VERA Vera Therapeutics, Inc. - Class A Common Stock
$31.71
Price · Aug 18, 2026
Fundamentals as of Aug 10, 2026
52W Range
$21–$56
30% of range
Analyst Rating
BUY
20 analysts
Price Target
$82
+158% upside
P/E (TTM)
-10.9
ROE
-55.9%
Net Profit Margin
—
VERA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$31.71
Market Cap
—
P/E (TTM)
-10.9
EPS (TTM)
$-4.66
Revenue (TTM)
—
Div Yield
—
ROE
-55.9%
Debt/Equity
—
52W Range
$21 – $56
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
$-4.66
2021-12-31
→
2025-12-31
Free Cash Flow
$-242M
2022-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
VERA
Peer Median
P/E (TTM)
-10.9
55.4
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
VERA
Peer Median
ROA
-43.1%
-32.7%
ROE
-55.9%
-37.9%
ROIC
-52.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
VERA
Peer Median
Current Ratio
13.6
7.4
Quick Ratio
13.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
VERA
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
VERA
Peer Median
VERA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 7 35.0%
- Buy 11 55.0%
- Hold 2 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-13
Median
$85.00
← Below all targets
$31.71
Low
$43.00
High
$125.00
Median target
$85.00
+168.1%
Mean target
$81.86
+158.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.19%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-1.69 | $-1.35 | -0.34% |
| Dec. 31, 2025 | $-1.39 | $-1.31 | -0.08% |
| Sept. 30, 2025 | $-1.26 | $-1.16 | -0.10% |
| June 30, 2025 | $-1.20 | $-0.84 | -0.36% |
| March 31, 2025 | $-0.81 | $-0.75 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VERA | — | -10.9 | — | — | -55.9% | — |
| BCRX | $1.66B | 6.4 | 94.1% | 30.2% | -97.6% | — |
| COAG | — | — | — | — | — | — |
| KLRA | — | — | — | — | — | — |
| CDNA | $959M | -47.1 | 13.8% | -5.6% | -6.8% | — |
| PGEN | $1.48B | -3.1 | 146.7% | -2588.2% | 3159.1% | — |
| MLYS | $2.96B | -15.8 | — | — | -32.2% | — |
| VCEL | $1.82B | 112.5 | 16.4% | 6.0% | 5.0% | 74.4% |
| PVLA | $1.30B | -28.2 | 65.3% | -1610.6% | -110.1% | — |
| BHVN | $1.50B | -1.6 | — | — | -310.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| R&D Expense | $215M | $126M | $78M | $69M | $22M | $45M | |
| SG&A Expense | $100M | $41M | $24M | $22M | $12M | $4M | |
| Operating Expenses | $315M | $167M | $102M | $91M | $34M | $52M | |
| Operating Income | $-315M | $-167M | $-102M | $-91M | $-34M | $-52M | |
| Interest Expense | · | · | $4M | $992.0K | $20.0K | $166.0K | |
| Interest Income | $24M | $21M | $8M | $2M | $15.0K | $8.0K | |
| Other Non-op | $16M | $15M | $6M | $2M | $2M | $-1M | |
| Pretax Income | $-300M | $-152M | $-96M | $-89M | $-33M | $-53M | |
| Income Tax | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $-1.0K | |
| Net Income | $-300M | $-152M | $-96M | $-89M | $-33M | $-53M | |
| EPS (Basic) | $-4.66 | $-2.75 | $-2.25 | $-3.35 | $-2.43 | · | |
| EPS (Diluted) | $-4.66 | $-2.75 | $-2.25 | $-3.35 | $-2.43 | · | |
| Shares (Basic) | 64,233,814 | 55,326,680 | 42,707,072 | 26,570,676 | 13,435,706 | · | |
| Shares (Diluted) | 64,233,814 | 55,326,680 | 42,707,072 | 26,570,676 | 13,435,706 | · | |
| EBITDA | $-315M | $-167M | $-106M | $-92M | $-34M | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $355M | $93M | $46M | $43M | $80M | $54M | |
| Short-term Investments | $360M | $548M | $115M | $71M | $0 | · | |
| Prepaid Expense | $14M | $10M | $11M | $11M | $3M | $557.0K | |
| Other Current Assets | $3M | $1M | $2M | $719.0K | $480.0K | $392.0K | |
| Current Assets | $729M | $651M | $172M | $126M | $83M | $54M | |
| PP&E (Net) | $1M | $960.0K | $92.0K | $51.0K | $0 | · | |
| Other Non-current Assets | $6M | · | · | · | · | · | |
| Total Assets | $735M | $656M | $176M | $131M | $84M | $55M | |
| Accounts Payable | $22M | $8M | $11M | $12M | $1M | $909.0K | |
| Accrued Liabilities | $32M | $16M | $9M | $11M | $6M | $535.0K | |
| Current Liabilities | $53M | $25M | $22M | $26M | $8M | $2M | |
| Capital Leases | $2M | $2M | $1M | $4M | $0 | · | |
| Other Non-current Liabilities | $2M | · | · | · | · | · | |
| Total Liabilities | $130M | $79M | $74M | $55M | $14M | $4M | |
| Long-term Debt | $75M | $51M | $50M | $25M | $5M | $0 | |
| Common Stock | $71.0K | $64.0K | $44.0K | $28.0K | · | · | |
| Retained Earnings | $-761M | $-461M | $-309M | $-213M | $-124M | $-91M | |
| AOCI | $786.0K | $393.0K | $251.0K | $-224.0K | $0 | · | |
| Stockholders' Equity | $605M | $577M | $102M | $77M | $70M | $-89M | |
| Liabilities + Equity | $735M | $656M | $176M | $131M | $84M | $55M |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $468.0K | $105.0K | $21.0K | $-846.0K | $176.0K | $251.0K | |
| Stock-based Comp | $38M | $21M | $11M | $9M | $3M | $331.0K | |
| Deferred Tax | · | $0 | $0 | $0 | $0 | $0 | |
| Restructuring | · | · | · | · | $0 | $3M | |
| Other Non-cash | $20M | $-3M | $-4M | $13M | $6M | · | |
| Operating Cash Flow | $-241M | $-135M | $-92M | $-68M | $-24M | $-35M | |
| CapEx | $630.0K | $972.0K | $63.0K | $62.0K | $0 | $99.0K | |
| Investing Cash Flow | $194M | $-425M | $-39M | $-71M | $-4M | $-42.0K | |
| Stock Issued | · | · | · | $2M | $0 | · | |
| Stock Repurchased | $0 | $13.0K | $0 | · | · | · | |
| Net Stock Activity | $0 | $-13.0K | · | $2M | $51M | · | |
| Financing Cash Flow | $309M | $607M | $134M | $102M | $54M | $85M | |
| Net Change in Cash | $262M | $47M | $2M | $-36M | $26M | $50M | |
| Taxes Paid | $17.0K | $1.0K | $1.0K | · | · | · | |
| Free Cash Flow | $-242M | $-136M | $-92M | $-68M | · | · | |
| Levered FCF | · | · | $-96M | $-69M | · | · |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | -43.1% | -36.6% | -62.5% | -82.8% | -47.2% | · | |
| ROE | -55.9% | -35.1% | -85.2% | -97.5% | -42.1% | · | |
| ROIC | -52.2% | -29.0% | -100.3% | -118.2% | -49.4% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 13.6 | 25.7 | 7.7 | 4.9 | 10.7 | · | |
| Quick Ratio | 13.4 | 25.3 | 7.2 | 4.5 | 10.4 | · | |
| Interest Coverage | · | · | -26.9 | -91.6 | -1720.1 | · |
Valuation (TTM) 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-300M | $-152M | $-96M | $-89M | $-33M | · | |
| P/E | -10.9 | -15.4 | -6.8 | -5.8 | -11.0 | · | |
| Earnings Yield | -9.2% | -6.5% | -14.6% | -17.3% | -9.1% | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $60M | $86M | $59M | $56M | $58M | $41M | $33M | $40M | $29M | $23M | $21M | $16M | $16M | $25M | $27M | $20M | |
| SG&A Expense | $52M | $39M | $35M | $27M | $22M | $16M | $16M | $9M | $8M | $8M | $6M | $6M | $6M | $6M | $7M | $6M | |
| Operating Expenses | $112M | $125M | $94M | $84M | $80M | $57M | $49M | $50M | $37M | $31M | $27M | $22M | $22M | $31M | $34M | $25M | |
| Operating Income | $-112M | $-125M | $-94M | $-84M | $-80M | $-57M | $-49M | $-50M | $-37M | $-31M | $-27M | $-22M | $-22M | $-31M | $-34M | $-25M | |
| Interest Expense | · | · | · | · | · | · | · | · | $2M | $2M | · | $943.0K | $914.0K | $874.0K | $599.0K | $147.0K | |
| Interest Income | $5M | $6M | $6M | $6M | $6M | $7M | $7M | $5M | $5M | $4M | $2M | $2M | $2M | $2M | $894.0K | $567.0K | |
| Other Non-op | $3M | $4M | $3M | $4M | $4M | $6M | $5M | $3M | $4M | $3M | $1M | $2M | $2M | $1M | $1M | $565.0K | |
| Income Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1.0K | $0 | |
| Net Income | $-109M | $-121M | $-91M | $-80M | $-77M | $-52M | $-43M | $-47M | $-34M | $-28M | $-26M | $-20M | $-20M | $-30M | $-32M | $-25M | |
| EPS (Basic) | $-1.52 | $-1.69 | $-1.39 | $-1.26 | $-1.20 | $-0.81 | $-0.72 | $-0.85 | $-0.62 | $-0.56 | $-0.54 | $-0.45 | $-0.46 | $-0.80 | $-1.18 | $-0.91 | |
| EPS (Diluted) | $-1.52 | $-1.69 | $-1.39 | $-1.26 | $-1.20 | $-0.81 | $-0.72 | $-0.85 | $-0.62 | $-0.56 | $-0.54 | $-0.45 | $-0.46 | $-0.80 | $-1.18 | $-0.91 | |
| Shares (Basic) | 71,838,008 | 71,476,595 | -127,074,102 | 63,847,055 | 63,789,303 | 63,671,558 | -105,272,102 | 54,898,297 | 54,728,552 | 50,971,933 | -83,593,685 | 44,363,419 | 44,269,772 | 37,667,566 | -51,950,930 | 27,215,874 | |
| Shares (Diluted) | 71,838,008 | 71,476,595 | -127,074,102 | 63,847,055 | 63,789,303 | 63,671,558 | -105,272,102 | 54,898,297 | 54,728,552 | 50,971,933 | -83,593,685 | 44,363,419 | 44,269,772 | 37,667,566 | -51,950,930 | 27,215,874 | |
| EBITDA | $-112M | $-125M | · | $-84M | $-80M | $-57M | · | $-50M | $-37M | $-33M | · | $-22M | $-22M | $-32M | · | $-25M |
Balance Sheet 20
| 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 | $49M | $114M | $355M | $58M | $49M | $55M | $93M | $27M | $25M | $69M | · | $27M | $34M | $137M | $43M | $30M | |
| Short-term Investments | $450M | $482M | $360M | $440M | $508M | $535M | $548M | $326M | $359M | $335M | · | $132M | $147M | $60M | $71M | $84M | |
| Prepaid Expense | $28M | $19M | $14M | $14M | $15M | $16M | $10M | $11M | $10M | $13M | · | $12M | $10M | $7M | $11M | $11M | |
| Other Current Assets | $4M | $2M | $3M | $1M | $2M | $2M | $1M | $1M | $429.0K | $568.0K | · | $2M | $1M | $883.0K | $719.0K | $792.0K | |
| Current Assets | $527M | $616M | $729M | $511M | $571M | $606M | $651M | $364M | $395M | $416M | · | $172M | $191M | $204M | $126M | $125M | |
| PP&E (Net) | $813.0K | $945.0K | $1M | $1M | $1M | $1M | $960.0K | $368.0K | $155.0K | $81.0K | · | $34.0K | $40.0K | $45.0K | $51.0K | $56.0K | |
| Other Non-current Assets | $5M | $6M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $533M | $622M | $735M | $518M | $579M | $610M | $656M | $369M | $397M | $419M | · | $176M | $195M | $210M | $131M | $131M | |
| Accounts Payable | $15M | $14M | $22M | $18M | $13M | $9M | $8M | $5M | $5M | $5M | · | $12M | $13M | $5M | $12M | $7M | |
| Accrued Liabilities | $34M | $31M | $31M | $23M | $20M | $11M | $16M | $20M | $12M | $7M | · | $10M | $11M | $16M | $11M | $6M | |
| Current Liabilities | $48M | $45M | $53M | $42M | $34M | $22M | $25M | $26M | $18M | $15M | · | $25M | $27M | $24M | $26M | $16M | |
| Capital Leases | · | · | $2M | $2M | $2M | $2M | $2M | $3M | $455.0K | $919.0K | · | $2M | $3M | $3M | $4M | $4M | |
| Other Non-current Liabilities | $2M | $2M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $125M | $122M | $130M | $119M | $110M | $75M | $79M | $80M | $69M | $66M | · | $52M | $55M | $52M | $55M | $26M | |
| Long-term Debt | $75M | $75M | $75M | $75M | $74M | $51M | $51M | $50M | $50M | $50M | · | $25M | $25M | $25M | $25M | $5M | |
| Common Stock | $72.0K | $72.0K | $71.0K | $64.0K | $64.0K | $64.0K | $64.0K | $55.0K | $55.0K | $54.0K | · | · | · | · | $28.0K | · | |
| Retained Earnings | $-991M | $-882M | $-761M | $-670M | $-589M | $-513M | $-461M | $-418M | $-371M | $-337M | · | $-283M | $-263M | $-243M | $-213M | $-181M | |
| AOCI | $-403.0K | $-156.0K | $786.0K | $881.0K | $527.0K | $654.0K | $393.0K | $1M | $-450.0K | $-173.0K | · | $-75.0K | $-142.0K | $-4.0K | $-224.0K | $-279.0K | |
| Stockholders' Equity | $408M | $500M | $605M | $399M | $468M | $535M | $577M | $289M | $328M | $354M | $102M | $124M | $141M | $158M | $77M | $106M | |
| Liabilities + Equity | $533M | $622M | $735M | $518M | $579M | $610M | $656M | $369M | $397M | $419M | · | $176M | $195M | $210M | $131M | $131M |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $132.0K | $140.0K | $135.0K | $129.0K | $119.0K | $85.0K | $55.0K | $24.0K | $1M | $11.0K | $4.0K | $1M | $517.0K | $-506.0K | $-597.0K | $-152.0K | |
| Stock-based Comp | $16M | $13M | $11M | $10M | $9M | $8M | $6M | $6M | $5M | $4M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Other Non-cash | · | $1M | · | · | · | $-11M | · | · | · | $-8M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-100M | $-106M | $-70M | $-62M | $-55M | $-54M | $-39M | $-37M | $-25M | $-34M | $-25M | $-23M | $-18M | $-26M | $-21M | $-18M | |
| CapEx | $0 | $23.0K | $102.0K | $133.0K | $208.0K | $187.0K | $645.0K | $238.0K | $89.0K | $0 | $63.0K | $0 | $0 | $0 | $0 | $38.0K | |
| Investing Cash Flow | $33M | $-138M | $81M | $70M | $29M | $15M | $-221M | $38M | $-23M | $-219M | $19M | $16M | $-86M | $12M | $13M | $-2M | |
| Stock Repurchased | · | · | $0 | · | · | · | $0 | · | · | · | $0 | · | · | · | · | · | |
| Financing Cash Flow | $2M | $4M | $286M | $797.0K | $20M | $2M | $326M | $739.0K | $3M | $277M | $25M | $297.0K | $432.0K | $108M | $21M | $908.0K | |
| Net Change in Cash | $-65M | $-240M | $297M | $9M | $-6M | $-38M | $65M | $2M | $-44M | $23M | $18M | $-6M | $-104M | $94M | $13M | $-20M | |
| Free Cash Flow | · | $-107M | · | · | · | $-55M | · | · | · | · | · | · | · | $-26M | · | · |
Profitability 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -19.7% | -19.7% | · | -18.1% | -15.7% | -10.0% | · | -17.1% | -11.4% | -9.0% | · | -13.1% | -11.7% | -16.1% | · | -22.2% | |
| ROE | -25.0% | -23.4% | · | -23.3% | -19.2% | -11.6% | · | -22.6% | -14.4% | -11.1% | · | -17.5% | -15.4% | -20.6% | · | -25.8% |
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 | 10.9 | 13.6 | · | 12.2 | 17.0 | 27.7 | · | 13.8 | 21.4 | 28.6 | · | 7.0 | 7.1 | 8.7 | · | 7.9 | |
| Quick Ratio | 10.3 | 13.2 | · | 11.9 | 16.6 | 26.9 | · | 13.4 | 20.9 | 27.8 | · | 6.5 | 6.7 | 8.4 | · | 7.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -19.5 | -16.3 | · | -23.1 | -24.0 | -35.8 | · | -171.7 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-387M | $-330M | · | $-255M | $-209M | $-160M | · | $-129M | $-102M | $-99M | · | $-95M | $-90M | $-87M | · | $-64M | |
| P/E | -7.6 | -8.1 | · | -7.1 | -6.8 | -8.5 | · | -17.8 | -17.3 | -19.0 | · | -5.2 | -5.9 | -2.6 | · | -8.4 | |
| Earnings Yield | -13.2% | -12.3% | · | -14.2% | -14.8% | -11.8% | · | -5.6% | -5.8% | -5.3% | · | -19.1% | -17.0% | -38.3% | · | -11.9% |
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 | $-300M | $-152M | $-96M | $-89M | $-33M |
| Diluted EPS | $-4.66 | $-2.75 | $-2.25 | $-3.35 | $-2.43 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 13.6 | 25.7 | 7.7 | 4.9 | 10.7 |
| Quick Ratio | 13.4 | 25.3 | 7.2 | 4.5 | 10.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-242M | $-136M | $-92M | $-68M | — |
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Institutional owners (13F) 243 filers · $2.6B 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 |
|---|---|---|---|---|
| 43 (-3 vs prior Q) | 35 (+5 vs prior Q) | 95 (+8 vs prior Q) | 59 (-12 vs prior Q) | +9.1M |
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 | $245,612,034 | 5,723,888 | 9.29% | Shares |
| STATE STREET CORP | $178,024,407 | 4,148,786 | 6.73% | Shares |
| Deep Track Capital, LP | $171,640,000 | 4,000,000 | 6.49% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $168,052,724 | 3,916,400 | 6.36% | Shares |
| VANGUARD GROUP INC | $156,029,082 | 3,081,143 | 5.90% | Shares |
| Kynam Capital Management, LP | $124,012,432 | 2,890,059 | 4.69% | Shares |
| Sofinnova Investments, Inc. | $119,889,982 | 2,793,987 | 4.53% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $118,234,772 | 2,755,413 | 4.47% | Shares |
| Eversept Partners, LP | $94,949,961 | 2,212,770 | 3.59% | Shares |
| Logos Global Management LP | $94,402,000 | 2,200,000 | 3.57% | Shares |
| Integral Health Asset Management, LLC | $75,092,500 | 1,750,000 | 2.84% | Shares |
| FMR LLC | $67,321,799 | 1,568,907 | 2.55% | Shares |
| ALLIANCEBERNSTEIN L.P. | $64,007,660 | 1,591,043 | 2.42% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $62,253,952 | 1,450,448 | 2.35% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $55,585,829 | 1,295,405 | 2.10% | Shares |
| GOLDMAN SACHS GROUP INC | $54,658,243 | 1,273,788 | 2.07% | Shares |
| Pictet Asset Management Holding SA | $53,625,486 | 1,249,414 | 2.03% | Shares |
| Qube Research & Technologies Ltd | $46,479,211 | 1,083,179 | 1.76% | Shares |
| Woodline Partners LP | $42,954,498 | 1,001,037 | 1.62% | Shares |
| AMERICAN CENTURY COMPANIES INC | $37,170,604 | 866,243 | 1.41% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $27,585,680 | 642,873 | 1.04% | Shares |
| GREAT POINT PARTNERS LLC | $25,781,873 | 600,836 | 0.98% | Shares |
| BRAIDWELL LP | $24,232,307 | 564,724 | 0.92% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $23,386,508 | 545,013 | 0.88% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $22,138,041 | 515,918 | 0.84% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $22,024,882 | 510,426 | 0.83% | Shares |
| Davern Capital Partners, LP | $21,404,881 | 498,832 | 0.81% | Shares |
| BANK OF AMERICA CORP /DE/ | $20,099,773 | 468,417 | 0.76% | Shares |
| Candriam S.C.A. | $20,066,803 | 468,099 | 0.76% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $19,987,778 | 465,807 | 0.76% | Shares |
| Elmind Capital, LP | $18,730,987 | 436,518 | 0.71% | Shares |
| Rock Springs Capital Management LP | $18,347,629 | 427,584 | 0.69% | Shares |
| Balyasny Asset Management L.P. | $16,089,147 | 374,951 | 0.61% | Shares |
| ORBIMED ADVISORS LLC | $15,859,364 | 369,596 | 0.60% | Shares |
| Ikarian Capital, LLC | $13,302,100 | 310,000 | 0.50% | Shares |
| ARMISTICE CAPITAL, LLC | $12,873,000 | 300,000 | 0.49% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $12,663,342 | 295,114 | 0.48% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $11,994,546 | 279,528 | 0.45% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,957,215 | 278,658 | 0.45% | Shares |
| Affinity Asset Advisors, LLC | $10,727,500 | 250,000 | 0.41% | Shares |
| Alphabet Inc. | $10,352,638 | 241,264 | 0.39% | Shares |
| PFM Health Sciences, LP | $9,624,241 | 224,289 | 0.36% | Shares |
| TimesSquare Capital Management, LLC | $9,351,986 | 232,463 | 0.35% | Shares |
| CenterBook Partners LP | $7,700,929 | 179,467 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,901,516 | 160,837 | 0.26% | Shares |
| AXA Investment Managers S.A. | $6,673,338 | 229,640 | 0.25% | Shares |
| TD Asset Management Inc | $5,495,484 | 128,070 | 0.21% | Shares |
| Ghisallo Capital Management LLC | $5,363,750 | 125,000 | 0.20% | Shares |
| PLATINUM INVESTMENT MANAGEMENT LTD | $4,878,309 | 113,687 | 0.18% | Shares |
| FIFTH THIRD BANCORP | $4,733,110 | 110,303 | 0.18% | Shares |
| Engineers Gate Manager LP | $4,640,244 | 108,139 | 0.18% | Shares |
| HighVista Strategies LLC | $4,544,470 | 105,907 | 0.17% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $4,518,123 | 105,293 | 0.17% | Shares |
| Squarepoint Ops LLC | $4,502,847 | 104,937 | 0.17% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,469,935 | 104,170 | 0.17% | Shares |
| XTX Topco Ltd | $4,445,776 | 103,607 | 0.17% | Shares |
| Ensign Peak Advisors, Inc | $4,402,480 | 102,598 | 0.17% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $4,332,451 | 100,966 | 0.16% | Shares |
| Exome Asset Management LLC | $4,174,113 | 97,276 | 0.16% | Shares |
| ALGERT GLOBAL LLC | $3,958,447 | 92,250 | 0.15% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $3,926,265 | 91,500 | 0.15% | Shares |
| Swiss National Bank | $3,685,969 | 85,900 | 0.14% | Shares |
| RHUMBLINE ADVISERS | $3,403,051 | 79,307 | 0.13% | Shares |
| BlackRock, Inc. | $3,401,519 | 79,271 | 0.13% | Shares |
| Rafferty Asset Management, LLC | $3,152,555 | 73,469 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,149,594 | 73,400 | 0.12% | Call option |
| ALPS ADVISORS INC | $3,113,421 | 72,557 | 0.12% | Shares |
| Ikarian Capital, LLC | $3,076,647 | 71,700 | 0.12% | Call option |
| RAYMOND JAMES FINANCIAL INC | $3,029,832 | 70,609 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,982,245 | 69,500 | 0.11% | Put option |
| GROUP ONE TRADING LLC | $2,922,085 | 68,098 | 0.11% | Shares |
| Cubist Systematic Strategies, LLC | $2,815,059 | 96,871 | 0.11% | Shares |
| DEUTSCHE BANK AG\ | $2,789,236 | 65,002 | 0.11% | Shares |
| Odyssean, LLC | $2,574,815 | 60,005 | 0.10% | Shares |
| AMERIPRISE FINANCIAL INC | $2,484,275 | 57,895 | 0.09% | Shares |
| Birchview Capital, LP | $2,478,396 | 57,758 | 0.09% | Shares |
| DIADEMA PARTNERS LP | $2,471,959 | 57,608 | 0.09% | Shares |
| EASTERN BANK | $2,405,106 | 56,050 | 0.09% | Shares |
| Trexquant Investment LP | $2,343,229 | 54,608 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $2,162,664 | 50,400 | 0.08% | Call option |
| Man Group plc | $2,159,574 | 50,328 | 0.08% | Shares |
| Swedbank AB | $2,145,500 | 50,000 | 0.08% | Shares |
| DIADEMA PARTNERS LP | $2,145,500 | 50,000 | 0.08% | Put option |
| Neo Ivy Capital Management | $2,099,886 | 48,937 | 0.08% | Shares |
| J. Safra Sarasin Holding AG | $2,045,176 | 47,662 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,000,920 | 49,737 | 0.08% | Shares |
| D. E. Shaw & Co., Inc. | $1,913,486 | 44,593 | 0.07% | Shares |
| Point72 Asset Management, L.P. | $1,740,558 | 40,563 | 0.07% | Shares |
| E. Ohman J:or Asset Management AB | $1,729,488 | 42,990 | 0.07% | Shares |
| LMR Partners LLP | $1,716,400 | 40,000 | 0.06% | Shares |
| JANE STREET GROUP, LLC | $1,686,363 | 39,300 | 0.06% | Call option |
| MetLife Investment Management, LLC | $1,604,963 | 37,403 | 0.06% | Shares |
| PROFUND ADVISORS LLC | $1,590,330 | 37,062 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $1,527,596 | 35,600 | 0.06% | Put option |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,409,895 | 32,857 | 0.05% | Shares |
| KVP Capital Advisors, LP | $1,403,157 | 32,700 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,363,122 | 31,767 | 0.05% | Shares |
| SBI Okasan Asset Management Co.Ltd. | $1,130,530 | 26,200 | 0.04% | Shares |
| Knott David M Jr | $1,115,660 | 26,000 | 0.04% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $1,097,337 | 25,573 | 0.04% | Shares |
Company insiders 19 insiders · 7 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Sean Grant | Chief Financial Officer | June 23, 2023 P | 5,992 | 0 | 0 | $0 |
| William D. Turner | Chief Regulatory Officer | Dec. 15, 2025 M | 22,500 | 0 | 3 | $-1,353,900 |
| Jason S Carter | Chief Legal Officer | Nov. 21, 2025 S | 49,136 | 0 | 1 | $-107,496 |
| Joseph R Young | SVP, FINANCE, CHIEF ACCT OFFCR | Nov. 13, 2025 M | 57,839 | 0 | 1 | $-435,900 |
| Robert Brenner | Chief Medical Officer | Jan. 3, 2024 A | — | 0 | 0 | $0 |
| Celia Lin | Chief Medical Officer | Aug. 21, 2023 S | 11,010 | 0 | 0 | $0 |
| Joanne Curley | Chief Development Officer | Aug. 21, 2023 S | 26,962 | 0 | 0 | $0 |
| Michael Morrissey | Director | May 21, 2026 A | — | 0 | 0 | $0 |
| Beth C Seidenberg | Director | May 21, 2026 A | 1,949,295 | 0 | 0 | $0 |
| Dr. Maha Katabi | Director | March 25, 2024 S | 2,793,987 | 0 | 0 | $0 |
| Kimball Hall | Director | May 10, 2023 A | — | 0 | 0 | $0 |
| Andrew Cheng | Director | May 10, 2023 A | 17,488 | 0 | 0 | $0 |
| Scott W Morrison | Director | May 10, 2023 A | — | 0 | 0 | $0 |
| Kurt Von Emster | Director | May 18, 2021 C | 2,960,231 | 0 | 0 | $0 |
| Abingworth LLP | 10% owner | May 13, 2021 A | 2,960,231 | 0 | 0 | $0 |
| Nancy Lee Boman | — | Aug. 3, 2026 A | 44,987 | 0 | 0 | $0 |
| Marshall Fordyce | — | June 23, 2026 M | 235,244 | 0 | 14 | $-5,995,436 |
| James R Meyers | — | May 21, 2026 A | — | 0 | 0 | $0 |
| Patrick G. Enright | — | May 21, 2026 A | 5,882 | 1 | 0 | $249,985 |
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 |
|---|---|---|---|---|---|
| Sofinnova Venture Partners X, L.P. ("SVP X"), Sofinnova Management X, L.P. ("SM X LP"), Sofinnova Management X-A, L.L.C. ("SM X LLC"), Dr. James I. Healy ("Healy"), Dr. Maha Katabi ("Katabi") | March 5, 2026 | 4.00% | Amendment | Passive investment | SEC |
| Longitude Capital Partners IV, LLC, Longitude Venture Partners IV, L.P., Longitude Prime Partners, LLC, Longitude Prime Fund, L.P., Patrick G. Enright, Juliet Tammenoms Bakker ×5 filings | Nov. 4, 2024 | — | Initial filing | — | SEC |
| Sofinnova Venture Partners X, L.P. (“SVP X”), Sofinnova Management X, L.P. (“SM X LP”), Sofinnova Management X-A, L.L.C. (“SM X LLC”), Dr. James I. Healy (“Healy”), Dr. Maha Katabi (“Katabi”) ×5 filings | March 26, 2024 | — | Initial filing | Passive investment | SEC |
| Abingworth LLP, Abingworth Bioventures 8, LP ×2 filings | April 7, 2022 | — | 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 41 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 |
|---|---|---|---|---|
| SBIO · ALPS ETF Trust | 1.61% | 73,552 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.75% | 109,557 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.53% | 5,541 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.16% | 3,904 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.16% | 68,530 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.14% | 427,899 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.13% | 2,636 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.13% | 579,388 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 20,911 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.08% | 367,755 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.08% | 1,749 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.07% | 26,862 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.06% | 1,631,026 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.06% | 2,902 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.05% | 16,667 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.05% | 25,265 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 308,569 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.05% | 62,980 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.04% | 40,490 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.03% | 2,276 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 759,354 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 128,886 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.03% | 106,019 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 2,337 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 2,301 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 17,563 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 11,175 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 11,990 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 2,729 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 2,262 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 58 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 18,973 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 39,088 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 92,772 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 14,929 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 4,475 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,128 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 290 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 778 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,934,442 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,315 SH | Aug. 8, 2026 | Daily |