TNXP Tonix Pharmaceuticals Holding Corp. - Common Stock
$12.79
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$9–$39
11% of range
Analyst Rating
BUY
10 analysts
Price Target
$42
+232% upside
P/E (TTM)
-0.9
ROE
-60.0%
Net Profit Margin
-946.2%
TNXP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$12.79
Market Cap
$164M
P/E (TTM)
-0.9
EPS (TTM)
$-14.57
Revenue (TTM)
$13M
Div Yield
—
ROE
-60.0%
Debt/Equity
—
52W Range
$9 – $39
TNXP 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
$13M
2023-12-31
→
2025-12-31
EPS
$-14.57
2021-12-31
→
2025-12-31
Free Cash Flow
$-103M
2017-12-31
→
2025-12-31
Margins
-946.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TNXP
Peer Median
P/E (TTM)
-0.9
1.2
P/S (TTM)
12.5
9.3
P/B
0.7
1.6
Price / FCF
-1.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TNXP
Peer Median
Operating Margin
-959.1%
—
Net Profit Margin
-946.2%
-411.2%
ROA
-56.4%
-52.7%
ROE
-60.0%
-77.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TNXP
Peer Median
Current Ratio
7.4
7.4
Quick Ratio
6.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TNXP
Peer Median
Revenue YoY
29.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TNXP
Peer Median
TNXP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 3 30.0%
- Buy 6 60.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-17
Median
$34.00
Mean
$42.40
← Below all targets
$12.79
Low
$22.00
High
$65.00
Median target
$34.00
+165.8%
Mean target
$42.40
+231.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.15%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-2.44 | $-2.75 | 0.31% |
| March 31, 2026 | $-2.93 | $-2.48 | -0.45% |
| Dec. 31, 2025 | $-3.98 | $-3.25 | -0.73% |
| Sept. 30, 2025 | $-3.59 | $-3.66 | 0.07% |
| June 30, 2025 | $-3.86 | $-3.28 | -0.58% |
| March 31, 2025 | $-2.84 | $-3.29 | 0.45% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TNXP | $200M | -1.1 | 29.8% | -946.2% | -60.0% | — |
| ORGO | $658M | 34.5 | 17.0% | 6.6% | 13.9% | — |
| RNA | $10.91B | -14.5 | 72.1% | -3650.4% | -47.5% | — |
| NERV | $174M | -0.1 | — | — | 339.5% | — |
| IVVD | $697M | -8.2 | 110.5% | -98.2% | -36.9% | — |
| WHWK | $114M | -7.3 | -72.5% | -288.3% | -13.4% | — |
| PEPG | $448M | -3.1 | — | — | -82.0% | — |
| KROS | $398M | 8.9 | — | 35.7% | 17.2% | — |
| DTIL | $100M | -1.2 | -50.1% | -133.4% | -72.4% | — |
| CRBP | $143M | -1.4 | — | — | -60.8% | — |
| KRRO | $75M | -0.6 | 181.5% | -1834.5% | -140.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $13M | $10M | $8M | |
| Cost of Revenue | $7M | $8M | $5M | |
| R&D Expense | $44M | $40M | $87M | |
| SG&A Expense | $88M | $40M | $35M | |
| Operating Expenses | $139M | $147M | $126M | |
| Operating Income | $-126M | $-137M | $-118M | |
| Interest Income | $4M | $22.0K | $2M | |
| Other Non-op | $-3M | $-867.0K | $2M | |
| Net Income | $-124M | $-130M | $-117M | |
| EPS (Basic) | $-14.57 | $-176.60 | $-14720.25 | |
| EPS (Diluted) | $-14.57 | $-176.60 | $-14720.25 | |
| Shares (Basic) | 8,511,318 | 736,339 | 7,925 | |
| Shares (Diluted) | 8,511,318 | 736,339 | 7,925 | |
| EBITDA | $-124M | $-133M | $-114M |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $208M | $99M | $25M | |
| Receivables | $6M | $4M | · | |
| Inventory | · | $8M | $14M | |
| Prepaid Expense | $9M | $8M | $9M | |
| Other Current Assets | · | · | $2M | |
| Current Assets | $229M | $119M | $48M | |
| PP&E (Net) | $44M | $42M | $94M | |
| PP&E (Gross) | $50M | $46M | $99M | |
| Accum. Depreciation | $6M | $4M | $5M | |
| Goodwill | · | · | $965.0K | |
| Intangibles | $120.0K | $120.0K | $10M | |
| Other Non-current Assets | $2M | $951.0K | $1M | |
| Total Assets | $277M | $163M | $154M | |
| Accounts Payable | $8M | $5M | $4M | |
| Current Liabilities | $31M | $18M | $19M | |
| Capital Leases | $1M | $358.0K | $632.0K | |
| Total Liabilities | $32M | $23M | $49M | |
| Long-term Debt | · | $9M | $11M | |
| Total Debt | · | $7M | $9M | |
| Common Stock | $13.0K | $4.0K | · | |
| Retained Earnings | $-855M | $-731M | $-601M | |
| AOCI | $-289.0K | $-255.0K | $-232.0K | |
| Stockholders' Equity | $245M | $140M | $106M | |
| Liabilities + Equity | $277M | $163M | $154M | |
| Shares Outstanding | 12,788,069 | 4,385,929 | 20,926 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $2M | $3M | $4M | |
| Stock-based Comp | $6M | $5M | $9M | |
| Amort. of Intangibles | $0 | $500.0K | $477.0K | |
| Other Non-cash | $16M | $61M | $1M | |
| Operating Cash Flow | $-100M | $-61M | $-102M | |
| CapEx | $3M | $120.0K | $8M | |
| Investing Cash Flow | $-5M | $-120.0K | $-29M | |
| Net Debt Issued | $-10M | $-2M | · | |
| Stock Issued | $238M | $140M | $19M | |
| Stock Repurchased | $14M | · | $14M | |
| Net Stock Activity | $224M | $140M | $5M | |
| Financing Cash Flow | $215M | $135M | $37M | |
| Net Change in Cash | $110M | $74M | $-95M | |
| Free Cash Flow | $-103M | $-61M | $-110M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating Margin | -959.1% | -1354.3% | -1523.9% | |
| Net Margin | -946.2% | -1288.2% | -1501.8% | |
| EBITDA Margin | -944.4% | -1320.4% | -1468.7% | |
| ROA | -56.4% | -82.0% | -61.4% | |
| ROE | -60.0% | -121.7% | -103.1% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 7.4 | 6.5 | 2.5 | |
| Quick Ratio | 6.9 | 5.6 | 1.3 | |
| Debt / Equity | · | 0.1 | 0.1 | |
| LT Debt / Equity | · | 0.0 | 0.1 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.0 | |
| Inventory Turnover | · | 0.7 | 0.7 | |
| Receivables Turnover | 2.6 | 5.5 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 29.8% | 29.9% | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $13M | $10M | $8M | |
| Net Income TTM | $-124M | $-130M | $-117M | |
| Market Cap | $200M | $145M | $75.03B | |
| Enterprise Value | · | $53M | $75.01B | |
| P/E | -1.1 | -0.2 | -0.1 | |
| P/S | 15.2 | 14.3 | 9658.4 | |
| P/B | 0.8 | 1.0 | 711.0 | |
| P / Tangible Book | 0.8 | 1.0 | 791.3 | |
| P / Cash Flow | -2.0 | -2.4 | -735.5 | |
| P / FCF | -1.9 | -2.4 | -682.7 | |
| EV / EBITDA | · | -0.4 | -657.5 | |
| EV / FCF | · | -0.9 | -682.5 | |
| EV / Revenue | · | 5.3 | 9656.4 | |
| Earnings Yield | -93.3% | -535.1% | -1150.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14M | $7M | $5M | $3M | $2M | $2M | $3M | $3M | $2M | $2M | $4M | $4M | |
| Cost of Revenue | $703.0K | $2M | $1M | $1M | $3M | $943.0K | $1M | $2M | $3M | $2M | $2M | $2M | |
| R&D Expense | $19M | $18M | $17M | $9M | $11M | $7M | $8M | $9M | $10M | $13M | $17M | $21M | |
| SG&A Expense | $36M | $29M | $36M | $26M | $16M | $10M | $16M | $8M | $8M | $9M | $12M | $9M | |
| Operating Expenses | $56M | $48M | $54M | $36M | $30M | $18M | $25M | $18M | $80M | $24M | $31M | $32M | |
| Operating Income | $-43M | $-42M | $-48M | $-33M | $-28M | $-16M | $-22M | $-16M | $-77M | $-21M | $-27M | $-28M | |
| Interest Income | · | $1M | $1M | $1M | · | $394.0K | $1.0K | $18.0K | · | · | · | $172.0K | |
| Other Non-op | $-49.0K | $-3.0K | $-578.0K | $-1M | $-2M | · | $376.0K | $-44.0K | $-606.0K | $-593.0K | $7.0K | $172.0K | |
| Net Income | $-41M | $-40M | $-47M | $-32M | $-28M | $-17M | $-22M | $-14M | $-79M | $-15M | $-27M | $-28M | |
| EPS (Basic) | $-2.44 | $-2.93 | $-4.28 | $-3.59 | $-3.86 | $-2.84 | $2302.65 | $-22.68 | $-1920.85 | $-535.72 | $-14629.18 | $-38.63 | |
| EPS (Diluted) | $-2.44 | $-2.93 | $-4.28 | $-3.59 | $-3.86 | $-2.84 | $2302.65 | $-22.68 | $-1920.85 | $-535.72 | $-14629.18 | $-38.63 | |
| Shares (Basic) | 16,635,254 | 13,707,104 | -13,665,962 | 8,922,792 | 7,327,257 | 5,927,231 | 40,773 | 626,669 | 41,011 | 27,886 | -11,560,812 | 724,190 | |
| Shares (Diluted) | 16,635,254 | 13,707,104 | -13,665,962 | 8,922,792 | 7,327,257 | 5,927,231 | 40,773 | 626,669 | 41,011 | 27,886 | -11,560,812 | 724,190 | |
| EBITDA | $-43M | $-41M | · | $-33M | $-28M | $-16M | · | $-16M | $-77M | $-20M | · | $-28M |
Balance Sheet 25
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $176M | $185M | $208M | $190M | $125M | $132M | $99M | $28M | $4M | $7M | $25M | $7M | |
| Receivables | $12M | $9M | $6M | $3M | $2M | $3M | $4M | $4M | $3M | · | · | $2M | |
| Inventory | · | · | · | · | · | · | · | $8M | $9M | $12M | $14M | $13M | |
| Prepaid Expense | $11M | $9M | $9M | $9M | $10M | $6M | $8M | $10M | $8M | $11M | $9M | $10M | |
| Other Current Assets | · | · | · | · | · | · | · | $2M | · | · | · | · | |
| Current Assets | $203M | $207M | $229M | $208M | $144M | $150M | $119M | $51M | $25M | $30M | $48M | $31M | |
| PP&E (Net) | $45M | $45M | $44M | $43M | $42M | $42M | $42M | $43M | $43M | $93M | $94M | $95M | |
| PP&E (Gross) | $52M | $51M | $50M | $48M | $47M | $46M | $46M | $46M | $46M | $99M | $99M | $99M | |
| Accum. Depreciation | $7M | $7M | $6M | $6M | $5M | $5M | $4M | $4M | $3M | $6M | $5M | $4M | |
| Goodwill | · | · | · | · | · | · | · | · | · | $965.0K | $965.0K | $965.0K | |
| Intangibles | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K | $10M | $10M | $10M | |
| Other Non-current Assets | $5M | $4M | $2M | $1M | $931.0K | $910.0K | $951.0K | $951.0K | $961.0K | $960.0K | $1M | $1M | |
| Total Assets | $254M | $258M | $277M | $252M | $187M | $193M | $163M | $95M | $70M | $135M | $154M | $139M | |
| Accounts Payable | $9M | $10M | $8M | $9M | $8M | $4M | $5M | $4M | $10M | $7M | $4M | $8M | |
| Current Liabilities | $31M | $30M | $31M | $21M | $19M | $12M | $18M | $15M | $22M | $20M | $19M | $18M | |
| Capital Leases | $1M | $1M | $1M | $266.0K | $297.0K | $328.0K | $358.0K | $425.0K | $493.0K | $563.0K | $632.0K | $716.0K | |
| Total Liabilities | $32M | $31M | $32M | $21M | $19M | $12M | $23M | $21M | $28M | $27M | $49M | $18M | |
| Long-term Debt | · | · | · | · | · | · | $9M | $9M | $10M | $11M | $11M | · | |
| Total Debt | · | · | · | · | · | · | · | $8M | $8M | $9M | · | · | |
| Common Stock | $17.0K | $14.0K | $13.0K | $10.0K | $8.0K | $7.0K | $4.0K | $156.0K | $10.0K | $74.0K | · | $18.0K | |
| Retained Earnings | $-935M | $-895M | $-855M | $-808M | $-776M | $-748M | $-731M | $-709M | $-694M | $-616M | $-601M | $-573M | |
| AOCI | $-348.0K | $-283.0K | $-289.0K | $-274.0K | $-270.0K | $-266.0K | $-255.0K | $-250.0K | $-243.0K | $-240.0K | $-232.0K | $-220.0K | |
| Stockholders' Equity | $222M | $227M | $245M | $231M | $168M | $180M | $140M | $74M | $42M | $108M | $106M | $121M | |
| Liabilities + Equity | $254M | $258M | $277M | $252M | $187M | $193M | $163M | $95M | $70M | $135M | $154M | $139M | |
| Shares Outstanding | 16,792,317 | 14,205,401 | 12,788,069 | 10,168,204 | 7,546,276 | 6,877,816 | 4,385,929 | 155,631,049 | 9,832,587 | 73,724,196 | 20,926 | 17,762,341 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $619.0K | $555.0K | $488.0K | $461.0K | $483.0K | $493.0K | $496.0K | $510.0K | $1M | $1M | $1M | $1M | |
| Stock-based Comp | $2M | $2M | $2M | $2M | $1M | $882.0K | $894.0K | $1M | $1M | $2M | $2M | $2M | |
| Amort. of Intangibles | · | $0 | $0 | $0 | · | $0 | $100.0K | $0 | $200.0K | $200.0K | · | $238.0K | |
| Other Non-cash | · | $-5M | · | · | · | $-1M | · | · | · | $-6M | · | · | |
| Operating Cash Flow | $-42M | $-42M | $-40M | $-29M | $-15M | $-17M | $-15M | $-19M | $-10M | $-18M | $-22M | $-23M | |
| CapEx | $587.0K | $2M | $2M | $962.0K | $527.0K | $6.0K | $3.0K | $9.0K | $0 | $108.0K | $438.0K | $2M | |
| Investing Cash Flow | $-587.0K | $-2M | $-1M | $-962.0K | $-3M | $-6.0K | $-3.0K | $-9.0K | $0 | $-108.0K | $-431.0K | $-821.0K | |
| Net Debt Issued | · | · | · | · | · | $-10M | · | · | · | $-235.0K | · | · | |
| Stock Issued | $33M | $20M | $67M | $95M | $14M | $62M | $86M | $44M | · | · | $9M | $6M | |
| Stock Repurchased | · | · | $8M | $0 | $3M | $3M | · | · | · | · | $0 | $0 | |
| Net Stock Activity | · | $20M | · | · | $-3M | $59M | · | · | · | · | · | · | |
| Financing Cash Flow | $34M | $20M | $59M | $95M | $11M | $50M | $85M | $43M | $7M | $-212.0K | $41M | $6M | |
| Net Change in Cash | $-9M | $-24M | $18M | $65M | $-6M | $33M | $71M | $24M | $-3M | $-18M | $18M | $-18M | |
| Free Cash Flow | · | $-44M | · | · | · | $-17M | · | · | · | $-18M | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -314.1% | -603.9% | · | -1005.1% | -1416.2% | -660.9% | · | -551.2% | -3501.6% | -860.2% | · | -705.6% | |
| Net Margin | -299.4% | -584.4% | · | -972.9% | -1415.0% | -692.8% | · | -503.7% | -3567.8% | -601.9% | · | -701.3% | |
| EBITDA Margin | -314.1% | -595.8% | · | -1005.1% | -1416.2% | -640.6% | · | -551.2% | -3501.6% | -811.5% | · | -705.6% | |
| ROA | -18.4% | -17.8% | · | -18.4% | -21.9% | -10.2% | · | -12.1% | -68.5% | -9.5% | · | -14.6% | |
| ROE | -20.8% | -19.7% | · | -21.0% | -26.9% | -11.7% | · | -14.6% | -86.3% | -10.9% | · | -16.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.6 | 7.0 | · | 9.9 | 7.5 | 12.3 | · | 3.3 | 1.1 | 1.5 | · | 1.8 | |
| Quick Ratio | 6.1 | 6.6 | · | 9.2 | 6.7 | 11.1 | · | 2.1 | 0.3 | 0.3 | · | 0.5 | |
| Debt / Equity | · | · | · | · | · | · | · | 0.1 | 0.2 | 0.1 | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.1 | 0.1 | 0.1 | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | · | · | · | · | · | · | · | 0.1 | 0.3 | 0.3 | · | 0.4 | |
| Receivables Turnover | 1.9 | 1.1 | · | 0.9 | 0.7 | 1.5 | · | 1.0 | 1.3 | · | · | 5.1 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $26M | $15M | · | $11M | $9M | $10M | · | $12M | · | · | · | · | |
| Net Income TTM | $-141M | $-117M | · | $-91M | $-138M | $-125M | · | $-136M | $-150M | $-104M | · | $-118M | |
| Market Cap | $214M | $195M | · | $246M | $272M | $123M | · | $2.33B | $688M | $44.82B | · | $31.26B | |
| Enterprise Value | · | · | · | · | · | · | · | $2.31B | $693M | $44.83B | · | · | |
| P/E | -1.0 | -1.0 | · | -0.7 | -0.0 | -0.0 | · | -0.0 | -0.0 | -1.0 | · | -18.5 | |
| P/S | 8.3 | 13.4 | · | 23.3 | 28.7 | 12.4 | · | 203.0 | · | · | · | · | |
| P/B | 1.0 | 0.9 | · | 1.1 | 1.6 | 0.7 | · | 31.5 | 16.3 | 414.5 | · | 258.7 | |
| P / Tangible Book | 1.0 | 0.9 | · | 1.1 | 1.6 | 0.7 | · | 31.5 | 16.4 | 458.9 | · | 284.5 | |
| P / Cash Flow | · | -4.6 | · | · | · | -7.4 | · | · | · | -2550.5 | · | · | |
| P / FCF | · | -4.4 | · | · | · | -7.4 | · | · | · | -2534.9 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | -148.8 | -9.0 | -2225.6 | · | · | |
| EV / FCF | · | · | · | · | · | · | · | · | · | -2535.0 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 201.2 | · | · | · | · | |
| Earnings Yield | -100.5% | -96.2% | · | -136.5% | -5420.3% | -13881.9% | · | -16785.9% | -3634.9% | -103.1% | · | -5.4% |
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 | $13M | $10M | $8M | — | — |
| Operating Margin % | -959.1% | -1354.3% | -1523.9% | — | — |
| Net Income | $-124M | $-130M | $-117M | $-110M | $-92M |
| Diluted EPS | $-14.57 | $-176.60 | $-14720.25 | $-20.01 | $-8.10 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.1 | 0.1 | — | — |
| Current Ratio | 7.4 | 6.5 | 2.5 | 7.2 | 8.7 |
| Quick Ratio | 6.9 | 5.6 | 1.3 | 6.6 | 8.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-103M | $-61M | $-110M | $-146M | $-111M |
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Institutional owners (13F) 112 filers · $99.5M 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 |
|---|---|---|---|---|
| 34 (+17 vs prior Q) | 5 (-1 vs prior Q) | 46 (+11 vs prior Q) | 12 (-2 vs prior Q) | +4.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Point72 Asset Management, L.P. | $14,887,756 | 1,166,752 | 14.97% | Shares |
| MILLENNIUM MANAGEMENT LLC | $12,338,052 | 966,932 | 12.41% | Shares |
| VANGUARD GROUP INC | $9,285,590 | 594,468 | 9.34% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $8,828,580 | 691,895 | 8.88% | Shares |
| Jones Hill Capital LP | $7,980,461 | 625,428 | 8.02% | Shares |
| Ishara Investments LP | $4,316,070 | 338,250 | 4.34% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,251,228 | 333,078 | 4.27% | Shares |
| STATE STREET CORP | $3,462,732 | 271,374 | 3.48% | Shares |
| UBS Group AG | $2,790,140 | 218,663 | 2.81% | Shares |
| CITADEL ADVISORS LLC | $2,499,161 | 195,859 | 2.51% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $2,107,237 | 165,144 | 2.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,864,236 | 146,100 | 1.87% | Put option |
| JANE STREET GROUP, LLC | $1,778,744 | 139,400 | 1.79% | Put option |
| Balyasny Asset Management L.P. | $1,691,861 | 132,591 | 1.70% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,302,209 | 102,054 | 1.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,249,893 | 97,954 | 1.26% | Shares |
| FMR LLC | $1,192,435 | 93,451 | 1.20% | Shares |
| IEQ CAPITAL, LLC | $1,178,679 | 92,373 | 1.19% | Shares |
| Susquehanna Portfolio Strategies, LLC | $829,706 | 65,024 | 0.83% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $812,148 | 63,648 | 0.82% | Shares |
| Trexquant Investment LP | $811,983 | 63,635 | 0.82% | Shares |
| BANK OF AMERICA CORP /DE/ | $778,067 | 60,977 | 0.78% | Shares |
| BlackRock, Inc. | $763,520 | 59,837 | 0.77% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $739,353 | 57,943 | 0.74% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $723,569 | 56,706 | 0.73% | Shares |
| Legato Capital Management LLC | $709,711 | 55,620 | 0.71% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $671,342 | 52,613 | 0.68% | Shares |
| CITADEL ADVISORS LLC | $586,960 | 46,000 | 0.59% | Call option |
| CITADEL ADVISORS LLC | $576,752 | 45,200 | 0.58% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $549,114 | 43,034 | 0.55% | Shares |
| Mariner, LLC | $532,983 | 41,770 | 0.54% | Shares |
| Quarry LP | $526,350 | 41,250 | 0.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $520,608 | 40,800 | 0.52% | Call option |
| JANE STREET GROUP, LLC | $514,228 | 40,300 | 0.52% | Call option |
| SEI INVESTMENTS CO | $465,383 | 36,472 | 0.47% | Shares |
| TWO SIGMA INVESTMENTS, LP | $367,641 | 28,812 | 0.37% | Shares |
| ALLIANCEBERNSTEIN L.P. | $330,413 | 24,030 | 0.33% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $296,698 | 23,679 | 0.30% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $291,158 | 22,818 | 0.29% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $255,200 | 20,000 | 0.26% | Shares |
| Man Group plc | $238,216 | 18,669 | 0.24% | Shares |
| RHUMBLINE ADVISERS | $222,448 | 17,434 | 0.22% | Shares |
| Arax Advisory Partners | $221,999 | 17,398 | 0.22% | Shares |
| GOLDMAN SACHS GROUP INC | $215,963 | 16,925 | 0.22% | Shares |
| AMERICAN CENTURY COMPANIES INC | $194,692 | 15,258 | 0.20% | Shares |
| Creative Planning | $187,253 | 14,675 | 0.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $185,288 | 14,521 | 0.19% | Shares |
| Bank of New York Mellon Corp | $181,396 | 14,216 | 0.18% | Shares |
| DEUTSCHE BANK AG\ | $160,112 | 12,548 | 0.16% | Shares |
| Nuveen, LLC | $139,990 | 10,971 | 0.14% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $130,573 | 10,233 | 0.13% | Shares |
| SJS Investment Consulting Inc. | $127,600 | 10,000 | 0.13% | Shares |
| Larson Financial Group LLC | $124,091 | 9,725 | 0.12% | Shares |
| MetLife Investment Management, LLC | $116,358 | 9,119 | 0.12% | Shares |
| MORGAN STANLEY | $100,319 | 7,862 | 0.10% | Shares |
| CWM, LLC | $94,903 | 6,902 | 0.10% | Shares |
| Integrated Wealth Concepts LLC | $92,178 | 7,224 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $85,377 | 6,691 | 0.09% | Shares |
| JPMORGAN CHASE & CO | $77,074 | 6,045 | 0.08% | Shares |
| BARCLAYS PLC | $75,936 | 5,951 | 0.08% | Shares |
| CITIGROUP INC | $75,093 | 5,885 | 0.08% | Shares |
| Leonteq Securities AG | $72,732 | 5,700 | 0.07% | Shares |
| Invesco Ltd. | $72,617 | 5,691 | 0.07% | Shares |
| Cerity Partners LLC | $65,894 | 5,164 | 0.07% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $63,060 | 4,942 | 0.06% | Shares |
| Police & Firemen's Retirement System of New Jersey | $62,664 | 4,911 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $60,342 | 4,729 | 0.06% | Shares |
| Cornerstone National Bank & Trust Co | $41,425 | 3,330 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $37,004 | 2,900 | 0.04% | Shares |
| NORTHERN TRUST CORP | $30,063 | 2,356 | 0.03% | Shares |
| OSAIC HOLDINGS, INC. | $27,648 | 2,167 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $25,163 | 1,972 | 0.03% | Shares |
| State of Wyoming | $19,995 | 1,567 | 0.02% | Shares |
| Legal & General Group Plc | $18,757 | 1,470 | 0.02% | Shares |
| IFP Advisors, Inc | $18,489 | 1,449 | 0.02% | Shares |
| WELLS FARGO & COMPANY/MN | $15,389 | 1,206 | 0.02% | Shares |
| Essential Partners LLC | $14,062 | 1,102 | 0.01% | Shares |
| Allworth Financial LP | $13,437 | 1,053 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $10,409 | 757 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $9,863 | 773 | 0.01% | Shares |
| Gen-Wealth Partners Inc | $6,801 | 533 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $6,000 | 443 | 0.01% | Shares |
| Rockefeller Capital Management L.P. | $4,721 | 370 | 0.00% | Shares |
| True Wealth Design, LLC | $4,492 | 352 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $3,853 | 302 | 0.00% | Shares |
| ROTHSCHILD INVESTMENT LLC | $3,815 | 299 | 0.00% | Shares |
| Sterling Capital Management LLC | $3,751 | 294 | 0.00% | Shares |
| Tower Research Capital LLC (TRC) | $3,688 | 289 | 0.00% | Shares |
| GAMMA Investing LLC | $3,675 | 288 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $3,228 | 253 | 0.00% | Shares |
| GREAT LAKES ADVISORS, LLC | $2,999 | 235 | 0.00% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $2,743 | 215 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $2,692 | 211 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $2,144 | 168 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $2,118 | 166 | 0.00% | Shares |
| MassMutual Private Wealth & Trust, FSB | $2,042 | 160 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,939 | 141 | 0.00% | Shares |
| Wealth Enhancement Trust Services, Inc. | $1,723 | 135 | 0.00% | Shares |
| Fortitude Family Office, LLC | $1,442 | 113 | 0.00% | Shares |
| Dogwood Wealth Management LLC | $1,404 | 110 | 0.00% | Shares |
Company insiders 22 insiders · 5 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Seth Lederman | Chief Executive Officer | June 9, 2026 P | 9,005 | 1 | 0 | $58,950 |
| Bradley Saenger | Chief Financial Officer | June 30, 2026 J | 2,154 | 0 | 0 | $0 |
| Leland Gershell | Chief Financial Officer | Sept. 28, 2015 P | 19,260 | 0 | 0 | $0 |
| Bruce Daugherty | Chief Scientific Officer and Secretary | Feb. 9, 2016 A | 57,768 | 0 | 0 | $0 |
| Donald J Kellerman | Senior Vice President, Clinical Development and Medical Affairs | Oct. 29, 2014 A | — | 0 | 0 | $0 |
| Carolyn E. Taylor | Director | June 12, 2026 P | 1,833 | 1 | 0 | $14,928 |
| Richard Newcomb Stillwell | Director | June 8, 2026 P | 5,000 | 1 | 0 | $58,250 |
| Stuart Davidson | Director | May 27, 2016 A | 1,490,716 | 0 | 0 | $0 |
| Samuel R Saks | Director | May 27, 2016 A | 32,550 | 0 | 0 | $0 |
| Ernest Mario | Director | May 27, 2016 A | 380,724 | 0 | 0 | $0 |
| James Treco | — | May 8, 2023 A | 10,000 | 0 | 0 | $0 |
| Margaret Smith Bell | — | May 9, 2022 A | 5,391 | 0 | 0 | $0 |
| Richard H Bagger | — | May 9, 2022 A | 10,000 | 0 | 0 | $0 |
| David L Grange | — | May 9, 2022 A | — | 0 | 0 | $0 |
| Adeoye Y Olukotun | — | May 9, 2022 A | 5,350 | 0 | 0 | $0 |
| Jessica Edgar Morris | — | Feb. 15, 2022 A | — | 0 | 0 | $0 |
| Gregory M Sullivan | — | Feb. 15, 2022 A | 62,727 | 0 | 0 | $0 |
| Daniel Wintner Goodman | — | May 25, 2021 P | 5,001 | 0 | 0 | $0 |
| John B Rhodes | — | May 4, 2020 A | 81,196 | 0 | 0 | $0 |
| Donald W Landry | — | May 6, 2019 A | — | 0 | 0 | $0 |
| Patrick P Grace | — | May 6, 2019 A | — | 0 | 0 | $0 |
| Charles E Mather IV | — | May 27, 2016 A | 11,830 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Seth Lederman, Lederman & Co., LLC, L&L Technologies, LLC, Targent Pharmaceuticals, LLC, Leder Laboratories, Inc., Starling Pharmaceuticals, Inc. ×3 filings | Feb. 10, 2015 | — | 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 18 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.48% | 9,070 SH | Aug. 8, 2026 | Daily |
| IBRN · iShares Trust | 0.19% | 1,270 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.04% | 49,085 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 144,377 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 83,757 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 12,927 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 21,599 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 12,850 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 381,979 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 5,951 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 639 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 500 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 506 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 13 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 4,993 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 187,414 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 488,108 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,270 SH | Aug. 8, 2026 | Daily |