URGN UroGen Pharma Ltd. - Ordinary Shares
$49.53
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$16–$50
99% of range
Analyst Rating
STRONG BUY
14 analysts
Price Target
$60
+21% upside
P/E (TTM)
—
ROE
154.4%
Net Profit Margin
-139.8%
URGN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$49.53
Market Cap
$2.39B
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$110M
Div Yield
—
ROE
154.4%
Debt/Equity
-1.2
52W Range
$16 – $50
URGN 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
$110M
2016-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$-163M
2018-12-31
→
2025-12-31
Margins
-139.8%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
URGN
Peer Median
P/S (TTM)
21.8
6.2
P/B
-22.7
3.1
EV / EBITDA
-18.9
—
Price / FCF
-14.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
URGN
Peer Median
Gross Margin
88.7%
63.0%
Operating Margin
-113.7%
—
Net Profit Margin
-139.8%
-408.2%
ROA
-63.1%
-64.2%
ROE
154.4%
-102.0%
ROIC
-746.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
URGN
Peer Median
Debt / Equity
-1.2
4.1
Current Ratio
4.0
3.6
Quick Ratio
4.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
URGN
Peer Median
Revenue YoY
21.4%
—
Revenue CAGR 3Y
19.5%
—
Revenue CAGR 5Y
56.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
URGN
Peer Median
URGN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 6 42.9%
- Buy 6 42.9%
- Hold 2 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-18
Median
$59.00
Now
$49.53
Low
$48.00
High
$75.00
Median target
$59.00
+19.1%
Mean target
$60.00
+21.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.28 | $-0.29 | 0.01% |
| March 31, 2026 | $-0.47 | $-0.49 | 0.02% |
| Dec. 31, 2025 | $-0.54 | $-0.51 | -0.03% |
| Sept. 30, 2025 | $-0.69 | $-0.71 | 0.02% |
| June 30, 2025 | $-1.05 | $-0.85 | -0.20% |
| March 31, 2025 | $-0.92 | $-0.82 | -0.10% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| URGN | $1.13B | — | 21.4% | -139.8% | 154.4% | 88.7% |
| ENTX | $90M | 7.8 | -76.8% | -27235.7% | -75.4% | 0.00% |
| KMDA | — | — | — | — | — | — |
| CGEN | — | — | — | — | — | — |
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 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $110M | $90M | $83M | $64M | $48M | $12M | $18.0K | $1M | $8M | |
| Cost of Revenue | $12M | $9M | $9M | $8M | $5M | $1M | · | $2M | $600.0K | |
| Gross Profit | $97M | $82M | $73M | $57M | $43M | $11M | $18.0K | $-675.0K | $8M | |
| R&D Expense | $67M | $57M | $46M | $53M | $48M | $47M | $49M | $37M | $19M | |
| SG&A Expense | $155M | $121M | $93M | $83M | $88M | $90M | $60M | $40M | $9M | |
| Operating Expenses | · | · | · | · | · | · | $109M | $77M | $28M | |
| Operating Income | $-125M | $-97M | $-66M | $-79M | $-92M | $-127M | $-109M | $-77M | $-20M | |
| Interest Income | $6M | $9M | $3M | $938.0K | $365.0K | $2M | $5M | · | · | |
| Other Non-op | $-670.0K | $-229.0K | $838.0K | $72.0K | $-153.0K | · | $-284.0K | $-124.0K | $12.0K | |
| Pretax Income | $-153M | $-124M | $-98M | $-108M | $-109M | $-125M | $-105M | $-76M | $-20M | |
| Income Tax | $78.0K | $3M | $4M | $2M | $1M | $3M | · | $125.0K | $19.0K | |
| Net Income | $-153M | $-127M | $-102M | $-110M | $-111M | $-128M | $-105M | $-76M | $-20M | |
| EPS (Basic) | $-3.19 | $-2.96 | $-3.55 | $-4.81 | $-4.96 | · | · | · | · | |
| Shares (Basic) | 48,116,098 | 42,876,737 | 28,834,303 | 22,806,812 | 22,347,481 | · | · | · | · | |
| EBITDA | $-125M | · | · | · | $-91M | $-126M | $-109M | $-77M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $111M | $172M | $95M | $55M | $44M | $53M | $50M | $101M | $37M | |
| Short-term Investments | $49M | $111M | $56M | · | · | · | · | · | $36M | |
| Receivables | $33M | $20M | $15M | $13M | $12M | $7M | · | · | · | |
| Inventory | $16M | $9M | $6M | $4M | $5M | $2M | · | · | $316.0K | |
| Prepaid Expense | $15M | $9M | $10M | $11M | $7M | $3M | $1M | $672.0K | $958.0K | |
| Current Assets | $186M | $276M | $169M | $129M | $114M | $116M | $149M | $102M | $74M | |
| PP&E (Net) | $637.0K | $655.0K | $689.0K | $1M | $2M | $2M | $977.0K | $948.0K | $805.0K | |
| PP&E (Gross) | $5M | $5M | $5M | $4M | $4M | $3M | $2M | $2M | $1M | |
| Accum. Depreciation | $5M | $4M | $4M | $3M | $2M | $1M | $998.0K | $747.0K | $577.0K | |
| Other Non-current Assets | $5M | $589.0K | $2M | $3M | $1M | $66.0K | $264.0K | $317.0K | $244.0K | |
| Total Assets | $200M | $286M | $178M | $136M | $120M | $122M | $202M | $104M | $76M | |
| Accounts Payable | $12M | $11M | $7M | $6M | $6M | $3M | $5M | $4M | $3M | |
| Current Liabilities | $46M | $46M | $31M | $24M | $22M | $21M | $19M | $13M | $7M | |
| Capital Leases | $3M | $58.0K | $0 | $2M | $398.0K | $1M | $3M | · | · | |
| Total Liabilities | $306M | $295M | $244M | $225M | $111M | $26M | $22M | $13M | $7M | |
| Long-term Debt | $125M | · | · | · | · | · | · | · | · | |
| Total Debt | $122M | · | · | · | · | · | · | · | · | |
| Common Stock | $133.0K | $115.0K | $89.0K | $63.0K | $61.0K | $60.0K | $57.0K | $44.0K | $37.0K | |
| Paid-in Capital | · | · | · | · | · | · | · | $213M | $116M | |
| Retained Earnings | $-960M | $-806M | $-679M | $-577M | $-467M | $-357M | $-228M | $-123M | $-47M | |
| AOCI | $19.0K | $56.0K | $12.0K | $-107.0K | $-25.0K | $271.0K | $276.0K | · | · | |
| Stockholders' Equity | $-105M | $-9M | $-65M | $-89M | $8M | $96M | $180M | $90M | $69M | |
| Liabilities + Equity | $200M | $286M | $178M | $136M | $120M | $122M | $202M | $104M | $76M | |
| Shares Outstanding | 48,350,272 | 42,231,746 | 32,490,119 | 23,129,953 | 22,462,995 | 22,167,791 | 21,026,184 | 16,214,883 | 13,751,390 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $307.0K | $329.0K | $802.0K | $924.0K | $831.0K | $416.0K | $300.0K | $400.0K | $200.0K | |
| Stock-based Comp | $12M | $13M | $9M | $11M | $23M | $28M | $30M | $31M | $6M | |
| Other Non-cash | $-21M | · | · | · | $2M | $-6M | $4M | $7M | · | |
| Operating Cash Flow | $-162M | $-97M | $-76M | $-88M | $-85M | $-106M | $-71M | $-37M | $-10M | |
| CapEx | $289.0K | $295.0K | $194.0K | $254.0K | $752.0K | $1M | $325.0K | $560.0K | $271.0K | |
| Investing Cash Flow | $62M | $-21M | $-953.0K | $1M | $4M | $93M | $-146M | $35M | $-36M | |
| Debt Issued | $0 | $24M | $0 | $96M | $0 | · | · | · | · | |
| Net Debt Issued | $0 | · | · | · | · | · | · | · | · | |
| Stock Issued | $40M | $151M | $67M | $0 | $0 | $16M | $162M | $64M | $61M | |
| Net Stock Activity | $40M | · | · | · | $0 | $16M | $162M | $64M | · | |
| Financing Cash Flow | $40M | $195M | $117M | $97M | $72M | $17M | $165M | $66M | $62M | |
| Net Change in Cash | $-61M | $77M | $40M | $11M | $-9M | $4M | $-51M | $64M | $16M | |
| Taxes Paid | $3M | $2M | · | · | · | · | · | · | · | |
| Free Cash Flow | $-163M | · | · | · | $-86M | $-107M | $-71M | $-38M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.7% | · | · | · | 89.3% | 91.5% | 100.0% | -59.8% | · | |
| Operating Margin | -113.7% | · | · | · | -192.1% | -1074.2% | -608211.1% | -6842.2% | · | |
| Net Margin | -139.8% | · | · | · | -230.7% | -1088.9% | -584144.4% | -6707.2% | · | |
| Pretax Margin | -139.7% | · | · | · | -227.7% | -1060.3% | -584144.4% | -6696.1% | · | |
| EBITDA Margin | -113.5% | · | · | · | -190.4% | -1070.8% | -606544.4% | -6806.7% | · | |
| ROA | -63.1% | · | · | · | -91.7% | -79.2% | -68.7% | -84.5% | · | |
| ROE | 154.4% | · | · | · | -554.8% | -118.5% | -53.8% | -78.1% | · | |
| ROIC | -746.5% | · | · | · | -1111.6% | -135.1% | · | -85.8% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.0 | · | · | · | 5.1 | 5.4 | 7.6 | 7.6 | · | |
| Quick Ratio | 4.2 | · | · | · | 2.5 | 2.8 | 2.6 | 7.5 | · | |
| Debt / Equity | -1.2 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | -1.2 | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | · | · | · | 0.4 | 0.1 | 0.0 | 0.0 | · | |
| Inventory Turnover | 1.0 | · | · | · | 1.5 | 0.9 | · | · | · | |
| Receivables Turnover | 4.1 | · | · | · | 5.1 | 3.3 | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 21.4% | 9.3% | 28.5% | 34.0% | 307.2% | · | · | · | · | |
| Revenue CAGR 3Y | 19.5% | 23.5% | 91.4% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 56.2% | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $110M | $90M | $83M | $64M | $48M | $12M | $18.0K | $1M | · | |
| Net Income TTM | $-153M | $-127M | $-102M | $-110M | $-111M | $-128M | $-105M | $-76M | · | |
| Market Cap | $1.13B | · | · | · | $214M | $399M | $702M | $698M | · | |
| Enterprise Value | $1.09B | · | · | · | · | · | · | · | · | |
| P/S | 10.3 | · | · | · | 4.4 | 33.9 | 38980.2 | 619.0 | · | |
| P/B | -10.7 | · | · | · | 25.4 | 4.1 | 3.9 | 7.7 | · | |
| P / Tangible Book | · | · | · | · | 25.4 | 4.1 | · | · | · | |
| P / Cash Flow | -7.0 | · | · | · | -2.5 | -3.8 | -9.9 | -18.7 | · | |
| P / FCF | -7.0 | · | · | · | -2.5 | -3.7 | -9.8 | -18.4 | · | |
| EV / EBITDA | -8.8 | · | · | · | · | · | · | · | · | |
| EV / FCF | -6.7 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 10.0 | · | · | · | · | · | · | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $72M | $51M | $38M | $27M | $24M | $20M | $25M | $25M | $22M | $19M | $24M | $21M | $21M | $17M | $18M | $16M | |
| Cost of Revenue | $7M | $4M | $3M | $3M | $4M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Gross Profit | $66M | $47M | $35M | $24M | $21M | $18M | $22M | $23M | $20M | $17M | $21M | $18M | $19M | $15M | $16M | $14M | |
| R&D Expense | $17M | $16M | $14M | $14M | $19M | $20M | $15M | $11M | $15M | $15M | $11M | $10M | $12M | $12M | $14M | $13M | |
| SG&A Expense | $48M | $51M | $39M | $38M | $43M | $35M | $35M | $29M | $30M | $27M | $25M | $22M | $22M | $24M | $22M | $19M | |
| Operating Income | $111.0K | $-20M | $-19M | $-27M | $-41M | $-37M | $-28M | $-18M | $-26M | $-26M | $-15M | $-14M | $-15M | $-22M | $-20M | $-18M | |
| Interest Income | $946.0K | $931.0K | $908.0K | $1M | $2M | $2M | $3M | $3M | $2M | $2M | $726.0K | $835.0K | $435.0K | $645.0K | $469.0K | $441.0K | |
| Other Non-op | $-347.0K | $-323.0K | $-5.0K | $-197.0K | $-378.0K | $-90.0K | $-62.0K | $-158.0K | $174.0K | $-183.0K | $812.0K | $71.0K | $-30.0K | $-15.0K | $-63.0K | $37.0K | |
| Pretax Income | $-9M | $-28M | $-27M | $-34M | $-49M | $-43M | $-35M | $-24M | $-33M | $-32M | $-22M | $-22M | $-24M | $-30M | $-28M | $-25M | |
| Income Tax | $6M | $-5M | $-275.0K | $-1M | $1M | $392.0K | $3M | $91.0K | $38.0K | $54.0K | $4M | $-9.0K | $54.0K | $21.0K | $689.0K | $709.0K | |
| Net Income | $-14M | $-24M | $-26M | $-33M | $-50M | $-44M | $-38M | $-24M | $-33M | $-32M | $-26M | $-22M | $-24M | $-30M | $-29M | $-26M | |
| EPS (Basic) | $-0.28 | $-0.47 | $-0.53 | $-0.69 | $-1.05 | $-0.92 | $-0.76 | $-0.51 | $-0.82 | $-0.87 | $-0.72 | $-0.68 | $-1.03 | $-1.30 | $-1.25 | $-1.13 | |
| Shares (Basic) | 50,380,112 | 50,182,758 | -95,103,223 | 48,057,386 | 47,739,816 | 47,422,119 | -81,463,401 | 46,779,637 | 40,501,315 | 37,059,186 | 36,153,634 | 32,298,182 | 23,462,016 | 23,279,951 | -45,326,532 | 22,798,263 | |
| EBITDA | $211.0K | $-20M | · | $-27M | $-41M | $-37M | · | $-17M | $-26M | $-26M | · | $-13M | $-15M | $-22M | · | $-18M |
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 | $79M | $110M | $111M | $90M | $93M | $104M | $172M | $125M | $220M | $131M | $95M | $119M | $20M | $37M | $55M | $29M | |
| Short-term Investments | $30M | $40M | $49M | $64M | $83M | $112M | $111M | $154M | $52M | $52M | $56M | $55M | $36M | $39M | · | · | |
| Receivables | $89M | $55M | $33M | $20M | $20M | $20M | $20M | $23M | $17M | $14M | $15M | $13M | $16M | $12M | $13M | $9M | |
| Inventory | $25M | $21M | $16M | $8M | $7M | $8M | $9M | $8M | $7M | $7M | $6M | $5M | $5M | $5M | $4M | $5M | |
| Prepaid Expense | $13M | $20M | $15M | $12M | $12M | $13M | $9M | $14M | $12M | $10M | $10M | $16M | $13M | $12M | $11M | $11M | |
| Current Assets | $235M | $237M | $186M | $169M | $197M | $237M | $276M | $295M | $279M | $197M | $169M | $182M | $81M | $96M | $129M | $122M | |
| PP&E (Net) | $597.0K | $616.0K | $637.0K | $695.0K | $688.0K | $627.0K | $655.0K | $608.0K | $580.0K | $566.0K | $689.0K | $823.0K | $910.0K | $1M | $1M | $2M | |
| PP&E (Gross) | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | |
| Accum. Depreciation | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | |
| Other Non-current Assets | $9M | $7M | $5M | $7M | $801.0K | $371.0K | $589.0K | $370.0K | $673.0K | $1M | $2M | $2M | $3M | $3M | $3M | $2M | |
| Total Assets | $253M | $254M | $200M | $185M | $209M | $248M | $286M | $302M | $282M | $201M | $178M | $194M | $95M | $113M | $136M | $128M | |
| Accounts Payable | $15M | $17M | $12M | $10M | $14M | $15M | $11M | $6M | $8M | $6M | $7M | $4M | $5M | $7M | $6M | $3M | |
| Current Liabilities | $62M | $51M | $46M | $42M | $48M | $42M | $46M | $33M | $34M | $26M | $31M | $26M | $27M | $25M | $24M | $19M | |
| Capital Leases | $2M | $2M | $3M | $3M | $552.0K | $3.0K | $58.0K | $212.0K | $425.0K | $637.0K | $0 | $1M | $1M | $1M | $2M | $2M | |
| Total Liabilities | $385M | $378M | $306M | $300M | $302M | $294M | $295M | $276M | $252M | $241M | $244M | $236M | $234M | $230M | $225M | $192M | |
| Long-term Debt | $200M | $200M | $125M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Debt | $189M | $190M | · | $122M | $123M | $122M | · | $122M | $98M | $98M | · | $99M | $98M | $98M | · | $72M | |
| Common Stock | $135.0K | $134.0K | $133.0K | $128.0K | $126.0K | $126.0K | $115.0K | $115.0K | $112.0K | $99.0K | $89.0K | $84.0K | $64.0K | $64.0K | $63.0K | $63.0K | |
| Retained Earnings | $-998M | $-983M | $-960M | $-933M | $-900M | $-850M | $-806M | $-769M | $-745M | $-712M | $-679M | $-653M | $-631M | $-607M | $-577M | $-548M | |
| AOCI | $-2.0K | $8.0K | $19.0K | $23.0K | $6.0K | $14.0K | $56.0K | $236.0K | $-31.0K | $-37.0K | $12.0K | $-134.0K | $-154.0K | $-45.0K | $-107.0K | $-155.0K | |
| Stockholders' Equity | $-132M | $-124M | $-105M | $-115M | $-93M | $-46M | $-9M | $26M | $30M | $-40M | $-65M | $-42M | $-138M | $-117M | $-89M | $-63M | |
| Liabilities + Equity | $253M | $254M | $200M | $185M | $209M | $248M | $286M | $302M | $282M | $201M | $178M | $194M | $95M | $113M | $136M | $128M | |
| Shares Outstanding | 48,869,530 | 48,708,280 | 48,350,272 | 46,781,211 | 46,199,134 | 46,101,785 | 42,231,746 | 42,190,815 | 41,169,954 | 36,127,687 | 32,490,119 | 30,854,778 | 23,498,617 | 23,440,521 | 23,129,953 | 23,011,324 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $100.0K | $75.0K | $35.0K | $100.0K | $100.0K | $72.0K | $6.0K | $100.0K | $100.0K | $123.0K | $185.0K | $200.0K | $200.0K | $217.0K | $309.0K | $200.0K | |
| Stock-based Comp | $5M | $5M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | $-26M | · | · | · | $-1M | · | · | · | $-2M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-33M | $-45M | $-38M | $-42M | $-40M | $-42M | $-14M | $-28M | $-24M | $-32M | $-13M | $-17M | $-20M | $-26M | $-22M | $-18M | |
| CapEx | $60.0K | $54.0K | $17.0K | $87.0K | $141.0K | $44.0K | $115.0K | $96.0K | $84.0K | $0 | $56.0K | $100.0K | $15.0K | $23.0K | $13.0K | $153.0K | |
| Investing Cash Flow | $2M | $-21M | $28M | $31M | $28M | $-26M | $61M | $-107M | $12M | $14M | $-11M | $401.0K | $4M | $6M | $23M | $-35M | |
| Debt Issued | $0 | $65M | $0 | $0 | $0 | $0 | $0 | · | · | · | $0 | $0 | $0 | $0 | $25M | $0 | |
| Net Debt Issued | · | $65M | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Stock Issued | · | $0 | $32M | $8M | $-4.0K | $4.0K | $0 | $15M | $82M | $55M | $0 | $67M | $0 | $0 | $0 | · | |
| Net Stock Activity | · | $0 | · | · | · | $4.0K | · | · | · | $55M | · | · | · | · | · | · | |
| Financing Cash Flow | $500.0K | $65M | $31M | $8M | $296.0K | $34.0K | $71.0K | $40M | $100M | $55M | $40.0K | $116M | $143.0K | $671.0K | $25M | $1M | |
| Net Change in Cash | $-31M | $-800.0K | $21M | $-3M | $-11M | $-68M | $47M | $-95M | $89M | $36M | $-24M | $99M | $-16M | $-19M | $27M | $-52M | |
| Free Cash Flow | · | $-45M | · | · | · | $-42M | · | · | · | $-32M | · | · | · | $-26M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.9% | 91.9% | · | 88.1% | 85.3% | 88.5% | · | 90.3% | 89.8% | 90.8% | · | 88.6% | 88.4% | 86.8% | · | 87.5% | |
| Operating Margin | 0.15% | -39.8% | · | -99.7% | -171.2% | -182.3% | · | -69.6% | -118.3% | -137.1% | · | -64.7% | -72.8% | -128.2% | · | -112.4% | |
| Net Margin | -19.8% | -46.3% | · | -121.3% | -206.2% | -216.5% | · | -93.9% | -152.9% | -171.9% | · | -104.9% | -114.2% | -175.7% | · | -160.5% | |
| Pretax Margin | -12.0% | -55.6% | · | -125.2% | -202.0% | -214.5% | · | -93.6% | -152.7% | -171.6% | · | -105.0% | -113.9% | -175.6% | · | -156.1% | |
| EBITDA Margin | 0.29% | -39.6% | · | -99.3% | -170.8% | -181.9% | · | -69.2% | -117.8% | -136.4% | · | -63.8% | -71.8% | -127.0% | · | -111.1% | |
| ROA | -6.2% | -9.4% | · | -13.7% | -20.4% | -19.6% | · | -9.6% | -17.7% | -20.6% | · | -13.6% | -20.0% | -21.7% | · | -19.6% | |
| ROE | 12.7% | 27.6% | · | 74.2% | 158.4% | 101.3% | · | 287.3% | 61.8% | 41.2% | · | 41.6% | 26.9% | 45.2% | · | 162.7% | |
| ROIC | 0.32% | -25.8% | · | -396.1% | -145.2% | -49.2% | · | -12.0% | -20.2% | -44.9% | · | -23.9% | 38.4% | 118.5% | · | -216.7% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.8 | 4.7 | · | 4.0 | 4.1 | 5.6 | · | 9.0 | 8.2 | 7.5 | · | 7.1 | 3.0 | 3.8 | · | 6.4 | |
| Quick Ratio | 3.2 | 4.1 | · | 4.1 | 4.1 | 5.6 | · | 9.2 | 8.5 | 7.5 | · | 7.3 | 2.7 | 3.5 | · | 2.0 | |
| Debt / Equity | -1.4 | -1.5 | · | -1.1 | -1.3 | -2.6 | · | 4.8 | 3.2 | -2.4 | · | -2.3 | -0.7 | -0.8 | · | -1.1 | |
| LT Debt / Equity | -1.4 | -1.5 | · | -1.1 | -1.3 | -2.6 | · | 4.8 | 3.2 | -2.4 | · | -2.3 | -0.7 | -0.8 | · | -1.1 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.4 | 0.3 | · | 0.4 | 0.5 | 0.3 | · | 0.4 | 0.4 | 0.3 | · | 0.5 | 0.5 | 0.4 | · | 0.5 | |
| Receivables Turnover | 1.3 | 1.4 | · | 1.3 | 1.3 | 1.2 | · | 1.4 | 1.3 | 1.4 | · | 1.9 | 1.6 | 1.6 | · | 1.9 |
Valuation (TTM) 12
| 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 | $175M | $123M | · | $97M | $94M | $92M | · | $89M | $85M | $84M | · | $75M | $71M | $63M | · | $58M | |
| Net Income TTM | $-121M | $-151M | · | $-165M | $-155M | $-138M | · | $-115M | $-114M | $-104M | · | $-102M | $-107M | $-111M | · | $-111M | |
| Market Cap | $1.80B | $876M | · | $933M | $633M | $510M | · | $536M | $691M | $542M | · | $432M | $243M | $217M | · | $191M | |
| Enterprise Value | $1.88B | $916M | · | $902M | $579M | $416M | · | $379M | $516M | $456M | · | $356M | $285M | $239M | · | $235M | |
| P/S | 10.3 | 7.1 | · | 9.7 | 6.7 | 5.5 | · | 6.0 | 8.1 | 6.4 | · | 5.7 | 3.4 | 3.4 | · | 3.3 | |
| P/B | -13.6 | -7.0 | · | -8.1 | -6.8 | -11.0 | · | 21.0 | 22.8 | -13.5 | · | -10.3 | -1.8 | -1.9 | · | -3.0 | |
| P / Tangible Book | · | · | · | · | · | · | · | 21.0 | 22.8 | · | · | · | · | · | · | · | |
| P / Cash Flow | · | -19.3 | · | · | · | -12.1 | · | · | · | -17.1 | · | · | · | -8.4 | · | · | |
| P / FCF | · | -19.3 | · | · | · | -12.1 | · | · | · | -17.1 | · | · | · | -8.4 | · | · | |
| EV / EBITDA | 8899.7 | -45.4 | · | -33.0 | -14.0 | -11.3 | · | -21.7 | -20.1 | -17.8 | · | -26.8 | -18.8 | -10.9 | · | -13.1 | |
| EV / FCF | · | -20.2 | · | · | · | -9.9 | · | · | · | -14.4 | · | · | · | -9.2 | · | · | |
| EV / Revenue | 10.7 | 7.4 | · | 9.3 | 6.1 | 4.5 | · | 4.2 | 6.1 | 5.4 | · | 4.7 | 4.0 | 3.8 | · | 4.1 |
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 | $110M | $90M | $83M | $64M | $48M |
| Gross Margin % | 88.7% | — | — | — | 89.3% |
| Operating Margin % | -113.7% | — | — | — | -192.1% |
| Net Income | $-153M | $-127M | $-102M | $-110M | $-111M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -1.2 | — | — | — | — |
| Current Ratio | 4.0 | — | — | — | 5.1 |
| Quick Ratio | 4.2 | — | — | — | 2.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-163M | — | — | — | $-86M |
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Institutional owners (13F) 205 filers · $1.2B 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 |
|---|---|---|---|---|
| 47 (+16 vs prior Q) | 18 (-8 vs prior Q) | 50 (-4 vs prior Q) | 61 (+18 vs prior Q) | -3.8M |
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 |
|---|---|---|---|---|
| RTW INVESTMENTS, LP | $167,215,336 | 4,543,895 | 13.70% | Shares |
| Kynam Capital Management, LP | $89,578,818 | 2,434,207 | 7.34% | Shares |
| Jefferies Financial Group Inc. | $80,947,194 | 2,199,652 | 6.63% | Shares |
| AMERICAN CENTURY COMPANIES INC | $62,034,564 | 1,685,719 | 5.08% | Shares |
| ACORN CAPITAL ADVISORS, LLC | $61,581,856 | 1,673,420 | 5.05% | Shares |
| Point72 Asset Management, L.P. | $56,140,203 | 1,525,549 | 4.60% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $55,514,521 | 1,508,547 | 4.55% | Shares |
| Opaleye Management Inc. | $52,991,853 | 1,439,996 | 4.34% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $47,912,827 | 1,301,979 | 3.93% | Shares |
| MENORA MIVTACHIM HOLDINGS LTD. | $42,413,141 | 1,152,531 | 3.48% | Shares |
| D. E. Shaw & Co., Inc. | $42,166,139 | 1,145,819 | 3.46% | Shares |
| STATE STREET CORP | $36,913,013 | 1,003,071 | 3.03% | Shares |
| MPM BIOIMPACT LLC | $34,349,672 | 933,415 | 2.81% | Shares |
| Soleus Capital Management, L.P. | $30,537,008 | 829,810 | 2.50% | Shares |
| Migdal Insurance & Financial Holdings Ltd. | $28,369,451 | 770,909 | 2.32% | Shares |
| GOLDMAN SACHS GROUP INC | $25,868,634 | 702,952 | 2.12% | Shares |
| ORBIMED ADVISORS LLC | $24,883,682 | 676,187 | 2.04% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $20,199,998 | 548,913 | 1.66% | Shares |
| Woodline Partners LP | $18,426,717 | 500,726 | 1.51% | Shares |
| Boxer Capital Management, LLC | $18,400,000 | 500,000 | 1.51% | Shares |
| BANK OF AMERICA CORP /DE/ | $16,998,031 | 461,903 | 1.39% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $16,801,334 | 456,558 | 1.38% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $14,244,323 | 387,074 | 1.17% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $11,063,920 | 300,650 | 0.91% | Shares |
| ADAR1 Capital Management, LLC | $9,288,136 | 252,395 | 0.76% | Shares |
| J. Goldman & Co LP | $7,830,120 | 212,775 | 0.64% | Shares |
| Privium Fund Management B.V. | $7,728,000 | 210,000 | 0.63% | Shares |
| FMR LLC | $7,251,550 | 197,053 | 0.59% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $7,040,318 | 191,313 | 0.58% | Shares |
| Parkman Healthcare Partners LLC | $6,405,555 | 174,064 | 0.52% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,531,040 | 150,300 | 0.45% | Call option |
| TWO SIGMA INVESTMENTS, LP | $5,481,838 | 148,963 | 0.45% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,724,016 | 128,370 | 0.39% | Shares |
| Elmind Capital, LP | $4,416,000 | 120,000 | 0.36% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $4,089,989 | 111,141 | 0.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,084,800 | 111,000 | 0.33% | Put option |
| Aisling Capital Management LP | $3,974,400 | 108,000 | 0.33% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,926,266 | 106,692 | 0.32% | Shares |
| ARK Investment Management LLC | $3,735,494 | 101,508 | 0.31% | Shares |
| OAK RIDGE INVESTMENTS LLC | $3,260,149 | 88,591 | 0.27% | Shares |
| Informed Momentum Co LLC | $2,917,173 | 79,271 | 0.24% | Shares |
| Swiss National Bank | $2,863,040 | 77,800 | 0.23% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $2,724,083 | 74,024 | 0.22% | Shares |
| TRUIST FINANCIAL CORP | $2,660,125 | 72,286 | 0.22% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,587,040 | 70,300 | 0.21% | Shares |
| Ally Bridge Group (NY) LLC | $2,545,934 | 69,183 | 0.21% | Shares |
| BlackRock, Inc. | $2,066,982 | 56,168 | 0.17% | Shares |
| RHUMBLINE ADVISERS | $2,021,123 | 54,922 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $1,865,760 | 50,700 | 0.15% | Call option |
| Atom Investors LP | $1,717,235 | 46,664 | 0.14% | Shares |
| Bank of New York Mellon Corp | $1,664,133 | 45,221 | 0.14% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,604,443 | 43,599 | 0.13% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,369,218 | 37,207 | 0.11% | Shares |
| Coastal Bridge Advisors, LLC | $1,361,600 | 37,000 | 0.11% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,353,688 | 36,785 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,289,987 | 35,054 | 0.11% | Shares |
| J. Goldman & Co LP | $1,251,200 | 34,000 | 0.10% | Call option |
| Focus Partners Wealth | $1,216,645 | 33,061 | 0.10% | Shares |
| Schonfeld Strategic Advisors LLC | $1,194,491 | 32,459 | 0.10% | Shares |
| ALGERT GLOBAL LLC | $1,190,480 | 32,350 | 0.10% | Shares |
| AMERIPRISE FINANCIAL INC | $1,121,260 | 30,469 | 0.09% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $1,089,832 | 29,615 | 0.09% | Shares |
| Cetera Investment Advisers | $1,065,434 | 28,952 | 0.09% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $956,947 | 26,004 | 0.08% | Shares |
| HighVista Strategies LLC | $918,822 | 24,968 | 0.08% | Shares |
| MetLife Investment Management, LLC | $915,032 | 24,865 | 0.07% | Shares |
| Palo Alto Investors LP | $901,600 | 24,500 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $897,920 | 24,400 | 0.07% | Call option |
| ALLIANCEBERNSTEIN L.P. | $785,906 | 43,710 | 0.06% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $761,613 | 20,696 | 0.06% | Shares |
| CITIGROUP INC | $743,176 | 20,195 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $718,925 | 19,536 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $717,600 | 19,500 | 0.06% | Put option |
| Susquehanna Portfolio Strategies, LLC | $714,067 | 19,404 | 0.06% | Shares |
| XTX Topco Ltd | $713,405 | 19,386 | 0.06% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $696,725 | 38,750 | 0.06% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $677,046 | 18,398 | 0.06% | Shares |
| Quantinno Capital Management LP | $671,674 | 18,252 | 0.06% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $647,128 | 17,585 | 0.05% | Shares |
| GLENMEDE TRUST CO NA | $633,180 | 17,206 | 0.05% | Shares |
| Toroso Investments, LLC | $631,684 | 26,972 | 0.05% | Shares |
| Invesco Ltd. | $624,238 | 16,963 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $610,880 | 16,600 | 0.05% | Put option |
| Birchview Capital, LP | $606,722 | 16,487 | 0.05% | Shares |
| Engineers Gate Manager LP | $602,710 | 16,378 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $579,122 | 15,737 | 0.05% | Shares |
| PARTNERS CAPITAL INVESTMENT GROUP, LLP | $566,131 | 15,384 | 0.05% | Shares |
| LPL Financial LLC | $532,018 | 14,457 | 0.04% | Shares |
| Verdad Advisers, LP | $531,392 | 14,440 | 0.04% | Shares |
| MML INVESTORS SERVICES, LLC | $527,160 | 14,325 | 0.04% | Shares |
| MAI Capital Management | $516,304 | 14,030 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $477,848 | 12,985 | 0.04% | Shares |
| DNB Asset Management AS | $474,941 | 12,906 | 0.04% | Shares |
| State of New Jersey Common Pension Fund D | $463,422 | 12,593 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $462,429 | 12,566 | 0.04% | Shares |
| Integrated Wealth Concepts LLC | $432,071 | 11,741 | 0.04% | Shares |
| Arax Advisory Partners | $431,996 | 11,739 | 0.04% | Shares |
| Squarepoint Ops LLC | $430,523 | 11,699 | 0.04% | Shares |
| WOLVERINE TRADING, LLC | $415,338 | 21,700 | 0.03% | Call option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $412,050 | 11,197 | 0.03% | Shares |
Company insiders 17 insiders · 6 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dong Kim | Chief Financial Officer | March 25, 2022 A | — | 0 | 0 | $0 |
| Molly Henderson | Chief Financial Officer | Jan. 31, 2022 A | 5,248 | 0 | 0 | $0 |
| Peter P. Pfreundschuh | Chief Financial Officer | Oct. 15, 2020 M | 10,405 | 0 | 0 | $0 |
| Stephen Mullennix | Chief Operating Officer | April 26, 2020 M | 10,084 | 0 | 0 | $0 |
| Mark Schoenberg | Chief Medical Officer | June 22, 2026 S | 129,763 | 0 | 2 | $-492,661 |
| Jason Drew Smith | General Counsel | Jan. 31, 2022 A | 7,449 | 0 | 0 | $0 |
| Daniel George Wildman | Director | June 22, 2026 A | — | 0 | 0 | $0 |
| Leana Wen | Director | June 22, 2026 A | — | 0 | 0 | $0 |
| Stuart Holden | Director | June 22, 2026 A | — | 0 | 0 | $0 |
| James A. Robinson Jr. | Director | June 22, 2026 A | — | 0 | 0 | $0 |
| Arie Belldegrun | Director | June 22, 2026 A | 245,452 | 0 | 0 | $0 |
| Cynthia M Butitta | Director | June 22, 2026 A | — | 0 | 0 | $0 |
| Shawn Tomasello | Director | June 7, 2021 A | — | 0 | 0 | $0 |
| Fred Cohen | Director | June 7, 2021 A | 15,000 | 0 | 0 | $0 |
| Kathryn E Falberg | Director | June 7, 2021 A | — | 0 | 0 | $0 |
| Ran Nussbaum | Director | March 25, 2021 M | 1,431,717 | 0 | 0 | $0 |
| Elizabeth A. Barrett | — | Jan. 31, 2022 A | 308,358 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| Monograph Capital Partners I, L.P., Monograph Capital Partners I GenPar, LP, Monograph Capital Holdings Advisors, LLC, Fred Cohen, Charles Conn ×2 filings | June 9, 2025 | 1.90% | Amendment | — | SEC |
| Pontifax Management III G.P. (2011) Ltd., Pontifax Management Fund III L.P., Pontifax (Cayman) III, L.P., Pontifax (Israel) III, L.P. ×2 filings | Nov. 18, 2024 | — | Initial filing | — | SEC |
| Arkin Communications Ltd., Moshe Arkin ×5 filings | Feb. 22, 2024 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 18 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.44% | 144,513 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.16% | 2,650 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.13% | 281,502 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.10% | 331,197 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.09% | 46,360 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.08% | 39,426 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.06% | 1,085,493 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 245,185 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.03% | 30,883 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 17,462 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.02% | 117,009 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 55,730 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 2,395 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 5,082 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,318 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 15,228 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 163 NS | May 31, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,496 SH | Aug. 8, 2026 | Daily |