VRDN Viridian Therapeutics, Inc. - Common Stock
$23.44
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$13–$34
49% of range
Analyst Rating
BUY
23 analysts
Price Target
$37
+56% upside
P/E (TTM)
-5.8
ROE
-55.4%
Net Profit Margin
-483.6%
VRDN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$23.44
Market Cap
$2.40B
P/E (TTM)
-5.8
EPS (TTM)
$-5.31
Revenue (TTM)
$71M
Div Yield
—
ROE
-55.4%
Debt/Equity
—
52W Range
$13 – $34
VRDN 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
$71M
2016-12-31
→
2025-12-31
EPS
$-5.31
2020-12-31
→
2023-12-31
Free Cash Flow
$-277M
2016-12-31
→
2025-12-31
Margins
-483.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
VRDN
Peer Median
P/E (TTM)
-5.8
55.4
P/S (TTM)
33.9
19.0
P/B
3.3
5.1
Price / FCF
-8.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
VRDN
Peer Median
Operating Margin
-512.9%
—
Net Profit Margin
-483.6%
-20.8%
ROA
-41.7%
-38.3%
ROE
-55.4%
-47.8%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
VRDN
Peer Median
Current Ratio
12.6
8.5
Quick Ratio
12.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
VRDN
Peer Median
Revenue YoY
23359.9%
—
Revenue CAGR 3Y
242.0%
—
Revenue CAGR 5Y
132.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
VRDN
Peer Median
VRDN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
23 analysts
- Strong Buy 8 34.8%
- Buy 14 60.9%
- Hold 1 4.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-18
Median
$35.50
Now
$23.44
Low
$22.00
High
$50.00
Median target
$35.50
+51.5%
Mean target
$36.62
+56.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.19%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.05 | $-1.05 | -0.00% |
| March 31, 2026 | $-0.90 | $-1.12 | 0.22% |
| Dec. 31, 2025 | $-1.08 | $-1.09 | 0.01% |
| Sept. 30, 2025 | $-0.34 | $-1.10 | 0.76% |
| June 30, 2025 | $-1.00 | $-1.03 | 0.03% |
| March 31, 2025 | $-0.87 | $-0.99 | 0.12% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VRDN | $3.17B | -7.7 | 23359.9% | -483.6% | -55.4% | — |
| PVLA | $1.30B | -28.2 | 65.3% | -1610.6% | -110.1% | — |
| BHVN | $1.50B | -1.6 | — | — | -310.8% | — |
| ADMA | $4.34B | 30.4 | 19.6% | 28.8% | 33.6% | 57.4% |
| GENB | — | — | — | — | — | — |
| 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% | — |
| TSHA | $1.57B | -16.2 | 17.3% | -1115.3% | -44.0% | — |
| DMRA | — | — | 38.3% | -17981.1% | -167.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71M | $302.0K | $314.0K | $2M | $3M | $1M | $4M | $8M | $4M | $3M | $3M | $6M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | $3M | $2M | $3M | |
| R&D Expense | · | · | · | · | · | · | $35M | $30M | $20M | $14M | $1M | $347.0K | |
| SG&A Expense | $95M | $61M | $95M | $35M | $26M | $13M | $12M | $11M | $11M | $7M | $8M | $7M | |
| Operating Expenses | $434M | $299M | $255M | $136M | $83M | $111M | $46M | $41M | $31M | $20M | $14M | $11M | |
| Operating Income | $-363M | $-299M | $-254M | $-134M | $-80M | $-110M | $-42M | $-33M | $-27M | $-17M | $-11M | $-7M | |
| Interest Expense | · | · | · | $500.0K | · | · | · | · | · | $95.0K | $141.0K | $1M | |
| Interest Income | $27M | $32M | $18M | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $21M | $29M | $17M | $4M | $315.0K | $173.0K | $941.0K | · | · | · | · | · | |
| Income Tax | $0 | · | · | · | · | · | · | · | · | · | · | $0 | |
| Net Income | $-343M | $-270M | $-238M | $-130M | $-79M | $-111M | $-42M | $-33M | $-27M | $-17M | $-11M | $-8M | |
| EPS (Basic) | · | · | $-5.31 | $-4.05 | $-6.66 | $-31.13 | · | · | · | · | · | · | |
| EPS (Diluted) | · | · | $-5.31 | $-4.05 | $-6.66 | $-31.13 | · | · | · | · | · | · | |
| Shares (Basic) | · | · | 44,755,475 | 32,087,293 | 11,918,712 | 3,557,065 | · | · | · | · | · | · | |
| Shares (Diluted) | · | · | 44,755,475 | 32,087,293 | 11,918,712 | 3,557,065 | · | · | · | · | · | · | |
| EBITDA | $-363M | $-298M | $-254M | $-134M | $-80M | $-110M | $-42M | $-33M | · | $-12M | · | $-7M |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $875M | $718M | $477M | $425M | $197M | $128M | $27M | $33M | $47M | $22M | $21M | $5M | |
| Short-term Investments | · | · | · | · | $155M | $82M | $2M | $30M | $0 | · | · | · | |
| Receivables | · | · | · | · | · | · | $108.0K | $24.0K | $1M | $20.0K | $394.0K | $1M | |
| Inventory | · | · | · | · | · | · | · | · | · | $64.0K | $187.0K | $179.0K | |
| Prepaid Expense | $20M | $21M | $9M | $7M | $3M | $2M | $3M | $3M | $3M | $2M | $321.0K | $399.0K | |
| Current Assets | $894M | $738M | $486M | $431M | $200M | $130M | $30M | $65M | $52M | $24M | $12M | $7M | |
| PP&E (Net) | $1M | $1M | $2M | $1M | $375.0K | $309.0K | $523.0K | $727.0K | $563.0K | $625.0K | $1M | $1M | |
| PP&E (Gross) | $2M | $3M | $3M | $3M | $2M | $4M | $4M | $4M | $3M | $3M | $2M | $2M | |
| Accum. Depreciation | $1M | $1M | $1M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $739.0K | $555.0K | |
| Intangibles | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $2M | $501.0K | $604.0K | $982.0K | $1M | $1.0K | $0 | $50.0K | $50.0K | $258.0K | · | · | |
| Total Assets | $899M | $742M | $490M | $435M | $204M | $131M | $30M | $66M | $52M | $25M | $13M | $8M | |
| Accounts Payable | $9M | $2M | $2M | $14M | $2M | $670.0K | $1M | $571.0K | $906.0K | $1M | $242.0K | $255.0K | |
| Accrued Liabilities | $62M | $46M | $24M | $19M | $11M | $10M | $5M | $4M | $3M | $4M | $1M | $361.0K | |
| Short-term Debt | · | · | · | · | · | $0 | $4M | $2M | $0 | $2M | · | · | |
| Current Liabilities | $71M | $48M | $27M | $33M | $14M | $11M | $10M | $7M | $4M | $7M | $2M | $2M | |
| Capital Leases | $2M | $2M | $1M | $1M | $1M | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $2M | $2M | $989.0K | $1M | $1M | $43.0K | $0 | $66.0K | $152.0K | $0 | $24.0K | $109.0K | |
| Total Liabilities | $177M | $71M | $48M | $40M | $16M | $11M | $15M | $15M | $14M | $10M | · | · | |
| Long-term Debt | · | $21M | $20M | $5M | $0 | · | $8M | $10M | $10M | · | · | · | |
| Total Debt | · | $21M | · | · | · | $0 | $4M | $2M | · | · | · | · | |
| Common Stock | $1M | $810.0K | $540.0K | $414.0K | $239.0K | $42.0K | $23.0K | $308.0K | $226.0K | $8.0K | $7.0K | $38.0K | |
| Paid-in Capital | $1.93B | $1.48B | $961M | $741M | $412M | $218M | $184M | $177M | $132M | $5M | $28M | $13M | |
| Retained Earnings | $-1.34B | $-996M | $-726M | $-488M | $-358M | $-279M | $-168M | $-126M | $-94M | $-67M | $-18M | $-7M | |
| AOCI | $447.0K | $-10.0K | $338.0K | $-390.0K | $-157.0K | $-8.0K | $0 | $-3.0K | $0 | · | · | · | |
| Stockholders' Equity | $722M | $672M | $442M | $395M | $188M | $120M | $16M | $51M | $39M | $-62M | $-45M | $6M | |
| Liabilities + Equity | $899M | $742M | $490M | $435M | $204M | $131M | $30M | $66M | $52M | $25M | $13M | $8M | |
| Shares Outstanding | 101,826,500 | 80,994,046 | 53,986,112 | 41,305,947 | 23,924,004 | 4,231,135 | 2,324,126 | 30,839,463 | 22,568,006 | 833,744 | 601,667 | 3,782,629 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $460.0K | $540.0K | $522.0K | $255.0K | $120.0K | $239.0K | $288.0K | $281.0K | $308.0K | $341.0K | $184.0K | $144.0K | |
| Stock-based Comp | $44M | $42M | $67M | $20M | $14M | $4M | $4M | $4M | $2M | $198.0K | $3M | $4M | |
| Restructuring | · | · | · | · | · | $300.0K | $2M | · | · | · | · | · | |
| Other Non-cash | $21M | $-5M | $-14M | $16M | $10M | $77M | $2M | $2M | · | $3M | · | $1M | |
| Operating Cash Flow | $-276M | $-232M | $-184M | $-94M | $-55M | $-30M | $-36M | $-27M | $-28M | $-15M | $-7M | $-2M | |
| CapEx | $495.0K | $511.0K | $898.0K | $797.0K | $338.0K | $42.0K | $84.0K | $445.0K | $246.0K | $250.0K | $123.0K | $266.0K | |
| Investing Cash Flow | $-38M | $-229M | $-94M | $-115M | $-74M | $-50M | $28M | $-30M | $1M | $-250.0K | $-95.0K | $-274.0K | |
| Debt Issued | $29M | $0 | $15M | $5M | · | · | · | · | · | · | · | · | |
| Net Debt Issued | $29M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | $63M | $70M | $15M | $292M | $114M | $0 | $2M | $45M | · | · | $13M | $7M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | $2.0K | · | · | |
| Net Stock Activity | $63M | $454M | $125M | $292M | $114M | · | $2M | · | · | $-2.0K | · | $7M | |
| Financing Cash Flow | $427M | $458M | $226M | $322M | $125M | $101M | $70.0K | $42M | $52M | $16M | $13M | $7M | |
| Net Change in Cash | $113M | $-3M | $-53M | $113M | $-4M | $21M | $-8M | $-15M | $25M | · | · | · | |
| Free Cash Flow | $-277M | $-233M | $-185M | $-95M | $-55M | $-30M | $-36M | $-27M | · | $-7M | · | $-2M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -512.9% | -99018.2% | -81035.0% | -7579.2% | -2690.8% | -10512.4% | -941.0% | -394.5% | · | -374.8% | · | -105.9% | |
| Net Margin | -483.6% | -89387.1% | -75711.5% | -7329.2% | -2680.2% | -10544.3% | -938.6% | -390.0% | · | -379.8% | · | -121.7% | |
| EBITDA Margin | -512.3% | -98839.4% | -80868.8% | -7564.8% | -2686.7% | -10489.6% | -934.6% | -391.2% | · | -369.2% | · | -103.7% | |
| ROA | -41.7% | -43.8% | -51.4% | -40.7% | -47.4% | -137.1% | -86.9% | -55.1% | · | -147.7% | · | -134.2% | |
| ROE | -55.4% | -39.1% | -65.5% | -32.3% | -40.5% | -156.9% | -215.2% | -58.4% | · | 55.6% | · | 88.2% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.6 | 15.4 | 18.3 | 12.9 | 14.7 | 12.1 | 2.9 | 9.7 | · | 0.9 | · | 3.4 | |
| Quick Ratio | 12.4 | 15.0 | 17.9 | 12.7 | 25.8 | 19.6 | 2.8 | 9.3 | · | 0.8 | · | 3.1 | |
| Debt / Equity | · | 0.0 | · | · | · | 0.0 | 0.3 | 0.0 | · | · | · | · | |
| LT Debt / Equity | · | 0.0 | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | -268.6 | · | · | · | · | · | -131.7 | · | -6.7 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | · | 0.4 | · | 1.1 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | · | 20.3 | · | 12.1 | |
| Receivables Turnover | · | · | · | · | · | · | 67.6 | 11.3 | · | 7.3 | · | 6.2 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 23359.9% | -3.8% | -82.3% | -40.2% | 182.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 242.0% | -53.3% | -33.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 132.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $71M | $302.0K | $314.0K | $2M | $3M | $1M | $4M | $8M | $4M | $3M | $3M | $6M | |
| Net Income TTM | $-343M | $-270M | $-238M | $-130M | $-79M | $-111M | $-42M | $-33M | $-27M | $-17M | $-11M | $-8M | |
| Market Cap | $3.17B | $1.55B | $1.18B | $1.21B | $473M | $70M | $251M | $1.40B | · | $56M | · | $2.16B | |
| Enterprise Value | · | $856M | · | · | · | $-140M | $226M | $1.34B | · | · | · | · | |
| P/E | -7.7 | -4.7 | -4.1 | -7.2 | -3.0 | -0.5 | · | · | · | · | · | · | |
| P/S | 44.7 | 5141.2 | 3744.6 | 680.9 | 159.6 | 66.3 | 56.3 | 167.1 | · | 16.0 | · | 333.4 | |
| P/B | 4.4 | 2.3 | 2.7 | 3.1 | 2.5 | 0.6 | 15.9 | 27.3 | · | -171.1 | · | 360.8 | |
| P / Tangible Book | 4.4 | 2.3 | 2.7 | 3.1 | 2.5 | 0.6 | · | · | · | · | · | · | |
| P / Cash Flow | -11.5 | -6.7 | -6.4 | -12.9 | -8.7 | -2.3 | -7.0 | -52.2 | · | -7.7 | · | -976.9 | |
| P / FCF | -11.4 | -6.7 | -6.4 | -12.7 | -8.6 | -2.3 | -6.9 | -51.4 | · | -7.7 | · | -872.0 | |
| EV / EBITDA | · | -2.9 | · | · | · | 1.3 | -5.4 | -40.9 | · | · | · | · | |
| EV / FCF | · | -3.7 | · | · | · | 4.7 | -6.3 | -49.2 | · | · | · | · | |
| EV / Revenue | · | 2833.2 | · | · | · | -133.1 | 50.7 | 160.0 | · | · | · | · | |
| Earnings Yield | -13.0% | -21.1% | -24.4% | -13.9% | -33.7% | -189.2% | · | · | · | · | · | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $284.0K | $141.0K | $132.0K | $71M | $75.0K | $72.0K | $72.0K | $86.0K | $72.0K | $72.0K | $72.0K | $72.0K | $98.0K | $1M | $256.0K | $216.0K | |
| SG&A Expense | $55M | $39M | $34M | $24M | $20M | $17M | $16M | $14M | $16M | $15M | $21M | $19M | $22M | $9M | $8M | $8M | |
| Operating Expenses | $127M | $116M | $123M | $111M | $107M | $94M | $88M | $84M | $72M | $56M | $51M | $59M | $73M | $31M | $30M | $26M | |
| Operating Income | $-126M | $-116M | $-123M | $-40M | $-107M | $-94M | $-87M | $-83M | $-72M | $-56M | $-51M | $-59M | $-72M | $-30M | $-30M | $-26M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $200.0K | $200.0K | $200.0K | $200.0K | $0 | |
| Interest Income | $8M | $8M | $8M | $6M | $7M | $8M | $9M | $8M | · | · | · | · | · | · | · | · | |
| Other Non-op | $-851.0K | $11M | $2M | $5M | $6M | $7M | $8M | $7M | $7M | $7M | $4M | $4M | $4M | $880.0K | $73.0K | $196.0K | |
| Net Income | $-127M | $-105M | $-120M | $-35M | $-101M | $-87M | $-80M | $-77M | $-65M | $-49M | $-48M | $-55M | $-68M | $-29M | $-29M | $-26M | |
| EPS (Basic) | · | · | · | · | · | · | · | $-1.15 | $-1.02 | $-0.79 | $-1.09 | $-1.27 | $-1.61 | $-0.86 | $-1.06 | $-0.98 | |
| EPS (Diluted) | · | · | · | · | · | · | · | $-1.15 | $-1.02 | $-0.79 | $-1.09 | $-1.27 | $-1.61 | $-0.86 | $-1.06 | $-0.98 | |
| Shares (Basic) | · | · | · | · | · | · | · | 66,420,063 | 63,854,514 | 61,099,038 | 43,654,577 | 43,253,457 | 42,242,309 | 33,742,076 | 27,762,257 | 26,126,092 | |
| Shares (Diluted) | · | · | · | · | 81,593,463 | 81,344,134 | · | 66,420,063 | 63,854,514 | 61,099,038 | 43,654,577 | 43,253,457 | 42,242,309 | 33,742,076 | 27,762,257 | 26,126,092 | |
| EBITDA | $-126M | $-116M | · | $-40M | $-107M | $-94M | · | $-83M | $-72M | $-56M | $-51M | $-59M | $-72M | $-30M | $-30M | $-26M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $982M | $762M | $875M | $491M | $563M | $637M | · | $753M | $571M | $613M | $313M | $334M | $374M | $431M | $161M | $175M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $145M | |
| Prepaid Expense | $25M | $23M | $20M | $11M | $15M | $21M | $21M | $14M | $10M | $14M | $11M | $12M | $9M | $6M | $4M | $3M | |
| Current Assets | $1.08B | $785M | $894M | $572M | $579M | $657M | $738M | $767M | $582M | $627M | $324M | $346M | $383M | $437M | $166M | $179M | |
| PP&E (Net) | $3M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $825.0K | $749.0K | $691.0K | |
| PP&E (Gross) | · | · | $2M | · | · | · | $3M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $1M | · | · | · | $1M | · | · | · | · | · | · | · | · | · | |
| Intangibles | $10M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $1M | $888.0K | $2M | $2M | $506.0K | $489.0K | $501.0K | $853.0K | $659.0K | $555.0K | $1M | $1M | $982.0K | $1M | $2M | $2M | |
| Total Assets | $1.10B | $789M | $899M | $577M | $582M | $661M | $742M | $772M | $586M | $630M | $329M | $351M | $387M | $441M | $170M | $183M | |
| Accounts Payable | $9M | $13M | $9M | $10M | $9M | $4M | $2M | $6M | $3M | $3M | $4M | $4M | $8M | $12M | $4M | $3M | |
| Accrued Liabilities | $55M | $38M | $62M | $41M | $35M | $30M | $46M | $35M | $30M | $23M | $19M | $24M | $21M | $13M | $17M | $12M | |
| Current Liabilities | $64M | $52M | $71M | $51M | $53M | $34M | $48M | $41M | $37M | $26M | $23M | $29M | $30M | $25M | $21M | $14M | |
| Capital Leases | · | · | $2M | $2M | $2M | $2M | · | $2M | $2M | $900.0K | $1M | $1M | $1M | $800.0K | $900.0K | $1M | |
| Other Non-current Liabilities | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $896.0K | $1M | $2M | $1M | $813.0K | $938.0K | $1M | |
| Total Liabilities | $435M | $153M | $177M | $74M | $67M | $57M | $71M | $64M | $56M | $48M | $45M | $36M | $36M | $32M | $28M | $17M | |
| Long-term Debt | · | · | · | · | $21M | · | · | · | $20M | $20M | $20M | $5M | $5M | $5M | $5M | · | |
| Total Debt | · | · | · | $21M | $21M | $21M | · | $21M | $20M | · | · | · | · | · | · | · | |
| Common Stock | $1M | $1M | $1M | $822.0K | $817.0K | $816.0K | $810.0K | $792.0K | $639.0K | $638.0K | $437.0K | $436.0K | $431.0K | $402.0K | $285.0K | $272.0K | |
| Paid-in Capital | $2.13B | $1.95B | $1.93B | $1.53B | $1.51B | $1.50B | $1.48B | $1.43B | $1.17B | $1.16B | $807M | $792M | $772M | $710M | $453M | $439M | |
| Retained Earnings | $-1.57B | $-1.44B | $-1.34B | $-1.22B | $-1.18B | $-1.08B | $-996M | $-916M | $-839M | $-774M | $-659M | $-611M | $-556M | $-442M | $-413M | $-384M | |
| AOCI | $-1M | $-558.0K | $447.0K | $363.0K | $69.0K | $245.0K | $-10.0K | $932.0K | $-543.0K | $-367.0K | $-64.0K | $-173.0K | $-174.0K | $-940.0K | $-1M | $-935.0K | |
| Stockholders' Equity | $662M | $636M | $722M | $503M | $515M | $604M | $672M | $707M | $529M | $583M | $284M | $316M | $351M | $409M | $142M | $167M | |
| Liabilities + Equity | $1.10B | $789M | $899M | $577M | $582M | $661M | $742M | $772M | $586M | $630M | $329M | $351M | $387M | $441M | $170M | $183M | |
| Shares Outstanding | 113,238,218 | 102,458,094 | 101,826,500 | 82,229,158 | 81,651,186 | 81,589,427 | 80,994,046 | 79,181,445 | 63,879,675 | 63,798,536 | 43,700,989 | 43,562,208 | 43,055,318 | 40,244,355 | 28,463,980 | 23,924,004 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $117.0K | $121.0K | $120.0K | $110.0K | $113.0K | $117.0K | $123.0K | $130.0K | $142.0K | $145.0K | $135.0K | $132.0K | $105.0K | $62.0K | $57.0K | $40.0K | |
| Stock-based Comp | $17M | $13M | $12M | $11M | $11M | $10M | $9M | $9M | $12M | $13M | $14M | $12M | $15M | $5M | $5M | $5M | |
| Other Non-cash | · | $-28M | · | · | · | $-16M | · | · | · | $-10M | · | · | $-9M | · | · | $-48.0K | |
| Operating Cash Flow | $-105M | $-120M | $-24M | $-85M | $-75M | $-93M | $-73M | $-68M | $-46M | $-45M | $-39M | $-45M | $-62M | $-21M | $-18M | $-21M | |
| CapEx | $1M | $23.0K | $240.0K | $127.0K | $42.0K | $86.0K | $114.0K | $293.0K | $104.0K | $0 | $404.0K | $331.0K | $115.0K | $95.0K | $292.0K | $179.0K | |
| Investing Cash Flow | $-231M | $77M | $-339M | $126M | $76M | $100M | $-63M | $-85M | $62M | $-143M | $48M | $41M | $-13M | $43M | $14M | $9M | |
| Debt Issued | · | · | · | · | · | · | $0 | · | · | · | $15M | · | · | $0 | · | · | |
| Stock Issued | $0 | $0 | $48M | $10M | $1.0K | $5M | $34M | $-150M | $0 | $186M | $0 | $0 | $0 | $267M | · | · | |
| Net Stock Activity | · | $0 | · | · | · | · | · | · | · | $186M | · | · | · | · | · | · | |
| Financing Cash Flow | $325M | $6M | $406M | $11M | $764.0K | $9M | $36M | $245M | $108.0K | $177M | $15M | $3M | $8M | $291M | $5M | $738.0K | |
| Net Change in Cash | $-11M | $-36M | $43M | $52M | $1M | $17M | $-101M | $93M | $16M | $-11M | $25M | $-1M | $-67M | $313M | $435.0K | $-11M | |
| Free Cash Flow | · | $-120M | · | · | · | $-93M | · | · | · | $-45M | · | · | $-62M | · | · | $-21M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -44460.6% | -82389.4% | · | -56.7% | -142356.0% | -130369.4% | · | -97069.8% | -100259.7% | -77634.7% | -71144.4% | -82326.4% | -73952.0% | -2492.5% | -11548.4% | -11985.6% | |
| Net Margin | -44760.2% | -74397.9% | · | -49.0% | -134313.3% | -120711.1% | · | -89173.3% | -90268.1% | -67419.4% | -66194.4% | -76476.4% | -69541.8% | -2418.8% | -11519.9% | -11894.9% | |
| EBITDA Margin | -44460.6% | -82303.5% | · | -56.7% | -142356.0% | -130206.9% | · | -97069.8% | -100259.7% | -77433.3% | -71144.4% | -82326.4% | -73844.9% | -2492.5% | -11548.4% | -11967.1% | |
| ROA | -15.1% | -14.5% | · | -5.1% | -17.2% | -13.5% | · | -13.9% | -13.9% | -9.6% | -12.4% | -21.1% | -23.9% | -8.7% | -20.5% | -16.8% | |
| ROE | -21.6% | -16.9% | · | -5.7% | -19.3% | -14.6% | · | -15.5% | -15.4% | -10.4% | -13.8% | -24.1% | -26.4% | -9.4% | -24.5% | -18.9% |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 16.9 | 15.1 | · | 11.3 | 11.0 | 19.5 | · | 18.6 | 15.8 | 24.0 | 13.9 | 12.1 | 12.9 | 17.3 | 7.8 | 12.5 | |
| Quick Ratio | 15.4 | 14.7 | · | 9.7 | 10.7 | 18.9 | · | 18.2 | 15.5 | 23.5 | 13.5 | 11.7 | 12.6 | 17.1 | 7.5 | 22.2 | |
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | · | · | · | · | |
| LT Debt / Equity | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | -296.4 | -362.4 | -148.9 | -147.8 | · |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $71M | $71M | · | $71M | $305.0K | $302.0K | · | $302.0K | $288.0K | $314.0K | $1M | $2M | $2M | $2M | $2M | $3M | |
| Net Income TTM | $-367M | $-327M | · | $-299M | $-329M | $-277M | · | $-238M | $-216M | $-219M | $-200M | $-182M | $-152M | $-98M | $-87M | $-76M | |
| Market Cap | $2.08B | $2.00B | · | $1.77B | $1.14B | $1.10B | · | $1.80B | $831M | $1.12B | $670M | $1.04B | $1.10B | $825M | $329M | $442M | |
| Enterprise Value | · | · | · | $1.30B | $599M | $484M | · | $1.07B | $280M | · | · | · | · | · | · | · | |
| P/E | -4.5 | -4.8 | · | -5.3 | -3.5 | -3.3 | · | -5.6 | -3.1 | -3.7 | -3.2 | -5.0 | -5.6 | -4.9 | -2.1 | -2.5 | |
| P/S | 29.3 | 28.3 | · | 25.1 | 3742.6 | 3641.8 | · | 5964.8 | 2885.7 | 3557.7 | 466.5 | 639.3 | 620.6 | 440.2 | 186.1 | 149.2 | |
| P/B | 3.1 | 3.2 | · | 3.5 | 2.2 | 1.8 | · | 2.5 | 1.6 | 1.9 | 2.4 | 3.3 | 3.1 | 2.0 | 2.3 | 2.7 | |
| P / Tangible Book | 3.2 | 3.2 | · | 3.5 | 2.2 | 1.8 | · | 2.5 | 1.6 | 1.9 | 2.4 | 3.3 | 3.1 | 2.0 | 2.3 | 2.7 | |
| P / Cash Flow | · | -16.7 | · | · | · | -11.9 | · | · | · | -24.7 | · | · | -17.7 | · | · | -21.0 | |
| P / FCF | · | -16.7 | · | · | · | -11.9 | · | · | · | -24.7 | · | · | -17.6 | · | · | -20.8 | |
| EV / EBITDA | · | · | · | -32.6 | -5.6 | -5.2 | · | -12.8 | -3.9 | · | · | · | · | · | · | · | |
| EV / FCF | · | · | · | · | · | -5.2 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | · | · | · | 18.4 | 1963.5 | 1602.4 | · | 3538.7 | 972.7 | · | · | · | · | · | · | · | |
| Earnings Yield | -22.1% | -20.7% | · | -18.8% | -29.0% | -30.0% | · | -17.8% | -32.0% | -27.2% | -31.5% | -20.2% | -17.7% | -20.2% | -47.5% | -39.8% |
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 | $71M | $302.0K | $314.0K | $2M | $3M |
| Operating Margin % | -512.9% | -99018.2% | -81035.0% | -7579.2% | -2690.8% |
| Net Income | $-343M | $-270M | $-238M | $-130M | $-79M |
| Diluted EPS | — | — | $-5.31 | $-4.05 | $-6.66 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | — | — | — |
| Current Ratio | 12.6 | 15.4 | 18.3 | 12.9 | 14.7 |
| Quick Ratio | 12.4 | 15.0 | 17.9 | 12.7 | 25.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-277M | $-233M | $-185M | $-95M | $-55M |
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Institutional owners (13F) 229 filers · $2.0B 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 |
|---|---|---|---|---|
| 57 (+8 vs prior Q) | 50 (+4 vs prior Q) | 84 (+4 vs prior Q) | 53 (-9 vs prior Q) | +31.5M |
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 |
|---|---|---|---|---|
| FMR LLC | $251,908,361 | 13,713,030 | 12.33% | Shares |
| VANGUARD GROUP INC | $153,758,256 | 4,940,818 | 7.53% | Shares |
| Paradigm Biocapital Advisors LP | $123,515,986 | 6,723,788 | 6.05% | Shares |
| Kynam Capital Management, LP | $118,557,720 | 6,453,877 | 5.80% | Shares |
| STATE STREET CORP | $112,515,809 | 6,124,976 | 5.51% | Shares |
| Fairmount Funds Management LLC | $93,520,347 | 5,090,928 | 4.58% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $84,076,918 | 4,576,860 | 4.12% | Shares |
| Deep Track Capital, LP | $65,998,634 | 3,592,740 | 3.23% | Shares |
| Venrock Adviser, LLC | $59,847,935 | 3,257,917 | 2.93% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $50,569,432 | 2,752,827 | 2.48% | Shares |
| Avoro Capital Advisors LLC | $45,925,000 | 2,500,000 | 2.25% | Shares |
| BAKER BROS. ADVISORS LP | $43,776,169 | 2,383,025 | 2.14% | Shares |
| Point72 Asset Management, L.P. | $43,044,731 | 2,343,208 | 2.11% | Shares |
| Caligan Partners LP | $40,303,431 | 2,193,981 | 1.97% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $39,360,387 | 2,142,171 | 1.93% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $39,323,153 | 2,140,618 | 1.92% | Shares |
| NOVO HOLDINGS A/S | $39,219,950 | 2,135,000 | 1.92% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $32,930,540 | 1,792,626 | 1.61% | Shares |
| Fisher Asset Management, LLC | $32,163,113 | 1,750,850 | 1.57% | Shares |
| Candriam S.C.A. | $31,340,230 | 1,707,698 | 1.53% | Shares |
| First Turn Management, LLC | $30,677,900 | 1,670,000 | 1.50% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $27,665,091 | 1,505,993 | 1.35% | Shares |
| ALLIANCEBERNSTEIN L.P. | $27,220,459 | 1,391,639 | 1.33% | Shares |
| Parkman Healthcare Partners LLC | $25,306,071 | 1,377,576 | 1.24% | Shares |
| Balyasny Asset Management L.P. | $23,511,010 | 1,279,859 | 1.15% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $21,601,393 | 1,175,906 | 1.06% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $20,435,027 | 1,112,413 | 1.00% | Shares |
| GOLDMAN SACHS GROUP INC | $20,398,617 | 1,110,431 | 1.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $18,592,975 | 1,012,138 | 0.91% | Shares |
| Elmind Capital, LP | $18,093,182 | 984,931 | 0.89% | Shares |
| BANK OF AMERICA CORP /DE/ | $16,025,401 | 872,368 | 0.78% | Shares |
| Eversept Partners, LP | $15,268,079 | 831,142 | 0.75% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $14,972,046 | 815,027 | 0.73% | Shares |
| Schonfeld Strategic Advisors LLC | $14,576,741 | 793,508 | 0.71% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $14,119,182 | 768,600 | 0.69% | Shares |
| Woodline Partners LP | $12,876,066 | 700,929 | 0.63% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,079,892 | 657,588 | 0.59% | Shares |
| PERCEPTIVE ADVISORS LLC | $10,690,973 | 581,980 | 0.52% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $9,939,235 | 541,058 | 0.49% | Shares |
| EMERALD ADVISERS, LLC | $9,870,715 | 537,328 | 0.48% | Shares |
| ALGERT GLOBAL LLC | $8,858,694 | 482,237 | 0.43% | Shares |
| Ikarian Capital, LLC | $7,807,251 | 425,000 | 0.38% | Shares |
| Yiheng Capital Management, L.P. | $7,356,524 | 400,464 | 0.36% | Shares |
| D. E. Shaw & Co., Inc. | $7,356,046 | 400,438 | 0.36% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $7,266,180 | 395,546 | 0.36% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $5,963,967 | 324,658 | 0.29% | Shares |
| XTX Topco Ltd | $5,054,781 | 275,165 | 0.25% | Shares |
| Blue Owl Capital Holdings LP | $4,776,200 | 260,000 | 0.23% | Shares |
| Affinity Asset Advisors, LLC | $4,592,500 | 250,000 | 0.22% | Shares |
| TD Asset Management Inc | $4,328,082 | 235,606 | 0.21% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $3,634,467 | 197,848 | 0.18% | Shares |
| FIRST TRUST ADVISORS LP | $3,329,268 | 181,234 | 0.16% | Shares |
| Knott David M Jr | $3,324,970 | 181,000 | 0.16% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $3,312,993 | 180,348 | 0.16% | Shares |
| Squarepoint Ops LLC | $3,250,663 | 176,955 | 0.16% | Shares |
| Privium Fund Management B.V. | $3,187,489 | 173,516 | 0.16% | Shares |
| HighVista Strategies LLC | $2,937,087 | 159,885 | 0.14% | Shares |
| Swiss National Bank | $2,849,187 | 155,100 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $2,555,267 | 139,100 | 0.13% | Call option |
| CITIGROUP INC | $2,483,661 | 135,202 | 0.12% | Shares |
| F/m Investments LLC | $2,475,560 | 134,761 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,393,317 | 130,284 | 0.12% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $2,331,576 | 126,923 | 0.11% | Shares |
| KVP Capital Advisors, LP | $2,296,250 | 125,000 | 0.11% | Shares |
| Lighthouse Investment Partners, LLC | $2,204,400 | 120,000 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $2,162,997 | 117,747 | 0.11% | Shares |
| ALPS ADVISORS INC | $2,049,578 | 111,572 | 0.10% | Shares |
| Rafferty Asset Management, LLC | $1,997,719 | 108,749 | 0.10% | Shares |
| J. Safra Sarasin Holding AG | $1,981,002 | 107,839 | 0.10% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,862,975 | 101,414 | 0.09% | Shares |
| NOMURA HOLDINGS INC | $1,840,674 | 100,200 | 0.09% | Call option |
| DIADEMA PARTNERS LP | $1,837,000 | 100,000 | 0.09% | Shares |
| Voleon Capital Management LP | $1,792,875 | 97,598 | 0.09% | Shares |
| Bank of New York Mellon Corp | $1,787,052 | 97,281 | 0.09% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,777,408 | 96,756 | 0.09% | Shares |
| Merck & Co., Inc. | $1,716,015 | 93,414 | 0.08% | Shares |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. | $1,692,765 | 92,148 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,584,771 | 81,021 | 0.08% | Shares |
| Caption Management, LLC | $1,580,555 | 86,040 | 0.08% | Shares |
| BlackRock, Inc. | $1,530,625 | 83,322 | 0.07% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,499,525 | 81,629 | 0.07% | Shares |
| Aquatic Capital Management LLC | $1,466,753 | 79,845 | 0.07% | Shares |
| BARCLAYS PLC | $1,349,828 | 73,480 | 0.07% | Shares |
| Knights of Columbus Asset Advisors LLC | $1,296,059 | 70,553 | 0.06% | Shares |
| J. Goldman & Co LP | $1,239,975 | 67,500 | 0.06% | Call option |
| Burkehill Global Management, LP | $1,194,050 | 65,000 | 0.06% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,142,320 | 62,184 | 0.06% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,117,740 | 60,846 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,008,789 | 54,915 | 0.05% | Shares |
| PROFUND ADVISORS LLC | $1,006,180 | 54,773 | 0.05% | Shares |
| MetLife Investment Management, LLC | $968,264 | 52,709 | 0.05% | Shares |
| Greenland Capital Management LP | $918,500 | 50,000 | 0.04% | Shares |
| SEVEN GRAND MANAGERS, LLC | $918,500 | 50,000 | 0.04% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $912,401 | 49,668 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $911,152 | 49,600 | 0.04% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $856,042 | 46,600 | 0.04% | Call option |
| Headlands Technologies LLC | $855,013 | 46,544 | 0.04% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $840,611 | 45,760 | 0.04% | Shares |
| MORGAN STANLEY | $838,869 | 45,665 | 0.04% | Shares |
| Quadrature Capital Ltd | $828,083 | 45,078 | 0.04% | Shares |
Company insiders 39 insiders · 19 officers · 24 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Stephen F. Mahoney | President and CEO | March 3, 2026 F | 33,349 | 0 | 0 | $0 |
| Scott Dunseth Myers | Chief Executive Officer | April 12, 2023 P | 259,500 | 0 | 0 | $0 |
| Jonathan Violin | Chief Executive Officer | Feb. 2, 2023 M | 480,905 | 0 | 0 | $0 |
| William Stuart Marshall | President & CEO | Feb. 12, 2020 A | 265,646 | 0 | 0 | $0 |
| Samuel D Riccitelli | President & CEO | Oct. 31, 2016 M | 571,370 | 0 | 0 | $0 |
| Seth Harmon | Chief Financial Officer | March 3, 2026 F | 7,850 | 0 | 0 | $0 |
| Kristian Humer | CFO and CBO | Feb. 8, 2023 A | — | 0 | 0 | $0 |
| Jason A. Leverone | Chief Financial Officer | Jan. 18, 2021 A | 48,829 | 0 | 0 | $0 |
| Tamara A Seymour | CFO, Secretary, Treasurer | Oct. 31, 2016 M | 106,447 | 0 | 0 | $0 |
| Thomas W. Beetham | Chief Operating Officer | March 3, 2026 F | 13,361 | 0 | 0 | $0 |
| Carrie Melvin | COO | Feb. 8, 2023 A | — | 0 | 0 | $0 |
| Radhika Tripuraneni | Chief Medical Officer | Aug. 14, 2026 M | 40,000 | 0 | 0 | $0 |
| Jennifer Tousignant | Chief Legal Officer | March 3, 2026 F | 3,494 | 0 | 1 | $-70,796 |
| Thomas Ciulla | Chief Medical Officer | Feb. 5, 2024 A | — | 0 | 0 | $0 |
| Lara Meisner | Chief Legal Officer | June 16, 2023 M | 29,971 | 0 | 0 | $0 |
| Barrett Katz | Chief Medical Officer | Feb. 8, 2023 A | 0 | 0 | 0 | $0 |
| Diana Escolar | Chief Medical Officer | Feb. 12, 2020 A | — | 0 | 0 | $0 |
| Adam Scott Levy | Chief Business Officer | Feb. 6, 2019 A | 10,540 | 0 | 0 | $0 |
| Paul D Rubin | EVP, Research & Development | Feb. 6, 2019 A | — | 0 | 0 | $0 |
| Sarah Gheuens | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Tomas Kiselak | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Christopher W. Cain | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Jennifer K. Moses | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Jeffrey Robert Ajer | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Arlene Morris | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Peter Harwin | Director | June 26, 2024 A | — | 0 | 0 | $0 |
| Jeffrey S. Hatfield | Director | Feb. 4, 2021 A | — | 0 | 0 | $0 |
| Joseph L Turner | Director | Feb. 4, 2021 A | — | 0 | 0 | $0 |
| Thomas E. Hughes | Director | May 21, 2020 A | 12,827 | 0 | 0 | $0 |
| Christopher Bowden | Director | May 21, 2020 A | — | 0 | 0 | $0 |
| Kevin Koch | Director | May 21, 2020 A | — | 0 | 0 | $0 |
| Bruce Booth | Director | June 27, 2018 A | 1,351,090 | 0 | 0 | $0 |
| John W Creecy | Director | June 28, 2017 A | — | 0 | 0 | $0 |
| Kyle Lefkoff | Director | June 28, 2017 A | 463,473 | 0 | 0 | $0 |
| LEBOW BENNETT S | Director | Feb. 13, 2017 M | 280,600 | 0 | 0 | $0 |
| David A Gonyer | Director | Feb. 8, 2017 M | 1,899 | 0 | 0 | $0 |
| Robin L Smith | Director | Feb. 3, 2017 M | 1,900 | 0 | 0 | $0 |
| Douglas A Schuling | Director | June 15, 2016 A | 10,500 | 0 | 0 | $0 |
| Lee M. Rauch | — | Jan. 18, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| Fairmount Funds Management LLC, Fairmount Healthcare Fund II GP LLC ×9 filings | May 13, 2026 | 14.04% | Amendment | — | SEC |
| ATLAS VENTURE FUND VII, L.P., ATLAS VENTURE ASSOCIATES VII, L.P., ATLAS VENTURE ASSOCIATES VII, INC. ×2 filings | June 14, 2023 | — | Initial filing | — | SEC |
| / Boulder Ventures V, L.P., / BV Partners V, L.L.C., / Boulder Ventures VI, L.P., / BV Partners VI, L.L.C., / Kyle Lefkoff, / Jonathan L. Perl, / Peter A. Roshko | Aug. 16, 2017 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 7, 2017 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 24, 2017 | — | 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 51 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| LFSC · RBB Fund, Inc. | 2.24% | 133,261 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.34% | 31,100 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.46% | 306,779 SH | Aug. 8, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.40% | 152,815 NS | April 30, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.31% | 8,542 NS | April 30, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 2,323 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.15% | 119,401 NS | April 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.12% | 748,009 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.09% | 70,285 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.07% | 8,822 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.07% | 83,902 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.06% | 2,301,004 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 31,418 NS | April 30, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.06% | 53,991 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.05% | 3,045 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 519,684 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 52,888 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.04% | 13,384 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.04% | 35,396 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.04% | 3,829 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 35,219 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 4,153 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 410,333 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.03% | 11,133 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 15,272 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 247,665 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 10,290 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 2,995 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,130,108 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 232,698 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 3,030 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 30,128 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.01% | 87,184 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 3,845 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 9,567 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 13,244 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,310 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 76 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 30,258 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 1,200 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 8,630 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 122,818 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 141,148 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 24,262 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 19,375 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 48,467 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 24,895 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.00% | 123 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,338,398 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,732 SH | Aug. 8, 2026 | Daily |