TPST Tempest Therapeutics, Inc. - Common Stock
$1.05
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026
52W Range
$1–$12
2% of range
Analyst Rating
BUY
7 analysts
Price Target
$11
+948% upside
P/E (TTM)
-0.2
ROE
-319.3%
Net Profit Margin
—
TPST Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.05
Market Cap
$5M
P/E (TTM)
-0.2
EPS (TTM)
$-6.33
Revenue (TTM)
—
Div Yield
—
ROE
-319.3%
Debt/Equity
0.0
52W Range
$1 – $12
TPST 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
$-6.33
2020-12-31
→
2025-12-31
Free Cash Flow
$-27M
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
TPST
Peer Median
P/E (TTM)
-0.2
0.1
P/S (TTM)
20.0
64.9
P/B
0.8
1.7
EV / EBITDA
0.1
—
Price / FCF
-0.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TPST
Peer Median
ROA
-89.9%
-70.0%
ROE
-319.3%
-143.6%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TPST
Peer Median
Debt / Equity
0.0
8.5
Current Ratio
2.5
3.3
Quick Ratio
2.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TPST
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TPST
Peer Median
TPST Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
7 analysts
- Strong Buy 2 28.6%
- Buy 4 57.1%
- Hold 1 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-18
Low
$11.00
High
$11.00
Median target
$11.00
+947.6%
Mean target
$11.00
+947.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-2.53 | $-0.29 | -2.2% |
| Dec. 31, 2025 | $-0.62 | $-0.63 | 0.01% |
| Sept. 30, 2025 | $-0.79 | $-3.34 | 2.5% |
| June 30, 2025 | $-2.07 | $-2.66 | 0.59% |
| March 31, 2025 | $-3.16 | $-3.36 | 0.20% |
| Dec. 31, 2024 | $-4.03 | $-3.34 | -0.69% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TPST | $14M | -0.5 | — | — | -319.3% | — |
| KALA | $15M | -0.2 | — | — | -1423.8% | — |
| CYCN | — | -1.1 | 3.7% | — | — | — |
| KTTA | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | · | · | $295.0K | $653.0K | $277.0K | $0 | |
| Cost of Revenue | · | · | · | · | · | · | · | · | $790.0K | $5M | $2M | $0 | |
| R&D Expense | · | · | · | · | · | · | · | · | $18M | $22M | $18M | $22M | |
| SG&A Expense | $14M | $14M | $12M | $12M | $10M | $5M | $18M | $9M | $6M | $49M | $52M | $26M | |
| Operating Expenses | · | · | · | · | · | · | · | · | $51M | $82M | $72M | $48M | |
| Operating Income | $-27M | $-42M | $-29M | $-35M | $-27M | $-19M | $-45M | $-27M | $-84M | $-81M | $-72M | $-48M | |
| Interest Expense | · | · | $1M | $2M | $1M | $0 | · | $134.0K | $288.0K | · | · | · | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | $-126.0K | |
| Other Non-op | $520.0K | $1M | $1M | $549.0K | $-34.0K | $90.0K | · | · | $-36.0K | $-164.0K | $-20.0K | $122.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | $-51M | $-82M | $-73M | $-50M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | · | · | $67.0K | $201.0K | $75.0K | $0 | |
| Net Income | $-26M | $-42M | $-29M | $-36M | $-28M | $-19M | $-45M | $-27M | $-85M | $-82M | $-73M | $-50M | |
| EPS (Basic) | $-6.33 | $-19.50 | $-1.91 | $-3.09 | $-7.47 | $-41.03 | · | · | · | · | · | · | |
| EPS (Diluted) | $-6.33 | $-19.50 | $-1.91 | $-3.09 | $-7.47 | $-41.03 | · | · | · | · | · | · | |
| Shares (Basic) | 4,149,733 | 2,146,276 | 15,416,203 | 11,548,907 | 3,790,303 | 468,161 | · | · | · | · | · | · | |
| Shares (Diluted) | 4,149,733 | 2,146,276 | 15,416,203 | 11,548,907 | 3,790,303 | 468,161 | · | · | · | · | · | · | |
| EBITDA | $-27M | · | $-29M | $-35M | · | · | $-45M | $-27M | $-49M | $-79M | $-71M | $-47M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8M | $30M | $39M | $31M | $52M | $19M | $62M | $73M | $18M | $44M | $43M | $6M | |
| Short-term Investments | · | · | · | · | · | · | · | · | $52M | $70M | $83M | $54M | |
| Prepaid Expense | $562.0K | $1M | $1M | $1M | $2M | $1M | $6M | $3M | $1M | $2M | $3M | $2M | |
| Other Current Assets | $355.0K | $535.0K | $96.0K | $263.0K | $553.0K | $59.0K | · | · | · | · | · | · | |
| Current Assets | $8M | $31M | $40M | $33M | $69M | $20M | $71M | $83M | $20M | $116M | $130M | $62M | |
| PP&E (Net) | $605.0K | $886.0K | $840.0K | $1M | $1M | $1M | · | · | $3M | $6M | $8M | $3M | |
| PP&E (Gross) | $2M | $2M | $2M | $2M | $2M | $2M | · | · | $7M | $9M | $11M | $5M | |
| Accum. Depreciation | $1M | $1M | $1M | $1M | $824.0K | $456.0K | · | · | $4M | $3M | $2M | $1M | |
| Other Non-current Assets | $517.0K | $485.0K | $448.0K | $429.0K | $111.0K | $51.0K | $507.0K | $213.0K | $74.0K | $23.0K | $0 | $130.0K | |
| Total Assets | $17M | $41M | $52M | $46M | $73M | $23M | $75M | $84M | $20M | $123M | $139M | $66M | |
| Accounts Payable | $1M | $2M | $845.0K | $1M | $991.0K | $1M | $1M | $2M | $1M | $2M | $3M | $3M | |
| Accrued Liabilities | $937.0K | $3M | $2M | $3M | $2M | $665.0K | $9M | $8M | $3M | $11M | $8M | $8M | |
| Short-term Debt | · | · | · | · | $0 | · | · | · | · | · | · | · | |
| Current Liabilities | $3M | $14M | $9M | $7M | $20M | $3M | $13M | $10M | $4M | $13M | $11M | $10M | |
| Capital Leases | $7M | $8M | $9M | $10M | $2M | $2M | $2M | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | $0 | $16.0K | $752.0K | $751.0K | $1M | $520.0K | $73.0K | |
| Total Liabilities | $10M | $22M | $25M | $28M | $37M | $5M | $15M | $11M | $5M | $14M | $12M | $10M | |
| Long-term Debt | · | $6M | $10M | $10M | · | $239.0K | $376.0K | $572.0K | · | · | · | · | |
| Total Debt | $0 | · | $11M | $10M | · | · | $376.0K | $383.0K | · | · | · | · | |
| Common Stock | $5.0K | $3.0K | $22.0K | $11.0K | $7.0K | $1.0K | $18.0K | $13.0K | $36.0K | $36.0K | $27.0K | $24.0K | |
| Paid-in Capital | $240M | $226M | $192M | $154M | $136M | $3M | $267M | $235M | $6M | $358M | $295M | $150M | |
| Retained Earnings | $-233M | $-207M | $-165M | $-136M | $-100M | $-72M | $-209M | $-164M | $-137M | $-250M | $-168M | $-95M | |
| AOCI | · | · | · | · | · | $452.0K | $165.0K | $148.0K | $8.0K | $-60.0K | $-170.0K | $-26.0K | |
| Stockholders' Equity | $7M | $19M | $27M | $18M | $36M | $-69M | $-50M | $71M | $-131M | $108M | $127M | $55M | |
| Liabilities + Equity | $17M | $41M | $52M | $46M | $73M | $23M | $75M | $84M | $20M | $123M | $139M | $66M | |
| Shares Outstanding | 4,927,161 | 3,382,432 | 22,045,255 | 10,518,539 | 6,910,324 | 527,265 | 18,266,545 | 13,357,999 | 246,347 | 35,641,505 | 27,296,747 | 24,084,637 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | · | $2M | $2M | $1M | $450.0K | |
| Stock-based Comp | · | · | · | · | · | · | · | · | $7M | $9M | $19M | $12M | |
| Restructuring | · | · | · | · | · | · | · | · | $4M | $5M | $0 | $0 | |
| Other Non-cash | · | · | · | · | · | · | · | · | $-3M | $9M | $2M | $6M | |
| Operating Cash Flow | $-27M | $-33M | $-27M | $-31M | $-26M | $-19M | $-41M | $-24M | $-20M | $-62M | $-50M | $-31M | |
| CapEx | $0 | $435.0K | $170.0K | $562.0K | $135.0K | $50.0K | $397.0K | $36.0K | $4.0K | $3M | $5M | $3M | |
| Investing Cash Flow | $0 | $-435.0K | $-170.0K | $-562.0K | $-97.0K | $-6.0K | $4M | $2M | $458.0K | $8M | $-38M | $-33M | |
| Debt Issued | · | · | · | · | $15M | $0 | · | · | · | · | · | · | |
| Stock Issued | $6M | $29M | $36M | $9M | $33M | $0 | $27M | $0 | $0 | $54M | $124M | $52M | |
| Net Stock Activity | $6M | · | $36M | $9M | · | · | $27M | · | $0 | $54M | $124M | $52M | |
| Financing Cash Flow | $4M | $24M | $36M | $11M | $59M | $35M | $27M | $78M | $-4M | $54M | $125M | $52M | |
| Net Change in Cash | · | · | · | · | · | $-25M | $-10M | $56M | $-24M | · | · | · | |
| Taxes Paid | $0 | $0 | · | · | · | · | $0 | $4.0K | · | · | · | · | |
| Free Cash Flow | $-27M | · | $-28M | $-32M | · | · | $-42M | $-24M | $-46M | $-64M | $-56M | $-33M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | -17154.6% | -12406.1% | -25992.4% | · | |
| Net Margin | · | · | · | · | · | · | · | · | -17279.7% | -12597.2% | -26432.9% | · | |
| Pretax Margin | · | · | · | · | · | · | · | · | -17257.0% | -12566.5% | -26405.8% | · | |
| EBITDA Margin | · | · | · | · | · | · | · | · | -16595.2% | -12063.4% | -25528.2% | · | |
| ROA | -89.9% | · | -60.4% | -59.9% | · | · | -56.0% | -52.3% | -52.2% | -63.0% | -71.7% | -87.6% | |
| ROE | -319.3% | · | -230.6% | -159.1% | · | · | -68.8% | 91.0% | -59.1% | -70.0% | -80.4% | -102.1% | |
| ROIC | · | · | · | · | · | · | · | · | -78.8% | -75.0% | -56.8% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.5 | · | 4.3 | 4.5 | · | · | 5.7 | 8.5 | 8.8 | 8.8 | 11.6 | 6.1 | |
| Quick Ratio | 2.3 | · | 4.2 | 4.3 | · | · | 5.0 | 7.5 | 8.6 | 8.7 | 11.3 | 5.9 | |
| Debt / Equity | 0.0 | · | 0.4 | 0.6 | · | · | 0.0 | 0.0 | · | · | · | · | |
| LT Debt / Equity | · | · | 0.2 | 0.6 | · | · | 0.0 | 0.0 | · | · | · | · | |
| Interest Coverage | · | · | -20.1 | -21.4 | · | · | · | -200.6 | · | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $259.0K | $259.0K | $259.0K | $259.0K | $259.0K | $259.0K | $259.0K | $259.0K | $295.0K | $653.0K | $277.0K | $0 | |
| Net Income TTM | $-26M | $-42M | $-29M | $-36M | $-28M | $-19M | $-45M | $-27M | $-85M | $-82M | $-73M | $-50M | |
| Market Cap | $14M | · | $1.26B | $157M | · | · | $24.01B | $20.71B | $146.29B | $159.50B | $780.07B | $3.12T | |
| Enterprise Value | $6M | · | $1.23B | $136M | · | · | $23.95B | $20.64B | · | · | · | · | |
| P/E | -0.5 | -0.6 | -29.9 | -4.8 | -9.2 | -10.2 | · | · | · | · | · | · | |
| P/S | 54.6 | · | 4868.7 | 607.2 | · | · | 92693.9 | 79954.6 | 495914.6 | 244264.4 | 2816122.6 | · | |
| P/B | 2.1 | · | 47.1 | 8.7 | · | · | 410.1 | 291.9 | 2275.3 | 1473.9 | 6149.5 | 56307.1 | |
| P / Tangible Book | 2.1 | 25.0 | 47.1 | 8.7 | 13.1 | · | · | · | · | · | · | · | |
| P / Cash Flow | -0.5 | · | -46.1 | -5.1 | · | · | -582.4 | -875.7 | -3211.7 | -2583.7 | -15512.6 | -101843.6 | |
| P / FCF | -0.5 | · | -45.8 | -5.0 | · | · | -576.8 | -874.4 | -3200.6 | -2479.9 | -14051.4 | -93291.5 | |
| EV / EBITDA | -0.2 | · | -42.3 | -3.9 | · | · | -527.4 | -767.9 | · | · | · | · | |
| EV / FCF | -0.2 | · | -44.8 | -4.3 | · | · | -575.4 | -871.3 | · | · | · | · | |
| EV / Revenue | 24.8 | · | 4757.9 | 526.6 | · | · | 92454.1 | 79673.1 | · | · | · | · | |
| Earnings Yield | -220.6% | -179.6% | -3.3% | -20.7% | -10.9% | -9.8% | · | · | · | · | · | · |
Income Statement 11
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $3M | $5M | $4M | $3M | $4M | $3M | $3M | $3M | $4M | $4M | $3M | $2M | $3M | $3M | $3M | $3M | |
| Operating Income | $-5M | $-28M | $-4M | $-4M | $-8M | $-11M | $-14M | $-11M | $-10M | $-8M | $-8M | $-7M | $-7M | $-8M | $-9M | $-9M | |
| Interest Expense | · | · | · | · | · | · | · | · | $372.0K | $368.0K | · | $373.0K | $355.0K | $344.0K | $432.0K | $389.0K | |
| Other Non-op | $6.0K | $23.0K | $55.0K | $86.0K | $142.0K | $237.0K | $353.0K | $324.0K | $384.0K | $438.0K | $403.0K | $179.0K | $244.0K | $289.0K | $263.0K | $213.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-5M | $-28M | $-4M | $-4M | $-8M | $-11M | $-14M | $-11M | $-10M | $-8M | $-7M | $-7M | $-8M | $-8M | $-9M | $-9M | |
| EPS (Basic) | $-0.34 | $-2.53 | $-0.31 | $-0.79 | $-2.07 | $-3.16 | $-4.04 | $-5.32 | $-5.52 | $-4.62 | $-0.34 | $-0.48 | $-0.54 | $-0.55 | $-0.46 | $-0.66 | |
| EPS (Diluted) | $-0.34 | $-2.53 | $-0.31 | $-0.79 | $-2.07 | $-3.16 | $-4.04 | $-5.32 | $-5.52 | $-4.62 | $-0.34 | $-0.48 | $-0.54 | $-0.55 | $-0.46 | $-0.66 | |
| Shares (Basic) | 15,223,972 | 10,931,593 | -7,531,005 | 4,440,111 | 3,802,956 | 3,437,671 | -3,283,515 | 1,985,133 | 1,734,335 | 1,710,323 | -26,570,986 | 14,121,805 | 14,102,211 | 13,763,173 | -20,827,707 | 13,635,927 | |
| Shares (Diluted) | 15,223,972 | 10,931,593 | -7,531,005 | 4,440,111 | 3,802,956 | 3,437,671 | -3,283,515 | 1,985,133 | 1,734,335 | 1,710,323 | -26,570,986 | 14,121,805 | 14,102,211 | 13,763,173 | -20,827,707 | 13,635,927 | |
| EBITDA | $-5M | $-28M | · | $-4M | $-8M | $-11M | · | $-11M | $-10M | $-8M | · | $-7M | $-7M | $-8M | · | $-9M |
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 | $779.0K | $2M | $8M | $8M | $14M | $22M | $30M | $22M | $31M | $32M | $39M | $11M | $18M | $23M | $31M | $43M | |
| Prepaid Expense | $918.0K | $641.0K | $562.0K | $590.0K | $823.0K | $922.0K | $1M | $1M | $424.0K | $1M | $1M | $1M | $931.0K | $1M | $1M | $2M | |
| Other Current Assets | $417.0K | $3.0K | $355.0K | $352.0K | $482.0K | $356.0K | $535.0K | $385.0K | $35.0K | $469.0K | $96.0K | $232.0K | $393.0K | $419.0K | $263.0K | $935.0K | |
| Current Assets | $2M | $2M | $8M | $8M | $15M | $22M | $31M | $24M | $32M | $33M | $40M | $12M | $19M | $25M | $33M | $60M | |
| PP&E (Net) | $486.0K | $545.0K | $605.0K | $681.0K | $748.0K | $817.0K | $886.0K | $932.0K | $1M | $920.0K | $840.0K | $921.0K | $1M | $1M | $1M | $919.0K | |
| PP&E (Gross) | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $2M | $2M | |
| Accum. Depreciation | $2M | $2M | $1M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $1M | $1M | $1M | |
| Other Non-current Assets | $501.0K | $509.0K | $517.0K | $519.0K | $529.0K | $538.0K | $485.0K | $448.0K | $448.0K | $448.0K | $448.0K | $393.0K | $398.0K | $429.0K | $429.0K | $683.0K | |
| Total Assets | $10M | $11M | $17M | $17M | $24M | $32M | $41M | $34M | $42M | $44M | $52M | $24M | $31M | $37M | $46M | $63M | |
| Accounts Payable | $2M | $585.0K | $1M | $922.0K | $5M | $2M | $2M | $2M | $1M | $1M | $845.0K | $1M | $868.0K | $1M | $1M | $925.0K | |
| Accrued Liabilities | $715.0K | $1M | $937.0K | $1M | $1M | $5M | $3M | $1M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | |
| Current Liabilities | $4M | $3M | $3M | $4M | $7M | $13M | $14M | $14M | $15M | $11M | $9M | $7M | $9M | $8M | $7M | $24M | |
| Capital Leases | $6M | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M | $10M | $10M | $10M | $503.0K | |
| Total Liabilities | $11M | $10M | $10M | $11M | $15M | $21M | $22M | $22M | $25M | $24M | $25M | $25M | $26M | $26M | $28M | $36M | |
| Long-term Debt | · | · | · | · | · | $4M | · | $8M | $11M | $11M | $11M | $10M | $10M | $10M | · | $15M | |
| Total Debt | · | · | · | $0 | $0 | $4M | · | $9M | $11M | $11M | · | $11M | $10M | $10M | · | $15M | |
| Common Stock | $16.0K | $14.0K | $5.0K | $4.0K | $4.0K | $4.0K | $3.0K | $27.0K | $24.0K | $22.0K | $22.0K | $14.0K | $13.0K | $11.0K | $11.0K | $10.0K | |
| Paid-in Capital | $274M | $271M | $240M | $236M | $236M | $229M | $226M | $205M | $200M | $194M | $192M | $157M | $156M | $154M | $154M | $153M | |
| Retained Earnings | $-275M | $-270M | $-233M | $-229M | $-226M | $-218M | $-207M | $-193M | $-183M | $-173M | $-165M | $-158M | $-151M | $-143M | $-136M | $-127M | |
| Stockholders' Equity | $-1M | $822.0K | $7M | $6M | $10M | $11M | $19M | $11M | $17M | $21M | $27M | $-1M | $5M | $11M | $18M | $27M | |
| Liabilities + Equity | $10M | $11M | $17M | $17M | $24M | $32M | $41M | $34M | $42M | $44M | $52M | $24M | $31M | $37M | $46M | $63M | |
| Shares Outstanding | 15,979,411 | 14,344,034 | 4,927,161 | 4,440,161 | 4,437,855 | 3,519,602 | 3,382,432 | 26,565,886 | 24,475,799 | 22,217,265 | 22,045,255 | 14,323,405 | 12,583,833 | 10,561,700 | 10,518,539 | 10,517,099 |
Cash Flow 9
| 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 Cash Flow | $-3M | $-8M | $-4M | $-7M | $-8M | $-8M | $-10M | $-10M | $-6M | $-7M | $-6M | $-6M | $-6M | $-8M | $-6M | $-9M | |
| CapEx | $0 | $0 | $0 | $0 | $0 | $0 | $3.0K | $15.0K | $249.0K | $168.0K | $7.0K | $0 | $117.0K | $46.0K | $356.0K | $108.0K | |
| Investing Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | $-3.0K | $-15.0K | $-249.0K | $-168.0K | $-7.0K | $0 | $-117.0K | $-46.0K | $-356.0K | $-108.0K | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Issued | · | · | $1M | $0 | $4M | $1M | $20M | $4M | $5M | $253.0K | $34M | $21.0K | $1M | $44.0K | $12.0K | $351.0K | |
| Net Stock Activity | · | · | · | · | · | $1M | · | · | · | $253.0K | · | · | · | $44.0K | · | · | |
| Financing Cash Flow | $2M | $2M | $4M | $13.0K | $1M | $-721.0K | $18M | $2M | $5M | $450.0K | $34M | $21.0K | $1M | $44.0K | $-5M | $350.0K | |
| Net Change in Cash | · | · | · | · | · | · | · | · | · | · | · | $-6M | $-5M | $-8M | · | $-9M | |
| Free Cash Flow | · | $-8M | · | · | · | $-8M | · | · | · | $-7M | · | · | · | $-8M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -30.7% | -129.1% | · | -13.8% | -23.6% | -28.4% | · | -36.5% | -26.2% | -19.4% | · | -15.6% | -14.8% | -14.6% | · | -13.7% | |
| ROE | -120.6% | -463.3% | · | -39.4% | -58.9% | -68.4% | · | -205.6% | -87.2% | -50.0% | · | -53.0% | -38.0% | -37.9% | · | -25.4% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.7 | · | 2.3 | 2.1 | 1.7 | · | 1.7 | 2.2 | 3.1 | · | 1.7 | 2.1 | 3.3 | · | 2.5 | |
| Quick Ratio | 0.2 | 0.5 | · | 2.1 | 2.0 | 1.6 | · | 1.6 | 2.1 | 3.0 | · | 1.5 | 2.0 | 3.1 | · | 1.8 | |
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.4 | · | 0.7 | 0.6 | 0.5 | · | -8.8 | 2.1 | 0.9 | · | 0.6 | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.1 | 0.2 | · | -7.0 | 1.5 | 0.8 | · | 0.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -25.8 | -21.7 | · | -17.7 | -21.0 | -22.0 | · | -22.5 |
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 | $259.0K | $259.0K | · | $259.0K | $259.0K | $259.0K | · | $259.0K | $259.0K | $259.0K | · | $259.0K | $259.0K | $259.0K | · | $259.0K | |
| Net Income TTM | $-44M | $-50M | · | $-33M | $-39M | $-39M | · | $-35M | $-32M | $-30M | · | $-31M | $-33M | $-34M | · | $-55M | |
| Market Cap | $18M | $24M | · | $46M | $30M | $34M | · | $483M | $697M | $1.13B | · | $57M | $208M | $319M | · | $238M | |
| Enterprise Value | · | · | · | $38M | $16M | $16M | · | $470M | $676M | $1.11B | · | $56M | $201M | $306M | · | $210M | |
| P/E | -0.2 | -0.2 | · | -0.9 | -0.4 | -0.5 | · | -1.1 | -2.6 | -8.2 | · | -1.8 | -6.5 | -9.5 | · | -5.9 | |
| P/S | 68.5 | 90.8 | · | 176.2 | 116.5 | 130.4 | · | 1866.8 | 2690.4 | 4360.2 | · | 219.3 | 802.2 | 1229.9 | · | 918.5 | |
| P/B | -16.3 | 28.6 | · | 7.2 | 3.1 | 3.0 | · | 42.2 | 41.1 | 54.7 | · | -47.7 | 41.5 | 29.1 | · | 8.9 | |
| P / Tangible Book | · | 28.6 | · | 7.2 | 3.1 | 3.0 | · | 42.2 | 41.1 | 54.7 | · | · | 41.5 | 29.1 | · | 8.9 | |
| P / Cash Flow | · | -3.1 | · | · | · | -4.2 | · | · | · | -157.2 | · | · | · | -38.4 | · | · | |
| P / FCF | · | -3.1 | · | · | · | -4.2 | · | · | · | -153.6 | · | · | · | -38.2 | · | · | |
| EV / EBITDA | · | · | · | -10.6 | -2.0 | -1.5 | · | -44.5 | -70.6 | -138.9 | · | -8.5 | -26.9 | -40.4 | · | -24.0 | |
| EV / FCF | · | · | · | · | · | -2.0 | · | · | · | -150.6 | · | · | · | -36.7 | · | · | |
| EV / Revenue | · | · | · | 147.2 | 61.4 | 63.5 | · | 1814.2 | 2611.4 | 4276.4 | · | 216.9 | 774.6 | 1181.6 | · | 812.5 | |
| Earnings Yield | -516.2% | -521.3% | · | -110.3% | -236.3% | -194.1% | · | -87.6% | -39.2% | -12.2% | · | -56.2% | -15.4% | -10.5% | · | -17.0% |
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 | $-26M | $-42M | $-29M | $-36M | $-28M |
| Diluted EPS | $-6.33 | $-19.50 | $-1.91 | $-3.09 | $-7.47 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | — | 0.4 | 0.6 | — |
| Current Ratio | 2.5 | — | 4.3 | 4.5 | — |
| Quick Ratio | 2.3 | — | 4.2 | 4.3 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-27M | — | $-28M | $-32M | — |
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Institutional owners (13F) 23 filers · $1.4M 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 |
|---|---|---|---|---|
| 6 (+4 vs prior Q) | 4 (+3 vs prior Q) | 5 (+2 vs prior Q) | 3 (0 vs prior Q) | +811K |
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 |
|---|---|---|---|---|
| SABBY MANAGEMENT, LLC | $567,527 | 511,286 | 39.90% | Shares |
| Versant Venture Management, LLC | $299,447 | 269,772 | 21.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $259,616 | 233,888 | 18.25% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $79,512 | 71,631 | 5.59% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $76,488 | 68,908 | 5.38% | Shares |
| BlackRock, Inc. | $43,365 | 39,068 | 3.05% | Shares |
| Squarepoint Ops LLC | $34,299 | 30,900 | 2.41% | Shares |
| NORTHERN TRUST CORP | $22,351 | 20,136 | 1.57% | Shares |
| CITADEL ADVISORS LLC | $22,000 | 19,820 | 1.55% | Shares |
| CIBC Private Wealth Group LLC | $4,729 | 460 | 0.33% | Shares |
| Tower Research Capital LLC (TRC) | $4,353 | 3,922 | 0.31% | Shares |
| UBS Group AG | $3,414 | 3,076 | 0.24% | Shares |
| MORGAN STANLEY | $2,243 | 2,021 | 0.16% | Shares |
| OSAIC HOLDINGS, INC. | $1,669 | 1,513 | 0.12% | Shares |
| VANGUARD GROUP INC | $482 | 168 | 0.03% | Shares |
| Federation des caisses Desjardins du Quebec | $324 | 292 | 0.02% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $258 | 239 | 0.02% | Shares |
| BARCLAYS PLC | $246 | 222 | 0.02% | Shares |
| SBI Securities Co., Ltd. | $62 | 56 | 0.00% | Shares |
| Parallel Advisors, LLC | $20 | 18 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $3 | 3 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3 | 3 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $0 | 28 | 0.00% | Shares |
Company insiders 55 insiders · 27 officers · 31 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew Angel | CEO and President | March 24, 2026 P | 231,482 | 1 | 0 | $500,001 |
| Stephen R Brady | President and CEO | Jan. 3, 2024 A | — | 0 | 0 | $0 |
| Julia C. Owens | President and CEO | May 25, 2020 A | 74,400 | 0 | 0 | $0 |
| Christopher A. Kroeger | Chief Executive Officer | May 10, 2018 A | — | 0 | 0 | $0 |
| Iii Louis J Arcudi | Chief Financial Officer | May 25, 2020 A | — | 0 | 0 | $0 |
| Christophe Couturier | Chief Financial Officer | Dec. 23, 2016 A | 50,900 | 0 | 0 | $0 |
| Jeffrey E Young | Chief Financial Officer | Dec. 3, 2015 A | 53,750 | 0 | 0 | $0 |
| Thomas W. Dubensky | President | Jan. 3, 2023 A | 113,343 | 0 | 0 | $0 |
| Arthur Tzianabos | President and CSO | Dec. 3, 2015 A | 25,400 | 0 | 0 | $0 |
| Paul W.D. Chapman | Chief Operating Officer | May 10, 2016 P | 3,100 | 0 | 0 | $0 |
| Alison Frances Lawton | Chief Operating Officer | June 7, 2013 A | — | 0 | 0 | $0 |
| Justin Trojanowski | Principal Accounting Officer | Jan. 3, 2024 A | — | 0 | 0 | $0 |
| Nicholas Maestas | VP of Strategy and Finance | Jan. 3, 2024 A | — | 0 | 0 | $0 |
| Samuel Whiting | Chief Medical Officer | Jan. 3, 2024 A | 1,901 | 0 | 0 | $0 |
| Pierre Lorenzo | Corporate Controller | June 21, 2022 A | 53 | 0 | 0 | $0 |
| Christophe Arbet-Engels | Chief Medical Officer | May 25, 2020 A | — | 0 | 0 | $0 |
| Ryan Zeidan | Chief Development Officer | May 25, 2020 A | — | 0 | 0 | $0 |
| Tamara L Joseph | General Counsel and Secretary | May 25, 2020 A | — | 0 | 0 | $0 |
| Pharis Mohideen | Chief Medical Officer | Jan. 15, 2019 A | 7,440 | 0 | 0 | $0 |
| Jeffery M. Brinza | Sec., CAO and General Counsel | Jan. 15, 2019 A | — | 0 | 0 | $0 |
| James Woodruff Lillie | Chief Scientific Officer | May 10, 2018 A | — | 0 | 0 | $0 |
| Jonathan Gillis | Senior Vice President, Finance | May 10, 2018 A | — | 0 | 0 | $0 |
| Michelle Dipp | Executive Chair | June 21, 2017 A | 962,056 | 0 | 0 | $0 |
| Theresa Mcneely | EVP, Chief Comm. Officer | April 9, 2015 P | 400 | 0 | 0 | $0 |
| David Harding | Chief Commercial Officer | April 10, 2014 P | 2,290 | 0 | 0 | $0 |
| Christopher A Bleck | Chief Commercial Officer | Sept. 11, 2013 P | 2,000 | 0 | 0 | $0 |
| Christopher M Lindblom | Vice President of Finance | June 7, 2013 A | — | 0 | 0 | $0 |
| William Drake Richey | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| John D. Yee | Director | June 4, 2026 A | — | 0 | 0 | $0 |
| Geoffrey Nichol | Director | Jan. 27, 2026 A | — | 0 | 0 | $0 |
| Christine A Pellizzari | Director | Jan. 27, 2026 A | — | 0 | 0 | $0 |
| Ronit Simantov | Director | June 15, 2023 A | — | 0 | 0 | $0 |
| Thomas Woiwode | Director | June 17, 2022 A | 2,118,644 | 0 | 0 | $0 |
| Stella Xu | Director | July 1, 2021 A | 579,710 | 0 | 0 | $0 |
| Habib J Dable | Director | June 20, 2019 A | — | 0 | 0 | $0 |
| Carole Nuechterlein | Director | June 20, 2019 A | — | 0 | 0 | $0 |
| James M. Hindman | Director | June 20, 2019 A | — | 0 | 0 | $0 |
| Mary Lynne Hedley | Director | June 20, 2019 A | — | 0 | 0 | $0 |
| Carol Giltner Gallagher | Director | June 20, 2019 A | 23,684 | 0 | 0 | $0 |
| Randall W Whitcomb | Director | June 20, 2019 A | 15,784 | 0 | 0 | $0 |
| John P Howe MD | Director | June 20, 2019 A | — | 0 | 0 | $0 |
| Mary Fisher | Director | Dec. 7, 2018 A | 3,319 | 0 | 0 | $0 |
| Marc D Kozin | Director | Dec. 7, 2018 A | 7,740 | 0 | 0 | $0 |
| Richard Aldrich | Director | Dec. 7, 2018 A | 6,169 | 0 | 0 | $0 |
| John Sexton | Director | July 4, 2018 A | — | 0 | 0 | $0 |
| Jeffrey D Capello | Director | July 4, 2018 A | 11,111 | 0 | 0 | $0 |
| Thomas Malley | Director | June 13, 2017 A | 204,981 | 0 | 0 | $0 |
| Harald F. Stock | Director | Jan. 5, 2016 A | 251,228 | 0 | 0 | $0 |
| Deer Management Co. LLC | Director | June 13, 2014 A | — | 0 | 0 | $0 |
| Stephen Kraus | Director | June 13, 2014 A | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 11 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 |
|---|---|---|---|---|---|
| Versant Venture Capital VI, L.P., Versant Ventures VI GP, L.P., Versant Ventures VI GP-GP, LLC, Versant Vantage II, L.P., Versant Vantage II GP, L.P., Versant Vantage II GP-GP, LLC, Versant Venture Capital IV, L.P., Versant Side Fund IV, L.P., Versant Ventures IV, LLC ×8 filings | April 2, 2026 | 1.10% | Amendment | — | SEC |
| Matthew Angel ×2 filings | March 25, 2026 | 37.40% | Amendment | — | SEC |
| New Enterprise Associates 15, L.P., NEA Partners 15, L.P., NEA 15 GP, LLC, Forest Baskett, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell, Peter W. Sonsini ×2 filings | April 13, 2021 | — | Initial filing | — | SEC |
| Fonds Innobio FPCI, Bpifrance Investissement S.A.S., Bpifrance Participations S.A., Caisse des Dépôts, EPIC Bpifrance, Bpifrance S.A. ×3 filings | July 30, 2020 | — | Initial filing | Passive investment | SEC |
| BML Investment Partners, L.P., Braden M Leonard (1) | Sept. 14, 2018 | — | Initial filing | — | SEC |
| Michelle Dipp, M.D., Ph.D. (2) ×5 filings | May 3, 2018 | — | Initial filing | — | SEC |
| Richard Aldrich (2) ×4 filings | June 3, 2016 | — | Initial filing | — | SEC |
| Longwood Fund, L.P. (2), Longwood Fund GP, LLC (2), Christoph Westphal, M.D., Ph.D. (2), Richard Aldrich (2), Michelle Dipp, M.D., Ph.D. (2) ×6 filings | March 20, 2015 | — | Initial filing | — | SEC |
| DEER VII & CO. LTD., DEER VII & CO. L.P., BESSEMER VENTURE PARTNERS VII L.P., BESSEMER VENTURE PARTNERS VII INSTITUTIONAL L.P., BVP VII SPECIAL OPPORTUNITY FUND L.P., DEER MANAGEMENT CO. LLC ×6 filings | Jan. 16, 2015 | — | Initial filing | — | SEC |
| July 31, 2013 | — | Initial filing | — | SEC | |
| General Catalyst Group V, L.P., GC Entrepreneurs Fund V, L.P., General Catalyst Partners V, L.P., General Catalyst GP V, LLC, Joel E. Cutler, David P. Fialkow, David J. Orfao ×2 filings | March 21, 2013 | — | 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 4 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.