TECX Tectonic Therapeutic, Inc. - Common Stock
$36.55
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$14–$40
88% of range
Analyst Rating
BUY
16 analysts
Price Target
$78
+112% upside
P/E (TTM)
-9.0
ROE
-27.7%
Net Profit Margin
—
TECX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$36.55
Market Cap
$685M
P/E (TTM)
-9.0
EPS (TTM)
$-4.05
Revenue (TTM)
—
Div Yield
—
ROE
-27.7%
Debt/Equity
—
52W Range
$14 – $40
TECX 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
—
EPS
$-4.05
2021-12-31
→
2025-12-31
Free Cash Flow
$-60M
2018-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TECX
Peer Median
P/E (TTM)
-9.0
19.6
P/B
2.7
2.6
Price / FCF
-11.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TECX
Peer Median
ROA
-35.8%
-40.3%
ROE
-27.7%
-42.4%
ROIC
-34.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TECX
Peer Median
Current Ratio
26.6
5.4
Quick Ratio
26.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TECX
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TECX
Peer Median
TECX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 6 37.5%
- Buy 9 56.2%
- Hold 1 6.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-15
Median
$80.00
← Below all targets
$36.55
Low
$60.00
High
$93.00
Median target
$80.00
+118.9%
Mean target
$77.56
+112.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.18 | $-1.38 | 0.20% |
| March 31, 2026 | $-1.34 | $-1.21 | -0.13% |
| Dec. 31, 2025 | $-1.03 | $-1.13 | 0.10% |
| Sept. 30, 2025 | $-1.02 | $-1.07 | 0.05% |
| June 30, 2025 | $-1.07 | $-1.00 | -0.07% |
| March 31, 2025 | $-0.93 | $-1.11 | 0.18% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TECX | $391M | -5.2 | — | — | -27.7% | — |
| NVCT | $194M | -5.7 | — | — | -149.9% | — |
| ALLO | $314M | -1.6 | -76.8% | — | -59.9% | — |
| IRWD | $550M | 22.5 | -15.7% | 8.1% | -8.5% | — |
| EIKN | — | — | — | — | — | — |
| ASMB | $539M | -61.8 | 153.5% | -8.5% | -5.5% | — |
| SGMT | — | -3.7 | — | — | -42.3% | — |
| MDXG | $1.00B | 21.2 | 20.0% | 11.6% | 20.5% | 82.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $63M | $41M | $37M | $72M | $83M | $87M | $55M | $35M | $15M | |
| SG&A Expense | $21M | $17M | $8M | $33M | $36M | $33M | $21M | $11M | $3M | |
| Operating Expenses | $84M | $58M | $45M | $105M | $119M | $120M | $76M | $46M | $18M | |
| Operating Income | $-84M | $-58M | $-45M | $-105M | $-119M | $-120M | $-76M | $-46M | $-18M | |
| Interest Income | $11M | $4M | $581.0K | · | · | $719.0K | $3M | $2M | $57.0K | |
| Other Non-op | $-119.0K | $-511.0K | $396.0K | $-456.0K | $-285.0K | $516.0K | $3M | $-118.0K | $-262.0K | |
| Pretax Income | $-73M | $-58M | · | · | · | · | · | · | · | |
| Income Tax | $1M | $0 | $0 | $0 | · | · | · | · | · | |
| Net Income | $-74M | $-58M | $-43M | $-106M | $-119M | $-120M | $-73M | $-46M | $-19M | |
| EPS (Basic) | $-4.05 | $-6.83 | $-33.76 | $-2.42 | $-2.78 | · | · | · | · | |
| EPS (Diluted) | $-4.05 | $-6.83 | $-33.76 | $-2.42 | $-2.78 | · | · | · | · | |
| Shares (Basic) | 18,322,533 | 8,490,171 | 1,268,512 | 43,739,000 | 42,854 | · | · | · | · | |
| Shares (Diluted) | 18,322,533 | 8,490,171 | 1,268,512 | 43,739,000 | 42,854 | · | · | · | · | |
| EBITDA | $-83M | $-56M | $11M | $-104M | $-117M | $-119M | $-75M | $-46M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $254M | $141M | $29M | $93M | $190M | $260M | $187M | $126M | $6M | |
| Prepaid Expense | $3M | $6M | $2M | $7M | $10M | $8M | $9M | $4M | $345.0K | |
| Other Current Assets | · | · | $570.0K | $1M | $2M | $271.0K | $344.0K | $795.0K | $60.0K | |
| Current Assets | $257M | $147M | $31M | $100M | $199M | $267M | $196M | $130M | $6M | |
| PP&E (Net) | $1M | $2M | $3M | $3M | $4M | $3M | $4M | $3M | $349.0K | |
| PP&E (Gross) | $5M | $5M | $5M | $7M | $8M | $5M | $5M | $3M | $394.0K | |
| Accum. Depreciation | $3M | $3M | $2M | $4M | $4M | $2M | $1M | $384.0K | $45.0K | |
| Other Non-current Assets | $640.0K | $156.0K | $31.0K | $40.0K | $74.0K | $436.0K | $625.0K | $825.0K | $365.0K | |
| Total Assets | $261M | $153M | $39M | $104M | $204M | $271M | $201M | $133M | $7M | |
| Accounts Payable | $1M | $976.0K | $409.0K | $384.0K | $3M | $3M | $4M | $3M | $527.0K | |
| Accrued Liabilities | $7M | $8M | $8M | $12M | $16M | $14M | $10M | $8M | $2M | |
| Current Liabilities | $10M | $12M | $41M | $13M | $19M | $17M | $14M | $11M | $3M | |
| Capital Leases | $0 | $132.0K | $2M | $188.0K | $0 | · | · | · | · | |
| Deferred Tax | · | · | $0 | $0 | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | $500.0K | |
| Total Liabilities | $10M | $12M | $43M | $29M | $34M | $17M | $15M | $11M | $4M | |
| Long-term Debt | · | · | · | $15M | $15M | · | · | · | · | |
| Common Stock | $2.0K | $2.0K | $0 | $4.0K | $4.0K | $4.0K | $3.0K | $2.0K | · | |
| Paid-in Capital | $474M | $289M | $6M | · | · | · | · | · | · | |
| Retained Earnings | $-223M | $-149M | $-91M | $-489M | $-384M | $-264M | $-145M | $-72M | $-23M | |
| AOCI | $-96.0K | $9.0K | $-11.0K | · | · | · | · | · | · | |
| Stockholders' Equity | $251M | $141M | $-85M | $-46M | $169M | $254M | $186M | $122M | $-23M | |
| Liabilities + Equity | $261M | $153M | $39M | $104M | $204M | $271M | $201M | $133M | $7M | |
| Shares Outstanding | 18,738,249 | 14,856,309 | 1,407,753 | 43,916,000 | 43,652,000 | 43,652,000 | 31,643,000 | 23,806,628 | 2,305,173 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $2M | $1M | $1M | $1M | $1M | $850.0K | $380.0K | $45.0K | |
| Stock-based Comp | $10M | $3M | $1M | $12M | $19M | $16M | $7M | $2M | $177.0K | |
| Deferred Tax | $19M | $17M | $15M | $0 | $0 | $0 | $0 | $0 | $0 | |
| Restructuring | · | · | $5M | · | · | · | · | · | · | |
| Other Non-cash | $-16M | $-23M | $-83M | $-4M | $1M | $4M | $-2M | $6M | · | |
| Operating Cash Flow | $-60M | $-59M | $-41M | $-97M | $-98M | $-99M | $-68M | $-38M | $-16M | |
| CapEx | $208.0K | $156.0K | $279.0K | $267.0K | $2M | $1M | $2M | $2M | $383.0K | |
| Investing Cash Flow | $-138.0K | $-156.0K | $-279.0K | $-267.0K | $-2M | $-1M | $-2M | $-2M | $-383.0K | |
| Debt Issued | · | · | · | $0 | $15M | · | · | · | · | |
| Net Debt Issued | · | · | · | $0 | $15M | · | · | · | · | |
| Stock Issued | · | · | $86.0K | $204.0K | · | · | $129M | $104M | · | |
| Net Stock Activity | · | · | $86.0K | · | · | · | $129M | · | · | |
| Financing Cash Flow | $173M | $172M | $34M | $262.0K | $30M | $173M | $130M | $160M | $17M | |
| Net Change in Cash | $113M | $112M | $-7M | $-97M | $-70M | $73M | $61M | $121M | $606.0K | |
| Taxes Paid | $1M | $0 | · | · | · | · | · | · | · | |
| Free Cash Flow | $-60M | $-59M | $-63M | $-97M | $-100M | $-100M | $-69M | $-39M | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -35.8% | -60.3% | 11.9% | -68.8% | -50.1% | -50.7% | -43.7% | -66.0% | · | |
| ROE | -27.7% | -39.8% | 162.5% | -122.1% | -65.6% | -51.8% | -37.1% | -35.8% | · | |
| ROIC | -34.0% | · | · | · | · | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 26.6 | 12.6 | 15.8 | 7.6 | 10.3 | 16.1 | 14.0 | 12.3 | · | |
| Quick Ratio | 26.3 | 12.2 | 15.4 | 7.1 | 9.8 | 15.6 | 13.3 | 11.9 | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-74M | $-58M | $-43M | $-106M | $-119M | $-120M | $-73M | $-46M | · | |
| Market Cap | $391M | $686M | $729M | $374M | $1.92B | $6.95B | $7.64B | $4.76B | · | |
| P/E | -5.2 | -6.8 | -0.5 | -3.5 | -16.6 | · | · | · | · | |
| P/B | 1.6 | 4.9 | 7.7 | 5.0 | 11.3 | 27.3 | 41.1 | 38.9 | · | |
| P / Tangible Book | 1.6 | 4.9 | · | · | 11.3 | 27.3 | · | · | · | |
| P / Cash Flow | -6.5 | -11.6 | -11.5 | -3.8 | -19.6 | -70.4 | -113.0 | -126.3 | · | |
| P / FCF | -6.5 | -11.6 | -11.5 | -3.8 | -19.1 | -69.6 | -110.4 | -120.5 | · | |
| Earnings Yield | -19.4% | -14.8% | -206.9% | -28.4% | -6.0% | · | · | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $18M | $21M | $16M | $17M | $17M | $13M | $9M | $14M | $7M | $11M | $3M | $8M | $9M | $17M | $18M | $16M | |
| SG&A Expense | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $2M | $-11M | $6M | $5M | $8M | $7M | $7M | |
| Operating Expenses | $24M | $27M | $22M | $22M | $22M | $18M | $14M | $20M | $11M | $13M | $-1M | $10M | $11M | $25M | $25M | $23M | |
| Operating Income | $-24M | $-27M | $-22M | $-22M | $-22M | $-18M | $-14M | $-20M | $-11M | $-13M | $1M | $-10M | $-11M | $-25M | $-25M | $-23M | |
| Interest Income | $2M | $2M | $3M | $3M | $3M | $2M | $2M | $2M | $318.0K | $256.0K | $133.0K | $97.0K | $224.0K | · | · | · | |
| Other Non-op | $-5.0K | $-113.0K | $-8.0K | $-31.0K | $-48.0K | $-32.0K | $-96.0K | $-7.0K | $-5.0K | $-403.0K | $390.0K | $-1.0K | $-8.0K | $15.0K | $-321.0K | $-95.0K | |
| Pretax Income | $-22M | · | $-19M | $-19M | $-19M | · | $-12M | $-18M | $-13M | · | · | · | · | · | · | · | |
| Income Tax | $77.0K | · | $254.0K | $0 | $976.0K | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | · | · | |
| Net Income | $-22M | $-25M | $-19M | $-19M | $-20M | $-16M | $-12M | $-18M | $-13M | $-15M | $-8M | $-10M | $-10M | $-14M | $-25M | $-23M | |
| EPS (Basic) | $-1.18 | $-1.34 | $-1.03 | $-1.02 | $-1.07 | $-0.93 | $9.68 | $-1.20 | $-4.34 | $-10.97 | $-17.06 | $-7.62 | $-8.51 | $-0.57 | $-0.58 | $-0.52 | |
| EPS (Diluted) | $-1.18 | $-1.34 | $-1.03 | $-1.02 | $-1.07 | $-0.93 | $9.68 | $-1.20 | $-4.34 | $-10.97 | $-17.06 | $-7.62 | $-8.51 | $-0.57 | $-0.58 | $-0.52 | |
| Shares (Basic) | 18,964,008 | 18,769,004 | -36,227,937 | 18,712,767 | 18,680,042 | 17,157,661 | -10,546,022 | 14,729,018 | 2,919,872 | 1,387,303 | -45,316,413 | 1,319,147 | 1,228,778 | 44,037,000 | -43,773,695 | 43,773,000 | |
| Shares (Diluted) | 18,964,008 | 18,769,004 | -36,227,937 | 18,712,767 | 18,680,042 | 17,157,661 | -10,546,022 | 14,729,018 | 2,919,872 | 1,387,303 | -45,316,413 | 1,319,147 | 1,228,778 | 44,037,000 | -43,773,695 | 43,773,000 | |
| EBITDA | $-24M | $-27M | · | $-22M | $-22M | $-18M | · | $-20M | $-11M | $-8M | · | $-23M | $68M | $-25M | · | $-23M |
Balance Sheet 23
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $227M | $237M | $254M | $268M | $287M | $306M | $141M | $159M | $185M | $90M | $29M | $106M | $125M | $72M | $93M | $116M | |
| Prepaid Expense | $4M | $3M | $3M | $4M | $3M | $3M | $6M | $4M | $2M | $1M | $2M | $3M | $4M | $5M | $7M | $10M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | $626.0K | · | $805.0K | $792.0K | $845.0K | $1M | $765.0K | |
| Current Assets | $231M | $240M | $257M | $273M | $291M | $310M | $147M | $163M | $187M | $92M | $31M | $109M | $129M | $77M | $100M | $126M | |
| PP&E (Net) | $858.0K | $1M | $1M | $1M | $2M | $2M | $2M | $3M | $3M | · | $3M | $0 | $2M | $3M | $3M | $3M | |
| PP&E (Gross) | · | · | $5M | $5M | $5M | $5M | $5M | $5M | $5M | · | $5M | $7M | $7M | $7M | $7M | $7M | |
| Accum. Depreciation | · | · | $3M | $3M | $3M | $3M | $3M | $3M | $2M | · | $2M | $4M | $4M | $4M | $4M | $3M | |
| Other Non-current Assets | $626.0K | $663.0K | $640.0K | $597.0K | $287.0K | $138.0K | $156.0K | $190.0K | $13.0K | · | $31.0K | $40.0K | $40.0K | $40.0K | $40.0K | $41.0K | |
| Total Assets | $237M | $247M | $261M | $277M | $295M | $315M | $153M | $169M | $194M | $92M | $39M | $111M | $134M | $83M | $104M | $129M | |
| Accounts Payable | $2M | $3M | $1M | $1M | $3M | $6M | $976.0K | $3M | $4M | $243.0K | $409.0K | $910.0K | $1M | $591.0K | $384.0K | $2M | |
| Accrued Liabilities | $7M | $9M | $7M | $7M | $7M | $5M | $8M | $13M | $20M | $3M | $8M | $5M | $8M | $11M | $12M | $14M | |
| Current Liabilities | $10M | $13M | $10M | $9M | $11M | $14M | $12M | $17M | $26M | $4M | $41M | $8M | $12M | $14M | $13M | $16M | |
| Capital Leases | $3M | $3M | $0 | $0 | $0 | $0 | $132.0K | $523.0K | $905.0K | · | $2M | $105.0K | $134.0K | $352.0K | $188.0K | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | |
| Total Liabilities | $13M | $16M | $10M | $9M | $12M | $14M | $12M | $18M | $28M | $4M | $43M | $8M | $12M | $30M | $29M | $31M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $15M | · | $15M | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $4.0K | $0 | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $494M | $478M | $474M | $471M | $468M | $466M | $289M | $287M | $285M | · | $6M | · | · | · | · | · | |
| Retained Earnings | $-270M | $-248M | $-223M | $-204M | $-184M | $-164M | $-149M | $-136M | $-118M | $-484M | $-91M | $-468M | $-447M | $-514M | $-489M | $-464M | |
| AOCI | $0 | $0 | $-96.0K | $-75.0K | $-49.0K | $2.0K | $9.0K | $-77.0K | $-61.0K | · | $-11.0K | · | · | · | · | · | |
| Stockholders' Equity | $224M | $230M | $251M | $268M | $284M | $301M | $141M | $150M | $166M | $89M | $-85M | $103M | $122M | $53M | $75M | $98M | |
| Liabilities + Equity | $237M | $247M | $261M | $277M | $295M | $315M | $153M | $169M | $194M | $92M | $39M | $111M | $134M | $83M | $104M | $129M | |
| Shares Outstanding | 19,235,221 | 18,830,436 | 18,738,249 | 18,713,223 | 18,712,138 | 18,671,229 | 14,856,309 | 14,744,477 | 14,734,323 | 44,882,000 | 1,407,753 | 44,558,000 | 44,308,000 | 44,088,000 | 43,916,000 | 43,773,000 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $285.0K | $304.0K | $333.0K | $342.0K | $340.0K | $360.0K | $508.0K | $424.0K | $713.0K | $377.0K | $373.0K | $488.0K | $289.0K | $328.0K | $351.0K | $336.0K | |
| Stock-based Comp | $4M | $3M | $3M | $3M | $3M | $2M | $1M | $2M | $-154.0K | $321.0K | $294.0K | $-3M | $-2M | $3M | $2M | $3M | |
| Restructuring | · | · | · | · | · | · | · | · | · | $5M | · | · | · | · | · | · | |
| Other Non-cash | · | $3M | · | · | · | $360.0K | · | · | · | $-2M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-21M | $-18M | $-14M | $-18M | $-15M | $-13M | $-17M | $-20M | $-15M | $-9M | $-12M | $6M | $-259.0K | $-20M | $-24M | $-16M | |
| CapEx | $79.0K | $19.0K | $0 | $181.0K | $0 | $27.0K | $3.0K | $153.0K | $0 | $4.0K | $50.0K | $221.0K | $214.0K | $8.0K | $0 | $86.0K | |
| Investing Cash Flow | $-59.0K | $-19.0K | $0 | $-166.0K | $55.0K | $-27.0K | $-3.0K | $-153.0K | $0 | $-4.0K | $-50.0K | $-84M | $-214.0K | $-8.0K | $0 | $-86.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $4.0K | · | $73.0K | $0 | $13.0K | $1.0K | $203.0K | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $4.0K | · | · | · | · | · | · | |
| Financing Cash Flow | $12M | $847.0K | $-141.0K | $-457.0K | $-4M | $178M | $-1M | $-6M | $179M | $-668.0K | $34M | $16M | $-324.0K | $55.0K | $59.0K | $60.0K | |
| Net Change in Cash | $-10M | $-17M | $-15M | $-18M | $-19M | $165M | $-18M | $-26M | $164M | $-10M | $22M | $-62M | $-797.0K | $-20M | $-24M | $-16M | |
| Free Cash Flow | · | $-18M | · | · | · | $-13M | · | · | · | $-8M | · | · | · | $-20M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -8.4% | -9.0% | · | -8.5% | -8.2% | -7.8% | · | -12.7% | -7.7% | -7.8% | · | -18.0% | 48.2% | -19.3% | · | -13.3% | |
| ROE | -8.8% | -9.5% | · | -9.1% | -8.9% | -8.2% | · | -14.0% | -8.8% | -9.6% | · | -21.5% | 56.1% | -25.4% | · | -15.8% | |
| ROIC | -10.9% | · | · | -8.2% | -8.3% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.3 | 18.5 | · | 29.2 | 25.6 | 22.9 | · | 9.4 | 7.2 | 26.2 | · | 14.4 | 11.0 | 5.4 | · | 7.8 | |
| Quick Ratio | 21.9 | 18.3 | · | 28.6 | 25.3 | 22.7 | · | 9.2 | 7.1 | 25.8 | · | 14.0 | 10.7 | 5.1 | · | 7.2 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-87M | $-80M | · | $-73M | $-66M | $-62M | · | $-56M | $-48M | $-50M | · | $-58M | $-76M | $-95M | · | $-113M | |
| Market Cap | $661M | $582M | · | $294M | $372M | $331M | · | $447M | $243M | $689M | · | $823M | $505M | $529M | · | $336M | |
| P/E | -7.5 | -7.1 | · | -3.7 | -2.6 | -1.0 | · | -1.3 | -0.5 | -0.6 | · | -1.1 | -1.1 | -5.0 | · | -3.0 | |
| P/B | 3.0 | 2.5 | · | 1.1 | 1.3 | 1.1 | · | 3.0 | 1.5 | 7.8 | · | 8.0 | 4.1 | 10.0 | · | 3.4 | |
| P / Tangible Book | 3.0 | 2.5 | · | 1.1 | 1.3 | 1.1 | · | 3.0 | 1.5 | 7.8 | · | 8.0 | 4.1 | 10.0 | · | 3.4 | |
| P / Cash Flow | · | -31.6 | · | · | · | -25.3 | · | · | · | -91.1 | · | · | · | -26.1 | · | · | |
| P / FCF | · | -31.6 | · | · | · | -25.2 | · | · | · | -91.1 | · | · | · | -26.1 | · | · | |
| Earnings Yield | -13.4% | -14.1% | · | -26.9% | -38.0% | -98.5% | · | -79.6% | -190.9% | -180.1% | · | -93.2% | -89.8% | -20.1% | · | -33.7% |
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 | |
|---|---|---|---|---|---|
| Net Income | $-74M | $-58M | $-43M | $-106M | $-119M |
| Diluted EPS | $-4.05 | $-6.83 | $-33.76 | $-2.42 | $-2.78 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 26.6 | 12.6 | 15.8 | 7.6 | 10.3 |
| Quick Ratio | 26.3 | 12.2 | 15.4 | 7.1 | 9.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-60M | $-59M | $-63M | $-97M | $-100M |
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Institutional owners (13F) 134 filers · $379.7M 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 |
|---|---|---|---|---|
| 33 (+8 vs prior Q) | 10 (-8 vs prior Q) | 30 (-1 vs prior Q) | 43 (+4 vs prior Q) | +818K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $58,158,512 | 1,691,884 | 15.32% | Shares |
| TCG Crossover Management, LLC | $41,418,128 | 1,204,891 | 10.91% | Shares |
| Aberdeen Group plc | $39,250,200 | 1,141,824 | 10.34% | Shares |
| First Light Asset Management, LLC | $27,524,958 | 800,726 | 7.25% | Shares |
| BAKER BROS. ADVISORS LP | $20,892,713 | 607,788 | 5.50% | Shares |
| 5AM Venture Management, LLC | $20,853,938 | 606,660 | 5.49% | Shares |
| BRAIDWELL LP | $20,518,438 | 596,900 | 5.40% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,802,672 | 488,805 | 4.43% | Shares |
| Vestal Point Capital, LP | $14,609,375 | 425,000 | 3.85% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $9,700,694 | 282,202 | 2.55% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $8,018,537 | 233,208 | 2.11% | Shares |
| ORBIMED ADVISORS LLC | $7,789,375 | 226,600 | 2.05% | Shares |
| STATE STREET CORP | $7,559,338 | 219,908 | 1.99% | Shares |
| Ikarian Capital, LLC | $7,075,647 | 205,837 | 1.86% | Shares |
| D. E. Shaw & Co., Inc. | $6,412,656 | 186,550 | 1.69% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,054,318 | 176,100 | 1.59% | Call option |
| MILLENNIUM MANAGEMENT LLC | $5,689,922 | 165,525 | 1.50% | Shares |
| Squarepoint Ops LLC | $4,985,338 | 145,028 | 1.31% | Shares |
| AMERIPRISE FINANCIAL INC | $4,596,064 | 133,703 | 1.21% | Shares |
| Soleus Capital Management, L.P. | $3,495,388 | 101,684 | 0.92% | Shares |
| Woodline Partners LP | $3,437,500 | 100,000 | 0.91% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,245,481 | 94,414 | 0.85% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $2,440,934 | 71,009 | 0.64% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,351,044 | 68,394 | 0.62% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,232,313 | 64,940 | 0.59% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,089,003 | 60,771 | 0.55% | Shares |
| KOTLER KEVIN | $1,668,800 | 80,000 | 0.44% | Shares |
| Tetragon Partners GP Ltd | $1,598,988 | 46,516 | 0.42% | Shares |
| PFM Health Sciences, LP | $1,568,566 | 45,631 | 0.41% | Shares |
| WELLS FARGO & COMPANY/MN | $1,562,344 | 45,450 | 0.41% | Shares |
| Jump Financial, LLC | $1,491,875 | 43,400 | 0.39% | Shares |
| Prosight Management, LP | $1,365,753 | 39,731 | 0.36% | Shares |
| GOLDMAN SACHS GROUP INC | $1,296,419 | 37,714 | 0.34% | Shares |
| Trexquant Investment LP | $1,271,566 | 36,991 | 0.33% | Shares |
| Aldebaran Capital, LLC | $1,264,897 | 36,797 | 0.33% | Shares |
| ExodusPoint Capital Management, LP | $1,211,341 | 35,239 | 0.32% | Shares |
| JANE STREET GROUP, LLC | $1,207,112 | 35,116 | 0.32% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,046,306 | 30,438 | 0.28% | Shares |
| MONIMUS CAPITAL MANAGEMENT, LP | $967,416 | 28,143 | 0.25% | Shares |
| ALPS ADVISORS INC | $658,178 | 19,147 | 0.17% | Shares |
| Fisher Asset Management, LLC | $657,318 | 19,122 | 0.17% | Shares |
| AMERICAN CENTURY COMPANIES INC | $653,159 | 19,001 | 0.17% | Shares |
| Quadrature Capital Ltd | $621,053 | 18,067 | 0.16% | Shares |
| SEI INVESTMENTS CO | $585,372 | 17,029 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $584,375 | 17,000 | 0.15% | Call option |
| Clearstead Advisors, LLC | $571,657 | 16,630 | 0.15% | Shares |
| ADAR1 Capital Management, LLC | $498,472 | 14,501 | 0.13% | Shares |
| RHUMBLINE ADVISERS | $473,439 | 13,773 | 0.12% | Shares |
| Nuveen, LLC | $464,544 | 13,514 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $398,808 | 11,600 | 0.11% | Put option |
| BANK OF AMERICA CORP /DE/ | $379,604 | 11,043 | 0.10% | Shares |
| AlphaQuest LLC | $379,381 | 18,187 | 0.10% | Shares |
| Virtus Investment Advisers, LLC | $371,456 | 10,806 | 0.10% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $358,806 | 10,438 | 0.09% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $349,250 | 10,160 | 0.09% | Shares |
| DEUTSCHE BANK AG\ | $345,141 | 10,039 | 0.09% | Shares |
| Brevan Howard Capital Management LP | $329,072 | 9,573 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $312,469 | 9,090 | 0.08% | Shares |
| BARCLAYS PLC | $312,056 | 9,078 | 0.08% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $304,734 | 8,865 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $301,297 | 8,765 | 0.08% | Shares |
| Bank of New York Mellon Corp | $270,256 | 7,862 | 0.07% | Shares |
| MARSHALL WACE, LLP | $258,950 | 7,532 | 0.07% | Shares |
| JPMORGAN CHASE & CO | $254,495 | 7,691 | 0.07% | Shares |
| AlphaCentric Advisors LLC | $238,838 | 6,948 | 0.06% | Shares |
| MetLife Investment Management, LLC | $231,138 | 6,724 | 0.06% | Shares |
| ALLIANCEBERNSTEIN L.P. | $230,589 | 7,460 | 0.06% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $208,313 | 6,060 | 0.05% | Shares |
| Velan Capital Investment Management LP | $206,250 | 6,000 | 0.05% | Shares |
| Rangeley Capital, LLC | $206,250 | 6,000 | 0.05% | Shares |
| MORGAN STANLEY | $206,216 | 5,999 | 0.05% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $206,113 | 5,996 | 0.05% | Shares |
| China Universal Asset Management Co., Ltd. | $189,166 | 5,503 | 0.05% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $185,625 | 5,400 | 0.05% | Shares |
| RAYMOND JAMES FINANCIAL INC | $183,219 | 5,330 | 0.05% | Shares |
| Clarius Group, LLC | $179,402 | 10,130 | 0.05% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $176,894 | 5,146 | 0.05% | Shares |
| CITIGROUP INC | $166,959 | 4,857 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $161,356 | 4,694 | 0.04% | Shares |
| BlackRock, Inc. | $160,256 | 4,662 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $158,125 | 4,600 | 0.04% | Shares |
| Invesco Ltd. | $143,138 | 4,164 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $90,681 | 2,638 | 0.02% | Shares |
| VANGUARD GROUP INC | $82,689 | 3,964 | 0.02% | Shares |
| Quantbot Technologies LP | $62,528 | 1,819 | 0.02% | Shares |
| CWM, LLC | $56,534 | 1,829 | 0.01% | Shares |
| NORTHERN TRUST CORP | $52,800 | 1,536 | 0.01% | Shares |
| Creative Planning | $46,888 | 1,364 | 0.01% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $40,941 | 1,191 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $38,569 | 1,122 | 0.01% | Shares |
| US BANCORP \DE\ | $37,125 | 1,080 | 0.01% | Shares |
| Legal & General Group Plc | $34,375 | 1,000 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $29,013 | 844 | 0.01% | Shares |
| Chung Wu Investment Group, LLC | $27,500 | 800 | 0.01% | Shares |
| Arax Advisory Partners | $24,922 | 725 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $22,722 | 661 | 0.01% | Shares |
| State of Wyoming | $20,659 | 601 | 0.01% | Shares |
| HighMark Wealth Management LLC | $20,161 | 587 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $18,391 | 595 | 0.00% | Shares |
| Point72 (DIFC) Ltd | $17,301 | 1,103 | 0.00% | Shares |
Company insiders 30 insiders · 13 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Alise Reicin | Chief Executive Officer | June 20, 2026 F | 310,623 | 0 | 0 | $0 |
| Erik Ostrowski | Interim CEO, President and CFO | Feb. 1, 2024 M | 29,285 | 0 | 0 | $0 |
| Geoffrey Mackay | President & CEO | Feb. 8, 2023 A | 188,012 | 0 | 0 | $0 |
| Daniel Lochner | Chief Financial Officer | June 11, 2026 A | — | 0 | 0 | $0 |
| Katina Dorton | Chief Financial Officer | Oct. 8, 2018 M | 10,000 | 0 | 0 | $0 |
| Birgitte Volck | President of R&D | March 4, 2020 A | — | 0 | 0 | $0 |
| Azadeh Golipour | Chief Technology Officer | Feb. 1, 2024 M | 55,872 | 0 | 0 | $0 |
| Essra Ridha | Chief Medical Officer | Feb. 1, 2024 M | 15,881 | 0 | 0 | $0 |
| Steven Avruch | Chief Legal Officer | Feb. 1, 2024 M | 22,022 | 0 | 0 | $0 |
| Deanna M Petersen | Chief Business Officer | Feb. 8, 2023 A | — | 0 | 0 | $0 |
| Christopher Mason | Chief Scientific Officer | June 10, 2021 A | — | 0 | 0 | $0 |
| Diana Escolar | Chief Medical Officer | June 10, 2021 A | — | 0 | 0 | $0 |
| Nerissa Kreher | Chief Medical Officer | Oct. 8, 2018 M | 2,942 | 0 | 0 | $0 |
| Stefan Vitorovic | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Praveen P. Tipirneni | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Phillip B. Donenberg | Director | June 9, 2026 A | 2,000 | 0 | 0 | $0 |
| Timothy A. Springer | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Jessica Caroline Chutter | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| Terrance McGuire | Director | April 7, 2025 S | 573,062 | 0 | 0 | $0 |
| Christopher Paige | Director | June 6, 2023 A | 252,512 | 0 | 0 | $0 |
| Annalisa Jenkins | Director | June 6, 2023 A | — | 0 | 0 | $0 |
| Philip J. Vickers | Director | June 6, 2023 A | 4,800 | 0 | 0 | $0 |
| Gail M Farfel | Director | June 6, 2023 A | — | 0 | 0 | $0 |
| Bruce Booth | Director | June 6, 2023 A | 5,567,289 | 0 | 0 | $0 |
| Ian T Clark | Director | June 6, 2023 A | — | 0 | 0 | $0 |
| Scott Requadt | Director | June 25, 2018 C | 2,962,325 | 0 | 0 | $0 |
| ATLAS VENTURE ASSOCIATES X, L.P. | 10% owner | Feb. 13, 2020 J | 3,710,052 | 0 | 0 | $0 |
| Peter Mcnamara | — | Aug. 12, 2026 M | 55,285 | 0 | 2 | $-7,525 |
| Francois Nader | — | April 1, 2026 A | — | 0 | 0 | $0 |
| Leonard Braden Michael | — | June 20, 2024 J | 33,333 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 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 |
|---|---|---|---|---|---|
| Timothy A. Springer, TAS Partners LLC, Chafen Lu ×5 filings | April 7, 2025 | 31.50% | Amendment | — | SEC |
| Terrance McGuire, Polaris Partners IX, L.P., Polaris Partners GP IX, L.L.C., Polaris Founders Capital Fund I, L.P., Polaris Founders Capital Fund Management Co. I, L.L.C., Polaris Founders Capital Fund II, L.P., Polaris Founders Capital Fund Management Co. II, L.L.C., Jonathan Flint ×3 filings | April 7, 2025 | 6.30% | Amendment | — | SEC |
| Vida Ventures II, LLC, Vida Ventures II-A, LLC, VV Manager II, LLC ×3 filings | April 7, 2025 | 0.00% | Amendment | — | SEC |
| ATLAS VENTURE FUND X, L.P., ATLAS VENTURE ASSOCIATES X, L.P., Atlas Venture Associates X, LLC, Atlas Venture Opportunity Fund I, L.P., Atlas Venture Associates Opportunity I, L.P., Atlas Venture Associates Opportunity I, LLC ×2 filings | Oct. 28, 2024 | — | Initial filing | — | SEC |
| SVLSF VI, LLC, SV Life Sciences Fund VI, L.P., SV Life Sciences Fund VI Strategic Partners, L.P., SV Life Sciences Fund VI (GP), L.P. ×2 filings | Feb. 16, 2021 | — | Initial filing | — | SEC |
| Clarus Lifesciences III, L.P., Clarus Ventures III GP, L.P., Blackstone Clarus III L.L.C., Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., The Blackstone Group Inc., Blackstone Group Management L.L.C., Stephen A. Schwarzman ×4 filings | Aug. 6, 2019 | — | 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 24 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 |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 1.05% | 13,966 NS | April 30, 2026 | N-PORT |
| SBIO · ALPS ETF Trust | 0.37% | 19,353 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.07% | 34,923 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.04% | 1,025 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.03% | 693 NS | May 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.02% | 68,793 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 7,356 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 16,713 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.02% | 77,298 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 58,897 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 263,463 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 4,783 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 517 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 404 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 19,064 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.00% | 412 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 7,996 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 10 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 5,390 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 111,919 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 364,413 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,713 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,002 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 25,446 SH | Aug. 8, 2026 | Daily |