TARS Tarsus Pharmaceuticals, Inc. - Common Stock
$70.74
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$48–$84
63% of range
Analyst Rating
STRONG BUY
15 analysts
Price Target
$95
+34% upside
P/E (TTM)
-45.0
ROE
-19.7%
Net Profit Margin
-14.7%
TARS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$70.74
Market Cap
$3.04B
P/E (TTM)
-45.0
EPS (TTM)
$-1.59
Revenue (TTM)
$451M
Div Yield
—
ROE
-19.7%
Debt/Equity
0.2
52W Range
$48 – $84
TARS 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
$451M
2020-12-31
→
2025-12-31
EPS
$-1.59
2020-12-31
→
2025-12-31
Free Cash Flow
$-22M
2020-12-31
→
2025-12-31
Margins
-14.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TARS
Peer Median
P/E (TTM)
-45.0
29.4
P/S (TTM)
6.7
4.9
P/B
8.9
6.5
EV / EBITDA
-38.0
—
Price / FCF
-136.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TARS
Peer Median
Operating Margin
-15.7%
—
Net Profit Margin
-14.7%
-9.0%
ROA
-14.1%
-8.2%
ROE
-19.7%
-19.4%
ROIC
-17.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TARS
Peer Median
Debt / Equity
0.2
—
Current Ratio
3.9
3.6
Quick Ratio
3.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TARS
Peer Median
Revenue YoY
146.7%
—
Revenue CAGR 3Y
159.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TARS
Peer Median
TARS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 7 46.7%
- Buy 7 46.7%
- Hold 1 6.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-19
Median
$99.00
Mean
$94.86
← Below all targets
$70.74
Low
$84.00
High
$104.00
Median target
$99.00
+39.9%
Mean target
$94.86
+34.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.49 | $-0.20 | -0.29% |
| March 31, 2026 | $-0.16 | $-0.38 | 0.22% |
| Dec. 31, 2025 | $-0.20 | $-0.10 | -0.10% |
| Sept. 30, 2025 | $-0.30 | $-0.36 | 0.06% |
| June 30, 2025 | $-0.48 | $-0.41 | -0.07% |
| March 31, 2025 | $-0.64 | $-0.75 | 0.11% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TARS | $3.48B | -51.5 | 146.7% | -14.7% | -19.7% | — |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| MBX | $1.42B | -13.3 | — | — | -29.6% | — |
| ALMS | — | -3.4 | — | -1011.8% | -61.9% | — |
| AMLX | $1.33B | -7.9 | -77.1% | — | -61.2% | — |
| SUPN | $2.86B | -73.1 | 8.6% | -5.4% | -3.6% | — |
| ATAI | $223M | -1.4 | -1.9% | -48464.0% | -83.1% | — |
| TRVI | $1.61B | -39.1 | — | — | -22.4% | — |
| NKTR | $862M | -4.3 | -43.9% | -297.1% | -500.1% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $451M | $183M | $17M | $26M | $57M | $0 | |
| R&D Expense | $64M | $53M | $50M | $43M | $42M | $19M | |
| SG&A Expense | $427M | $237M | $109M | $45M | $25M | $8M | |
| Operating Expenses | $522M | $304M | $161M | $89M | $69M | $27M | |
| Operating Income | $-71M | $-121M | $-143M | $-63M | $-12M | $-27M | |
| Interest Expense | · | · | $3M | $2M | $0 | · | |
| Other Non-op | $-202.0K | $-206.0K | $274.0K | $86.0K | $-73.0K | $0 | |
| Pretax Income | $-64M | $-116M | $-136M | $-62M | $-14M | $-27M | |
| Income Tax | $2M | $0 | $0 | $-4.0K | $55.0K | $1.0K | |
| Net Income | $-66M | $-116M | $-136M | $-62M | $-14M | $-27M | |
| EPS (Basic) | $-1.59 | $-3.07 | $-4.62 | $-2.52 | $-0.67 | $-4.32 | |
| EPS (Diluted) | $-1.59 | $-3.07 | $-4.62 | $-2.52 | $-0.67 | $-4.32 | |
| Shares (Basic) | 41,784,014 | 37,604,538 | 29,383,276 | 24,619,700 | 20,554,086 | 6,207,367 | |
| Shares (Diluted) | 41,784,014 | 37,604,538 | 29,383,276 | 24,619,700 | 20,554,086 | 6,207,367 | |
| EBITDA | $-71M | $-121M | $-143M | $-63M | $-12M | $-27M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $184M | $95M | $225M | $72M | $171M | $168M | |
| Short-term Investments | $234M | $197M | $2M | $145M | $483.0K | $0 | |
| Receivables | $85M | $47M | $17M | $0 | $0 | $0 | |
| Inventory | $4M | $3M | $3M | $0 | · | · | |
| Prepaid Expense | $13M | $15M | $8M | $5M | $4M | $2M | |
| Current Assets | $523M | $357M | $256M | $225M | $176M | $171M | |
| PP&E (Net) | $12M | $2M | $1M | $957.0K | $755.0K | $548.0K | |
| PP&E (Gross) | $14M | $4M | $3M | $2M | $976.0K | $682.0K | |
| Accum. Depreciation | $2M | $2M | $1M | $546.0K | $221.0K | $134.0K | |
| Intangibles | $7M | $8M | $4M | $0 | · | · | |
| Other Non-current Assets | $2M | $999.0K | $2M | $585.0K | $1M | $81.0K | |
| Total Assets | $562M | $377M | $265M | $228M | $179M | $172M | |
| Accounts Payable | $16M | $9M | · | · | · | · | |
| Current Liabilities | $136M | $81M | $37M | $15M | $11M | $5M | |
| Capital Leases | $11M | $0 | $2M | $52.0K | $585.0K | $549.0K | |
| Other Non-current Liabilities | $11M | $0 | $2M | $100.0K | $699.0K | $605.0K | |
| Total Liabilities | $219M | $152M | $69M | $35M | $12M | $6M | |
| Long-term Debt | $72M | $72M | $30M | $19M | · | · | |
| Total Debt | $72M | $72M | $30M | $19M | · | · | |
| Common Stock | $6.0K | $6.0K | $5.0K | $5.0K | $4.0K | $4.0K | |
| Paid-in Capital | $770M | $585M | $442M | $302M | $213M | $199M | |
| Retained Earnings | $-427M | $-360M | $-245M | $-109M | $-47M | $-33M | |
| AOCI | $381.0K | $179.0K | $-2.0K | $-74.0K | $0 | · | |
| Stockholders' Equity | $343M | $225M | $197M | $193M | $167M | $166M | |
| Liabilities + Equity | $562M | $377M | $265M | $228M | $179M | $172M | |
| Shares Outstanding | 42,553,931 | 38,349,826 | 34,211,190 | 26,727,458 | 20,698,737 | 20,323,201 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $42M | $28M | $20M | $13M | $8M | $839.0K | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | |
| Amort. of Intangibles | $961.0K | $540.0K | $133.0K | $0 | · | · | |
| Operating Cash Flow | $-12M | $-83M | $-117M | $-49M | $4M | $-21M | |
| CapEx | $10M | $2M | $2M | $506.0K | $586.0K | $456.0K | |
| Investing Cash Flow | $-42M | $-199M | $141M | $-145M | $-586.0K | $-456.0K | |
| Debt Issued | $0 | $75M | $10M | $20M | · | · | |
| Net Debt Issued | $0 | $75M | · | · | · | · | |
| Financing Cash Flow | $143M | $155M | $130M | $94M | $21.0K | $132M | |
| Net Change in Cash | $89M | $-128M | $153M | $-100M | $3M | $110M | |
| Free Cash Flow | $-22M | $-85M | $-119M | $-50M | $3M | $-22M | |
| Levered FCF | · | · | $-122M | $-52M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -15.7% | -65.9% | -820.5% | -242.9% | -21.3% | · | |
| Net Margin | -14.7% | -63.2% | -778.9% | -240.5% | -24.2% | · | |
| Pretax Margin | -14.3% | -63.2% | -778.9% | -240.5% | -24.1% | · | |
| EBITDA Margin | -15.7% | -65.9% | -820.5% | -242.9% | -21.3% | · | |
| ROA | -14.1% | -36.0% | -55.1% | -30.5% | -7.9% | -23.3% | |
| ROE | -19.7% | -50.0% | -66.2% | -31.4% | -8.0% | -36.2% | |
| ROIC | -17.6% | -40.7% | -63.1% | -29.5% | -7.3% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.9 | 4.4 | 6.9 | 14.6 | 15.3 | 31.7 | |
| Quick Ratio | 3.7 | 4.2 | 6.6 | 14.1 | 15.0 | 31.2 | |
| Debt / Equity | 0.2 | 0.3 | 0.2 | 0.1 | · | · | |
| LT Debt / Equity | 0.2 | 0.3 | 0.2 | 0.1 | · | · | |
| Interest Coverage | · | · | -42.8 | -28.5 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 0.6 | 0.1 | 0.1 | 0.3 | · | |
| Receivables Turnover | 6.8 | 5.8 | 2.1 | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 146.7% | 948.6% | -32.4% | -54.7% | · | · | |
| Revenue CAGR 3Y | 159.5% | 47.5% | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $451M | $183M | $17M | $26M | $57M | $0 | |
| Net Income TTM | $-66M | $-116M | $-136M | $-62M | $-14M | $-27M | |
| Market Cap | $3.48B | $2.12B | $693M | $392M | $466M | $840M | |
| Enterprise Value | $3.14B | $1.90B | $495M | $194M | · | · | |
| P/E | -51.5 | -18.0 | -4.4 | -5.8 | -33.6 | -9.6 | |
| P/S | 7.7 | 11.6 | 39.7 | 15.2 | 8.2 | · | |
| P/B | 10.1 | 9.5 | 3.5 | 2.0 | 2.8 | 5.1 | |
| P / Tangible Book | 10.4 | 9.8 | 3.6 | 2.0 | 2.8 | 5.1 | |
| P / Cash Flow | -279.8 | -25.6 | -5.9 | -8.0 | 124.3 | -39.7 | |
| P / FCF | -156.2 | -25.1 | -5.8 | -7.9 | 147.3 | -38.9 | |
| EV / EBITDA | -44.2 | -15.8 | -3.5 | -3.1 | · | · | |
| EV / FCF | -140.7 | -22.5 | -4.2 | -3.9 | · | · | |
| EV / Revenue | 7.0 | 10.4 | 28.4 | 7.5 | · | · | |
| Earnings Yield | -1.9% | -5.5% | -22.8% | -17.2% | -3.0% | -10.4% |
Income Statement 15
| 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 | $174M | $162M | $152M | $119M | $103M | $78M | $66M | $48M | $41M | $28M | $13M | $2M | $0 | $2M | $10M | $0 | |
| Cost of Revenue | $12M | $9M | · | · | $6M | $5M | · | · | · | · | · | · | $0 | $0 | · | $0 | |
| R&D Expense | $31M | $22M | $18M | $16M | $16M | $14M | $17M | $12M | $12M | $12M | $13M | $12M | $13M | $12M | $10M | $11M | |
| SG&A Expense | $151M | $136M | $131M | $109M | $103M | $85M | $69M | $58M | $59M | $52M | $43M | $30M | $20M | $15M | $15M | $12M | |
| Operating Expenses | $194M | $168M | $160M | $133M | $125M | $105M | $91M | $73M | $74M | $65M | $58M | $43M | $33M | $27M | $25M | $23M | |
| Operating Income | $-20M | $-6M | $-8M | $-15M | $-22M | $-26M | $-24M | $-25M | $-33M | $-38M | $-44M | $-41M | $-33M | $-25M | $-15M | $-23M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $983.0K | · | $858.0K | $815.0K | $684.0K | · | $633.0K | |
| Other Non-op | $-281.0K | $-87.0K | $-74.0K | $98.0K | $-145.0K | $-81.0K | $-27.0K | $67.0K | $-65.0K | $-181.0K | $363.0K | $-48.0K | $-47.0K | $6.0K | $-50.0K | $-7.0K | |
| Income Tax | $3M | $2M | · | · | $0 | $0 | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $-5.0K | |
| Net Income | $-19M | $-7M | $-8M | $-13M | $-20M | $-25M | $-23M | $-23M | $-33M | $-36M | $-42M | $-39M | $-31M | $-23M | $-14M | $-23M | |
| EPS (Basic) | $-0.43 | $-0.16 | $-0.17 | $-0.30 | $-0.48 | $-0.64 | $-0.57 | $-0.61 | $-0.88 | $-1.01 | $-1.29 | $-1.28 | $-1.17 | $-0.88 | $-0.46 | $-0.84 | |
| EPS (Diluted) | $-0.43 | $-0.16 | $-0.17 | $-0.30 | $-0.48 | $-0.64 | $-0.57 | $-0.61 | $-0.88 | $-1.01 | $-1.29 | $-1.28 | $-1.17 | $-0.88 | $-0.46 | $-0.84 | |
| Shares (Basic) | 43,393,643 | 42,956,973 | -82,529,514 | 42,607,717 | 42,360,452 | 39,345,359 | -73,901,318 | 38,381,968 | 37,823,233 | 35,300,655 | -54,796,920 | 30,622,440 | 26,815,733 | 26,742,023 | -47,085,429 | 26,662,374 | |
| Shares (Diluted) | 43,393,643 | 42,956,973 | -82,529,514 | 42,607,717 | 42,360,452 | 39,345,359 | -73,901,318 | 38,381,968 | 37,823,233 | 35,300,655 | -54,796,920 | 30,622,440 | 26,815,733 | 26,742,023 | -47,085,429 | 26,662,374 | |
| EBITDA | $-20M | $-6M | · | $-15M | $-22M | $-26M | · | $-25M | $-33M | $-38M | · | $-41M | $-33M | $-25M | · | $-23M |
Balance Sheet 26
| 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 | $205M | $102M | $184M | $113M | $97M | $176M | $95M | $176M | $181M | $194M | · | $227M | $107M | $66M | · | $169M | |
| Short-term Investments | $245M | $287M | $234M | $289M | $284M | $232M | $197M | $141M | $142M | $105M | · | $20M | $71M | $135M | · | $57M | |
| Receivables | $96M | $100M | $85M | $73M | $58M | $62M | $47M | $29M | $30M | $30M | · | $5M | · | $2M | · | $17.0K | |
| Inventory | $4M | $5M | $4M | $4M | $4M | $3M | $3M | $3M | $2M | $4M | · | $15.0K | · | · | · | · | |
| Prepaid Expense | $10M | $27M | $13M | $22M | $29M | $6M | $15M | $7M | $6M | $7M | · | $6M | $5M | $5M | · | $3M | |
| Current Assets | $562M | $537M | $523M | $502M | $474M | $481M | $357M | $357M | $363M | $341M | · | $259M | $183M | $209M | · | $234M | |
| PP&E (Net) | $20M | $18M | $12M | $6M | $3M | $3M | $2M | $2M | $2M | $1M | · | $2M | $2M | $1M | · | $951.0K | |
| PP&E (Gross) | $22M | $20M | $14M | $8M | $6M | $5M | $4M | $4M | $4M | $3M | · | $3M | $2M | $2M | · | $1M | |
| Accum. Depreciation | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | · | $1M | $832.0K | $649.0K | · | $448.0K | |
| Intangibles | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $4M | $4M | · | $4M | · | · | · | · | |
| Other Non-current Assets | $660.0K | $715.0K | $2M | $1M | $1M | $616.0K | $999.0K | $888.0K | $846.0K | $1M | · | $1M | $1M | $529.0K | · | $583.0K | |
| Total Assets | $611M | $581M | $562M | $535M | $495M | $501M | $377M | $376M | $377M | $349M | · | $268M | $189M | $211M | · | $236M | |
| Accounts Payable | $40M | $24M | $16M | · | · | · | $9M | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $176M | $144M | $136M | $117M | $90M | $86M | $81M | $66M | $52M | $43M | · | $23M | $15M | $13M | · | $14M | |
| Capital Leases | $16M | $16M | $11M | $10M | $0 | $0 | · | $1M | $1M | $2M | · | $2M | $2M | · | · | $169.0K | |
| Other Non-current Liabilities | $16M | $16M | $11M | $10M | · | · | $0 | $1M | $1M | $2M | · | $2M | $2M | $40.0K | · | $209.0K | |
| Total Liabilities | $264M | $232M | $219M | $199M | $162M | $158M | $152M | $139M | $125M | $74M | · | $55M | $41M | $38M | · | $34M | |
| Long-term Debt | $73M | $73M | $72M | $72M | $72M | $72M | $72M | $72M | $72M | $30M | · | $30M | $25M | $25M | · | $19M | |
| Total Debt | $73M | $73M | · | $72M | $72M | $72M | · | $72M | $72M | $30M | · | $30M | $25M | $25M | · | $19M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | · | $5.0K | $5.0K | $5.0K | · | $5.0K | |
| Paid-in Capital | $799M | $783M | $770M | $753M | $738M | $728M | $585M | $574M | $566M | $556M | · | $416M | $311M | $306M | · | $298M | |
| Retained Earnings | $-452M | $-434M | $-427M | $-418M | $-406M | $-385M | $-360M | $-337M | $-314M | $-280M | · | $-203M | $-164M | $-132M | · | $-95M | |
| AOCI | $-557.0K | $-298.0K | $381.0K | $289.0K | $39.0K | $85.0K | $179.0K | $346.0K | $-176.0K | $-63.0K | · | $-8.0K | $-23.0K | $-70.0K | · | $-10.0K | |
| Stockholders' Equity | $347M | $349M | $343M | $335M | $333M | $342M | $225M | $237M | $252M | $275M | $197M | $214M | $148M | $173M | $193M | $203M | |
| Liabilities + Equity | $611M | $581M | $562M | $535M | $495M | $501M | $377M | $376M | $377M | $349M | · | $268M | $189M | $211M | · | $236M | |
| Shares Outstanding | 43,271,347 | 43,021,312 | 42,553,931 | 42,447,882 | 42,210,972 | 41,995,537 | 38,349,826 | 38,196,072 | 38,030,385 | 37,749,468 | 34,211,190 | 33,104,087 | 26,899,572 | 26,800,512 | 26,727,458 | 26,671,812 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $13M | $12M | $14M | $12M | $8M | $7M | $7M | $7M | $7M | $6M | $5M | $5M | $5M | $4M | $4M | $4M | |
| Amort. of Intangibles | $200.0K | $240.0K | $321.0K | $200.0K | $200.0K | $240.0K | $240.0K | $100.0K | $100.0K | $100.0K | $133.0K | $0 | $0 | $0 | $0 | · | |
| Operating Cash Flow | $61M | $-25M | $19M | $18M | $-29M | $-21M | $-22M | $-9M | $-14M | $-38M | $-39M | $-32M | $-24M | $-22M | $-11M | $-19M | |
| CapEx | $4M | $6M | $6M | $2M | $1M | $590.0K | $72.0K | $282.0K | $1M | $174.0K | $0 | $375.0K | $787.0K | $340.0K | $127.0K | $96.0K | |
| Investing Cash Flow | $38M | $-59M | $49M | $-5M | $-52M | $-35M | $-60M | $3M | $-41M | $-102M | $18M | $47M | $64M | $11M | $-87M | $-57M | |
| Debt Issued | · | · | $0 | $0 | · | · | $0 | $0 | $75M | $0 | $0 | $5M | $0 | $5M | $0 | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $5M | · | · | |
| Stock Issued | $0 | $0 | · | $0 | $-354.0K | $135M | · | $-43.0K | $-274.0K | $99M | · | $99M | $0 | $0 | · | $-218.0K | |
| Net Stock Activity | · | $0 | · | · | · | $135M | · | · | · | $99M | · | · | · | · | · | · | |
| Financing Cash Flow | $3M | $1M | $2M | $3M | $2M | $137M | $3M | $639.0K | $42M | $109M | $20M | $105M | $510.0K | $5M | $264.0K | $-136.0K | |
| Net Change in Cash | $102M | $-82M | $71M | $16M | $-79M | $81M | $-79M | $-5M | $-13M | $-31M | $-2M | $120M | $41M | $-6M | $-98M | $-76M | |
| Taxes Paid | $3M | $2M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-30M | · | · | · | $-21M | · | · | · | $-38M | · | · | · | $-22M | · | · |
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 | -11.5% | -3.8% | · | -12.2% | -21.6% | -33.6% | · | -52.3% | -81.6% | -136.5% | · | -2187.9% | · | · | · | · | |
| Net Margin | -10.7% | -4.3% | · | -10.6% | -19.8% | -32.1% | · | -48.7% | -81.6% | -129.4% | · | -2092.4% | · | · | · | · | |
| EBITDA Margin | -11.5% | -3.8% | · | -12.2% | -21.6% | -33.6% | · | -52.3% | -81.6% | -136.5% | · | -2187.9% | · | · | · | · | |
| ROA | -3.4% | -1.3% | · | -2.8% | -4.7% | -5.9% | · | -7.3% | -11.8% | -12.8% | · | -15.5% | -14.2% | -11.9% | · | -10.5% | |
| ROE | -5.5% | -2.0% | · | -4.4% | -7.0% | -8.1% | · | -10.4% | -16.7% | -15.9% | · | -18.8% | -17.0% | -14.5% | · | -11.8% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.7 | · | 4.3 | 5.3 | 5.6 | · | 5.4 | 7.0 | 8.0 | · | 11.2 | 12.4 | 15.7 | · | 16.4 | |
| Quick Ratio | 3.1 | 3.4 | · | 4.1 | 4.9 | 5.4 | · | 5.3 | 6.8 | 7.7 | · | 10.8 | 12.1 | 15.4 | · | 15.9 | |
| Debt / Equity | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.1 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | |
| LT Debt / Equity | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.1 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -38.3 | · | -47.7 | -40.3 | -36.5 | · | -36.2 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | · | · | · | 0.0 | |
| Inventory Turnover | 2.9 | 2.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 2.3 | 2.0 | · | 2.3 | 2.3 | 1.7 | · | 2.8 | 2.8 | 1.7 | · | 0.7 | · | · | · | 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 | $557M | $462M | · | $348M | $270M | $195M | · | $118M | $70M | $32M | · | $4M | $18M | $18M | · | $17M | |
| Net Income TTM | $-58M | $-65M | · | $-81M | $-102M | $-118M | · | $-132M | $-140M | $-130M | · | $-117M | $-83M | $-72M | · | $-64M | |
| Market Cap | $2.72B | $3.02B | · | $2.52B | $1.71B | $2.16B | · | $1.26B | $1.03B | $1.37B | · | $588M | $486M | $337M | · | $457M | |
| Enterprise Value | $2.35B | $2.70B | · | $2.19B | $1.40B | $1.82B | · | $1.01B | $782M | $1.10B | · | $371M | $332M | $160M | · | $249M | |
| P/E | -45.9 | -44.4 | · | -29.3 | -15.5 | -16.4 | · | -8.7 | -6.3 | -8.4 | · | -4.3 | -5.8 | -4.3 | · | -6.1 | |
| P/S | 4.9 | 6.5 | · | 7.3 | 6.3 | 11.1 | · | 10.6 | 14.7 | 42.9 | · | 134.6 | 27.3 | 18.4 | · | 26.8 | |
| P/B | 7.9 | 8.6 | · | 7.5 | 5.1 | 6.3 | · | 5.3 | 4.1 | 5.0 | · | 2.8 | 3.3 | 1.9 | · | 2.3 | |
| P / Tangible Book | 8.0 | 8.8 | · | 7.7 | 5.3 | 6.5 | · | 5.5 | 4.2 | 5.1 | · | 2.8 | 3.3 | 1.9 | · | 2.3 | |
| P / Cash Flow | · | -122.4 | · | · | · | -104.5 | · | · | · | -36.3 | · | · | · | -15.3 | · | · | |
| P / FCF | · | -99.0 | · | · | · | -101.6 | · | · | · | -36.1 | · | · | · | -15.1 | · | · | |
| EV / EBITDA | -117.9 | -441.3 | · | -150.9 | -63.2 | -69.3 | · | -40.2 | -23.5 | -29.3 | · | -9.1 | -10.1 | -6.4 | · | -10.9 | |
| EV / FCF | · | -88.7 | · | · | · | -85.7 | · | · | · | -29.1 | · | · | · | -7.2 | · | · | |
| EV / Revenue | 4.2 | 5.9 | · | 6.3 | 5.2 | 9.3 | · | 8.5 | 11.1 | 34.5 | · | 84.9 | 18.7 | 8.7 | · | 14.6 | |
| Earnings Yield | -2.2% | -2.2% | · | -3.4% | -6.4% | -6.1% | · | -11.5% | -16.0% | -11.9% | · | -23.5% | -17.3% | -23.4% | · | -16.5% |
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 | $451M | $183M | $17M | $26M | $57M |
| Operating Margin % | -15.7% | -65.9% | -820.5% | -242.9% | -21.3% |
| Net Income | $-66M | $-116M | $-136M | $-62M | $-14M |
| Diluted EPS | $-1.59 | $-3.07 | $-4.62 | $-2.52 | $-0.67 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.3 | 0.2 | 0.1 | — |
| Current Ratio | 3.9 | 4.4 | 6.9 | 14.6 | 15.3 |
| Quick Ratio | 3.7 | 4.2 | 6.6 | 14.1 | 15.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-22M | $-85M | $-119M | $-50M | $3M |
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Institutional owners (13F) 281 filers · $2.2B 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 |
|---|---|---|---|---|
| 46 (-4 vs prior Q) | 32 (+1 vs prior Q) | 102 (+14 vs prior Q) | 75 (+2 vs prior Q) | +3.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Deep Track Capital, LP | $230,786,378 | 3,666,768 | 10.62% | Shares |
| RTW INVESTMENTS, LP | $211,293,293 | 3,357,059 | 9.73% | Shares |
| Paradigm Biocapital Advisors LP | $174,699,348 | 2,775,649 | 8.04% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $112,855,448 | 1,793,064 | 5.19% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $98,706,662 | 1,568,266 | 4.54% | Shares |
| MILLENNIUM MANAGEMENT LLC | $89,823,185 | 1,427,124 | 4.13% | Shares |
| JENNISON ASSOCIATES LLC | $85,924,054 | 1,365,174 | 3.95% | Shares |
| STATE STREET CORP | $67,531,536 | 1,072,951 | 3.11% | Shares |
| Vestal Point Capital, LP | $66,087,000 | 1,050,000 | 3.04% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $60,171,216 | 955,795 | 2.77% | Shares |
| Assenagon Asset Management S.A. | $59,635,335 | 947,495 | 2.74% | Shares |
| BANK OF AMERICA CORP /DE/ | $57,474,227 | 913,159 | 2.65% | Shares |
| Frazier Life Sciences Management, L.P. | $45,860,853 | 728,644 | 2.11% | Shares |
| GOLDMAN SACHS GROUP INC | $39,934,864 | 634,491 | 1.84% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $38,222,000 | 607,272 | 1.76% | Shares |
| Clearbridge Investments, LLC | $34,578,420 | 549,387 | 1.59% | Shares |
| TORONTO DOMINION BANK | $32,115,324 | 510,253 | 1.48% | Shares |
| TimesSquare Capital Management, LLC | $27,259,589 | 388,590 | 1.25% | Shares |
| Caption Management, LLC | $25,805,400 | 410,000 | 1.19% | Put option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $24,240,523 | 385,137 | 1.12% | Shares |
| FMR LLC | $22,739,718 | 361,292 | 1.05% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $21,137,392 | 335,834 | 0.97% | Shares |
| Tri Locum Partners LP | $20,665,720 | 328,340 | 0.95% | Shares |
| MPM BIOIMPACT LLC | $20,267,121 | 322,007 | 0.93% | Shares |
| Driehaus Capital Management LLC | $19,988,233 | 317,576 | 0.92% | Shares |
| LOOMIS SAYLES & CO L P | $19,924,161 | 316,558 | 0.92% | Shares |
| Squarepoint Ops LLC | $18,619,163 | 295,824 | 0.86% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $18,019,030 | 286,289 | 0.83% | Shares |
| Artisan Partners Limited Partnership | $17,931,543 | 284,899 | 0.83% | Shares |
| D. E. Shaw & Co., Inc. | $17,770,605 | 282,342 | 0.82% | Shares |
| Rock Springs Capital Management LP | $17,439,856 | 277,087 | 0.80% | Shares |
| Ensign Peak Advisors, Inc | $16,911,726 | 268,696 | 0.78% | Shares |
| CITADEL ADVISORS LLC | $15,214,927 | 241,737 | 0.70% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $12,690,215 | 201,624 | 0.58% | Shares |
| MACKENZIE FINANCIAL CORP | $12,048,478 | 191,428 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $11,964,894 | 190,100 | 0.55% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,864,190 | 188,500 | 0.55% | Call option |
| Cutter Capital Management, LP | $10,530,850 | 205,000 | 0.48% | Shares |
| Parkman Healthcare Partners LLC | $9,441,000 | 150,000 | 0.43% | Shares |
| Seven Fleet Capital Management LP | $7,909,873 | 117,067 | 0.36% | Shares |
| Caption Management, LLC | $7,596,858 | 120,700 | 0.35% | Shares |
| Jefferies Financial Group Inc. | $7,477,901 | 118,810 | 0.34% | Shares |
| FIRST TRUST ADVISORS LP | $7,415,024 | 117,811 | 0.34% | Shares |
| Qube Research & Technologies Ltd | $7,323,887 | 116,363 | 0.34% | Shares |
| Woodline Partners LP | $6,321,882 | 100,443 | 0.29% | Shares |
| Cormorant Asset Management, LP | $6,294,000 | 100,000 | 0.29% | Shares |
| Schonfeld Strategic Advisors LLC | $6,284,243 | 99,845 | 0.29% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $6,224,766 | 98,900 | 0.29% | Shares |
| XTX Topco Ltd | $5,987,482 | 95,130 | 0.28% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $5,725,589 | 90,969 | 0.26% | Shares |
| HighVista Strategies LLC | $5,479,557 | 87,060 | 0.25% | Shares |
| Sands Capital Alternatives, LLC | $5,349,900 | 85,000 | 0.25% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $5,028,170 | 79,888 | 0.23% | Shares |
| JANUS HENDERSON GROUP PLC | $4,801,294 | 68,438 | 0.22% | Shares |
| Cubist Systematic Strategies, LLC | $4,395,129 | 73,955 | 0.20% | Shares |
| Freestone Grove Partners LP | $4,304,404 | 68,389 | 0.20% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $4,268,906 | 67,825 | 0.20% | Shares |
| CITIGROUP INC | $4,083,610 | 64,881 | 0.19% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $3,877,104 | 61,600 | 0.18% | Shares |
| Emerald Investment Advisers, LLC | $3,760,476 | 59,747 | 0.17% | Shares |
| Swiss National Bank | $3,759,595 | 59,733 | 0.17% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $3,756,322 | 59,681 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,579,684 | 51,029 | 0.16% | Shares |
| Eversept Partners, LP | $3,506,387 | 55,710 | 0.16% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,440,993 | 54,671 | 0.16% | Shares |
| BlackRock, Inc. | $3,375,850 | 53,636 | 0.16% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $3,375,850 | 53,636 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $3,318,058 | 52,718 | 0.15% | Shares |
| TORONTO DOMINION BANK | $2,958,180 | 47,000 | 0.14% | Call option |
| E. Ohman J:or Asset Management AB | $2,952,403 | 42,087 | 0.14% | Shares |
| Cinctive Capital Management LP | $2,906,695 | 46,182 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,832,300 | 45,000 | 0.13% | Put option |
| Trexquant Investment LP | $2,778,927 | 44,152 | 0.13% | Shares |
| Voleon Capital Management LP | $2,731,911 | 43,405 | 0.13% | Shares |
| ALPS ADVISORS INC | $2,729,393 | 43,365 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,644,304 | 37,695 | 0.12% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $2,628,311 | 41,759 | 0.12% | Shares |
| Odyssean, LLC | $2,605,338 | 41,394 | 0.12% | Shares |
| PFM Health Sciences, LP | $2,554,042 | 40,579 | 0.12% | Shares |
| Vontobel Holding Ltd. | $2,517,600 | 40,000 | 0.12% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $2,473,731 | 39,303 | 0.11% | Shares |
| Baird Financial Group, Inc. | $2,448,240 | 38,898 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,404,182 | 38,198 | 0.11% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,268,232 | 36,038 | 0.10% | Shares |
| ORBIMED ADVISORS LLC | $2,239,468 | 35,581 | 0.10% | Shares |
| BARCLAYS PLC | $2,212,088 | 35,146 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,095,273 | 33,290 | 0.10% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,071,230 | 32,908 | 0.10% | Shares |
| PDT Partners, LLC | $2,032,458 | 32,292 | 0.09% | Shares |
| Ikarian Capital, LLC | $1,961,588 | 31,166 | 0.09% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,888,200 | 30,000 | 0.09% | Call option |
| OCCUDO QUANTITATIVE STRATEGIES LP | $1,866,737 | 29,659 | 0.09% | Shares |
| VANGUARD GROUP INC | $1,698,846 | 20,748 | 0.08% | Shares |
| J. Goldman & Co LP | $1,686,792 | 26,800 | 0.08% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,654,755 | 26,291 | 0.08% | Shares |
| AlphaQuest LLC | $1,571,523 | 19,193 | 0.07% | Shares |
| Entropy Technologies, LP | $1,547,254 | 24,583 | 0.07% | Shares |
| MetLife Investment Management, LLC | $1,541,589 | 24,493 | 0.07% | Shares |
| Lido Advisors, LLC | $1,530,827 | 24,322 | 0.07% | Shares |
| Atika Capital Management LLC | $1,468,642 | 23,334 | 0.07% | Shares |
Company insiders 21 insiders · 9 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Bobak R. Azamian | President/CEO and Board Chair | June 17, 2026 S | 847,991 | 0 | 2 | $-615,489 |
| Jeffrey S Farrow | Chief Financial Officer and Chief Strategy Officer | June 15, 2026 M | 56,801 | 0 | 4 | $-1,317,002 |
| Leonard M. Greenstein | Chief Financial Officer | March 8, 2023 A | — | 0 | 0 | $0 |
| Seshadri Neervannan | Chief Operating Officer | March 15, 2023 M | 56,577 | 0 | 0 | $0 |
| Aziz Mottiwala | Chief Commercial Officer | June 8, 2023 S | 48,086 | 0 | 0 | $0 |
| Bryan Wahl | General Counsel | March 15, 2023 M | 18,176 | 0 | 0 | $0 |
| Dianne C. Whitfield | Chief Human Resources Officer | March 15, 2023 M | 12,872 | 0 | 0 | $0 |
| Mark J. Holdbrook | V.P., Clinical Affairs | March 15, 2023 M | 3,577 | 0 | 0 | $0 |
| Jose M. Trevejo | Chief Medical Officer | March 15, 2023 M | 8,654 | 0 | 0 | $0 |
| Katherine Goodrich | Director | June 25, 2026 A | 2,233 | 0 | 1 | $-183,384 |
| Andrew D. Goldberg | Director | June 25, 2026 A | 19,654 | 0 | 0 | $0 |
| Scott W Morrison | Director | June 25, 2026 A | 7,638 | 0 | 0 | $0 |
| Bhaskar Chaudhuri | Director | June 25, 2026 A | 11,654 | 0 | 0 | $0 |
| William J Link PHD | Director | June 25, 2026 A | 106,786 | 0 | 10 | $-3,500,993 |
| Wendy L Yarno | Director | June 25, 2026 A | 16,654 | 0 | 0 | $0 |
| David E I Pyott | Director | June 25, 2026 A | 1,383 | 0 | 0 | $0 |
| Michael Ackermann | Director | June 15, 2022 M | 1,208,273 | 0 | 0 | $0 |
| Elizabeth Yeu Lin | Director | Dec. 31, 2021 A | — | 0 | 0 | $0 |
| Rosemary A Crane | Director | Aug. 11, 2021 A | — | 0 | 0 | $0 |
| Jason E. Tester | Director | June 15, 2021 A | 1,920,933 | 0 | 0 | $0 |
| Horowitz Limited Partnership VIII | 10% owner | Oct. 20, 2020 C | 66,172 | 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 |
|---|---|---|---|---|---|
| Horowitz Limited Partnership VIII, Horowitz Management, Inc., Adam S. Horowitz Revocable Trust, Jason E. Tester | Oct. 30, 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 |
|---|---|---|---|---|
| PJP · Invesco Exchange-Traded Fund Trust | 2.69% | 210,454 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 1.61% | 43,870 NS | May 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.25% | 11,632 NS | April 30, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 1.22% | 2,469 NS | April 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 1.19% | 29,463 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 0.57% | 141,498 SH | Aug. 8, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.40% | 66,585 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.24% | 3,915 NS | May 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.20% | 295,665 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.19% | 2,342 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.18% | 712 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.17% | 379,742 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.16% | 44,912 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.16% | 29,611 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.13% | 1,124 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.13% | 1,573 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 19,431 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.11% | 40,784 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.10% | 1,305 NS | April 30, 2026 | N-PORT |
| SMLF · iShares Trust | 0.10% | 65,431 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 11,160 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.09% | 1,067,848 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.08% | 6,209 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.08% | 241,028 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.08% | 12,043 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.08% | 17,152 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.06% | 1,862 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 21,718 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 187,238 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.04% | 1,688 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 1,565 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.03% | 1,456 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 14,864 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 455,389 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 89,651 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 1,476 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 9,169 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.02% | 6,187 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 1,892 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,590 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 37 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 13,644 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 54,981 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 9,881 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 23,482 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 636 NS | April 30, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 18 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,295,901 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,359 SH | Aug. 8, 2026 | Daily |
| FTLS · First Trust Exchange-Traded Fund III | -0.03% | -12,099 NS | April 30, 2026 | N-PORT |