SRRK Scholar Rock Holding Corporation - Common Stock
$55.24
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$27–$58
90% of range
Analyst Rating
BUY
24 analysts
Price Target
$60
+9% upside
P/E (TTM)
-16.8
ROE
-157.9%
Net Profit Margin
—
SRRK Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$55.24
Market Cap
$5.99B
P/E (TTM)
-16.8
EPS (TTM)
$-3.29
Revenue (TTM)
$0
Div Yield
—
ROE
-157.9%
Debt/Equity
0.4
52W Range
$27 – $58
SRRK Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$0
2018-12-31
→
2025-12-31
EPS
$-3.29
2020-12-31
→
2025-12-31
Free Cash Flow
$-301M
2018-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SRRK
Peer Median
P/E (TTM)
-16.8
16.0
P/B
24.4
8.5
EV / EBITDA
-14.9
—
Price / FCF
-19.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SRRK
Peer Median
ROA
-86.0%
-45.0%
ROE
-157.9%
-86.5%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SRRK
Peer Median
Debt / Equity
0.4
0.0
Current Ratio
6.9
5.8
Quick Ratio
6.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SRRK
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SRRK
Peer Median
SRRK Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
24 analysts
- Strong Buy 9 37.5%
- Buy 14 58.3%
- Hold 1 4.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-18
Median
$60.00
Now
$55.24
Low
$48.00
High
$76.00
Median target
$60.00
+8.6%
Mean target
$60.38
+9.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.84 | $-0.86 | 0.02% |
| March 31, 2026 | $-0.83 | $-0.82 | -0.01% |
| Dec. 31, 2025 | $-0.88 | $-0.91 | 0.03% |
| Sept. 30, 2025 | $-0.90 | $-0.86 | -0.04% |
| June 30, 2025 | $-0.98 | $-0.68 | -0.30% |
| March 31, 2025 | $-0.67 | $-0.67 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SRRK | $4.78B | -13.4 | — | — | -157.9% | — |
| ORKA | $1.48B | -3.3 | — | — | -25.9% | — |
| CGON | $3.35B | -20.0 | 254.7% | -3985.0% | -22.6% | — |
| MIRM | $4.10B | -168.1 | 54.7% | -4.5% | -8.2% | — |
| COGT | $5.72B | -16.4 | — | — | -83.1% | — |
| CAI | $7.62B | -8.4 | 97.0% | -8.4% | -13.2% | — |
| DNTH | $1.78B | -9.8 | -67.3% | -7973.3% | -40.8% | — |
| ERAS | $1.06B | -8.5 | — | — | -35.7% | — |
| TVTX | $3.47B | -131.8 | 110.5% | -5.2% | -34.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | · | · | $33M | $19M | $15M | $20M | $0 | |
| R&D Expense | $208M | $185M | $122M | $124M | $108M | $74M | $54M | $36M | |
| SG&A Expense | $176M | $68M | $49M | $43M | $40M | $28M | $21M | $14M | |
| Operating Expenses | $385M | $252M | $171M | $168M | $149M | $102M | $75M | $51M | |
| Operating Income | $-385M | $-252M | $-171M | $-134M | $-130M | $-87M | $-55M | $-51M | |
| Other Non-op | $-301.0K | $-85.0K | $6M | $-132.0K | $-2M | $395.0K | $4M | $1M | |
| Net Income | $-378M | $-246M | $-166M | $-135M | $-132M | $-86M | $-51M | $-49M | |
| EPS (Basic) | $-3.29 | $-2.47 | $-1.99 | $-2.26 | $-3.59 | $-2.81 | · | · | |
| EPS (Diluted) | $-3.29 | $-2.47 | $-1.99 | $-2.26 | $-3.59 | $-2.81 | · | · | |
| Shares (Basic) | 114,701,154 | 99,838,102 | 83,347,086 | 59,611,656 | 36,711,833 | 30,734,109 | · | · | |
| Shares (Diluted) | 114,701,154 | 99,838,102 | 83,347,086 | 59,611,656 | 36,711,833 | 30,734,109 | · | · | |
| EBITDA | $-385M | $-252M | $-171M | $-134M | $-130M | $-87M | $-55M | $-51M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $324M | $178M | $102M | $103M | $213M | $160M | $36M | $115M | |
| Short-term Investments | $44M | $259M | $178M | $212M | $40M | $181M | $121M | $61M | |
| Receivables | · | · | · | · | · | · | $25M | · | |
| Prepaid Expense | $18M | $14M | $8M | $13M | $12M | $3M | $3M | $2M | |
| Current Assets | $385M | $451M | $288M | $328M | $265M | $344M | $185M | $178M | |
| PP&E (Net) | $2M | $3M | $5M | $7M | $10M | $8M | $4M | $3M | |
| PP&E (Gross) | $17M | $16M | $16M | $18M | $17M | $13M | $8M | $6M | |
| Accum. Depreciation | $15M | $13M | $11M | $10M | $7M | $5M | $4M | $2M | |
| Other Non-current Assets | $3M | $3M | $4M | $2M | $2M | $1M | $98.0K | · | |
| Total Assets | $404M | $475M | $311M | $358M | $304M | $388M | $196M | $181M | |
| Accounts Payable | $10M | $10M | $3M | $4M | $4M | $3M | $1M | $3M | |
| Accrued Liabilities | $40M | $31M | $20M | $24M | $17M | $15M | $10M | $7M | |
| Short-term Debt | · | · | $1M | · | $2M | · | · | · | |
| Current Liabilities | $55M | $47M | $33M | $36M | $64M | $43M | $33M | $31M | |
| Capital Leases | $4M | $9M | $4M | $12M | $20M | $27M | $4M | · | |
| Other Non-current Liabilities | · | · | · | · | · | $5.0K | $9.0K | · | |
| Total Liabilities | $159M | $106M | $86M | $98M | $132M | $128M | $83M | $75M | |
| Long-term Debt | · | · | $51M | $51M | $52M | $26M | · | · | |
| Total Debt | $100M | $50M | $50M | $50M | $50M | $25M | · | · | |
| Common Stock | $108.0K | $94.0K | $76.0K | $52.0K | $35.0K | $34.0K | $30.0K | $26.0K | |
| Paid-in Capital | $1.55B | $1.29B | $901M | $772M | $548M | $505M | $271M | $213M | |
| Retained Earnings | $-1.30B | $-923M | $-676M | $-511M | $-376M | $-244M | $-158M | $-107M | |
| AOCI | $94.0K | $160.0K | $92.0K | $-884.0K | $-35.0K | $-2.0K | $37.0K | $-8.0K | |
| Stockholders' Equity | $245M | $369M | $225M | $260M | $172M | $261M | $113M | $107M | |
| Liabilities + Equity | $404M | $475M | $311M | $358M | $304M | $388M | $196M | $181M | |
| Shares Outstanding | 108,461,354 | 93,823,678 | 75,979,495 | 51,672,579 | 35,209,099 | 34,152,470 | 29,792,922 | 26,217,701 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $3M | $3M | $3M | $1M | $1M | $800.0K | |
| Stock-based Comp | $76M | $37M | $27M | $28M | $23M | $11M | $8M | $5M | |
| Operating Cash Flow | $-300M | $-201M | $-145M | $-133M | $-127M | $-60M | $-63M | $25M | |
| CapEx | $602.0K | $98.0K | $71.0K | $1M | $5M | $4M | $3M | $1M | |
| Investing Cash Flow | $219M | $-76M | $41M | $-172M | $134M | $-63M | $-62M | $-60M | |
| Debt Issued | $25M | · | · | · | · | · | · | · | |
| Net Debt Issued | $-852.0K | · | · | · | · | · | · | · | |
| Stock Issued | $92M | $324M | $98M | $195M | $13M | $216M | $48M | $95M | |
| Net Stock Activity | $92M | $324M | $98M | $195M | $13M | $216M | $48M | $17M | |
| Financing Cash Flow | $228M | $353M | $103M | $195M | $45M | $248M | $49M | $94M | |
| Net Change in Cash | · | $76M | $-2M | $-110M | $52M | $124M | $-76M | $59M | |
| Taxes Paid | $46.0K | · | · | · | · | · | · | · | |
| Free Cash Flow | $-301M | $-201M | $-145M | $-134M | $-132M | $-64M | $-66M | $23M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | -404.8% | -690.5% | -564.0% | -266.2% | · | |
| Net Margin | · | · | · | -405.2% | -700.5% | -561.5% | -248.9% | · | |
| EBITDA Margin | · | · | · | -404.8% | -690.5% | -564.0% | -266.2% | · | |
| ROA | -86.0% | -62.7% | -49.5% | -40.6% | -38.0% | -29.6% | -27.0% | -40.6% | |
| ROE | -157.9% | -110.0% | -84.4% | -48.6% | -73.4% | -53.4% | -43.5% | -47.2% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.9 | 9.6 | 8.8 | 9.0 | 4.1 | 8.1 | 5.6 | 5.7 | |
| Quick Ratio | 6.6 | 9.3 | 8.6 | 8.7 | 3.9 | 8.0 | 5.6 | 5.6 | |
| Debt / Equity | 0.4 | 0.1 | 0.2 | 0.2 | 0.3 | 0.1 | · | · | |
| LT Debt / Equity | 0.4 | 0.1 | 0.2 | 0.2 | 0.3 | 0.1 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | 1.6 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | 76.4% | 22.2% | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $48M | $48M | $33M | $19M | $15M | $20M | $0 | |
| Net Income TTM | $-378M | $-246M | $-166M | $-135M | $-132M | $-86M | $-51M | $-49M | |
| Market Cap | $4.78B | $4.06B | $1.43B | $468M | $875M | $1.66B | $393M | $602M | |
| Enterprise Value | $4.51B | $3.67B | $1.20B | $202M | $672M | $1.34B | · | · | |
| P/E | -13.4 | -17.5 | -9.4 | -4.0 | -6.9 | -17.3 | · | · | |
| P/S | · | 84.6 | 29.8 | 14.1 | 46.5 | 107.6 | 19.2 | · | |
| P/B | 19.5 | 11.0 | 6.3 | 1.8 | 5.1 | 6.4 | 3.5 | 5.6 | |
| P / Tangible Book | 19.5 | 11.0 | 6.3 | 1.8 | 5.1 | 6.4 | · | · | |
| P / Cash Flow | -15.9 | -20.2 | -9.8 | -3.5 | -6.9 | -27.5 | -6.2 | 24.5 | |
| P / FCF | -15.9 | -20.2 | -9.8 | -3.5 | -6.6 | -25.8 | -5.9 | 26.1 | |
| EV / EBITDA | -11.7 | -14.6 | -7.0 | -1.5 | -5.2 | -15.4 | · | · | |
| EV / FCF | -15.0 | -18.2 | -8.2 | -1.5 | -5.1 | -20.8 | · | · | |
| EV / Revenue | · | 76.5 | 25.0 | 6.1 | 35.7 | 87.1 | · | · | |
| Earnings Yield | -7.5% | -5.7% | -10.6% | -25.0% | -14.4% | -5.8% | · | · |
Income Statement 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 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| R&D Expense | $58M | $52M | $47M | $50M | $62M | $49M | $50M | $49M | $42M | $43M | $35M | $30M | $27M | $30M | $30M | $33M | |
| SG&A Expense | $51M | $50M | $45M | $53M | $50M | $28M | $19M | $16M | $17M | $15M | $13M | $13M | $12M | $11M | $11M | $10M | |
| Operating Expenses | $109M | $102M | $92M | $104M | $112M | $77M | $69M | $65M | $59M | $58M | $48M | $44M | $39M | $41M | $40M | $44M | |
| Operating Income | $-109M | $-102M | $-92M | $-104M | $-112M | $-77M | $-69M | $-65M | $-59M | $-58M | $-48M | $-44M | $-39M | $-41M | $-40M | $-44M | |
| Other Non-op | $-570.0K | $-790.0K | $-2M | $-69.0K | $-127.0K | $-44.0K | $-2M | $-38.0K | $-14.0K | $2M | $2M | $1M | $1M | $1M | $1M | $565.0K | |
| Net Income | $-110M | $-106M | $-91M | $-102M | $-110M | $-75M | $-66M | $-64M | $-59M | $-57M | $-46M | $-42M | $-38M | $-39M | $-39M | $-43M | |
| EPS (Basic) | $-0.84 | $-0.83 | $-0.74 | $-0.90 | $-0.98 | $-0.67 | $-0.62 | $-0.66 | $-0.60 | $-0.59 | $-0.50 | $-0.53 | $-0.47 | $-0.49 | $-0.44 | $-0.55 | |
| EPS (Diluted) | $-0.84 | $-0.83 | $-0.74 | $-0.90 | $-0.98 | $-0.67 | $-0.62 | $-0.66 | $-0.60 | $-0.59 | $-0.50 | $-0.53 | $-0.47 | $-0.49 | $-0.44 | $-0.55 | |
| Shares (Basic) | 130,612,734 | 127,277,144 | -223,569,982 | 113,729,850 | 112,703,014 | 111,838,272 | -189,918,252 | 97,050,637 | 96,813,116 | 95,892,601 | -156,987,394 | 80,606,438 | 80,117,983 | 79,610,059 | -98,803,471 | 79,336,161 | |
| Shares (Diluted) | 130,612,734 | 127,277,144 | -223,569,982 | 113,729,850 | 112,703,014 | 111,838,272 | -189,918,252 | 97,050,637 | 96,813,116 | 95,892,601 | -156,987,394 | 80,606,438 | 80,117,983 | 79,610,059 | -98,803,471 | 79,336,161 | |
| EBITDA | $-109M | $-102M | · | $-104M | $-112M | $-77M | · | $-65M | $-59M | $-58M | · | $-44M | $-39M | $-41M | · | $-44M |
Balance Sheet 23
| 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 | $437M | $431M | $324M | $287M | $153M | $138M | $178M | $76M | $93M | $92M | $102M | $68M | $108M | $151M | $103M | $133M | |
| Short-term Investments | $55M | $49M | $44M | $83M | $142M | $226M | $259M | $63M | $97M | $146M | $178M | $151M | $141M | $124M | $212M | $211M | |
| Prepaid Expense | $15M | $35M | $18M | $21M | $24M | $21M | $14M | $14M | $9M | $9M | $8M | $10M | $11M | $12M | $13M | $14M | |
| Current Assets | $507M | $515M | $385M | $391M | $319M | $385M | $451M | $153M | $199M | $247M | $288M | $228M | $260M | $287M | $328M | $358M | |
| PP&E (Net) | $1M | $1M | $2M | $2M | $2M | $3M | $3M | $3M | $4M | $4M | $5M | $5M | $6M | $7M | $7M | $8M | |
| PP&E (Gross) | · | · | $17M | · | · | · | $16M | · | · | · | $16M | · | · | · | $18M | · | |
| Accum. Depreciation | · | · | $15M | · | · | · | $13M | · | · | · | $11M | · | · | · | $10M | · | |
| Other Non-current Assets | $3M | $5M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $1M | $2M | $2M | $2M | $2M | |
| Total Assets | $524M | $535M | $404M | $412M | $340M | $408M | $475M | $179M | $227M | $267M | $311M | $251M | $285M | $315M | $358M | $390M | |
| Accounts Payable | $11M | $9M | $10M | $7M | $1M | $4M | $10M | $4M | $3M | $3M | $3M | $2M | $3M | $4M | $4M | $2M | |
| Accrued Liabilities | $55M | $44M | $40M | $50M | $44M | $28M | $31M | $29M | $22M | $21M | $20M | $17M | $14M | $15M | $24M | $23M | |
| Short-term Debt | · | · | · | · | · | · | · | · | $2M | $6M | $1M | · | · | · | · | $805.0K | |
| Current Liabilities | $72M | $60M | $55M | $62M | $50M | $38M | $47M | $39M | $33M | $38M | $33M | $27M | $24M | $26M | $36M | $34M | |
| Capital Leases | $1M | $3M | $4M | $5M | $7M | $8M | $9M | $10M | $12M | $2M | $4M | $6M | $8M | $10M | $12M | $14M | |
| Total Liabilities | $270M | $259M | $159M | $167M | $107M | $95M | $106M | $100M | $93M | $85M | $86M | $83M | $82M | $86M | $98M | $97M | |
| Total Debt | $196M | $197M | · | $100M | $50M | $50M | · | $50M | $50M | $50M | · | $50M | $50M | $50M | · | $51M | |
| Common Stock | $122.0K | $119.0K | $108.0K | $99.0K | $96.0K | $95.0K | $94.0K | $80.0K | $80.0K | $80.0K | $76.0K | $56.0K | $55.0K | $52.0K | $52.0K | $52.0K | |
| Paid-in Capital | $1.77B | $1.68B | $1.55B | $1.45B | $1.34B | $1.31B | $1.29B | $935M | $925M | $916M | $901M | $798M | $790M | $779M | $772M | $766M | |
| Retained Earnings | $-1.52B | $-1.41B | $-1.30B | $-1.21B | $-1.11B | $-997M | $-923M | $-856M | $-792M | $-733M | $-676M | $-630M | $-588M | $-550M | $-511M | $-471M | |
| AOCI | $1M | $690.0K | $94.0K | $117.0K | $58.0K | $129.0K | $160.0K | $128.0K | $-54.0K | $-50.0K | $92.0K | $-23.0K | $-63.0K | $-329.0K | $-884.0K | $-936.0K | |
| Stockholders' Equity | $254M | $276M | $245M | $245M | $233M | $312M | $369M | $79M | $134M | $183M | $225M | $168M | $203M | $229M | $260M | $293M | |
| Liabilities + Equity | $524M | $535M | $404M | $412M | $340M | $408M | $475M | $179M | $227M | $267M | $311M | $251M | $285M | $315M | $358M | $390M | |
| Shares Outstanding | 121,600,396 | 119,103,774 | 108,461,354 | 99,171,486 | 95,999,608 | 94,873,407 | 93,823,678 | 80,081,535 | 79,992,068 | 79,744,654 | 75,979,495 | 56,260,574 | 55,159,787 | 51,989,359 | 51,672,579 | 51,660,854 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $297.0K | $335.0K | $425.0K | $423.0K | $417.0K | $393.0K | $395.0K | $446.0K | $498.0K | $598.0K | $672.0K | $708.0K | $731.0K | $733.0K | $749.0K | $744.0K | |
| Stock-based Comp | $20M | $18M | $19M | $18M | $24M | $13M | $10M | $10M | $9M | $8M | $7M | $7M | $7M | $6M | $6M | $8M | |
| Operating Cash Flow | $-70M | $-82M | $-75M | $-69M | $-77M | $-79M | $-50M | $-52M | $-49M | $-50M | $-37M | $-32M | $-33M | $-43M | $-29M | $-26M | |
| CapEx | $1.0K | $68.0K | $32.0K | $84.0K | $215.0K | $271.0K | $22.0K | $31.0K | $22.0K | $23.0K | $0 | $0 | $41.0K | $30.0K | $117.0K | $27.0K | |
| Investing Cash Flow | $-6M | $-5M | $39M | $60M | $85M | $35M | $-195M | $35M | $51M | $33M | $-25M | $-8M | $-15M | $90M | $77.0K | $-146M | |
| Debt Issued | · | · | $0 | $0 | $1.0K | $25M | · | · | · | · | · | · | · | · | · | · | |
| Net Debt Issued | · | $-103M | · | · | · | $-853.0K | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | $63M | $98M | $2.0K | $92M | · | · | · | · | · | · | $92M | $0 | $4M | $827.0K | $0 | $-455.0K | |
| Net Stock Activity | · | $98M | · | · | · | · | · | · | · | · | · | · | · | $827.0K | · | · | |
| Financing Cash Flow | $83M | $194M | $73M | $144M | $6M | $4M | $346M | $166.0K | $-33.0K | $7M | $97M | $280.0K | $5M | $1M | $-970.0K | $-451.0K | |
| Net Change in Cash | · | · | · | $135M | $15M | $-40M | · | $-17M | $1M | $-10M | $34M | $-40M | $-43M | $48M | $-30M | $-173M | |
| Free Cash Flow | · | $-82M | · | · | · | $-79M | · | · | · | $-50M | · | · | · | $-43M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -25.4% | -22.4% | · | -34.6% | -38.8% | -22.1% | · | -30.0% | -22.9% | -19.5% | · | -13.2% | -10.7% | -13.6% | · | -12.6% | |
| ROE | -45.1% | -35.9% | · | -63.1% | -60.0% | -30.2% | · | -52.2% | -34.8% | -27.6% | · | -18.4% | -14.3% | -19.7% | · | -18.0% |
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 | 7.0 | 8.6 | · | 6.3 | 6.3 | 10.3 | · | 3.9 | 6.0 | 6.6 | · | 8.5 | 10.7 | 11.0 | · | 10.6 | |
| Quick Ratio | 6.8 | 8.0 | · | 6.0 | 5.8 | 9.7 | · | 3.5 | 5.8 | 6.4 | · | 8.2 | 10.2 | 10.5 | · | 10.2 | |
| Debt / Equity | 0.8 | 0.7 | · | 0.4 | 0.2 | 0.2 | · | 0.6 | 0.4 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | |
| LT Debt / Equity | 0.8 | 0.7 | · | 0.4 | 0.2 | 0.2 | · | 0.6 | 0.4 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 |
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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
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 | · | · | · | $48M | $48M | $48M | · | $48M | $48M | $48M | · | $48M | $48M | $48M | · | $48M | |
| Net Income TTM | $-428M | $-392M | · | $-351M | $-308M | $-255M | · | $-222M | $-196M | $-177M | · | $-163M | $-165M | $-135M | · | $-133M | |
| Market Cap | $6.69B | $5.86B | · | $3.69B | $3.40B | $3.05B | · | $641M | $666M | $1.42B | · | $399M | $416M | $416M | · | $358M | |
| Enterprise Value | $6.39B | $5.57B | · | $3.42B | $3.16B | $2.74B | · | $552M | $526M | $1.23B | · | $231M | $217M | $190M | · | $65M | |
| P/E | -15.5 | -14.5 | · | -11.6 | -12.2 | -12.8 | · | -3.4 | -3.8 | -8.5 | · | -3.5 | -2.9 | -3.5 | · | -2.4 | |
| P/S | · | · | · | 77.0 | 70.9 | 63.6 | · | 13.4 | 13.9 | 29.5 | · | 8.3 | 8.7 | 8.7 | · | 7.5 | |
| P/B | 26.4 | 21.2 | · | 15.1 | 14.6 | 9.8 | · | 8.1 | 5.0 | 7.7 | · | 2.4 | 2.1 | 1.8 | · | 1.2 | |
| P / Tangible Book | 26.4 | 21.2 | · | 15.1 | 14.6 | 9.8 | · | 8.1 | 5.0 | 7.7 | · | 2.4 | 2.1 | 1.8 | · | 1.2 | |
| P / Cash Flow | · | -71.3 | · | · | · | -38.8 | · | · | · | -28.4 | · | · | · | -9.7 | · | · | |
| P / FCF | · | -71.3 | · | · | · | -38.6 | · | · | · | -28.4 | · | · | · | -9.7 | · | · | |
| EV / EBITDA | -58.7 | -54.6 | · | -33.1 | -28.1 | -35.5 | · | -8.5 | -8.8 | -21.0 | · | -5.3 | -5.6 | -4.7 | · | -1.5 | |
| EV / FCF | · | -67.8 | · | · | · | -34.7 | · | · | · | -24.7 | · | · | · | -4.4 | · | · | |
| EV / Revenue | · | · | · | 71.4 | 65.8 | 57.0 | · | 11.5 | 11.0 | 25.6 | · | 4.8 | 4.5 | 4.0 | · | 1.4 | |
| Earnings Yield | -6.5% | -6.9% | · | -8.6% | -8.2% | -7.8% | · | -29.7% | -26.3% | -11.7% | · | -28.7% | -34.1% | -28.9% | · | -41.0% |
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 | — | — | $33M | $19M |
| Operating Margin % | — | — | — | -404.8% | -690.5% |
| Net Income | $-378M | $-246M | $-166M | $-135M | $-132M |
| Diluted EPS | $-3.29 | $-2.47 | $-1.99 | $-2.26 | $-3.59 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.4 | 0.1 | 0.2 | 0.2 | 0.3 |
| Current Ratio | 6.9 | 9.6 | 8.8 | 9.0 | 4.1 |
| Quick Ratio | 6.6 | 9.3 | 8.6 | 8.7 | 3.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-301M | $-201M | $-145M | $-134M | $-132M |
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Institutional owners (13F) 327 filers · $5.2B 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 |
|---|---|---|---|---|
| 61 (+18 vs prior Q) | 22 (-12 vs prior Q) | 118 (+7 vs prior Q) | 85 (+8 vs prior Q) | +5.9M |
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 |
|---|---|---|---|---|
| FMR LLC | $625,711,735 | 11,376,577 | 12.02% | Shares |
| Siren, L.L.C. | $526,625,715 | 9,575,013 | 10.12% | Shares |
| SAMSARA BIOCAPITAL, LLC | $379,370,860 | 6,897,652 | 7.29% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $320,613,590 | 5,829,338 | 6.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $262,233,400 | 4,767,880 | 5.04% | Shares |
| STATE STREET CORP | $260,077,455 | 4,728,681 | 5.00% | Shares |
| Redmile Group, LLC | $237,110,060 | 4,311,092 | 4.56% | Shares |
| NORGES BANK | $152,345,050 | 2,769,910 | 2.93% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $130,314,874 | 2,368,811 | 2.50% | Shares |
| Hood River Capital Management LLC | $122,363,340 | 2,224,788 | 2.35% | Shares |
| Driehaus Capital Management LLC | $121,308,990 | 2,205,618 | 2.33% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $116,126,838 | 2,111,410 | 2.23% | Shares |
| JANUS HENDERSON GROUP PLC | $108,218,139 | 2,202,774 | 2.08% | Shares |
| Polar Capital Holdings Plc | $103,321,900 | 1,878,580 | 1.99% | Shares |
| JENNISON ASSOCIATES LLC | $102,381,235 | 1,861,477 | 1.97% | Shares |
| Holocene Advisors, LP | $96,578,790 | 1,755,978 | 1.86% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $95,227,110 | 1,731,402 | 1.83% | Shares |
| Woodline Partners LP | $82,525,850 | 1,500,470 | 1.59% | Shares |
| GOLDMAN SACHS GROUP INC | $65,846,495 | 1,197,209 | 1.27% | Shares |
| Capital World Investors | $63,822,495 | 1,160,409 | 1.23% | Shares |
| Clearbridge Investments, LLC | $58,287,699 | 1,059,776 | 1.12% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $56,504,635 | 1,027,357 | 1.09% | Shares |
| AMERICAN CENTURY COMPANIES INC | $53,635,955 | 975,197 | 1.03% | Shares |
| Pictet Asset Management Holding SA | $50,106,164 | 911,075 | 0.96% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $47,535,730 | 864,286 | 0.91% | Shares |
| BANK OF AMERICA CORP /DE/ | $41,877,440 | 761,408 | 0.80% | Shares |
| Integral Health Asset Management, LLC | $41,250,000 | 750,000 | 0.79% | Shares |
| FEDERATED HERMES, INC. | $40,398,215 | 734,513 | 0.78% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $40,154,565 | 730,083 | 0.77% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $39,463,160 | 717,512 | 0.76% | Shares |
| Rock Springs Capital Management LP | $39,349,860 | 715,452 | 0.76% | Shares |
| Casdin Capital, LLC | $36,575,000 | 665,000 | 0.70% | Shares |
| Ensign Peak Advisors, Inc | $31,847,860 | 579,052 | 0.61% | Shares |
| Eagle Health Investments LP | $30,539,960 | 555,272 | 0.59% | Shares |
| LOOMIS SAYLES & CO L P | $27,261,630 | 495,666 | 0.52% | Shares |
| Qube Research & Technologies Ltd | $25,505,150 | 463,730 | 0.49% | Shares |
| VANGUARD GROUP INC | $25,434,426 | 577,399 | 0.49% | Shares |
| Fisher Asset Management, LLC | $24,169,585 | 439,447 | 0.46% | Shares |
| CITADEL ADVISORS LLC | $18,251,805 | 331,851 | 0.35% | Shares |
| Squarepoint Ops LLC | $16,059,780 | 291,996 | 0.31% | Shares |
| NAN FUNG TRINITY (HK) LTD | $15,702,225 | 285,495 | 0.30% | Shares |
| ARMISTICE CAPITAL, LLC | $15,290,000 | 278,000 | 0.29% | Shares |
| Trexquant Investment LP | $15,164,160 | 275,712 | 0.29% | Shares |
| First Turn Management, LLC | $14,917,485 | 271,227 | 0.29% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $14,316,555 | 260,301 | 0.28% | Shares |
| STEMPOINT CAPITAL LP | $13,153,030 | 239,146 | 0.25% | Shares |
| Candriam S.C.A. | $11,876,592 | 216,146 | 0.23% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $11,549,505 | 209,991 | 0.22% | Shares |
| Logos Global Management LP | $11,000,000 | 200,000 | 0.21% | Shares |
| Susquehanna Portfolio Strategies, LLC | $10,947,860 | 199,052 | 0.21% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $10,372,340 | 188,588 | 0.20% | Shares |
| Granahan Investment Management, LLC | $9,006,745 | 163,759 | 0.17% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $8,986,175 | 163,385 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,888,000 | 161,600 | 0.17% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,624,000 | 156,800 | 0.17% | Call option |
| Swiss National Bank | $8,239,000 | 149,800 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $8,000,300 | 145,460 | 0.15% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $7,674,370 | 139,534 | 0.15% | Shares |
| GordonMD Global Investments LP | $7,287,500 | 132,500 | 0.14% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $6,972,185 | 126,767 | 0.13% | Shares |
| MGO ONE SEVEN LLC | $6,879,235 | 125,077 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $6,873,551 | 139,820 | 0.13% | Shares |
| AMERIPRISE FINANCIAL INC | $6,837,380 | 124,316 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $6,722,265 | 122,223 | 0.13% | Shares |
| TD Asset Management Inc | $6,620,020 | 120,364 | 0.13% | Shares |
| BlackRock, Inc. | $6,156,700 | 111,940 | 0.12% | Shares |
| CITIGROUP INC | $5,854,310 | 106,442 | 0.11% | Shares |
| Man Group plc | $5,739,030 | 104,346 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $5,566,000 | 101,200 | 0.11% | Put option |
| Ghisallo Capital Management LLC | $5,500,000 | 100,000 | 0.11% | Shares |
| Artia Global Partners LP | $5,295,675 | 96,285 | 0.10% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $5,184,575 | 94,265 | 0.10% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $5,032,500 | 91,500 | 0.10% | Shares |
| D. E. Shaw & Co., Inc. | $5,007,145 | 91,039 | 0.10% | Shares |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. | $5,005,990 | 91,018 | 0.10% | Shares |
| Nicholas Investment Partners, LP | $4,968,370 | 90,334 | 0.10% | Shares |
| AXA Investment Managers S.A. | $4,936,907 | 132,570 | 0.09% | Shares |
| BEACONLIGHT CAPITAL, LLC | $4,834,115 | 87,893 | 0.09% | Shares |
| RAYMOND JAMES FINANCIAL INC | $4,622,805 | 84,051 | 0.09% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,385,535 | 79,737 | 0.08% | Shares |
| StoneCrest Wealth Management, Inc. | $4,332,900 | 78,780 | 0.08% | Shares |
| Aisling Capital Management LP | $4,236,705 | 77,031 | 0.08% | Shares |
| Hudson Bay Capital Management LP | $4,125,000 | 75,000 | 0.08% | Shares |
| Cinctive Capital Management LP | $3,954,995 | 71,909 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,682,871 | 74,916 | 0.07% | Shares |
| MetLife Investment Management, LLC | $3,577,090 | 65,038 | 0.07% | Shares |
| Rafferty Asset Management, LLC | $3,443,440 | 62,608 | 0.07% | Shares |
| EFG Asset Management (North America) Corp. | $3,278,865 | 88,106 | 0.06% | Shares |
| ALGERT GLOBAL LLC | $3,209,250 | 58,350 | 0.06% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $2,867,260 | 52,132 | 0.06% | Shares |
| DEUTSCHE BANK AG\ | $2,814,955 | 51,181 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $2,801,315 | 50,933 | 0.05% | Shares |
| JANE STREET GROUP, LLC | $2,695,000 | 49,000 | 0.05% | Put option |
| Moody Aldrich Partners LLC | $2,597,540 | 47,228 | 0.05% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $2,533,000 | 46,054 | 0.05% | Shares |
| KVP Capital Advisors, LP | $2,475,000 | 45,000 | 0.05% | Shares |
| Invesco Ltd. | $2,431,770 | 44,214 | 0.05% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,366,100 | 43,020 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $2,356,750 | 42,850 | 0.05% | Shares |
| Jasper Ridge Partners, L.P. | $2,335,025 | 42,455 | 0.04% | Shares |
Company insiders 28 insiders · 19 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David Hallal | Chief Executive Officer | April 16, 2026 S | 1,639,034 | 0 | 2 | $-3,970,701 |
| Jay T. Backstrom | CEO-Elect | Sept. 20, 2022 A | — | 0 | 0 | $0 |
| Nagesh K. Manhathappa | Interim CEO and President | June 16, 2022 A | 480,491 | 0 | 0 | $0 |
| Stuart A Kingsley | President and CEO | Feb. 1, 2021 A | 42,000 | 0 | 0 | $0 |
| Vikas Sinha | Chief Financial Officer | April 16, 2026 S | 619,856 | 0 | 2 | $-1,231,462 |
| Edward H Myles | COO & CFO | March 10, 2025 M | 111,345 | 0 | 0 | $0 |
| Rhonda M. Chicko | Chief Financial Officer | Jan. 31, 2019 A | — | 0 | 0 | $0 |
| Akshay Vaishnaw | President of R&D | April 16, 2026 S | 630,542 | 0 | 2 | $-1,479,737 |
| Keith Woods | Chief Operating Officer | April 16, 2026 S | 620,055 | 0 | 2 | $-1,221,659 |
| Elan Ezickson | COO & Head of Corp.Development | May 29, 2018 A | — | 0 | 0 | $0 |
| Mo Qatanani | CHIEF SCIENTIFIC OFFICER | Feb. 23, 2026 S | 98,445 | 0 | 3 | $-399,335 |
| Caryn Parlavecchio | Chief Human Resources Officer | Feb. 9, 2026 A | 178,122 | 0 | 0 | $0 |
| Junlin Ho | General Counsel | Feb. 9, 2026 A | 251,125 | 0 | 0 | $0 |
| Jing L. Marantz | Chief Medical Officer | Feb. 9, 2026 A | 130,169 | 0 | 0 | $0 |
| Tracey Sacco | Chief Commercial Officer | April 25, 2025 M | 71,750 | 0 | 0 | $0 |
| Gregory John Carven | Chief Scientific Officer | June 16, 2022 A | 128,208 | 0 | 0 | $0 |
| Yung H. Chyung | Chief Medical Officer | Feb. 14, 2022 A | 258,496 | 0 | 0 | $0 |
| Erin Moore | SVP, Finance | Feb. 6, 2020 A | — | 0 | 0 | $0 |
| Alan J. Buckler | Chief Scientific Officer | Feb. 6, 2020 A | — | 0 | 0 | $0 |
| Katie Peng | Director | July 1, 2026 S | 34,301 | 0 | 3 | $-293,398 |
| Joshua Reed | Director | July 1, 2026 S | 19,518 | 0 | 2 | $-164,075 |
| Jeffrey S. Flier | Director | July 1, 2026 S | 27,856 | 0 | 3 | $-164,491 |
| Kristina Burow | Director | July 1, 2026 S | 114,657 | 0 | 2 | $-164,053 |
| Michael Gilman | Director | July 1, 2026 S | 59,511 | 0 | 3 | $-137,058 |
| Richard Brudnick | Director | June 4, 2026 A | 21,896 | 0 | 0 | $0 |
| Srinivas Akkaraju | Director | June 4, 2026 A | 27,971 | 9 | 0 | $19,988,986 |
| Amir Nashat | Director | May 9, 2024 J | 38,639 | 0 | 0 | $0 |
| Timothy A. Springer | 10% owner | Dec. 10, 2019 G | 2,376,567 | 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 |
|---|---|---|---|---|---|
| Samsara BioCapital, L.P., Samsara BioCapital GP, LLC, Samsara Opportunity Fund, L.P., Samsara Opportunity Fund GP, LLC, Srinivas Akkaraju ×4 filings | Oct. 7, 2025 | 7.20% | Amendment | — | 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 46 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 |
|---|---|---|---|---|
| IBRN · iShares Trust | 4.53% | 6,638 SH | Aug. 8, 2026 | Daily |
| GURU · Global X Funds | 1.08% | 13,555 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 1.01% | 112,425 NS | April 30, 2026 | N-PORT |
| HRTS · Tema ETF Trust | 0.92% | 9,647 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.74% | 5,888 NS | April 30, 2026 | N-PORT |
| MEDI · Harbor ETF Trust | 0.57% | 3,384 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.45% | 4,801 NS | May 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.43% | 6,524 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.39% | 706,904 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.34% | 954,046 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.34% | 112,682 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.25% | 3,773 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.24% | 1,335 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.20% | 31,295 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.19% | 643,358 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.18% | 2,827,782 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.15% | 2,527 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.12% | 37,817 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.11% | 4,109 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.10% | 12,994 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.09% | 406,966 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.07% | 3,926 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.06% | 3,213 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.06% | 1,141,089 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.06% | 224,721 SH | Aug. 8, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.06% | 78,058 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 28,295 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 27,110 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.05% | 28,968 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.05% | 8,820 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.05% | 3,252 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.03% | 4,310 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 59,002 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 3,203 NS | May 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.02% | 7,030 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 5,664 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.02% | 82 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 29,191 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 3,428,276 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 89,618 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 9,206 SH | Aug. 8, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 24,696 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 29,642 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 3,234 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 134,638 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 49,047 NS | May 31, 2026 | N-PORT |