SPRO Spero Therapeutics, Inc. - Common Stock
$1.21
Price · Aug 19, 2026
Fundamentals as of Aug 12, 2026
52W Range
$1–$3
7% of range
Analyst Rating
HOLD
6 analysts
Price Target
$4
+230% upside
P/E (TTM)
8.1
ROE
18.7%
Net Profit Margin
12.8%
SPRO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.21
Market Cap
$68M
P/E (TTM)
8.1
EPS (TTM)
$0.15
Revenue (TTM)
$67M
Div Yield
—
ROE
18.7%
Debt/Equity
—
52W Range
$1 – $3
SPRO 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
$67M
2016-12-31
→
2025-12-31
EPS
$0.15
2021-12-31
→
2025-12-31
Free Cash Flow
—
2017-12-31
→
2019-12-31
Margins
12.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SPRO
Peer Median
P/E (TTM)
8.1
4.7
P/S (TTM)
1.0
31.0
P/B
1.2
1.8
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SPRO
Peer Median
Operating Margin
9.4%
—
Net Profit Margin
12.8%
-1601.1%
ROA
9.6%
-68.1%
ROE
18.7%
-111.7%
ROIC
10.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SPRO
Peer Median
Current Ratio
7.6
4.1
Quick Ratio
4.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SPRO
Peer Median
Revenue YoY
39.2%
—
Revenue CAGR 3Y
7.7%
—
Revenue CAGR 5Y
48.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SPRO
Peer Median
SPRO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
6 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 3 50.0%
- Sell 1 16.7%
- Strong Sell 2 33.3%
12-Month Price Target
1 analysts · 2026-08-16
Low
$4.00
High
$4.00
Median target
$4.00
+230.3%
Mean target
$4.00
+230.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.22%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.16 | $-0.17 | 0.01% |
| March 31, 2026 | $-0.13 | $-0.18 | 0.05% |
| Dec. 31, 2025 | $0.53 | $-0.20 | 0.73% |
| Sept. 30, 2025 | $-0.13 | $-0.26 | 0.12% |
| June 30, 2025 | $-0.03 | $-0.39 | 0.36% |
| March 31, 2025 | $-0.25 | $-0.56 | 0.31% |
| Dec. 31, 2024 | $-0.38 | $-0.32 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SPRO | $131M | 15.5 | 39.2% | 12.8% | 18.7% | — |
| IBIO | $15M | -0.4 | 77.8% | -4594.2% | -101.5% | — |
| RNTX | — | -0.6 | — | — | — | — |
| DWTX | $124M | -0.6 | 123.6% | — | -83.8% | — |
| CRDF | $192M | -4.1 | -13.2% | -7732.0% | -88.2% | — |
| GOSS | $724M | -4.1 | -57.7% | -351.5% | 201.8% | — |
| CTOR | $170M | -6.0 | — | — | -61.5% | — |
| XBIT | — | -1.6 | — | — | — | — |
| TENX | $114M | -9.1 | — | — | -52.5% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67M | $48M | $104M | $54M | $18M | $9M | $18M | $4M | $2M | $335.0K | |
| R&D Expense | $38M | $97M | $51M | $48M | $65M | $67M | $66M | $34M | $33M | $26M | |
| SG&A Expense | $21M | $24M | $26M | $36M | $42M | $21M | $16M | $13M | $11M | $7M | |
| Operating Expenses | $60M | $121M | $82M | $96M | $106M | $88M | $81M | $47M | $44M | $34M | |
| Operating Income | $6M | $-73M | $21M | $-42M | $-88M | $-79M | $-63M | $-43M | $-42M | $-33M | |
| Interest Income | $3M | $5M | $4M | $1M | $346.0K | $401.0K | $1M | $1M | · | · | |
| Other Non-op | $7.0K | $60.0K | $-14.0K | $-55.0K | $-395.0K | $432.0K | $740.0K | $43.0K | $2M | $580.0K | |
| Pretax Income | $9M | $-69M | $25M | $-46M | $-90M | $-78M | $-61M | $-42M | $-40M | $-33M | |
| Income Tax | $261.0K | $0 | $3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $9M | $-69M | $23M | $-46M | $-90M | $-78M | $-61M | $-42M | $-39M | $-25M | |
| EPS (Basic) | $0.15 | $-1.27 | $0.43 | $-1.23 | $-2.91 | · | · | · | · | · | |
| EPS (Diluted) | $0.15 | $-1.27 | $0.43 | $-1.23 | $-2.91 | · | · | · | · | · | |
| Shares (Basic) | 56,020,363 | 54,037,917 | 52,703,467 | 37,585,075 | 30,895,756 | · | · | · | · | · | |
| Shares (Diluted) | 59,039,225 | 54,037,917 | 52,989,030 | 37,585,075 | 30,895,756 | · | · | · | · | · | |
| EBITDA | $6M | $-73M | $22M | $-41M | $-87M | · | $-62M | $-42M | $-41M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40M | $53M | $76M | $109M | $113M | $85M | $30M | $34M | $87M | $10M | |
| Short-term Investments | · | · | · | $0 | $34M | $42M | $52M | $81M | · | · | |
| Prepaid Expense | $2M | $2M | $4M | $3M | $9M | $6M | $5M | $7M | $2M | $1M | |
| Other Current Assets | $28.0K | · | · | · | · | · | · | · | · | · | |
| Current Assets | $67M | $107M | $131M | $114M | $158M | $139M | $95M | $124M | $92M | $12M | |
| PP&E (Net) | · | $0 | $2.0K | $368.0K | $1M | $2M | $2M | $3M | $1M | $2M | |
| PP&E (Gross) | · | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $2M | $2M | |
| Accum. Depreciation | · | $4M | $4M | $3M | $3M | $2M | $2M | $827.0K | $643.0K | $290.0K | |
| Other Non-current Assets | $153.0K | $153.0K | $435.0K | $6M | $6M | $5M | $4M | $2M | · | · | |
| Total Assets | $69M | $111M | $182M | $125M | $171M | $153M | $106M | $129M | $93M | $14M | |
| Accounts Payable | $693.0K | $7M | $1M | $617.0K | $1M | $1M | $4M | $4M | $3M | $1M | |
| Current Liabilities | $9M | $49M | $37M | $22M | $19M | $14M | $27M | $12M | $8M | $7M | |
| Capital Leases | $939.0K | $3M | $4M | $5M | $6M | $7M | $5M | · | · | · | |
| Total Liabilities | $10M | $64M | $75M | $49M | $83M | $21M | $32M | $13M | $9M | $7M | |
| Common Stock | $56.0K | $55.0K | $53.0K | $52.0K | $32.0K | $29.0K | $19.0K | $17.0K | $14.0K | $0 | |
| Paid-in Capital | · | · | · | · | · | · | · | $254M | $181M | $0 | |
| Retained Earnings | $-451M | $-460M | $-391M | $-414M | $-367M | $-278M | $-199M | $-139M | $-97M | $-45M | |
| AOCI | · | · | $0 | $0 | $-2.0K | $-7.0K | $16.0K | $-28.0K | · | · | |
| Stockholders' Equity | $59M | $46M | $107M | $76M | $88M | $132M | $75M | $116M | $85M | $-45M | |
| Liabilities + Equity | $69M | $111M | $182M | $125M | $171M | $153M | $106M | $129M | $93M | $14M | |
| Shares Outstanding | 56,414,657 | 54,593,527 | 52,999,680 | 52,456,195 | 32,393,738 | 29,260,247 | 19,190,695 | 17,205,962 | 14,369,182 | 0 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $0 | $2.0K | $367.0K | $869.0K | $646.0K | $761.0K | $750.0K | $409.0K | $363.0K | $279.0K | |
| Stock-based Comp | $4M | $8M | $8M | $9M | $9M | $5M | $4M | $3M | $1M | $180.0K | |
| Deferred Tax | · | $0 | $0 | $0 | · | · | · | · | · | · | |
| Restructuring | $258.0K | $877.0K | $0 | $12M | $0 | · | · | · | · | · | |
| Other Non-cash | $-26M | $37M | $-64M | $29M | $15M | · | $6M | $-1M | $-2M | · | |
| Operating Cash Flow | $-13M | $-23M | $-33M | $-8M | $-64M | $-86M | $-50M | $-40M | $-39M | $-29M | |
| CapEx | · | · | · | · | · | $157.0K | $314.0K | $2M | $27.0K | $830.0K | |
| Investing Cash Flow | · | · | $0 | $34M | $8M | $10M | $30M | $-83M | $-27.0K | $-830.0K | |
| Stock Issued | · | $0 | $221.0K | · | $8M | $13M | $16M | · | · | · | |
| Net Stock Activity | · | $0 | · | · | $8M | · | $16M | · | · | · | |
| Financing Cash Flow | · | $0 | $221.0K | $-30M | $84M | $131M | $16M | $70M | $116M | $34M | |
| Net Change in Cash | $-13M | $-23M | $-33M | $-3M | $27M | $55M | $-4M | $-53M | $77M | $5M | |
| Free Cash Flow | · | · | · | · | · | · | $-50M | $-42M | $-39M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 9.4% | -152.9% | 20.7% | -78.9% | -481.9% | · | -348.4% | -1079.3% | · | · | |
| Net Margin | 12.8% | -142.9% | 22.0% | -86.7% | -491.9% | · | -335.6% | -1050.5% | · | · | |
| Pretax Margin | 13.2% | -142.9% | 24.5% | -86.7% | -491.7% | · | -335.7% | -1050.5% | · | · | |
| EBITDA Margin | 9.4% | -152.9% | 21.1% | -77.2% | -478.3% | · | -344.2% | -1069.0% | · | · | |
| ROA | 9.6% | -46.8% | 14.8% | -31.4% | -55.3% | · | -51.8% | -37.5% | -72.2% | · | |
| ROE | 18.7% | -122.8% | 28.4% | -85.6% | -89.7% | · | -64.1% | -41.6% | -197.9% | · | |
| ROIC | 10.4% | -159.1% | 18.0% | -55.6% | -99.6% | · | -84.8% | -37.1% | -49.3% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.6 | 2.2 | 3.5 | 5.2 | 8.5 | · | 3.6 | 10.1 | 11.3 | · | |
| Quick Ratio | 4.5 | 1.1 | 2.1 | 5.0 | 7.8 | · | 3.1 | 9.4 | 10.7 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.3 | 0.7 | 0.4 | 0.1 | · | 0.2 | 0.0 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 39.2% | -53.8% | 94.0% | 193.1% | 95.7% | · | · | · | · | · | |
| Revenue CAGR 3Y | 7.7% | 38.0% | 123.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 48.2% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $67M | $48M | $104M | $54M | $18M | $9M | $18M | $4M | $2M | · | |
| Net Income TTM | $9M | $-69M | $23M | $-46M | $-90M | $-78M | $-61M | $-42M | $-39M | · | |
| Market Cap | $131M | $56M | $78M | $91M | $519M | · | $185M | $106M | $169M | · | |
| P/E | 15.5 | -0.8 | 3.4 | -1.4 | -5.5 | · | · | · | · | · | |
| P/S | 2.0 | 1.2 | 0.8 | 1.7 | 28.4 | · | 10.2 | 26.7 | 85.3 | · | |
| P/B | 2.2 | 1.2 | 0.7 | 1.2 | 5.9 | · | 2.5 | 0.9 | 2.0 | · | |
| P / Tangible Book | 2.2 | 1.2 | 0.7 | 1.2 | 5.9 | 4.3 | · | · | · | · | |
| P / Cash Flow | -10.4 | -2.4 | -2.4 | -11.7 | -8.1 | · | -3.7 | -2.7 | -4.3 | · | |
| P / FCF | · | · | · | · | · | · | -3.7 | -2.5 | -4.3 | · | |
| Earnings Yield | 6.4% | -123.3% | 29.2% | -71.1% | -18.2% | · | · | · | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $258.0K | $41M | $5M | $14M | $6M | $15M | $13M | $10M | $9M | $74M | $25M | $3M | $2M | $47M | $2M | |
| R&D Expense | $3M | $3M | $6M | $9M | $11M | $14M | $29M | $27M | $24M | $17M | $17M | $16M | $10M | $9M | $15M | $7M | |
| SG&A Expense | $6M | $5M | $4M | $4M | $6M | $7M | $7M | $5M | $6M | $6M | $6M | $6M | $6M | $7M | $6M | $7M | |
| Operating Expenses | $10M | $8M | $10M | $13M | $17M | $21M | $37M | $32M | $29M | $23M | $23M | $27M | $16M | $16M | $22M | $14M | |
| Operating Income | $-10M | $-8M | $31M | $-8M | $-2M | $-15M | $-22M | $-19M | $-19M | $-14M | $51M | $-2M | $-13M | $-14M | $26M | $-12M | |
| Interest Income | $377.0K | $336.0K | $376.0K | $532.0K | $740.0K | $864.0K | $1M | $1M | $1M | $1M | $1M | $950.0K | $982.0K | $963.0K | $715.0K | $208.0K | |
| Other Non-op | $-3.0K | $-1.0K | $0 | $2.0K | $4.0K | $1.0K | $99.0K | $-26.0K | $1.0K | $-14.0K | $4.0K | $-10.0K | $-6.0K | $-2.0K | $-9.0K | $-23.0K | |
| Income Tax | · | · | $261.0K | $0 | · | · | $-290.0K | $290.0K | · | · | $387.0K | $2M | · | · | $0 | $0 | |
| Net Income | $-10M | $-7M | $32M | $-7M | $-2M | $-14M | $-21M | $-17M | $-18M | $-13M | $51M | $-3M | $-12M | $-13M | $27M | $-12M | |
| EPS (Basic) | $-0.16 | $-0.13 | $0.56 | $-0.13 | $-0.03 | $-0.25 | $-0.38 | $-0.32 | $-0.33 | $-0.24 | $0.97 | $-0.06 | $-0.23 | $-0.25 | $0.98 | $-0.33 | |
| EPS (Diluted) | $-0.16 | $-0.13 | $0.56 | $-0.13 | $-0.03 | $-0.25 | $-0.38 | $-0.32 | $-0.33 | $-0.24 | $0.97 | $-0.06 | $-0.23 | $-0.25 | $0.98 | $-0.33 | |
| Shares (Basic) | 57,968,608 | 57,281,570 | -111,663,436 | 56,280,844 | 56,026,767 | 55,376,188 | -107,568,748 | 54,124,862 | 53,957,766 | 53,524,037 | -105,105,644 | 52,710,280 | 52,571,813 | 52,527,018 | -63,881,523 | 35,882,076 | |
| Shares (Diluted) | 57,968,608 | 57,281,570 | -108,644,574 | 56,280,844 | 56,026,767 | 55,376,188 | -107,568,748 | 54,124,862 | 53,957,766 | 53,524,037 | -104,820,081 | 52,710,280 | 52,571,813 | 52,527,018 | -63,881,523 | 35,882,076 | |
| EBITDA | $-10M | $-8M | · | $-8M | $-2M | $-15M | · | $-19M | $-19M | $-14M | · | $-2M | $-13M | $-14M | · | $-12M |
Balance Sheet 20
| 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 | $51M | $56M | $40M | $49M | $31M | $49M | $53M | $76M | $64M | $82M | $76M | $94M | $78M | $96M | $109M | $50M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Prepaid Expense | $785.0K | $1M | $2M | $1M | $1M | $2M | $2M | $2M | $3M | $4M | $4M | $5M | $9M | $4M | $3M | $1M | |
| Other Current Assets | $25.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $52M | $58M | $67M | $52M | $59M | $75M | $107M | $132M | $122M | $140M | $131M | $102M | $88M | $102M | $114M | $53M | |
| PP&E (Net) | · | · | · | · | · | · | · | $0 | $0 | $2.0K | $2.0K | $41.0K | $148.0K | $256.0K | $368.0K | $494.0K | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | $4M | · | · | · | $4M | · | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | $4M | · | · | · | $3M | · | |
| Other Non-current Assets | $153.0K | $153.0K | $153.0K | $153.0K | $153.0K | $153.0K | $153.0K | $153.0K | $434.0K | $434.0K | $435.0K | $434.0K | $6M | $6M | $6M | $6M | |
| Total Assets | $53M | $59M | $69M | $54M | $62M | $78M | $111M | $135M | $150M | $168M | $182M | $107M | $99M | $113M | $125M | $64M | |
| Accounts Payable | $155.0K | $217.0K | $693.0K | $1M | $780.0K | $2M | $7M | $6M | $3M | $3M | $1M | $1M | $1M | $583.0K | $617.0K | $3M | |
| Current Liabilities | $8M | $5M | $9M | $14M | $15M | $29M | $49M | $49M | $46M | $42M | $37M | $25M | $17M | $23M | $22M | $16M | |
| Capital Leases | $43.0K | $507.0K | $939.0K | $1M | $2M | $2M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | |
| Total Liabilities | $9M | $6M | $10M | $28M | $29M | $44M | $64M | $70M | $69M | $71M | $75M | $53M | $44M | $48M | $49M | $32M | |
| Common Stock | $58.0K | $58.0K | $56.0K | $56.0K | $56.0K | $56.0K | $55.0K | $54.0K | $54.0K | $54.0K | $53.0K | $53.0K | $53.0K | $53.0K | $52.0K | $43.0K | |
| Retained Earnings | $-468M | $-458M | $-451M | $-483M | $-475M | $-474M | $-460M | $-439M | $-422M | $-404M | $-391M | $-442M | $-439M | $-427M | $-414M | $-441M | |
| AOCI | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Stockholders' Equity | $44M | $53M | $59M | $26M | $33M | $34M | $46M | $66M | $80M | $96M | $107M | $54M | $55M | $65M | $76M | $32M | |
| Liabilities + Equity | $53M | $59M | $69M | $54M | $62M | $78M | $111M | $135M | $150M | $168M | $182M | $107M | $99M | $113M | $125M | $64M | |
| Shares Outstanding | 58,146,910 | 57,891,493 | 56,414,657 | 56,311,795 | 56,187,308 | 55,900,641 | 54,593,527 | 54,314,415 | 54,009,139 | 53,869,139 | 52,999,680 | 52,999,317 | 52,571,813 | 52,571,813 | 52,456,195 | 42,856,623 |
Cash Flow 10
| 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 | · | · | $0 | $0 | · | · | $0 | $0 | $2.0K | $0 | $38.0K | $108.0K | $108.0K | $113.0K | $129.0K | $257.0K | |
| Stock-based Comp | $822.0K | $1M | $1M | $1M | $714.0K | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Restructuring | $0 | $0 | $0 | $0 | $83.0K | $175.0K | $877.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-67.0K | $-152.0K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $17M | · | · | · | $-2M | · | · | |
| Operating Cash Flow | $-5M | $16M | $-8M | $17M | $-18M | $-4M | $-23M | $13M | $-19M | $6M | $-17M | $16M | $-19M | $-13M | $44M | $-957.0K | |
| Investing Cash Flow | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $-129.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $1.0K | $220.0K | $0 | $0 | · | $6M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | · | · | · | · | · | · | · | · | · | · | $1.0K | $220.0K | $0 | $0 | $14M | $6M | |
| Net Change in Cash | $-5M | $16M | $-8M | $17M | $-18M | $-4M | $-23M | $13M | $-19M | $6M | $-17M | $16M | $-19M | $-13M | $59M | $5M |
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 | · | -2921.7% | · | -145.5% | -17.2% | -250.8% | · | -138.0% | -186.9% | -150.9% | · | -7.6% | -474.6% | -687.6% | · | -589.9% | |
| Net Margin | · | -2791.9% | · | -135.7% | -12.0% | -236.1% | · | -127.3% | -175.5% | -137.1% | · | -12.6% | -438.1% | -642.8% | · | -583.2% | |
| EBITDA Margin | · | -2921.7% | · | -145.5% | -17.2% | -250.8% | · | -138.0% | -186.9% | -150.9% | · | -7.6% | -474.6% | -682.2% | · | -589.9% | |
| ROA | -16.6% | -10.5% | · | -7.8% | -1.6% | -11.3% | · | -14.2% | -14.4% | -9.1% | · | -3.7% | -14.6% | -10.3% | · | -11.2% | |
| ROE | -24.8% | -16.6% | · | -16.1% | -3.0% | -21.3% | · | -28.8% | -26.5% | -15.8% | · | -7.4% | -26.2% | -20.9% | · | -16.2% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.1 | 10.5 | · | 3.8 | 4.0 | 2.6 | · | 2.7 | 2.7 | 3.4 | · | 4.0 | 5.1 | 4.4 | · | 3.3 | |
| Quick Ratio | 6.0 | 10.2 | · | 3.6 | 2.1 | 1.7 | · | 1.6 | 1.4 | 2.0 | · | 3.7 | 4.5 | 4.2 | · | 3.1 |
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 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.3 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $20M | $26M | · | $39M | $44M | $39M | · | $58M | $48M | $40M | · | $32M | $9M | $8M | · | $9M | |
| Net Income TTM | $-26M | $-30M | · | $-40M | $-51M | $-62M | · | $-51M | $-46M | $-41M | · | $-40M | $-66M | $-86M | · | $-96M | |
| Market Cap | $129M | $135M | · | $106M | $163M | $40M | · | $73M | $70M | $93M | · | $64M | $76M | $76M | · | $86M | |
| P/E | -4.9 | -4.3 | · | -2.6 | -3.1 | -0.6 | · | -1.4 | -1.5 | -2.2 | · | -1.4 | -0.9 | -0.6 | · | -0.7 | |
| P/S | 6.5 | 5.3 | · | 2.7 | 3.7 | 1.0 | · | 1.2 | 1.5 | 2.3 | · | 2.0 | 8.7 | 9.4 | · | 9.4 | |
| P/B | 2.9 | 2.6 | · | 4.0 | 5.0 | 1.2 | · | 1.1 | 0.9 | 1.0 | · | 1.2 | 1.4 | 1.2 | · | 2.6 | |
| P / Tangible Book | 2.9 | 2.6 | · | 4.0 | 5.0 | 1.2 | · | 1.1 | 0.9 | 1.0 | · | 1.2 | 1.4 | 1.2 | · | 2.6 | |
| P / Cash Flow | · | 8.5 | · | · | · | -10.1 | · | · | · | 15.6 | · | · | · | -5.9 | · | · | |
| Earnings Yield | -20.4% | -23.1% | · | -38.8% | -32.1% | -158.3% | · | -70.9% | -66.1% | -45.4% | · | -71.9% | -115.9% | -169.7% | · | -145.5% |
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 | $67M | $48M | $104M | $54M | $18M |
| Operating Margin % | 9.4% | -152.9% | 20.7% | -78.9% | -481.9% |
| Net Income | $9M | $-69M | $23M | $-46M | $-90M |
| Diluted EPS | $0.15 | $-1.27 | $0.43 | $-1.23 | $-2.91 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 7.6 | 2.2 | 3.5 | 5.2 | 8.5 |
| Quick Ratio | 4.5 | 1.1 | 2.1 | 5.0 | 7.8 |
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Institutional owners (13F) 69 filers · $49.2M 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 |
|---|---|---|---|---|
| 27 (+19 vs prior Q) | 11 (-1 vs prior Q) | 14 (+3 vs prior Q) | 8 (-3 vs prior Q) | +2.4M |
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 |
|---|---|---|---|---|
| GSK plc | $20,311,239 | 9,190,606 | 41.27% | Shares |
| Pfizer Inc | $5,338,906 | 2,362,348 | 10.85% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $4,500,059 | 2,036,226 | 9.14% | Shares |
| VANGUARD GROUP INC | $4,179,789 | 1,793,901 | 8.49% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,094,868 | 947,904 | 4.26% | Shares |
| Alphabet Inc. | $1,966,854 | 889,979 | 4.00% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,678,031 | 759,290 | 3.41% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,026,816 | 464,370 | 2.09% | Shares |
| TWO SIGMA INVESTMENTS, LP | $846,019 | 382,814 | 1.72% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $735,864 | 332,970 | 1.50% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $635,702 | 287,648 | 1.29% | Shares |
| GOLDMAN SACHS GROUP INC | $567,937 | 256,985 | 1.15% | Shares |
| TWO SIGMA ADVISERS, LP | $504,678 | 216,600 | 1.03% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $484,794 | 219,364 | 0.99% | Shares |
| STATE STREET CORP | $474,600 | 214,751 | 0.96% | Shares |
| JANE STREET GROUP, LLC | $349,394 | 158,097 | 0.71% | Shares |
| UBS Group AG | $308,693 | 139,680 | 0.63% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $253,708 | 114,800 | 0.52% | Shares |
| NORTHERN TRUST CORP | $239,286 | 108,274 | 0.49% | Shares |
| Point72 Asset Management, L.P. | $230,673 | 104,377 | 0.47% | Shares |
| Ionic Capital Management LLC | $226,963 | 102,698 | 0.46% | Shares |
| Federation des caisses Desjardins du Quebec | $202,180 | 91,900 | 0.41% | Shares |
| Shay Capital LLC | $159,984 | 72,391 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $144,976 | 65,600 | 0.29% | Put option |
| Invesco Ltd. | $141,981 | 64,245 | 0.29% | Shares |
| SIMPLEX TRADING, LLC | $135,499 | 61,312 | 0.28% | Shares |
| Verdad Advisers, LP | $113,450 | 51,335 | 0.23% | Shares |
| XTX Topco Ltd | $111,685 | 50,536 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $104,091 | 47,100 | 0.21% | Call option |
| AMERICAN CENTURY COMPANIES INC | $81,352 | 36,811 | 0.17% | Shares |
| Cubist Systematic Strategies, LLC | $76,789 | 40,845 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $76,466 | 34,600 | 0.16% | Put option |
| AXXCESS WEALTH MANAGEMENT, LLC | $71,931 | 32,548 | 0.15% | Shares |
| Capital Asset Advisory Services LLC | $71,931 | 32,548 | 0.15% | Shares |
| Three Seasons Wealth, LLC | $66,300 | 30,000 | 0.13% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $63,129 | 28,565 | 0.13% | Shares |
| JANE STREET GROUP, LLC | $59,228 | 26,800 | 0.12% | Put option |
| Vanguard Global Advisers, LLC | $56,236 | 25,446 | 0.11% | Shares |
| Global Retirement Partners, LLC | $55,250 | 25,000 | 0.11% | Shares |
| OPPENHEIMER & CO INC | $50,499 | 22,850 | 0.10% | Shares |
| MILLENNIUM MANAGEMENT LLC | $42,649 | 19,298 | 0.09% | Shares |
| Assenagon Asset Management S.A. | $41,186 | 18,636 | 0.08% | Shares |
| DLK Investment Management, LLC | $40,762 | 31,355 | 0.08% | Shares |
| Susquehanna Portfolio Strategies, LLC | $38,958 | 17,628 | 0.08% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $35,570 | 16,095 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $30,277 | 13,700 | 0.06% | Call option |
| Qube Research & Technologies Ltd | $30,153 | 13,644 | 0.06% | Shares |
| GROUP ONE TRADING LLC | $24,020 | 10,869 | 0.05% | Shares |
| TWO SIGMA SECURITIES, LLC | $23,373 | 10,576 | 0.05% | Shares |
| PRUDENTIAL FINANCIAL INC | $22,984 | 10,400 | 0.05% | Shares |
| BlackRock, Inc. | $22,476 | 10,170 | 0.05% | Shares |
| CITIGROUP INC | $21,271 | 9,625 | 0.04% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $17,352 | 7,678 | 0.04% | Shares |
| Integrated Wealth Concepts LLC | $13,260 | 6,000 | 0.03% | Shares |
| ROYAL BANK OF CANADA | $4,000 | 2,014 | 0.01% | Shares |
| WR Wealth Planners, LLC | $2,678 | 2,600 | 0.01% | Shares |
| RAYMOND JAMES FINANCIAL INC | $2,210 | 1,000 | 0.00% | Shares |
| FMR LLC | $663 | 300 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $640 | 290 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $632 | 285,906 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $533 | 236 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $442 | 200 | 0.00% | Shares |
| Rialto Wealth Management, LLC | $381 | 172 | 0.00% | Shares |
| US BANCORP \DE\ | $334 | 151 | 0.00% | Shares |
| MORGAN STANLEY | $29 | 13 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $29 | 13 | 0.00% | Shares |
| SG Americas Securities, LLC | $25 | 11,268 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $22 | 10 | 0.00% | Shares |
| FNY Investment Advisers, LLC | $18 | 8,300 | 0.00% | Shares |
Company insiders 22 insiders · 9 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Esther Rajavelu | Chief Executive Officer, Chief Financial Officer and Chief Business Officer | May 4, 2026 S | 986,851 | 0 | 5 | $-406,848 |
| Sath Shukla | CEO & President | Feb. 5, 2025 S | 1,736,883 | 0 | 0 | $0 |
| Joel Sendek | Chief Financial Officer | Jan. 2, 2019 A | 15,181 | 0 | 0 | $0 |
| Timothy Keutzer | Chief Operating Officer | Feb. 6, 2026 S | 742,506 | 0 | 5 | $-148,532 |
| Cristina Larkin | Chief Operating Officer | Feb. 1, 2022 A | 63,581 | 0 | 0 | $0 |
| Kamal Hamed | Chief Medical Officer | Feb. 2, 2024 S | 788,117 | 0 | 0 | $0 |
| Tamara L Joseph | Chief Legal Officer | Feb. 2, 2024 S | 531,615 | 0 | 0 | $0 |
| David A. Melnick | Chief Medical Officer | Feb. 1, 2022 A | 62,081 | 0 | 0 | $0 |
| Thomas R Parr JR | Chief Scientific Officer | Jan. 2, 2019 A | — | 0 | 0 | $0 |
| Kathleen Tregoning | Director | June 23, 2026 A | 85,000 | 0 | 0 | $0 |
| Cynthia Smith | Director | June 23, 2026 A | 85,000 | 0 | 0 | $0 |
| Scott Thomas Jackson | Director | June 23, 2026 A | 85,000 | 0 | 0 | $0 |
| Patrick V.J.J. Vink | Director | June 23, 2026 A | 85,000 | 0 | 0 | $0 |
| Milind Deshpande | Director | June 23, 2026 A | 101,454 | 0 | 0 | $0 |
| John C Pottage Jr | Director | June 23, 2026 A | 85,000 | 0 | 0 | $0 |
| Frank E Thomas | Director | June 23, 2026 A | 85,000 | 0 | 0 | $0 |
| Ankit Mahadevia | Director | Aug. 28, 2025 S | 703,294 | 0 | 1 | $-12,947 |
| FORMELA JEAN FRANCOIS | Director | Aug. 17, 2021 A | 2,408,128 | 0 | 0 | $0 |
| Casper Breum | Director | June 5, 2018 A | 1,091,774 | 0 | 0 | $0 |
| David P Southwell | Director | June 5, 2018 A | — | 0 | 0 | $0 |
| Vikas Goyal | Director | Nov. 6, 2017 C | 1,854,006 | 0 | 0 | $0 |
| Debra Zack | — | Aug. 3, 2026 A | 162,311 | 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 |
|---|---|---|---|---|---|
| ATLAS VENTURE FUND X, L.P., ATLAS VENTURE ASSOCIATES X, L.P., Atlas Venture Associates X, LLC ×2 filings | Feb. 16, 2021 | — | 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 8 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 … | 0.22% | 39,513 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.01% | 151,203 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 22,770 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 26,942 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 15,934 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 593,254 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,395,976 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 4,874 NS | April 30, 2026 | N-PORT |