SPRB Spruce Biosciences, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ 10-K/10-Q Aug 12, 2026
$45.15
· of 52w range
· above low
· to high
$38.0652w low
$138.4552w high
Market Cap (MRQ)
$124M
P/E
-0.9
EPS
$-50.83
Revenue
$0
your badges
52W Range
$38–$138
Analyst Rating
BUY
Price Target
$148
P/E
-0.9
ROE
-139.9%
Net Profit Margin
·
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SPRB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$45.15
Market Cap (MRQ)
$124M
P/E
-0.9
EPS
$-50.83
Revenue
$0
ROE
-139.9%
Debt/Equity (MRQ)
0.1
52W Range
$38–$138
SPRB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Aug. 7, 2025 | 1-for-75 | Reverse |
| Aug. 5, 2025 | 1-for-75 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$02022-12-31 → 2025-12-31
EPS$-50.832021-12-31 → 2025-12-31
Free Cash Flow·2020-12-31 → 2024-12-31
Net margin·2023-12-31 → 2024-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | SPRB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -0.95Y avg ≈-6065.3 | ≈-6065.3 | · | · | |
| P/B (MRQ) | 1.55Y avg ≈3944.3 | ≈3944.3 | 5.1 | Undervalued | |
| EV / EBITDA | -0.45Y avg ≈-6378.3 | ≈-6378.3 | · | · | |
| Price / Cash Flow | -1.95Y avg ≈-8405.9 | ≈-8405.9 | · | · | |
| Price / Tangible Book | 1.55Y avg ≈3944.3 | ≈3944.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | SPRB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -79.3%5Y avg ≈-54.8% | ≈-54.8% | -79.3% | In line | |
| ROE | -139.9%5Y avg ≈-86.1% | ≈-86.1% | -54.4% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | SPRB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.15Y avg ≈0.0 | ≈0.0 | 0.0 | High debt | |
| Current Ratio (MRQ) | 9.25Y avg ≈5.9 | ≈5.9 | 2.9 | Strong liquidity | |
| Quick Ratio | 4.85Y avg ≈5.5 | ≈5.5 | 1.8 | Strong liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.15Y avg ≈0.0 | ≈0.0 | · | · | |
| Interest Coverage | -405.75Y avg ≈-186.2 | ≈-186.2 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | SPRB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -51.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | SPRB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.1 | ≈0.1 | 0.0 | Weak | |
| Revenue / Employee | ≈$0.00 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-26.2%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $-6.68 | $-5.92 | -12.9% |
| March 31, 2026 | $-8.94 | $-8.99 | 0.58% | |
| Dec. 31, 2025 | $-11.28 | $-8.15 | -38.5% | |
| Sept. 30, 2025 | $-14.58 | $-14.21 | -2.6% | |
| June 30, 2025 | $-3.50 | $-19.51 | 82.1% | |
| March 31, 2025 | $-24.00 | $-16.42 | -46.2% | |
| Dec. 31, 2024 | $-42.75 | $-16.07 | -166.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $0 | $5M | $10M | $0 | |
| R&D Expense | $20M | $46M | $49M | $35M | |
| SG&A Expense | $17M | $15M | $13M | $12M | |
| Operating Expenses | $37M | $61M | $62M | $47M | |
| Operating Income | $-37M | $-56M | $-52M | $-47M | |
| Interest Expense | $90.0K | $307.0K | $483.0K | $420.0K | |
| Income Tax | $0 | $0 | $0 | $0 | |
| Net Income | $-39M | $-53M | $-48M | $-46M | |
| EPS (Basic) | $-50.83 | $-96.40 | $-1.24 | $-1.96 | |
| EPS (Diluted) | $-50.83 | $-96.40 | $-1.24 | $-1.96 | |
| Shares (Basic) | 766,598 | 550,146 | 38,510,220 | 23,527,116 | |
| Shares (Diluted) | 766,598 | 550,146 | 38,510,220 | 23,527,116 | |
| EBITDA | $-37M | $-56M | $-52M | $-47M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $49M | $39M | $96M | $24M | |
| Short-term Investments | · | · | $0 | $55M | |
| Receivables | · | · | · | $0 | |
| Prepaid Expense | $353.0K | $3M | $4M | $3M | |
| Other Current Assets | $3M | $2M | $2M | $1M | |
| Current Assets | $52M | $44M | $102M | $84M | |
| Other Non-current Assets | $243.0K | $69.0K | $582.0K | $640.0K | |
| Total Assets | $53M | $45M | $104M | $86M | |
| Accounts Payable | $943.0K | $1M | $3M | $1M | |
| Accrued Liabilities | $9M | $12M | $15M | · | |
| Current Liabilities | $10M | $15M | $24M | $12M | |
| Capital Leases | $419.0K | $736.0K | $1M | $1M | |
| Other Non-current Liabilities | $0 | $282.0K | $236.0K | $161.0K | |
| Total Liabilities | $11M | $16M | $27M | $17M | |
| Long-term Debt | $0 | $2M | $4M | $6M | |
| Total Debt | $0 | $2M | $3M | $5M | |
| Common Stock | $0 | $0 | $4.0K | $3.0K | |
| Retained Earnings | $-289M | $-250M | $-197M | $-149M | |
| AOCI | · | · | $0 | $-558.0K | |
| Stockholders' Equity | $43M | $29M | $77M | $68M | |
| Liabilities + Equity | $53M | $45M | $104M | $86M | |
| Shares Outstanding | 1,372,043 | 563,042 | 547,019 | 23,601,004 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $21.0K | $46.0K | $70.0K | $74.0K | |
| Stock-based Comp | $3M | $5M | $5M | $4M | |
| Operating Cash Flow | $-33M | $-56M | $-33M | $-42M | |
| CapEx | · | $0 | $7.0K | $8.0K | |
| Investing Cash Flow | · | $0 | $56M | $24M | |
| Debt Issued | · | · | · | $0 | |
| Net Debt Issued | $-2M | $-2M | $-2M | $0 | |
| Financing Cash Flow | $43M | $-2M | $49M | $-241.0K | |
| Free Cash Flow | · | $-56M | $-33M | $-42M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | · | -1143.4% | -515.3% | · | |
| Net Margin | · | -1079.9% | -475.0% | · | |
| EBITDA Margin | · | -1143.4% | -515.3% | · | |
| ROA | -79.3% | -71.1% | -50.5% | -43.5% | |
| ROE | -139.9% | -131.8% | -59.2% | -62.8% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 5.2 | 2.9 | 4.2 | 6.7 | |
| Quick Ratio | 4.8 | 2.5 | 3.9 | 6.4 | |
| Debt / Equity | 0.0 | 0.1 | 0.0 | 0.1 | |
| LT Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | |
| Interest Coverage | -405.7 | -182.9 | -107.6 | -112.6 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | $30.99 | $0.68 | $1.86 | $2.90 | |
| Revenue / Share | $0.00 | $0.12 | $0.26 | · | |
| Cash Flow / Share | $-43.47 | $-1.36 | $-0.86 | $-1.77 | |
| Cash / Share | $35.64 | $0.92 | $2.35 | $1.04 | |
| EPS (TTM) | $-50.83 | $-96.40 | $-1.24 | $-1.96 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | · | -51.3% | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $0 | $5M | $10M | $0 | |
| Net Income TTM | $-39M | $-53M | $-48M | $-46M | |
| Market Cap | $120M | $99.77B | $676.22B | $145.63B | |
| Enterprise Value | $71M | $99.73B | $676.13B | $145.56B | |
| P/E | -1.7 | -24.5 | -13291.3 | -3148.3 | |
| P/S | · | 20315.9 | 67025.8 | · | |
| P/B | 2.8 | 3461.8 | 8838.5 | 2126.5 | |
| P / Tangible Book | 2.8 | 3461.8 | 8838.5 | 2126.5 | |
| P / Cash Flow | -3.6 | -1782.8 | -20322.3 | -3493.8 | |
| P / FCF | · | -1782.8 | -20318.0 | -3493.2 | |
| EV / EBITDA | -1.9 | -1776.2 | -13004.2 | -3078.5 | |
| EV / FCF | · | -1782.1 | -20315.2 | -3491.4 | |
| EV / Revenue | · | 20308.4 | 67016.5 | · | |
| Earnings Yield | -58.4% | -4.1% | -0.01% | -0.03% |
Income Statement
| 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 | · | · | $0 | $0 | $0 | $0 | $697.0K | $602.0K | $2M | $2M | $3M | $3M | $2M | $2M | $0 | $0 | |
| R&D Expense | $12M | $8M | $4M | $5M | $-430.0K | $11M | $21M | $7M | $8M | $10M | $11M | $13M | $13M | $12M | $9M | $9M | |
| SG&A Expense | $4M | $4M | $7M | $3M | $3M | $4M | $3M | $3M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Operating Expenses | $17M | $12M | $11M | $8M | $3M | $14M | $25M | $10M | $12M | $15M | $14M | $17M | $16M | $15M | $12M | $12M | |
| Operating Income | $-17M | $-12M | $-11M | $-8M | $-3M | $-14M | $-24M | $-9M | $-10M | $-13M | $-11M | $-14M | $-14M | $-13M | $-12M | $-12M | |
| Interest Expense | $1M | $674.0K | $6.0K | $19.0K | $29.0K | $36.0K | $56.0K | $71.0K | $83.0K | $97.0K | $106.0K | $119.0K | $127.0K | $131.0K | $129.0K | $110.0K | |
| Other Non-op | · | · | · | · | · | · | · | $808.0K | $938.0K | $1M | · | $1M | $1M | $539.0K | · | · | |
| Net Income | $-16M | $-12M | $-15M | $-8M | $-2M | $-14M | $-24M | $-9M | $-9M | $-12M | $-10M | $-12M | $-13M | $-13M | $-11M | $-11M | |
| EPS (Basic) | $-6.68 | $-8.94 | $-32.43 | $-14.58 | $-3.50 | $-23.95 | $-63.64 | $-15.75 | $-16.73 | $-0.28 | $-0.22 | $-0.30 | $-0.32 | $-0.40 | $-0.47 | $-0.48 | |
| EPS (Diluted) | $-6.68 | $-8.94 | $-32.43 | $-14.58 | $-3.50 | $-23.95 | $-63.64 | $-15.75 | $-16.73 | $-0.28 | $-0.22 | $-0.30 | $-0.32 | $-0.40 | $-0.47 | $-0.48 | |
| Shares (Basic) | 2,431,075 | 1,372,084 | · | 563,066 | 591,137 | 586,142 | · | 550,645 | 548,789 | 41,096,231 | · | 40,710,692 | 40,547,925 | 31,900,160 | · | 23,560,250 | |
| Shares (Diluted) | 2,431,075 | 1,372,084 | · | 563,066 | 591,137 | 586,142 | · | 550,645 | 548,789 | 41,096,231 | · | 40,710,692 | 40,547,925 | 31,900,160 | · | 23,560,250 | |
| EBITDA | $-17M | $-12M | · | $-8M | $-3M | $-14M | · | $-9M | $-10M | $-13M | · | $-14M | $-14M | $-13M | · | $-12M |
Balance Sheet
| 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 | $96M | $54M | $49M | $11M | $16M | $26M | $39M | $60M | $70M | $81M | $96M | $99M | $97M | $74M | $24M | $22M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | $9M | $23M | $45M | $55M | $69M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | $15M | · | · | |
| Prepaid Expense | $5M | $864.0K | $353.0K | $932.0K | $2M | $3M | $3M | $3M | $3M | $3M | $4M | $3M | $3M | $3M | $3M | $3M | |
| Other Current Assets | $234.0K | $88.0K | $3M | $3M | $3M | $2M | $2M | $860.0K | $2M | $2M | $2M | $419.0K | $206.0K | $253.0K | $1M | · | |
| Current Assets | $101M | $55M | $52M | $15M | $21M | $31M | $44M | $64M | $74M | $86M | $102M | $111M | $124M | $137M | $84M | $93M | |
| Other Non-current Assets | $1M | $539.0K | $243.0K | $62.0K | $64.0K | $204.0K | $69.0K | $531.0K | $547.0K | $553.0K | $582.0K | $607.0K | $536.0K | $525.0K | $640.0K | $667.0K | |
| Total Assets | $103M | $56M | $53M | $15M | $22M | $32M | $45M | $65M | $76M | $88M | $104M | $113M | $126M | $139M | $86M | $95M | |
| Accounts Payable | $1M | $3M | $943.0K | $1M | $807.0K | $2M | $1M | $2M | $682.0K | $2M | $3M | $3M | $945.0K | $3M | $1M | $2M | |
| Accrued Liabilities | $7M | $8M | $9M | $8M | $6M | $12M | $12M | $8M | $11M | · | $15M | · | · | · | · | · | |
| Current Liabilities | $11M | $12M | $10M | $9M | $8M | $16M | $15M | $12M | $14M | $18M | $24M | $24M | $23M | $23M | $12M | $12M | |
| Capital Leases | $245.0K | $332.0K | $419.0K | $500.0K | $580.0K | $659.0K | $736.0K | · | · | $950.0K | $1M | · | · | · | $1M | $998.0K | |
| Other Non-current Liabilities | · | · | $0 | $0 | $0 | $0 | $282.0K | $273.0K | $262.0K | $250.0K | $236.0K | $220.0K | $202.0K | $181.0K | $161.0K | $139.0K | |
| Total Liabilities | $19M | $22M | $11M | $10M | $9M | $16M | $16M | $13M | $16M | $21M | $27M | $28M | $29M | $31M | $17M | $17M | |
| Long-term Debt | $20M | $20M | $0 | $549.0K | $972.0K | $1M | $2M | $2M | $3M | $3M | $3M | $4M | $5M | $5M | $5M | $6M | |
| Total Debt | $7M | $6M | · | $539.0K | $943.0K | $1M | · | $2M | $3M | $3M | · | $4M | $4M | $5M | · | $5M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $4.0K | $0 | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $3.0K | $3.0K | |
| Retained Earnings | $-318M | $-302M | $-289M | $-275M | $-266M | $-264M | $-250M | $-227M | $-218M | $-209M | $-197M | $-187M | $-175M | $-162M | $-149M | $-138M | |
| AOCI | · | · | · | · | · | · | · | · | · | · | · | $-3.0K | $-55.0K | $-188.0K | $-558.0K | $-873.0K | |
| Stockholders' Equity | $84M | $35M | $43M | $5M | $13M | $15M | $29M | $52M | $59M | $67M | $77M | $85M | $97M | $108M | $68M | $78M | |
| Liabilities + Equity | $103M | $56M | $53M | $15M | $22M | $32M | $45M | $65M | $76M | $88M | $104M | $113M | $126M | $139M | $86M | $95M | |
| Shares Outstanding | 2,752,810 | 1,372,278 | 1,372,043 | 563,491 | 563,042 | 42,231,285 | 563,042 | 41,302,599 | 41,302,599 | 41,154,799 | 41,029,832 | 40,710,692 | 40,710,692 | 39,746,116 | 23,601,004 | 23,560,250 |
Cash Flow
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $631.0K | $252.0K | $5.0K | $3.0K | $7.0K | $6.0K | $9.0K | $10.0K | $12.0K | $15.0K | $16.0K | $17.0K | $18.0K | $19.0K | $24.0K | $23.0K | |
| Stock-based Comp | $871.0K | $689.0K | $2M | $415.0K | $-77.0K | $544.0K | $961.0K | $1M | $2M | $2M | $1M | $1M | $1M | $1M | $802.0K | $783.0K | |
| Operating Cash Flow | $-22M | $-9M | $-6M | $-5M | $-9M | $-13M | $-21M | $-9M | $-11M | $-15M | $-11M | $-12M | $2M | $-12M | $-12M | $-9M | |
| CapEx | $135.0K | $10.0K | · | · | $0 | $0 | · | · | · | · | $0 | $7.0K | · | · | $0 | $2.0K | |
| Investing Cash Flow | $-135.0K | $-10.0K | · | · | $0 | $0 | · | $0 | $0 | $0 | $9M | $14M | $22M | $10M | $15M | $-17M | |
| Debt Issued | $0 | $14M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Debt Issued | · | $14M | · | · | · | $-405.0K | · | · | · | $-405.0K | · | · | · | $-405.0K | · | · | |
| Financing Cash Flow | $64M | $14M | $45M | $-402.0K | $-400.0K | $-411.0K | $-625.0K | $-405.0K | $-365.0K | $-227.0K | $-552.0K | $-405.0K | $-432.0K | $51M | $36.0K | $-90.0K | |
| Free Cash Flow | · | $-9M | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Profitability
| 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 | · | · | · | · | · | · | · | -1562.8% | -623.4% | -631.0% | · | -444.4% | -645.4% | -672.1% | · | · | |
| Net Margin | · | · | · | · | · | · | · | -1440.4% | -570.2% | -580.7% | · | -402.0% | -592.3% | -651.3% | · | · | |
| EBITDA Margin | · | · | · | · | · | · | · | -1562.8% | -623.4% | -631.0% | · | -444.4% | -645.4% | -672.1% | · | · | |
| ROA | -26.0% | -27.9% | · | -20.4% | -4.2% | -23.6% | · | -9.7% | -9.1% | -10.3% | · | -11.9% | -11.1% | -10.1% | · | -9.9% | |
| ROE | -33.5% | -49.1% | · | -28.8% | -5.7% | -34.3% | · | -12.7% | -11.8% | -13.3% | · | -15.1% | -13.8% | -12.3% | · | -11.5% |
Liquidity & Solvency
| 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 | 9.2 | 4.7 | · | 1.5 | 2.6 | 2.0 | · | 5.4 | 5.2 | 4.7 | · | 4.6 | 5.5 | 6.0 | · | 7.8 | |
| Quick Ratio | 8.8 | 4.6 | · | 1.1 | 2.0 | 1.6 | · | 5.1 | 4.9 | 4.4 | · | 4.5 | 5.3 | 5.8 | · | 7.5 | |
| Debt / Equity | 0.1 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | |
| LT Debt / Equity | 0.1 | 0.2 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Interest Coverage | -15.1 | -17.8 | · | -433.1 | -92.8 | -402.6 | · | -132.5 | -120.9 | -130.2 | · | -114.8 | -110.0 | -100.8 | · | -105.1 |
Efficiency
| 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 | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.3 | · | · |
Per Share
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $30.42 | $25.25 | · | $9.56 | $23.41 | $0.36 | · | $1.25 | $1.43 | $1.62 | · | $2.10 | $2.37 | $2.72 | · | $3.33 | |
| Revenue / Share | · | · | · | $0.00 | $0.00 | $0.00 | · | $0.01 | $0.04 | $0.05 | · | $0.08 | $0.05 | $0.06 | · | · | |
| Cash Flow / Share | · | $-6.36 | · | · | · | $-0.29 | · | · | · | $-0.36 | · | · | · | $-0.37 | · | · | |
| Cash / Share | $34.98 | $39.41 | · | $18.93 | $29.10 | $0.61 | · | $1.45 | $1.69 | $1.97 | · | $2.43 | $2.39 | $1.86 | · | $0.92 | |
| EPS (TTM) | $-62.63 | $-59.45 | · | $-105.67 | $-106.84 | $-120.07 | · | $-32.98 | $-17.53 | $-1.12 | · | $-1.49 | $-1.67 | $-1.86 | · | $-1.88 |
Valuation (TTM)
| 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 | $0 | $0 | · | $697.0K | $1M | $3M | · | $7M | $10M | $10M | · | $7M | $4M | $2M | · | · | |
| Net Income TTM | $-51M | $-37M | · | $-48M | $-48M | $-55M | · | $-39M | $-43M | $-47M | · | $-49M | $-48M | $-47M | · | $-44M | |
| Market Cap | $149M | $90M | · | $5M | $231M | $68.89B | · | $110.36B | $120.35B | $181.96B | · | $517.53B | $492.34B | $494.09B | · | $181.56B | |
| Enterprise Value | $59M | $42M | · | $-5M | $216M | $68.87B | · | $110.30B | $120.28B | $181.88B | · | $517.43B | $492.23B | $493.98B | · | $181.48B | |
| P/E | -0.9 | -1.1 | · | -0.1 | -3.8 | -13.6 | · | -81.0 | -166.2 | -3947.5 | · | -8531.9 | -7241.8 | -6683.5 | · | -4099.1 | |
| P/S | · | · | · | 7.2 | 178.0 | 23681.6 | · | 15540.8 | 12572.7 | 17967.4 | · | 71859.9 | 119240.7 | 251575.3 | · | · | |
| P/B | 1.8 | 2.6 | · | 0.9 | 17.5 | 4495.5 | · | 2137.1 | 2033.9 | 2731.1 | · | 6061.5 | 5098.8 | 4575.1 | · | 2313.6 | |
| P / Tangible Book | 1.8 | 2.6 | · | 0.9 | 17.5 | 4495.5 | · | 2137.1 | 2033.9 | 2731.1 | · | 6061.5 | 5098.8 | 4575.1 | · | 2313.6 | |
| P / Cash Flow | · | -10.3 | · | · | · | -5412.9 | · | · | · | -12164.4 | · | · | · | -41907.9 | · | · | |
| EV / Revenue | · | · | · | -7.3 | 166.1 | 23673.3 | · | 15532.7 | 12565.6 | 17959.7 | · | 71845.4 | 119212.5 | 251517.2 | · | · | |
| Earnings Yield | -116.0% | -91.0% | · | -1180.7% | -26.0% | -7.4% | · | -1.2% | -0.60% | -0.03% | · | -0.01% | -0.01% | -0.01% | · | -0.02% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $0 | $5M | $10M | $0 | · |
| Operating Margin % | · | -1143.4% | -515.3% | · | · |
| Net Income | $-39M | $-53M | $-48M | $-46M | $-42M |
| Diluted EPS | $-50.83 | $-96.40 | $-1.24 | $-1.96 | $-1.81 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 |
| Current Ratio | 5.2 | 2.9 | 4.2 | 6.7 | 10.4 |
| Quick Ratio | 4.8 | 2.5 | 3.9 | 6.4 | 10.0 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | $-56M | $-33M | $-42M | $-36M |
Institutional owners (13F) 68 filers · $109.9M total · As of Sept. 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.
Holders
68
Value held
$109.9M
New positions
36
Exited positions
4
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 36 (+24 vs prior Q) | 4 (-5 vs prior Q) | 16 (+10 vs prior Q) | 3 (-2 vs prior Q) | +1.3M |
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 |
|---|---|---|---|---|
| AIGH Capital Management LLC | $13,500,000 | 250,000 | 12.29% | Shares |
| ORBIMED ADVISORS LLC | $10,800,000 | 200,000 | 9.83% | Shares |
| BlackRock, Inc. | $10,143,144 | 187,836 | 9.23% | Shares |
| MILLENNIUM MANAGEMENT LLC | $8,692,974 | 160,981 | 7.91% | Shares |
| Ikarian Capital, LLC | $6,553,224 | 121,356 | 5.96% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $6,443,874 | 119,331 | 5.86% | Shares |
| Alyeska Investment Group, L.P. | $4,410,234 | 81,671 | 4.01% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,809,975 | 70,548 | 3.47% | Shares |
| ADAR1 Capital Management, LLC | $3,656,718 | 67,717 | 3.33% | Shares |
| Cable Car Capital, LP | $3,240,000 | 60,000 | 2.95% | Shares |
| CITADEL ADVISORS LLC | $2,802,870 | 51,905 | 2.55% | Shares |
| STATE STREET CORP | $2,724,300 | 50,450 | 2.48% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,272,320 | 42,080 | 2.07% | Shares |
| STEMPOINT CAPITAL LP | $2,234,952 | 41,388 | 2.03% | Shares |
| Eversept Partners, LP | $2,160,000 | 40,000 | 1.97% | Shares |
| Carlyle Group Inc. | $2,085,493 | 38,620 | 1.90% | Shares |
| GOLDMAN SACHS GROUP INC | $1,746,792 | 32,348 | 1.59% | Shares |
| Affinity Asset Advisors, LLC | $1,620,000 | 30,000 | 1.47% | Shares |
| DIADEMA PARTNERS LP | $1,620,000 | 30,000 | 1.47% | Shares |
| VANGUARD GROUP INC | $1,556,918 | 17,873 | 1.42% | Shares |
| Stonepine Capital Management, LLC | $1,554,930 | 28,795 | 1.42% | Shares |
| Point72 Asset Management, L.P. | $1,527,012 | 28,278 | 1.39% | Shares |
| Quinn Opportunity Partners LLC | $1,447,740 | 26,810 | 1.32% | Shares |
| UBS Group AG | $1,262,574 | 23,381 | 1.15% | Shares |
| ExodusPoint Capital Management, LP | $1,188,000 | 22,000 | 1.08% | Shares |
| NORTHERN TRUST CORP | $1,138,482 | 21,083 | 1.04% | Shares |
| Knott David M Jr | $1,080,000 | 20,000 | 0.98% | Shares |
| Rosalind Advisors, Inc. | $1,080,000 | 20,000 | 0.98% | Shares |
| AMERIPRISE FINANCIAL INC | $1,017,036 | 18,834 | 0.93% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $998,784 | 18,496 | 0.91% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $991,494 | 18,361 | 0.90% | Shares |
| Balyasny Asset Management L.P. | $655,452 | 12,138 | 0.60% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $476,650 | 8,813 | 0.43% | Shares |
| Persistent Asset Partners Ltd | $414,558 | 7,677 | 0.38% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $387,828 | 7,182 | 0.35% | Shares |
| Bank of New York Mellon Corp | $366,057 | 6,779 | 0.33% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $318,384 | 5,896 | 0.29% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $253,800 | 4,700 | 0.23% | Shares |
| MORGAN STANLEY | $238,194 | 4,411 | 0.22% | Shares |
| Pale Fire Capital SE | $206,172 | 3,818 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $190,026 | 3,519 | 0.17% | Shares |
| SkyView Investment Advisors, LLC | $162,000 | 3,000 | 0.15% | Shares |
| DEUTSCHE BANK AG\ | $143,208 | 2,652 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $125,766 | 2,329 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $102,600 | 1,900 | 0.09% | Shares |
| CITIGROUP INC | $68,310 | 1,265 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $67,608 | 1,252 | 0.06% | Shares |
| JPMORGAN CHASE & CO | $62,977 | 1,127 | 0.06% | Shares |
| Lion Point Capital, LP | $54,000 | 1,000 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $46,656 | 864 | 0.04% | Shares |
Activists & 5%+ owners 6 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 |
|---|---|---|---|---|---|
| HealthCap VIII, L.P., HealthCap VIII GP LLC ×4 filings | Oct. 9, 2025 | 3.40% | Amendment | · | SEC |
| RiverVest Venture Fund III, L.P., RiverVest Venture Fund III (Ohio), L.P., RiverVest Venture Partners III (Ohio), LLC, RiverVest Venture Partners III, L.P., RiverVest Venture Partners III, LLC, RiverVest Venture Fund IV, L.P., RiverVest Venture Partners IV, L.P., RiverVest Venture Partners IV, LLC, John P. McKearn, Ph.D., Jay Schmelter, Thomas C. Melzer, Niall O'Donnell, Ph.D. | Jan. 10, 2025 | 4.20% | Amendment | · | SEC |
| Novo Holdings A/S ×9 filings | March 28, 2024 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | May 30, 2023 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 23, 2020 | · | Initial filing | Passive investment | SEC |
| Abingworth LLP, Abingworth Bioventures VII, LP | Oct. 16, 2020 | · | Initial filing | Board campaign | 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 21 insiders · 8 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Javier B. Szwarcberg | CHIEF EXECUTIVE OFFICER | June 30, 2026 A | 19,270 | 0 | 0 | $0 |
| Richard King | Chief Executive Officer | June 30, 2021 J | 2,230 | 0 | 0 | $0 |
| Samir M. Gharib | PRESIDENT AND CFO | Dec. 15, 2025 M | 8,263 | 0 | 0 | $0 |
| Adrian W Quartel | Chief Medical Officer | July 27, 2026 A | · | 0 | 0 | $0 |
| Corwin Dale Hooks | Chief Commercial Officer | March 9, 2026 A | · | 0 | 0 | $0 |
| Kirk Ways | Interim Chief Medical Officer | Dec. 11, 2025 D | 1,250 | 0 | 0 | $0 |
| Ralph William Charlton III | CHIEF MEDICAL OFFICER | Dec. 16, 2024 M | 161,339 | 0 | 0 | $0 |
| Subaweerage Dias | Chief Medical Officer | Dec. 16, 2021 A | · | 0 | 0 | $0 |
| Keli Walbert | Director | May 21, 2026 A | · | 0 | 0 | $0 |
| Percival Barretto-Ko | Director | May 21, 2026 A | · | 0 | 0 | $0 |
| Camilla V Simpson | Director | May 21, 2026 A | 0 | 0 | 0 | $0 |
| Bali Muralidhar | Director | July 22, 2025 A | 1,792,518 | 0 | 0 | $0 |
| Tiba Aynechi | Director | July 22, 2025 A | · | 0 | 0 | $0 |
| Niall O'Donnell, Ph.D. | Director | May 25, 2023 A | 1,326,305 | 0 | 0 | $0 |
| Moghrabi Dina Chaya | Director | May 25, 2022 A | 2,161,022 | 0 | 0 | $0 |
| Jonas Hansson | Director | Oct. 14, 2020 C | 2,033,621 | 0 | 0 | $0 |
| Parkman Healthcare Partners LLC | 10% owner | Oct. 6, 2025 S | 1,050 | 0 | 0 | $0 |
| Novo Holdings A/S | 10% owner | March 21, 2024 S | 2,550,000 | 0 | 0 | $0 |
| Michael G Grey | · | May 21, 2026 A | · | 0 | 0 | $0 |
| Daniel K Spiegelman | · | May 21, 2026 A | · | 0 | 0 | $0 |
| HealthCap VIII, L.P. | · | Oct. 14, 2020 C | 2,033,621 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 15 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.44% | 1,957 SH | Oct. 23, 2026 | Daily |
| IWC · iShares Trust | 0.04% | 9,309 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 1,758 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.00% | 67,473 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.00% | 1,299 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 6,531 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 3,751 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 371 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 681 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 31,892 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 84,935 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 15,701 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 748 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 289 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 17,634 SH | Sept. 11, 2026 | Daily |
SPRB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 15 analysts
BUY
Median target
$144.00
+218.9%
5 33.3%
Strong Buy
9 60.0%
Buy
1 6.7%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
9 analysts · 2026-10-19Mean target $148.00 +227.8%
← Below all targets
Current price $45.15
Low$104.00
Mean$148.00
High$230.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
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 |
|---|---|---|---|---|---|---|
| SPRB | $120M | -1.7 | -51.3% | · | -139.9% | · |
| HURA | · | -1.2 | · | · | · | · |
| TARA | $286M | -4.0 | · | · | -33.7% | · |
| CMPX | $958M | · | · | · | -45.9% | · |
| CUE | $29M | -1.1 | 195.8% | -96.9% | -119.3% | · |
| NKTX | $131M | -1.3 | · | · | -31.1% | · |
| ORGO | $658M | 34.5 | 17.0% | 6.6% | 13.9% | · |
| OTLK | $57M | -0.6 | · | -4416.2% | 193.1% | 4.0% |
| VYGR | $232M | -1.9 | -49.5% | -296.5% | -54.4% | · |
| AVXL | · | -16.5 | -36.1% | -991.4% | · | · |
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Source: SEC 10-Q filed Aug 12, 2026