SPRB Spruce Biosciences, Inc. - Common Stock
$51.87
Price · Aug 24, 2026
Fundamentals as of Aug 12, 2026
52W Range
$7–$240
19% of range
Analyst Rating
BUY
14 analysts
Price Target
$148
+185% upside
P/E (TTM)
-1.0
ROE
-139.9%
Net Profit Margin
—
SPRB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$51.87
Market Cap
$71M
P/E (TTM)
-1.0
EPS (TTM)
$-50.83
Revenue (TTM)
$0
Div Yield
—
ROE
-139.9%
Debt/Equity
0.0
52W Range
$7 – $240
SPRB 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
2022-12-31
→
2025-12-31
EPS
$-50.83
2021-12-31
→
2025-12-31
Free Cash Flow
—
2020-12-31
→
2024-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SPRB
Peer Median
P/E (TTM)
-1.0
—
P/B
1.7
1.2
EV / EBITDA
-0.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SPRB
Peer Median
ROA
-79.3%
-85.8%
ROE
-139.9%
-122.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SPRB
Peer Median
Debt / Equity
0.0
—
Current Ratio
5.2
4.5
Quick Ratio
4.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SPRB
Peer Median
Revenue YoY
-51.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SPRB
Peer Median
SPRB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 5 35.7%
- Buy 8 57.1%
- Hold 1 7.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-24
Median
$142.00
← Below all targets
$51.87
Low
$104.00
High
$230.00
Median target
$142.00
+173.8%
Mean target
$147.88
+185.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-3.2%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-6.68 | $-5.92 | -0.76% |
| March 31, 2026 | $-8.94 | $-8.99 | 0.05% |
| Dec. 31, 2025 | $-11.28 | $-8.15 | -3.1% |
| Sept. 30, 2025 | $-14.58 | $-14.21 | -0.37% |
| June 30, 2025 | $-3.50 | $-19.51 | 16.0% |
| March 31, 2025 | $-24.00 | $-16.42 | -7.6% |
| Dec. 31, 2024 | $-42.75 | $-16.07 | -26.7% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SPRB | $120M | -1.7 | -51.3% | — | -139.9% | — |
| OKUR | — | -0.7 | — | -1733.7% | -88.6% | — |
| TNYA | $154M | -1.2 | — | — | -81.2% | — |
| UNCY | $128M | -3.5 | -29.0% | — | -113.9% | — |
| CNTB | $159M | -2.8 | -99.8% | -86687.5% | -97.9% | — |
| EQ | $95M | -4.0 | 13.9% | — | -133.1% | — |
| IMDX | $215M | -4.5 | 115.6% | -1238.5% | 330.8% | 56.7% |
| CYPH | $97M | 16.6 | — | — | 6.1% | — |
| HURA | — | -1.2 | — | — | — | — |
| CBUS | — | -0.6 | -14.6% | -3492.3% | -223.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| 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 22
| 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 9
| 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 5
| 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 5
| 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 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.1 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | · | -51.3% | · | · |
Valuation (TTM) 14
| 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 13
| 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 | -44,332,551 | 563,066 | 591,137 | 586,142 | -41,645,519 | 550,645 | 548,789 | 41,096,231 | -74,648,557 | 40,710,692 | 40,547,925 | 31,900,160 | -47,019,042 | 23,560,250 | |
| Shares (Diluted) | 2,431,075 | 1,372,084 | -44,332,551 | 563,066 | 591,137 | 586,142 | -41,645,519 | 550,645 | 548,789 | 41,096,231 | -74,648,557 | 40,710,692 | 40,547,925 | 31,900,160 | -47,019,042 | 23,560,250 | |
| EBITDA | $-17M | $-12M | · | $-8M | $-3M | $-14M | · | $-9M | $-10M | $-13M | · | $-14M | $-14M | $-13M | · | $-12M |
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 | $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 9
| 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 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 | · | · | · | · | · | · | · | -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 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 2
| 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 | · | · |
Valuation (TTM) 14
| 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 | $602.0K | $602.0K | · | $602.0K | $2M | $4M | · | $7M | $9M | $9M | · | $7M | $4M | $2M | · | · | |
| Net Income TTM | $-39M | $-37M | · | $-33M | $-34M | $-44M | · | $-42M | $-46M | $-50M | · | $-49M | $-49M | $-48M | · | $-46M | |
| 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 | -1.6 | -1.3 | · | -0.3 | -11.3 | -49.3 | · | -80.8 | -165.3 | -3401.0 | · | -8475.0 | -7072.4 | -6577.4 | · | -3892.0 | |
| P/S | 246.9 | 149.0 | · | 8.4 | 104.5 | 16347.8 | · | 15144.1 | 13598.4 | 19769.2 | · | 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 | · | · | |
| P / FCF | · | -10.3 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | -3.6 | -3.5 | · | 0.6 | -80.1 | -4752.0 | · | -11723.8 | -11984.7 | -14397.0 | · | -37884.8 | -35229.6 | -37425.6 | · | -15702.7 | |
| EV / FCF | · | -4.8 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 98.8 | 69.9 | · | -8.4 | 97.5 | 16342.1 | · | 15136.2 | 13590.8 | 19760.7 | · | 71845.4 | 119212.5 | 251517.2 | · | · | |
| Earnings Yield | -62.4% | -78.0% | · | -381.6% | -8.8% | -2.0% | · | -1.2% | -0.61% | -0.03% | · | -0.01% | -0.01% | -0.02% | · | -0.03% |
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 | $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 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-56M | $-33M | $-42M | $-36M |
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Institutional owners (13F) 64 filers · $85.1M 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 |
|---|---|---|---|---|
| 35 (+23 vs prior Q) | 4 (-5 vs prior Q) | 14 (+8 vs prior Q) | 5 (0 vs prior Q) | +868K |
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 |
|---|---|---|---|---|
| ORBIMED ADVISORS LLC | $10,800,000 | 200,000 | 12.69% | Shares |
| MILLENNIUM MANAGEMENT LLC | $8,692,974 | 160,981 | 10.22% | Shares |
| Ikarian Capital, LLC | $6,553,224 | 121,356 | 7.70% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $6,443,874 | 119,331 | 7.57% | Shares |
| Alyeska Investment Group, L.P. | $4,410,234 | 81,671 | 5.18% | Shares |
| ADAR1 Capital Management, LLC | $3,656,718 | 67,717 | 4.30% | Shares |
| AIGH Capital Management LLC | $3,302,532 | 61,158 | 3.88% | Shares |
| Cable Car Capital, LP | $3,240,000 | 60,000 | 3.81% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,228,503 | 59,780 | 3.79% | Shares |
| STATE STREET CORP | $2,724,300 | 50,450 | 3.20% | Shares |
| CITADEL ADVISORS LLC | $2,535,840 | 46,960 | 2.98% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,272,320 | 42,080 | 2.67% | Shares |
| STEMPOINT CAPITAL LP | $2,234,952 | 41,388 | 2.63% | Shares |
| Eversept Partners, LP | $2,160,000 | 40,000 | 2.54% | Shares |
| Carlyle Group Inc. | $2,085,493 | 38,620 | 2.45% | Shares |
| Affinity Asset Advisors, LLC | $1,620,000 | 30,000 | 1.90% | Shares |
| DIADEMA PARTNERS LP | $1,620,000 | 30,000 | 1.90% | Shares |
| Stonepine Capital Management, LLC | $1,554,930 | 28,795 | 1.83% | Shares |
| Point72 Asset Management, L.P. | $1,527,012 | 28,278 | 1.79% | Shares |
| GOLDMAN SACHS GROUP INC | $1,480,086 | 27,409 | 1.74% | Shares |
| Quinn Opportunity Partners LLC | $1,447,740 | 26,810 | 1.70% | Shares |
| UBS Group AG | $1,262,574 | 23,381 | 1.48% | Shares |
| ExodusPoint Capital Management, LP | $1,188,000 | 22,000 | 1.40% | Shares |
| Knott David M Jr | $1,080,000 | 20,000 | 1.27% | Shares |
| Rosalind Advisors, Inc. | $1,080,000 | 20,000 | 1.27% | Shares |
| AMERIPRISE FINANCIAL INC | $1,017,036 | 18,834 | 1.20% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $998,784 | 18,496 | 1.17% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $991,494 | 18,361 | 1.17% | Shares |
| Balyasny Asset Management L.P. | $655,452 | 12,138 | 0.77% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $429,732 | 7,958 | 0.51% | Shares |
| Persistent Asset Partners Ltd | $414,558 | 7,677 | 0.49% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $387,828 | 7,182 | 0.46% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $318,384 | 5,896 | 0.37% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $253,800 | 4,700 | 0.30% | Shares |
| Pale Fire Capital SE | $206,172 | 3,818 | 0.24% | Shares |
| RHUMBLINE ADVISERS | $190,026 | 3,519 | 0.22% | Shares |
| DEUTSCHE BANK AG\ | $143,208 | 2,652 | 0.17% | Shares |
| WELLS FARGO & COMPANY/MN | $125,766 | 2,329 | 0.15% | Shares |
| Bank of New York Mellon Corp | $120,798 | 2,237 | 0.14% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $102,600 | 1,900 | 0.12% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $67,608 | 1,252 | 0.08% | Shares |
| JPMORGAN CHASE & CO | $62,977 | 1,127 | 0.07% | Shares |
| CITIGROUP INC | $59,832 | 1,108 | 0.07% | Shares |
| Lion Point Capital, LP | $54,000 | 1,000 | 0.06% | Shares |
| Police & Firemen's Retirement System of New Jersey | $46,656 | 864 | 0.05% | Shares |
| VANGUARD GROUP INC | $39,374 | 452 | 0.05% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $24,462 | 453 | 0.03% | Shares |
| Vanguard Global Advisers, LLC | $24,408 | 452 | 0.03% | Shares |
| NORTHERN TRUST CORP | $22,950 | 425 | 0.03% | Shares |
| BARCLAYS PLC | $20,574 | 381 | 0.02% | Shares |
| FMR LLC | $18,522 | 343 | 0.02% | Shares |
| BlackRock, Inc. | $18,360 | 340 | 0.02% | Shares |
| Legal & General Group Plc | $14,219 | 264 | 0.02% | Shares |
| Ameritas Investment Partners, Inc. | $13,338 | 247 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $13,284 | 246 | 0.02% | Shares |
| Russell Investments Group, Ltd. | $11,718 | 217 | 0.01% | Shares |
| SBI Securities Co., Ltd. | $10,854 | 201 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $6,000 | 120 | 0.01% | Shares |
| Sterling Capital Management LLC | $2,322 | 43 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,653 | 30 | 0.00% | Shares |
| CALDWELL SUTTER CAPITAL, INC. | $702 | 13 | 0.00% | Shares |
| Friedenthal Financial | $378 | 7 | 0.00% | Shares |
| MORGAN STANLEY | $108 | 2 | 0.00% | Shares |
| Cassaday & Co Wealth Management LLC | $108 | 2 | 0.00% | Shares |
Company insiders 19 insiders · 7 officers · 10 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. 16, 2024 M | 350,550 | 0 | 0 | $0 |
| Adrian W Quartel | Chief Medical Officer | July 27, 2026 A | — | 0 | 0 | $0 |
| Kirk Ways | Interim Chief Medical Officer | July 23, 2025 A | — | 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 |
| Percival Barretto-Ko | Director | July 22, 2025 A | — | 0 | 0 | $0 |
| Camilla V Simpson | Director | July 22, 2025 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 | 1 | 2 | $-336 |
| 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
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.
ETF ownership Held by 13 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 … | 0.50% | 2,182 SH | Aug. 21, 2026 | Daily |
| IWC · iShares Trust | 0.03% | 9,242 SH | Aug. 21, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 1,758 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 17,620 SH | Aug. 21, 2026 | Daily |
| IWM · iShares Trust | 0.00% | 67,665 SH | Aug. 21, 2026 | Daily |
| IWO · iShares Trust | 0.00% | 6,531 SH | Aug. 21, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 1,283 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 681 NS | April 30, 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 |