your badges 52W Range $12–$29 27% of range Analyst Rating BUY 24 analysts Price Target $29 +71% upside P/E -11.6 ROE -235.1% Net Profit Margin ·

SMMT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $16.75
Market Cap (MRQ) $13.29B
P/E -11.6
EPS $-1.44
Revenue $0
ROE -235.1%
52W Range $12–$29

SMMT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
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10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$0
2019-01-31 → 2024-12-31
EPS$-1.44
2019-01-31 → 2025-12-31
Free Cash Flow$-324M
2020-12-31 → 2025-12-31
Net margin·
2020-12-31 → 2022-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend SMMT 5Y avg Peer Median Verdict
P/E -11.65Y avg ≈-17.3 ≈-17.3 · ·
P/B (MRQ) 21.15Y avg ≈17.7 ≈17.7 11.3 Overvalued
Price / FCF (TTM) -28.95Y avg ≈-36.6 ≈-36.6 · ·
Price / Cash Flow (TTM) -29.05Y avg ≈-36.7 ≈-36.7 · ·
Price / Tangible Book 19.85Y avg ≈17.9 ≈17.9 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise -87.6%
Next Report Oct 19, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 12, 2026 $-0.28 $-0.28 1.7%
March 31, 2026 May 7, 2026 $-0.24 $-0.18 -33.3%
Dec. 31, 2025 $-0.29 $-0.07 -342.1%
Sept. 30, 2025 $-0.31 $-0.13 -130.5%
June 30, 2025 $-0.12 $-0.10 -24.5%
March 31, 2025 $-0.09 $-0.09 3.0%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 16
Metric Trend 2025202420232022202120202019
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$-0.89
Shares (Basic) 747,702,265718,541,896619,646,180193,336,063131,714,22569,524,14832,829,003
Shares (Diluted) 747,702,265718,541,896619,646,180193,336,063131,714,22569,524,14832,829,003
EBITDA ·$-226M$-610M$-72M$-86M$-53M·
Balance Sheet 29
Metric Trend 2025202420232022202120202019
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 775,371,200737,626,004701,660,053211,091,42598,039,54082,575,06467,178,054
Cash Flow 14
Metric Trend 2025202420232022202120202019
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 2025202420232022202120202019
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 2025202420232022202120202019
Current Ratio 9.910.29.316.93.84.4·
Quick Ratio 9.89.99.19.02.93.4·
Debt / Equity ··0.0····
Interest Coverage ···-16.4-306.7-208.6·
Efficiency 2
Metric Trend 2025202420232022202120202019
Asset Turnover ·0.00.00.00.00.0·
Receivables Turnover ··0.00.82.02.0·
Per Share 5
Metric Trend 2025202420232022202120202019
Book Value / Share $0.85$0.53$0.11$0.60$0.85$0.96·
Revenue / Share ·$0.00$0.00$0.00$0.02$0.01·
Cash Flow / Share $-0.43$-0.20$-0.12$-0.22$-0.79$-0.69·
Cash / Share $0.29$0.14$0.10$1.65$0.73$0.80·
EPS (TTM) $-1.44$-0.31$-0.99$-0.41$-0.67$-0.76·
Growth Rates 1
Metric Trend 2025202420232022202120202019
Revenue YoY ···-61.0%110.3%··
Valuation (TTM) 16
Metric Trend 2025202420232022202120202019
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 ···1272.5145.8451.3·
P/B 20.633.923.67.13.24.9·
P / Tangible Book 20.634.024.27.23.75.9·
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·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
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

Institutional owners (13F) 280 filers · $2.2B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 280
Value held $2.2B
New positions 64
Exited positions 34
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
64 (+1 vs prior Q) 34 (-1 vs prior Q) 106 (+21 vs prior Q) 58 (+5 vs prior Q) +20.1M

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 21.47% Shares
VANGUARD GROUP INC $195,489,577 11,177,220 8.79% Shares
FMR LLC $146,340,308 10,043,947 6.58% Shares
STATE STREET CORP $138,951,118 9,536,796 6.25% Shares
BlackRock, Inc. $138,838,127 9,529,041 6.24% Shares
VANGUARD CAPITAL MANAGEMENT LLC $83,551,432 5,734,484 3.76% Shares
UBS Group AG $76,256,437 5,233,798 3.43% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $73,464,708 5,042,190 3.30% Shares
GOLDMAN SACHS GROUP INC $65,760,228 4,513,399 2.96% Shares
Point72 Asset Management, L.P. $53,876,990 3,697,803 2.42% Shares
GEODE CAPITAL MANAGEMENT, LLC $49,950,115 3,427,263 2.25% Shares
MILLENNIUM MANAGEMENT LLC $34,226,110 2,349,081 1.54% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $28,988,341 1,989,591 1.30% Shares
Balyasny Asset Management L.P. $27,744,981 1,904,254 1.25% Shares
CITADEL ADVISORS LLC $25,143,682 1,725,716 1.13% Shares
Aberdeen Group plc $24,676,131 1,693,626 1.11% Shares
Squarepoint Ops LLC $23,177,024 1,590,736 1.04% Shares
MORGAN STANLEY $21,126,777 1,450,019 0.95% Shares
NORGES BANK $20,143,302 1,382,519 0.91% Shares
Logos Global Management LP $19,669,500 1,350,000 0.88% Shares
Octagon Capital Advisors LP $18,212,500 1,250,000 0.82% Shares
D. E. Shaw & Co., Inc. $18,118,611 1,243,556 0.81% Shares
Kynam Capital Management, LP $17,484,000 1,200,000 0.79% Shares
Pictet Asset Management Holding SA $16,434,565 1,134,299 0.74% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $16,161,044 1,109,200 0.73% Put option
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $14,232,719 976,851 0.64% Shares
VANGUARD FIDUCIARY TRUST CO $14,083,143 966,585 0.63% Shares
APEIRON CAPITAL Ltd $14,014,388 961,866 0.63% Shares
BANK OF AMERICA CORP /DE/ $12,602,803 864,983 0.57% Shares
DIADEMA PARTNERS LP $12,533,114 860,200 0.56% Call option
SCHRODER INVESTMENT MANAGEMENT GROUP $11,970,990 835,963 0.54% Shares
LMR Partners LLP $11,953,228 820,400 0.54% Put option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $11,226,185 770,500 0.50% Call option
Rock Springs Capital Management LP $10,417,550 715,000 0.47% Shares
CITIGROUP INC $10,402,980 714,000 0.47% Shares
TWO SIGMA INVESTMENTS, LP $10,151,123 696,714 0.46% Shares
CITADEL ADVISORS LLC $9,352,483 641,900 0.42% Call option
NORTHERN TRUST CORP $9,234,379 633,794 0.42% Shares
MARSHALL WACE, LLP $8,409,659 577,190 0.38% Shares
AQR CAPITAL MANAGEMENT LLC $7,899,533 542,178 0.36% Shares
Candriam S.C.A. $7,750,071 532,432 0.35% Shares
Cutter Capital Management, LP $7,716,000 400,000 0.35% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $7,595,909 521,339 0.34% Shares
CITADEL ADVISORS LLC $7,394,275 507,500 0.33% Put option
Elmind Capital, LP $7,194,957 493,820 0.32% Shares
WELLINGTON MANAGEMENT GROUP LLP $6,438,979 441,934 0.29% Shares
Bank of New York Mellon Corp $6,284,022 431,299 0.28% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $6,280,078 431,028 0.28% Shares
TD Asset Management Inc $6,208,044 426,084 0.28% Shares
Invesco Ltd. $6,073,461 416,847 0.27% Shares

Show all 280 institutional owners →

Activists & 5%+ owners 3 positions

18

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.

Company insiders 19 insiders · 9 officers · 12 directors

19
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 3 0 $51,947,183
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 2 0 $722,250
Ankur Dhingra Chief Financial Officer March 26, 2024 P 354,958 0 0 $0
Donaldson Michael Paul Chief Financial Officer Feb. 19, 2021 D · 0 0 $0
Bhaskar Anand Chief Accounting Officer Jan. 8, 2026 A 159,751 0 0 $0
Jeffrey R Maranian VP Corporate Controller Dec. 15, 2021 A · 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
Yu Xia Director Jan. 2, 2026 A 32,057,147 1 0 $9,999,983
Alessandra Cesano Director Jan. 2, 2026 A · 0 0 $0
Kenneth A Clark Director Jan. 2, 2026 A · 0 0 $0
Robert F. Booth Director Jan. 2, 2026 A · 0 0 $0
Jeff Huber Director Jan. 2, 2026 A 44,052 0 0 $0
Mostafa Ronaghi Director Jan. 2, 2026 A · 0 0 $0
Ujwala Mahatme Director Jan. 2, 2024 A · 0 0 $0
Urte Gayko Director April 25, 2022 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

ETF ownership Held by 36 ETFs

20

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
IBBQ · Invesco Exchange-Traded Fund Trust … 0.88% 56,422 SH Oct. 1, 2026 Daily
LABU · Direxion Shares ETF Trust 0.67% 252,586 NS July 31, 2026 N-PORT
BBC · ETFis Series Trust I 0.62% 22,185 NS July 31, 2026 N-PORT
QQQJ · Invesco Exchange-Traded Fund Trust … 0.39% 269,877 SH Oct. 1, 2026 Daily
PWS · Pacer Funds Trust 0.19% 3,451 NS July 31, 2026 N-PORT
IBB · iShares Trust 0.17% 1,027,519 SH Sept. 11, 2026 Daily
EQAL · Invesco Exchange-Traded Fund Trust … 0.09% 44,387 SH Oct. 1, 2026 Daily
IWP · iShares Trust 0.07% 769,118 SH Sept. 11, 2026 Daily
IQSM · New York Life Investments ETF Trust 0.06% 14,813 NS July 31, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.04% 1,691,686 SH Aug. 19, 2026 Daily
BKMC · BNY Mellon ETF Trust 0.04% 19,071 NS July 31, 2026 N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.04% 58,622 NS July 31, 2026 N-PORT
IYH · iShares Trust 0.04% 78,876 SH Sept. 11, 2026 Daily
SMMD · iShares Trust 0.03% 71,619 SH Sept. 11, 2026 Daily
IMCG · iShares Trust 0.03% 72,377 SH Sept. 11, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.03% 1,777,877 SH Aug. 19, 2026 Daily
VHT · VANGUARD WORLD FUND 0.03% 397,116 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.02% 9,690 SH Sept. 11, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.02% 2,673,084 SH Aug. 19, 2026 Daily
IWR · iShares Trust 0.02% 548,846 SH Sept. 11, 2026 Daily
IMCB · iShares Trust 0.02% 15,508 SH Sept. 11, 2026 Daily
VONG · VANGUARD SCOTTSDALE FUNDS 0.01% 215,152 SH Aug. 19, 2026 Daily
ILCG · iShares Trust 0.01% 13,082 SH Sept. 11, 2026 Daily
IWF · iShares Trust 0.01% 507,521 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.00% 217,652 SH Sept. 11, 2026 Daily
IYY · iShares Trust 0.00% 6,342 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.00% 5,281 NS July 31, 2026 N-PORT
ILCB · iShares Trust 0.00% 2,183 SH Sept. 11, 2026 Daily
IWB · iShares Trust 0.00% 80,930 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 32,032 SH Sept. 11, 2026 Daily
RECS · Columbia ETF Trust I 0.00% 12,006 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 3,708,976 SH Aug. 19, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.00% 110,173 SH Aug. 19, 2026 Daily
VONE · VANGUARD SCOTTSDALE FUNDS 0.00% 23,019 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 11,466 SH Aug. 19, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.00% 30,667 SH Aug. 19, 2026 Daily

SMMT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 24 analysts BUY
Median target $32.79 +95.7%
5 20.8% Strong Buy
11 45.8% Buy
8 33.3% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

13 analysts · 2026-09-28

Mean target $28.65 +71.0%

Now Current price $16.75
Low$10.77 Mean$28.65 High$40.84

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
SMMT $13.56B -12.1 · · -235.1% ·
INCY $19.60B 15.4 21.2% 25.0% 27.6% ·
UTHR $21.27B 17.5 10.6% 41.9% 18.7% 87.9%
NBIX $14.20B 30.4 21.4% 16.7% 16.1% ·
EXEL $11.44B 15.7 7.0% 33.7% 37.3% ·
BBIO $14.90B -20.2 126.3% -146.0% 41.2% ·
HALO $7.93B 26.3 37.5% 22.7% 166.1% ·
TWST $1.71B -21.6 20.3% -20.6% -17.0% ·
MDGL $13.30B -45.3 432.1% -30.1% -44.4% ·
BMRN $11.43B 33.0 12.9% 10.8% 5.8% ·

Latest News Recent headlines mentioning this company

23
Summit (SMMT) Reports Positive Phase III Overall Survival Data for Ivonescimab in Advanced NSCLC Yahoo Finance · 3 months, 3 weeks ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Jul 23, 2026