TBPH Theravance Biopharma, Inc. - Ordinary Shares
$16.98
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026
52W Range
$13–$21
51% of range
Analyst Rating
HOLD
11 analysts
Price Target
$18
+4% upside
P/E (TTM)
8.2
ROE
40.6%
Net Profit Margin
98.5%
TBPH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$16.98
Market Cap
$867M
P/E (TTM)
8.2
EPS (TTM)
$2.06
Revenue (TTM)
$107M
Div Yield
—
ROE
40.6%
Debt/Equity
—
52W Range
$13 – $21
TBPH 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
$107M
2016-12-31
→
2025-12-31
EPS
$2.06
2019-12-31
→
2025-12-31
Free Cash Flow
$238M
2016-12-31
→
2025-12-31
Margins
98.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TBPH
Peer Median
P/E (TTM)
8.2
22.4
P/S (TTM)
8.1
5.4
P/B
2.9
2.4
Price / FCF
3.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TBPH
Peer Median
Operating Margin
-3.4%
—
Net Profit Margin
98.5%
-14.4%
ROA
25.2%
-23.4%
ROE
40.6%
-25.4%
ROIC
-0.99%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TBPH
Peer Median
Current Ratio
10.9
6.0
Quick Ratio
4.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TBPH
Peer Median
Revenue YoY
66.9%
—
Revenue CAGR 3Y
27.9%
—
Revenue CAGR 5Y
8.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TBPH
Peer Median
TBPH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 2 18.2%
- Buy 4 36.4%
- Hold 5 45.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-14
Median
$17.00
Mean
$17.67
← Below all targets
$16.98
Low
$17.00
High
$19.00
Median target
$17.00
+0.1%
Mean target
$17.67
+4.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.35%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.03 | $-0.15 | 0.12% |
| Dec. 31, 2025 | $0.21 | $1.24 | -1.0% |
| Sept. 30, 2025 | $0.07 | $-0.13 | 0.20% |
| June 30, 2025 | $-0.54 | $0.69 | -1.2% |
| March 31, 2025 | $-0.27 | $-0.23 | -0.04% |
| Dec. 31, 2024 | $-0.31 | $-0.21 | -0.10% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $107M | $64M | $57M | $51M | $55M | $72M | $73M | $60M | $15M | $49M | $42M | $12M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | $6M | $3M | $5M | $4M | |
| R&D Expense | $37M | $38M | $41M | $63M | $194M | $261M | $219M | $201M | $174M | $142M | $129M | $169M | |
| SG&A Expense | $74M | $69M | $70M | $67M | $99M | $109M | $106M | $97M | $96M | $85M | $90M | $72M | |
| Operating Expenses | $111M | $111M | $113M | $143M | $313M | $369M | $325M | $299M | $276M | $229M | $224M | $244M | |
| Operating Income | $-4M | $-47M | $-56M | $-92M | $-258M | $-298M | $-252M | $-239M | $-260M | $-180M | $-182M | $-233M | |
| Interest Expense | · | · | $2M | $6M | $9M | $9M | $32M | $10M | $9M | $1M | $0 | $0 | |
| Other Non-op | $10M | $5M | $9M | $9M | $1M | $3M | $8M | $12M | $5M | $1M | $631.0K | $2M | |
| Pretax Income | $129M | $-45M | $-49M | $-93M | $-265M | $-303M | $-242M | $-226M | $-272M | $-181M | $-181M | $-231M | |
| Income Tax | $23M | $12M | $6M | $9.0K | $-151.0K | $-9M | $-5M | $-11M | $14M | $10M | $951.0K | $6M | |
| Net Income | $106M | $-56M | $-55M | $872M | $-199M | $-278M | $-236M | $-216M | $-285M | $-191M | $-182M | $-237M | |
| EPS (Basic) | $2.10 | $-1.15 | $-1.00 | $11.85 | $-2.87 | $-4.46 | $-4.25 | · | · | · | · | · | |
| EPS (Diluted) | $2.06 | $-1.15 | $-1.00 | $11.85 | $-2.87 | $-4.46 | $-4.25 | · | · | · | · | · | |
| Shares (Basic) | 50,317,000 | 48,847,000 | 55,303,000 | 73,591,000 | 69,461,000 | 62,345,000 | 55,610,000 | 55,076,000 | 53,703,000 | · | · | · | |
| Shares (Diluted) | 51,507,000 | 48,847,000 | 55,303,000 | 73,591,000 | 69,461,000 | 62,345,000 | 55,610,000 | 53,969,000 | 52,352,000 | · | · | · | |
| EBITDA | $-4M | $-47M | $-56M | $-92M | $-258M | $-298M | $-252M | $-236M | $-256M | $-177M | $-179M | $-230M |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $168M | $38M | $40M | $298M | $90M | $81M | $58M | $378M | $89M | $345M | $113M | $89M | |
| Receivables | · | · | · | · | · | · | · | $620.0K | $2M | $646.0K | $2M | $289.0K | |
| Inventory | · | · | · | · | · | · | · | $0 | $17M | $12M | $10M | $13M | |
| Prepaid Expense | · | · | · | · | · | · | · | · | · | · | · | $6M | |
| Current Assets | $418M | $161M | $134M | $353M | $250M | $393M | $338M | $533M | $379M | $529M | $237M | $275M | |
| PP&E (Net) | $6M | $7M | $9M | $12M | $14M | $16M | $13M | $13M | $10M | $8M | $10M | $10M | |
| PP&E (Gross) | $30M | $30M | $31M | $45M | $52M | $62M | $60M | $63M | $57M | $53M | $52M | $64M | |
| Accum. Depreciation | $24M | $22M | $22M | $33M | $38M | $46M | $48M | $50M | $47M | $44M | $42M | $54M | |
| Other Non-current Assets | $25M | $12M | $8M | $7M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $506.0K | |
| Total Assets | $486M | $354M | $382M | $607M | $375M | $469M | $409M | $560M | $441M | $639M | $300M | $338M | |
| Accounts Payable | $3M | $2M | $2M | $2M | $3M | $7M | $5M | $9M | $6M | $2M | $19M | $10M | |
| Current Liabilities | $38M | $32M | $25M | $29M | $59M | $124M | $112M | $99M | $63M | $49M | $49M | $41M | |
| Capital Leases | $32M | $39M | $45M | $45M | $53M | $47M | $48M | · | · | · | · | · | |
| Other Non-current Liabilities | $313.0K | $2M | $6M | $2M | $2M | $2M | $21M | $25M | $35M | $13M | $3M | $2M | |
| Long-term Debt | · | · | $0 | · | $616M | $619M | $455M | $454M | $224M | · | · | · | |
| Common Stock | $1.0K | · | · | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | · | · | |
| Paid-in Capital | $1.16B | $1.14B | $1.12B | $1.30B | $1.39B | $1.22B | $1.02B | $961M | $914M | $863M | $565M | $429M | |
| Retained Earnings | $-860M | $-966M | $-909M | $-854M | $-1.73B | $-1.53B | $-1.25B | $-1.01B | $-798M | $-512M | $-322M | $-139M | |
| AOCI | $61.0K | $7.0K | $-65.0K | $-15.0K | · | $47.0K | $145.0K | $-166.0K | $-733.0K | $-253.0K | $-70.0K | $-82.0K | |
| Stockholders' Equity | $297M | $176M | $213M | $442M | $-339M | $-304M | $-224M | $-52M | $115M | $350M | $243M | $290M | |
| Liabilities + Equity | $486M | $354M | $382M | $607M | $375M | $469M | $409M | $560M | $441M | $639M | $300M | $338M | |
| Shares Outstanding | 51,069,000 | 49,471,000 | 48,091,000 | 65,227,000 | 74,435,000 | 64,328,000 | 57,015,000 | 55,681,000 | 54,381,000 | 52,833,000 | 37,981,000 | 32,221,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | $3M | $4M | $3M | $3M | $3M | |
| Stock-based Comp | $18M | $21M | $25M | $40M | $62M | $63M | $60M | $51M | $49M | $41M | $54M | $43M | |
| Deferred Tax | $-12M | $-8M | $3M | · | · | · | · | · | $0 | $0 | $0 | $0 | |
| Restructuring | · | · | $3M | $13M | $20M | · | · | · | · | · | · | · | |
| Other Non-cash | · | · | · | · | · | · | · | $48M | $31M | $47M | $-44M | $16M | |
| Operating Cash Flow | $239M | $-12M | $-27M | $-187M | $-208M | $-250M | $-238M | $-113M | $-201M | $-99M | $-169M | $-175M | |
| CapEx | $42.0K | $332.0K | $2M | $572.0K | $3M | $7M | $3M | $7M | $2M | $2M | $3M | $3M | |
| Investing Cash Flow | $-105M | $12M | $-33M | $1.15B | $124M | $11M | $-83M | $177M | $-56M | $-148M | $111M | · | |
| Debt Issued | · | · | · | · | · | $380M | · | · | · | · | · | · | |
| Net Debt Issued | · | · | · | · | · | $380M | · | · | · | · | · | · | |
| Stock Issued | $20.0K | $99.0K | · | · | $108M | $140M | · | · | $0 | $253M | $79M | $0 | |
| Stock Repurchased | · | $445.0K | $197M | $129M | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $20.0K | $-346.0K | $-197M | $-129M | $108M | $140M | · | · | $0 | $253M | · | · | |
| Financing Cash Flow | $-3M | $-2M | $-199M | $-759M | $92M | $263M | $1M | $225M | $2M | $479M | $81M | · | |
| Net Change in Cash | $130M | $-2M | $-259M | $208M | $8M | $23M | $-320M | $289M | $-256M | $232M | $23M | · | |
| Taxes Paid | $28M | $109.0K | $24.0K | $118M | $-4M | $14.0K | $22.0K | $-7M | $5M | $-9M | $13M | $5M | |
| Free Cash Flow | $238M | $-12M | $-29M | $-188M | $-211M | $-257M | $-241M | $-120M | $-203M | $-101M | $-172M | $-178M | |
| Levered FCF | · | · | $-32M | $-194M | $-258M | $-300M | $-273M | $-130M | $-212M | $-103M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -3.4% | -72.9% | -97.6% | -179.1% | -466.1% | -414.4% | -343.1% | -395.5% | -1690.7% | -371.0% | -431.8% | -1989.5% | |
| Net Margin | 98.5% | -87.6% | -96.1% | 1698.5% | -360.6% | -386.9% | -322.1% | -357.0% | -1855.0% | -391.9% | -432.6% | -2028.0% | |
| Pretax Margin | 120.3% | -69.3% | -85.8% | -180.8% | -360.8% | -398.8% | -329.2% | -374.5% | -1766.0% | -371.1% | -430.3% | -1973.6% | |
| EBITDA Margin | -3.4% | -72.9% | -97.6% | -179.1% | -466.1% | -414.4% | -343.1% | -390.2% | -1664.5% | -364.6% | -424.7% | -1966.8% | |
| ROA | 25.2% | -15.3% | -11.2% | 177.6% | -47.3% | -63.3% | -48.8% | -43.0% | -52.8% | -40.6% | -57.1% | -130.6% | |
| ROE | 40.6% | -31.2% | -24.0% | 189.1% | 60.2% | 98.4% | 116.3% | 662.8% | -122.6% | -64.3% | -68.4% | -173.8% | |
| ROIC | -0.99% | -33.8% | -29.5% | -20.8% | 76.1% | 95.1% | 110.1% | 441.2% | -237.2% | -54.4% | -75.2% | -82.5% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.9 | 5.0 | 5.4 | 12.3 | 4.3 | 3.2 | 3.0 | 5.4 | 6.1 | 10.7 | 4.8 | 6.7 | |
| Quick Ratio | 4.4 | 1.2 | 1.6 | 10.4 | 1.5 | 0.7 | 0.5 | 3.8 | 1.5 | 7.0 | 2.3 | 2.2 | |
| Interest Coverage | · | · | -23.8 | -14.4 | -5.5 | -6.7 | -7.9 | -22.8 | -30.4 | -128.5 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | 0.4 | 0.3 | 0.4 | 0.3 | |
| Receivables Turnover | · | · | · | · | · | · | · | 42.0 | 10.6 | 37.9 | 38.1 | 56.5 |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 66.9% | 12.1% | 11.8% | -7.2% | -23.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 27.9% | 5.2% | -7.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -44.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -50.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $107M | $64M | $57M | $51M | $55M | $72M | $73M | $60M | $15M | $49M | $42M | $12M | |
| Net Income TTM | $106M | $-56M | $-55M | $872M | $-199M | $-278M | $-236M | $-216M | $-285M | $-191M | $-182M | $-237M | |
| Market Cap | $956M | $466M | $541M | $732M | $823M | $1.14B | $1.48B | $1.42B | $1.52B | $1.68B | $623M | $481M | |
| P/E | 9.1 | -8.2 | -11.2 | 0.9 | -3.9 | -4.0 | -6.1 | · | · | · | · | · | |
| P/S | 8.9 | 7.2 | 9.4 | 14.3 | 14.9 | 15.9 | 20.1 | 23.6 | 98.6 | 34.6 | 14.8 | 41.1 | |
| P/B | 3.2 | 2.7 | 2.5 | 1.7 | -2.4 | -3.8 | -6.6 | -27.6 | 13.2 | 4.8 | 2.6 | 1.7 | |
| P / Tangible Book | 3.2 | 2.7 | 2.5 | 1.7 | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 4.0 | -40.4 | -20.0 | -3.9 | -4.0 | -4.6 | -6.2 | -12.6 | -7.5 | -17.0 | -3.7 | -2.7 | |
| P / FCF | 4.0 | -39.2 | -18.3 | -3.9 | -3.9 | -4.4 | -6.1 | -11.9 | -7.5 | -16.7 | -3.6 | -2.7 | |
| Earnings Yield | 11.0% | -12.2% | -8.9% | 105.6% | -26.0% | -25.1% | -16.4% | · | · | · | · | · |
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 | $21M | $18M | $46M | $20M | $26M | $15M | $19M | $17M | $14M | $15M | $18M | $16M | $14M | $10M | $15M | $12M | |
| R&D Expense | $5M | $6M | $7M | $8M | $10M | $11M | $9M | $9M | $10M | $9M | $8M | $8M | $9M | $15M | $15M | $10M | |
| SG&A Expense | $14M | $18M | $19M | $18M | $18M | $18M | $19M | $17M | $17M | $17M | $15M | $16M | $19M | $19M | $17M | $16M | |
| Operating Expenses | $29M | $27M | $26M | $26M | $29M | $30M | $28M | $28M | $30M | $26M | $24M | $24M | $30M | $35M | $32M | $22M | |
| Operating Income | $-8M | $-9M | $20M | $-6M | $-3M | $-14M | $-9M | $-11M | $-16M | $-11M | $-6M | $-9M | $-16M | $-25M | $-17M | $-9M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $629.0K | · | $609.0K | $568.0K | $550.0K | $550.0K | $2M | |
| Other Non-op | $3M | $3M | $4M | $4M | $1M | $939.0K | $904.0K | $1M | $1M | $1M | $2M | $2M | $3M | $3M | $4M | $3M | |
| Pretax Income | $-5M | $-6M | $73M | $-3M | $73M | $-14M | $-9M | $-10M | $-15M | $-10M | $-5M | $-8M | $-14M | $-22M | $-14M | $-16M | |
| Income Tax | $1M | $-2M | $12M | $-7M | $18M | $-559.0K | $7M | $3M | $1M | $1M | $3M | $1M | $1M | $-395.0K | $-3.0K | $-507.0K | |
| Net Income | $-6M | $-5M | $61M | $4M | $55M | $-14M | $-16M | $-13M | $-17M | $-12M | $-9M | $-9M | $-16M | $-22M | $-10M | $917M | |
| EPS (Basic) | $-0.11 | $-0.10 | $1.20 | $0.07 | $1.09 | $-0.27 | $-0.31 | $-0.26 | $-0.34 | $-0.24 | $-0.17 | $-0.17 | $-0.28 | $-0.35 | $-0.15 | $12.14 | |
| EPS (Diluted) | $-0.11 | $-0.10 | $1.15 | $0.07 | $1.08 | $-0.27 | $-0.31 | $-0.26 | $-0.34 | $-0.24 | $-0.17 | $-0.17 | $-0.28 | $-0.35 | $-0.15 | $12.14 | |
| Shares (Basic) | 51,667,000 | 51,279,000 | -100,086,000 | 50,520,000 | 50,177,000 | 49,706,000 | -97,221,000 | 49,038,000 | 48,747,000 | 48,283,000 | -116,674,000 | 52,361,000 | 56,682,000 | 62,934,000 | -153,441,000 | 75,515,000 | |
| Shares (Diluted) | 51,667,000 | 51,279,000 | -100,833,000 | 51,908,000 | 50,726,000 | 49,706,000 | -97,221,000 | 49,038,000 | 48,747,000 | 48,283,000 | -116,674,000 | 52,361,000 | 56,682,000 | 62,934,000 | -153,441,000 | 75,515,000 | |
| EBITDA | $-8M | $-9M | · | $-6M | $-3M | $-14M | · | $-11M | $-16M | $-11M | · | $-9M | $-16M | · | · | $-14M |
Balance Sheet 18
| 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 | $220M | $288M | $168M | $175M | $282M | $111M | $38M | $23M | $46M | $54M | $40M | $72M | $106M | $188M | $298M | $419M | |
| Current Assets | $417M | $418M | $418M | $355M | $366M | $150M | $161M | $116M | $119M | $124M | $134M | $162M | $192M | $261M | $353M | $512M | |
| PP&E (Net) | $5M | $6M | $6M | $6M | $7M | $7M | $7M | $8M | $8M | $9M | $9M | $9M | $10M | $12M | $12M | $12M | |
| PP&E (Gross) | · | · | $30M | · | · | · | $30M | · | · | · | $31M | · | · | · | $45M | · | |
| Accum. Depreciation | · | · | $24M | · | · | · | $22M | · | · | · | $22M | · | · | · | $33M | · | |
| Other Non-current Assets | $25M | $25M | $25M | $25M | $26M | $14M | $12M | $7M | $8M | $8M | $8M | $10M | $12M | $12M | $7M | $5M | |
| Total Assets | $470M | $472M | $486M | $415M | $426M | $344M | $354M | $356M | $362M | $371M | $382M | $414M | $447M | $539M | $607M | $763M | |
| Accounts Payable | $652.0K | $1M | $3M | $2M | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $5M | |
| Current Liabilities | $31M | $32M | $38M | $37M | $55M | $32M | $32M | $23M | $23M | $22M | $25M | $25M | $25M | $26M | $29M | $142M | |
| Capital Leases | $28M | $30M | $32M | $34M | $36M | $37M | $39M | $41M | $42M | $44M | $45M | $41M | $43M | $44M | $45M | $51M | |
| Other Non-current Liabilities | $244.0K | $244.0K | $313.0K | $313.0K | $2M | $1M | $2M | $5M | $5M | $5M | $6M | $8M | $8M | $8M | $2M | $2M | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | · | · | · | · | · | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | |
| Paid-in Capital | $1.16B | $1.16B | $1.16B | $1.15B | $1.15B | $1.15B | $1.14B | $1.14B | $1.13B | $1.13B | $1.12B | $1.15B | $1.17B | $1.25B | $1.30B | $1.32B | |
| Retained Earnings | $-870M | $-865M | $-860M | $-921M | $-924M | $-979M | $-966M | $-950M | $-937M | $-921M | $-909M | $-901M | $-892M | $-876M | $-854M | $-844M | |
| AOCI | $-76.0K | $-62.0K | $61.0K | $32.0K | $-10.0K | · | $7.0K | $50.0K | $-22.0K | $-41.0K | $-65.0K | $-225.0K | $-286.0K | $51.0K | $-15.0K | $-121.0K | |
| Stockholders' Equity | $290M | $291M | $297M | $233M | $225M | $166M | $176M | $186M | $194M | $205M | $213M | $246M | $280M | $371M | $442M | $481M | |
| Liabilities + Equity | $470M | $472M | $486M | $415M | $426M | $344M | $354M | $356M | $362M | $371M | $382M | $414M | $447M | $539M | $607M | $763M | |
| Shares Outstanding | 51,891,000 | 51,515,000 | 51,069,000 | 50,672,000 | 50,361,000 | 50,001,000 | 49,471,000 | 49,174,000 | 48,922,000 | 48,566,000 | 48,091,000 | 50,819,000 | 53,694,000 | 60,542,000 | 65,227,000 | 67,366,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $6M | $5M | $4M | $5M | $5M | $5M | $6M | $5M | $5M | $5M | $6M | $6M | $6M | $7M | $7M | $9M | |
| Deferred Tax | · | · | $30.0K | $994.0K | $-11M | $-2M | $-7M | $90.0K | $-561.0K | $-513.0K | · | · | · | · | · | · | |
| Restructuring | $2M | $3M | · | · | · | · | · | · | · | · | $0 | $0 | $1M | $2M | $0 | $509.0K | |
| Operating Cash Flow | $-7M | $73M | $-6M | $-7M | $208M | $43M | $-902.0K | $-5M | $-4M | $-1M | $-854.0K | $-2M | $-12M | $-11M | $-124M | $-22M | |
| CapEx | · | · | $8.0K | $0 | · | · | $190.0K | $15.0K | $36.0K | $91.0K | $677.0K | $21.0K | $852.0K | $938.0K | $266.0K | $-57.0K | |
| Investing Cash Flow | $-60M | $53M | $588.0K | $-100M | $-36M | $31M | $16M | $-17M | $-3M | $17M | $-677.0K | $-21.0K | $11M | $-43M | $39M | $1.08B | |
| Stock Issued | · | · | $0 | $0 | $0 | $20.0K | $30.0K | $25.0K | · | · | · | · | · | · | · | · | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $0 | $0 | $445.0K | $30M | $31M | $81M | $55M | $35M | · | |
| Net Stock Activity | · | · | · | · | · | $20.0K | · | · | · | $-445.0K | · | · | · | · | · | · | |
| Financing Cash Flow | $-967.0K | $-6M | $-1M | $-400.0K | $-503.0K | $-854.0K | $-365.0K | $-372.0K | $-44.0K | $-2M | $-31M | $-31M | $-81M | $-56M | $-35M | $-722M | |
| Net Change in Cash | $-68M | $120M | $-7M | $-107M | $171M | $73M | $14M | $-23M | $-7M | $14M | $-32M | $-34M | $-82M | $-111M | $-120M | $331M | |
| Taxes Paid | $6M | $-351.0K | $6M | $13M | $9M | $4.0K | $97.0K | $0 | $21.0K | $-9.0K | $10.0K | $0 | $7.0K | $7.0K | $118M | $1.0K | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-1M | · | · | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-2M | · | · | · | · | · | · |
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 | -39.9% | -53.6% | · | -32.3% | -10.4% | -93.8% | · | -64.2% | -110.2% | -77.3% | · | -55.8% | -117.3% | · | · | -114.1% | |
| Net Margin | -28.4% | -27.9% | · | 18.1% | 209.3% | -88.2% | · | -75.3% | -115.9% | -80.4% | · | -57.0% | -113.8% | · | · | 7361.9% | |
| Pretax Margin | -23.1% | -36.6% | · | -14.4% | 279.5% | -91.9% | · | -59.6% | -106.8% | -71.7% | · | -48.3% | -103.2% | · | · | -128.7% | |
| EBITDA Margin | -39.9% | -53.6% | · | -32.3% | -10.4% | -93.8% | · | -64.2% | -110.2% | -77.3% | · | -55.8% | -117.3% | · | · | -114.1% | |
| ROA | -1.3% | -1.2% | · | 0.94% | 13.9% | -3.8% | · | -3.3% | -4.1% | -2.6% | · | -1.5% | -3.9% | · | · | 157.1% | |
| ROE | -2.3% | -2.2% | · | 1.7% | 26.2% | -7.3% | · | -5.9% | -7.0% | -4.0% | · | -2.5% | 44.9% | · | · | 1167.8% | |
| ROIC | -3.5% | -2.5% | · | 3.5% | -0.91% | -8.3% | · | -7.4% | -8.8% | -6.1% | · | -4.2% | -6.3% | · | · | · |
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 | 13.5 | 13.1 | · | 9.5 | 6.7 | 4.8 | · | 5.0 | 5.2 | 5.7 | · | 6.4 | 7.8 | · | · | 3.6 | |
| Quick Ratio | 7.1 | 9.1 | · | 4.7 | 5.2 | 3.5 | · | 1.0 | 2.0 | 2.5 | · | 2.8 | 4.3 | · | · | 2.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -17.8 | · | -14.4 | -28.4 | · | · | -9.2 |
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 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | 0.0 |
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 | $104M | $110M | · | $80M | $77M | $65M | · | $63M | $62M | $62M | · | $55M | $51M | $49M | · | $52M | |
| Net Income TTM | $54M | $115M | · | $29M | $13M | $-58M | · | $-49M | $-46M | $-45M | · | $-57M | $869M | $876M | · | $850M | |
| Market Cap | $882M | $836M | · | $740M | $555M | $447M | · | $396M | $415M | $436M | · | $439M | $556M | · | · | $683M | |
| P/E | 16.8 | 7.4 | · | 25.6 | 46.0 | -7.6 | · | -8.0 | -9.2 | -10.4 | · | -9.1 | 0.9 | 0.9 | · | 0.9 | |
| P/S | 8.5 | 7.6 | · | 9.2 | 7.2 | 6.8 | · | 6.3 | 6.7 | 7.1 | · | 8.0 | 10.8 | · | · | 13.2 | |
| P/B | 3.0 | 2.9 | · | 3.2 | 2.5 | 2.7 | · | 2.1 | 2.1 | 2.1 | · | 1.8 | 2.0 | · | · | 1.4 | |
| P / Tangible Book | 3.0 | 2.9 | · | 3.2 | 2.5 | 2.7 | · | 2.1 | 2.1 | 2.1 | · | 1.8 | 2.0 | 1.8 | · | 1.4 | |
| P / Cash Flow | · | 11.4 | · | · | · | 10.4 | · | · | · | -426.3 | · | · | · | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -391.4 | · | · | · | · | · | · | |
| Earnings Yield | 5.9% | 13.6% | · | 3.9% | 2.2% | -13.2% | · | -12.5% | -10.8% | -9.6% | · | -11.0% | 109.8% | 106.3% | · | 111.1% |
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 | $107M | $64M | $57M | $51M | $55M |
| Operating Margin % | -3.4% | -72.9% | -97.6% | -179.1% | -466.1% |
| Net Income | $106M | $-56M | $-55M | $872M | $-199M |
| Diluted EPS | $2.06 | $-1.15 | $-1.00 | $11.85 | $-2.87 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 10.9 | 5.0 | 5.4 | 12.3 | 4.3 |
| Quick Ratio | 4.4 | 1.2 | 1.6 | 10.4 | 1.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $238M | $-12M | $-29M | $-188M | $-211M |
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Institutional owners (13F) 190 filers · $665.2M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 39 (0 vs prior Q) | 25 (-8 vs prior Q) | 60 (+3 vs prior Q) | 51 (+6 vs prior Q) | +6.3M |
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 |
|---|---|---|---|---|
| Madison Avenue Partners, LP | $156,608,284 | 9,212,252 | 23.54% | Shares |
| Weiss Asset Management LP | $126,770,020 | 7,457,060 | 19.06% | Shares |
| Newtyn Management, LLC | $58,381,247 | 3,434,191 | 8.78% | Shares |
| Irenic Capital Management LP | $46,936,116 | 2,760,948 | 7.06% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $30,115,381 | 1,771,493 | 4.53% | Shares |
| STATE STREET CORP | $22,585,928 | 1,328,584 | 3.40% | Shares |
| TWO SIGMA INVESTMENTS, LP | $20,834,979 | 1,225,587 | 3.13% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $16,781,737 | 987,161 | 2.52% | Shares |
| MACKENZIE FINANCIAL CORP | $16,759,416 | 985,848 | 2.52% | Shares |
| D. E. Shaw & Co., Inc. | $16,645,567 | 979,151 | 2.50% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $16,593,065 | 975,946 | 2.49% | Shares |
| Oasis Management Co Ltd. | $9,919,330 | 583,490 | 1.49% | Shares |
| Qube Research & Technologies Ltd | $7,306,821 | 429,813 | 1.10% | Shares |
| TWO SIGMA ADVISERS, LP | $7,100,445 | 379,500 | 1.07% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,700,686 | 394,158 | 1.01% | Shares |
| JANUS HENDERSON GROUP PLC | $5,814,852 | 358,278 | 0.87% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,459,618 | 321,154 | 0.82% | Shares |
| Camber Capital Management LP | $4,963,500 | 450,000 | 0.75% | Shares |
| VANGUARD GROUP INC | $4,743,191 | 253,511 | 0.71% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,627,978 | 272,234 | 0.70% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $3,549,000 | 208,783 | 0.53% | Shares |
| BlackRock, Inc. | $3,097,298 | 182,194 | 0.47% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $3,053,897 | 179,641 | 0.46% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $3,046,145 | 179,185 | 0.46% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,623,406 | 154,318 | 0.39% | Shares |
| GOLDMAN SACHS GROUP INC | $2,615,348 | 153,844 | 0.39% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,356,421 | 138,613 | 0.35% | Shares |
| CWA Asset Management Group, LLC | $2,294,898 | 134,994 | 0.34% | Shares |
| FMR LLC | $2,271,149 | 133,597 | 0.34% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,961,851 | 115,403 | 0.29% | Shares |
| Schonfeld Strategic Advisors LLC | $1,850,943 | 108,879 | 0.28% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $1,793,500 | 105,500 | 0.27% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,738,794 | 102,282 | 0.26% | Shares |
| Engineers Gate Manager LP | $1,702,312 | 100,136 | 0.26% | Shares |
| Rangeley Capital, LLC | $1,691,500 | 99,500 | 0.25% | Shares |
| Swiss National Bank | $1,317,500 | 77,500 | 0.20% | Shares |
| Trexquant Investment LP | $1,299,973 | 76,469 | 0.20% | Shares |
| MORGAN STANLEY | $1,298,545 | 76,385 | 0.20% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,252,713 | 73,689 | 0.19% | Shares |
| CITADEL ADVISORS LLC | $1,217,489 | 71,617 | 0.18% | Shares |
| Virtus Investment Advisers, LLC | $1,188,045 | 69,885 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,145,838 | 70,600 | 0.17% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $1,097,061 | 64,533 | 0.16% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,027,225 | 60,425 | 0.15% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $1,019,728 | 59,984 | 0.15% | Shares |
| Militia Capital Partners, LP | $1,014,082 | 54,200 | 0.15% | Shares |
| SIERRA SUMMIT ADVISORS LLC | $1,004,632 | 59,096 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $977,908 | 57,524 | 0.15% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $952,884 | 56,052 | 0.14% | Shares |
| RHUMBLINE ADVISERS | $922,743 | 54,279 | 0.14% | Shares |
| ALPS ADVISORS INC | $889,406 | 52,318 | 0.13% | Shares |
| NJ State Employees Deferred Compensation Plan | $848,873 | 58,142 | 0.13% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $844,900 | 49,700 | 0.13% | Shares |
| HSBC HOLDINGS PLC | $842,747 | 49,428 | 0.13% | Shares |
| Bank of New York Mellon Corp | $760,954 | 44,762 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $723,265 | 42,545 | 0.11% | Shares |
| KLP KAPITALFORVALTNING AS | $712,300 | 41,900 | 0.11% | Shares |
| MONEY CONCEPTS CAPITAL CORP | $711,416 | 41,848 | 0.11% | Shares |
| BARCLAYS PLC | $694,858 | 40,874 | 0.10% | Shares |
| Man Group plc | $690,421 | 40,613 | 0.10% | Shares |
| PRUDENTIAL FINANCIAL INC | $690,285 | 40,605 | 0.10% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $661,551 | 40,761 | 0.10% | Shares |
| STRS OHIO | $659,600 | 38,800 | 0.10% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $627,691 | 36,923 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $617,984 | 36,352 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $576,997 | 33,941 | 0.09% | Shares |
| CITIGROUP INC | $551,514 | 32,442 | 0.08% | Shares |
| Quantinno Capital Management LP | $524,450 | 30,850 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $523,600 | 30,800 | 0.08% | Put option |
| CITADEL ADVISORS LLC | $523,600 | 30,800 | 0.08% | Put option |
| Susquehanna Portfolio Strategies, LLC | $491,708 | 28,924 | 0.07% | Shares |
| PDT Partners, LLC | $486,693 | 28,629 | 0.07% | Shares |
| AVIVA PLC | $448,103 | 26,359 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $435,404 | 25,612 | 0.07% | Shares |
| GTS SECURITIES LLC | $430,440 | 25,320 | 0.06% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $429,794 | 25,282 | 0.06% | Shares |
| MetLife Investment Management, LLC | $391,969 | 23,057 | 0.06% | Shares |
| ExodusPoint Capital Management, LP | $365,041 | 21,473 | 0.05% | Shares |
| Quadrature Capital Ltd | $331,398 | 19,494 | 0.05% | Shares |
| Voleon Capital Management LP | $331,126 | 19,478 | 0.05% | Shares |
| FIRST TRUST ADVISORS LP | $316,914 | 18,642 | 0.05% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $304,436 | 17,908 | 0.05% | Shares |
| Squarepoint Ops LLC | $301,954 | 17,762 | 0.05% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $300,577 | 17,681 | 0.05% | Shares |
| JUNCTURE WEALTH STRATEGIES, LLC | $292,978 | 17,234 | 0.04% | Shares |
| Financiere des Professionnels - Fonds d'investissement inc. | $280,891 | 16,523 | 0.04% | Shares |
| XTX Topco Ltd | $279,735 | 16,455 | 0.04% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $271,847 | 15,991 | 0.04% | Shares |
| Invesco Ltd. | $270,878 | 15,934 | 0.04% | Shares |
| Cornerstone Investment Partners, LLC | $260,916 | 15,348 | 0.04% | Shares |
| JAMES INVESTMENT RESEARCH, INC. | $252,161 | 14,833 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $252,144 | 14,832 | 0.04% | Shares |
| nVerses Capital, LLC | $251,124 | 14,772 | 0.04% | Shares |
| Ballentine Partners, LLC | $243,457 | 14,321 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $243,100 | 14,300 | 0.04% | Call option |
| VICTORY CAPITAL MANAGEMENT INC | $240,890 | 14,170 | 0.04% | Shares |
| UBS Group AG | $230,265 | 13,545 | 0.03% | Shares |
| Russell Investments Group, Ltd. | $217,277 | 12,781 | 0.03% | Shares |
| State of New Jersey Common Pension Fund D | $212,279 | 12,487 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $209,270 | 12,310 | 0.03% | Shares |
Company insiders 34 insiders · 17 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Andrew A. Hindman | SVP, Chief Financial Officer | Dec. 2, 2021 A | 507,258 | 0 | 0 | $0 |
| Ann Brady | President, TBIL | Aug. 20, 2021 F | 121,857 | 0 | 0 | $0 |
| Aine Miller | SVP, DEV & HEAD OF IRE OFFICE | June 19, 2026 A | 196,084 | 0 | 0 | $0 |
| Rhonda Farnum | SVP, COMM & MEDICAL AFFAIRS | June 15, 2026 S | 232,457 | 0 | 3 | $-218,183 |
| Richard A Graham | SVP, Development | Dec. 2, 2021 A | 409,061 | 0 | 0 | $0 |
| Vijay Sabesan | SVP, Technical Operations | Aug. 20, 2021 F | 240,715 | 0 | 0 | $0 |
| Kenneth R Pitzer | SVP, Prod Strat & Comm Plng | Aug. 20, 2021 F | 359,732 | 0 | 0 | $0 |
| Philip D Worboys | SVP, Research & Transl Science | Aug. 20, 2021 F | 335,062 | 0 | 0 | $0 |
| Frank Pasqualone | SVP, Chief Business Officer | Aug. 20, 2021 F | 433,562 | 0 | 0 | $0 |
| Bradford J Shafer | EVP, Gen. Counsel, Secretary | Aug. 20, 2021 F | 277,831 | 0 | 0 | $0 |
| Brett K Haumann | Chief Medical Officer | Feb. 20, 2021 F | 242,499 | 0 | 0 | $0 |
| Sharathchandra S Hegde | SVP, Research | Aug. 20, 2019 F | 259,900 | 0 | 0 | $0 |
| Shehnaaz Suliman | SVP, Corp Dev & Strategy | Feb. 20, 2019 F | 97,198 | 0 | 0 | $0 |
| Junning Lee | Sr. VP, Technical Operations | Feb. 20, 2017 F | 225,071 | 0 | 0 | $0 |
| Mathai Mammen | SVP, Research & Development | March 15, 2016 A | 288,111 | 0 | 0 | $0 |
| Leonard M Blum | Sr VP, Chief Comm. Officer | Feb. 20, 2016 F | 182,731 | 0 | 0 | $0 |
| Jeffrey David Jonker | Senior VP, Corp. & Bus. Dev. | June 3, 2014 A | — | 0 | 0 | $0 |
| Susannah Gray | Director | June 12, 2026 A | 48,146 | 0 | 0 | $0 |
| Donal O'Connor | Director | June 12, 2026 A | 80,213 | 0 | 0 | $0 |
| Alsup Laurie Smaldone | Director | June 12, 2026 A | 80,989 | 0 | 0 | $0 |
| Deepika Pakianathan | Director | June 12, 2026 A | 64,074 | 0 | 0 | $0 |
| Dean J Mitchell | Director | June 12, 2026 A | 97,213 | 0 | 0 | $0 |
| Robert V Gunderson JR | Director | April 27, 2021 A | 68,093 | 0 | 0 | $0 |
| George M Whitesides | Director | April 27, 2021 A | 9,828 | 0 | 0 | $0 |
| William D Young | Director | April 27, 2021 A | 68,158 | 0 | 0 | $0 |
| Burton G Malkiel | Director | April 27, 2021 A | 81,605 | 0 | 0 | $0 |
| Peter S Ringrose | Director | April 30, 2019 A | 37,999 | 0 | 0 | $0 |
| Henrietta Fore | Director | Aug. 11, 2017 P | 24,000 | 0 | 0 | $0 |
| Michael G Atieh | Director | June 3, 2014 A | — | 0 | 0 | $0 |
| Eli Samaha | 10% owner | July 7, 2026 S | 9,167,489 | 0 | 5 | $-5,909,483 |
| Rick E Winningham | — | May 20, 2026 F | 1,631,056 | 0 | 0 | $0 |
| Eran Broshy | — | Nov. 26, 2025 M | 44,703 | 0 | 8 | $-2,467,520 |
| Susan Molineaux | — | April 27, 2021 A | 9,828 | 0 | 0 | $0 |
| Renee D Gala | — | Nov. 20, 2018 F | 157,657 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| Weiss Asset Management LP, BIP GP LLC, WAM GP LLC, Andrew M. Weiss | March 25, 2026 | 14.50% | Amendment | — | SEC |
| Weiss Asset Management LP BIP GP LLC WAM GP LLC Andrew M. Weiss Ph.D. ×3 filings | March 5, 2024 | — | 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 40 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 |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 1.02% | 7,856 NS | April 30, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.52% | 6,964 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 0.52% | 52,230 NS | May 31, 2026 | N-PORT |
| SVAL · iShares Trust | 0.38% | 47,034 SH | Aug. 8, 2026 | Daily |
| AGNG · Global X Funds | 0.30% | 15,305 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.16% | 136,918 SH | Aug. 8, 2026 | Daily |
| IHE · iShares Trust | 0.14% | 134,709 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.10% | 16,844 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.09% | 15,421 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.06% | 351,815 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.06% | 2,807 SH | Aug. 8, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.05% | 38,325 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.05% | 84,723 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.04% | 304,763 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 36,658 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 1,029,505 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.02% | 53,490 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 168,994 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 232,191 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 16,598 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.02% | 7,902 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 28,330 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 1,740 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 435,648 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 5,400 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 116,817 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 57,706 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 2,320 SH | Aug. 8, 2026 | Daily |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.01% | 1,561 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 120,132 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,342 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 4,033 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 13,118 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 9,837 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 15,662 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 12,401 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 47,469 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 16 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,295,682 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,092 SH | Aug. 8, 2026 | Daily |