TSHA Taysha Gene Therapies, Inc. - Common Stock
$6.41
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026
52W Range
$3–$7
81% of range
Analyst Rating
BUY
18 analysts
Price Target
$13
+108% upside
P/E (TTM)
-19.0
ROE
-44.0%
Net Profit Margin
-1115.3%
TSHA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.41
Market Cap
$1.84B
P/E (TTM)
-19.0
EPS (TTM)
$-0.34
Revenue (TTM)
$10M
Div Yield
—
ROE
-44.0%
Debt/Equity
0.2
52W Range
$3 – $7
TSHA 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
$10M
2022-12-31
→
2025-12-31
EPS
$-0.34
2021-12-31
→
2025-12-31
Free Cash Flow
$-94M
2020-12-31
→
2025-12-31
Margins
-1115.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TSHA
Peer Median
P/E (TTM)
-19.0
27.2
P/S (TTM)
188.4
25.4
P/B
7.5
5.1
EV / EBITDA
-14.2
—
Price / FCF
-19.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TSHA
Peer Median
Operating Margin
-1130.7%
—
Net Profit Margin
-1115.3%
-473.7%
ROA
-43.3%
-40.2%
ROE
-44.0%
-50.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TSHA
Peer Median
Debt / Equity
0.2
—
Current Ratio
12.2
9.0
Quick Ratio
12.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TSHA
Peer Median
Revenue YoY
17.3%
—
Revenue CAGR 3Y
57.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TSHA
Peer Median
TSHA 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
12 analysts · 2026-08-16
Median
$12.50
Mean
$13.33
← Below all targets
$6.41
Low
$10.00
High
$19.00
Median target
$12.50
+95.0%
Mean target
$13.33
+108.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.13 | $-0.12 | -0.01% |
| March 31, 2026 | $-0.12 | $-0.10 | -0.02% |
| Dec. 31, 2025 | $-0.08 | $-0.10 | 0.02% |
| Sept. 30, 2025 | $-0.09 | $-0.09 | 0.00% |
| June 30, 2025 | $-0.09 | $-0.08 | -0.01% |
| March 31, 2025 | $-0.08 | $-0.09 | 0.01% |
| Dec. 31, 2024 | $-0.07 | $-0.08 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TSHA | $1.57B | -16.2 | 17.3% | -1115.3% | -44.0% | — |
| ADMA | $4.34B | 30.4 | 19.6% | 28.8% | 33.6% | 57.4% |
| VRDN | $3.17B | -7.7 | 23359.9% | -483.6% | -55.4% | — |
| STOK | $1.87B | -264.5 | 404.5% | -3.7% | -2.0% | — |
| ZBIO | $1.98B | -4.3 | 100.0% | -3777.4% | -156.8% | — |
| AGIO | $1.59B | -3.8 | 48.0% | -764.0% | -32.2% | — |
| GENB | — | — | — | — | — | — |
| DMRA | — | — | 38.3% | -17981.1% | -167.0% | — |
| SRPT | $2.26B | -3.0 | 15.6% | -32.5% | -57.1% | — |
| SNDX | $1.84B | -6.4 | 627.8% | -165.6% | -257.1% | — |
| ANAB | — | -105.4 | 157.0% | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $10M | $8M | $15M | $3M | |
| R&D Expense | $86M | $66M | $57M | $91M | |
| SG&A Expense | $34M | $29M | $30M | $37M | |
| Operating Expenses | $120M | $100M | $88M | $165M | |
| Operating Income | $-110M | $-91M | $-72M | $-162M | |
| Interest Expense | · | · | $5M | $4M | |
| Interest Income | $9M | $7M | $4M | · | |
| Other Non-op | $-291.0K | $-110.0K | $-47.0K | $-18.0K | |
| Income Tax | $0 | $0 | $0 | $0 | |
| Net Income | $-109M | $-89M | $-112M | $-166M | |
| EPS (Basic) | $-0.34 | $-0.36 | $-0.96 | $-3.78 | |
| EPS (Diluted) | $-0.34 | $-0.36 | $-0.96 | $-3.78 | |
| Shares (Basic) | 319,711,972 | 250,134,421 | 116,121,482 | 43,952,015 | |
| Shares (Diluted) | 319,711,972 | 250,134,421 | 116,121,482 | 43,952,015 | |
| EBITDA | $-110M | $-91M | $-72M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $320M | $139M | $144M | $88M | |
| Prepaid Expense | $4M | $3M | $3M | $9M | |
| Other Current Assets | $802.0K | $308.0K | $292.0K | $466.0K | |
| Current Assets | $325M | $142M | $150M | $96M | |
| PP&E (Net) | $7M | $7M | $11M | $15M | |
| PP&E (Gross) | $11M | $11M | $14M | $17M | |
| Accum. Depreciation | $5M | $4M | $3M | $2M | |
| Other Non-current Assets | $183.0K | $217.0K | $304.0K | $1M | |
| Total Assets | $343M | $160M | $173M | $126M | |
| Accounts Payable | $6M | $4M | $6M | $11M | |
| Current Liabilities | $27M | $26M | $37M | $63M | |
| Capital Leases | $18M | $17M | $19M | $20M | |
| Other Non-current Liabilities | $2M | $1M | $2M | $4M | |
| Total Liabilities | $96M | $89M | $98M | $125M | |
| Long-term Debt | · | · | · | $38M | |
| Total Debt | $50M | $44M | $41M | · | |
| Common Stock | $3.0K | $2.0K | $2.0K | $1.0K | |
| Paid-in Capital | $958M | $678M | $588M | $402M | |
| Retained Earnings | $-711M | $-602M | $-513M | $-401M | |
| AOCI | $-192.0K | $-4M | · | · | |
| Stockholders' Equity | $247M | $72M | $75M | $949.0K | |
| Liabilities + Equity | $343M | $160M | $173M | $126M | |
| Shares Outstanding | 285,051,648 | 204,943,306 | 186,960,193 | 63,207,507 |
Cash Flow 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Stock-based Comp | $13M | $13M | $8M | $18M | |
| Operating Cash Flow | $-93M | $-81M | $-73M | $-88M | |
| CapEx | $738.0K | $374.0K | $4M | $21M | |
| Investing Cash Flow | $-604.0K | $-363.0K | $-7M | $-25M | |
| Stock Issued | · | · | $500.0K | · | |
| Financing Cash Flow | $275M | $77M | $136M | $52M | |
| Net Change in Cash | $181M | $-5M | $56M | $-61M | |
| Free Cash Flow | $-94M | $-82M | $-77M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | -1130.7% | -1097.5% | -468.8% | · | |
| Net Margin | -1115.3% | -1071.6% | -722.1% | · | |
| EBITDA Margin | -1130.7% | -1097.5% | -468.8% | · | |
| ROA | -43.3% | -53.6% | -74.6% | · | |
| ROE | -44.0% | -111.4% | -864.1% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 12.2 | 5.4 | 4.1 | · | |
| Quick Ratio | 12.0 | 5.3 | 3.9 | · | |
| Debt / Equity | 0.2 | 0.6 | 0.5 | · | |
| LT Debt / Equity | 0.2 | 0.6 | 0.5 | · | |
| Interest Coverage | · | · | -14.5 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.1 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 17.3% | -46.1% | 517.6% | · | |
| Revenue CAGR 3Y | 57.5% | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $10M | $8M | $15M | $3M | |
| Net Income TTM | $-109M | $-89M | $-112M | $-166M | |
| Market Cap | $1.57B | $355M | $331M | · | |
| Enterprise Value | $1.30B | $259M | $227M | · | |
| P/E | -16.2 | -4.8 | -1.8 | -0.6 | |
| P/S | 160.4 | 42.5 | 21.4 | · | |
| P/B | 6.3 | 5.0 | 4.4 | · | |
| P / Tangible Book | 6.3 | 5.0 | 4.4 | 150.5 | |
| P / Cash Flow | -16.8 | -4.4 | -4.5 | · | |
| P / FCF | -16.7 | -4.3 | -4.3 | · | |
| EV / EBITDA | -11.7 | -2.8 | -3.1 | · | |
| EV / FCF | -13.8 | -3.2 | -3.0 | · | |
| EV / Revenue | 132.8 | 31.1 | 14.7 | · | |
| Earnings Yield | -6.2% | -20.8% | -54.2% | -167.3% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $5M | $0 | $2M | $2M | $2M | $2M | $1M | $3M | $4M | $5M | $2M | $5M | |
| R&D Expense | $39M | $34M | $25M | $26M | $20M | $16M | $15M | $15M | $15M | $21M | $13M | $12M | $20M | $13M | |
| SG&A Expense | $12M | $10M | $9M | $8M | $9M | $8M | $7M | $8M | $7M | $7M | $7M | $9M | $6M | $9M | |
| Operating Expenses | $47M | $43M | $34M | $34M | $29M | $24M | $22M | $28M | $22M | $28M | $20M | $21M | $26M | $21M | |
| Operating Income | $-47M | $-43M | $-28M | $-34M | $-27M | $-21M | $-20M | $-26M | $-21M | $-24M | $-16M | $-16M | $-23M | $-17M | |
| Interest Expense | · | · | · | · | · | · | · | · | $27.0K | $29.0K | · | $1M | $1M | $1M | |
| Interest Income | $2M | $3M | $3M | $3M | $2M | $1M | $2M | $2M | $1M | $2M | $2M | $1M | · | · | |
| Other Non-op | $-88.0K | $-31.0K | $-30.0K | $-37.0K | $-237.0K | $13.0K | $-66.0K | $-81.0K | $42.0K | $-5.0K | $-23.0K | $-19.0K | $3.0K | $-8.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | |
| Net Income | $-47M | $-42M | $-28M | $-33M | $-27M | $-22M | $-19M | $-26M | $-21M | $-24M | $48M | $-117M | $-25M | $-18M | |
| EPS (Basic) | $-0.13 | $-0.12 | $-0.08 | $-0.09 | $-0.09 | $-0.08 | $-0.07 | $-0.10 | $-0.09 | $-0.10 | $0.63 | $-0.93 | $-0.38 | $-0.28 | |
| EPS (Diluted) | $-0.13 | $-0.12 | $-0.08 | $-0.09 | $-0.09 | $-0.08 | $-0.07 | $-0.10 | $-0.09 | $-0.10 | $0.63 | $-0.93 | $-0.38 | $-0.28 | |
| Shares (Basic) | 369,044,040 | 366,632,827 | -600,892,861 | 353,309,524 | 297,988,978 | 269,306,331 | -481,760,521 | 267,824,045 | 232,821,553 | 231,249,344 | -137,084,753 | 125,700,799 | 64,244,531 | 63,260,905 | |
| Shares (Diluted) | 369,044,040 | 366,632,827 | -600,892,861 | 353,309,524 | 297,988,978 | 269,306,331 | -481,760,521 | 267,824,045 | 232,821,553 | 231,249,344 | -137,084,753 | 125,700,799 | 64,244,531 | 63,260,905 | |
| EBITDA | $-47M | $-43M | · | $-34M | $-27M | $-21M | · | $-26M | $-21M | $-24M | · | $-16M | $-23M | $-17M |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $455M | $277M | $320M | $297M | $313M | $117M | $139M | $158M | $173M | $124M | $144M | $164M | $45M | $63M | |
| Prepaid Expense | $6M | $5M | $4M | $2M | $3M | $4M | $3M | $3M | $3M | $4M | $3M | $6M | $9M | $9M | |
| Other Current Assets | $851.0K | $1M | $802.0K | $456.0K | $657.0K | $536.0K | $308.0K | $465.0K | $206.0K | $149.0K | $292.0K | $404.0K | $510.0K | $532.0K | |
| Current Assets | $461M | $282M | $325M | $300M | $316M | $121M | $142M | $162M | $178M | $131M | $150M | $172M | $54M | $72M | |
| PP&E (Net) | $2M | $6M | $7M | $7M | $7M | $7M | $7M | $8M | $11M | $11M | $11M | $11M | $14M | $15M | |
| PP&E (Gross) | $8M | $11M | $11M | $11M | $11M | $11M | $11M | $12M | $14M | $14M | $14M | $14M | $16M | $17M | |
| Accum. Depreciation | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $2M | $2M | |
| Other Non-current Assets | $106.0K | $181.0K | $183.0K | $184.0K | $186.0K | $188.0K | $217.0K | $220.0K | $288.0K | $304.0K | $304.0K | $304.0K | $304.0K | $1M | |
| Total Assets | $470M | $300M | $343M | $317M | $333M | $138M | $160M | $180M | $200M | $153M | $173M | $196M | $82M | $102M | |
| Accounts Payable | $9M | $5M | $6M | $5M | $8M | $4M | $4M | $5M | $9M | $10M | $6M | $8M | $11M | $9M | |
| Current Liabilities | $26M | $20M | $27M | $29M | $25M | $23M | $26M | $29M | $34M | $39M | $37M | $180M | $51M | $54M | |
| Capital Leases | $6M | $18M | $18M | $17M | $17M | $17M | $17M | $18M | $18M | $18M | $19M | $19M | $20M | $20M | |
| Other Non-current Liabilities | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $4M | $4M | $4M | |
| Total Liabilities | $83M | $88M | $96M | $98M | $85M | $83M | $89M | $91M | $92M | $99M | $98M | $245M | $119M | $117M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | $38M | $38M | |
| Total Debt | $49M | $49M | · | $51M | $41M | $42M | · | $43M | $38M | $41M | · | $39M | $38M | $38M | |
| Common Stock | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | $1.0K | |
| Paid-in Capital | $1.19B | $965M | $958M | $904M | $900M | $681M | $678M | $675M | $664M | $591M | $588M | $512M | $407M | $404M | |
| Retained Earnings | $-800M | $-754M | $-711M | $-683M | $-651M | $-624M | $-602M | $-584M | $-558M | $-537M | $-513M | $-561M | $-444M | $-419M | |
| AOCI | $769.0K | $985.0K | $-192.0K | $-1M | $-699.0K | $-2M | $-4M | $-2M | $2M | $-251.0K | · | · | · | · | |
| Stockholders' Equity | $387M | $212M | $247M | $219M | $249M | $55M | $72M | $89M | $109M | $54M | $75M | $-49M | $-37M | $-15M | |
| Liabilities + Equity | $470M | $300M | $343M | $317M | $333M | $138M | $160M | $180M | $200M | $153M | $173M | $196M | $82M | $102M | |
| Shares Outstanding | 325,302,280 | 287,276,885 | 285,051,648 | 273,915,373 | 272,730,060 | 205,054,570 | 204,943,306 | 204,943,306 | 201,381,450 | 187,018,275 | 186,960,193 | 186,960,193 | 64,432,637 | 63,473,349 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $6M | $6M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | |
| Operating Cash Flow | $-40M | $-41M | $-27M | $-24M | $-20M | $-22M | $-18M | $-22M | $-22M | $-20M | $-16M | $-18M | $-19M | $-20M | |
| CapEx | $-1.0K | $24.0K | $250.0K | $108.0K | $2.0K | $378.0K | $-2.0K | $35.0K | $201.0K | $140.0K | $17.0K | $0 | $-48.0K | $4M | |
| Investing Cash Flow | $1.0K | $-3M | $-247.0K | $-48.0K | $62.0K | $-371.0K | $13.0K | $-35.0K | $-201.0K | $-140.0K | $-10.0K | $-3M | $48.0K | $-4M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | |
| Financing Cash Flow | $217M | $711.0K | $50M | $9M | $216M | $-52.0K | $-357.0K | $7M | $70M | $-22.0K | $-4M | $141M | $377.0K | $-370.0K | |
| Net Change in Cash | $176M | $-43M | $23M | $-15M | $196M | $-22M | $-19M | $-15M | $49M | $-20M | $-20M | $119M | $-18M | $-24M | |
| Free Cash Flow | · | $-41M | · | · | · | · | · | · | · | $-20M | · | · | · | $-24M |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | -1347.1% | -930.5% | · | -1448.4% | -1915.4% | -713.3% | · | -342.4% | -976.4% | -351.9% | |
| Net Margin | · | · | · | · | -1353.6% | -935.2% | · | -1427.5% | -1882.0% | -705.4% | · | -2467.1% | -1027.1% | -374.5% | |
| EBITDA Margin | · | · | · | · | -1347.1% | -930.5% | · | -1448.4% | -1915.4% | -713.3% | · | -342.4% | -976.4% | -351.9% | |
| ROA | -11.6% | -19.3% | · | -13.2% | -10.1% | -14.8% | · | -13.6% | -14.8% | -18.9% | · | -76.2% | -22.0% | -13.2% | |
| ROE | -14.7% | -31.8% | · | -21.3% | -15.0% | -39.5% | · | -128.6% | -58.3% | -123.7% | · | 616.4% | 1117.1% | -98.5% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 17.8 | 14.0 | · | 10.5 | 12.5 | 5.4 | · | 5.5 | 5.2 | 3.4 | · | 1.0 | 1.1 | 1.3 | |
| Quick Ratio | 17.5 | 13.8 | · | 10.4 | 12.3 | 5.2 | · | 5.4 | 5.1 | 3.2 | · | 0.9 | 0.9 | 1.2 | |
| Debt / Equity | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.8 | · | 0.5 | 0.3 | 0.8 | · | -0.8 | -1.0 | -2.6 | |
| LT Debt / Equity | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.8 | · | 0.5 | 0.3 | 0.8 | · | -0.8 | -1.0 | -2.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -788.9 | -839.0 | · | -11.0 | -16.2 | -12.1 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2M | $4M | · | $6M | $7M | $9M | · | $11M | $12M | $15M | · | · | · | · | |
| Net Income TTM | $-149M | $-124M | · | $-107M | $-95M | $-92M | · | $-188M | $-187M | $-183M | · | $-186M | $-103M | $-129M | |
| Market Cap | $2.22B | $1.28B | · | $896M | $630M | $285M | · | $412M | $451M | $537M | · | $591M | $43M | $51M | |
| Enterprise Value | $1.81B | $1.06B | · | $649M | $358M | $211M | · | $297M | $316M | $453M | · | $465M | $36M | $25M | |
| P/E | -15.8 | -11.8 | · | -9.1 | -6.4 | -3.8 | · | -1.6 | -1.5 | -1.7 | · | -1.4 | -0.3 | -0.3 | |
| P/S | 1115.5 | 299.5 | · | 147.4 | 87.6 | 33.1 | · | 37.3 | 38.7 | 35.2 | · | · | · | · | |
| P/B | 5.7 | 6.1 | · | 4.1 | 2.5 | 5.2 | · | 4.6 | 4.1 | 10.0 | · | -12.0 | -1.1 | -3.4 | |
| P / Tangible Book | 5.7 | 6.1 | · | 4.1 | 2.5 | 5.2 | · | 4.6 | 4.1 | 10.0 | · | · | · | · | |
| P / Cash Flow | · | -31.4 | · | · | · | -12.9 | · | · | · | -27.1 | · | · | · | -2.5 | |
| P / FCF | · | -31.4 | · | · | · | · | · | · | · | -26.9 | · | · | · | -2.1 | |
| EV / EBITDA | -38.2 | -24.3 | · | -19.1 | -13.4 | -9.8 | · | -11.5 | -14.8 | -18.6 | · | -28.6 | -1.5 | -1.5 | |
| EV / FCF | · | -25.8 | · | · | · | · | · | · | · | -22.7 | · | · | · | -1.1 | |
| EV / Revenue | 911.0 | 246.4 | · | 106.8 | 49.8 | 24.5 | · | 26.9 | 27.1 | 29.7 | · | · | · | · | |
| Earnings Yield | -6.3% | -8.5% | · | -11.0% | -15.6% | -26.6% | · | -60.7% | -67.0% | -58.9% | · | -70.9% | -326.8% | -388.5% |
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 | |
|---|---|---|---|---|---|
| Revenue | $10M | $8M | $15M | $3M | — |
| Operating Margin % | -1130.7% | -1097.5% | -468.8% | — | — |
| Net Income | $-109M | $-89M | $-112M | $-166M | $-175M |
| Diluted EPS | $-0.34 | $-0.36 | $-0.96 | $-3.78 | $-4.64 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.6 | 0.5 | — | 0.4 |
| Current Ratio | 12.2 | 5.4 | 4.1 | — | 3.1 |
| Quick Ratio | 12.0 | 5.3 | 3.9 | — | 2.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-94M | $-82M | $-77M | — | $-132M |
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Institutional owners (13F) 224 filers · $1.7B 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 |
|---|---|---|---|---|
| 48 (+20 vs prior Q) | 23 (-7 vs prior Q) | 90 (+26 vs prior Q) | 42 (-13 vs prior Q) | +44.7M |
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 |
|---|---|---|---|---|
| Avoro Capital Advisors LLC | $162,683,327 | 23,888,888 | 9.61% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $160,413,963 | 23,555,648 | 9.48% | Shares |
| Vestal Point Capital, LP | $132,216,150 | 19,415,000 | 7.81% | Shares |
| GOLDMAN SACHS GROUP INC | $92,490,887 | 13,581,628 | 5.46% | Shares |
| RTW INVESTMENTS, LP | $92,345,357 | 13,560,258 | 5.46% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $84,979,232 | 12,478,595 | 5.02% | Shares |
| STATE STREET CORP | $77,783,275 | 11,421,920 | 4.59% | Shares |
| Siren, L.L.C. | $67,055,203 | 9,846,579 | 3.96% | Shares |
| Octagon Capital Advisors LP | $66,010,992 | 9,693,244 | 3.90% | Shares |
| VANGUARD GROUP INC | $63,339,386 | 11,516,252 | 3.74% | Shares |
| FMR LLC | $53,647,634 | 7,877,773 | 3.17% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $38,279,203 | 5,619,701 | 2.26% | Shares |
| Polar Capital Holdings Plc | $34,847,676 | 5,117,133 | 2.06% | Shares |
| MPM BIOIMPACT LLC | $30,645,000 | 4,500,000 | 1.81% | Shares |
| BAKER BROS. ADVISORS LP | $27,272,388 | 4,004,756 | 1.61% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $26,460,262 | 3,885,501 | 1.56% | Shares |
| GordonMD Global Investments LP | $24,501,508 | 723,185 | 1.45% | Shares |
| Casdin Capital, LLC | $22,132,500 | 3,250,000 | 1.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $21,383,461 | 3,140,009 | 1.26% | Shares |
| ADAR1 Capital Management, LLC | $20,705,573 | 3,040,466 | 1.22% | Shares |
| Pictet Asset Management Holding SA | $18,868,474 | 2,770,701 | 1.11% | Shares |
| Aberdeen Group plc | $15,847,905 | 2,327,152 | 0.94% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $15,761,752 | 2,314,501 | 0.93% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $15,322,500 | 2,250,000 | 0.91% | Shares |
| NORGES BANK | $15,210,816 | 2,233,600 | 0.90% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $14,986,733 | 2,200,695 | 0.89% | Shares |
| MILLENNIUM MANAGEMENT LLC | $14,483,767 | 2,126,838 | 0.86% | Shares |
| ORBIMED ADVISORS LLC | $13,620,000 | 2,000,000 | 0.80% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $13,567,079 | 1,992,229 | 0.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,914,988 | 1,896,474 | 0.76% | Shares |
| B Group, Inc. | $12,261,786 | 1,800,556 | 0.72% | Shares |
| TYBOURNE CAPITAL MANAGEMENT (HK) LTD | $12,099,000 | 3,700,000 | 0.71% | Shares |
| Affinity Asset Advisors, LLC | $11,917,500 | 1,750,000 | 0.70% | Shares |
| BARCLAYS PLC | $11,020,670 | 1,618,307 | 0.65% | Shares |
| HEIGHTS CAPITAL MANAGEMENT, INC | $10,215,000 | 1,500,000 | 0.60% | Shares |
| Seven Fleet Capital Management LP | $9,940,323 | 1,504,400 | 0.59% | Shares |
| Palo Alto Investors LP | $9,475,311 | 1,391,382 | 0.56% | Shares |
| Granahan Investment Management, LLC | $8,888,255 | 1,305,177 | 0.53% | Shares |
| BANK OF AMERICA CORP /DE/ | $8,103,178 | 1,189,894 | 0.48% | Shares |
| CITADEL ADVISORS LLC | $7,471,292 | 1,097,106 | 0.44% | Shares |
| Quantum Private Wealth, LLC | $5,529,903 | 812,027 | 0.33% | Shares |
| FIRST TRUST ADVISORS LP | $5,387,860 | 791,169 | 0.32% | Shares |
| Sands Capital Alternatives, LLC | $4,936,385 | 724,873 | 0.29% | Shares |
| D. E. Shaw & Co., Inc. | $4,871,997 | 715,418 | 0.29% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,358,638 | 640,035 | 0.26% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $4,020,535 | 590,387 | 0.24% | Shares |
| AFFINITY WEALTH MANAGEMENT LLC | $3,928,062 | 576,808 | 0.23% | Shares |
| Squarepoint Ops LLC | $3,876,722 | 569,269 | 0.23% | Shares |
| ACUTA CAPITAL PARTNERS, LLC | $3,825,912 | 561,808 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,799,980 | 558,000 | 0.22% | Call option |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $3,765,930 | 553,000 | 0.22% | Shares |
| DIADEMA PARTNERS LP | $3,559,035 | 522,619 | 0.21% | Shares |
| Woodline Partners LP | $3,499,169 | 513,828 | 0.21% | Shares |
| Holocene Advisors, LP | $3,473,100 | 510,000 | 0.21% | Shares |
| Ghisallo Capital Management LLC | $3,439,050 | 505,000 | 0.20% | Shares |
| Burkehill Global Management, LP | $3,405,000 | 500,000 | 0.20% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $3,331,581 | 489,219 | 0.20% | Shares |
| Trexquant Investment LP | $2,584,919 | 379,577 | 0.15% | Shares |
| Swiss National Bank | $2,512,890 | 369,000 | 0.15% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $2,440,527 | 358,374 | 0.14% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,371,603 | 348,253 | 0.14% | Shares |
| Jefferies Financial Group Inc. | $2,239,128 | 328,800 | 0.13% | Shares |
| RHUMBLINE ADVISERS | $2,042,820 | 299,975 | 0.12% | Shares |
| CITIGROUP INC | $1,995,800 | 293,069 | 0.12% | Shares |
| ALPS ADVISORS INC | $1,978,598 | 290,543 | 0.12% | Shares |
| Ensign Peak Advisors, Inc | $1,790,322 | 262,896 | 0.11% | Shares |
| Qube Research & Technologies Ltd | $1,767,910 | 259,605 | 0.10% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $1,702,500 | 250,000 | 0.10% | Shares |
| Bank of New York Mellon Corp | $1,660,258 | 243,797 | 0.10% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,598,416 | 234,716 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $1,489,565 | 218,732 | 0.09% | Shares |
| ORACLE INVESTMENT MANAGEMENT INC | $1,457,500 | 265,000 | 0.09% | Shares |
| BlackRock, Inc. | $1,411,468 | 207,264 | 0.08% | Shares |
| Monashee Investment Management LLC | $1,362,000 | 200,000 | 0.08% | Shares |
| Privium Fund Management B.V. | $1,354,509 | 198,900 | 0.08% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,345,506 | 197,578 | 0.08% | Shares |
| Chicago Partners Investment Group LLC | $1,296,283 | 222,347 | 0.08% | Shares |
| Balyasny Asset Management L.P. | $1,289,351 | 189,332 | 0.08% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,205,976 | 177,089 | 0.07% | Shares |
| MORGAN STANLEY | $1,204,212 | 176,830 | 0.07% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,107,130 | 247,680 | 0.07% | Shares |
| WEXFORD CAPITAL LP | $1,094,054 | 160,654 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $1,054,045 | 154,779 | 0.06% | Shares |
| Rafferty Asset Management, LLC | $1,053,548 | 154,706 | 0.06% | Shares |
| Palumbo Wealth Management LLC | $1,015,869 | 149,173 | 0.06% | Shares |
| MetLife Investment Management, LLC | $959,161 | 140,846 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $911,321 | 133,821 | 0.05% | Shares |
| Persistent Asset Partners Ltd | $908,529 | 133,411 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $903,101 | 132,614 | 0.05% | Shares |
| Mariner, LLC | $793,923 | 116,582 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $783,150 | 115,000 | 0.05% | Call option |
| TWO SIGMA ADVISERS, LP | $767,696 | 139,581 | 0.05% | Shares |
| Aquatic Capital Management LLC | $736,896 | 108,208 | 0.04% | Shares |
| Engineers Gate Manager LP | $709,139 | 104,132 | 0.04% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $708,887 | 104,095 | 0.04% | Shares |
| XTX Topco Ltd | $689,138 | 101,195 | 0.04% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $669,736 | 98,346 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $663,294 | 97,400 | 0.04% | Put option |
| Invesco Ltd. | $650,055 | 95,456 | 0.04% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $612,091 | 136,933 | 0.04% | Shares |
Company insiders 11 insiders · 4 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Sean P. Nolan | Chief Executive Officer | Jan. 2, 2024 A | 1,185,858 | 0 | 0 | $0 |
| Kamran Alam | Chief Financial Officer | Jan. 2, 2024 A | 842,225 | 0 | 0 | $0 |
| Sukumar Nagendran | President and Head of R&D | Jan. 2, 2024 A | 897,843 | 0 | 0 | $0 |
| Suyash Prasad | CMO and Head of R&D | July 6, 2022 S | 530,589 | 0 | 0 | $0 |
| Alison S Long | Director | Nov. 1, 2023 A | — | 0 | 0 | $0 |
| John A Stalfort III | Director | Aug. 16, 2023 G | 1,049,381 | 0 | 0 | $0 |
| Phillip B. Donenberg | Director | Aug. 16, 2023 P | 114,111 | 0 | 0 | $0 |
| Kathleen Reape | Director | June 22, 2023 A | — | 0 | 0 | $0 |
| Laura Sepp-Lorenzino | Director | June 22, 2023 A | — | 0 | 0 | $0 |
| Paul B Manning | 10% owner | Nov. 17, 2023 P | 16,566,667 | 0 | 0 | $0 |
| R.A. Session II | 10% owner | July 13, 2023 S | 8,871,747 | 0 | 0 | $0 |
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 |
|---|---|---|---|---|---|
| Paul B Manning, The Paul B. Manning Revocable Trust dated May 10, 2000, The PBM 2023 Grantor Retained Annuity Trust, The PBM 2025 Grantor Retained Annuity Trust, BKB Growth Investments, LLC, BKB G2 Investments, LLC | June 3, 2025 | 9.80% | Amendment | — | SEC |
| Paul B. Manning, The Paul B. Manning Revocable Trust dated May 10, 2000, The PBM 2023 Grantor Retained Annuity Trust, BKB Growth Investments, LLC, BKB G2 Investments, LLC ×3 filings | Aug. 21, 2023 | — | Initial filing | — | SEC |
| Astellas Pharma Inc., Astellas US Holding, Inc., Astellas Gene Therapies, Inc. (f/k/a Audentes Therapeutics, Inc.) ×2 filings | Aug. 18, 2023 | — | Initial filing | — | SEC |
| RA Session II, RA Session II, as Trustee of the Session 2020 Annuity Trust I, RA Session II, as Trustee of the Session 2020 Annuity Trust II | Oct. 5, 2020 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 44 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 | 1.53% | 18,665 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 1.02% | 282,348 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.82% | 47,669 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.40% | 322,791 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.32% | 522,481 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.18% | 7,298 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.13% | 1,949,477 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.13% | 15,639 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.11% | 332,492 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.10% | 257,044 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.09% | 2,159,516 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.08% | 154,894 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.08% | 10,128 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.06% | 48,717 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.06% | 23,348 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 1,379,816 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 6,118,574 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.04% | 95,596 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.04% | 66,429 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 64,980 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.03% | 10,394 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 1,069,955 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 117,196 SH | Aug. 8, 2026 | Daily |
| TEXN · iShares Trust | 0.02% | 631 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.02% | 9,303 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 3,043,718 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 552,457 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 8,129 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 62,485 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 8,221 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 8,217 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 8,504 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 206 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 92,844 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 78,390 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 332,315 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 69,995 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 131,780 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 4,760 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 3,045 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 5,870 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 10,179 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 9,141,487 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 20,636 SH | Aug. 8, 2026 | Daily |