SNDX Syndax Pharmaceuticals, Inc. - Common Stock
$20.54
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$13–$26
60% of range
Analyst Rating
BUY
19 analysts
Price Target
$38
+85% upside
P/E (TTM)
-6.2
ROE
-257.1%
Net Profit Margin
-165.6%
SNDX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$20.54
Market Cap
$1.79B
P/E (TTM)
-6.2
EPS (TTM)
$-3.29
Revenue (TTM)
$172M
Div Yield
—
ROE
-257.1%
Debt/Equity
5.4
52W Range
$13 – $26
SNDX 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
$172M
2016-12-31
→
2025-12-31
EPS
$-3.29
2019-12-31
→
2025-12-31
Free Cash Flow
$-323M
2016-12-31
→
2025-12-31
Margins
-165.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SNDX
Peer Median
P/E (TTM)
-6.2
27.2
P/S (TTM)
10.4
25.4
P/B
27.8
5.1
EV / EBITDA
-6.4
—
Price / FCF
-5.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SNDX
Peer Median
Operating Margin
-158.4%
—
Net Profit Margin
-165.6%
-473.7%
ROA
-45.5%
-40.2%
ROE
-257.1%
-50.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SNDX
Peer Median
Debt / Equity
5.4
—
Current Ratio
4.4
9.0
Quick Ratio
3.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SNDX
Peer Median
Revenue YoY
627.8%
—
Revenue CAGR 3Y
-44.7%
—
Revenue CAGR 5Y
157.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SNDX
Peer Median
SNDX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
19 analysts
- Strong Buy 8 42.1%
- Buy 10 52.6%
- Hold 1 5.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-19
Median
$37.00
← Below all targets
$20.54
Low
$26.00
High
$57.00
Median target
$37.00
+80.2%
Mean target
$37.91
+84.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.55 | $-0.45 | -0.10% |
| March 31, 2026 | $-0.48 | $-0.59 | 0.11% |
| Dec. 31, 2025 | $-0.78 | $-0.60 | -0.18% |
| Sept. 30, 2025 | $-0.70 | $-0.73 | 0.03% |
| June 30, 2025 | $-0.83 | $-1.04 | 0.21% |
| March 31, 2025 | $-0.98 | $-1.36 | 0.38% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SNDX | $1.84B | -6.4 | 627.8% | -165.6% | -257.1% | — |
| AGIO | $1.59B | -3.8 | 48.0% | -764.0% | -32.2% | — |
| TSHA | $1.57B | -16.2 | 17.3% | -1115.3% | -44.0% | — |
| GENB | — | — | — | — | — | — |
| DMRA | — | — | 38.3% | -17981.1% | -167.0% | — |
| SRPT | $2.26B | -3.0 | 15.6% | -32.5% | -57.1% | — |
| ANAB | — | -105.4 | 157.0% | — | — | — |
| NTLA | $1.05B | -2.4 | 16.9% | -609.8% | -59.5% | — |
| RXRX | $2.16B | -2.8 | 26.9% | -863.4% | -62.9% | — |
| FBRX | $353M | -5.8 | 106.6% | -2555.2% | -86.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $172M | $24M | $0 | $0 | $140M | $2M | $2M | $2M | $2M | $1M | $627.0K | |
| R&D Expense | $259M | $242M | $163M | $118M | $88M | $50M | $43M | $60M | $48M | $32M | $10M | |
| SG&A Expense | $180M | $121M | $67M | $33M | $25M | $23M | $16M | $17M | $16M | $13M | $12M | |
| Operating Expenses | $445M | $363M | $230M | $152M | $113M | $73M | $59M | $77M | $64M | $45M | $21M | |
| Operating Income | $-273M | $-340M | $-230M | $-152M | $26M | $-71M | $-58M | $-76M | $-62M | $-44M | $-21M | |
| Interest Expense | · | · | $208.0K | $3M | $2M | $2M | · | · | · | · | · | |
| Interest Income | $23M | $26M | $21M | $6M | $403.0K | $841.0K | $2M | $2M | · | · | · | |
| Other Non-op | $-1M | $-247.0K | $-361.0K | $-316.0K | $202.0K | $-219.0K | $-79.0K | $-27.0K | $-269.0K | $41.0K | $-37.0K | |
| Income Tax | $433.0K | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-285M | $-319M | $-209M | $-149M | $25M | $-73M | $-56M | $-74M | $-61M | $-44M | $-24M | |
| EPS (Basic) | $-3.29 | $-3.72 | $-2.98 | $-2.46 | $0.48 | $-1.87 | $-1.84 | · | · | · | · | |
| EPS (Diluted) | $-3.29 | $-3.72 | $-2.98 | $-2.46 | $0.46 | $-1.87 | $-1.84 | · | · | · | · | |
| Shares (Basic) | 86,625,610 | 85,622,065 | 70,370,519 | 60,760,906 | 52,064,809 | 41,308,242 | 30,490,783 | · | · | · | · | |
| Shares (Diluted) | 86,625,610 | 85,622,065 | 70,370,519 | 60,760,906 | 53,622,904 | 41,308,242 | 30,490,783 | · | · | · | · | |
| EBITDA | $-273M | $-340M | $-230M | $-152M | $26M | · | $-58M | · | $-62M | $-44M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $135M | $154M | $295M | $74M | $222M | $115M | $25M | $34M | $35M | $24M | $23M | |
| Short-term Investments | $259M | $419M | $275M | $401M | $218M | $178M | $35M | $47M | $95M | $81M | $63M | |
| Receivables | $38M | $8M | $0 | · | · | · | · | · | · | · | · | |
| Inventory | $33M | $366.0K | $0 | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $13M | $9M | $3M | $2M | $1M | $6M | $3M | $2M | $3M | $3M | $1M | |
| Other Current Assets | · | · | $0 | · | · | · | · | · | · | · | · | |
| Current Assets | $528M | $603M | $581M | $490M | $448M | $299M | $62M | $83M | $133M | $109M | $88M | |
| PP&E (Net) | $181.0K | $0 | $8.0K | $20.0K | $278.0K | $192.0K | $281.0K | $373.0K | $267.0K | $260.0K | $88.0K | |
| PP&E (Gross) | $606.0K | $419.0K | $419.0K | $419.0K | $721.0K | $591.0K | $591.0K | $608.0K | $466.0K | $540.0K | $280.0K | |
| Accum. Depreciation | $425.0K | $419.0K | $411.0K | $399.0K | $443.0K | $399.0K | $310.0K | $235.0K | $199.0K | $280.0K | $192.0K | |
| Other Non-current Assets | · | $0 | $463.0K | $807.0K | $0 | $1M | $197.0K | $219.0K | $231.0K | $243.0K | $2M | |
| Total Assets | $530M | $725M | $613M | $497M | $450M | $301M | $64M | $84M | $137M | $109M | $90M | |
| Accounts Payable | $17M | $12M | $10M | $4M | $6M | $4M | $6M | $1M | $2M | $2M | $1M | |
| Current Liabilities | $120M | $104M | $58M | $29M | $21M | $19M | $18M | $16M | $16M | $10M | $5M | |
| Capital Leases | · | $2M | $578.0K | $709.0K | $711.0K | $101.0K | $419.0K | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | $1.0K | $5.0K | $136.0K | $310.0K | $288.0K | $70.0K | |
| Total Liabilities | $465M | $437M | $59M | $30M | $41M | $48M | $32M | $31M | $33M | $25M | $23M | |
| Total Debt | $350M | $338M | · | · | · | · | · | · | · | · | · | |
| Common Stock | $9.0K | $9.0K | $8.0K | $7.0K | $6.0K | $5.0K | $3.0K | $2.0K | $2.0K | $2.0K | $1.0K | |
| Paid-in Capital | · | · | · | · | · | · | · | · | $471M | · | · | |
| Retained Earnings | $-1.51B | $-1.22B | $-902M | $-693M | $-544M | $-569M | $-495M | $-439M | $-366M | $-305M | $-260M | |
| Stockholders' Equity | $65M | $288M | $554M | $467M | $408M | $252M | $32M | $53M | $104M | $84M | $-252M | |
| Liabilities + Equity | $530M | $725M | $613M | $497M | $450M | $301M | $64M | $84M | $137M | $109M | $90M | |
| Shares Outstanding | 87,405,979 | 85,694,443 | 84,826,632 | 68,111,385 | 54,983,105 | 47,881,223 | 27,140,484 | 24,835,951 | 24,390,033 | 18,215,181 | 85,440 |
Cash Flow 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $48M | $43M | $31M | $16M | $13M | $9M | $6M | $6M | $5M | $5M | $4M | |
| Operating Cash Flow | $-323M | $-275M | $-161M | $-134M | $29M | $-71M | $-51M | $-69M | $-47M | $-35M | $-2M | |
| CapEx | $187.0K | $0 | $0 | $0 | $129.0K | $0 | · | $187.0K | $84.0K | $261.0K | $49.0K | |
| Investing Cash Flow | $290M | $-220M | $118M | $-186M | $-41M | $-143M | $13M | $51M | $-17M | $-18M | · | |
| Financing Cash Flow | $14M | $353M | $264M | $172M | $118M | $304M | $29M | $16M | $76M | $54M | · | |
| Net Change in Cash | $-19M | $-141M | $221M | $-148M | $107M | $91M | $-9M | $-1M | $11M | $762.0K | $13M | |
| Taxes Paid | $150 | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-323M | · | $-161M | $-134M | $29M | · | · | · | $-47M | $-35M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -158.4% | -1434.4% | · | · | 18.8% | · | -3792.9% | · | -2939.0% | -3587.4% | · | |
| Net Margin | -165.6% | -1346.1% | · | · | 17.8% | · | -3694.6% | · | -2884.3% | -3645.2% | · | |
| EBITDA Margin | -158.4% | -1434.4% | · | · | 18.8% | · | -3792.9% | · | -2939.0% | -3587.4% | · | |
| ROA | -45.5% | -47.7% | -37.7% | -31.5% | 6.6% | · | -76.0% | · | -49.4% | -44.7% | · | |
| ROE | -257.1% | -97.4% | -45.8% | -37.1% | 8.2% | · | -148.2% | · | -64.5% | 52.9% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.4 | 5.8 | 10.0 | 16.9 | 21.7 | · | 3.4 | · | 8.4 | 10.5 | · | |
| Quick Ratio | 3.6 | 5.6 | 9.8 | 16.4 | 21.3 | · | 3.3 | · | 8.2 | 10.2 | · | |
| Debt / Equity | 5.4 | 1.2 | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | -1105.5 | -48.4 | 13.8 | · | · | · | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.0 | 0.0 | · | 0.4 | · | 0.0 | · | 0.0 | 0.0 | · | |
| Receivables Turnover | 7.6 | 6.2 | · | · | · | · | · | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 627.8% | · | · | · | 9109.6% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | · | -44.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 157.7% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $172M | $24M | $0 | $0 | $140M | $2M | $2M | $2M | $2M | $1M | · | |
| Net Income TTM | $-285M | $-319M | $-209M | $-149M | $25M | $-73M | $-56M | $-74M | $-61M | $-44M | · | |
| Market Cap | $1.84B | $1.13B | $1.83B | $1.73B | $1.20B | · | $238M | · | $214M | $131M | · | |
| Enterprise Value | $1.79B | $898M | · | · | · | · | · | · | · | · | · | |
| P/E | -6.4 | -3.6 | -7.3 | -10.3 | 47.6 | -11.9 | -4.8 | · | · | · | · | |
| P/S | 10.7 | 47.8 | · | · | 8.6 | · | 157.1 | · | 101.4 | 107.1 | · | |
| P/B | 28.4 | 3.9 | 3.3 | 3.7 | 2.9 | · | 7.5 | · | 2.0 | 1.6 | · | |
| P / Tangible Book | 28.4 | 3.9 | 3.3 | 3.7 | 2.9 | 4.2 | · | · | · | · | · | |
| P / Cash Flow | -5.7 | -4.1 | -11.4 | -13.0 | 41.3 | · | -4.7 | · | -4.5 | -3.7 | · | |
| P / FCF | -5.7 | · | -11.4 | -13.0 | 41.5 | · | · | · | -4.5 | -3.7 | · | |
| EV / EBITDA | -6.6 | -2.6 | · | · | · | · | · | · | · | · | · | |
| EV / FCF | -5.5 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 10.4 | 37.9 | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -15.7% | -28.1% | -13.8% | -9.7% | 2.1% | -8.4% | -21.0% | · | · | · | · |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $73M | $65M | $68M | $46M | $38M | $20M | $8M | $12M | $4M | $0 | $0 | $0 | $0 | · | · | · | |
| R&D Expense | $68M | $59M | $79M | $56M | $62M | $62M | $66M | $71M | $49M | $56M | $55M | $39M | $35M | $34M | $32M | $27M | |
| SG&A Expense | $42M | $38M | $50M | $45M | $44M | $41M | $38M | $31M | $29M | $23M | $23M | $17M | $15M | $12M | $10M | $8M | |
| Operating Expenses | $113M | $99M | $131M | $103M | $107M | $104M | $104M | $102M | $78M | $80M | $78M | $56M | $50M | $46M | $42M | $35M | |
| Operating Income | $-40M | $-34M | $-63M | $-57M | $-69M | $-84M | $-96M | $-90M | $-74M | $-80M | $-78M | $-56M | $-50M | $-46M | $-42M | $-35M | |
| Interest Expense | · | · | · | · | · | · | · | · | $45.0K | $55.0K | · | $70.0K | $35.0K | $40.0K | · | $2M | |
| Interest Income | $4M | $4M | $4M | $5M | $6M | $7M | $7M | $5M | $6M | $7M | $6M | $5M | $5M | $5M | $3M | $2M | |
| Other Non-op | $-438.0K | $-186.0K | $3M | $-275.0K | $-586.0K | $-221.0K | $-14M | $32.0K | $6M | $7M | $-55.0K | $-66.0K | $-93.0K | $-147.0K | $-106.0K | $-295.0K | |
| Income Tax | $0 | $0 | $433.0K | $0 | $0 | $0 | · | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Income | $-49M | $-43M | $-68M | $-61M | $-72M | $-85M | $-94M | $-84M | $-68M | $-72M | $-72M | $-51M | $-45M | $-41M | $-39M | $-35M | |
| EPS (Basic) | $-0.55 | $-0.48 | $-0.78 | $-0.70 | $-0.83 | $-0.98 | $-1.09 | $-0.98 | $-0.80 | $-0.85 | $-1.02 | $-0.73 | $-0.64 | $-0.59 | $-0.63 | $-0.58 | |
| EPS (Diluted) | $-0.55 | $-0.48 | $-0.78 | $-0.70 | $-0.83 | $-0.98 | $-1.09 | $-0.98 | $-0.80 | $-0.85 | $-1.02 | $-0.73 | $-0.64 | $-0.59 | $-0.63 | $-0.58 | |
| Shares (Basic) | 88,991,317 | 88,255,636 | -172,504,508 | 86,620,992 | 86,337,237 | 86,171,889 | -170,299,533 | 85,433,569 | 85,274,829 | 85,213,200 | -138,562,564 | 69,855,766 | 69,638,427 | 69,438,890 | -119,044,656 | 60,670,294 | |
| Shares (Diluted) | 88,991,317 | 88,255,636 | -172,504,508 | 86,620,992 | 86,337,237 | 86,171,889 | -170,299,533 | 85,433,569 | 85,274,829 | 85,213,200 | -138,562,564 | 69,855,766 | 69,638,427 | 69,438,890 | -119,044,656 | 60,670,294 | |
| EBITDA | $-40M | $-34M | · | $-57M | $-69M | $-84M | · | $-90M | $-74M | $-80M | · | $-56M | $-50M | $-46M | · | $-35M |
Balance Sheet 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $336M | $131M | $135M | $117M | $109M | $154M | $154M | $133M | $105M | $115M | $295M | $95M | $97M | $58M | $74M | $71M | |
| Short-term Investments | $211M | $221M | $259M | $319M | $347M | $358M | $419M | $257M | $320M | $320M | · | $269M | $302M | $375M | · | $266M | |
| Receivables | · | · | $38M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Inventory | $33M | $35M | $33M | $25M | $18M | $5M | $366.0K | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $17M | $16M | $13M | $10M | $10M | $8M | $9M | $5M | $4M | $5M | · | $4M | $3M | $2M | · | $2M | |
| Other Current Assets | · | · | · | · | · | · | · | $4M | $10M | $6M | · | · | · | · | · | · | |
| Current Assets | $675M | $471M | $528M | $530M | $532M | $549M | $603M | $415M | $446M | $454M | · | $381M | $409M | $442M | · | $358M | |
| PP&E (Net) | $212.0K | $177.0K | $181.0K | $128.0K | $0 | $0 | $0 | $0 | $2.0K | $5.0K | · | $10.0K | $13.0K | $17.0K | · | $23.0K | |
| PP&E (Gross) | $646.0K | $606.0K | $606.0K | · | · | · | $419.0K | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $434.0K | $429.0K | $425.0K | · | · | · | $419.0K | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | · | · | · | · | · | · | · | $0 | $156.0K | $248.0K | · | $587.0K | $579.0K | $693.0K | · | $881.0K | |
| Total Assets | $704M | $473M | $530M | $552M | $596M | $641M | $725M | $426M | $477M | $543M | · | $399M | $431M | $460M | · | $360M | |
| Accounts Payable | $5M | $11M | $17M | $14M | $17M | $10M | $12M | $5M | $12M | $9M | · | $6M | $11M | $8M | · | $7M | |
| Current Liabilities | $100M | $86M | $120M | $114M | $113M | $95M | $104M | $59M | $42M | $51M | · | $39M | $30M | $24M | · | $21M | |
| Capital Leases | · | · | · | · | · | · | · | $0 | $133.0K | $327.0K | · | $851.0K | $1M | $588.0K | · | $768.0K | |
| Total Liabilities | $689M | $431M | $465M | $436M | $439M | $426M | $437M | $59M | $43M | $51M | · | $40M | $31M | $24M | · | $22M | |
| Total Debt | $350M | $350M | · | $327M | $331M | $336M | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $8.0K | · | $7.0K | $7.0K | $7.0K | · | $6.0K | |
| Retained Earnings | $-1.60B | $-1.55B | $-1.51B | $-1.44B | $-1.38B | $-1.31B | $-1.22B | $-1.13B | $-1.04B | $-975M | · | $-830M | $-779M | $-734M | · | $-654M | |
| Stockholders' Equity | $15M | $42M | $65M | $115M | $157M | $215M | $288M | $366M | $434M | $492M | $554M | $359M | $400M | $436M | $467M | $338M | |
| Liabilities + Equity | $704M | $473M | $530M | $552M | $596M | $641M | $725M | $426M | $477M | $543M | · | $399M | $431M | $460M | · | $360M | |
| Shares Outstanding | 89,150,619 | 88,543,881 | 87,405,979 | 86,905,343 | 86,059,077 | 86,047,032 | 85,694,443 | 85,571,205 | 85,028,629 | 84,979,686 | · | 69,638,168 | 69,431,198 | 68,495,426 | · | 60,122,661 |
Cash Flow 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $14M | $12M | $11M | $12M | $14M | $10M | $12M | $12M | $10M | $9M | $8M | $8M | $8M | $6M | $4M | $4M | |
| Operating Cash Flow | $-30M | $-50M | $-69M | $-71M | $-88M | $-95M | $-57M | $-62M | $-72M | $-84M | $-41M | $-45M | $-35M | $-39M | $-23M | $-29M | |
| Investing Cash Flow | $-17M | $38M | $82M | $72M | $42M | $94M | $-269M | $87M | $62M | $-99M | $-16M | $40M | $74M | $20M | $-138M | $-7M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $0 | |
| Financing Cash Flow | $253M | $8M | $6M | $6M | $551.0K | $930.0K | $347M | $3M | $676.0K | $2M | $258M | $2M | $1M | $2M | $164M | $-14M | |
| Net Change in Cash | $206M | $-4M | $18M | $8M | $-45M | $-90.0K | $21M | $28M | $-9M | $-181M | $201M | $-3M | $40M | $-17M | $3M | $-49M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -54.9% | -52.7% | · | -125.2% | -182.7% | -417.9% | · | -716.6% | -2120.5% | · | · | · | · | · | · | · | |
| Net Margin | -67.8% | -65.8% | · | -132.4% | -189.3% | -423.3% | · | -673.0% | -1944.7% | · | · | · | · | · | · | · | |
| EBITDA Margin | -54.9% | -52.7% | · | -125.2% | -182.7% | -417.9% | · | -716.6% | -2120.5% | · | · | · | · | · | · | · | |
| ROA | -7.6% | -7.7% | · | -12.4% | -13.4% | -14.3% | · | -20.4% | -15.0% | -14.4% | · | -13.5% | -10.7% | -9.3% | · | -11.8% | |
| ROE | -57.2% | -33.2% | · | -25.2% | -24.3% | -24.0% | · | -23.2% | -16.3% | -15.6% | · | -14.7% | -11.7% | -10.2% | · | -13.2% |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.8 | 5.5 | · | 4.6 | 4.7 | 5.8 | · | 7.0 | 10.5 | 8.9 | · | 9.7 | 13.6 | 18.6 | · | 17.2 | |
| Quick Ratio | 5.5 | 4.1 | · | 3.8 | 4.0 | 5.4 | · | 6.6 | 10.0 | 8.6 | · | 9.3 | 13.2 | 18.2 | · | 16.2 | |
| Debt / Equity | 23.2 | 8.4 | · | 2.8 | 2.1 | 1.6 | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -1649.2 | -1445.7 | · | -805.1 | -1419.4 | -1150.4 | · | -20.1 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $221M | $169M | · | $116M | $74M | $36M | · | $16M | $4M | · | · | · | · | $14M | · | $14M | |
| Net Income TTM | $-225M | $-260M | · | $-302M | $-309M | $-309M | · | $-276M | $-236M | $-209M | · | $-172M | $-159M | $-151M | · | $-131M | |
| Market Cap | $1.95B | $2.07B | · | $1.34B | $806M | $1.06B | · | $1.65B | $1.75B | $2.02B | · | $1.01B | $1.45B | $1.45B | · | $1.44B | |
| Enterprise Value | $1.75B | $2.07B | · | $1.23B | $681M | $881M | · | · | · | · | · | · | · | · | · | · | |
| P/E | -8.5 | -7.8 | · | -4.4 | -2.6 | -3.4 | · | -5.7 | -6.8 | -8.5 | · | -5.7 | -8.6 | -8.7 | · | -10.8 | |
| P/S | 8.8 | 12.3 | · | 11.5 | 10.9 | 29.3 | · | 103.0 | 498.8 | · | · | · | · | 107.1 | · | 106.9 | |
| P/B | 129.1 | 49.7 | · | 11.6 | 5.1 | 4.9 | · | 4.5 | 4.0 | 4.1 | · | 2.8 | 3.6 | 3.3 | · | 4.3 | |
| P / Tangible Book | 129.1 | 49.7 | · | 11.6 | 5.1 | 4.9 | · | 4.5 | 4.0 | 4.1 | · | 2.8 | 3.6 | 3.3 | · | 4.3 | |
| P / Cash Flow | · | -41.1 | · | · | · | -11.1 | · | · | · | -24.2 | · | · | · | -36.9 | · | · | |
| EV / EBITDA | -43.8 | -60.4 | · | -21.4 | -9.8 | -10.5 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 7.9 | 12.2 | · | 10.6 | 9.2 | 24.4 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -11.7% | -12.8% | · | -22.7% | -38.3% | -29.4% | · | -17.4% | -14.7% | -11.8% | · | -17.5% | -11.6% | -11.5% | · | -9.3% |
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 | $172M | $24M | $0 | $0 | $140M |
| Operating Margin % | -158.4% | -1434.4% | — | — | 18.8% |
| Net Income | $-285M | $-319M | $-209M | $-149M | $25M |
| Diluted EPS | $-3.29 | $-3.72 | $-2.98 | $-2.46 | $0.46 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 5.4 | 1.2 | — | — | — |
| Current Ratio | 4.4 | 5.8 | 10.0 | 16.9 | 21.7 |
| Quick Ratio | 3.6 | 5.6 | 9.8 | 16.4 | 21.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-323M | — | $-161M | $-134M | $29M |
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Institutional owners (13F) 263 filers · $1.8B 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 |
|---|---|---|---|---|
| 42 (+2 vs prior Q) | 35 (+9 vs prior Q) | 84 (-9 vs prior Q) | 81 (+6 vs prior Q) | +15.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Kynam Capital Management, LP | $175,993,964 | 8,050,959 | 9.56% | Shares |
| STATE STREET CORP | $123,693,149 | 5,658,424 | 6.72% | Shares |
| GOLDMAN SACHS GROUP INC | $118,916,323 | 5,439,905 | 6.46% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $85,863,719 | 3,927,892 | 4.67% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $82,628,614 | 3,779,900 | 4.49% | Shares |
| Eversept Partners, LP | $61,168,871 | 2,798,210 | 3.32% | Shares |
| Hood River Capital Management LLC | $56,055,139 | 2,564,279 | 3.05% | Shares |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $54,650,000 | 2,500,000 | 2.97% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $49,304,935 | 2,255,013 | 2.68% | Shares |
| MILLENNIUM MANAGEMENT LLC | $44,899,566 | 2,053,960 | 2.44% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $42,010,461 | 1,921,796 | 2.28% | Shares |
| Elmind Capital, LP | $40,550,300 | 1,855,000 | 2.20% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $39,106,294 | 1,788,943 | 2.13% | Shares |
| Candriam S.C.A. | $37,039,763 | 1,696,040 | 2.01% | Shares |
| Soleus Capital Management, L.P. | $35,588,933 | 1,628,039 | 1.93% | Shares |
| TWO SIGMA INVESTMENTS, LP | $34,497,812 | 1,578,125 | 1.87% | Shares |
| ORBIMED ADVISORS LLC | $33,708,120 | 1,542,000 | 1.83% | Shares |
| MPM BIOIMPACT LLC | $29,150,813 | 1,333,523 | 1.58% | Shares |
| Aisling Capital Management LP | $28,785,379 | 1,316,806 | 1.56% | Shares |
| Woodline Partners LP | $27,341,614 | 1,250,760 | 1.49% | Shares |
| Catalio Capital Management, LP | $26,575,158 | 1,215,698 | 1.44% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $26,546,565 | 1,214,390 | 1.44% | Shares |
| Prosight Management, LP | $26,232,000 | 1,200,000 | 1.43% | Shares |
| Trails Edge Capital Partners, LP | $24,264,600 | 1,110,000 | 1.32% | Shares |
| ALGERT GLOBAL LLC | $22,985,025 | 1,051,465 | 1.25% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $22,179,287 | 1,014,606 | 1.21% | Shares |
| Parkman Healthcare Partners LLC | $19,176,816 | 877,256 | 1.04% | Shares |
| Ensign Peak Advisors, Inc | $18,970,786 | 867,831 | 1.03% | Shares |
| Palo Alto Investors LP | $18,908,594 | 864,986 | 1.03% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $17,800,664 | 814,303 | 0.97% | Shares |
| LOOMIS SAYLES & CO L P | $16,788,611 | 768,006 | 0.91% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $13,848,507 | 633,509 | 0.75% | Shares |
| TWO SIGMA ADVISERS, LP | $13,294,120 | 632,752 | 0.72% | Shares |
| Rhenman & Partners Asset Management AB | $12,247,065 | 560,250 | 0.67% | Shares |
| Apis Capital Advisors, LLC | $12,154,160 | 556,000 | 0.66% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $11,946,862 | 546,517 | 0.65% | Shares |
| BANK OF AMERICA CORP /DE/ | $10,822,930 | 495,102 | 0.59% | Shares |
| Qube Research & Technologies Ltd | $10,431,199 | 477,182 | 0.57% | Shares |
| Bank of New York Mellon Corp | $9,995,135 | 457,234 | 0.54% | Shares |
| FIRST TRUST ADVISORS LP | $9,983,462 | 456,700 | 0.54% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,926,648 | 454,101 | 0.54% | Shares |
| Granahan Investment Management, LLC | $9,771,158 | 446,988 | 0.53% | Shares |
| Knott David M Jr | $9,558,176 | 437,245 | 0.52% | Shares |
| Aberdeen Group plc | $8,148,665 | 372,766 | 0.44% | Shares |
| Squarepoint Ops LLC | $8,095,130 | 370,317 | 0.44% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $8,013,176 | 366,568 | 0.44% | Shares |
| AMERIPRISE FINANCIAL INC | $7,526,717 | 344,354 | 0.41% | Shares |
| Jones Hill Capital LP | $7,432,400 | 340,000 | 0.40% | Shares |
| DAFNA Capital Management LLC | $7,328,674 | 335,255 | 0.40% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $7,161,708 | 327,617 | 0.39% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,030,176 | 321,600 | 0.38% | Shares |
| Brevan Howard Capital Management LP | $6,756,161 | 309,065 | 0.37% | Shares |
| Alyeska Investment Group, L.P. | $6,743,963 | 308,507 | 0.37% | Shares |
| Verition Fund Management LLC | $6,665,967 | 304,939 | 0.36% | Shares |
| D. E. Shaw & Co., Inc. | $6,325,060 | 289,344 | 0.34% | Shares |
| BlackRock, Inc. | $6,274,957 | 287,052 | 0.34% | Shares |
| MACKENZIE FINANCIAL CORP | $6,122,527 | 280,079 | 0.33% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,670,484 | 259,400 | 0.31% | Call option |
| CITADEL ADVISORS LLC | $5,645,957 | 258,278 | 0.31% | Shares |
| Trexquant Investment LP | $5,595,045 | 255,949 | 0.30% | Shares |
| SECTOR GAMMA AS | $5,284,415 | 241,739 | 0.29% | Shares |
| Schonfeld Strategic Advisors LLC | $5,174,631 | 236,717 | 0.28% | Shares |
| Pinnacle Financial Partners, Inc. | $4,747,402 | 217,173 | 0.26% | Shares |
| Man Group plc | $4,671,548 | 213,703 | 0.25% | Shares |
| Y-Intercept (Hong Kong) Ltd | $4,649,906 | 212,713 | 0.25% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $4,530,485 | 207,250 | 0.25% | Shares |
| Pictet Asset Management Holding SA | $4,529,835 | 207,936 | 0.25% | Shares |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $4,372,000 | 200,000 | 0.24% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $3,935,000 | 180,000 | 0.21% | Shares |
| Cubist Systematic Strategies, LLC | $3,796,689 | 246,779 | 0.21% | Shares |
| Swiss National Bank | $3,674,666 | 168,100 | 0.20% | Shares |
| Atom Investors LP | $3,552,775 | 162,524 | 0.19% | Shares |
| SummitTX Capital, L.P. | $3,077,822 | 140,797 | 0.17% | Shares |
| Torray Investment Partners LLC | $2,925,633 | 133,835 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $2,893,331 | 132,358 | 0.16% | Shares |
| Pale Fire Capital SE | $2,744,523 | 125,550 | 0.15% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $2,734,489 | 125,091 | 0.15% | Shares |
| PFM Health Sciences, LP | $2,588,705 | 118,422 | 0.14% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,482,201 | 113,967 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,477,094 | 106,040 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,406,290 | 103,009 | 0.13% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,366,214 | 108,244 | 0.13% | Shares |
| Rafferty Asset Management, LLC | $2,137,624 | 97,787 | 0.12% | Shares |
| TEMA ETFS LLC | $2,102,114 | 100,053 | 0.11% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $1,836,240 | 84,000 | 0.10% | Shares |
| Aquatic Capital Management LLC | $1,725,235 | 78,922 | 0.09% | Shares |
| WINTON GROUP Ltd | $1,672,290 | 76,500 | 0.09% | Shares |
| Seven Fleet Capital Management LP | $1,645,046 | 77,930 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $1,538,944 | 70,400 | 0.08% | Call option |
| 1492 Capital Management LLC | $1,464,554 | 66,997 | 0.08% | Shares |
| Virtus Investment Advisers, LLC | $1,392,919 | 63,720 | 0.08% | Shares |
| CITIGROUP INC | $1,311,600 | 60,000 | 0.07% | Call option |
| CITIGROUP INC | $1,311,600 | 60,000 | 0.07% | Put option |
| XTX Topco Ltd | $1,293,325 | 59,164 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,276,755 | 58,406 | 0.07% | Shares |
| Headlands Technologies LLC | $1,229,122 | 56,227 | 0.07% | Shares |
| IEQ CAPITAL, LLC | $1,198,693 | 54,835 | 0.07% | Shares |
| MetLife Investment Management, LLC | $1,135,190 | 51,930 | 0.06% | Shares |
| BARCLAYS PLC | $1,084,256 | 49,600 | 0.06% | Call option |
| PROFUND ADVISORS LLC | $1,080,146 | 49,412 | 0.06% | Shares |
Company insiders 14 insiders · 4 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael A Metzger | Chief Executive Officer | July 8, 2026 M | 484,843 | 0 | 5 | $-4,009,892 |
| Keith A. Goldan | Chief Financial Officer | June 1, 2026 S | 139,252 | 0 | 3 | $-136,994 |
| Neil Gallagher | President, Head of R&D | Feb. 10, 2025 S | 85,095 | 0 | 0 | $0 |
| Nicholas A.J. Botwood | Head of R&D, CMO | June 12, 2026 M | 60,885 | 0 | 2 | $-1,183,643 |
| Aleksandra Rizo | Director | Feb. 4, 2026 A | 49,000 | 0 | 0 | $0 |
| Jennifer Jarrett | Director | Feb. 4, 2026 A | 114,000 | 0 | 0 | $0 |
| Martin H. Huber Jr. | Director | Feb. 4, 2026 A | 103,000 | 0 | 0 | $0 |
| Pierre Legault | Director | Feb. 4, 2026 A | 114,000 | 0 | 0 | $0 |
| Keith Katkin | Director | Feb. 4, 2026 A | 124,000 | 0 | 0 | $0 |
| Dennis Podlesak | Director | Feb. 4, 2026 A | 239,763 | 0 | 0 | $0 |
| William Meury | Director | Feb. 5, 2025 A | 90,000 | 0 | 0 | $0 |
| Kim P. Kamdar | Director | Oct. 31, 2016 A | — | 0 | 0 | $0 |
| Luke Evnin | Director | March 8, 2016 C | 2,168,691 | 0 | 0 | $0 |
| Ivor Royston | Director | March 8, 2016 C | 750,545 | 0 | 0 | $0 |
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 |
|---|---|---|---|---|---|
| Access Industries Holdings LLC, AI Life Sciences Investments LLC, AI LSI-SPV LLC, Access Industries Holdings (BVI) L.P., Access Industries, LLC, Access Industries Management, LLC, Len Blavatnik ×2 filings | March 4, 2022 | — | 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 39 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 |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.68% | 46,457 NS | April 30, 2026 | N-PORT |
| CANC · Tema ETF Trust | 0.80% | 72,212 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.55% | 134,242 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.51% | 249,549 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.26% | 148,598 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.13% | 1,602 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.12% | 4,820 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.12% | 590,806 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.11% | 104,684 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.11% | 95,455 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.11% | 801,931 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.10% | 23,307 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 30,651 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.09% | 3,261 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 512,404 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.06% | 84,558 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.06% | 37,359 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.06% | 2,268,572 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.05% | 26,656 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.04% | 4,050 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 416,170 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.03% | 252,202 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 37,483 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 3,791 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 3,168 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,013,279 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 3,204 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.02% | 8,464 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 4,589 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,522 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 80 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 6,314 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 28,259 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 120,028 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 52,906 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 19,969 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 204 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,825,144 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,016 SH | Aug. 8, 2026 | Daily |