TRDA Entrada Therapeutics, Inc. - Common Stock
$7.26
Price · Aug 24, 2026
Fundamentals as of Aug 5, 2026
52W Range
$5–$16
20% of range
Analyst Rating
BUY
14 analysts
Price Target
$19
+162% upside
P/E (TTM)
-2.1
ROE
-41.9%
Net Profit Margin
-565.5%
TRDA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$7.26
Market Cap
$282M
P/E (TTM)
-2.1
EPS (TTM)
$-3.47
Revenue (TTM)
$25M
Div Yield
—
ROE
-41.9%
Debt/Equity
—
52W Range
$5 – $16
TRDA 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
$25M
2023-12-31
→
2025-12-31
EPS
$-3.47
2020-12-31
→
2025-12-31
Free Cash Flow
$-130M
2021-12-31
→
2025-12-31
Margins
-565.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TRDA
Peer Median
P/E (TTM)
-2.1
—
P/S (TTM)
11.1
50.2
P/B
0.9
1.0
Price / FCF
-2.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TRDA
Peer Median
Operating Margin
-621.1%
—
Net Profit Margin
-565.5%
-800.4%
ROA
-31.8%
-40.4%
ROE
-41.9%
-43.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TRDA
Peer Median
Current Ratio
12.5
7.3
Quick Ratio
3.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TRDA
Peer Median
Revenue YoY
-87.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TRDA
Peer Median
TRDA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 5 35.7%
- Buy 7 50.0%
- Hold 2 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-22
Median
$20.00
← Below all targets
$7.26
Low
$11.00
High
$25.00
Median target
$20.00
+175.5%
Mean target
$19.00
+161.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.01 | $-1.07 | 0.06% |
| March 31, 2026 | $-0.95 | $-1.06 | 0.11% |
| Dec. 31, 2025 | $-0.94 | $-1.17 | 0.23% |
| Sept. 30, 2025 | $-1.06 | $-0.96 | -0.10% |
| June 30, 2025 | $-1.04 | $-0.86 | -0.18% |
| March 31, 2025 | $-0.42 | $-0.80 | 0.38% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TRDA | $394M | -3.0 | -87.9% | -565.5% | -41.9% | — |
| VNDA | $521M | -2.4 | 8.7% | -102.0% | -54.2% | — |
| AVXL | $771M | -16.5 | -36.1% | -991.4% | -47.7% | — |
| FATE | $113M | -0.9 | -51.2% | -2051.1% | -58.2% | — |
| IVVD | $697M | -8.2 | 110.5% | -98.2% | -36.9% | — |
| ANIK | $133M | -12.6 | -5.9% | -9.6% | -7.5% | 56.6% |
| ALXO | $61M | -0.6 | — | — | -225.0% | — |
| CAMP | $318M | -2.3 | 436.5% | -2298.5% | -183.4% | — |
| ELDN | $114M | -2.9 | — | — | -69.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $25M | $211M | $129M | |
| R&D Expense | $142M | $125M | $100M | |
| SG&A Expense | $41M | $38M | $32M | |
| Operating Expenses | $183M | $164M | $132M | |
| Operating Income | $-158M | $47M | $-3M | |
| Other Non-op | $15M | $19M | $15M | |
| Income Tax | $924.0K | $859.0K | $19M | |
| Net Income | $-144M | $66M | $-7M | |
| EPS (Basic) | $-3.47 | $1.76 | $-0.20 | |
| EPS (Diluted) | $-3.47 | $1.68 | $-0.20 | |
| Shares (Basic) | 41,371,486 | 37,306,363 | 33,050,319 | |
| Shares (Diluted) | 41,371,486 | 39,003,169 | 33,050,319 | |
| EBITDA | $-158M | $47M | $-3M |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $90M | $101M | $68M | |
| Prepaid Expense | $9M | $16M | $12M | |
| Current Assets | $306M | $440M | $370M | |
| PP&E (Net) | $7M | $11M | $11M | |
| PP&E (Gross) | $17M | $20M | $17M | |
| Accum. Depreciation | $10M | $9M | $6M | |
| Other Non-current Assets | $70.0K | $284.0K | $3M | |
| Total Assets | $377M | $526M | $469M | |
| Accounts Payable | $2M | $4M | $3M | |
| Accrued Liabilities | $18M | $13M | $11M | |
| Current Liabilities | $24M | $39M | $159M | |
| Capital Leases | $47M | $52M | $60M | |
| Total Liabilities | $71M | $98M | $227M | |
| Common Stock | $4.0K | $4.0K | $3.0K | |
| Paid-in Capital | $579M | $558M | $437M | |
| Retained Earnings | $-273M | $-129M | $-195M | |
| AOCI | $652.0K | $-43.0K | $195.0K | |
| Stockholders' Equity | $306M | $429M | $242M | |
| Liabilities + Equity | $377M | $526M | $469M | |
| Shares Outstanding | 38,284,221 | 37,574,538 | 33,437,296 |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Stock-based Comp | $20M | $18M | $13M | |
| Deferred Tax | $0 | $0 | $0 | |
| Operating Cash Flow | $-129M | $-42M | $140M | |
| CapEx | $1M | $3M | $6M | |
| Investing Cash Flow | $117M | $-28M | $-138M | |
| Financing Cash Flow | $887.0K | $103M | $21M | |
| Net Change in Cash | $-11M | $34M | $22M | |
| Taxes Paid | $2M | $5M | $15M | |
| Free Cash Flow | $-130M | $-45M | $134M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating Margin | -621.1% | 22.3% | -2.5% | |
| Net Margin | -565.5% | 31.1% | -5.2% | |
| EBITDA Margin | -621.1% | 22.3% | -2.5% | |
| ROA | -31.8% | 13.2% | -1.8% | |
| ROE | -41.9% | 15.4% | -2.7% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 12.5 | 11.1 | 2.3 | |
| Quick Ratio | 3.7 | 2.6 | 0.4 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.4 | 0.4 |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | -87.9% | 63.4% | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $25M | $211M | $129M | |
| Net Income TTM | $-144M | $66M | $-7M | |
| Market Cap | $394M | $650M | $505M | |
| P/E | -3.0 | 10.3 | -75.5 | |
| P/S | 15.5 | 3.1 | 3.9 | |
| P/B | 1.3 | 1.5 | 2.1 | |
| P / Tangible Book | 1.3 | 1.5 | 2.1 | |
| P / Cash Flow | -3.1 | -15.6 | 3.6 | |
| P / FCF | -3.0 | -14.5 | 3.8 | |
| Earnings Yield | -33.8% | 9.7% | -1.3% |
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 | $898.0K | $875.0K | $1M | $2M | $2M | $21M | $37M | $20M | $95M | $59M | $42M | $44M | $18M | $25M | · | $0 | |
| R&D Expense | $35M | $33M | $34M | $38M | $38M | $32M | $33M | $31M | $32M | $29M | $28M | $22M | $26M | $23M | $16M | $19M | |
| SG&A Expense | $10M | $10M | $10M | $10M | $11M | $10M | $10M | $10M | $9M | $9M | $9M | $8M | $8M | $8M | $10M | $7M | |
| Operating Expenses | $46M | $43M | $44M | $49M | $49M | $42M | $43M | $41M | $41M | $38M | $37M | $30M | $34M | $31M | $26M | $26M | |
| Operating Income | $-45M | $-42M | $-42M | $-47M | $-47M | $-22M | $-6M | $-22M | $53M | $21M | $5M | $14M | $-16M | $-6M | $-26M | $-26M | |
| Other Non-op | $2M | $3M | $3M | $4M | $4M | $4M | $5M | $6M | $4M | $4M | $4M | $4M | $4M | $3M | $950.0K | $799.0K | |
| Income Tax | $35.0K | $38.0K | $92.0K | $654.0K | $178.0K | $0 | $-2M | $-2M | $3M | $2M | $19M | $-17M | $14M | $4M | $0 | $0 | |
| Net Income | $-43M | $-40M | $-39M | $-44M | $-43M | $-17M | $1M | $-14M | $55M | $23M | $-10M | $35M | $-26M | $-7M | $-25M | $-25M | |
| EPS (Basic) | $-1.01 | $-0.95 | $-0.95 | $-1.06 | $-1.04 | $-0.42 | $-0.20 | $-0.35 | $1.61 | $0.70 | $-0.28 | $1.07 | $-0.78 | $-0.21 | $-0.79 | $-0.80 | |
| EPS (Diluted) | $-1.01 | $-0.95 | $-0.95 | $-1.06 | $-1.04 | $-0.42 | $-0.20 | $-0.35 | $1.55 | $0.68 | $-0.23 | $1.02 | $-0.78 | $-0.21 | $-0.79 | $-0.80 | |
| Shares (Basic) | 42,221,665 | 41,836,275 | -82,503,565 | 41,462,567 | 41,338,752 | 41,073,732 | -71,000,860 | 40,629,602 | 34,180,549 | 33,497,072 | -65,768,587 | 33,281,287 | 33,163,320 | 32,374,299 | -62,526,962 | 31,298,052 | |
| Shares (Diluted) | 42,221,665 | 41,836,275 | -82,503,565 | 41,462,567 | 41,338,752 | 41,073,732 | -71,924,387 | 40,629,602 | 35,507,029 | 34,790,925 | -67,262,751 | 34,775,451 | 33,163,320 | 32,374,299 | -62,526,962 | 31,298,052 | |
| EBITDA | $-45M | $-42M | · | $-47M | $-47M | $-22M | · | $-22M | $53M | $21M | · | $14M | $-16M | · | · | $-26M |
Balance Sheet 21
| 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 | $99M | $76M | $90M | $93M | $72M | $68M | $101M | $78M | $185M | $68M | $68M | $52M | $80M | $228M | $45M | $53M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $162M | |
| Prepaid Expense | $9M | $11M | $9M | $10M | $14M | $19M | $16M | $13M | $12M | $9M | $12M | $24M | $10M | $16M | $21M | $19M | |
| Current Assets | $233M | $267M | $306M | $338M | $369M | $403M | $440M | $465M | $490M | $414M | $370M | $383M | $390M | $434M | $210M | $235M | |
| PP&E (Net) | $6M | $7M | $7M | $8M | $10M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $9M | $8M | $7M | |
| PP&E (Gross) | $16M | $17M | $17M | $19M | $21M | $21M | $20M | $19M | $19M | $18M | $17M | $16M | $15M | $13M | $11M | $10M | |
| Accum. Depreciation | $11M | $10M | $10M | $10M | $11M | $10M | $9M | $8M | $8M | $7M | $6M | $5M | $4M | $4M | $3M | $3M | |
| Other Non-current Assets | $118.0K | $90.0K | $70.0K | $163.0K | $199.0K | $239.0K | $284.0K | $746.0K | $747.0K | $3M | $3M | $3M | $538.0K | $14M | $5M | $954.0K | |
| Total Assets | $299M | $336M | $377M | $413M | $449M | $486M | $526M | $555M | $582M | $511M | $469M | $485M | $494M | $476M | $252M | $274M | |
| Accounts Payable | $4M | $3M | $2M | $3M | $2M | $2M | $4M | $1M | $2M | $3M | $3M | $752.0K | $2M | $6M | $6M | $1M | |
| Accrued Liabilities | $13M | $12M | $18M | $16M | $12M | $8M | $13M | $13M | $11M | $9M | $11M | $10M | $7M | $12M | $8M | $12M | |
| Current Liabilities | $21M | $19M | $24M | $24M | $20M | $18M | $39M | $71M | $86M | $174M | $159M | $165M | $126M | $148M | $22M | $22M | |
| Capital Leases | $44M | $45M | $47M | $48M | $49M | $50M | $52M | $54M | $56M | $58M | $60M | $62M | $66M | $9M | $18M | $20M | |
| Total Liabilities | $65M | $65M | $71M | $72M | $69M | $69M | $98M | $132M | $152M | $241M | $227M | $238M | $287M | $246M | $40M | $41M | |
| Common Stock | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | |
| Paid-in Capital | $589M | $583M | $579M | $574M | $569M | $564M | $558M | $552M | $547M | $441M | $437M | $433M | $429M | $425M | $403M | $400M | |
| Retained Earnings | $-356M | $-313M | $-273M | $-234M | $-190M | $-147M | $-129M | $-130M | $-116M | $-171M | $-195M | $-185M | $-221M | $-195M | $-188M | $-164M | |
| AOCI | $66.0K | $246.0K | $652.0K | $621.0K | $400.0K | $437.0K | $-43.0K | $972.0K | $-329.0K | $-246.0K | $195.0K | $-496.0K | $-1M | $-642.0K | $-2M | $-3M | |
| Stockholders' Equity | $233M | $271M | $306M | $341M | $380M | $417M | $429M | $422M | $430M | $269M | $242M | $247M | $207M | $230M | $213M | $233M | |
| Liabilities + Equity | $299M | $336M | $377M | $413M | $449M | $486M | $526M | $555M | $582M | $511M | $469M | $485M | $494M | $476M | $252M | $274M | |
| Shares Outstanding | 38,936,669 | 38,820,616 | 38,284,221 | 38,219,232 | 38,033,970 | 37,942,283 | 37,574,538 | 37,400,499 | 37,172,496 | 33,604,053 | 33,437,296 | 33,340,216 | 33,205,693 | 33,133,736 | 31,394,767 | 31,325,373 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $5M | $5M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | |
| Operating Cash Flow | $-32M | $-42M | $-32M | $-28M | $-29M | $-39M | $-32M | $-24M | $40M | $-26M | $-4M | $-24M | $-35M | $203M | $-27M | $-27M | |
| CapEx | $11.0K | $44.0K | $-207.0K | $-171.0K | $275.0K | $1M | $635.0K | $639.0K | $1M | $838.0K | $976.0K | $1M | $2M | $2M | $708.0K | $810.0K | |
| Investing Cash Flow | $55M | $27M | $29M | $49M | $34M | $5M | $53M | $-83M | $-24M | $26M | $19M | $-4M | $-113M | $-40M | $19M | $-10M | |
| Stock Issued | · | · | · | $0 | · | · | · | $-392.0K | $100M | $0 | · | $0 | $0 | $19M | · | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | · | · | · | |
| Financing Cash Flow | $350.0K | $100.0K | $192.0K | $8.0K | $337.0K | $350.0K | $1M | $-11.0K | $101M | $206.0K | $690.0K | $368.0K | $443.0K | $20M | $358.0K | $60.0K | |
| Net Change in Cash | $23M | $-15M | $-3M | $21M | $5M | $-33M | $23M | $-107M | $117M | $834.0K | $16M | $-28M | $-148M | $182M | $-8M | $-38M | |
| Free Cash Flow | · | $-42M | · | · | · | $-40M | · | · | · | $-26M | · | · | · | · | · | · |
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 | -5007.0% | -4834.6% | · | -2915.2% | -2402.5% | -106.0% | · | -110.7% | 56.4% | 35.7% | · | 32.0% | -89.7% | · | · | · | |
| Net Margin | -4762.0% | -4539.1% | · | -2734.4% | -2210.4% | -84.4% | · | -71.7% | 58.1% | 39.7% | · | 81.1% | -142.7% | · | · | · | |
| EBITDA Margin | -5007.0% | -4834.6% | · | -2915.2% | -2402.5% | -106.0% | · | -110.7% | 56.4% | 35.7% | · | 32.0% | -89.7% | · | · | · | |
| ROA | -11.4% | -9.7% | · | -9.1% | -8.4% | -3.5% | · | -2.7% | 10.2% | 4.8% | · | 9.3% | -6.6% | · | · | -12.4% | |
| ROE | -14.0% | -11.5% | · | -11.6% | -10.7% | -5.1% | · | -4.2% | 17.3% | 9.4% | · | 14.8% | -11.2% | · | · | -31.3% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.9 | 13.9 | · | 14.1 | 18.6 | 21.9 | · | 6.6 | 5.7 | 2.4 | · | 2.3 | 3.1 | · | · | 10.9 | |
| Quick Ratio | 4.6 | 4.0 | · | 3.9 | 3.7 | 3.7 | · | 1.1 | 2.2 | 0.4 | · | 0.3 | 0.6 | · | · | 10.0 |
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 | 0.0 | 0.0 | · | 0.0 | 0.2 | 0.1 | · | 0.1 | 0.0 | · | · | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5M | $25M | · | $44M | $137M | $194M | · | $217M | $216M | $146M | · | $87M | $43M | $25M | · | · | |
| Net Income TTM | $-170M | $-144M | · | $-119M | $-19M | $47M | · | $100M | $88M | $26M | · | $-22M | $-81M | $-77M | · | $-84M | |
| Market Cap | $287M | $490M | · | $222M | $256M | $343M | · | $598M | $530M | $476M | · | $527M | $503M | · | · | $494M | |
| P/E | -1.8 | -3.6 | · | -2.0 | -25.8 | 6.2 | · | 5.5 | 5.8 | 20.0 | · | -20.5 | -6.0 | -5.9 | · | -1.3 | |
| P/S | 53.7 | 19.6 | · | 5.1 | 1.9 | 1.8 | · | 2.8 | 2.5 | 3.3 | · | 6.0 | 11.6 | · | · | · | |
| P/B | 1.2 | 1.8 | · | 0.7 | 0.7 | 0.8 | · | 1.4 | 1.2 | 1.8 | · | 2.1 | 2.4 | · | · | 2.1 | |
| P / Tangible Book | 1.2 | 1.8 | · | 0.7 | 0.7 | 0.8 | · | 1.4 | 1.2 | 1.8 | · | 2.1 | 2.4 | 2.1 | · | 2.1 | |
| P / Cash Flow | · | -11.8 | · | · | · | -8.9 | · | · | · | -18.7 | · | · | · | · | · | · | |
| P / FCF | · | -11.7 | · | · | · | -8.7 | · | · | · | -18.1 | · | · | · | · | · | · | |
| Earnings Yield | -55.2% | -27.5% | · | -49.5% | -3.9% | 16.2% | · | 18.1% | 17.3% | 5.0% | · | -4.9% | -16.7% | -16.8% | · | -76.2% |
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 | $25M | $211M | $129M | — | — |
| Operating Margin % | -621.1% | 22.3% | -2.5% | — | — |
| Net Income | $-144M | $66M | $-7M | $-95M | $-51M |
| Diluted EPS | $-3.47 | $1.68 | $-0.20 | $-3.02 | $-8.16 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 12.5 | 11.1 | 2.3 | — | 44.5 |
| Quick Ratio | 3.7 | 2.6 | 0.4 | — | 43.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-130M | $-45M | $134M | — | $-55M |
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Institutional owners (13F) 137 filers · $224.4M 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 |
|---|---|---|---|---|
| 29 (+7 vs prior Q) | 16 (+4 vs prior Q) | 51 (+6 vs prior Q) | 31 (+1 vs prior Q) | +2.9M |
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 |
|---|---|---|---|---|
| BAKER BROS. ADVISORS LP | $37,335,293 | 5,072,730 | 16.63% | Shares |
| 5AM Venture Management, LLC | $29,854,949 | 4,056,379 | 13.30% | Shares |
| MPM ASSET MANAGEMENT LLC | $25,410,160 | 4,381,062 | 11.32% | Shares |
| VANGUARD GROUP INC | $15,056,160 | 1,464,607 | 6.71% | Shares |
| Merck & Co., Inc. | $12,804,692 | 1,739,768 | 5.71% | Shares |
| StepStone Group LP | $9,607,316 | 761,277 | 4.28% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $9,344,506 | 1,269,634 | 4.16% | Shares |
| MPM BIOIMPACT LLC | $9,222,470 | 1,253,053 | 4.11% | Shares |
| TCG Crossover Management, LLC | $7,803,293 | 1,060,230 | 3.48% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $7,024,524 | 954,419 | 3.13% | Shares |
| MILLENNIUM MANAGEMENT LLC | $5,622,738 | 763,959 | 2.51% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $5,114,103 | 694,851 | 2.28% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,548,555 | 617,863 | 2.03% | Shares |
| STATE STREET CORP | $4,391,543 | 596,677 | 1.96% | Shares |
| JPMORGAN CHASE & CO | $3,170,992 | 411,283 | 1.41% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,523,148 | 342,819 | 1.12% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $2,233,458 | 303,459 | 1.00% | Shares |
| Nantahala Capital Management, LLC | $2,212,232 | 300,575 | 0.99% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,870,397 | 254,130 | 0.83% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,450,921 | 197,136 | 0.65% | Shares |
| Longaeva Partners L.P. | $1,436,944 | 195,237 | 0.64% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,405,760 | 191,000 | 0.63% | Shares |
| Quantinno Capital Management LP | $1,389,855 | 188,839 | 0.62% | Shares |
| Lynx1 Capital Management LP | $1,314,540 | 178,606 | 0.59% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,233,875 | 167,646 | 0.55% | Shares |
| BlackRock, Inc. | $1,216,689 | 165,311 | 0.54% | Shares |
| Woodline Partners LP | $1,071,616 | 145,600 | 0.48% | Shares |
| Trexquant Investment LP | $1,031,452 | 140,143 | 0.46% | Shares |
| GOLDMAN SACHS GROUP INC | $1,022,262 | 138,894 | 0.46% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $772,800 | 105,000 | 0.34% | Shares |
| Cubist Systematic Strategies, LLC | $711,521 | 122,676 | 0.32% | Shares |
| XTX Topco Ltd | $701,680 | 95,337 | 0.31% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $699,524 | 95,044 | 0.31% | Shares |
| Allspring Global Investments Holdings, LLC | $688,440 | 93,538 | 0.31% | Shares |
| ROYCE & ASSOCIATES LP | $610,159 | 82,902 | 0.27% | Shares |
| AMERICAN CENTURY COMPANIES INC | $586,599 | 79,701 | 0.26% | Shares |
| CITADEL ADVISORS LLC | $551,058 | 74,872 | 0.25% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $533,747 | 72,520 | 0.24% | Shares |
| AMERIPRISE FINANCIAL INC | $518,107 | 70,395 | 0.23% | Shares |
| Qube Research & Technologies Ltd | $448,018 | 60,872 | 0.20% | Shares |
| CANTOR FITZGERALD, L. P. | $441,600 | 60,000 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $399,297 | 31,640 | 0.18% | Shares |
| Susquehanna Portfolio Strategies, LLC | $398,272 | 54,113 | 0.18% | Shares |
| TD Asset Management Inc | $394,408 | 53,588 | 0.18% | Shares |
| ExodusPoint Capital Management, LP | $388,365 | 52,767 | 0.17% | Shares |
| Nan Fung Group Holdings Ltd | $361,244 | 49,082 | 0.16% | Shares |
| TWO SIGMA INVESTMENTS, LP | $341,519 | 46,402 | 0.15% | Shares |
| BANK OF AMERICA CORP /DE/ | $314,265 | 42,699 | 0.14% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $281,616 | 38,263 | 0.13% | Shares |
| HSBC HOLDINGS PLC | $278,266 | 36,470 | 0.12% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $276,015 | 37,502 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $270,421 | 36,743 | 0.12% | Shares |
| Y-Intercept (Hong Kong) Ltd | $255,296 | 34,687 | 0.11% | Shares |
| Brevan Howard Capital Management LP | $250,012 | 33,969 | 0.11% | Shares |
| Graham Capital Management, L.P. | $246,244 | 33,457 | 0.11% | Shares |
| D. E. Shaw & Co., Inc. | $238,442 | 32,397 | 0.11% | Shares |
| Odyssean, LLC | $230,405 | 31,305 | 0.10% | Shares |
| Corton Capital Inc. | $225,324 | 38,849 | 0.10% | Shares |
| IEQ CAPITAL, LLC | $218,437 | 29,679 | 0.10% | Shares |
| Point72 Asset Management, L.P. | $209,760 | 28,500 | 0.09% | Shares |
| China Universal Asset Management Co., Ltd. | $204,446 | 27,778 | 0.09% | Shares |
| BARCLAYS PLC | $204,298 | 27,758 | 0.09% | Shares |
| Verdad Advisers, LP | $202,400 | 27,500 | 0.09% | Shares |
| Bank of New York Mellon Corp | $198,661 | 26,992 | 0.09% | Shares |
| DEUTSCHE BANK AG\ | $195,452 | 26,556 | 0.09% | Shares |
| Voleon Capital Management LP | $186,385 | 25,324 | 0.08% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $184,000 | 25,000 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $181,395 | 24,646 | 0.08% | Shares |
| Inscription Capital, LLC | $176,206 | 23,941 | 0.08% | Shares |
| AlphaQuest LLC | $160,666 | 15,629 | 0.07% | Shares |
| Mariner, LLC | $159,779 | 21,707 | 0.07% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $152,006 | 20,653 | 0.07% | Shares |
| MetLife Investment Management, LLC | $129,941 | 17,655 | 0.06% | Shares |
| ADAR1 Capital Management, LLC | $114,080 | 15,500 | 0.05% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $114,028 | 15,493 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $99,735 | 13,551 | 0.04% | Shares |
| Quadrature Capital Ltd | $97,572 | 13,257 | 0.04% | Shares |
| CITIGROUP INC | $96,357 | 13,092 | 0.04% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $88,364 | 12,769 | 0.04% | Shares |
| CWM, LLC | $85,665 | 6,788 | 0.04% | Shares |
| Invesco Ltd. | $85,656 | 11,638 | 0.04% | Shares |
| Cerity Partners LLC | $72,091 | 9,795 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $69,707 | 9,471 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $65,335 | 8,877 | 0.03% | Shares |
| Vanguard Global Advisers, LLC | $64,856 | 8,812 | 0.03% | Shares |
| MORGAN STANLEY | $39,494 | 5,366 | 0.02% | Shares |
| State of Wyoming | $36,903 | 5,014 | 0.02% | Shares |
| NORTHERN TRUST CORP | $34,489 | 4,686 | 0.02% | Shares |
| Arax Advisory Partners | $32,958 | 4,478 | 0.01% | Shares |
| Versant Capital Management, Inc | $31,067 | 4,221 | 0.01% | Shares |
| Nuveen Asset Management, LLC | $26,454 | 1,530 | 0.01% | Shares |
| STRS OHIO | $23,552 | 3,200 | 0.01% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $21,874 | 2,972 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $21,462 | 2,916 | 0.01% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $19,784 | 2,688 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $19,435 | 1,540 | 0.01% | Shares |
| Legal & General Group Plc | $18,807 | 2,557 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $17,789 | 2,417 | 0.01% | Shares |
| FMR LLC | $15,692 | 2,132 | 0.01% | Shares |
| FEDERATED HERMES, INC. | $14,484 | 1,968 | 0.01% | Shares |
Company insiders 14 insiders · 5 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dipal Doshi | President and CEO | Sept. 1, 2022 A | 221,835 | 0 | 0 | $0 |
| Kory James Wentworth | Chief Financial Officer | Sept. 1, 2022 A | 16,489 | 0 | 0 | $0 |
| Nathan J Dowden | Chief Operating Officer | Sept. 1, 2022 A | 70,525 | 0 | 0 | $0 |
| Natarajan Sethuraman | Chief Scientific Officer | Sept. 1, 2022 A | 162,144 | 0 | 0 | $0 |
| Nerissa Kreher | Chief Medical Officer | Sept. 1, 2022 A | 20,716 | 0 | 0 | $0 |
| Maha Radhakrishnan | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Gina Chapman | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Bernhardt G Zeiher | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Mary Thistle | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| Peter S Kim | Director | June 10, 2026 A | — | 0 | 0 | $0 |
| John F Crowley | Director | June 8, 2023 A | 5,000 | 0 | 0 | $0 |
| Carole Nuechterlein | Director | June 2, 2022 A | — | 0 | 0 | $0 |
| Todd Foley | Director | June 2, 2022 A | 4,425,784 | 0 | 0 | $0 |
| Kush Parmar | — | Aug. 10, 2026 S | 2,691,337 | 0 | 5 | $-1,885,964 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| 5AM Ventures V, L.P., 5AM Partners V, LLC, 5AM Opportunities I, L.P., 5AM Opportunities I (GP), LLC, Andrew J. Schwab, Kush Parmar, Scott M. Rocklage | Nov. 18, 2025 | 10.80% | Amendment | — | SEC |
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Felix J. Baker, Julian C. Baker ×2 filings | June 26, 2024 | — | Initial filing | Passive investment | SEC |
| MPM BioVentures 2014, L.P., MPM BioVentures 2014 (B), L.P., MPM Asset Management Investors BV2014 LLC, MPM BioVentures 2018, L.P., MPM BioVentures 2018 (B), L.P., MPM Asset Management Investors BV2018 LLC, MPM BioVentures 2014 GP LLC, MPM BioVentures 2014 LLC, MPM BioVentures 2018 GP LLC, MPM BioVentures 2018 LLC, Ansbert Gadicke, Luke Evnin, Todd Foley, Edward Hurwitz | Nov. 12, 2021 | — | Initial filing | Passive investment | SEC |
| 5AM Partners V, LLC, 5AM Opportunities I, L.P., 5AM Opportunities I (GP), LLC, Andrew J. Schwab, Dr. Kush Parmar, Dr. Scott M. Rocklage | Nov. 12, 2021 | — | Initial filing | Passive investment | 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 35 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 |
|---|---|---|---|---|
| IBRN · iShares Trust | 0.17% | 1,770 SH | Aug. 21, 2026 | Daily |
| HAPS · Harbor ETF Trust | 0.16% | 18,286 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.05% | 102,278 SH | Aug. 21, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.02% | 33,055 NS | May 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.02% | 2,264 SH | Aug. 21, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 69,412 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.01% | 269,168 SH | Aug. 21, 2026 | Daily |
| BIB · ProShares Trust | 0.01% | 1,416 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 12,375 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.01% | 158,780 SH | Aug. 21, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 169,170 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 25,636 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 100,802 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 27,003 SH | Aug. 21, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 756,213 SH | Aug. 21, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 1,340 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.00% | 27,316 NS | April 30, 2026 | N-PORT |
| RB · ProShares Trust | 0.00% | 8 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 113,479 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 1,047 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 800 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,057 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 742 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 27 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 7,570 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 888 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 6,979 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 7,610 SH | Aug. 21, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 17,261 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 1,647 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 2,069 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 283,038 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 953,727 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,999 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 57,325 SH | Aug. 19, 2026 | Daily |