STOK Stoke Therapeutics, Inc. - Common Stock
$33.19
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$18–$40
68% of range
Analyst Rating
BUY
19 analysts
Price Target
$47
+42% upside
P/E (TTM)
-276.6
ROE
-2.0%
Net Profit Margin
-3.7%
STOK Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$33.19
Market Cap
$1.96B
P/E (TTM)
-276.6
EPS (TTM)
$-0.12
Revenue (TTM)
$184M
Div Yield
—
ROE
-2.0%
Debt/Equity
—
52W Range
$18 – $40
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$184M
2022-12-31
→
2025-12-31
EPS
$-0.12
2021-12-31
→
2025-12-31
Free Cash Flow
$45M
2019-12-31
→
2025-12-31
Margins
-3.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
STOK
Peer Median
P/E (TTM)
-276.6
27.2
P/S (TTM)
10.6
25.4
P/B
5.5
5.1
Price / FCF
43.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
STOK
Peer Median
Operating Margin
-11.2%
—
Net Profit Margin
-3.7%
-473.7%
ROA
-2.0%
-40.2%
ROE
-2.0%
-50.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
STOK
Peer Median
Current Ratio
5.3
9.0
Quick Ratio
1.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
STOK
Peer Median
Revenue YoY
404.5%
—
Revenue CAGR 3Y
145.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
STOK
Peer Median
STOK Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
19 analysts
- Strong Buy 8 42.1%
- Buy 10 52.6%
- Hold 1 5.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-15
Median
$46.00
← Below all targets
$33.19
Low
$35.00
High
$60.00
Median target
$46.00
+38.6%
Mean target
$47.00
+41.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.36%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.93 | $-0.81 | -0.12% |
| March 31, 2026 | $-0.79 | $-0.84 | 0.05% |
| Dec. 31, 2025 | $-0.97 | $-0.73 | -0.24% |
| Sept. 30, 2025 | $-0.65 | $-0.58 | -0.07% |
| June 30, 2025 | $-0.40 | $-0.52 | 0.12% |
| March 31, 2025 | $1.98 | $-0.43 | 2.4% |
| Dec. 31, 2024 | $-0.18 | $-0.54 | 0.36% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| STOK | $1.87B | -264.5 | 404.5% | -3.7% | -2.0% | — |
| GENB | — | — | — | — | — | — |
| PVLA | $1.30B | -28.2 | 65.3% | -1610.6% | -110.1% | — |
| AGIO | $1.59B | -3.8 | 48.0% | -764.0% | -32.2% | — |
| VRDN | $3.17B | -7.7 | 23359.9% | -483.6% | -55.4% | — |
| BHVN | $1.50B | -1.6 | — | — | -310.8% | — |
| TSHA | $1.57B | -16.2 | 17.3% | -1115.3% | -44.0% | — |
| SRPT | $2.26B | -3.0 | 15.6% | -32.5% | -57.1% | — |
| ZBIO | $1.98B | -4.3 | 100.0% | -3777.4% | -156.8% | — |
| DMRA | — | — | 38.3% | -17981.1% | -167.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $184M | $37M | $9M | $12M | |
| R&D Expense | $138M | $89M | $82M | $78M | |
| SG&A Expense | $67M | $49M | $41M | $39M | |
| Operating Expenses | $205M | $138M | $124M | $117M | |
| Operating Income | $-21M | $-101M | $-115M | $-104M | |
| Interest Expense | $9.0K | $26.0K | $49.0K | · | |
| Interest Income | $14M | $13M | $10M | · | |
| Other Non-op | $-51.0K | $-247.0K | $166.0K | $167.0K | |
| Income Tax | $0 | · | · | · | |
| Net Income | $-7M | $-89M | $-105M | $-101M | |
| EPS (Basic) | $-0.12 | $-1.65 | $-2.38 | $-2.60 | |
| EPS (Diluted) | $-0.12 | $-1.65 | $-2.38 | $-2.60 | |
| Shares (Basic) | 59,219,184 | 54,008,883 | 43,994,862 | 38,897,442 | |
| Shares (Diluted) | 59,219,184 | 54,008,883 | 43,994,862 | 38,897,442 | |
| EBITDA | $-21M | $-101M | $-115M | $-104M |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $84M | $128M | $191M | $114M | |
| Receivables | $6M | $2M | · | · | |
| Prepaid Expense | $9M | $11M | $11M | $11M | |
| Other Current Assets | $4M | $2M | $3M | $3M | |
| Current Assets | $306M | $233M | $215M | $244M | |
| PP&E (Net) | $3M | $4M | $6M | $7M | |
| PP&E (Gross) | $13M | $13M | $12M | $11M | |
| Accum. Depreciation | $10M | $9M | $7M | $4M | |
| Total Assets | $418M | $272M | $228M | $256M | |
| Accounts Payable | $5M | $2M | $2M | $766.0K | |
| Current Liabilities | $58M | $40M | $31M | $31M | |
| Capital Leases | $1M | $2M | $5M | $3M | |
| Other Non-current Liabilities | $1M | $2M | $5M | $3M | |
| Total Liabilities | $66M | $43M | $69M | $71M | |
| Common Stock | $5.0K | $5.0K | $5.0K | $4.0K | |
| Paid-in Capital | $850M | $720M | $561M | $483M | |
| Retained Earnings | $-498M | $-491M | $-402M | $-297M | |
| AOCI | $543.0K | $-151.0K | $-24.0K | $-1M | |
| Stockholders' Equity | $352M | $229M | $160M | $185M | |
| Liabilities + Equity | $418M | $272M | $228M | $256M | |
| Shares Outstanding | 58,921,999 | 54,032,826 | 45,918,233 | 39,439,575 |
Cash Flow 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Stock-based Comp | $32M | $27M | $25M | $23M | |
| Operating Cash Flow | $46M | $-87M | $-81M | $-32M | |
| CapEx | $670.0K | $203.0K | $2M | $4M | |
| Investing Cash Flow | $-187M | $-107M | $106M | $-46M | |
| Financing Cash Flow | $97M | $131M | $53M | $46M | |
| Net Change in Cash | $-44M | $-63M | $78M | $-31M | |
| Taxes Paid | $573.0K | · | · | · | |
| Free Cash Flow | $45M | $-87M | $-83M | $-36M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | -11.2% | -277.3% | -1307.2% | -841.2% | |
| Net Margin | -3.7% | -243.4% | -1192.5% | -814.7% | |
| EBITDA Margin | -11.2% | -277.3% | -1307.2% | -841.2% | |
| ROA | -2.0% | -35.6% | -43.2% | -40.8% | |
| ROE | -2.0% | -38.6% | -63.0% | -52.0% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 5.3 | 5.8 | 7.0 | 7.8 | |
| Quick Ratio | 1.6 | 3.2 | 6.2 | 3.6 | |
| Interest Coverage | -2287.8 | -3898.9 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.1 | 0.0 | 0.1 | |
| Receivables Turnover | 48.5 | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 404.5% | 316.3% | -29.2% | · | |
| Revenue CAGR 3Y | 145.9% | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $184M | $37M | $9M | $12M | |
| Net Income TTM | $-7M | $-89M | $-105M | $-101M | |
| Market Cap | $1.87B | $596M | $242M | $364M | |
| P/E | -264.5 | -6.7 | -2.2 | -3.5 | |
| P/S | 10.1 | 16.3 | 27.5 | 29.3 | |
| P/B | 5.3 | 2.6 | 1.5 | 2.0 | |
| P / Tangible Book | 5.3 | 2.6 | 1.5 | 2.0 | |
| P / Cash Flow | 41.0 | -6.9 | -3.0 | -11.4 | |
| P / FCF | 41.6 | -6.8 | -2.9 | -10.2 | |
| Earnings Yield | -0.38% | -15.0% | -45.2% | -28.2% |
Income Statement 16
| 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 | $9M | $6M | $1M | $11M | $14M | $159M | $23M | $5M | $5M | $4M | $3M | $3M | $-2M | $5M | $3M | $3M | |
| R&D Expense | $50M | $40M | $42M | $38M | $26M | $33M | $23M | $22M | $21M | $22M | $22M | $20M | $21M | $20M | $21M | $20M | |
| SG&A Expense | $25M | $20M | $21M | $16M | $15M | $15M | $13M | $13M | $13M | $10M | $11M | $10M | $10M | $10M | $9M | $10M | |
| Operating Expenses | $75M | $60M | $63M | $54M | $41M | $47M | $36M | $35M | $34M | $33M | $32M | $31M | $31M | $30M | $30M | $30M | |
| Operating Income | $-65M | $-53M | $-61M | $-43M | $-27M | $111M | $-14M | $-30M | $-29M | $-28M | $-30M | $-27M | $-33M | $-25M | $-27M | $-27M | |
| Interest Expense | $17.0K | $23.0K | $2.0K | $3.0K | $3.0K | $1.0K | $-1.0K | $0 | $5.0K | $22.0K | · | · | · | · | · | · | |
| Interest Income | $4M | $3M | $4M | $3M | $4M | $3M | $3M | $4M | $4M | $2M | · | · | · | · | · | · | |
| Other Non-op | $308.0K | $18.0K | $-110.0K | $3.0K | $28.0K | $28.0K | $201.0K | $28.0K | $-48.0K | $-428.0K | $42.0K | $41.0K | $41.0K | $42.0K | $41.0K | $42.0K | |
| Pretax Income | $-62M | $-50M | · | $-40M | $-23M | $114M | · | $-26M | $-26M | $-26M | · | · | · | · | · | · | |
| Income Tax | $0 | $0 | $0 | $-1M | $0 | $1M | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income | $-62M | $-50M | $-58M | $-38M | $-23M | $113M | $-10M | $-26M | $-26M | $-26M | $-27M | $-25M | $-31M | $-23M | $-26M | $-26M | |
| EPS (Basic) | $-0.93 | $-0.79 | $-1.02 | $-0.65 | $-0.40 | $1.95 | $-0.15 | $-0.47 | $-0.46 | $-0.57 | $-0.61 | $-0.55 | $-0.69 | $-0.53 | $-0.65 | $-0.66 | |
| EPS (Diluted) | $-0.93 | $-0.79 | $-0.97 | $-0.65 | $-0.40 | $1.90 | $-0.15 | $-0.47 | $-0.46 | $-0.57 | $-0.61 | $-0.55 | $-0.69 | $-0.53 | $-0.65 | $-0.66 | |
| Shares (Basic) | 66,017,895 | 63,063,507 | -115,609,022 | 58,611,677 | 58,353,855 | 57,862,674 | -104,345,028 | 56,341,074 | 55,765,948 | 46,246,889 | -86,996,093 | 44,266,017 | 44,188,464 | 42,536,474 | -77,229,527 | 39,420,310 | |
| Shares (Diluted) | 66,017,895 | 63,063,507 | -117,144,948 | 58,611,677 | 58,353,855 | 59,398,600 | -104,345,028 | 56,341,074 | 55,765,948 | 46,246,889 | -86,996,093 | 44,266,017 | 44,188,464 | 42,536,474 | -77,229,527 | 39,420,310 | |
| EBITDA | $-65M | $-53M | · | $-43M | $-27M | $111M | · | $-30M | $-29M | $-28M | · | $-27M | $-33M | $-25M | · | $-27M |
Balance Sheet 21
| 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 | $110M | $156M | $84M | $83M | $101M | $275M | $128M | $150M | $193M | $179M | $191M | $190M | $192M | $190M | $114M | $113M | |
| Receivables | $7M | $4M | $6M | $9M | · | · | $2M | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $15M | $10M | $9M | $8M | $14M | $13M | $11M | $10M | $10M | $11M | $11M | $11M | $11M | $10M | $11M | $13M | |
| Other Current Assets | $6M | $7M | $4M | $6M | $7M | $5M | $2M | $4M | $4M | $4M | $3M | $4M | $4M | $6M | $3M | · | |
| Current Assets | $323M | $367M | $306M | $272M | $270M | $376M | $233M | $254M | $297M | $193M | $215M | $230M | $246M | $270M | $244M | $265M | |
| PP&E (Net) | $5M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $5M | $5M | $6M | $6M | $6M | $7M | $7M | $7M | |
| PP&E (Gross) | · | · | $13M | · | · | · | $13M | · | · | · | $12M | · | · | · | $11M | · | |
| Accum. Depreciation | · | · | $10M | · | · | · | $9M | · | · | · | $7M | · | · | · | $4M | · | |
| Total Assets | $394M | $443M | $418M | $360M | $385M | $407M | $272M | $293M | $308M | $205M | $228M | $240M | $257M | $282M | $256M | $278M | |
| Accounts Payable | $5M | $7M | $5M | $6M | $4M | $2M | $2M | $2M | $4M | $2M | $2M | $3M | $2M | $4M | $766.0K | $2M | |
| Current Liabilities | $42M | $41M | $58M | $42M | $39M | $45M | $40M | $50M | $44M | $36M | $31M | $25M | $22M | $32M | $31M | $29M | |
| Capital Leases | $837.0K | $990.0K | $1M | $2M | $1M | $2M | $2M | $3M | $4M | $4M | $5M | $819.0K | $1M | $2M | $3M | $3M | |
| Other Non-current Liabilities | $837.0K | $991.0K | $1M | $2M | $1M | $2M | $2M | $3M | $4M | $4M | $5M | $959.0K | $2M | $2M | $3M | $4M | |
| Total Liabilities | $48M | $48M | $66M | $52M | $50M | $57M | $43M | $61M | $65M | $65M | $69M | $67M | $67M | $68M | $71M | $73M | |
| Common Stock | $6.0K | $6.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $5.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $955M | $943M | $850M | $747M | $736M | $728M | $720M | $712M | $697M | $569M | $561M | $548M | $541M | $534M | $483M | $477M | |
| Retained Earnings | $-609M | $-548M | $-498M | $-440M | $-401M | $-378M | $-491M | $-480M | $-454M | $-428M | $-402M | $-375M | $-350M | $-320M | $-297M | $-271M | |
| AOCI | $-542.0K | $-115.0K | $543.0K | $446.0K | $96.0K | $-104.0K | $-151.0K | $166.0K | $-15.0K | · | $-24.0K | $-147.0K | $-379.0K | $-598.0K | $-1M | $-2M | |
| Stockholders' Equity | $346M | $395M | $352M | $308M | $335M | $350M | $229M | $232M | $243M | $140M | $160M | $173M | $190M | $214M | $185M | $204M | |
| Liabilities + Equity | $394M | $443M | $418M | $360M | $385M | $407M | $272M | $293M | $308M | $205M | $228M | $240M | $257M | $282M | $256M | $278M | |
| Shares Outstanding | 62,402,595 | 62,240,347 | 58,921,999 | 55,120,002 | 54,723,455 | 54,595,714 | 54,032,826 | 52,941,191 | 52,305,641 | 46,498,077 | 45,918,233 | 44,293,115 | 44,202,997 | 44,175,089 | 39,439,575 | 39,426,440 |
Cash Flow 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $11M | $9M | $10M | $8M | $8M | $7M | $7M | $7M | $7M | $5M | $6M | $7M | $7M | $6M | $6M | $6M | |
| Operating Cash Flow | $-57M | $-61M | $-30M | $-30M | $-25M | $132M | $-23M | $-22M | $-17M | $-25M | $-21M | $-17M | $-22M | $-21M | $-22M | $-22M | |
| CapEx | $2M | $353.0K | $232.0K | $132.0K | $154.0K | $152.0K | $42.0K | $103.0K | $46.0K | $12.0K | $229.0K | $383.0K | $839.0K | $165.0K | $409.0K | $2M | |
| Investing Cash Flow | $9M | $51M | $-61M | $9M | $-148M | $14M | $819.0K | $-30M | $-88M | $10M | $15M | $15M | $23M | $53M | $22M | $67M | |
| Financing Cash Flow | $2M | $84M | $92M | $3M | $554.0K | $1M | $568.0K | $8M | $121M | $2M | $7M | $562.0K | $48.0K | $45M | $43.0K | $434.0K | |
| Net Change in Cash | $-46M | $74M | $826.0K | $-18M | $-173M | $147M | $-22M | $-43M | $15M | $-13M | $1M | $-2M | $2M | $77M | $160.0K | $46M | |
| Free Cash Flow | · | $-61M | · | · | · | $132M | · | · | · | $-25M | · | · | · | $-22M | · | · | |
| Levered FCF | · | $-61M | · | · | · | $132M | · | · | · | · | · | · | · | · | · | · |
Profitability 7
| 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 | -701.6% | -857.6% | · | -405.3% | -197.6% | 70.2% | · | -613.1% | -607.4% | -673.0% | · | -823.3% | 1340.7% | -479.2% | · | -934.5% | |
| Net Margin | -660.8% | -802.8% | · | -360.7% | -170.0% | 71.2% | · | -540.0% | -531.9% | -625.6% | · | -741.9% | 1235.5% | -437.6% | · | -898.8% | |
| Pretax Margin | -660.8% | -802.8% | · | -372.7% | -170.0% | 72.0% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -701.6% | -857.6% | · | -405.3% | -197.6% | 70.2% | · | -613.1% | -607.4% | -673.0% | · | -823.3% | 1340.7% | -479.2% | · | -934.5% | |
| ROA | -15.8% | -11.8% | · | -11.7% | -6.8% | 36.9% | · | -9.9% | -9.1% | -10.8% | · | -9.5% | -11.0% | -7.5% | · | -9.8% | |
| ROE | -18.1% | -13.4% | · | -14.2% | -8.1% | 46.0% | · | -13.1% | -11.9% | -14.9% | · | -13.0% | -14.8% | -9.9% | · | -11.8% | |
| ROIC | -18.9% | -13.5% | · | -13.5% | -8.2% | 31.4% | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 3
| 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 | 7.7 | 9.0 | · | 6.5 | 7.0 | 8.4 | · | 5.1 | 6.7 | 5.4 | · | 9.1 | 11.3 | 8.6 | · | 9.2 | |
| Quick Ratio | 2.8 | 3.9 | · | 2.2 | 2.6 | 6.2 | · | 3.0 | 4.3 | 5.0 | · | 7.5 | 8.8 | 6.0 | · | 3.9 | |
| Interest Coverage | -3848.8 | -2322.5 | · | -14363.7 | -9100.0 | 111240.0 | · | · | · | · | · | · | · | · | · | · |
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 | 0.5 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | -0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 2.6 | 2.8 | · | 2.3 | · | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $40M | $189M | · | $188M | $182M | $173M | · | $17M | $10M | $10M | · | $9M | $9M | $14M | · | · | |
| Net Income TTM | $-173M | $1M | · | $25M | $37M | $34M | · | $-103M | $-107M | $-104M | · | $-104M | $-104M | $-98M | · | $-98M | |
| Market Cap | $2.04B | $2.03B | · | $1.30B | $621M | $363M | · | $651M | $707M | $628M | · | $175M | $470M | $368M | · | $506M | |
| P/E | -11.8 | 542.7 | · | 61.8 | 19.9 | 16.6 | · | -6.0 | -6.0 | -5.8 | · | -1.6 | -4.2 | -3.4 | · | -5.0 | |
| P/S | 51.0 | 10.7 | · | 6.9 | 3.4 | 2.1 | · | 37.7 | 71.6 | 61.6 | · | 19.6 | 53.4 | 25.8 | · | · | |
| P/B | 5.9 | 5.1 | · | 4.2 | 1.9 | 1.0 | · | 2.8 | 2.9 | 4.5 | · | 1.0 | 2.5 | 1.7 | · | 2.5 | |
| P / Tangible Book | 5.9 | 5.1 | · | 4.2 | 1.9 | 1.0 | · | 2.8 | 2.9 | 4.5 | · | 1.0 | 2.5 | 1.7 | · | 2.5 | |
| P / Cash Flow | · | -33.5 | · | · | · | 2.8 | · | · | · | -25.6 | · | · | · | -17.2 | · | · | |
| P / FCF | · | -33.3 | · | · | · | 2.8 | · | · | · | -25.5 | · | · | · | -17.1 | · | · | |
| Earnings Yield | -8.5% | 0.18% | · | 1.6% | 5.0% | 6.0% | · | -16.7% | -16.8% | -17.3% | · | -61.7% | -23.6% | -29.8% | · | -19.9% |
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 | $184M | $37M | $9M | $12M | — |
| Operating Margin % | -11.2% | -277.3% | -1307.2% | -841.2% | — |
| Net Income | $-7M | $-89M | $-105M | $-101M | $-86M |
| Diluted EPS | $-0.12 | $-1.65 | $-2.38 | $-2.60 | $-2.34 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 5.3 | 5.8 | 7.0 | 7.8 | 13.4 |
| Quick Ratio | 1.6 | 3.2 | 6.2 | 3.6 | 8.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $45M | $-87M | $-83M | $-36M | $-68M |
Latest News Recent headlines mentioning this company
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 206 filers · $2.0B 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 |
|---|---|---|---|---|
| 37 (-2 vs prior Q) | 25 (-1 vs prior Q) | 64 (-8 vs prior Q) | 57 (-1 vs prior Q) | +7.1M |
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 |
|---|---|---|---|---|
| RTW INVESTMENTS, LP | $184,001,738 | 5,623,525 | 9.14% | Shares |
| FMR LLC | $150,968,444 | 4,613,950 | 7.50% | Shares |
| Lynx1 Capital Management LP | $132,136,579 | 4,038,404 | 6.56% | Shares |
| Redmile Group, LLC | $129,110,502 | 3,945,920 | 6.41% | Shares |
| BAKER BROS. ADVISORS LP | $109,176,726 | 3,336,697 | 5.42% | Shares |
| TORONTO DOMINION BANK | $103,829,002 | 3,173,258 | 5.16% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $97,499,612 | 2,979,817 | 4.84% | Shares |
| STATE STREET CORP | $93,325,293 | 2,852,240 | 4.63% | Shares |
| VANGUARD GROUP INC | $86,966,267 | 2,739,958 | 4.32% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $84,644,579 | 2,586,937 | 4.20% | Shares |
| BVF INC/IL | $83,356,065 | 2,547,557 | 4.14% | Shares |
| Siren, L.L.C. | $65,287,754 | 1,995,347 | 3.24% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $59,664,920 | 1,823,500 | 2.96% | Shares |
| Skorpios Trust | $53,020,254 | 2,256,181 | 2.63% | Shares |
| JANUS HENDERSON GROUP PLC | $51,840,980 | 1,593,881 | 2.57% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $43,134,838 | 1,318,037 | 2.14% | Shares |
| Assenagon Asset Management S.A. | $36,920,855 | 1,128,388 | 1.83% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $31,236,868 | 954,672 | 1.55% | Shares |
| Polar Capital Holdings Plc | $27,279,188 | 833,716 | 1.35% | Shares |
| EcoR1 Capital, LLC | $24,049,200 | 735,000 | 1.19% | Shares |
| MPM BIOIMPACT LLC | $23,666,834 | 723,314 | 1.18% | Shares |
| Opaleye Management Inc. | $22,904,000 | 700,000 | 1.14% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $18,552,011 | 566,993 | 0.92% | Shares |
| Troluce Capital Advisors LLC | $16,242,732 | 496,416 | 0.81% | Shares |
| FIRST TRUST ADVISORS LP | $16,062,673 | 490,913 | 0.80% | Shares |
| Candriam S.C.A. | $15,694,935 | 480,136 | 0.78% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $15,280,633 | 467,012 | 0.76% | Shares |
| Granahan Investment Management, LLC | $15,103,814 | 461,608 | 0.75% | Shares |
| Erste Asset Management GmbH | $13,875,261 | 428,381 | 0.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $13,169,898 | 402,503 | 0.65% | Shares |
| GOLDMAN SACHS GROUP INC | $12,775,295 | 390,443 | 0.63% | Shares |
| Parkman Healthcare Partners LLC | $11,630,095 | 355,443 | 0.58% | Shares |
| Artisan Partners Limited Partnership | $11,620,606 | 355,153 | 0.58% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $9,816,000 | 300,000 | 0.49% | Shares |
| MILLENNIUM MANAGEMENT LLC | $8,540,836 | 261,028 | 0.42% | Shares |
| CITADEL ADVISORS LLC | $7,719,237 | 235,918 | 0.38% | Shares |
| Birchview Capital, LP | $5,827,759 | 178,110 | 0.29% | Shares |
| NORGES BANK | $5,339,904 | 163,200 | 0.27% | Shares |
| BAILLIE GIFFORD & CO | $4,441,216 | 135,734 | 0.22% | Shares |
| DAFNA Capital Management LLC | $4,282,230 | 130,875 | 0.21% | Shares |
| ExodusPoint Capital Management, LP | $4,242,475 | 129,660 | 0.21% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,226,737 | 129,179 | 0.21% | Shares |
| JANE STREET GROUP, LLC | $3,932,879 | 120,198 | 0.20% | Shares |
| GILDER GAGNON HOWE & CO LLC | $3,699,487 | 113,065 | 0.18% | Shares |
| BlackRock, Inc. | $3,657,180 | 111,772 | 0.18% | Shares |
| Jump Financial, LLC | $3,414,332 | 104,350 | 0.17% | Shares |
| Schonfeld Strategic Advisors LLC | $3,344,932 | 102,229 | 0.17% | Shares |
| JPMORGAN CHASE & CO | $2,800,925 | 83,993 | 0.14% | Shares |
| Palo Alto Investors LP | $2,769,126 | 84,631 | 0.14% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,649,273 | 80,968 | 0.13% | Shares |
| XTX Topco Ltd | $2,604,937 | 79,613 | 0.13% | Shares |
| RHUMBLINE ADVISERS | $2,484,451 | 75,931 | 0.12% | Shares |
| Swiss National Bank | $2,427,824 | 74,200 | 0.12% | Shares |
| Trexquant Investment LP | $2,404,102 | 73,475 | 0.12% | Shares |
| TD Asset Management Inc | $2,198,784 | 67,200 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,164,755 | 66,160 | 0.11% | Shares |
| CITIGROUP INC | $2,164,330 | 66,147 | 0.11% | Shares |
| Rhenman & Partners Asset Management AB | $2,110,440 | 64,500 | 0.10% | Shares |
| ALPS ADVISORS INC | $2,061,687 | 63,010 | 0.10% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,040,779 | 62,371 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,031,418 | 62,390 | 0.10% | Shares |
| HighVista Strategies LLC | $2,006,260 | 61,316 | 0.10% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,968,664 | 60,167 | 0.10% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $1,925,343 | 58,843 | 0.10% | Shares |
| Bank of New York Mellon Corp | $1,903,453 | 58,174 | 0.09% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,680,291 | 51,606 | 0.08% | Shares |
| Woodline Partners LP | $1,639,926 | 50,120 | 0.08% | Shares |
| Quantinno Capital Management LP | $1,633,644 | 49,928 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,623,272 | 49,611 | 0.08% | Shares |
| Moran Wealth Management, LLC | $1,569,807 | 47,977 | 0.08% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,469,128 | 44,900 | 0.07% | Shares |
| Rafferty Asset Management, LLC | $1,431,238 | 43,742 | 0.07% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $1,374,240 | 42,000 | 0.07% | Shares |
| Quadrature Capital Ltd | $1,348,882 | 41,225 | 0.07% | Shares |
| PLATINUM INVESTMENT MANAGEMENT LTD | $1,335,467 | 40,815 | 0.07% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,164,766 | 35,598 | 0.06% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $1,093,033 | 33,746 | 0.05% | Shares |
| MetLife Investment Management, LLC | $1,051,359 | 32,132 | 0.05% | Shares |
| Corient Private Wealth LP | $1,009,020 | 30,838 | 0.05% | Shares |
| OMERS ADMINISTRATION Corp | $981,600 | 30,000 | 0.05% | Shares |
| Squarepoint Ops LLC | $959,023 | 29,310 | 0.05% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $883,833 | 27,012 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $871,628 | 26,639 | 0.04% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $821,730 | 25,114 | 0.04% | Shares |
| Cresset Asset Management, LLC | $798,728 | 24,411 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $736,200 | 22,500 | 0.04% | Call option |
| PROFUND ADVISORS LLC | $733,452 | 22,416 | 0.04% | Shares |
| Invesco Ltd. | $719,415 | 21,987 | 0.04% | Shares |
| D. E. Shaw & Co., Inc. | $698,736 | 21,355 | 0.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $687,120 | 21,000 | 0.03% | Put option |
| LPL Financial LLC | $675,504 | 20,645 | 0.03% | Shares |
| AMERIPRISE FINANCIAL INC | $668,240 | 20,423 | 0.03% | Shares |
| Balyasny Asset Management L.P. | $652,404 | 19,939 | 0.03% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $558,432 | 17,067 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $531,536 | 16,245 | 0.03% | Shares |
| Aquatic Capital Management LLC | $506,211 | 15,471 | 0.03% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $498,587 | 15,238 | 0.02% | Shares |
| AlphaQuest LLC | $477,243 | 15,036 | 0.02% | Shares |
| MORGAN STANLEY | $476,959 | 14,577 | 0.02% | Shares |
| CIM, LLC | $476,272 | 14,556 | 0.02% | Shares |
Company insiders 16 insiders · 7 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ian F Smith | Chief Executive Officer | Feb. 17, 2026 A | — | 0 | 0 | $0 |
| Stephen J Tulipano | CFO | Dec. 1, 2023 A | 11,762 | 0 | 0 | $0 |
| Huw M. Nash | COO & CBO | Dec. 1, 2023 A | 0 | 0 | 0 | $0 |
| Jonathan Allan | GENERAL COUNSEL & CORP SEC | Aug. 14, 2026 M | 21,225 | 0 | 3 | $-135,284 |
| Barry Ticho | CHIEF MEDICAL OFFICER | Aug. 14, 2026 M | 25,655 | 0 | 7 | $-652,076 |
| Thomas Mccauley | Chief Scientific Officer | July 15, 2026 A | — | 0 | 0 | $0 |
| Gene Liau | EVP Research & Preclinical Dev | March 2, 2021 M | 21,351 | 0 | 0 | $0 |
| Edward M. Kaye MD | Director | Aug. 14, 2026 M | 124,557 | 0 | 2 | $-402,562 |
| Seth Loring Harrison | Director | July 16, 2026 G | 17,161,713 | 0 | 0 | $0 |
| Adrian R. Krainer | Director | June 3, 2026 A | — | 0 | 0 | $0 |
| Jennifer Burstein | Director | June 3, 2026 A | — | 0 | 0 | $0 |
| Arthur Tzianabos | Director | June 3, 2026 A | — | 0 | 0 | $0 |
| Julie Smith | Director | June 3, 2026 A | — | 0 | 0 | $0 |
| LEVIN ARTHUR A | Director | June 3, 2026 A | 4,237 | 0 | 1 | $-22,264 |
| Garry E Menzel | Director | June 13, 2023 A | — | 0 | 0 | $0 |
| Robin A. Walker | — | July 7, 2020 S | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Blue Horizon Enterprise Ltd, Ezbon International Ltd, Montrago Trustees Ltd, Skorpios Trust ×3 filings | Aug. 26, 2025 | 4.10% | Amendment | — | SEC |
| Blue Horizon Enterprise Ltd., Ezbon International Limited, Montrago Trustees Limited, Skorpios Trust ×4 filings | Dec. 27, 2024 | 13.00% | Amendment | — | SEC |
| ATP Life Science Ventures, L.P., formerly known as Apple Tree Partners IV, L.P., ATP III GP, Ltd., Seth L. Harrison | June 29, 2021 | — | Initial filing | — | SEC |
| Apple Tree Partners IV, L.P., ATP III GP, Ltd., Seth L. Harrison ×2 filings | Nov. 27, 2020 | — | 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 50 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 |
|---|---|---|---|---|
| GNOM · Global X Funds | 1.45% | 26,232 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.18% | 15,670 NS | May 31, 2026 | N-PORT |
| SBIO · ALPS ETF Trust | 1.12% | 58,873 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.75% | 8,521 NS | April 30, 2026 | N-PORT |
| HRTS · Tema ETF Trust | 0.60% | 10,049 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.56% | 179,037 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.41% | 64,471 NS | April 30, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.26% | 100,854 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.23% | 85,288 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.14% | 3,388 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.12% | 361,674 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.12% | 75,065 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 16,704 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.11% | 59,041 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.11% | 496,085 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.10% | 72,925 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.09% | 2,111 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.08% | 623 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.07% | 6,327 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.07% | 22,102 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 13,588 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.05% | 1,385,028 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.05% | 16,624 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 317,008 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.05% | 21,239 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.04% | 179,692 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.04% | 2,305 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 247,558 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 27,702 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.03% | 2,364 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 1,803 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 18,412 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 643,361 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 111,259 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 1,824 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,915 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 127,867 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,903 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 46 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 4,751 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 16,308 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 10,507 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 80,160 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 13,581 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 28,492 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 11,068 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 407 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.00% | 341 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,885,403 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,620 SH | Aug. 8, 2026 | Daily |