WVE Wave Life Sciences Ltd. - Ordinary Shares
$5.43
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$5–$21
3% of range
Analyst Rating
BUY
20 analysts
Price Target
$19
+251% upside
P/E (TTM)
-14.0
ROE
—
Net Profit Margin
—
About Wave Life Sciences Ltd. - Ordinary Shares Company overview from Wikipedia
WVE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$5.43
Market Cap
—
P/E (TTM)
-14.0
EPS (TTM)
$-1.21
Revenue (TTM)
$43M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$5 – $21
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$43M
2016-12-31
→
2025-12-31
EPS
$-1.21
2021-12-31
→
2025-12-31
Free Cash Flow
—
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
WVE
Peer Median
P/E (TTM)
-14.0
19.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WVE
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WVE
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WVE
Peer Median
Revenue YoY
-60.6%
—
Revenue CAGR 3Y
127.1%
—
Revenue CAGR 5Y
16.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WVE
Peer Median
WVE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 6 30.0%
- Buy 13 65.0%
- Hold 1 5.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-17
Median
$15.00
Mean
$19.06
← Below all targets
$5.43
Low
$12.00
High
$42.00
Median target
$15.00
+176.2%
Mean target
$19.06
+251.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.34 | $-0.31 | -0.03% |
| March 31, 2026 | $-0.13 | $-0.33 | 0.20% |
| Dec. 31, 2025 | $-0.30 | $-0.27 | -0.03% |
| Sept. 30, 2025 | $-0.32 | $-0.30 | -0.02% |
| June 30, 2025 | $-0.31 | $-0.29 | -0.02% |
| March 31, 2025 | $-0.29 | $-0.26 | -0.03% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43M | $108M | $113M | $4M | $41M | $20M | $16M | $14M | $4M | $1M | $152.0K | |
| R&D Expense | $183M | $160M | $130M | $116M | $122M | $131M | $175M | $134M | $79M | $41M | $9M | |
| SG&A Expense | $75M | $59M | $51M | $51M | $46M | $43M | $49M | $40M | $27M | $16M | $10M | |
| Operating Expenses | $258M | $219M | $181M | $166M | $168M | $173M | $224M | $174M | $106M | $57M | $19M | |
| Operating Income | $-215M | $-110M | $-68M | $-163M | $-127M | $-153M | $-208M | $-160M | $-102M | $-56M | $-19M | |
| Other Non-op | $527.0K | $3M | $2M | $7.0K | $5M | $2M | $10M | $10M | $-331.0K | $-50.0K | $56.0K | |
| Pretax Income | $-204M | $-97M | $-58M | $-161M | $-122M | $-151M | $-194M | $-147M | $-101M | $-55M | $-19M | |
| Income Tax | $0 | $0 | $-677.0K | $681.0K | $-204.0K | $-841.0K | $0 | $69.0K | $842.0K | $482.0K | $44.0K | |
| Net Income | $-204M | $-97M | $-58M | $-162M | $-122M | $-150M | $-194M | $-147M | $-102M | $-56M | $-19M | |
| EPS (Basic) | $-1.21 | $-0.70 | $-0.54 | $-2.05 | $-2.36 | · | · | · | · | · | · | |
| EPS (Diluted) | $-1.21 | $-0.70 | $-0.54 | $-2.05 | $-2.36 | · | · | · | · | · | · | |
| Shares (Basic) | 168,649,795 | 138,277,468 | 106,097,268 | 78,855,810 | 51,825,566 | · | · | · | · | · | · | |
| Shares (Diluted) | 168,649,795 | 138,277,468 | 106,097,268 | 78,855,810 | 51,825,566 | · | · | · | · | · | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $602M | $302M | $200M | $88M | $151M | $184M | $147M | $175M | $143M | $150M | $161M | |
| Receivables | $1M | $1M | $21M | · | · | $30M | $20M | $10M | $1M | · | · | |
| Prepaid Expense | $8M | $10M | $10M | $8M | $7M | $10M | $10M | $7M | $7M | $1M | $146.0K | |
| Other Current Assets | $3M | $7M | $4M | $2M | $5M | $5M | $9M | $11M | · | · | · | |
| Current Assets | $615M | $320M | $235M | $99M | $163M | $230M | $185M | $202M | $150M | $152M | $161M | |
| PP&E (Net) | $7M | $10M | $13M | $17M | $22M | $29M | $36M | $40M | $27M | $9M | $3M | |
| PP&E (Gross) | $57M | $56M | $56M | $55M | $54M | $54M | $53M | $49M | $32M | $11M | $4M | |
| Accum. Depreciation | $50M | $46M | $43M | $38M | $32M | $25M | $17M | $10M | $4M | $2M | $2M | |
| Other Non-current Assets | $16.0K | $55.0K | $156.0K | · | · | · | · | · | · | · | · | |
| Total Assets | $638M | $352M | $275M | $146M | $207M | $279M | $284M | $296M | $182M | $165M | $165M | |
| Accounts Payable | $16M | $16M | $13M | $17M | $7M | $14M | $9M | $13M | $8M | $5M | $3M | |
| Accrued Liabilities | $7M | $5M | $2M | $4M | $4M | $2M | $5M | $6M | $3M | · | · | |
| Current Liabilities | $95M | $111M | $186M | $72M | $64M | $121M | $118M | $130M | $18M | $12M | $4M | |
| Capital Leases | $9M | $18M | $25M | $32M | $25M | $26M | $29M | · | · | $16.0K | $78.0K | |
| Other Non-current Liabilities | · | · | · | $190.0K | · | $474.0K | $2M | $2M | $2M | $796.0K | $163.0K | |
| Total Liabilities | $112M | $135M | $227M | $184M | $167M | $189M | $213M | $215M | $34M | $22M | $4M | |
| Common Stock | $1.62B | $1.18B | $935M | $803M | $750M | $694M | $540M | $375M | $310M | $216M | $185M | |
| Paid-in Capital | $228M | $156M | $129M | $119M | $88M | $72M | $57M | $38M | $22M | $10M | $3M | |
| Retained Earnings | $-1.33B | $-1.12B | $-1.02B | $-967M | $-806M | $-683M | $-533M | $-340M | $-193M | $-90M | $-35M | |
| AOCI | $-250.0K | $-262.0K | $-124.0K | $-29.0K | $181.0K | $389.0K | $267.0K | $153.0K | $116.0K | $-291.0K | $41.0K | |
| Stockholders' Equity | $518M | $210M | $40M | $-45M | $32M | $83M | $64M | $73M | $140M | $135M | $153M | |
| Liabilities + Equity | $638M | $352M | $275M | $146M | $207M | $279M | $284M | $296M | $182M | $165M | $165M | |
| Shares Outstanding | 187,660,263 | 153,037,286 | 119,162,234 | 86,924,643 | 59,841,116 | 48,778,678 | 34,340,690 | 29,472,197 | 27,829,079 | 23,502,169 | 21,551,423 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | · | $2M | $784.0K | $594.0K | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | $4M | |
| Deferred Tax | $0 | $0 | $0 | · | · | · | · | · | $908.0K | $-698.0K | $36.0K | |
| Operating Cash Flow | $-187M | $-151M | $-19M | $-128M | $-89M | $-116M | $-188M | $-23M | $-84M | $-32M | $-13M | |
| CapEx | $718.0K | $938.0K | $1M | $1M | $560.0K | $1M | $4M | $10M | $19M | $6M | $2M | |
| Investing Cash Flow | $-718.0K | $-938.0K | $-1M | $-1M | $-560.0K | $-1M | $-4M | $-10M | $-19M | $-6M | · | |
| Stock Issued | · | · | $94M | $51M | · | $94M | $162M | $60M | $94M | $30M | $12M | |
| Financing Cash Flow | $488M | $254M | $133M | $67M | $56M | $155M | $164M | $65M | $94M | $29M | · | |
| Net Change in Cash | $300M | $102M | $112M | $-62M | $-34M | $37M | $-28M | $32M | $-8M | $-8M | $160M | |
| Taxes Paid | · | · | · | · | · | · | · | · | $-11.0K | $554.0K | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -60.6% | -4.4% | 3005.1% | -91.1% | 104.0% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 127.1% | 38.3% | 78.0% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 16.3% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $43M | $108M | $113M | $4M | $41M | $20M | $16M | $14M | $4M | $1M | $152.0K | |
| Net Income TTM | $-204M | $-97M | $-58M | $-162M | $-122M | $-150M | $-194M | $-147M | $-102M | $-56M | $-19M | |
| P/E | -14.0 | -17.7 | -9.4 | -3.4 | -1.3 | · | · | · | · | · | · | |
| P / Tangible Book | 6.2 | 9.0 | 15.2 | · | 5.8 | 4.6 | · | · | · | · | · | |
| Earnings Yield | -7.1% | -5.7% | -10.7% | -29.3% | -75.2% | · | · | · | · | · | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $38M | · | · | $9M | $9M | · | · | $20M | $13M | $49M | $22M | $13M | $285.0K | $375.0K | $2M | |
| R&D Expense | $51M | $47M | $53M | $46M | $43M | $41M | $45M | $41M | $40M | $33M | $32M | $33M | $31M | $28M | $30M | $27M | |
| SG&A Expense | $25M | $22M | $21M | $18M | $18M | $18M | $16M | $15M | $14M | $14M | $13M | $12M | $12M | $12M | $13M | $12M | |
| Operating Expenses | $76M | $70M | $74M | $64M | $61M | $59M | $61M | $56M | $55M | $47M | $45M | $46M | $43M | $39M | $43M | $40M | |
| Operating Income | $-74M | $-31M | $-56M | $-56M | $-53M | $-50M | $23M | $-64M | $-35M | $-34M | $4M | $-23M | $-30M | $-39M | $-42M | $-38M | |
| Interest Income | $5M | $5M | · | $2M | $2M | $3M | · | $2M | $2M | $3M | · | · | · | · | · | · | |
| Other Non-op | $-275.0K | $-80.0K | $234.0K | $324.0K | $-82.0K | $51.0K | $3M | $337.0K | $-18.0K | $365.0K | $171.0K | $118.0K | $1M | $-701.0K | $744.0K | $254.0K | |
| Pretax Income | $-69M | $-26M | $-53M | $-54M | $-50M | $-47M | $29M | $-62M | $-33M | $-32M | $7M | $-21M | $-27M | $-39M | $-41M | $-38M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-677.0K | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-69M | $-26M | $-53M | $-54M | $-50M | $-47M | $29M | $-62M | $-33M | $-32M | $7M | $-21M | $-27M | $-39M | $-41M | $-38M | |
| EPS (Basic) | $-0.34 | $-0.13 | $-0.29 | $-0.32 | $-0.31 | $-0.29 | $0.26 | $-0.47 | $-0.25 | $-0.24 | $0.07 | $-0.20 | $-0.27 | $-0.42 | $-0.62 | $-0.62 | |
| EPS (Diluted) | $-0.34 | $-0.13 | $-0.29 | $-0.32 | $-0.31 | $-0.29 | $0.26 | $-0.47 | $-0.25 | $-0.24 | $0.07 | $-0.20 | $-0.27 | $-0.42 | $-0.62 | $-0.62 | |
| Shares (Basic) | 204,008,712 | 200,167,869 | -325,604,079 | 167,739,208 | 163,987,640 | 162,572,026 | -253,084,680 | 132,563,467 | 129,527,003 | 129,271,678 | 106,025,063 | 105,462,414 | 102,056,712 | 93,900,484 | 66,479,293 | 60,516,616 | |
| Shares (Diluted) | 204,008,712 | 200,167,869 | -325,604,079 | 167,739,208 | 163,987,640 | 162,572,026 | -253,084,680 | 132,563,467 | 129,527,003 | 129,271,678 | 106,975,231 | 105,462,414 | 102,056,712 | 93,900,484 | 66,479,293 | 60,516,616 | |
| EBITDA | $-74M | $-31M | · | $-56M | $-53M | $-50M | · | $-64M | $-35M | $-34M | $4M | $-23M | $-30M | $-39M | $-42M | $-38M |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $368M | $545M | $602M | $196M | $208M | $243M | $302M | $311M | $154M | $181M | $140M | $173M | $208M | $97M | $123M | $62M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | $25M | $25M | $50M | |
| Receivables | $888.0K | $0 | $1M | $10M | $2M | · | $1M | $0 | $1M | $0 | $7M | · | · | · | · | · | |
| Prepaid Expense | $12M | $13M | $8M | $7M | $7M | $8M | $10M | $11M | $12M | $11M | $8M | $9M | $9M | $7M | $5M | $7M | |
| Other Current Assets | $4M | $3M | $3M | $3M | $7M | $7M | $7M | $3M | $5M | $5M | $4M | $3M | $3M | $2M | $7M | $6M | |
| Current Assets | $508M | $561M | $615M | $215M | $224M | $258M | $320M | $325M | $172M | $197M | $159M | $185M | $220M | $131M | $160M | $124M | |
| PP&E (Net) | $7M | $7M | $7M | $8M | $9M | $10M | $10M | $11M | $12M | $12M | $14M | $15M | $16M | $19M | $20M | $21M | |
| PP&E (Gross) | · | · | $57M | · | · | · | $56M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $51M | $50M | $50M | $49M | $48M | $47M | $46M | $45M | $44M | $44M | $42M | $40M | $39M | · | · | · | |
| Other Non-current Assets | $667.0K | $386.0K | $16.0K | $22.0K | $728.0K | $448.0K | $55.0K | · | · | · | · | · | · | · | · | · | |
| Total Assets | $558M | $584M | $638M | $241M | $252M | $288M | $352M | $359M | $209M | $235M | $200M | $230M | $267M | $182M | $213M | $167M | |
| Accounts Payable | $20M | $19M | $16M | $14M | $15M | $14M | $16M | $13M | $18M | $12M | $13M | $12M | $12M | $16M | $11M | $10M | |
| Accrued Liabilities | $5M | $5M | $7M | $5M | $3M | $2M | $5M | $3M | $2M | $2M | $3M | $3M | $2M | $2M | $3M | $3M | |
| Current Liabilities | $51M | $50M | $95M | $86M | $87M | $87M | $111M | $171M | $173M | $166M | $100M | $140M | $133M | $64M | $64M | $58M | |
| Capital Leases | $40M | $7M | $9M | $11M | $14M | $16M | $18M | $20M | $22M | $24M | $27M | $29M | $31M | $34M | $35M | $24M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | $190.0K | $190.0K | · | · | $868.0K | |
| Total Liabilities | $105M | $72M | $112M | $109M | $105M | $109M | $135M | $209M | $204M | $202M | $233M | $274M | $294M | $178M | $174M | $160M | |
| Common Stock | $1.63B | $1.63B | $1.62B | $1.22B | $1.19B | $1.18B | $1.18B | $1.14B | $951M | $950M | $841M | $840M | $838M | $803M | $802M | $751M | |
| Paid-in Capital | $248M | $237M | $228M | $174M | $168M | $161M | $156M | $153M | $136M | $132M | $127M | $125M | $122M | $117M | $113M | $92M | |
| Retained Earnings | $-1.42B | $-1.35B | $-1.33B | $-1.27B | $-1.22B | $-1.17B | $-1.12B | $-1.15B | $-1.09B | $-1.06B | $-1.01B | $-1.02B | $-995M | $-924M | $-885M | $-843M | |
| AOCI | $-172.0K | $-254.0K | $-250.0K | $-190.0K | $-161.0K | $-204.0K | $-262.0K | $-159.0K | $-279.0K | $-198.0K | $-182.0K | $-150.0K | $-50.0K | $-123.0K | $-47.0K | $95.0K | |
| Stockholders' Equity | $454M | $512M | $518M | $125M | $139M | $172M | $210M | $142M | $-3M | $25M | $-40M | $-52M | $-35M | $-5M | $31M | $-53.0K | |
| Liabilities + Equity | $558M | $584M | $638M | $241M | $252M | $288M | $352M | $359M | $209M | $235M | $200M | $230M | $267M | $182M | $213M | $167M | |
| Shares Outstanding | 193,277,622 | 192,337,566 | 187,660,263 | 160,288,481 | 155,673,292 | 154,093,313 | 153,037,286 | 148,392,939 | 122,479,289 | 122,321,384 | 99,011,901 | 98,566,816 | 98,104,844 | 86,841,523 | 86,724,658 | 60,859,968 |
Cash Flow 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-54M | $-60M | $-34M | $-45M | $-46M | $-63M | $-44M | $-46M | $-27M | $-33M | $-34M | $-37M | $86M | $-26M | $-29M | $-40M | |
| CapEx | $884.0K | $438.0K | $-1.0K | $248.0K | $306.0K | $165.0K | $86.0K | $383.0K | $52.0K | $417.0K | $198.0K | $72.0K | $489.0K | $457.0K | $492.0K | $208.0K | |
| Investing Cash Flow | $-123M | $-438.0K | $1.0K | $-248.0K | $-306.0K | $-165.0K | $-86.0K | $-383.0K | $-52.0K | $-417.0K | $-198.0K | $-72.0K | $-489.0K | $-501.0K | $25M | $-50M | |
| Stock Issued | · | · | · | · | · | · | · | $174M | $0 | $14M | $-35M | $-35M | $0 | $-229.0K | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $14M | · | · | $35M | · | · | · | |
| Financing Cash Flow | $330.0K | $3M | $440M | $33M | $12M | $4M | $35M | $204M | $653.0K | $15M | $2M | $2M | $35M | $17.0K | $66M | $1M | |
| Net Change in Cash | $-177M | $-57M | $406M | $-12M | $-35M | $-59M | $-9M | $157M | $-27M | $-19M | $-33M | $-36M | $120M | $-26M | $61M | $-89M | |
| Free Cash Flow | · | $-60M | · | · | · | $-63M | · | · | · | $-34M | · | · | $85M | · | · | $-40M |
Profitability 7
| 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 | -3248.3% | -81.8% | · | · | -606.5% | -542.8% | · | · | -177.7% | -274.8% | 9.0% | -106.2% | -234.2% | -13648.8% | -11243.7% | -2176.8% | |
| Net Margin | -3052.6% | -68.2% | · | · | -580.2% | -510.9% | · | · | -167.2% | -251.7% | 14.7% | -95.5% | -212.0% | -13685.6% | -11012.3% | -2160.8% | |
| Pretax Margin | -3052.6% | -68.2% | · | · | -580.2% | -510.9% | · | · | -167.2% | -251.7% | 13.4% | -95.5% | -212.0% | -13685.6% | -11012.3% | -2160.8% | |
| EBITDA Margin | -3248.3% | -81.8% | · | · | -606.5% | -542.8% | · | · | -177.7% | -274.8% | 9.0% | -106.2% | -234.2% | -13648.8% | -11243.7% | -2176.8% | |
| ROA | -17.1% | -6.0% | · | -17.9% | -21.9% | -17.9% | · | -22.1% | -15.0% | -12.6% | 3.8% | -9.5% | -12.6% | -20.4% | -19.7% | -18.4% | |
| ROE | -23.4% | -7.6% | · | -40.5% | -74.3% | -47.5% | · | -122.2% | 119.3% | 676.9% | -32.2% | 203.2% | 157.7% | -307.3% | -156.5% | -143.3% | |
| ROIC | -16.3% | -6.1% | · | -45.2% | -37.9% | -29.0% | · | -45.1% | 1006.5% | -135.7% | -12.1% | 45.4% | 87.2% | 860.8% | -136.2% | 71875.5% |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.0 | 11.3 | · | 2.5 | 2.6 | 3.0 | · | 1.9 | 1.0 | 1.2 | 1.6 | 1.3 | 1.7 | 2.0 | 2.5 | 2.1 | |
| Quick Ratio | 7.3 | 10.9 | · | 2.4 | 2.4 | 2.8 | · | 1.8 | 0.9 | 1.1 | 1.5 | 1.2 | 1.6 | 1.9 | 2.3 | 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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | · | · | 0.0 | 0.0 | · | · | 0.1 | 0.0 | 0.3 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | 1.8 | · | · | · | 6.0 | · | · | · | 30.5 | 0.8 | 3.3 | · | · | · | · | · |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | · | · | · | · | $104M | $104M | $97M | $85M | $36M | $15M | $39M | $41M | · | |
| Net Income TTM | $-200M | $-177M | · | $-213M | $-192M | $-173M | · | $-119M | $-78M | $-73M | $-80M | $-129M | $-146M | $-124M | $-124M | $-125M | |
| Market Cap | $1.12B | $1.39B | · | $1.17B | $1.01B | $1.25B | · | $1.22B | $611M | $755M | $569M | $359M | $425M | $313M | $282M | $122M | |
| P/E | -5.3 | -6.9 | · | -5.3 | -4.9 | -6.5 | · | -9.2 | -8.0 | -9.6 | -7.0 | -2.4 | -2.2 | -2.0 | -1.5 | · | |
| P/S | · | · | · | · | · | · | · | 11.8 | 5.9 | 7.8 | 6.7 | 10.1 | 27.7 | 8.1 | 6.8 | · | |
| P/B | 2.5 | 2.7 | · | 9.4 | 7.3 | 7.2 | · | 8.6 | -175.8 | 29.7 | -14.1 | -6.9 | -12.2 | -69.4 | 9.1 | -2296.6 | |
| P / Tangible Book | 2.5 | 2.7 | · | 9.4 | 7.3 | 7.2 | · | 8.6 | · | 29.7 | · | · | · | · | 9.1 | · | |
| P / Cash Flow | · | -23.4 | · | · | · | -19.8 | · | · | · | -22.6 | · | · | 5.0 | · | · | -3.1 | |
| P / FCF | · | -23.2 | · | · | · | -19.7 | · | · | · | -22.3 | · | · | 5.0 | · | · | -3.0 | |
| Earnings Yield | -18.9% | -14.5% | · | -19.0% | -20.3% | -15.5% | · | -10.8% | -12.4% | -10.4% | -14.3% | -41.5% | -44.6% | -49.3% | -65.8% | · |
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 | $43M | $108M | $113M | $4M | $41M |
| Net Income | $-204M | $-97M | $-58M | $-162M | $-122M |
| Diluted EPS | $-1.21 | $-0.70 | $-0.54 | $-2.05 | $-2.36 |
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Institutional owners (13F) 264 filers · $892.5M 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 |
|---|---|---|---|---|
| 56 (+5 vs prior Q) | 37 (+1 vs prior Q) | 93 (-18 vs prior Q) | 59 (+4 vs prior Q) | +16.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $156,727,684 | 26,975,505 | 17.56% | Shares |
| GSK plc | $106,007,465 | 18,245,691 | 11.88% | Shares |
| MAVERICK CAPITAL LTD | $59,715,848 | 10,278,115 | 6.69% | Shares |
| Driehaus Capital Management LLC | $31,624,661 | 5,443,143 | 3.54% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $31,110,354 | 5,354,622 | 3.49% | Shares |
| 683 Capital Management, LLC | $28,759,500 | 4,950,000 | 3.22% | Shares |
| STATE STREET CORP | $28,116,432 | 4,839,317 | 3.15% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $27,464,678 | 4,727,139 | 3.08% | Shares |
| M28 Capital Management LP | $26,657,930 | 4,588,284 | 2.99% | Shares |
| TWO SIGMA INVESTMENTS, LP | $21,541,656 | 3,707,686 | 2.41% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $19,277,729 | 3,317,246 | 2.16% | Shares |
| FMR LLC | $17,099,004 | 2,943,030 | 1.92% | Shares |
| ALGERT GLOBAL LLC | $16,370,343 | 2,817,615 | 1.83% | Shares |
| Qube Research & Technologies Ltd | $16,128,560 | 2,776,000 | 1.81% | Shares |
| Squarepoint Ops LLC | $14,765,778 | 2,541,442 | 1.65% | Shares |
| VANGUARD GROUP INC | $14,386,233 | 846,249 | 1.61% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $12,263,463 | 2,110,751 | 1.37% | Shares |
| MORGAN STANLEY | $12,000,799 | 2,065,542 | 1.34% | Shares |
| Pfizer Inc | $10,931,250 | 1,875,000 | 1.22% | Shares |
| MILLENNIUM MANAGEMENT LLC | $10,523,548 | 1,811,282 | 1.18% | Shares |
| D. E. Shaw & Co., Inc. | $10,296,645 | 1,772,228 | 1.15% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,175,651 | 1,751,403 | 1.14% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $9,920,932 | 1,746,643 | 1.11% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $9,903,261 | 1,704,520 | 1.11% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $9,201,210 | 1,583,685 | 1.03% | Shares |
| GOLDMAN SACHS GROUP INC | $8,877,262 | 1,527,928 | 0.99% | Shares |
| Point72 Asset Management, L.P. | $8,627,786 | 1,484,989 | 0.97% | Shares |
| RTW INVESTMENTS, LP | $7,843,500 | 1,350,000 | 0.88% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,114,025 | 1,224,445 | 0.80% | Shares |
| EMERALD ADVISERS, LLC | $7,111,237 | 1,223,965 | 0.80% | Shares |
| BlackRock, Inc. | $5,539,777 | 953,490 | 0.62% | Shares |
| SymBiosis Capital Partners, LLC | $5,437,500 | 750,000 | 0.61% | Shares |
| Pictet Asset Management Holding SA | $5,330,146 | 917,409 | 0.60% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,157,403 | 887,677 | 0.58% | Shares |
| Aberdeen Group plc | $5,092,221 | 876,458 | 0.57% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $4,926,874 | 847,999 | 0.55% | Shares |
| BAKER BROS. ADVISORS LP | $4,779,527 | 822,638 | 0.54% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,712,241 | 811,057 | 0.53% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $4,268,874 | 734,746 | 0.48% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $3,708,360 | 638,272 | 0.42% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,544,646 | 610,094 | 0.40% | Shares |
| Susquehanna Portfolio Strategies, LLC | $3,533,607 | 608,194 | 0.40% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $3,486,000 | 600,000 | 0.39% | Shares |
| Walleye Capital LLC | $3,401,482 | 585,453 | 0.38% | Shares |
| CITADEL ADVISORS LLC | $2,789,695 | 480,154 | 0.31% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,569,042 | 442,176 | 0.29% | Shares |
| XTX Topco Ltd | $2,556,011 | 439,933 | 0.29% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,375,674 | 408,894 | 0.27% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,319,398 | 399,208 | 0.26% | Shares |
| Trexquant Investment LP | $2,208,782 | 380,169 | 0.25% | Shares |
| HSBC HOLDINGS PLC | $2,172,683 | 370,449 | 0.24% | Shares |
| Woodline Partners LP | $2,036,585 | 350,531 | 0.23% | Shares |
| Ishara Investments LP | $1,905,680 | 328,000 | 0.21% | Shares |
| BARCLAYS PLC | $1,766,839 | 304,103 | 0.20% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,739,514 | 299,400 | 0.19% | Shares |
| PLATINUM INVESTMENT MANAGEMENT LTD | $1,599,313 | 275,269 | 0.18% | Shares |
| JPMORGAN CHASE & CO | $1,543,989 | 265,614 | 0.17% | Shares |
| Swiss National Bank | $1,514,086 | 260,600 | 0.17% | Shares |
| ExodusPoint Capital Management, LP | $1,458,728 | 251,072 | 0.16% | Shares |
| Privium Fund Management B.V. | $1,400,268 | 241,010 | 0.16% | Shares |
| F/m Investments LLC | $1,365,844 | 235,085 | 0.15% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,339,112 | 230,484 | 0.15% | Shares |
| Newtyn Management, LLC | $1,249,150 | 215,000 | 0.14% | Shares |
| TD Asset Management Inc | $1,127,291 | 194,026 | 0.13% | Shares |
| ALPS ADVISORS INC | $1,125,780 | 193,766 | 0.13% | Shares |
| RHUMBLINE ADVISERS | $1,125,195 | 193,667 | 0.13% | Shares |
| Sofinnova Investments, Inc. | $1,099,560 | 189,253 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,052,744 | 145,206 | 0.12% | Shares |
| Elmind Capital, LP | $1,033,285 | 177,846 | 0.12% | Shares |
| ADAR1 Capital Management, LLC | $929,600 | 160,000 | 0.10% | Shares |
| Bank of New York Mellon Corp | $911,560 | 156,895 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $904,293 | 124,730 | 0.10% | Shares |
| Burkehill Global Management, LP | $871,500 | 150,000 | 0.10% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $842,450 | 145,000 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $836,692 | 144,009 | 0.09% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $830,981 | 143,026 | 0.09% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $801,995 | 138,037 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $775,635 | 133,500 | 0.09% | Call option |
| CITIGROUP INC | $680,287 | 117,089 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $675,395 | 116,247 | 0.08% | Shares |
| James J. Burns & Company, LLC | $666,988 | 114,800 | 0.07% | Shares |
| IEQ CAPITAL, LLC | $618,451 | 106,446 | 0.07% | Shares |
| Cetera Investment Advisers | $609,341 | 104,878 | 0.07% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $608,336 | 104,705 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $604,211 | 103,995 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $593,782 | 102,200 | 0.07% | Put option |
| Mariner, LLC | $593,759 | 102,195 | 0.07% | Shares |
| Bridgefront Capital, LLC | $589,448 | 101,454 | 0.07% | Shares |
| UBS Group AG | $531,034 | 91,400 | 0.06% | Call option |
| MetLife Investment Management, LLC | $513,587 | 88,397 | 0.06% | Shares |
| Ikarian Capital, LLC | $495,507 | 85,285 | 0.06% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $476,000 | 81,955 | 0.05% | Shares |
| Entropy Technologies, LP | $467,409 | 80,449 | 0.05% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $467,310 | 80,432 | 0.05% | Shares |
| Quadrature Capital Ltd | $459,368 | 79,065 | 0.05% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $451,007 | 77,626 | 0.05% | Shares |
| a16z Perennial Management, L.P. | $450,966 | 77,619 | 0.05% | Shares |
| MARSHALL WACE, LLP | $443,645 | 76,359 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $432,450 | 74,432 | 0.05% | Shares |
| FEDERATED HERMES, INC. | $408,304 | 70,276 | 0.05% | Shares |
Company insiders 21 insiders · 8 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Paul Bolno | President and CEO | Feb. 5, 2026 A | 275,520 | 0 | 2 | $-2,336,201 |
| Kyle Moran | Chief Financial Officer | Feb. 5, 2026 A | 134,385 | 0 | 7 | $-4,151,988 |
| David G Gaiero | Interim CFO | March 3, 2020 A | 6,392 | 0 | 0 | $0 |
| Keith Regnante | Chief Financial Officer | March 7, 2019 A | 29,186 | 0 | 0 | $0 |
| Chris Francis | SVP, Corporate Development, Head of Emerging Areas | Feb. 26, 2026 M | 61,867 | 0 | 14 | $-7,103,233 |
| Chandra Vargeese | Chief Technology Officer, Head of Platform Discovery Sciences | Feb. 5, 2026 A | 408,246 | 0 | 1 | $-43,417 |
| Michael A. Panzara | Chief Medical Officer, Head of Therapeutics Discovery and Development | July 25, 2022 A | 109,103 | 0 | 0 | $0 |
| Mark Baldry | Chief Commerical Officer | Aug. 5, 2019 A | 39,000 | 0 | 0 | $0 |
| Gregory L. Verdine | Director | Dec. 8, 2025 S | 275,217 | 0 | 3 | $-369,461 |
| Christian O Henry | Director | Dec. 8, 2025 M | 12,700 | 0 | 4 | $-1,369,324 |
| Mark Corrigan | Director | Dec. 8, 2025 S | 28,815 | 0 | 2 | $-217,265 |
| Amy Pott | Director | Aug. 18, 2020 A | — | 0 | 0 | $0 |
| Peter Kolchinsky | Director | Aug. 18, 2020 A | — | 0 | 0 | $0 |
| Koji Miura | Director | Aug. 15, 2019 A | — | 0 | 0 | $0 |
| Masaharu Tanaka | Director | Nov. 10, 2016 A | — | 0 | 0 | $0 |
| Takeshi Wada | Director | Nov. 10, 2016 A | — | 0 | 0 | $0 |
| Adrian Rawcliffe | — | Aug. 12, 2026 S | 0 | 0 | 3 | $-806,604 |
| Tan Aik Na | — | Aug. 11, 2026 S | 24,968 | 0 | 10 | $-2,020,004 |
| Ken Takanashi | — | Aug. 11, 2026 S | 20,079 | 0 | 1 | $-23,223 |
| Heidi L Wagner | — | Aug. 11, 2026 M | 44,930 | 0 | 3 | $-231,070 |
| Roberto Guerciolini | — | Dec. 7, 2016 M | 4,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×9 filings | Aug. 11, 2026 | 16.80% | Amendment | — | SEC |
| Shin Nippon Biomedical Laboratories, Ltd., SNBL USA, Ltd., Ken Takanashi ×6 filings | Aug. 12, 2022 | — | Initial filing | — | SEC |
| Kagoshima Shinsangyo Sousei Investment Limited Partnership, Kagoshima Development Co. Ltd. ×5 filings | July 20, 2022 | — | Initial filing | — | SEC |
| RA Capital Management, LLC, Peter Kolchinsky ×3 filings | Jan. 28, 2019 | — | Initial filing | Passive investment | 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 28 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 |
|---|---|---|---|---|
| GNOM · Global X Funds | 1.03% | 87,259 NS | May 31, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 0.67% | 12,254 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 0.20% | 541,635 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.19% | 463,783 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.07% | 1,158,886 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.05% | 111,824 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.05% | 1,196,960 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 60,562 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.03% | 3,525,539 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 793,588 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 18,901 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 6,085 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 250,409 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,751,403 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 390,910 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.01% | 14,793 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 7,226 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 4,467 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 86,005 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 43,085 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 1,463 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 10,250 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 63,707 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 248,385 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 74,011 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 18,648 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 10,069 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 11,431 SH | Aug. 8, 2026 | Daily |