VYGR Voyager Therapeutics, Inc. - Common Stock
$3.41
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$3–$6
18% of range
Analyst Rating
STRONG BUY
17 analysts
Price Target
$15
+337% upside
P/E (TTM)
-1.7
ROE
-54.4%
Net Profit Margin
-296.5%
About Voyager Therapeutics, Inc. - Common Stock Company overview from Wikipedia
VYGR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.40
Market Cap
$201M
P/E (TTM)
-1.7
EPS (TTM)
$-2.04
Revenue (TTM)
$40M
Div Yield
—
ROE
-54.4%
Debt/Equity
—
52W Range
$3 – $6
VYGR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$40M
2016-12-31
→
2025-12-31
EPS
$-2.04
2018-12-31
→
2025-12-31
Free Cash Flow
$-135M
2016-12-31
→
2025-12-31
Margins
-296.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
VYGR
Peer Median
P/E (TTM)
-1.7
1.2
P/S (TTM)
5.0
14.2
P/B
1.0
1.2
Price / FCF
-1.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
VYGR
Peer Median
Operating Margin
-326.6%
—
Net Profit Margin
-296.5%
-1189.1%
ROA
-37.1%
-58.9%
ROE
-54.4%
-79.0%
ROIC
-67.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
VYGR
Peer Median
Current Ratio
7.6
5.4
Quick Ratio
7.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
VYGR
Peer Median
Revenue YoY
-49.5%
—
Revenue CAGR 3Y
-0.44%
—
Revenue CAGR 5Y
-25.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
VYGR
Peer Median
VYGR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 8 47.1%
- Buy 8 47.1%
- Hold 1 5.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-13
Median
$12.00
Mean
$14.89
← Below all targets
$3.40
Low
$8.00
High
$25.00
Median target
$12.00
+252.4%
Mean target
$14.89
+337.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.40 | $-0.49 | 0.09% |
| March 31, 2026 | $-0.47 | $-0.56 | 0.09% |
| Dec. 31, 2025 | $-0.46 | $-0.52 | 0.06% |
| Sept. 30, 2025 | $-0.47 | $-0.53 | 0.06% |
| June 30, 2025 | $-0.57 | $-0.54 | -0.03% |
| March 31, 2025 | $-0.53 | $-0.46 | -0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VYGR | $232M | -1.9 | -49.5% | -296.5% | -54.4% | — |
| CHRS | $172M | 1.0 | 59.8% | 398.4% | 185.8% | — |
| HUMA | — | — | — | — | — | — |
| CRBP | $143M | -1.4 | — | — | -60.8% | — |
| CUE | $29M | -1.1 | 195.8% | -96.9% | -119.3% | — |
| NKTX | $131M | -1.3 | — | — | -31.1% | — |
| CRBU | $151M | -1.0 | 11.7% | -1327.4% | -102.8% | — |
| OKUR | — | -0.7 | — | -1733.7% | -88.6% | — |
| CNTN | $112M | -2.7 | — | — | -18.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40M | $80M | $250M | $41M | $37M | $171M | $104M | $8M | $10M | $14M | $17M | |
| R&D Expense | $135M | $127M | $92M | $61M | $74M | $109M | $120M | $65M | $62M | $42M | $28M | |
| SG&A Expense | $38M | $36M | $36M | $31M | $37M | $35M | $36M | $34M | $20M | $13M | $10M | |
| Operating Expenses | $172M | $163M | $128M | $92M | $111M | $144M | $156M | $99M | $82M | $56M | $38M | |
| Operating Income | $-132M | $-83M | $122M | $-51M | $-74M | $27M | $-52M | $-91M | $-72M | $-41M | $-20M | |
| Other Non-op | $2M | $622.0K | $3.0K | $3M | $3M | $8M | $2M | $-683.0K | $-62.0K | $182.0K | $-10M | |
| Pretax Income | $-120M | $-64M | $134M | $-46M | $-71M | $37M | $-44M | $-88M | $-71M | $-40M | $-30M | |
| Income Tax | $144.0K | $665.0K | $1M | $16.0K | · | · | · | $-180.0K | · | $52.0K | $0 | |
| Net Income | $-120M | $-65M | $132M | $-46M | $-71M | $37M | $-44M | $-88M | $-71M | $-40M | $-30M | |
| EPS (Basic) | $-2.04 | $-1.13 | $3.08 | $-1.21 | $-1.89 | $0.99 | $-1.21 | $-2.75 | · | · | · | |
| EPS (Diluted) | $-2.04 | $-1.13 | $2.97 | $-1.21 | $-1.89 | $0.98 | $-1.21 | $-2.75 | · | · | · | |
| Shares (Basic) | 58,691,136 | 57,667,543 | 43,020,747 | 38,356,810 | 37,668,947 | 37,132,447 | 35,898,266 | 32,065,781 | · | · | · | |
| Shares (Diluted) | 58,691,136 | 57,667,543 | 44,569,334 | 38,356,810 | 37,668,947 | 37,348,514 | 35,898,266 | 32,065,781 | · | · | · | |
| EBITDA | $-132M | $-83M | $122M | $-51M | $-74M | $27M | $-52M | $-91M | $-72M | $-41M | $-20M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $65M | $71M | $69M | $99M | $117M | $104M | $86M | $47M | $32M | $37M | $31M | |
| Short-term Investments | $131M | $195M | $162M | $20M | $15M | $77M | $195M | $109M | $138M | · | · | |
| Receivables | $2M | $2M | $80M | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $4M | $8M | $5M | $5M | $3M | $9M | $5M | $7M | $3M | $4M | $2M | |
| Other Current Assets | $2M | $3M | $3M | $4M | $2M | $2M | $1M | $1M | $766.0K | $2M | $424.0K | |
| Current Assets | $203M | $277M | $320M | $124M | $137M | $198M | $305M | $162M | $172M | $179M | $196M | |
| PP&E (Net) | $13M | $14M | $16M | $18M | $22M | $25M | $18M | $13M | $10M | $8M | $3M | |
| PP&E (Gross) | $32M | $30M | $32M | $35M | $38M | $37M | $26M | $18M | $13M | $9M | $4M | |
| Accum. Depreciation | $19M | $16M | $15M | $17M | $16M | $12M | $8M | $5M | $3M | $1M | $784.0K | |
| Total Assets | $252M | $393M | $351M | $159M | $194M | $262M | $355M | $177M | $184M | $190M | $229M | |
| Accounts Payable | $5M | $4M | $2M | $3M | $574.0K | $634.0K | $4M | $1M | $1M | $550.0K | $612.0K | |
| Accrued Liabilities | $12M | $14M | $17M | $8M | $11M | $14M | $22M | $10M | $11M | $6M | $3M | |
| Current Liabilities | $27M | $50M | $65M | $73M | $51M | $27M | $76M | $32M | $16M | $14M | $24M | |
| Capital Leases | $29M | $36M | $17M | $20M | $39M | $43M | $31M | · | · | · | · | |
| Other Non-current Liabilities | · | $37M | $18M | $21M | $40M | $44M | $32M | $7M | $1M | $25.0K | $44.0K | |
| Total Liabilities | $56M | $93M | $115M | $100M | $99M | $107M | $255M | $131M | $50M | $54M | $60M | |
| Common Stock | $59.0K | $55.0K | $44.0K | $38.0K | $38.0K | $37.0K | $37.0K | $32.0K | $32.0K | $26.0K | $25.0K | |
| Paid-in Capital | $642M | $626M | $498M | $453M | $442M | $430M | $412M | $316M | $295M | $226M | $219M | |
| Retained Earnings | $-446M | $-326M | $-261M | $-394M | $-347M | $-276M | $-313M | $-269M | $-161M | $-90M | $-50M | |
| AOCI | $32.0K | $-407.0K | $-48.0K | $-219.0K | $-138.0K | $-134.0K | $-104.0K | $-133.0K | $-287.0K | $-52.0K | $-251.0K | |
| Stockholders' Equity | $196M | $300M | $236M | $59M | $95M | $154M | $100M | $46M | $134M | $136M | $169M | |
| Liabilities + Equity | $252M | $393M | $351M | $159M | $194M | $262M | $355M | $177M | $184M | $190M | $229M | |
| Shares Outstanding | 59,047,860 | 54,731,316 | 44,038,333 | 38,613,891 | 37,918,395 | 37,368,027 | 36,865,116 | 32,364,895 | 31,572,044 | 25,597,912 | 24,930,979 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $15M | $15M | $11M | $9M | $11M | $15M | $16M | $16M | $9M | $6M | $4M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | $-128.0K | · | |
| Operating Cash Flow | $-132M | $-15M | $78M | $-13M | $-54M | $-97M | $49M | $-16M | $-61M | $-42M | $41M | |
| CapEx | $3M | $4M | $3M | $2M | $2M | $12M | $8M | $4M | $4M | $5M | $1M | |
| Investing Cash Flow | $125M | $-95M | $-142M | $-7M | $66M | $113M | $-90M | $26M | $-4M | $48M | $-195M | |
| Stock Issued | · | $93M | · | · | · | · | · | · | $58M | · | · | |
| Net Stock Activity | · | $93M | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $816.0K | $114M | $34M | $1M | $612.0K | $3M | $81M | $5M | $60M | $514.0K | $178M | |
| Net Change in Cash | $-6M | $4M | $-30M | $-19M | $13M | $19M | $39M | $15M | $-5M | $6M | $24M | |
| Taxes Paid | $714.0K | $1M | $16.0K | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-135M | $-19M | $75M | $-15M | $-55M | $-109M | $41M | $-20M | $-65M | $-48M | $40M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -326.6% | -104.1% | 48.8% | -124.3% | -196.8% | 16.0% | -49.5% | -1195.6% | -709.1% | -290.4% | -116.9% | |
| Net Margin | -296.5% | -81.2% | 52.9% | -113.5% | -190.3% | 21.5% | -41.8% | -1158.8% | -697.6% | -282.6% | -171.2% | |
| Pretax Margin | -296.2% | -80.4% | 53.5% | -113.4% | · | 21.5% | -41.8% | -1161.1% | -697.6% | -282.3% | · | |
| EBITDA Margin | -326.6% | -104.1% | 48.8% | -124.3% | -196.8% | 16.0% | -49.5% | -1195.6% | -709.1% | -290.4% | -116.9% | |
| ROA | -37.1% | -17.5% | 51.8% | -26.3% | -31.3% | 11.9% | -16.4% | -48.8% | -37.8% | -19.2% | -24.6% | |
| ROE | -54.4% | -20.6% | 64.1% | -66.8% | -78.0% | 22.9% | -42.0% | -157.6% | -52.4% | -26.4% | -40.0% | |
| ROIC | -67.3% | -28.1% | 51.1% | -86.2% | · | · | · | -195.7% | · | -30.4% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.6 | 5.6 | 5.0 | 1.7 | 2.7 | 7.4 | 4.0 | 5.1 | 10.8 | 13.0 | 8.2 | |
| Quick Ratio | 7.5 | 5.4 | 4.8 | 1.6 | 2.6 | 6.8 | 3.7 | 4.9 | 2.0 | 2.7 | 1.3 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | 1.0 | 0.2 | 0.2 | 0.6 | 0.4 | 0.0 | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | 24.7 | 2.0 | 6.2 | · | · | · | · | · | · | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -49.5% | -68.0% | 511.2% | 9.3% | -78.1% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -0.44% | 28.8% | 13.5% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -25.1% | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | · | 44.7% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | · | 53.3% | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $40M | $80M | $250M | $41M | $37M | $171M | $104M | $8M | $10M | $14M | $17M | |
| Net Income TTM | $-120M | $-65M | $132M | $-46M | $-71M | $37M | $-44M | $-88M | $-71M | $-40M | $-30M | |
| Market Cap | $232M | $310M | $372M | $236M | $103M | $267M | $514M | $304M | $524M | $326M | $546M | |
| P/E | -1.9 | -5.0 | 2.8 | -5.0 | -1.4 | 7.3 | -11.5 | -3.4 | · | · | · | |
| P/S | 5.7 | 3.9 | 1.5 | 5.8 | 2.7 | 1.6 | 4.9 | 39.9 | 51.7 | 22.9 | 31.5 | |
| P/B | 1.2 | 1.0 | 1.6 | 4.0 | 1.1 | 1.7 | 5.2 | 6.6 | 3.9 | 2.4 | 3.2 | |
| P / Tangible Book | 1.2 | 1.0 | 1.6 | 4.0 | 1.1 | 1.7 | · | · | · | · | · | |
| P / Cash Flow | -1.8 | -20.3 | 4.8 | -18.8 | -1.9 | -2.8 | 10.6 | -19.1 | -8.5 | -7.7 | 13.2 | |
| P / FCF | -1.7 | -16.5 | 5.0 | -15.7 | -1.9 | -2.5 | 12.6 | -15.1 | -8.0 | -6.9 | 13.6 | |
| Earnings Yield | -51.9% | -19.9% | 35.2% | -19.8% | -69.7% | 13.7% | -8.7% | -29.3% | · | · | · |
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 | $3M | $3M | $15M | $13M | $5M | $6M | $6M | $25M | $30M | $20M | $90M | $5M | $5M | $150M | $-2M | $41M | |
| R&D Expense | $22M | $25M | $36M | $36M | $31M | $32M | $36M | $30M | $34M | $27M | $26M | $26M | $22M | $19M | $15M | $19M | |
| SG&A Expense | $8M | $8M | $9M | $8M | $10M | $10M | $9M | $8M | $10M | $9M | $10M | $8M | $8M | $9M | $8M | $7M | |
| Operating Expenses | $30M | $33M | $45M | $44M | $42M | $41M | $45M | $38M | $45M | $36M | $36M | $34M | $30M | $28M | $23M | $27M | |
| Operating Income | $-26M | $-30M | $-30M | $-31M | $-37M | $-35M | $-38M | $-14M | $-15M | $-16M | $54M | $-30M | $-25M | $123M | $-25M | $14M | |
| Other Non-op | $411.0K | $435.0K | $404.0K | $400.0K | $427.0K | $418.0K | $-4M | $200.0K | $20.0K | $5M | $0 | $0 | $3.0K | $2M | $-76.0K | $3M | |
| Pretax Income | $-24M | $-28M | $-27M | $-28M | $-33M | $-31M | $-34M | $-9M | $-10M | $-11M | $57M | $-26M | $-22M | $125M | $-24M | $18M | |
| Income Tax | $20.0K | $14.0K | $9.0K | $83.0K | $15.0K | $37.0K | $584.0K | $43.0K | $24.0K | $14.0K | $822.0K | $-177.0K | $59.0K | $704.0K | · | · | |
| Net Income | $-24M | $-28M | $-27M | $-28M | $-33M | $-31M | $-34M | $-9M | $-10M | $-11M | $56M | $-26M | $-22M | $124M | $-24M | $18M | |
| EPS (Basic) | $-0.40 | $-0.47 | $-0.47 | $-0.47 | $-0.57 | $-0.53 | $-0.59 | $-0.16 | $-0.18 | $-0.20 | $1.13 | $-0.59 | $-0.51 | $3.05 | $-0.61 | $0.46 | |
| EPS (Diluted) | $-0.40 | $-0.47 | $-0.47 | $-0.47 | $-0.57 | $-0.53 | $-0.59 | $-0.16 | $-0.18 | $-0.20 | $1.13 | $-0.59 | $-0.51 | $2.94 | $-0.60 | $0.45 | |
| Shares (Basic) | 60,547,863 | 59,496,329 | -117,128,108 | 58,803,015 | 58,666,460 | 58,349,769 | -115,022,547 | 57,851,110 | 57,721,934 | 57,117,046 | -84,996,315 | 43,864,838 | 43,520,137 | 40,632,087 | -76,498,588 | 38,507,542 | |
| Shares (Diluted) | 60,547,863 | 59,496,329 | -117,128,108 | 58,803,015 | 58,666,460 | 58,349,769 | -115,022,547 | 57,851,110 | 57,721,934 | 57,117,046 | -84,976,967 | 43,864,838 | 43,520,137 | 42,161,326 | -77,561,440 | 39,570,394 | |
| EBITDA | $-26M | $-30M | · | $-31M | $-37M | $-35M | · | $-14M | $-15M | $-16M | · | $-30M | $-25M | $123M | · | $14M |
Balance Sheet 24
| 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 | $36M | $43M | $65M | $45M | $44M | $75M | $71M | $113M | $76M | $143M | · | $65M | $244M | $268M | · | $97M | |
| Short-term Investments | $81M | $98M | $131M | $164M | $172M | $161M | $195M | $233M | $295M | $256M | · | $188M | $28M | $5M | · | $35M | |
| Receivables | $3M | $1M | $2M | $3M | $2M | $2M | $2M | $16M | $2M | $837.0K | · | · | · | $25M | · | $10M | |
| Prepaid Expense | $6M | $4M | $4M | $7M | $10M | $7M | $8M | $8M | $7M | $6M | · | $6M | $6M | $4M | · | $5M | |
| Other Current Assets | · | · | $2M | · | · | · | $3M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $125M | $147M | $203M | $220M | $228M | $245M | $277M | $373M | $382M | $409M | · | $262M | $282M | $303M | · | $147M | |
| PP&E (Net) | $11M | $12M | $13M | $13M | $14M | $14M | $14M | $15M | $16M | $17M | · | $17M | $17M | $17M | · | $18M | |
| PP&E (Gross) | · | · | $32M | · | · | · | $30M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $19M | · | · | · | $16M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $214.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $198M | $219M | $252M | $288M | $322M | $353M | $393M | $426M | $436M | $470M | · | $295M | $316M | $336M | · | $182M | |
| Accounts Payable | $2M | $3M | $5M | $2M | $2M | $3M | $4M | $3M | $3M | $8M | · | $3M | $2M | $4M | · | $1M | |
| Accrued Liabilities | $8M | $7M | $12M | $15M | $12M | $9M | $14M | $11M | $10M | $8M | · | $11M | $9M | $8M | · | $13M | |
| Current Liabilities | $17M | $17M | $27M | $35M | $42M | $40M | $50M | $44M | $40M | $73M | · | $62M | $45M | $20M | · | $73M | |
| Capital Leases | $26M | $27M | $29M | $31M | $33M | $35M | $36M | $38M | $40M | $42M | · | $18M | $19M | $20M | · | $21M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | $39M | $41M | $43M | · | $19M | $20M | $21M | · | $22M | |
| Total Liabilities | $43M | $46M | $56M | $68M | $78M | $81M | $93M | $96M | $101M | $129M | · | $118M | $117M | $119M | · | $103M | |
| Common Stock | $61.0K | $60.0K | $59.0K | $56.0K | $56.0K | $55.0K | $55.0K | $55.0K | $54.0K | $54.0K | · | $44.0K | $44.0K | $43.0K | · | $38.0K | |
| Paid-in Capital | $653M | $648M | $642M | $638M | $635M | $630M | $626M | $622M | $619M | $614M | · | $494M | $491M | $487M | · | $450M | |
| Retained Earnings | $-498M | $-474M | $-446M | $-418M | $-391M | $-357M | $-326M | $-292M | $-283M | $-273M | · | $-318M | $-292M | $-269M | · | $-370M | |
| AOCI | $-421.0K | $-263.0K | $32.0K | $7.0K | $-221.0K | $-199.0K | $-407.0K | $-33.0K | $-522.0K | $-506.0K | · | $-248.0K | $-133.0K | $-132.0K | · | $-337.0K | |
| Stockholders' Equity | $154M | $174M | $196M | $220M | $244M | $273M | $300M | $330M | $335M | $341M | $236M | $176M | $199M | $217M | $59M | $80M | |
| Liabilities + Equity | $198M | $219M | $252M | $288M | $322M | $353M | $393M | $426M | $436M | $470M | · | $295M | $316M | $336M | · | $182M | |
| Shares Outstanding | 61,273,390 | 60,310,526 | 59,047,860 | 55,482,262 | 55,434,956 | 55,209,485 | 54,731,316 | 54,542,048 | 54,472,113 | 54,318,133 | · | 43,909,161 | 43,759,409 | 43,435,889 | · | 38,520,336 |
Cash Flow 9
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $2M | $4M | $3M | $4M | $4M | $4M | $3M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | |
| Operating Cash Flow | $-26M | $-33M | $-30M | $-31M | $-33M | $-38M | $-15M | $-28M | $-32M | $59M | $-24M | $-21M | $-835.0K | $124M | $-12M | $-16M | |
| CapEx | $0 | $14.0K | $626.0K | $207.0K | $1M | $658.0K | $155.0K | $258.0K | $967.0K | $2M | $755.0K | $782.0K | $1M | $509.0K | $933.0K | $278.0K | |
| Investing Cash Flow | $15M | $8M | $47M | $35M | $2M | $41M | $-27M | $64M | $-36M | $-96M | $27M | $-158M | $-25M | $14M | $14M | $35M | |
| Stock Issued | $3M | $3M | · | · | · | · | $0 | $0 | $0 | $93M | · | · | · | · | · | · | |
| Net Stock Activity | · | $3M | · | · | · | · | · | · | · | $93M | · | · | · | · | · | · | |
| Financing Cash Flow | $3M | $3M | $136.0K | $85.0K | $513.0K | $82.0K | $574.0K | $14.0K | $571.0K | $113M | $460.0K | $331.0K | $2M | $31M | $276.0K | $15.0K | |
| Net Change in Cash | $-8M | $-22M | $17M | $4M | $-31M | $3M | $-41M | $36M | $-67M | $76M | $4M | $-179M | $-24M | $169M | $2M | $19M | |
| Free Cash Flow | · | $-33M | · | · | · | $-39M | · | · | · | $57M | · | · | · | $123M | · | · |
Profitability 7
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -833.9% | -1167.4% | · | -228.9% | -704.3% | -536.0% | · | -56.0% | -50.8% | -82.9% | · | -639.5% | -523.9% | 81.7% | · | 35.1% | |
| Net Margin | -773.2% | -1077.4% | · | -208.7% | -642.0% | -479.2% | · | -36.7% | -34.3% | -58.1% | · | -561.4% | -457.6% | 82.4% | · | 42.9% | |
| Pretax Margin | -772.6% | -1076.9% | · | -208.1% | -641.7% | -478.7% | · | -36.5% | -34.2% | -58.0% | · | -565.2% | -456.4% | 82.9% | · | · | |
| EBITDA Margin | -833.9% | -1167.4% | · | -228.9% | -704.3% | -536.0% | · | -56.0% | -50.8% | -82.9% | · | -639.5% | -523.9% | 81.7% | · | 35.1% | |
| ROA | -9.4% | -9.8% | · | -7.8% | -8.8% | -7.5% | · | -2.5% | -2.7% | -2.8% | · | -10.9% | -8.8% | 44.3% | · | 9.6% | |
| ROE | -12.3% | -12.5% | · | -10.1% | -11.5% | -10.1% | · | -3.6% | -3.8% | -4.1% | · | -20.2% | -17.1% | 84.7% | · | 21.1% | |
| ROIC | -17.1% | -17.4% | · | -14.0% | -15.0% | -12.7% | · | -4.2% | -4.5% | -4.8% | · | -16.6% | -12.8% | 56.3% | · | · |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.5 | 8.4 | · | 6.2 | 5.4 | 6.1 | · | 8.4 | 9.5 | 5.6 | · | 4.2 | 6.2 | 15.2 | · | 2.0 | |
| Quick Ratio | 7.1 | 8.2 | · | 6.0 | 5.2 | 5.9 | · | 8.2 | 9.3 | 5.5 | · | 4.1 | 6.0 | 15.0 | · | 1.9 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.5 | · | 0.2 | |
| Receivables Turnover | 1.4 | 1.7 | · | 1.4 | 3.1 | 5.3 | · | 1.9 | 34.8 | 1.5 | · | · | · | 12.0 | · | 8.2 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $24M | $28M | · | $50M | $66M | $80M | · | $78M | $59M | $179M | · | $201M | $197M | $193M | · | $44M | |
| Net Income TTM | $-114M | $-120M | · | $-101M | $-84M | $-62M | · | $-56M | $-70M | $65M | · | $94M | $100M | $101M | · | $-48M | |
| Market Cap | $214M | $233M | · | $259M | $172M | $187M | · | $319M | $431M | $506M | · | $340M | $501M | $335M | · | $228M | |
| P/E | -1.8 | -1.9 | · | -2.7 | -2.2 | -3.2 | · | -5.2 | -5.3 | 5.7 | · | 3.4 | 4.8 | 3.3 | · | -4.6 | |
| P/S | 8.8 | 8.4 | · | 5.2 | 2.6 | 2.3 | · | 4.1 | 7.4 | 2.8 | · | 1.7 | 2.5 | 1.7 | · | 5.2 | |
| P/B | 1.4 | 1.3 | · | 1.2 | 0.7 | 0.7 | · | 1.0 | 1.3 | 1.5 | · | 1.9 | 2.5 | 1.5 | · | 2.9 | |
| P / Tangible Book | 1.4 | 1.3 | · | 1.2 | 0.7 | 0.7 | · | 1.0 | 1.3 | 1.5 | · | 1.9 | 2.5 | 1.5 | · | 2.9 | |
| P / Cash Flow | · | -7.0 | · | · | · | -4.9 | · | · | · | 8.6 | · | · | · | 2.7 | · | · | |
| P / FCF | · | -7.0 | · | · | · | -4.8 | · | · | · | 8.9 | · | · | · | 2.7 | · | · | |
| Earnings Yield | -54.6% | -52.8% | · | -37.0% | -46.3% | -31.7% | · | -19.3% | -18.7% | 17.6% | · | 29.5% | 20.8% | 30.2% | · | -21.6% |
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 | $40M | $80M | $250M | $41M | $37M |
| Operating Margin % | -326.6% | -104.1% | 48.8% | -124.3% | -196.8% |
| Net Income | $-120M | $-65M | $132M | $-46M | $-71M |
| Diluted EPS | $-2.04 | $-1.13 | $2.97 | $-1.21 | $-1.89 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 7.6 | 5.6 | 5.0 | 1.7 | 2.7 |
| Quick Ratio | 7.5 | 5.4 | 4.8 | 1.6 | 2.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-135M | $-19M | $75M | $-15M | $-55M |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 153 filers · $97.9M 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 |
|---|---|---|---|---|
| 28 (-4 vs prior Q) | 16 (0 vs prior Q) | 52 (+9 vs prior Q) | 35 (0 vs prior Q) | +2.0M |
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 |
|---|---|---|---|---|
| MILLENNIUM MANAGEMENT LLC | $15,550,328 | 4,442,951 | 15.88% | Shares |
| ARMISTICE CAPITAL, LLC | $12,026,000 | 3,436,000 | 12.28% | Shares |
| Vestal Point Capital, LP | $9,187,500 | 2,625,000 | 9.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $8,209,859 | 2,345,674 | 8.39% | Shares |
| Opaleye Management Inc. | $4,147,500 | 1,185,000 | 4.24% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,014,640 | 1,146,618 | 4.10% | Shares |
| STATE STREET CORP | $3,767,477 | 1,076,422 | 3.85% | Shares |
| TWO SIGMA INVESTMENTS, LP | $3,319,810 | 948,517 | 3.39% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,835,319 | 810,091 | 2.90% | Shares |
| CITADEL ADVISORS LLC | $2,741,372 | 783,249 | 2.80% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,690,223 | 768,635 | 2.75% | Shares |
| Erste Asset Management GmbH | $2,287,262 | 638,900 | 2.34% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,733,326 | 495,236 | 1.77% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $1,496,439 | 427,554 | 1.53% | Shares |
| DIADEMA PARTNERS LP | $1,447,747 | 413,642 | 1.48% | Shares |
| BlackRock, Inc. | $1,334,669 | 381,334 | 1.36% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,207,637 | 345,039 | 1.23% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,180,638 | 337,325 | 1.21% | Shares |
| VANGUARD GROUP INC | $1,173,357 | 298,564 | 1.20% | Shares |
| Fiduciary Trust Co | $1,170,390 | 334,397 | 1.20% | Shares |
| Point72 Asset Management, L.P. | $826,291 | 236,083 | 0.84% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $808,770 | 231,077 | 0.83% | Shares |
| Seven Fleet Capital Management LP | $771,860 | 230,406 | 0.79% | Shares |
| Qube Research & Technologies Ltd | $679,172 | 194,049 | 0.69% | Shares |
| FMR LLC | $600,222 | 171,492 | 0.61% | Shares |
| GOLDMAN SACHS GROUP INC | $588,560 | 168,160 | 0.60% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $530,079 | 151,451 | 0.54% | Shares |
| DIADEMA PARTNERS LP | $525,000 | 150,000 | 0.54% | Call option |
| AMERICAN CENTURY COMPANIES INC | $514,059 | 146,874 | 0.53% | Shares |
| Altshuler Shaham Ltd | $497,700 | 142,200 | 0.51% | Shares |
| Susquehanna Portfolio Strategies, LLC | $431,193 | 123,198 | 0.44% | Shares |
| Privium Fund Management B.V. | $420,000 | 120,000 | 0.43% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $391,954 | 111,987 | 0.40% | Shares |
| CITADEL ADVISORS LLC | $372,400 | 106,400 | 0.38% | Call option |
| Persistent Asset Partners Ltd | $365,901 | 104,543 | 0.37% | Shares |
| Verition Fund Management LLC | $350,000 | 100,000 | 0.36% | Call option |
| BARCLAYS PLC | $349,715 | 99,918 | 0.36% | Shares |
| Patriot Financial Group Insurance Agency, LLC | $336,175 | 96,050 | 0.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $318,147 | 90,899 | 0.32% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $306,107 | 87,459 | 0.31% | Shares |
| ALLIANCEBERNSTEIN L.P. | $266,533 | 69,050 | 0.27% | Shares |
| Birchview Capital, LP | $263,015 | 75,147 | 0.27% | Shares |
| Allspring Global Investments Holdings, LLC | $248,675 | 71,050 | 0.25% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $248,500 | 71,000 | 0.25% | Call option |
| TWO SIGMA ADVISERS, LP | $246,018 | 62,600 | 0.25% | Shares |
| Palumbo Wealth Management LLC | $224,865 | 64,247 | 0.23% | Shares |
| Cubist Systematic Strategies, LLC | $208,087 | 44,558 | 0.21% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $206,392 | 58,969 | 0.21% | Shares |
| RHUMBLINE ADVISERS | $203,604 | 58,174 | 0.21% | Shares |
| Ikarian Capital, LLC | $185,722 | 53,063 | 0.19% | Shares |
| DEUTSCHE BANK AG\ | $179,526 | 51,293 | 0.18% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $175,662 | 50,189 | 0.18% | Shares |
| BANK OF AMERICA CORP /DE/ | $158,358 | 45,245 | 0.16% | Shares |
| WELLS FARGO & COMPANY/MN | $154,105 | 44,030 | 0.16% | Shares |
| D. E. Shaw & Co., Inc. | $153,318 | 43,805 | 0.16% | Shares |
| Bank of New York Mellon Corp | $146,885 | 41,967 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $134,750 | 38,500 | 0.14% | Call option |
| Marex Group Ltd | $134,127 | 38,322 | 0.14% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $130,130 | 37,180 | 0.13% | Shares |
| SEI INVESTMENTS CO | $127,075 | 36,307 | 0.13% | Shares |
| ADAR1 Capital Management, LLC | $122,500 | 35,000 | 0.13% | Shares |
| Verdad Advisers, LP | $120,400 | 34,400 | 0.12% | Shares |
| HSBC HOLDINGS PLC | $116,871 | 33,202 | 0.12% | Shares |
| XTX Topco Ltd | $112,203 | 32,058 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $102,095 | 29,170 | 0.10% | Shares |
| MetLife Investment Management, LLC | $100,359 | 28,674 | 0.10% | Shares |
| Nuveen, LLC | $85,355 | 24,387 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $84,732 | 24,209 | 0.09% | Shares |
| CITIGROUP INC | $79,261 | 22,646 | 0.08% | Shares |
| Squarepoint Ops LLC | $73,070 | 20,877 | 0.07% | Shares |
| Invesco Ltd. | $72,877 | 20,822 | 0.07% | Shares |
| Quadrature Capital Ltd | $72,457 | 20,702 | 0.07% | Shares |
| Cetera Investment Advisers | $72,447 | 20,699 | 0.07% | Shares |
| DIVERSIFIED TRUST CO | $71,638 | 20,468 | 0.07% | Shares |
| DLD Asset Management, LP | $70,000 | 20,000 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $60,837 | 17,382 | 0.06% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $59,892 | 17,112 | 0.06% | Shares |
| Vanguard Personalized Indexing Management, LLC | $57,754 | 16,501 | 0.06% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $55,219 | 16,052 | 0.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $51,450 | 14,700 | 0.05% | Put option |
| Police & Firemen's Retirement System of New Jersey | $49,682 | 14,195 | 0.05% | Shares |
| StoneX Group Inc. | $49,458 | 13,413 | 0.05% | Shares |
| IEQ CAPITAL, LLC | $48,353 | 13,815 | 0.05% | Shares |
| Spark Investment Management LLC | $47,250 | 13,500 | 0.05% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $46,606 | 13,316 | 0.05% | Shares |
| Arax Advisory Partners | $46,210 | 13,203 | 0.05% | Shares |
| Ethic Inc. | $45,031 | 12,866 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $44,562 | 12,732 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $41,104 | 11,744 | 0.04% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $40,960 | 11,704 | 0.04% | Shares |
| Almanack Investment Partners, LLC. | $40,250 | 11,500 | 0.04% | Shares |
| Persistent Asset Partners Ltd | $39,780 | 379 | 0.04% | Call option |
| CWM, LLC | $35,643 | 9,234 | 0.04% | Shares |
| China Universal Asset Management Co., Ltd. | $33,656 | 9,616 | 0.03% | Shares |
| MARSHALL WACE, LLP | $33,430 | 9,551 | 0.03% | Shares |
| Pinnacle Wealth Planning Services, Inc. | $33,061 | 9,446 | 0.03% | Shares |
| NORTHERN TRUST CORP | $28,742 | 8,212 | 0.03% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $26,625 | 7,607 | 0.03% | Shares |
| VIRTUS CAPITAL ADVISERS, LLC | $22,850 | 4,030 | 0.02% | Shares |
| JPMORGAN CHASE & CO | $19,343 | 5,403 | 0.02% | Shares |
Company insiders 32 insiders · 17 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Alfred Sandrock | President and CEO | April 2, 2026 S | 472,549 | 0 | 3 | $-144,441 |
| Andre Turenne | President & CEO | March 19, 2021 A | 322,375 | 0 | 0 | $0 |
| Nathan D. Jorgensen | Chief Financial Officer | Feb. 24, 2026 S | 151,416 | 0 | 2 | $-54,241 |
| Peter P. Pfreundschuh | Chief Financial Officer | Feb. 21, 2024 S | 175,669 | 0 | 0 | $0 |
| Jane Henderson | Sr. V.P. & CFO, Corp. Dev. | March 23, 2018 M | 0 | 0 | 0 | $0 |
| Jeff Goater | Chief Financial Officer | Feb. 1, 2016 A | — | 0 | 0 | $0 |
| Robin Swartz | COO & CBO | Feb. 24, 2026 S | 199,738 | 0 | 3 | $-55,292 |
| Matthew P. Ottmer | Chief Operating Officer | Jan. 21, 2020 S | 26,276 | 0 | 0 | $0 |
| Gregory L. Shiferman | SVP and General Counsel | April 1, 2026 A | 50,000 | 0 | 0 | $0 |
| Todd Alfred Carter | Chief Scientific Officer | Feb. 24, 2026 S | 145,718 | 0 | 3 | $-40,620 |
| Toby Ferguson | Chief Medical Officer | Feb. 6, 2026 A | 183,914 | 0 | 1 | $-70,870 |
| Sandell Jacquelyn Fahey | Chief Legal Officer | Feb. 21, 2025 A | 123,143 | 0 | 0 | $0 |
| Robert W. Hesslein | Senior VP & General Counsel | March 20, 2023 S | 102,200 | 0 | 0 | $0 |
| Julie Burek | VP, Finance | March 21, 2022 S | 52,458 | 0 | 0 | $0 |
| Omar Khwaja | Chief Medical Officer and Head of Research & Development. | May 21, 2021 S | 120,509 | 0 | 0 | $0 |
| Dinah Sah Ph.D. | Chief Scientific Officer | Jan. 11, 2019 A | 163,688 | 0 | 0 | $0 |
| Bernard Ravina | Chief Medical Officer | April 10, 2018 S | 0 | 0 | 0 | $0 |
| Jude Onyia | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Nancy Vitale | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Grace Colon | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Steven Hyman | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Catherine J Mackey | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Michael J Higgins | Director | June 9, 2026 A | 31,314 | 0 | 0 | $0 |
| Glenn Pierce | Director | June 9, 2026 A | 16,788 | 0 | 0 | $0 |
| James A Geraghty | Director | June 9, 2026 A | 76,588 | 0 | 0 | $0 |
| George A Scangos | Director | June 9, 2026 A | — | 0 | 0 | $0 |
| Steven M Paul | Director | June 3, 2021 A | 872,351 | 0 | 0 | $0 |
| Mark J Levin | Director | June 3, 2021 A | 6,391,176 | 0 | 0 | $0 |
| Wendy L Dixon | Director | June 4, 2020 A | — | 0 | 0 | $0 |
| Perry A Karsen | Director | June 13, 2019 A | — | 0 | 0 | $0 |
| Hadley Harbor Master Investors (Cayman) L.P. | 10% owner | Nov. 16, 2015 C | 470,588 | 0 | 0 | $0 |
| Allison Dorval | — | March 19, 2021 A | 109,894 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 30 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 |
|---|---|---|---|---|
| GSSC · Goldman Sachs ETF Trust | 0.02% | 61,864 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 120,757 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.01% | 2,179 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 20,507 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 198,641 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 2,193 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 1,714 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 2,700 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.00% | 41,544 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,730 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,855 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 44 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 6,400 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 22,313 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 39,859 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IBB · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 13, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | — | — | July 13, 2026 | Daily |
| IBRN · iShares Trust | — | — | Aug. 6, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | — | — | July 20, 2026 | Daily |
| QQQS · Invesco Exchange-Traded Fund Trust … | — | — | July 20, 2026 | Daily |