TRVI Trevi Therapeutics, Inc. - Common Stock
$18.42
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$7–$20
86% of range
Analyst Rating
BUY
18 analysts
Price Target
$28
+53% upside
P/E (TTM)
-57.5
ROE
-22.4%
Net Profit Margin
—
TRVI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$18.41
Market Cap
$2.36B
P/E (TTM)
-57.5
EPS (TTM)
$-0.32
Revenue (TTM)
—
Div Yield
—
ROE
-22.4%
Debt/Equity
—
52W Range
$7 – $20
TRVI 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
$-0.32
2021-12-31
→
2025-12-31
Free Cash Flow
$-42M
2019-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TRVI
Peer Median
P/E (TTM)
-57.5
29.4
P/B
12.9
6.5
Price / FCF
-56.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TRVI
Peer Median
ROA
-28.1%
-8.2%
ROE
-22.4%
-19.4%
ROIC
-26.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TRVI
Peer Median
Current Ratio
19.7
3.6
Quick Ratio
19.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TRVI
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TRVI
Peer Median
TRVI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 6 33.3%
- Buy 11 61.1%
- Hold 1 5.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-16
Median
$25.00
Mean
$28.18
← Below all targets
$18.41
Low
$23.00
High
$40.00
Median target
$25.00
+35.8%
Mean target
$28.18
+53.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.11 | $-0.11 | 0.00% |
| March 31, 2026 | $-0.09 | $-0.08 | -0.01% |
| Dec. 31, 2025 | $-0.06 | $-0.10 | 0.04% |
| Sept. 30, 2025 | $-0.08 | $-0.10 | 0.02% |
| June 30, 2025 | $-0.09 | $-0.10 | 0.01% |
| March 31, 2025 | $-0.09 | $-0.12 | 0.03% |
| Dec. 31, 2024 | $-0.11 | $-0.12 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TRVI | $1.61B | -39.1 | — | — | -22.4% | — |
| ALMS | — | -3.4 | — | -1011.8% | -61.9% | — |
| AMLX | $1.33B | -7.9 | -77.1% | — | -61.2% | — |
| TARS | $3.48B | -51.5 | 146.7% | -14.7% | -19.7% | — |
| SUPN | $2.86B | -73.1 | 8.6% | -5.4% | -3.6% | — |
| ATAI | $223M | -1.4 | -1.9% | -48464.0% | -83.1% | — |
| NKTR | $862M | -4.3 | -43.9% | -297.1% | -500.1% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| PBH | $3.33B | 15.2 | -4.3% | 17.5% | 10.2% | 54.7% |
| OCUL | $2.62B | -8.5 | -18.5% | -511.9% | -55.4% | — |
| NUVB | $3.03B | -14.9 | 699.0% | -325.3% | -60.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $33M | $39M | $24M | $20M | $23M | $22M | $19M | $14M | |
| SG&A Expense | $16M | $12M | $10M | $10M | $9M | $10M | $7M | $4M | |
| Operating Expenses | $49M | $52M | $34M | $30M | $32M | $32M | $27M | $18M | |
| Operating Income | $-49M | $-52M | $-34M | $-30M | $-32M | $-32M | $-27M | $-18M | |
| Interest Expense | · | · | $391.0K | $1M | $1M | $456.0K | · | $174.0K | |
| Interest Income | $7M | $4M | $5M | · | · | · | · | · | |
| Other Non-op | $-31.0K | $-15.0K | $469.0K | $289.0K | $-375.0K | $-287.0K | $577.0K | $-2M | |
| Pretax Income | $-43M | $-48M | $-29M | $-29M | $-34M | $-33M | $-26M | $-21M | |
| Income Tax | $-64.0K | $-30.0K | $-32.0K | $-36.0K | $-21.0K | $-18.0K | $-18.0K | $-124.0K | |
| Net Income | $-43M | $-48M | $-29M | $-29M | $-34M | $-33M | $-26M | $-21M | |
| EPS (Basic) | $-0.32 | $-0.47 | $-0.29 | $-0.45 | $-1.49 | · | · | · | |
| EPS (Diluted) | $-0.32 | $-0.47 | $-0.29 | $-0.45 | $-1.49 | · | · | · | |
| Shares (Basic) | 134,747,198 | 101,971,873 | 99,033,373 | 64,541,911 | 22,841,481 | · | · | · | |
| Shares (Diluted) | 134,747,198 | 101,971,873 | 99,033,373 | 64,541,911 | 22,841,481 | · | · | · | |
| EBITDA | $-49M | $-51M | $-34M | $-30M | $-32M | $-32M | $-27M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19M | $34M | $32M | $13M | $37M | $45M | $57M | $7M | |
| Short-term Investments | $169M | $74M | $51M | $108M | · | · | · | · | |
| Prepaid Expense | $1M | $939.0K | $4M | $795.0K | $886.0K | $1M | $2M | $1M | |
| Other Current Assets | $2M | $867.0K | $955.0K | $1M | $241.0K | $265.0K | · | · | |
| Current Assets | $192M | $109M | $88M | $123M | $38M | $46M | $60M | $9M | |
| PP&E (Net) | $178.0K | $157.0K | $216.0K | $170.0K | $53.0K | $103.0K | $118.0K | $149.0K | |
| PP&E (Gross) | $537.0K | $385.0K | $350.0K | $395.0K | $235.0K | $235.0K | $203.0K | $195.0K | |
| Accum. Depreciation | $359.0K | $228.0K | $134.0K | $225.0K | $182.0K | $132.0K | $85.0K | $46.0K | |
| Other Non-current Assets | $928.0K | $243.0K | $297.0K | $205.0K | $334.0K | $532.0K | · | · | |
| Total Assets | $193M | $111M | $89M | $123M | $38M | $47M | $60M | $11M | |
| Accounts Payable | $4M | $3M | $2M | $3M | $3M | $2M | $2M | $603.0K | |
| Accrued Liabilities | $6M | $7M | $4M | $4M | $4M | $3M | $4M | $2M | |
| Current Liabilities | $10M | $11M | $6M | $13M | $13M | $6M | $5M | $3M | |
| Capital Leases | $446.0K | $747.0K | $1M | $2.0K | $24.0K | $144.0K | $257.0K | $46.0K | |
| Other Non-current Liabilities | · | · | · | $3.0K | · | · | · | · | |
| Total Liabilities | $10M | $11M | $7M | $16M | $21M | $20M | · | · | |
| Common Stock | $128.0K | $94.0K | $68.0K | $60.0K | $29.0K | $19.0K | $18.0K | $4.0K | |
| Paid-in Capital | $513M | $387M | $322M | $318M | $198M | $174M | $169M | · | |
| Retained Earnings | $-330M | $-287M | $-239M | $-210M | $-181M | $-147M | $-114M | $-109M | |
| AOCI | $148.0K | $61.0K | $-29.0K | $-122.0K | · | · | · | · | |
| Stockholders' Equity | $183M | $100M | $83M | $107M | $17M | $27M | $55M | $-109M | |
| Liabilities + Equity | $193M | $111M | $89M | $123M | $38M | $47M | $60M | $11M | |
| Shares Outstanding | 128,306,056 | 93,602,631 | 68,283,699 | 59,943,430 | 28,505,804 | 18,546,786 | 17,834,570 | 438,600 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $144.0K | $147.0K | $123.0K | $43.0K | · | · | · | · | |
| Stock-based Comp | $5M | $4M | $2M | $2M | $3M | $2M | $1M | $496.0K | |
| Other Non-cash | $-5M | $6M | $-5M | · | · | · | · | · | |
| Operating Cash Flow | $-42M | $-38M | $-32M | $-28M | $-29M | $-29M | $-23M | $-18M | |
| CapEx | $12.0K | $35.0K | $137.0K | $159.0K | · | $32.0K | $9.0K | $158.0K | |
| Investing Cash Flow | $-94M | $-22M | $59M | $-107M | · | $-32.0K | $-9.0K | $-158.0K | |
| Debt Issued | · | · | · | · | · | $14M | · | · | |
| Net Debt Issued | · | · | · | $-6M | · | $14M | · | · | |
| Financing Cash Flow | $121M | $61M | $-8M | $111M | $21M | $17M | $73M | $4M | |
| Net Change in Cash | $-15M | $2M | $20M | $-24M | $-8M | $-12M | $50M | $-15M | |
| Taxes Paid | $-33.0K | $-32.0K | · | · | · | · | · | · | |
| Free Cash Flow | $-42M | $-38M | $-32M | $-28M | · | $-29M | $-23M | · | |
| Levered FCF | · | · | $-32M | $-29M | · | $-29M | · | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROA | -28.1% | -47.8% | -27.4% | -36.1% | -79.3% | -61.2% | -73.9% | · | |
| ROE | -22.4% | -60.4% | -33.8% | -26.8% | -238.5% | -104.2% | -45.2% | · | |
| ROIC | -26.9% | -51.7% | -41.0% | -27.8% | -190.1% | -119.0% | -48.8% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 19.7 | 10.4 | 15.0 | 9.2 | 3.0 | 8.3 | 11.5 | · | |
| Quick Ratio | 19.3 | 10.2 | 14.2 | 9.0 | 2.9 | 8.1 | 11.0 | · | |
| Interest Coverage | · | · | -86.8 | -25.7 | -27.0 | -71.2 | · | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-43M | $-48M | $-29M | $-29M | $-34M | $-33M | $-26M | · | |
| Market Cap | $1.61B | $386M | $92M | $116M | $22M | $45M | $67M | · | |
| P/E | -39.1 | -8.8 | -4.6 | -4.3 | -0.5 | · | · | · | |
| P/B | 8.8 | 3.9 | 1.1 | 1.1 | 1.3 | 1.6 | 1.2 | · | |
| P / Tangible Book | 8.8 | 3.9 | 1.1 | 1.1 | 1.3 | 1.6 | · | · | |
| P / Cash Flow | -38.2 | -10.1 | -2.9 | -4.1 | -0.8 | -1.5 | -2.9 | · | |
| P / FCF | -38.2 | -10.1 | -2.9 | -4.1 | · | -1.5 | -2.9 | · | |
| Earnings Yield | -2.6% | -11.4% | -21.6% | -23.3% | -190.5% | · | · | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $15M | $10M | $6M | $10M | $9M | $8M | $9M | $11M | $10M | $9M | $7M | $6M | $6M | $5M | $4M | $6M | |
| SG&A Expense | $5M | $5M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $2M | $3M | |
| Operating Expenses | $21M | $15M | $10M | $14M | $14M | $11M | $12M | $14M | $13M | $12M | $9M | $9M | $8M | $8M | $7M | $8M | |
| Operating Income | $-21M | $-15M | $-10M | $-14M | $-14M | $-11M | $-12M | $-14M | $-13M | $-12M | $-9M | $-9M | $-8M | $-8M | $-7M | $-8M | |
| Interest Expense | · | · | · | · | · | · | · | · | $1.0K | $1.0K | · | $3.0K | $153.0K | $231.0K | $274.0K | $292.0K | |
| Interest Income | $3M | $2M | $2M | $2M | $1M | $1M | $843.0K | $826.0K | $935.0K | $998.0K | $1M | $1M | · | · | · | · | |
| Other Non-op | $-3.0K | $4.0K | $-16.0K | $-2.0K | $-7.0K | $-6.0K | $2.0K | $-11.0K | $-5.0K | $-1.0K | $-3.0K | $154.0K | $153.0K | $165.0K | $702.0K | $132.0K | |
| Pretax Income | $-18M | $-13M | $-8M | $-12M | $-12M | $-10M | $-11M | $-13M | $-12M | $-11M | $-8M | $-8M | $-7M | $-6M | $-6M | $-8M | |
| Income Tax | $-19.0K | $-20.0K | $-17.0K | $-15.0K | $-21.0K | $-11.0K | $17.0K | $-31.0K | $-8.0K | $-8.0K | $18.0K | $-13.0K | $-30.0K | $-7.0K | $-20.0K | $-7.0K | |
| Net Income | $-18M | $-13M | $-8M | $-12M | $-12M | $-10M | $-11M | $-13M | $-12M | $-11M | $-8M | $-8M | $-7M | $-6M | $-6M | $-8M | |
| EPS (Basic) | $-0.11 | $-0.09 | $-0.06 | $-0.08 | $-0.09 | $-0.09 | $-0.11 | $-0.13 | $-0.12 | $-0.11 | $-0.08 | $-0.08 | $-0.07 | $-0.06 | $0.05 | $-0.12 | |
| EPS (Diluted) | $-0.11 | $-0.09 | $-0.06 | $-0.08 | $-0.09 | $-0.09 | $-0.11 | $-0.13 | $-0.12 | $-0.11 | $-0.08 | $-0.08 | $-0.07 | $-0.06 | $0.05 | $-0.12 | |
| Shares (Basic) | 156,602,158 | 145,592,901 | -258,318,929 | 145,104,986 | 130,350,391 | 117,610,750 | -199,869,140 | 101,282,228 | 101,041,573 | 99,517,212 | -197,601,417 | 99,325,540 | 98,698,579 | 98,610,671 | -94,705,331 | 68,898,810 | |
| Shares (Diluted) | 156,602,158 | 145,592,901 | -258,318,929 | 145,104,986 | 130,350,391 | 117,610,750 | -199,869,140 | 101,282,228 | 101,041,573 | 99,517,212 | -197,601,417 | 99,325,540 | 98,698,579 | 98,610,671 | -94,705,331 | 68,898,810 | |
| EBITDA | $-21M | $-15M | · | $-14M | $-14M | $-11M | · | $-14M | $-13M | $-12M | · | $-9M | $-8M | $-8M | · | $-8M |
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 | $54M | $19M | $19M | $57M | $117M | $19M | $34M | $16M | $13M | $14M | $32M | $26M | $14M | $12M | $13M | $67M | |
| Short-term Investments | $265M | $152M | $169M | $138M | $87M | $84M | $74M | $49M | $57M | $59M | $51M | $63M | $80M | $100M | $108M | $59M | |
| Prepaid Expense | $4M | $2M | $1M | $1M | $2M | $2M | $939.0K | $1M | $2M | $3M | $4M | $4M | $3M | $1M | $795.0K | $1M | |
| Other Current Assets | $3M | $2M | $2M | $2M | $2M | $834.0K | $867.0K | $667.0K | $830.0K | $721.0K | $955.0K | $1M | $2M | $2M | $1M | $421.0K | |
| Current Assets | $326M | $176M | $192M | $198M | $207M | $106M | $109M | $67M | $72M | $77M | $88M | $94M | $99M | $114M | $123M | $127M | |
| PP&E (Net) | $336.0K | $265.0K | $178.0K | $213.0K | $239.0K | $277.0K | $157.0K | $174.0K | $198.0K | $204.0K | $216.0K | $238.0K | $225.0K | $245.0K | $170.0K | $68.0K | |
| PP&E (Gross) | · | · | $537.0K | · | · | · | $385.0K | · | · | · | $350.0K | · | · | · | $395.0K | · | |
| Accum. Depreciation | · | · | $359.0K | · | · | · | $228.0K | · | · | · | $134.0K | · | · | · | $225.0K | · | |
| Other Non-current Assets | $4M | $3M | $928.0K | $103.0K | $68.0K | $241.0K | $243.0K | $256.0K | $273.0K | $311.0K | $297.0K | $297.0K | $68.0K | $225.0K | $205.0K | $922.0K | |
| Total Assets | $331M | $180M | $193M | $199M | $208M | $107M | $111M | $69M | $74M | $79M | $89M | $96M | $101M | $116M | $123M | $128M | |
| Accounts Payable | $3M | $2M | $4M | $3M | $3M | $1M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $2M | $3M | $2M | |
| Accrued Liabilities | $5M | $5M | $6M | $6M | $6M | $5M | $7M | $7M | $5M | $3M | $4M | $4M | $3M | $3M | $4M | $5M | |
| Current Liabilities | $9M | $7M | $10M | $9M | $9M | $7M | $11M | $9M | $7M | $5M | $6M | $5M | $5M | $13M | $13M | $15M | |
| Capital Leases | $276.0K | $364.0K | $446.0K | $527.0K | $605.0K | $681.0K | $747.0K | $816.0K | $884.0K | $949.0K | $1M | $1M | $1M | $1M | $2.0K | $2.0K | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $3.0K | $15.0K | |
| Total Liabilities | $9M | $7M | $10M | $10M | $10M | $8M | $11M | $10M | $8M | $6M | $7M | $6M | $6M | $14M | $16M | $18M | |
| Common Stock | $142.0K | $128.0K | $128.0K | $128.0K | $122.0K | $100.0K | $94.0K | $75.0K | $73.0K | $69.0K | $68.0K | $64.0K | $63.0K | $60.0K | $60.0K | $58.0K | |
| Paid-in Capital | $683M | $515M | $513M | $511M | $508M | $397M | $387M | $334M | $329M | $322M | $322M | $321M | $319M | $318M | $318M | $315M | |
| Retained Earnings | $-361M | $-343M | $-330M | $-321M | $-310M | $-297M | $-287M | $-276M | $-262M | $-250M | $-239M | $-231M | $-224M | $-216M | $-210M | $-205M | |
| AOCI | $-425.0K | $-190.0K | $148.0K | $30.0K | $24.0K | $73.0K | $61.0K | $139.0K | $-84.0K | $-67.0K | $-29.0K | $-217.0K | $-248.0K | $-88.0K | $-122.0K | $-263.0K | |
| Stockholders' Equity | $322M | $172M | $183M | $190M | $198M | $99M | $100M | $59M | $66M | $72M | $83M | $90M | $95M | $102M | $107M | $110M | |
| Liabilities + Equity | $331M | $180M | $193M | $199M | $208M | $107M | $111M | $69M | $74M | $79M | $89M | $96M | $101M | $116M | $123M | $128M | |
| Shares Outstanding | 142,420,883 | 128,411,048 | 128,306,056 | 128,215,113 | 121,775,753 | 99,892,915 | 93,602,631 | 75,454,375 | 72,591,917 | 68,960,167 | 68,283,699 | 63,855,330 | 63,098,455 | 60,065,408 | 59,943,430 | 58,322,517 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $34.0K | $34.0K | $31.0K | $38.0K | $38.0K | $37.0K | $38.0K | $36.0K | $38.0K | $35.0K | $35.0K | $35.0K | $34.0K | $19.0K | $15.0K | $9.0K | |
| Stock-based Comp | $3M | $2M | $1M | $1M | $1M | $1M | $916.0K | $822.0K | $1M | $723.0K | $609.0K | $530.0K | $530.0K | $578.0K | $501.0K | $569.0K | |
| Other Non-cash | · | $-6M | · | · | · | $-4M | · | · | · | $-323.0K | · | · | · | $-2M | · | · | |
| Operating Cash Flow | $-17M | $-17M | $-8M | $-11M | $-10M | $-13M | $-10M | $-10M | $-9M | $-10M | $-6M | $-7M | $-10M | $-8M | $-6M | $-9M | |
| CapEx | $124.0K | $102.0K | $0 | $12.0K | · | · | $7.0K | $0 | · | · | $22.0K | $18.0K | $40.0K | $57.0K | $116.0K | · | |
| Investing Cash Flow | $-112M | $17M | $-31M | $-51M | $-3M | $-10M | $-24M | $8M | $3M | $-8M | $13M | $18M | $20M | $9M | $-48M | $-5M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $-2M | · | · | |
| Financing Cash Flow | $164M | $222.0K | $284.0K | $2M | $110M | $9M | $51M | $5M | $5M | $-28.0K | $-54.0K | $2M | $-8M | $-2M | $652.0K | $55M | |
| Net Change in Cash | $35M | $498.0K | $-38M | $-60M | $98M | $-15M | $18M | $3M | $-848.0K | $-19M | $6M | $12M | $2M | $-938.0K | $-54M | $42M | |
| Free Cash Flow | · | $-17M | · | · | · | · | · | · | · | · | · | · | · | $-8M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $-8M | · | · |
Profitability 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -6.6% | -9.2% | · | -8.8% | -8.7% | -11.1% | · | -16.1% | -14.1% | -11.2% | · | -6.9% | -7.8% | -8.7% | · | -10.3% | |
| ROE | -6.9% | -9.7% | · | -9.5% | -9.3% | -12.0% | · | -17.8% | -15.3% | -12.5% | · | -7.7% | -9.2% | -11.4% | · | -13.6% | |
| ROIC | -6.4% | -8.6% | · | -7.3% | -6.9% | -11.5% | · | -23.8% | -20.1% | -16.4% | · | -10.1% | -8.8% | -7.4% | · | -7.6% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 37.3 | 24.8 | · | 21.9 | 22.4 | 15.4 | · | 7.4 | 10.7 | 14.6 | · | 18.2 | 21.1 | 8.7 | · | 8.7 | |
| Quick Ratio | 36.5 | 24.1 | · | 21.6 | 22.1 | 15.0 | · | 7.2 | 10.3 | 13.8 | · | 17.2 | 20.0 | 8.4 | · | 8.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -13289.0 | -11906.0 | · | -3015.0 | -54.8 | -32.7 | · | -28.8 |
Valuation (TTM) 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-55M | $-48M | · | $-48M | $-48M | $-47M | · | $-44M | $-38M | $-32M | · | $-30M | $-30M | $-30M | · | $-31M | |
| Market Cap | $2.66B | $1.53B | · | $1.17B | $666M | $628M | · | $252M | $216M | $238M | · | $139M | $151M | $111M | · | $90M | |
| P/E | -50.4 | -34.1 | · | -23.5 | -12.7 | -14.0 | · | -7.6 | -7.8 | -10.8 | · | -6.6 | -6.1 | -3.3 | · | -1.8 | |
| P/B | 8.3 | 8.9 | · | 6.2 | 3.4 | 6.3 | · | 4.3 | 3.3 | 3.3 | · | 1.6 | 1.6 | 1.1 | · | 0.8 | |
| P / Tangible Book | 8.3 | 8.9 | · | 6.2 | 3.4 | 6.3 | · | 4.3 | 3.3 | 3.3 | · | 1.6 | 1.6 | 1.1 | · | 0.8 | |
| P / Cash Flow | · | -91.8 | · | · | · | -46.6 | · | · | · | -22.7 | · | · | · | -13.6 | · | · | |
| P / FCF | · | -91.2 | · | · | · | · | · | · | · | · | · | · | · | -13.5 | · | · | |
| Earnings Yield | -2.0% | -2.9% | · | -4.3% | -7.9% | -7.1% | · | -13.2% | -12.8% | -9.3% | · | -15.1% | -16.3% | -30.3% | · | -54.5% |
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 | $-43M | $-48M | $-29M | $-29M | $-34M |
| Diluted EPS | $-0.32 | $-0.47 | $-0.29 | $-0.45 | $-1.49 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 19.7 | 10.4 | 15.0 | 9.2 | 3.0 |
| Quick Ratio | 19.3 | 10.2 | 14.2 | 9.0 | 2.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-42M | $-38M | $-32M | $-28M | — |
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Institutional owners (13F) 229 filers · $2.5B 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 |
|---|---|---|---|---|
| 49 (+13 vs prior Q) | 18 (-6 vs prior Q) | 77 (+12 vs prior Q) | 61 (-3 vs prior Q) | +17.6M |
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 |
|---|---|---|---|---|
| NEA Management Company, LLC | $246,594,552 | 13,222,228 | 10.04% | Shares |
| FMR LLC | $199,426,054 | 10,693,086 | 8.12% | Shares |
| Frazier Life Sciences Management, L.P. | $185,370,687 | 9,939,447 | 7.54% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $103,147,089 | 5,530,675 | 4.20% | Shares |
| Vivo Capital, LLC | $95,015,558 | 5,094,668 | 3.87% | Shares |
| Woodline Partners LP | $76,116,860 | 4,081,333 | 3.10% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $71,755,577 | 3,847,484 | 2.92% | Shares |
| VANGUARD GROUP INC | $70,127,888 | 5,601,269 | 2.85% | Shares |
| Vestal Point Capital, LP | $57,815,000 | 3,100,000 | 2.35% | Shares |
| MPM BIOIMPACT LLC | $57,322,211 | 3,073,577 | 2.33% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $57,269,301 | 3,070,740 | 2.33% | Shares |
| STATE STREET CORP | $56,459,425 | 3,027,315 | 2.30% | Shares |
| MARSHALL WACE, LLP | $49,872,655 | 2,674,137 | 2.03% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $49,609,000 | 2,660,000 | 2.02% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $46,749,639 | 2,506,090 | 1.90% | Shares |
| Rubric Capital Management LP | $46,709,167 | 2,504,513 | 1.90% | Shares |
| Artia Global Partners LP | $41,232,390 | 2,210,852 | 1.68% | Shares |
| ACORN CAPITAL ADVISORS, LLC | $40,001,341 | 2,144,844 | 1.63% | Shares |
| First Light Asset Management, LLC | $39,113,060 | 2,097,215 | 1.59% | Shares |
| Pictet Asset Management Holding SA | $37,557,109 | 2,013,786 | 1.53% | Shares |
| Logos Global Management LP | $35,062,000 | 1,880,000 | 1.43% | Shares |
| Affinity Asset Advisors, LLC | $33,573,208 | 1,800,172 | 1.37% | Shares |
| EMERALD ADVISERS, LLC | $33,525,445 | 1,797,611 | 1.36% | Shares |
| Siren, L.L.C. | $33,325,070 | 1,786,867 | 1.36% | Shares |
| Pivotal bioVenture Partners Investment Advisor LLC | $32,500,833 | 1,742,672 | 1.32% | Shares |
| VIKING GLOBAL INVESTORS LP | $28,807,611 | 1,544,644 | 1.17% | Shares |
| Assenagon Asset Management S.A. | $28,447,106 | 1,525,314 | 1.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $28,100,554 | 2,355,453 | 1.14% | Shares |
| BANK OF AMERICA CORP /DE/ | $26,936,643 | 1,444,324 | 1.10% | Shares |
| ORBIMED ADVISORS LLC | $26,674,964 | 1,430,293 | 1.09% | Shares |
| Jones Hill Capital LP | $24,976,304 | 1,339,212 | 1.02% | Shares |
| NAN FUNG TRINITY (HK) LTD | $22,634,013 | 1,213,620 | 0.92% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $22,584,497 | 1,210,965 | 0.92% | Shares |
| Soleus Capital Management, L.P. | $21,999,876 | 1,179,618 | 0.90% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $21,948,663 | 1,176,872 | 0.89% | Shares |
| BARCLAYS PLC | $21,199,213 | 1,136,687 | 0.86% | Shares |
| GOLDMAN SACHS GROUP INC | $19,825,528 | 1,063,031 | 0.81% | Shares |
| Saturn V Capital Management LP | $19,620,602 | 1,052,043 | 0.80% | Shares |
| FLPUTNAM INVESTMENT MANAGEMENT CO | $19,359,763 | 1,038,057 | 0.79% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,138,990 | 972,600 | 0.74% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $18,004,747 | 965,402 | 0.73% | Shares |
| Candriam S.C.A. | $18,002,647 | 966,219 | 0.73% | Shares |
| RAYMOND JAMES FINANCIAL INC | $17,533,126 | 940,114 | 0.71% | Shares |
| Balyasny Asset Management L.P. | $15,760,873 | 845,087 | 0.64% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $15,685,750 | 841,059 | 0.64% | Shares |
| Burkehill Global Management, LP | $13,521,250 | 725,000 | 0.55% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $12,646,472 | 678,095 | 0.51% | Shares |
| AMERIPRISE FINANCIAL INC | $11,572,904 | 620,531 | 0.47% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $9,776,778 | 524,224 | 0.40% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $9,306,891 | 499,029 | 0.38% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $8,286,382 | 444,310 | 0.34% | Shares |
| KVP Capital Advisors, LP | $7,721,100 | 414,000 | 0.31% | Shares |
| Ensign Peak Advisors, Inc | $7,388,626 | 396,173 | 0.30% | Shares |
| Octagon Capital Advisors LP | $5,874,750 | 315,000 | 0.24% | Shares |
| Opaleye Management Inc. | $5,781,500 | 310,000 | 0.24% | Shares |
| BlackRock, Inc. | $5,355,515 | 287,159 | 0.22% | Shares |
| Informed Momentum Co LLC | $4,935,368 | 264,631 | 0.20% | Shares |
| FIFTH THIRD BANCORP | $4,861,011 | 260,644 | 0.20% | Shares |
| Rock Springs Capital Management LP | $4,849,000 | 260,000 | 0.20% | Shares |
| Trexquant Investment LP | $4,523,315 | 242,537 | 0.18% | Shares |
| Walleye Capital LLC | $4,513,058 | 241,987 | 0.18% | Shares |
| F/m Investments LLC | $4,367,979 | 234,208 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $3,761,705 | 201,700 | 0.15% | Call option |
| Integral Health Asset Management, LLC | $3,730,000 | 200,000 | 0.15% | Shares |
| Swiss National Bank | $3,586,395 | 192,300 | 0.15% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $3,398,683 | 182,235 | 0.14% | Shares |
| Nuveen, LLC | $3,292,602 | 176,547 | 0.13% | Shares |
| SEVEN GRAND MANAGERS, LLC | $2,797,500 | 150,000 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $2,470,423 | 132,463 | 0.10% | Shares |
| TRUST CO OF TOLEDO NA /OH/ | $2,312,637 | 124,002 | 0.09% | Shares |
| D. E. Shaw & Co., Inc. | $2,286,415 | 122,596 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $2,170,860 | 116,400 | 0.09% | Call option |
| Harvest Investment Services, LLC | $2,146,690 | 115,104 | 0.09% | Shares |
| WINTON GROUP Ltd | $1,992,790 | 106,852 | 0.08% | Shares |
| Bank of New York Mellon Corp | $1,959,854 | 105,086 | 0.08% | Shares |
| Qube Research & Technologies Ltd | $1,906,515 | 102,226 | 0.08% | Shares |
| LMR Partners LLP | $1,865,000 | 100,000 | 0.08% | Shares |
| OPPENHEIMER & CO INC | $1,860,729 | 99,771 | 0.08% | Shares |
| SIMPLEX TRADING, LLC | $1,819,438 | 97,557 | 0.07% | Shares |
| WEXFORD CAPITAL LP | $1,692,525 | 90,752 | 0.07% | Shares |
| Erste Asset Management GmbH | $1,676,700 | 90,000 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,543,343 | 82,753 | 0.06% | Shares |
| Campbell & CO Investment Adviser LLC | $1,526,950 | 81,874 | 0.06% | Shares |
| J. Goldman & Co LP | $1,510,613 | 80,998 | 0.06% | Shares |
| PFS Partners, LLC | $1,473,350 | 79,000 | 0.06% | Shares |
| Schonfeld Strategic Advisors LLC | $1,416,838 | 75,970 | 0.06% | Shares |
| Checkpoint Capital L.P. | $1,398,750 | 75,000 | 0.06% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,379,690 | 73,978 | 0.06% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,348,320 | 72,296 | 0.05% | Shares |
| CITIGROUP INC | $1,329,540 | 71,289 | 0.05% | Shares |
| FRED ALGER MANAGEMENT, LLC | $1,240,039 | 66,490 | 0.05% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $1,223,365 | 65,596 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $1,198,785 | 64,278 | 0.05% | Shares |
| Steward Partners Investment Advisory, LLC | $1,186,140 | 63,600 | 0.05% | Shares |
| LPL Financial LLC | $1,183,324 | 63,449 | 0.05% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $1,176,964 | 63,108 | 0.05% | Shares |
| MetLife Investment Management, LLC | $1,165,494 | 62,493 | 0.05% | Shares |
| XTX Topco Ltd | $1,154,360 | 61,896 | 0.05% | Shares |
| WealthTrust Axiom LLC | $1,146,975 | 61,500 | 0.05% | Shares |
| MAI Capital Management | $1,046,825 | 56,130 | 0.04% | Shares |
Company insiders 37 insiders · 13 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jennifer L Good | President & CEO | Feb. 19, 2026 A | 213,313 | 0 | 0 | $0 |
| David C Hastings | Chief Financial Officer | Jan. 8, 2026 A | — | 0 | 0 | $0 |
| Lisa Delfini | Chief Financial Officer | May 31, 2025 A | 64,660 | 0 | 0 | $0 |
| Christopher Seiter | Chief Financial Officer | Feb. 17, 2021 A | — | 0 | 0 | $0 |
| Farrell Simon | Chief Commercial Officer | Feb. 19, 2026 A | 76,900 | 0 | 0 | $0 |
| Christopher Galletta | Controller and Principal Accounting Officer | Feb. 19, 2026 A | 26,095 | 0 | 0 | $0 |
| James V Cassella | Chief Development Officer | Feb. 19, 2026 A | — | 0 | 0 | $0 |
| Thomas Sciascia | Chief Scientific Officer | Feb. 19, 2026 A | 221,373 | 0 | 0 | $0 |
| David J Clark | Chief Medical Officer | Feb. 15, 2024 A | — | 0 | 0 | $0 |
| William P Forbes | Chief Development Officer | June 29, 2022 A | — | 0 | 0 | $0 |
| Frank P Muscolo | Controller | Feb. 17, 2021 A | — | 0 | 0 | $0 |
| Helena Brett-Smith | Chief Development Officer | Feb. 13, 2020 A | — | 0 | 0 | $0 |
| Yann Mazabraud | Chief Commercial Officer and Head of International | Feb. 13, 2020 A | — | 0 | 0 | $0 |
| Michael Thomas Heffernan | Director | June 3, 2026 A | 6,351 | 0 | 0 | $0 |
| David P Meeker | Director | June 3, 2026 A | 352,489 | 0 | 0 | $0 |
| Edward T. Mathers | Director | June 3, 2026 A | 948,948 | 0 | 0 | $0 |
| Dominick Colangelo | Director | June 3, 2026 A | — | 0 | 0 | $0 |
| Anne Vanlent | Director | June 3, 2026 A | 25,983 | 0 | 0 | $0 |
| Mette Kirstine Agger | Director | May 9, 2019 C | 1,151,544 | 0 | 0 | $0 |
| Anna Guyer Mitsak | Director | May 7, 2019 A | — | 0 | 0 | $0 |
| Eran Nadav | Director | May 7, 2019 A | — | 0 | 0 | $0 |
| Mohamad Makhzoumi | 10% owner | April 11, 2022 P | 948,948 | 0 | 0 | $0 |
| Ali Behbahani | 10% owner | April 11, 2022 P | 948,948 | 0 | 0 | $0 |
| Anthony A. Florence, Jr. | 10% owner | April 11, 2022 P | 948,948 | 0 | 0 | $0 |
| Peter W. Sonsini | 10% owner | April 11, 2022 P | 948,948 | 0 | 0 | $0 |
| Paul Walker | 10% owner | April 11, 2022 P | 948,948 | 0 | 0 | $0 |
| Forest Baskett | 10% owner | April 11, 2022 P | 10,421,428 | 0 | 0 | $0 |
| Scott D. Sandell | 10% owner | April 11, 2022 P | 948,948 | 0 | 0 | $0 |
| Joshua Makower | 10% owner | April 3, 2020 X | 5,937,998 | 0 | 0 | $0 |
| Debra A Drake | 10% owner | May 9, 2019 C | 10,399 | 0 | 0 | $0 |
| Richard King Mellon Foundation | 10% owner | May 9, 2019 C | 347,157 | 0 | 0 | $0 |
| Lundbeckfond Invest A/S | 10% owner | May 9, 2019 C | 1,151,544 | 0 | 0 | $0 |
| Peter F Drake | 10% owner | May 9, 2019 C | 62,540 | 0 | 0 | $0 |
| William J Oshea | 10% owner | May 9, 2019 C | 114,080 | 0 | 0 | $0 |
| David M Mott | 10% owner | May 9, 2019 C | 4,438,562 | 0 | 0 | $0 |
| Peter J Barris | 10% owner | May 9, 2019 C | 4,438,562 | 0 | 0 | $0 |
| Carmen Chang | — | April 11, 2022 P | 948,948 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| New Enterprise Associates 16, L.P., NEA Partners 16, L.P., NEA 16 GP, LLC, NEA 18 Venture Growth Equity, L.P., NEA Partners 18 VGE, L.P., NEA 18 VGE GP, LLC, Forest Baskett, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell, Paul Walker ×10 filings | May 7, 2026 | 10.50% | Amendment | Passive investment | SEC |
| Omega Fund V, L.P., Omega Fund V GP, L.P., Omega Fund V GP Manager, Ltd., Richard J. Lim, Claudio Nessi, Anne-Mari Paster, Otello Stampacchia | May 20, 2019 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 34 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 |
|---|---|---|---|---|
| LFSC · RBB Fund, Inc. | 3.12% | 231,602 NS | May 31, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 1.54% | 14,451 NS | April 30, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.14% | 152,167 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.70% | 169,047 SH | Aug. 8, 2026 | Daily |
| IHE · iShares Trust | 0.48% | 421,149 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.18% | 7,729 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.14% | 148,479 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.13% | 680,175 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.12% | 965,282 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.12% | 114,901 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.09% | 4,742 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.07% | 37,042 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.06% | 100,384 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.06% | 2,708,707 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 616,796 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.04% | 41,397 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 554,292 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 5,335 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.03% | 4,499 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.03% | 287,822 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 18,627 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,352,952 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 3,519 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 40,477 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 3,558 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 5,160 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,851 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 89 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 41,948 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 152,449 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 24,494 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 59,480 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,048,595 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 8,874 SH | Aug. 8, 2026 | Daily |