $389M | $438M | $195M | $44M | $99M | $120M | $133M | $127M | $133M | $51M | |
| Liabilities + Equity | $752M | $648M | $751M | $262M | $324M | $384M | $436M | $503M | $342M | $177M | $218M | $237M | $255M | · | $155M | $96M | |
| Shares Outstanding | 793,120,362 | 776,017,474 | 775,371,200 | 744,442,533 | 742,806,672 | 741,609,390 | 737,626,004 | 737,094,965 | 724,320,201 | 701,974,596 | 697,851,308 | 697,685,365 | 697,685,365 | 211,091,425 | 201,321,175 | 98,122,356 |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $69M | $73M | $112M | $131M | $479M | $11M | $11M | $19M | $11M | $10M | $705.0K | $2M | $3M | $3M | $3M | $2M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $217.0K | $217.0K | $232.0K | |
| Operating Cash Flow | $-141M | $-122M | $-102M | $-93M | $-67M | $-61M | $-49M | $-30M | $-33M | $-30M | $-15M | $-29M | $-13M | $5M | $-9M | $-19M | |
| CapEx | $909.0K | $245.0K | $164.0K | $71.0K | $0 | $422.0K | $14.0K | $58.0K | $63.0K | $4.0K | $53.0K | $20.0K | $53.0K | $-10.0K | $-20.0K | $293.0K | |
| Investing Cash Flow | $223M | $-238.0K | $-485M | $-71.0K | $151M | $160M | $83M | $-109M | $-200M | $20M | $-3M | $207.0K | $-645M | $10.0K | $20.0K | $-293.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $105M | · | $100M | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | $105M | · | · | · | |
| Financing Cash Flow | $231M | $4M | $574M | $34M | $2M | $8M | $-24M | $204M | $200M | $485.0K | $229.0K | $-80.0K | $80M | $520M | $75M | $0 | |
| Net Change in Cash | $313M | $-119M | $-13M | $-59M | $86M | $107M | $11M | $65M | $-33M | $-10M | $-18M | $-29M | $-578M | $527M | $65M | $-20M | |
| Taxes Paid | · | · | · | · | · | · | $0 | $0 | · | · | $0 | · | · | $0 | $0 | · | |
| Free Cash Flow | · | $-123M | · | · | · | $-62M | · | · | · | $-30M | · | · | $-13M | · | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -7700.0% | -5400.8% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -9720.4% | -7136.6% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -7700.0% | -5400.8% | |
| ROA | -40.1% | -36.7% | · | -60.6% | -169.9% | -22.4% | · | -15.6% | -20.8% | -20.1% | -11.4% | -8.8% | -292.1% | · | -15.1% | -13.9% | |
| ROE | -48.5% | -42.5% | · | -73.6% | -248.9% | -32.4% | · | -20.9% | -38.4% | -48.9% | -18.3% | -17.2% | -548.2% | · | -18.2% | -19.6% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.0 | 7.4 | · | 3.8 | 5.1 | 10.6 | · | 8.3 | 2.3 | 7.0 | 1.8 | 19.1 | 14.2 | · | 8.2 | 5.2 | |
| Quick Ratio | 6.7 | 7.2 | · | 3.7 | 4.9 | 10.4 | · | 8.3 | 2.3 | 6.7 | 1.7 | 18.0 | 13.9 | · | 7.3 | 3.8 | |
| Debt / Equity | · | · | · | · | · | · | · | 0.1 | 0.5 | · | 1.0 | 0.0 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | · | -64.5 | · | -24.5 | -19.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | · | 0.0 | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.2 | 0.4 |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | · | · | · | · | · | $220.0K | $220.0K | $220.0K | $455.0K | $705.0K | · | $2M | $2M | |
| Net Income TTM | $-1.20B | $-1.05B | · | $-917M | $-745M | $-223M | · | $-181M | $-140M | $-622M | $-600M | $-595M | $-602M | · | $-79M | $-82M | |
| Market Cap | $11.56B | $14.71B | · | $15.38B | $15.81B | $14.31B | · | $16.14B | $5.65B | $2.91B | $1.30B | $1.75B | $1.22B | · | $240M | $98M | |
| Enterprise Value | · | · | · | · | · | · | · | $15.68B | $5.42B | · | $1.21B | $1.54B | · | · | · | · | |
| P/E | -9.2 | -13.5 | · | -16.7 | -20.9 | -60.3 | · | -84.2 | -39.0 | -2.7 | -1.2 | -1.5 | -1.0 | · | -2.1 | -1.4 | |
| P/S | · | · | · | · | · | · | · | · | 25680.4 | 13209.9 | 5931.7 | 3848.8 | 1731.8 | · | 119.0 | 53.0 | |
| P/B | 18.3 | 27.0 | · | 80.0 | 60.9 | 41.5 | · | 36.9 | 29.0 | 65.7 | 13.1 | 14.6 | 9.1 | · | 1.8 | 1.9 | |
| P / Tangible Book | 18.4 | 27.0 | · | 80.8 | 61.4 | 41.8 | · | 37.0 | 29.2 | 68.6 | 13.4 | 14.9 | 9.3 | · | 1.9 | 2.4 | |
| P / Cash Flow | · | -120.3 | · | · | · | -233.9 | · | · | · | -96.4 | · | · | -93.0 | · | · | · | |
| P / FCF | · | -120.1 | · | · | · | -232.3 | · | · | · | -96.4 | · | · | -92.6 | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | -268.6 | -91.0 | · | -58.9 | -97.3 | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | 24655.6 | · | 5482.0 | 3376.2 | · | · | · | · | |
| Earnings Yield | -10.9% | -7.4% | · | -6.0% | -4.8% | -1.7% | · | -1.2% | -2.6% | -37.2% | -84.5% | -66.5% | -102.9% | · | -47.9% | -74.0% |
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 | — | $0 | $0 | $705.0K | $2M |
| Operating Margin % | — | — | — | -10225.4% | -4764.3% |
| Net Income | $-1.08B | $-221M | $-615M | $-79M | $-89M |
| Diluted EPS | $-1.44 | $-0.31 | $-0.99 | $-0.41 | $-0.67 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.0 | — | — |
| Current Ratio | 9.9 | 10.2 | 9.3 | 16.9 | 3.8 |
| Quick Ratio | 9.8 | 9.9 | 9.1 | 9.0 | 2.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-324M | $-142M | $-77M | $-42M | $-73M |
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Institutional owners (13F) 283 filers · $1.7B 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 |
|---|---|---|---|---|
| 71 (+13 vs prior Q) | 33 (-2 vs prior Q) | 93 (+13 vs prior Q) | 59 (+7 vs prior Q) | +36.9M |
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 |
|---|---|---|---|---|
| BAKER BROS. ADVISORS LP | $477,697,090 | 32,786,348 | 28.68% | Shares |
| STATE STREET CORP | $138,951,118 | 9,536,796 | 8.34% | Shares |
| FMR LLC | $94,914,750 | 6,514,396 | 5.70% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $83,551,432 | 5,734,484 | 5.02% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $73,464,708 | 5,042,190 | 4.41% | Shares |
| GOLDMAN SACHS GROUP INC | $61,480,859 | 4,219,688 | 3.69% | Shares |
| Point72 Asset Management, L.P. | $53,876,990 | 3,697,803 | 3.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $44,229,190 | 3,034,612 | 2.66% | Shares |
| MILLENNIUM MANAGEMENT LLC | $34,226,110 | 2,349,081 | 2.05% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $28,988,341 | 1,989,591 | 1.74% | Shares |
| Balyasny Asset Management L.P. | $27,744,981 | 1,904,254 | 1.67% | Shares |
| CITADEL ADVISORS LLC | $25,143,682 | 1,725,716 | 1.51% | Shares |
| Aberdeen Group plc | $24,676,131 | 1,693,626 | 1.48% | Shares |
| Squarepoint Ops LLC | $23,177,024 | 1,590,736 | 1.39% | Shares |
| NORGES BANK | $20,143,302 | 1,382,519 | 1.21% | Shares |
| Logos Global Management LP | $19,669,500 | 1,350,000 | 1.18% | Shares |
| Octagon Capital Advisors LP | $18,212,500 | 1,250,000 | 1.09% | Shares |
| Kynam Capital Management, LP | $17,484,000 | 1,200,000 | 1.05% | Shares |
| D. E. Shaw & Co., Inc. | $17,311,826 | 1,188,183 | 1.04% | Shares |
| Pictet Asset Management Holding SA | $16,434,565 | 1,134,299 | 0.99% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $16,161,044 | 1,109,200 | 0.97% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $14,232,719 | 976,851 | 0.85% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $14,083,143 | 966,585 | 0.85% | Shares |
| APEIRON CAPITAL Ltd | $14,014,388 | 961,866 | 0.84% | Shares |
| DIADEMA PARTNERS LP | $12,533,114 | 860,200 | 0.75% | Call option |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $11,970,990 | 835,963 | 0.72% | Shares |
| LMR Partners LLP | $11,953,228 | 820,400 | 0.72% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,226,185 | 770,500 | 0.67% | Call option |
| Rock Springs Capital Management LP | $10,417,550 | 715,000 | 0.63% | Shares |
| TWO SIGMA INVESTMENTS, LP | $10,151,123 | 696,714 | 0.61% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,459,748 | 649,262 | 0.57% | Shares |
| CITADEL ADVISORS LLC | $9,352,483 | 641,900 | 0.56% | Call option |
| Candriam S.C.A. | $7,750,071 | 532,432 | 0.47% | Shares |
| Cutter Capital Management, LP | $7,716,000 | 400,000 | 0.46% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,595,909 | 521,339 | 0.46% | Shares |
| CITADEL ADVISORS LLC | $7,394,275 | 507,500 | 0.44% | Put option |
| Elmind Capital, LP | $7,194,957 | 493,820 | 0.43% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $6,280,078 | 431,028 | 0.38% | Shares |
| TD Asset Management Inc | $6,208,044 | 426,084 | 0.37% | Shares |
| BlackRock, Inc. | $5,282,368 | 362,551 | 0.32% | Shares |
| QVT Financial LP | $5,252,835 | 360,524 | 0.32% | Shares |
| CITIGROUP INC | $5,111,127 | 350,798 | 0.31% | Shares |
| Ghisallo Capital Management LLC | $5,099,500 | 350,000 | 0.31% | Shares |
| HOHIMER WEALTH MANAGEMENT, LLC | $4,940,687 | 339,100 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $4,841,611 | 332,300 | 0.29% | Put option |
| Caption Management, LLC | $4,758,562 | 326,600 | 0.29% | Call option |
| JANE STREET GROUP, LLC | $4,391,398 | 301,400 | 0.26% | Call option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $4,341,860 | 298,000 | 0.26% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,005,206 | 274,894 | 0.24% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $3,549,354 | 243,607 | 0.21% | Shares |
| Squarepoint Ops LLC | $3,509,913 | 240,900 | 0.21% | Call option |
| WELLINGTON MANAGEMENT GROUP LLP | $3,498,971 | 240,149 | 0.21% | Shares |
| Polymer Capital Management (HK) LTD | $3,276,108 | 224,853 | 0.20% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $3,208,023 | 220,180 | 0.19% | Shares |
| Woodline Partners LP | $3,125,367 | 214,507 | 0.19% | Shares |
| BARCLAYS PLC | $3,041,415 | 208,745 | 0.18% | Shares |
| Rafferty Asset Management, LLC | $3,010,526 | 206,625 | 0.18% | Shares |
| DIADEMA PARTNERS LP | $2,914,000 | 200,000 | 0.17% | Put option |
| GRIFFIN ASSET MANAGEMENT, INC. | $2,820,490 | 193,582 | 0.17% | Shares |
| ADAR1 Capital Management, LLC | $2,795,531 | 191,869 | 0.17% | Shares |
| WOLVERINE TRADING, LLC | $2,757,148 | 130,300 | 0.17% | Call option |
| Trexquant Investment LP | $2,681,069 | 184,013 | 0.16% | Shares |
| Focus Partners Wealth | $2,481,826 | 170,338 | 0.15% | Shares |
| Springhill Fund Asset Management (HK) Co Ltd | $2,397,882 | 124,307 | 0.14% | Shares |
| China Universal Asset Management Co., Ltd. | $1,945,488 | 133,527 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $1,848,821 | 126,895 | 0.11% | Shares |
| Beacon Pointe Advisors, LLC | $1,789,711 | 94,394 | 0.11% | Shares |
| HSBC HOLDINGS PLC | $1,783,685 | 120,560 | 0.11% | Shares |
| TEMA ETFS LLC | $1,675,227 | 95,782 | 0.10% | Shares |
| Quantinno Capital Management LP | $1,652,996 | 113,452 | 0.10% | Shares |
| Cerity Partners LLC | $1,645,389 | 112,930 | 0.10% | Shares |
| WOLVERINE TRADING, LLC | $1,574,304 | 74,400 | 0.09% | Put option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,511,036 | 79,696 | 0.09% | Shares |
| BANK OF MONTREAL /CAN/ | $1,490,074 | 102,270 | 0.09% | Shares |
| Caption Management, LLC | $1,487,597 | 102,100 | 0.09% | Put option |
| PROFUND ADVISORS LLC | $1,464,999 | 100,549 | 0.09% | Shares |
| LMR Partners LLP | $1,458,457 | 100,100 | 0.09% | Call option |
| Affinity Asset Advisors, LLC | $1,457,000 | 100,000 | 0.09% | Call option |
| Caption Management, LLC | $1,457,000 | 100,000 | 0.09% | Shares |
| NOMURA HOLDINGS INC | $1,440,973 | 98,900 | 0.09% | Call option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $1,372,917 | 94,229 | 0.08% | Shares |
| AXQ CAPITAL, LP | $1,364,102 | 93,624 | 0.08% | Shares |
| Schonfeld Strategic Advisors LLC | $1,333,983 | 91,557 | 0.08% | Shares |
| Wealth Management Partners, LLC | $1,300,722 | 89,274 | 0.08% | Shares |
| XTX Topco Ltd | $1,186,027 | 81,402 | 0.07% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,166,736 | 80,078 | 0.07% | Shares |
| Seven Fleet Capital Management LP | $1,090,930 | 73,300 | 0.07% | Shares |
| UBS Group AG | $1,076,432 | 73,880 | 0.06% | Shares |
| NICOLET BANKSHARES INC | $1,057,680 | 72,593 | 0.06% | Shares |
| UBS Group AG | $1,054,868 | 72,400 | 0.06% | Call option |
| VANGUARD GROUP INC | $1,019,247 | 58,276 | 0.06% | Shares |
| Engineers Gate Manager LP | $988,880 | 67,871 | 0.06% | Shares |
| VARCOV Co. | $931,853 | 63,957 | 0.06% | Shares |
| Illinois Municipal Retirement Fund | $914,034 | 62,734 | 0.05% | Shares |
| Bridgefront Capital, LLC | $880,261 | 60,416 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $879,110 | 60,337 | 0.05% | Shares |
| DIADEMA PARTNERS LP | $874,200 | 60,000 | 0.05% | Shares |
| Assenagon Asset Management S.A. | $868,678 | 59,621 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $861,160 | 59,105 | 0.05% | Shares |
| Entropy Technologies, LP | $830,738 | 57,017 | 0.05% | Shares |
Company insiders 11 insiders · 6 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mahkam Zanganeh | Co-Chief Executive Officer | June 12, 2026 P | 573,883,879 | 2 | 0 | $51,447,200 |
| Robert W. Duggan | Co-Chief Executive Officer | June 12, 2026 P | 573,883,879 | 3 | 0 | $51,947,183 |
| Manmeet Singh Soni | COO and CFO | June 4, 2026 P | 3,123,603 | 1 | 0 | $361,500 |
| Donaldson Michael Paul | Chief Financial Officer | Feb. 19, 2021 D | — | 0 | 0 | $0 |
| David Jonathan Powell | Chief Scientific Officer | Nov. 30, 2020 X | 0 | 0 | 0 | $0 |
| Camilla Graham | Chief Clinical Affairs Officer | Oct. 4, 2020 A | — | 0 | 0 | $0 |
| Urte Gayko | Director | Nov. 3, 2021 A | — | 0 | 0 | $0 |
| Kenneth A Clark | Director | Oct. 7, 2021 A | — | 0 | 0 | $0 |
| Ujwala Mahatme | Director | Feb. 19, 2021 A | — | 0 | 0 | $0 |
| Rainer M Erdtmann | Director | Feb. 19, 2021 A | — | 0 | 0 | $0 |
| Luhua Wang | — | Feb. 28, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| ROBERT W. DUGGAN ×14 filings | Sept. 13, 2024 | — | Initial filing | — | SEC |
| MAHKAM ZANGANEH, MAHKAM ZANGANEH REVOCABLE TRUST, SHAUN ZANGANEH IRREVOCABLE TRUST ×5 filings | March 13, 2023 | — | Initial filing | — | SEC |
| Lansdowne Partners (UK) LLP, Lansdowne Developed Markets Master Fund Limited ×8 filings | June 17, 2020 | — | 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 51 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 |
|---|---|---|---|---|
| CANC · Tema ETF Trust | 1.21% | 121,097 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 1.15% | 278,847 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.90% | 15,708 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.74% | 42,238 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.68% | 28,664 NS | May 31, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 0.27% | 230,485 SH | Aug. 8, 2026 | Daily |
| GSEW · Goldman Sachs ETF Trust | 0.19% | 196,432 NS | May 31, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.14% | 20,619 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.14% | 987,912 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.09% | 52,876 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.08% | 23,464 NS | April 30, 2026 | N-PORT |
| IWP · iShares Trust | 0.05% | 788,572 SH | Aug. 8, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.05% | 416,668 NS | May 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 45,768 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.04% | 1,691,686 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.03% | 191,092 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 1,777,877 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 397,116 SH | Aug. 8, 2026 | Daily |
| IYH · iShares Trust | 0.03% | 80,776 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.02% | 67,355 SH | Aug. 8, 2026 | Daily |
| IMCG · iShares Trust | 0.02% | 71,102 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 2,673,084 SH | Aug. 8, 2026 | Daily |
| IWR · iShares Trust | 0.01% | 546,092 SH | Aug. 8, 2026 | Daily |
| IMCB · iShares Trust | 0.01% | 15,238 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 4,699 NS | May 31, 2026 | N-PORT |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 215,152 SH | Aug. 8, 2026 | Daily |
| SCHV · SCHWAB STRATEGIC TRUST | 0.01% | 79,133 NS | May 31, 2026 | N-PORT |
| GGUS · Goldman Sachs ETF Trust | 0.01% | 2,012 NS | May 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.01% | 13,322 SH | Aug. 8, 2026 | Daily |
| IWF · iShares Trust | 0.01% | 509,396 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 5,027 NS | April 30, 2026 | N-PORT |
| SCHX · SCHWAB STRATEGIC TRUST | 0.00% | 175,386 NS | May 31, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.00% | 13,098 NS | May 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.00% | 9,805 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 93,014 NS | May 31, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.00% | 4,934 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 217,671 SH | Aug. 8, 2026 | Daily |
| IYY · iShares Trust | 0.00% | 6,342 SH | Aug. 8, 2026 | Daily |
| ILCB · iShares Trust | 0.00% | 2,192 SH | Aug. 8, 2026 | Daily |
| IWB · iShares Trust | 0.00% | 81,245 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 31,692 SH | Aug. 8, 2026 | Daily |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 4,355 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 816 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 785 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 2,425 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 180 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,708,976 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 110,173 SH | Aug. 8, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.00% | 23,019 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 11,466 SH | Aug. 8, 2026 | Daily |