TENX Tenax Therapeutics, Inc. - Common Stock
$1.73
Price · Aug 19, 2026
Fundamentals as of Jul 31, 2026
52W Range
$1–$19
2% of range
Analyst Rating
BUY
16 analysts
Price Target
$12
+578% upside
P/E (TTM)
-1.3
ROE
-52.5%
Net Profit Margin
—
TENX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.73
Market Cap
$16M
P/E (TTM)
-1.3
EPS (TTM)
$-1.34
Revenue (TTM)
$0
Div Yield
—
ROE
-52.5%
Debt/Equity
—
52W Range
$1 – $19
TENX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$0
2016-12-31
→
2025-12-31
EPS
$-1.34
2023-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2022-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TENX
Peer Median
P/E (TTM)
-1.3
4.7
P/B
0.2
1.8
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TENX
Peer Median
ROA
-52.4%
-68.1%
ROE
-52.5%
-111.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TENX
Peer Median
Current Ratio
14.6
4.1
Quick Ratio
13.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TENX
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TENX
Peer Median
TENX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 5 31.2%
- Buy 10 62.5%
- Hold 1 6.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-16
Median
$5.00
Mean
$11.70
← Below all targets
$1.73
Low
$4.00
High
$36.00
Median target
$5.00
+189.6%
Mean target
$11.70
+577.7%
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 | $-0.35 | $-0.37 | 0.02% |
| March 31, 2026 | $-0.35 | $-0.41 | 0.06% |
| Dec. 31, 2025 | $-0.38 | $-0.42 | 0.04% |
| Sept. 30, 2025 | $-0.40 | $-0.32 | -0.08% |
| June 30, 2025 | $-0.27 | $-0.24 | -0.03% |
| March 31, 2025 | $-0.28 | $-0.20 | -0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TENX | $114M | -9.1 | — | — | -52.5% | — |
| SPRO | $131M | 15.5 | 39.2% | 12.8% | 18.7% | — |
| GOSS | $724M | -4.1 | -57.7% | -351.5% | 201.8% | — |
| CTOR | $170M | -6.0 | — | — | -61.5% | — |
| XBIT | — | -1.6 | — | — | — | — |
| PMVP | $67M | -0.8 | -40.5% | -1226.8% | -63.4% | — |
| MNOV | $64M | -5.5 | — | -2928.8% | -27.1% | — |
| BOLD | $27M | -0.5 | — | — | -46.7% | — |
| HRTX | $245M | -10.8 | 7.4% | -13.0% | 312.5% | 73.3% |
| INMB | $41M | -0.8 | 257.1% | -91866.0% | -175.3% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | · | · | · | · | · | · | · | $0 | · | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | $0 | · | |
| Gross Profit | · | · | · | · | · | · | · | · | · | $0 | · | |
| R&D Expense | $33M | $13M | $3M | $5M | $25M | $5M | $3M | $1M | $4M | $13M | · | |
| SG&A Expense | $24M | $7M | $5M | $6M | $8M | $5M | $5M | $6M | $6M | $6M | · | |
| Operating Expenses | $56M | $19M | $8M | $11M | $33M | $10M | $9M | $7M | $9M | $53M | · | |
| Operating Income | $-56M | $-19M | $-8M | $11M | $-33M | $10M | $-9M | $-7M | $-9M | $-53M | · | |
| Interest Expense | $0 | $23.0K | $24.0K | $4.4K | $949 | $1.6K | $0 | · | · | $0 | · | |
| Other Non-op | $-33.0K | $1.0K | $63.0K | $-9.2K | · | $18.2K | $160.9K | $79.8K | $366.2K | $764.7K | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-8M | $0 | |
| Net Income | $-53M | $-18M | $-8M | $11M | $-32M | $-10M | $-8M | $-14M | $-9M | $-44M | · | |
| EPS (Basic) | $-1.34 | $-1.15 | $-31.04 | · | · | · | · | · | · | · | · | |
| EPS (Diluted) | $-1.34 | $-1.15 | $-31.04 | · | · | · | · | · | · | · | · | |
| Shares (Basic) | 39,217,244 | 15,271,705 | 248,447 | · | · | · | · | · | · | · | · | |
| Shares (Diluted) | 39,217,244 | 15,271,705 | 248,447 | · | · | · | · | · | · | · | · | |
| EBITDA | $-56M | $-19M | $8M | $-11M | $33M | $-10M | $-9M | $-7M | $-9M | $-53M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $98M | $95M | $10M | $2M | $6M | $6M | $5M | $12M | $2M | $10M | $4M | |
| Short-term Investments | · | · | · | · | $0 | $462.7K | $493.9K | $494.6K | $6M | $3M | $17M | |
| Receivables | · | · | · | · | · | · | · | $0 | $50.2K | $72.6K | $49.4K | |
| Prepaid Expense | $6M | $2M | $2M | $738.9K | $105.1K | $82.6K | $781.0K | $458.3K | $285.5K | $275.0K | $322.0K | |
| Other Current Assets | $1M | $64.0K | $252.0K | $345.9K | $0 | · | · | · | · | · | · | |
| Current Assets | $104M | $97M | $12M | $3M | $6M | $7M | $6M | $13M | $8M | $14M | $21M | |
| PP&E (Net) | · | · | $0 | $7.2K | $7.1K | $6.0K | $6.6K | $8.5K | $9.9K | $19.1K | $35.8K | |
| PP&E (Gross) | · | · | · | · | · | $66.3K | $210.9K | $581.6K | $574.1K | $586.7K | $784.4K | |
| Accum. Depreciation | · | · | · | · | · | $60.4K | $204.3K | $573.1K | $564.1K | $567.6K | $748.6K | |
| Goodwill | · | · | · | · | · | · | · | · | · | $0 | $11M | |
| Intangibles | · | · | · | · | · | · | · | · | · | $0 | $22M | |
| Other Non-current Assets | · | $0 | $1.0K | $9.6K | $8.4K | $8.4K | $8.4K | $8.4K | $8.4K | $1M | $1M | |
| Total Assets | $104M | $97M | $12M | $3M | $6M | $7M | $6M | $13M | $10M | $23M | $73M | |
| Accounts Payable | $6M | $3M | $2M | $448.4K | $859.6K | $757.9K | $2M | $749.8K | $611.9K | $727.6K | $972.5K | |
| Accrued Liabilities | $1M | $2M | $1M | $775.0K | $704.3K | $1M | $871.3K | $815.9K | $363.3K | $5M | $3M | |
| Short-term Debt | · | $0 | $501.0K | $624.3K | $0 | $120.5K | $0 | · | · | · | · | |
| Current Liabilities | $7M | $5M | $4M | $2M | $2M | $2M | $3M | $2M | $1M | $6M | $5M | |
| Capital Leases | · | · | $0 | $64.2K | $183.6K | $0 | $60.4K | $0 | · | · | · | |
| Deferred Tax | · | · | · | · | · | $0 | · | · | · | · | · | |
| Total Liabilities | $7M | $5M | $4M | $2M | $2M | $2M | $3M | $2M | $1M | $6M | $13M | |
| Total Debt | · | $0 | $500.9K | $624.3K | $0 | $120.5K | · | · | · | · | · | |
| Common Stock | $1.0K | $0 | $0 | $3 | $2.5K | $0 | $674 | $379 | $141 | $2.8K | $2.8K | |
| Paid-in Capital | $465M | $407M | $305M | $291M | $283M | $251M | · | · | · | · | · | |
| Retained Earnings | $-367M | $-315M | $-297M | $-290M | $-278M | $-246M | $-236M | $-228M | $-213M | $-205M | $-161M | |
| AOCI | · | · | · | · | $0 | $-70 | $458 | $516 | $-16.2K | $-18.7K | $-129.4K | |
| Stockholders' Equity | $97M | $92M | $8M | $1M | $4M | $5M | $4M | $12M | $9M | $17M | $60M | |
| Liabilities + Equity | $104M | $97M | $12M | $3M | $6M | $7M | $6M | $13M | $10M | $23M | $73M | |
| Shares Outstanding | 9,314,130 | 3,420,906 | 298,281 | 28,648 | 1,260,346 | 12,619,369 | 6,741,860 | 3,792,249 | 1,411,840 | 1,406,002 | 28,119,694 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $0 | $8.0K | $5.1K | $4.1K | $4.1K | $5.0K | $9.0K | $13.6K | $19.0K | · | |
| Stock-based Comp | $19M | $1M | $191.0K | · | · | · | $0 | $190.1K | $79.6K | $1.1K | · | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | $0 | · | |
| Operating Cash Flow | $-36M | $-15M | $-6M | $-11M | $-11M | $-9M | $-8M | $-5M | $-12M | $-16M | · | |
| CapEx | · | · | · | $2.3K | $5.3K | $3.5K | $3.6K | $7.6K | $4.5K | $2.9K | · | |
| Investing Cash Flow | · | $0 | $3.0K | $-2.3K | $452.6K | $20.1K | $-1.7K | $7M | $4M | $22M | · | |
| Net Debt Issued | · | · | · | · | $-244.7K | · | · | · | · | · | · | |
| Stock Issued | · | · | · | · | · | $9M | $0 | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | $9M | · | · | · | · | · | |
| Financing Cash Flow | $39M | $100M | $14M | $8M | $10M | $11M | $96.5K | $9M | $0 | $0 | · | |
| Net Change in Cash | · | · | · | · | · | $1M | $-7M | $11M | $-8M | $6M | · | |
| Free Cash Flow | · | · | · | $-12M | $-11M | $-9M | $-8M | $-6M | $-12M | $-16M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | 3448708.2% | · | · | · | · | · | · | |
| Net Margin | · | · | · | · | -3421955.5% | · | · | · | · | · | · | |
| EBITDA Margin | · | · | · | · | 3448708.2% | · | · | · | · | · | · | |
| ROA | -52.4% | -32.5% | 102.2% | -235.1% | -505.0% | -148.9% | -85.2% | -121.8% | -53.2% | -91.2% | · | |
| ROE | -52.5% | -18.6% | 79.5% | -405.7% | -565.6% | -163.8% | -135.5% | -169.4% | -67.9% | -113.3% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.6 | 20.6 | 3.3 | 1.7 | 3.6 | 3.2 | 2.4 | 8.5 | 8.0 | 2.2 | · | |
| Quick Ratio | 13.6 | 20.2 | · | 1.1 | 3.6 | 3.2 | 2.1 | 8.2 | 7.7 | 2.2 | · | |
| Debt / Equity | · | 0.0 | 0.1 | 0.4 | 0.0 | 0.0 | · | · | · | · | · | |
| Interest Coverage | · | -847.6 | 343.6 | -2487.7 | · | -6065.1 | · | · | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | · | 0.0 | · | · | · | · | 0.0 | · | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | 0.0 | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | $41.9K | $41.9K | $41.9K | $41.9K | $41.9K | $41.9K | $41.9K | $0 | · | |
| Net Income TTM | $-53M | $-18M | $-8M | $11M | $-32M | $-10M | $-8M | $-14M | $-9M | $-44M | · | |
| Market Cap | $114M | $21M | $7M | $407M | $41.94B | $37.56B | $15.21B | $7.34B | $22.14B | $1.75T | · | |
| Enterprise Value | · | $-74M | · | $406M | $41.94B | $37.55B | · | · | · | · | · | |
| P/E | -9.1 | -5.4 | -0.7 | -233.7 | -2189.5 | -3915.8 | -2968.4 | -2547.4 | -20631.6 | -82105.3 | · | |
| P/S | · | · | 156.8 | 9722.6 | 1001918.2 | 897077.3 | 363310.6 | 175372.5 | 528799.2 | · | · | |
| P/B | 1.2 | 0.2 | 0.8 | 272.7 | 9881.6 | 8119.1 | 4031.7 | 623.7 | 2492.5 | 102368.3 | · | |
| P / Tangible Book | 1.2 | 0.2 | 0.8 | 272.6 | 9881.6 | 8119.1 | · | · | · | · | · | |
| P / Cash Flow | -3.2 | -1.4 | -1.1 | -33.9 | -3863.6 | -4050.0 | -2012.9 | -1335.0 | -1823.5 | -110557.4 | · | |
| P / FCF | · | · | · | -33.9 | -3861.8 | -4048.5 | -2011.9 | -1333.2 | -1822.8 | -110537.3 | · | |
| EV / EBITDA | · | 3.8 | · | -36.7 | 1281.4 | -3805.1 | · | · | · | · | · | |
| EV / FCF | · | · | · | -33.8 | -3861.2 | -4047.8 | · | · | · | · | · | |
| EV / Revenue | · | · | · | 9686.7 | 1001784.9 | 896919.8 | · | · | · | · | · | |
| Earnings Yield | -11.0% | -18.6% | -141.1% | -0.43% | -0.05% | -0.03% | -0.03% | -0.04% | 0.00% | 0.00% | · |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| R&D Expense | $13M | $12M | $11M | $10M | $6M | $6M | $5M | $3M | $2M | $3M | $2M | $1M | $197.9K | $265.7K | $1M | $2M | |
| SG&A Expense | $6M | $5M | $6M | $6M | $6M | $6M | $3M | $2M | $1M | $1M | $2M | $1M | $1M | $1M | $1M | $1M | |
| Operating Expenses | $19M | $17M | $16M | $17M | $12M | $11M | $7M | $5M | $4M | $4M | $3M | $2M | $1M | $2M | $3M | $3M | |
| Operating Income | $-19M | $-17M | $-16M | $-17M | $-12M | $-11M | $-7M | $-5M | $-4M | $-4M | $-10M | $2M | $1M | $-2M | $3M | $3M | |
| Interest Expense | · | · | · | · | · | · | $-1.0K | $7.0K | $9.0K | $8.0K | $2.2K | $5.3K | $9.1K | $7.3K | $0 | $372 | |
| Other Non-op | $0 | $-4.0K | $-9.0K | $-15.0K | $-9.0K | $0 | $117.4K | $0 | $1.0K | $-117.4K | $202.1K | $0 | $911 | $-140.1K | $-7.1K | $-1.3K | |
| Net Income | $-18M | $-16M | $-16M | $-16M | $-11M | $-10M | $-6M | $-4M | $-4M | $-4M | $-7M | $2M | $-1M | $-1M | $14M | $3M | |
| EPS (Basic) | $-0.35 | $-0.35 | $-0.39 | $-0.40 | $-0.27 | $-0.28 | $3.99 | $-0.19 | $-1.83 | $-3.12 | · | · | · | · | · | · | |
| EPS (Diluted) | $-0.35 | $-0.35 | $-0.39 | $-0.40 | $-0.27 | $-0.28 | $3.99 | $-0.19 | $-1.83 | $-3.12 | · | · | · | · | · | · | |
| Shares (Basic) | 50,869,259 | 45,226,328 | -76,681,257 | 39,741,404 | 39,572,177 | 36,584,920 | -9,066,822 | 21,161,143 | 1,958,245 | 1,219,139 | · | · | · | · | · | · | |
| Shares (Diluted) | 50,869,259 | 45,226,328 | -76,681,257 | 39,741,404 | 39,572,177 | 36,584,920 | -9,066,822 | 21,161,143 | 1,958,245 | 1,219,139 | · | · | · | · | · | · | |
| EBITDA | $-19M | $-17M | · | $-17M | $-12M | $-11M | · | $5M | $4M | $-4M | · | $2M | $1M | $2M | · | $3M |
Balance Sheet 20
| 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 | $118M | $119M | $98M | $99M | $106M | $111M | $95M | · | · | · | $10M | $345.0K | $13M | $14M | · | $4M | |
| Prepaid Expense | $3M | $4M | $6M | $3M | $395.0K | $524.0K | $2M | $1M | $1M | $2M | $2M | $474.9K | $362.6K | $545.4K | $738.9K | $707.2K | |
| Other Current Assets | $272.0K | $107.0K | $1M | · | · | $88.0K | $64.0K | $33.9K | $50.2K | $66.6K | $252.0K | $267.1K | $282.6K | $304.6K | $345.9K | · | |
| Current Assets | $122M | $123M | $104M | $103M | $106M | $112M | $97M | $100M | $11M | $14M | $12M | $12M | $14M | $15M | $3M | $5M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $4.7K | $5.7K | $5.6K | $7.2K | $9.6K | |
| Other Non-current Assets | · | · | · | · | · | · | · | $1.1K | $1.1K | $1.1K | $1.0K | $1.1K | $1.1K | $1.1K | $9.6K | $8.4K | |
| Total Assets | $122M | $123M | $104M | $103M | $106M | $112M | $97M | $100M | $11M | $14M | $12M | $12M | $14M | $15M | $3M | $5M | |
| Accounts Payable | $7M | $6M | $6M | $6M | $562.0K | $2M | $3M | $2M | $869.7K | $1M | $2M | $134.8K | $206.5K | $172.0K | $448.4K | $265.4K | |
| Accrued Liabilities | $1M | $2M | $1M | $991.0K | $2M | $929.0K | $2M | $977.5K | $592.4K | $536.4K | $1M | $293.0K | $271.6K | $307.9K | $775.0K | $424.4K | |
| Short-term Debt | · | · | · | · | · | · | · | $0 | $278.8K | $413.2K | $501.0K | $174.5K | $345.7K | $513.9K | $624.3K | $46.1K | |
| Current Liabilities | $8M | $8M | $7M | $7M | $3M | $3M | $5M | $3M | $2M | $2M | $4M | $602.2K | $823.8K | $983.9K | $2M | $689.8K | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $64.2K | $95.3K | |
| Total Liabilities | $8M | $8M | $7M | $7M | $3M | $3M | $5M | $3M | $2M | $2M | $4M | $602.2K | $823.8K | $989.3K | $2M | $785.2K | |
| Total Debt | · | · | · | · | · | · | · | $0 | $278.8K | $413.2K | · | $174.5K | $345.7K | $513.9K | · | $46.1K | |
| Common Stock | $3.0K | $2.0K | $1.0K | $1.0K | $0 | $0 | $0 | $341 | $196 | $0 | $0 | $2.4K | $2.4K | $2.2K | $3 | $3.0K | |
| Paid-in Capital | $515M | $498M | $465M | $448M | $439M | $435M | $407M | $406M | $314M | $313M | $305M | $305M | $305M | $305M | $291M | $291M | |
| Retained Earnings | $-401M | $-383M | $-367M | $-352M | $-336M | $-325M | $-315M | $-309M | $-305M | $-301M | $-297M | $-294M | $-292M | $-291M | $-290M | $-287M | |
| Stockholders' Equity | $114M | $115M | $97M | $96M | $103M | $109M | $92M | $97M | $9M | $12M | $8M | $11M | $13M | $14M | $1M | $4M | |
| Liabilities + Equity | $122M | $123M | $104M | $103M | $106M | $112M | $97M | $100M | $11M | $14M | $12M | $12M | $14M | $15M | $3M | $5M | |
| Shares Outstanding | 31,949,785 | 24,275,500 | 9,314,130 | 5,907,233 | 4,148,495 | 3,970,385 | 3,420,906 | 3,408,906 | 1,958,245 | 1,958,245 | 298,281 | 23,862,434 | 23,862,434 | 21,777,434 | 28,648 | 29,980,183 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | $0 | $0 | $0 | $5.1K | $969 | $1.0K | $895 | $1.3K | $1.2K | |
| Stock-based Comp | $3M | $3M | $5M | $6M | $5M | $4M | $970.0K | $14.0K | $22.0K | $119.0K | · | · | · | · | · | · | |
| Operating Cash Flow | $-14M | $-9M | $-13M | $-9M | $-6M | $-7M | $-4M | $-3M | $-3M | $-5M | $-1M | $-2M | $-923.0K | $-2M | $-2M | $-3M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | · | $1.6K | $1.2K | · | $0 | |
| Investing Cash Flow | · | · | · | $0 | $0 | $0 | · | $0 | $0 | $0 | $157 | $0 | $1.6K | $1.2K | $4.0K | $0 | |
| Financing Cash Flow | $13M | $30M | $12M | $3M | $278.0K | $24M | $67.0K | $92M | $-133.9K | $8M | $-174.6K | $-171.3K | $-99.9K | $14M | $2.1K | $-91.9K | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $-2M | · | · |
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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 784271.0% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 784015.3% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 784271.0% | |
| ROA | -15.7% | -13.4% | · | -15.6% | -18.6% | -16.4% | · | 7.1% | 29.0% | 25.6% | · | 23.7% | -9.9% | 14.8% | · | 42.7% | |
| ROE | -16.4% | -14.0% | · | -16.3% | -19.3% | -17.1% | · | 7.3% | 32.4% | 28.4% | · | 25.9% | -11.1% | 17.7% | · | 52.1% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.1 | 14.5 | · | 15.6 | 41.9 | 40.5 | · | 39.0 | 6.1 | 7.1 | · | 19.7 | 17.0 | 15.5 | · | 6.5 | |
| Quick Ratio | 14.6 | 14.0 | · | 15.1 | 41.7 | 40.2 | · | · | · | · | · | 0.6 | 16.3 | 14.7 | · | 5.5 | |
| Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | 731.8 | 399.6 | -490.8 | · | 396.7 | 135.5 | 209.5 | · | 7842.7 |
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 | · | · | · | · | · | · | · | · | · | 0.0 |
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 | · | · | · | · | · | · | · | $41.9K | $41.9K | $41.9K | · | $41.9K | $41.9K | $41.9K | · | $41.9K | |
| Net Income TTM | $-60M | $-53M | · | $-41M | $-29M | $-22M | · | $-9M | $-7M | $-4M | · | $2M | $-2M | $-4M | · | $1M | |
| Market Cap | $465M | $388M | · | $45M | $24M | $26M | · | $12M | $6M | $8M | · | $571M | $573M | $810M | · | $8.15B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $571M | $560M | $796M | · | $8.15B | |
| P/E | -10.6 | -12.3 | · | -6.7 | -2.2 | -1.2 | · | · | · | · | · | -31.5 | -31.6 | -48.9 | · | -357.9 | |
| P/S | · | · | · | · | · | · | · | 281.7 | 141.0 | 198.3 | · | 13634.4 | 13680.0 | 19351.2 | · | 194788.1 | |
| P/B | 4.1 | 3.4 | · | 0.5 | 0.2 | 0.2 | · | 0.1 | 0.7 | 0.7 | · | 50.6 | 43.3 | 56.7 | · | 2062.4 | |
| P / Tangible Book | 4.1 | 3.4 | · | 0.5 | 0.2 | 0.2 | · | 0.1 | 0.7 | 0.7 | · | 50.6 | 43.3 | 56.7 | · | 2062.4 | |
| P / Cash Flow | · | -41.7 | · | · | · | -3.7 | · | · | · | · | · | · | · | -469.7 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -469.3 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | 269.5 | 452.7 | 517.2 | · | 2793.8 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -461.3 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 13630.3 | 13368.3 | 19019.2 | · | 194698.3 | |
| Earnings Yield | -9.4% | -8.1% | · | -15.0% | -44.6% | -82.8% | · | · | · | · | · | -3.2% | -3.2% | -2.0% | · | -0.28% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | — | — | — |
| Operating Margin % | — | — | — | — | 3448708.2% |
| Net Income | $-53M | $-18M | $-8M | $11M | $-32M |
| Diluted EPS | $-1.34 | $-1.15 | $-31.04 | — | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | 0.1 | 0.4 | 0.0 |
| Current Ratio | 14.6 | 20.6 | 3.3 | 1.7 | 3.6 |
| Quick Ratio | 13.6 | 20.2 | — | 1.1 | 3.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | $-12M | $-11M |
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Institutional owners (13F) 129 filers · $424.6M 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 |
|---|---|---|---|---|
| 62 (+31 vs prior Q) | 9 (+9 vs prior Q) | 35 (+11 vs prior Q) | 16 (+10 vs prior Q) | +7.5M |
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 |
|---|---|---|---|---|
| Vivo Capital, LLC | $36,375,000 | 2,500,000 | 8.57% | Shares |
| FMR LLC | $33,992,598 | 2,336,261 | 8.01% | Shares |
| JANUS HENDERSON GROUP PLC | $29,065,739 | 1,815,474 | 6.85% | Shares |
| PERCEPTIVE ADVISORS LLC | $24,735,000 | 1,700,000 | 5.83% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,690,611 | 1,147,121 | 3.93% | Shares |
| MILLENNIUM MANAGEMENT LLC | $12,749,146 | 876,230 | 3.00% | Shares |
| Ikarian Capital, LLC | $11,459,580 | 787,600 | 2.70% | Shares |
| Candriam S.C.A. | $10,896,012 | 749,588 | 2.57% | Shares |
| RTW INVESTMENTS, LP | $10,135,094 | 696,570 | 2.39% | Shares |
| Stonepine Capital Management, LLC | $9,603,000 | 660,000 | 2.26% | Shares |
| CITADEL ADVISORS LLC | $9,139,844 | 628,168 | 2.15% | Shares |
| MARSHALL WACE, LLP | $8,520,160 | 585,578 | 2.01% | Shares |
| BRAIDWELL LP | $8,503,195 | 584,412 | 2.00% | Shares |
| Point72 Asset Management, L.P. | $8,100,873 | 556,761 | 1.91% | Shares |
| Velan Capital Investment Management LP | $8,002,282 | 549,985 | 1.88% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $7,899,256 | 542,711 | 1.86% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $7,858,833 | 540,126 | 1.85% | Shares |
| Woodline Partners LP | $7,729,746 | 531,254 | 1.82% | Shares |
| STATE STREET CORP | $7,432,344 | 510,814 | 1.75% | Shares |
| Sofinnova Investments, Inc. | $7,275,567 | 500,039 | 1.71% | Shares |
| Qube Research & Technologies Ltd | $6,254,943 | 429,893 | 1.47% | Shares |
| Siren, L.L.C. | $6,214,902 | 427,141 | 1.46% | Shares |
| MORGAN STANLEY | $6,123,644 | 420,869 | 1.44% | Shares |
| Caption Management, LLC | $5,815,635 | 399,700 | 1.37% | Call option |
| Ikarian Capital, LLC | $5,428,605 | 373,100 | 1.28% | Call option |
| TWO SIGMA INVESTMENTS, LP | $5,141,825 | 353,390 | 1.21% | Shares |
| BVF INC/IL | $4,940,438 | 339,549 | 1.16% | Shares |
| Trexquant Investment LP | $4,679,338 | 321,604 | 1.10% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $4,526,316 | 311,087 | 1.07% | Shares |
| DIADEMA PARTNERS LP | $4,466,850 | 307,000 | 1.05% | Call option |
| Logos Global Management LP | $4,365,000 | 300,000 | 1.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,207,336 | 289,164 | 0.99% | Shares |
| Avidity Partners Management LP | $3,869,340 | 265,934 | 0.91% | Shares |
| GOLDMAN SACHS GROUP INC | $3,750,699 | 257,780 | 0.88% | Shares |
| Caption Management, LLC | $3,710,250 | 255,000 | 0.87% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,422,160 | 235,200 | 0.81% | Put option |
| ADAR1 Capital Management, LLC | $3,207,722 | 220,462 | 0.76% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $3,200,855 | 219,990 | 0.75% | Shares |
| JANE STREET GROUP, LLC | $2,918,061 | 200,554 | 0.69% | Shares |
| Balyasny Asset Management L.P. | $2,822,700 | 194,000 | 0.66% | Call option |
| ExodusPoint Capital Management, LP | $2,684,490 | 184,501 | 0.63% | Shares |
| Ensign Peak Advisors, Inc | $2,573,735 | 176,889 | 0.61% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,456,637 | 168,841 | 0.58% | Shares |
| Integral Health Asset Management, LLC | $2,429,850 | 167,000 | 0.57% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,386,200 | 164,000 | 0.56% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,284,961 | 157,042 | 0.54% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $2,270,702 | 156,062 | 0.53% | Shares |
| JANE STREET GROUP, LLC | $2,042,820 | 140,400 | 0.48% | Call option |
| BANK OF AMERICA CORP /DE/ | $1,985,027 | 136,428 | 0.47% | Shares |
| CITADEL ADVISORS LLC | $1,897,320 | 130,400 | 0.45% | Call option |
| SPHERA FUNDS MANAGEMENT LTD. | $1,856,580 | 127,600 | 0.44% | Call option |
| Verdad Advisers, LP | $1,792,182 | 123,174 | 0.42% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $1,748,910 | 120,200 | 0.41% | Shares |
| XTX Topco Ltd | $1,655,310 | 113,767 | 0.39% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,616,505 | 111,100 | 0.38% | Call option |
| Walleye Capital LLC | $1,531,198 | 105,237 | 0.36% | Shares |
| Bank of New York Mellon Corp | $1,418,523 | 97,493 | 0.33% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,408,440 | 96,800 | 0.33% | Call option |
| STEMPOINT CAPITAL LP | $1,400,772 | 96,273 | 0.33% | Shares |
| UBS Group AG | $1,223,582 | 84,095 | 0.29% | Shares |
| Tetragon Partners GP Ltd | $1,092,705 | 75,100 | 0.26% | Call option |
| Creek Drive Management Group LLC | $1,076,700 | 74,000 | 0.25% | Shares |
| TD Asset Management Inc | $1,064,274 | 73,146 | 0.25% | Shares |
| FRED ALGER MANAGEMENT, LLC | $1,047,120 | 71,967 | 0.25% | Shares |
| Velan Capital Investment Management LP | $999,585 | 68,700 | 0.24% | Call option |
| Caption Management, LLC | $974,850 | 67,000 | 0.23% | Put option |
| WELLINGTON MANAGEMENT GROUP LLP | $897,910 | 61,712 | 0.21% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $890,082 | 61,174 | 0.21% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $871,545 | 59,900 | 0.21% | Shares |
| Vestal Point Capital, LP | $777,537 | 53,439 | 0.18% | Shares |
| Man Group plc | $713,590 | 49,044 | 0.17% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $695,999 | 47,835 | 0.16% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $687,473 | 47,249 | 0.16% | Shares |
| Artia Global Partners LP | $612,264 | 42,080 | 0.14% | Shares |
| Quinn Opportunity Partners LLC | $582,000 | 40,000 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $531,075 | 36,500 | 0.13% | Put option |
| FRANKLIN RESOURCES INC | $513,135 | 35,267 | 0.12% | Shares |
| Squarepoint Ops LLC | $485,010 | 33,334 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $455,278 | 31,291 | 0.11% | Shares |
| ALPS ADVISORS INC | $391,744 | 26,924 | 0.09% | Shares |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $359,327 | 24,696 | 0.08% | Shares |
| DEUTSCHE BANK AG\ | $357,304 | 24,557 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $306,772 | 21,084 | 0.07% | Shares |
| SummitTX Capital, L.P. | $290,898 | 19,993 | 0.07% | Shares |
| ALLIANCEBERNSTEIN L.P. | $289,545 | 19,900 | 0.07% | Shares |
| Persistent Asset Partners Ltd | $260,383 | 505 | 0.06% | Call option |
| Ikarian Capital, LLC | $240,075 | 16,500 | 0.06% | Put option |
| JANE STREET GROUP, LLC | $225,525 | 15,500 | 0.05% | Put option |
| MetLife Investment Management, LLC | $217,377 | 14,940 | 0.05% | Shares |
| Verition Fund Management LLC | $197,720 | 13,589 | 0.05% | Shares |
| Corient Private Wealth LP | $180,245 | 12,388 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $176,201 | 12,110 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $167,965 | 11,544 | 0.04% | Shares |
| TWO SIGMA ADVISERS, LP | $160,640 | 13,178 | 0.04% | Shares |
| Quantbot Technologies LP | $156,194 | 10,735 | 0.04% | Shares |
| LETKO, BROSSEAU & ASSOCIATES INC | $154,958 | 10,650 | 0.04% | Shares |
| CITIGROUP INC | $147,974 | 10,170 | 0.03% | Shares |
| SEI INVESTMENTS CO | $147,101 | 10,110 | 0.03% | Shares |
| Nuveen, LLC | $147,101 | 10,110 | 0.03% | Shares |
| Invesco Ltd. | $146,053 | 10,038 | 0.03% | Shares |
Company insiders 10 insiders · 2 officers · 2 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Christopher Thomas Giordano | CEO | July 13, 2026 M | 11,324 | 0 | 0 | $0 |
| Thomas R Staab II | Chief Financial Officer | May 11, 2026 A | 10,000 | 0 | 0 | $0 |
| James P. Mitchum | Director | Nov. 21, 2016 D | 26,000 | 0 | 0 | $0 |
| PROEHL GERALD T | — | Jan. 9, 2026 A | 29,882 | 0 | 0 | $0 |
| John P Kelley | — | March 15, 2017 F | 1,282,932 | 0 | 0 | $0 |
| Michael B Jebsen | — | Dec. 15, 2016 A | 68,256 | 0 | 0 | $0 |
| Chris A Rallis | — | Aug. 19, 2016 D | 14,490 | 0 | 0 | $0 |
| Ronald R Blanck | — | Nov. 19, 2015 P | 14,799 | 0 | 0 | $0 |
| Anthony A Ditonno | — | July 23, 2013 P | — | 0 | 0 | $0 |
| Christian J Stern | — | Sept. 2, 2010 A | 570 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| Christopher Thomas Giordano ×2 filings | July 31, 2026 | 4.32% | Amendment | — | SEC |
| Stuart Rich, Andrea Rich 2021 Irrevocable Trust, Stuart Rich 2022 Irrevocable Trust ×5 filings | Feb. 9, 2023 | — | Initial filing | — | SEC |
| Declan Doogan ×5 filings | Feb. 9, 2023 | — | Initial filing | — | SEC |
| Armistice Capital, LLC, Steven Boyd ×4 filings | June 17, 2022 | — | Initial filing | Board campaign | SEC |
| Ziyad Binsalamah ×2 filings | June 2, 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 12 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.08% | 85,621 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 237,269 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 21,886 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 641,285 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 144,811 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 59,318 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 13,785 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 949 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 2,251 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 277,850 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 852,259 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,144 SH | Aug. 8, 2026 | Daily |