XENE Xenon Pharmaceuticals Inc. - Common Shares
$63.95
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$36–$73
76% of range
Analyst Rating
BUY
26 analysts
Price Target
$81
+27% upside
P/E (TTM)
-14.7
ROE
-56.9%
Net Profit Margin
-4612.1%
About Xenon Pharmaceuticals Inc. - Common Shares Company overview from Wikipedia
XENE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$63.95
Market Cap
$5.12B
P/E (TTM)
-14.7
EPS (TTM)
$-4.36
Revenue (TTM)
$8M
Div Yield
—
ROE
-56.9%
Debt/Equity
—
52W Range
$36 – $73
XENE 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
$8M
2016-12-31
→
2025-12-31
EPS
$-4.36
2016-12-31
→
2025-12-31
Free Cash Flow
$-280M
2016-12-31
→
2025-12-31
Margins
-4612.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
XENE
Peer Median
P/E (TTM)
-14.7
—
P/S (TTM)
682.2
418.4
P/B
8.8
2.3
Price / FCF
-18.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
XENE
Peer Median
Operating Margin
-4974.3%
—
Net Profit Margin
-4612.1%
-549.8%
ROA
-48.3%
-41.8%
ROE
-56.9%
-54.1%
ROIC
-64.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
XENE
Peer Median
Current Ratio
13.4
12.6
Quick Ratio
13.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
XENE
Peer Median
Revenue CAGR 3Y
-7.4%
—
Revenue CAGR 5Y
-25.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
XENE
Peer Median
XENE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
26 analysts
- Strong Buy 11 42.3%
- Buy 14 53.8%
- Hold 1 3.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-16
Median
$80.00
← Below all targets
$63.95
Low
$69.00
High
$100.00
Median target
$80.00
+25.1%
Mean target
$81.30
+27.1%
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 | $-1.11 | $-1.16 | 0.05% |
| March 31, 2026 | $-1.17 | $-1.21 | 0.04% |
| Dec. 31, 2025 | $-1.31 | $-1.22 | -0.09% |
| Sept. 30, 2025 | $-1.15 | $-1.18 | 0.03% |
| June 30, 2025 | $-1.07 | $-1.01 | -0.06% |
| March 31, 2025 | $-0.83 | $-0.93 | 0.10% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| XENE | $3.59B | -10.3 | — | -4612.1% | -56.9% | — |
| AUPH | $2.11B | 7.7 | 20.4% | 101.5% | 62.7% | — |
| ABUS | $926M | -28.3 | 128.2% | -237.9% | -42.0% | — |
| ZYME | $1.97B | -24.4 | 38.9% | -76.6% | -26.9% | — |
| ACOG | $141M | -5.5 | — | -202.2% | -43.8% | — |
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 | $8M | $0 | $0 | $9M | $18M | $32M | $7M | · | $311.0K | $2M | $16M | $28M | |
| R&D Expense | $301M | $210M | $168M | $106M | $75M | $51M | $39M | $24M | $26M | $20M | $15M | $12M | |
| SG&A Expense | $80M | $69M | $47M | $33M | $22M | $13M | $11M | $8M | $7M | $7M | $10M | $5M | |
| Operating Expenses | $381M | $279M | $214M | $139M | $97M | $63M | $50M | $38M | $33M | $27M | $25M | $17M | |
| Operating Income | $-373M | $-279M | $-214M | $-129M | $-79M | $-31M | $-43M | $-38M | $-33M | $-25M | $-9M | $11M | |
| Interest Expense | · | · | · | · | · | $484.0K | $1M | $1M | · | · | · | · | |
| Interest Income | $27M | $42M | $28M | $9M | $466.0K | $2M | $2M | $1M | $477.0K | $504.0K | $542.0K | $568.0K | |
| Other Non-op | $28M | $41M | $31M | $4M | $105.0K | $2M | · | · | · | · | · | · | |
| Pretax Income | $-345M | $-238M | $-183M | $-125M | $-79M | $-29M | $-42M | $-35M | · | · | · | · | |
| Income Tax | $1M | $-4M | $-292.0K | $118.0K | $-6.0K | $-257.0K | $-23.0K | $-24.0K | · | · | · | $0 | |
| Net Income | $-346M | $-234M | $-182M | $-125M | $-79M | $-29M | $-42M | $-34M | $-31M | $-23M | $-16M | $13M | |
| EPS (Basic) | $-4.36 | $-3.01 | $-2.73 | $-2.06 | $-1.77 | $-0.81 | · | $-1.63 | $-1.71 | $-1.48 | $-1.10 | $4.11 | |
| EPS (Diluted) | $-4.36 | $-3.01 | $-2.73 | $-2.06 | $-1.77 | $-0.81 | · | $-1.63 | $-1.72 | $-1.48 | $-1.10 | $3.28 | |
| Shares (Basic) | 79,253,751 | 77,894,643 | 66,889,005 | 60,542,142 | 43,627,452 | 34,542,213 | · | 19,425,711 | 17,985,061 | 15,493,474 | 14,281,837 | 3,165,572 | |
| Shares (Diluted) | 79,253,751 | 77,894,643 | 66,889,005 | 60,542,142 | 43,627,452 | 34,542,213 | · | 19,425,711 | 18,001,759 | 15,493,474 | 14,281,837 | 3,963,797 | |
| EBITDA | $-373M | $-279M | $-214M | $-129M | $-79M | $-31M | $-43M | $-38M | $-33M | $-25M | $-9M | $12M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $199M | $143M | $149M | $57M | $176M | $45M | $25M | $68M | $20M | $17M | $59M | $72M | |
| Short-term Investments | $350M | $484M | $489M | $535M | $376M | $132M | $117M | $52M | $23M | $47M | · | $12M | |
| Receivables | · | $1M | $874.0K | $986.0K | $3M | $2M | $813.0K | $151.0K | $438.0K | $200.0K | $315.0K | $215.0K | |
| Prepaid Expense | $10M | $7M | $6M | $7M | $4M | $3M | $3M | $2M | $716.0K | $1M | $2M | $686.0K | |
| Current Assets | $561M | $635M | $645M | $600M | $559M | $182M | $145M | $121M | $45M | $66M | $61M | $85M | |
| PP&E (Net) | $9M | $10M | $10M | $6M | $4M | $4M | $2M | $991.0K | $1M | $1M | $2M | $2M | |
| Accum. Depreciation | $15M | $13M | $11M | $9M | $13M | $15M | $15M | $16M | $16M | $15M | $15M | $14M | |
| Total Assets | $633M | $798M | $965M | $754M | $572M | $189M | $148M | $122M | $46M | $67M | $64M | $87M | |
| Accounts Payable | $40M | $34M | $26M | $22M | $14M | $11M | $9M | $4M | $3M | $4M | $3M | $3M | |
| Accrued Liabilities | $36M | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $42M | $36M | $27M | $23M | $14M | $15M | $43M | $4M | $4M | $4M | $3M | $14M | |
| Capital Leases | $6M | $8M | $10M | $10M | $8M | $3M | $743.0K | · | · | · | · | · | |
| Other Non-current Liabilities | $3M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $51M | $43M | $37M | $33M | $22M | $18M | $56M | $19M | $10M | $4M | $3M | $15M | |
| Long-term Debt | · | · | · | · | · | · | $16M | · | $7M | · | · | · | |
| Total Debt | · | · | · | · | · | · | $16M | $15M | $7M | · | · | · | |
| Common Stock | $1.60B | $1.46B | $1.44B | $1.07B | $783M | $398M | $294M | $266M | $174M | $173M | $149M | $147M | |
| Paid-in Capital | · | · | · | · | · | · | · | · | · | · | · | $30M | |
| Retained Earnings | $-1.25B | $-899M | $-665M | $-483M | $-357M | $-278M | $-250M | $-208M | $-173M | $-143M | $-120M | $-104M | |
| AOCI | $335.0K | $-2M | $-77.0K | $-3M | $-990.0K | $-990.0K | $-990.0K | $-990.0K | $-990.0K | $-990.0K | $-990.0K | $-990.0K | |
| Stockholders' Equity | $582M | $755M | $928M | $721M | $550M | $171M | $92M | $103M | $36M | $64M | $61M | $73M | |
| Liabilities + Equity | $633M | $798M | $965M | $754M | $572M | $189M | $148M | $122M | $46M | $67M | $64M | $87M | |
| Shares Outstanding | 80,010,790 | 76,416,086 | 75,370,977 | 62,587,701 | 51,634,752 | 35,012,125 | 28,139,228 | 25,750,721 | 17,998,420 | 17,930,590 | 14,385,336 | 14,181,333 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $2M | $1M | $906.0K | $644.0K | $429.0K | $586.0K | $649.0K | $864.0K | $1M | $738.0K | |
| Stock-based Comp | $54M | $51M | $32M | $20M | $10M | $6M | $3M | $3M | $2M | $2M | $4M | $760.0K | |
| Deferred Tax | $-3M | $-9M | $-292.0K | $-44.0K | $58.0K | $-285.0K | $-133.0K | $-105.0K | · | · | · | · | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | · | · | $-14M | |
| Operating Cash Flow | $-279M | $-181M | $-151M | $-101M | $-70M | $-48M | $-5M | $-35M | $-29M | $-20M | $-18M | $266.0K | |
| CapEx | $799.0K | $3M | $6M | $3M | $2M | $3M | $1M | $507.0K | $315.0K | $279.0K | $551.0K | $2M | |
| Investing Cash Flow | $218M | $165M | $-111M | $-293M | $-247M | $-17M | $-66M | $-29M | $24M | · | · | · | |
| Stock Issued | · | · | · | · | · | $102M | $27M | $103M | · | $24M | $278.0K | $43M | |
| Net Stock Activity | · | · | · | · | · | $102M | $27M | $103M | · | $24M | $278.0K | $43M | |
| Financing Cash Flow | $117M | $12M | $354M | $278M | $448M | $86M | $28M | $112M | $7M | · | · | · | |
| Net Change in Cash | $56M | $-6M | $91M | $-118M | $131M | $20M | $-43M | $47M | $3M | $-42M | $-13M | $34M | |
| Taxes Paid | $8M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-280M | $-184M | $-151M | $-101M | $-72M | $-51M | $-6M | $-35M | $-29M | $-20M | $-19M | $-1M | |
| Levered FCF | · | · | · | · | · | $-51M | $-7M | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -4974.3% | · | · | -1368.9% | -428.5% | -97.3% | -627.0% | · | -10474.3% | -1376.4% | -60.1% | 39.1% | |
| Net Margin | -4612.1% | · | · | -1329.0% | -427.9% | -89.6% | -609.1% | · | -9872.7% | -1275.5% | -101.1% | 45.9% | |
| Pretax Margin | -4598.6% | · | · | -1327.7% | -427.9% | -90.5% | -609.4% | · | · | · | · | · | |
| EBITDA Margin | -4974.3% | · | · | -1368.9% | -428.5% | -97.3% | -627.0% | · | -10474.3% | -1376.4% | -60.1% | 41.8% | |
| ROA | -48.3% | -26.6% | -21.2% | -18.9% | -20.7% | -17.1% | -30.8% | -40.9% | -54.0% | -35.0% | -20.8% | 18.4% | |
| ROE | -56.9% | -30.2% | -23.3% | -17.0% | -19.8% | -16.3% | -50.0% | -32.2% | -61.5% | -36.8% | -23.5% | -465.5% | |
| ROIC | -64.3% | -36.4% | -23.0% | -17.9% | -14.4% | -18.1% | -39.8% | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.4 | 17.8 | 23.6 | 26.4 | 39.0 | 12.3 | 3.3 | 29.5 | 11.0 | 18.7 | 21.9 | 5.9 | |
| Quick Ratio | 13.1 | 17.7 | 23.4 | 26.1 | 38.7 | 12.1 | 3.3 | 29.0 | 10.8 | 18.3 | 21.2 | 5.9 | |
| Debt / Equity | · | · | · | · | · | · | 0.2 | 0.1 | 0.2 | · | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | 0.1 | 0.1 | 0.2 | · | · | · | |
| Interest Coverage | · | · | · | · | · | -64.7 | -29.9 | -27.3 | · | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | 0.0 | 0.0 | 0.2 | 0.1 | · | 0.0 | 0.0 | 0.2 | 0.4 | |
| Receivables Turnover | · | · | · | 5.0 | 8.0 | 24.4 | 14.2 | · | 1.0 | 7.0 | 58.8 | 86.6 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | -48.8% | -42.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -7.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -25.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8M | $0 | $0 | $9M | $18M | $32M | $7M | $311.0K | $311.0K | $2M | $16M | $28M | |
| Net Income TTM | $-346M | $-234M | $-182M | $-125M | $-79M | $-29M | $-42M | $-34M | $-31M | $-23M | $-16M | $13M | |
| Market Cap | $3.59B | $3.00B | $3.47B | $2.47B | $1.61B | $538M | $369M | $162M | $51M | $138M | $116M | $280M | |
| Enterprise Value | · | · | · | · | · | · | $243M | $58M | $14M | · | · | · | |
| P/E | -10.3 | -13.0 | -16.9 | -19.1 | -17.6 | -19.0 | -7.0 | -3.9 | -1.6 | -5.2 | -7.3 | 6.0 | |
| P/S | 478.1 | · | · | 261.6 | 87.5 | 16.7 | 54.0 | 522.5 | 163.5 | 76.6 | 7.4 | 9.9 | |
| P/B | 6.2 | 4.0 | 3.7 | 3.4 | 2.9 | 3.1 | 4.0 | 1.6 | 1.4 | 2.2 | 1.9 | 3.8 | |
| P / Tangible Book | 6.2 | 4.0 | 3.7 | 3.4 | 2.9 | 3.1 | · | · | · | · | · | · | |
| P / Cash Flow | -12.8 | -16.5 | -23.9 | -25.1 | -23.2 | -11.2 | -79.6 | -4.7 | -1.8 | -7.1 | -6.4 | 1052.9 | |
| P / FCF | -12.8 | -16.2 | -23.0 | -24.4 | -22.5 | -10.6 | -62.8 | -4.6 | -1.8 | -7.0 | -6.2 | -221.8 | |
| EV / EBITDA | · | · | · | · | · | · | -5.7 | -1.5 | -0.4 | · | · | · | |
| EV / FCF | · | · | · | · | · | · | -41.4 | -1.7 | -0.5 | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | 35.6 | 187.1 | 45.0 | · | · | · | |
| Earnings Yield | -9.7% | -7.7% | -5.9% | -5.2% | -5.7% | -5.3% | -14.3% | -25.8% | -60.9% | -19.2% | -13.7% | 16.6% |
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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $8M | $0 | $0 | $0 | $0 | · | · | · | · | $0 | $132.0K | |
| R&D Expense | $99M | $89M | $88M | $77M | $75M | $61M | $59M | $57M | $50M | $44M | $41M | $43M | $44M | $40M | $35M | $29M | |
| SG&A Expense | $24M | $24M | $22M | $19M | $19M | $19M | $18M | $17M | $19M | $15M | $13M | $13M | $12M | $10M | $9M | $9M | |
| Operating Expenses | $123M | $112M | $110M | $96M | $94M | $80M | $77M | $74M | $69M | $59M | $54M | $56M | $56M | $49M | $43M | $38M | |
| Operating Income | $-123M | $-112M | $-110M | $-96M | $-94M | $-73M | $-77M | $-74M | $-69M | $-59M | $-54M | $-56M | $-56M | $-49M | $-43M | $-38M | |
| Interest Income | $12M | $7M | $5M | $6M | $7M | $8M | $9M | $10M | $11M | $11M | $9M | $7M | $7M | $5M | $4M | $3M | |
| Other Non-op | $12M | $7M | $5M | $6M | $9M | $8M | $8M | $11M | $11M | $12M | $9M | $7M | $8M | $8M | $7M | $391.0K | |
| Pretax Income | $-111M | $-105M | $-105M | $-90M | $-85M | $-65M | $-70M | $-63M | $-58M | $-48M | $-45M | $-49M | $-48M | $-41M | $-36M | $-38M | |
| Income Tax | $-585.0K | $-3M | $538.0K | $677.0K | $-626.0K | $427.0K | $-4M | $-320.0K | $-333.0K | $412.0K | $-205.0K | $-157.0K | $-220.0K | $290.0K | $1M | $-587.0K | |
| Net Income | $-111M | $-102M | $-105M | $-91M | $-85M | $-65M | $-66M | $-63M | $-58M | $-48M | $-45M | $-48M | $-47M | $-42M | $-37M | $-37M | |
| EPS (Basic) | $-1.11 | $-1.17 | $-1.31 | $-1.15 | $-1.07 | $-0.83 | $-0.83 | $-0.81 | $-0.75 | $-0.62 | $-0.65 | $-0.73 | $-0.72 | $-0.63 | $-0.59 | $-0.57 | |
| EPS (Diluted) | $-1.11 | $-1.17 | $-1.31 | $-1.15 | $-1.07 | $-0.83 | $-0.83 | $-0.81 | $-0.75 | $-0.62 | $-0.65 | $-0.73 | $-0.72 | $-0.63 | $-0.59 | $-0.57 | |
| Shares (Basic) | 99,609,804 | 87,345,717 | -157,635,173 | 79,247,976 | 78,953,445 | 78,687,503 | -155,297,289 | 77,926,205 | 77,671,128 | 77,594,599 | -130,698,977 | 66,002,163 | 65,861,138 | 65,724,681 | -115,968,641 | 65,465,069 | |
| Shares (Diluted) | 99,609,804 | 87,345,717 | -157,635,173 | 79,247,976 | 78,953,445 | 78,687,503 | -155,297,289 | 77,926,205 | 77,671,128 | 77,594,599 | -130,698,977 | 66,002,163 | 65,861,138 | 65,724,681 | -115,968,641 | 65,465,069 | |
| EBITDA | $-123M | $-112M | · | $-96M | $-94M | $-73M | · | $-74M | $-69M | $-59M | · | $-56M | $-56M | $-49M | · | $-38M |
Balance Sheet 20
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $120M | $546M | $199M | $105M | $135M | $117M | $143M | $88M | $137M | $59M | · | $100M | $65M | $70M | · | $103M | |
| Short-term Investments | $811M | $549M | $350M | $358M | $352M | $433M | $484M | $566M | $585M | $641M | · | $427M | $475M | $458M | · | $535M | |
| Receivables | · | · | · | · | · | · | · | $938.0K | $853.0K | $833.0K | · | $805.0K | $2M | $2M | · | $2M | |
| Prepaid Expense | $14M | $11M | $10M | $17M | $12M | $7M | $7M | $5M | $6M | $7M | · | $4M | $3M | $4M | · | $9M | |
| Current Assets | $946M | $1.11B | $561M | $480M | $500M | $566M | $635M | $660M | $728M | $707M | · | $531M | $545M | $533M | · | $649M | |
| PP&E (Net) | $8M | $8M | $9M | $9M | $9M | $10M | $10M | $10M | $10M | $9M | · | $10M | $10M | $8M | · | $5M | |
| Accum. Depreciation | · | · | $15M | · | · | · | $13M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $1.30B | $1.39B | $633M | $608M | $674M | $743M | $798M | $836M | $884M | $919M | · | $671M | $685M | $720M | · | $776M | |
| Accounts Payable | $44M | $38M | $40M | $37M | $32M | $31M | $34M | $28M | $30M | $21M | · | $23M | $27M | $21M | · | $16M | |
| Accrued Liabilities | $41M | $33M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $45M | $40M | $42M | $38M | $33M | $32M | $36M | $30M | $31M | $22M | · | $25M | $28M | $22M | · | $16M | |
| Capital Leases | $5M | $6M | $6M | $7M | $7M | $7M | $8M | $8M | $9M | $9M | · | $10M | $10M | $10M | · | $7M | |
| Other Non-current Liabilities | $3M | $3M | $3M | $3M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $53M | $49M | $51M | $48M | $40M | $39M | $43M | $38M | $40M | $31M | · | $35M | $38M | $33M | · | $23M | |
| Common Stock | $2.43B | $2.42B | $1.60B | $1.48B | $1.47B | $1.46B | $1.46B | $1.44B | $1.44B | $1.44B | · | $1.12B | $1.08B | $1.07B | · | $1.06B | |
| Retained Earnings | $-1.46B | $-1.35B | $-1.25B | $-1.14B | $-1.05B | $-965M | $-899M | $-834M | $-771M | $-713M | · | $-620M | $-572M | $-524M | · | $-445M | |
| AOCI | $-3M | $-1M | $335.0K | $477.0K | $113.0K | $-836.0K | $-2M | $1M | $-2M | $-2M | · | $-3M | $-3M | $-2M | · | $-3M | |
| Stockholders' Equity | $1.24B | $1.34B | $582M | $560M | $634M | $704M | $755M | $798M | $844M | $888M | $928M | $637M | $646M | $687M | $721M | $753M | |
| Liabilities + Equity | $1.30B | $1.39B | $633M | $608M | $674M | $743M | $798M | $836M | $884M | $919M | · | $671M | $685M | $720M | · | $776M | |
| Shares Outstanding | 96,752,884 | 96,624,123 | 80,010,790 | 77,120,168 | 76,939,811 | 76,586,359 | 76,416,086 | 75,794,409 | 75,667,550 | 75,459,681 | · | 65,002,249 | 63,718,350 | 63,107,020 | · | 62,542,542 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $558.0K | $587.0K | $611.0K | $641.0K | $632.0K | $659.0K | $666.0K | $636.0K | $628.0K | $586.0K | $-629.0K | $2M | $602.0K | $354.0K | $296.0K | $358.0K | |
| Stock-based Comp | $17M | $17M | $14M | $14M | $14M | $12M | $14M | $13M | $15M | $9M | $9M | $9M | $8M | $6M | $6M | $6M | |
| Deferred Tax | $-2M | $447.0K | $-1M | $-701.0K | $-170.0K | $-1M | $-9M | $-322.0K | $-333.0K | $403.0K | $-200.0K | $-156.0K | $-224.0K | $288.0K | $5.0K | $-203.0K | |
| Operating Cash Flow | $-95M | $-89M | $-81M | $-72M | $-64M | $-62M | $-54M | $-51M | $-34M | $-46M | $-35M | $-48M | $-33M | $-34M | $-35M | $-30M | |
| CapEx | $275.0K | $133.0K | $318.0K | $281.0K | $157.0K | $43.0K | $783.0K | $590.0K | $2M | $188.0K | $78.0K | $1M | $2M | $2M | $2M | $386.0K | |
| Investing Cash Flow | $-331M | $-407M | $63M | $39M | $82M | $35M | $99M | $2M | $112M | $-43M | $-240M | $54M | $28M | $47M | $-12M | $-234M | |
| Financing Cash Flow | $26.0K | $843M | $114M | $2M | $65.0K | $1M | $12M | $0 | $0 | $0 | $324M | · | · | · | $6.0K | $699.0K | |
| Net Change in Cash | $-426M | $347M | $95M | $-31M | $19M | $-26M | $55M | $-49M | $78M | $-90M | $49M | $35M | $-5M | $12M | $-46M | $-266M | |
| Free Cash Flow | · | $-89M | · | · | · | $-62M | · | · | · | $-43M | · | · | · | $-37M | · | · |
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 | · | · | · | · | · | -969.8% | · | · | · | · | · | · | · | · | · | -28884.8% | |
| Net Margin | · | · | · | · | · | -867.3% | · | · | · | · | · | · | · | · | · | -28143.9% | |
| Pretax Margin | · | · | · | · | · | -861.6% | · | · | · | · | · | · | · | · | · | -28588.6% | |
| EBITDA Margin | · | · | · | · | · | -969.8% | · | · | · | · | · | · | · | · | · | -28884.8% | |
| ROA | -11.2% | -9.6% | · | -12.6% | -10.9% | -7.8% | · | -8.3% | -7.4% | -5.9% | · | -6.7% | -6.4% | -6.5% | · | -7.1% | |
| ROE | -11.8% | -10.0% | · | -13.4% | -11.5% | -8.2% | · | -8.8% | -7.8% | -6.1% | · | -7.0% | -6.6% | -6.8% | · | -7.4% | |
| ROIC | -9.9% | -8.2% | · | -17.3% | -14.8% | -10.4% | · | -9.2% | -8.1% | -6.7% | · | -8.7% | -8.6% | -7.2% | · | -5.0% |
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 | 21.0 | 27.8 | · | 12.5 | 15.1 | 17.7 | · | 22.2 | 23.3 | 31.8 | · | 21.5 | 19.3 | 23.7 | · | 41.8 | |
| Quick Ratio | 20.7 | 27.5 | · | 12.1 | 14.8 | 17.2 | · | 22.1 | 23.1 | 31.5 | · | 21.3 | 19.2 | 23.5 | · | 41.2 |
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 | · | · | · | · | · | · | · | · | · | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 |
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 | $0 | $8M | · | $8M | $8M | $8M | · | · | · | · | · | $18M | $18M | $18M | · | $18M | |
| Net Income TTM | $-389M | $-343M | · | $-303M | $-270M | $-234M | · | $-217M | $-202M | $-186M | · | $-175M | $-157M | $-130M | · | $-103M | |
| Market Cap | $5.84B | $5.62B | · | $3.10B | $2.41B | $2.57B | · | $2.98B | $2.95B | $3.25B | · | $2.22B | $2.45B | $2.26B | · | $2.26B | |
| P/E | -13.4 | -13.8 | · | -10.4 | -9.0 | -11.1 | · | -13.5 | -13.8 | -15.9 | · | -12.9 | -15.6 | -17.0 | · | -19.7 | |
| P/S | · | 749.2 | · | 412.9 | 321.1 | 342.6 | · | · | · | · | · | 126.5 | 139.7 | 128.6 | · | 128.6 | |
| P/B | 4.7 | 4.2 | · | 5.5 | 3.8 | 3.6 | · | 3.7 | 3.5 | 3.7 | · | 3.5 | 3.8 | 3.3 | · | 3.0 | |
| P / Tangible Book | 4.7 | 4.2 | · | 5.5 | 3.8 | 3.6 | · | 3.7 | 3.5 | 3.7 | · | 3.5 | 3.8 | 3.3 | · | 3.0 | |
| P / Cash Flow | · | -63.2 | · | · | · | -41.7 | · | · | · | -75.2 | · | · | · | -65.6 | · | · | |
| P / FCF | · | -63.1 | · | · | · | -41.6 | · | · | · | -74.9 | · | · | · | -61.7 | · | · | |
| Earnings Yield | -7.5% | -7.3% | · | -9.6% | -11.1% | -9.0% | · | -7.4% | -7.2% | -6.3% | · | -7.8% | -6.4% | -5.9% | · | -5.1% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $8M | $0 | $0 | $9M | $18M |
| Operating Margin % | -4974.3% | — | — | -1368.9% | -428.5% |
| Net Income | $-346M | $-234M | $-182M | $-125M | $-79M |
| Diluted EPS | $-4.36 | $-3.01 | $-2.73 | $-2.06 | $-1.77 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 13.4 | 17.8 | 23.6 | 26.4 | 39.0 |
| Quick Ratio | 13.1 | 17.7 | 23.4 | 26.1 | 38.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-280M | $-184M | $-151M | $-101M | $-72M |
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Institutional owners (13F) 334 filers · $4.2B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 58 (-17 vs prior Q) | 22 (-10 vs prior Q) | 113 (-7 vs prior Q) | 87 (+22 vs prior Q) | -3.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $413,296,388 | 6,847,190 | 9.78% | Shares |
| Avoro Capital Advisors LLC | $348,746,620 | 5,777,777 | 8.25% | Shares |
| Polar Capital Holdings Plc | $275,878,760 | 4,570,556 | 6.53% | Shares |
| Driehaus Capital Management LLC | $266,704,101 | 4,418,557 | 6.31% | Shares |
| Capital International Investors | $142,548,530 | 2,361,639 | 3.37% | Shares |
| STATE STREET CORP | $118,885,244 | 1,969,629 | 2.81% | Shares |
| TWO SIGMA INVESTMENTS, LP | $99,162,305 | 1,642,848 | 2.35% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $97,523,411 | 1,615,696 | 2.31% | Shares |
| Affinity Asset Advisors, LLC | $96,274,200 | 1,595,000 | 2.28% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $90,980,266 | 1,507,294 | 2.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $90,846,349 | 1,562,276 | 2.15% | Shares |
| Siren, L.L.C. | $79,588,523 | 1,318,564 | 1.88% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $74,162,795 | 1,228,797 | 1.75% | Shares |
| Pictet Asset Management Holding SA | $71,645,411 | 1,187,723 | 1.70% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $69,677,471 | 1,154,365 | 1.65% | Shares |
| BRAIDWELL LP | $68,294,443 | 1,131,452 | 1.62% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $61,270,953 | 1,015,092 | 1.45% | Shares |
| CITADEL ADVISORS LLC | $60,749,141 | 1,006,447 | 1.44% | Shares |
| ORBIMED ADVISORS LLC | $53,869,550 | 892,471 | 1.27% | Shares |
| Caligan Partners LP | $53,717,020 | 889,944 | 1.27% | Shares |
| AMERICAN CENTURY COMPANIES INC | $53,377,571 | 884,319 | 1.26% | Shares |
| FEDERATED HERMES, INC. | $53,342,365 | 883,737 | 1.26% | Shares |
| Capital World Investors | $52,077,099 | 862,775 | 1.23% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $45,248,934 | 749,651 | 1.07% | Shares |
| Caption Management, LLC | $43,942,080 | 728,000 | 1.04% | Call option |
| Vestal Point Capital, LP | $42,252,000 | 700,000 | 1.00% | Shares |
| Alyeska Investment Group, L.P. | $42,112,689 | 697,692 | 1.00% | Shares |
| Rock Springs Capital Management LP | $41,280,627 | 683,907 | 0.98% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $40,080,911 | 664,031 | 0.95% | Shares |
| First Turn Management, LLC | $36,228,072 | 600,200 | 0.86% | Shares |
| TUDOR INVESTMENT CORP ET AL | $32,919,559 | 545,387 | 0.78% | Shares |
| Octagon Capital Advisors LP | $29,576,400 | 490,000 | 0.70% | Shares |
| NOVO HOLDINGS A/S | $29,301,038 | 485,438 | 0.69% | Shares |
| Candriam S.C.A. | $27,905,802 | 462,768 | 0.66% | Shares |
| Logos Global Management LP | $27,162,000 | 450,000 | 0.64% | Shares |
| Trails Edge Capital Partners, LP | $26,558,400 | 440,000 | 0.63% | Shares |
| LOOMIS SAYLES & CO L P | $26,465,868 | 438,467 | 0.63% | Shares |
| ALGERT GLOBAL LLC | $25,337,498 | 419,773 | 0.60% | Shares |
| Aberdeen Group plc | $24,671,305 | 408,736 | 0.58% | Shares |
| Parkman Healthcare Partners LLC | $23,985,796 | 397,379 | 0.57% | Shares |
| Fiera Capital Corp | $23,968,111 | 397,086 | 0.57% | Shares |
| Nicholas Investment Partners, LP | $23,893,144 | 395,844 | 0.57% | Shares |
| MILLENNIUM MANAGEMENT LLC | $22,742,260 | 376,777 | 0.54% | Shares |
| BAKER BROS. ADVISORS LP | $22,345,755 | 370,208 | 0.53% | Shares |
| Jones Hill Capital LP | $22,206,444 | 367,900 | 0.53% | Shares |
| GOLDMAN SACHS GROUP INC | $21,955,648 | 363,745 | 0.52% | Shares |
| TimesSquare Capital Management, LLC | $20,892,888 | 359,293 | 0.49% | Shares |
| AMERIPRISE FINANCIAL INC | $18,371,048 | 304,358 | 0.43% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $18,108,000 | 300,000 | 0.43% | Shares |
| Soleus Capital Management, L.P. | $16,116,120 | 267,000 | 0.38% | Shares |
| DAFNA Capital Management LLC | $15,136,598 | 250,772 | 0.36% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $15,058,190 | 249,473 | 0.36% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $15,018,836 | 248,821 | 0.36% | Shares |
| NAN FUNG TRINITY (HK) LTD | $14,955,095 | 247,765 | 0.35% | Shares |
| Redmile Group, LLC | $13,845,015 | 229,374 | 0.33% | Shares |
| Schonfeld Strategic Advisors LLC | $13,721,637 | 227,330 | 0.32% | Shares |
| D. E. Shaw & Co., Inc. | $13,515,932 | 223,922 | 0.32% | Shares |
| Patient Square Capital LP | $13,279,200 | 220,000 | 0.31% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $12,704,030 | 210,471 | 0.30% | Shares |
| JENNISON ASSOCIATES LLC | $12,558,501 | 208,060 | 0.30% | Shares |
| Trexquant Investment LP | $12,220,184 | 202,455 | 0.29% | Shares |
| DNB Asset Management AS | $12,099,222 | 200,451 | 0.29% | Shares |
| Integral Health Asset Management, LLC | $12,072,000 | 200,000 | 0.29% | Shares |
| Eversept Partners, LP | $11,862,672 | 196,532 | 0.28% | Shares |
| Balyasny Asset Management L.P. | $11,671,391 | 193,363 | 0.28% | Shares |
| TWO SIGMA ADVISERS, LP | $11,622,722 | 259,320 | 0.28% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,438,220 | 189,500 | 0.27% | Call option |
| RENAISSANCE TECHNOLOGIES LLC | $11,293,960 | 187,110 | 0.27% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $11,276,516 | 186,821 | 0.27% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $11,066,583 | 183,343 | 0.26% | Shares |
| NEXTBio Capital Management LP | $11,059,461 | 183,225 | 0.26% | Shares |
| Iron Triangle Partners LP | $10,473,896 | 233,688 | 0.25% | Shares |
| ADAR1 Capital Management, LLC | $10,052,958 | 166,550 | 0.24% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $9,953,002 | 164,894 | 0.24% | Shares |
| Swiss National Bank | $9,820,572 | 162,700 | 0.23% | Shares |
| Foresite Capital Management IV, LLC | $9,657,600 | 160,000 | 0.23% | Shares |
| Woodline Partners LP | $9,374,029 | 155,302 | 0.22% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,207,133 | 152,537 | 0.22% | Shares |
| BlackRock, Inc. | $8,785,700 | 145,555 | 0.21% | Shares |
| NEUBERGER BERMAN GROUP LLC | $8,336,802 | 138,118 | 0.20% | Shares |
| Susquehanna Portfolio Strategies, LLC | $8,031,441 | 133,059 | 0.19% | Shares |
| Point72 Asset Management, L.P. | $7,869,616 | 130,378 | 0.19% | Shares |
| Granahan Investment Management, LLC | $7,813,179 | 129,443 | 0.18% | Shares |
| RHUMBLINE ADVISERS | $7,448,289 | 123,398 | 0.18% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $7,294,370 | 121,310 | 0.17% | Shares |
| AXA Investment Managers S.A. | $7,072,704 | 176,157 | 0.17% | Shares |
| Squarepoint Ops LLC | $6,812,773 | 112,869 | 0.16% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $6,615,637 | 109,603 | 0.16% | Shares |
| AXIOM INVESTORS LLC /DE | $6,533,246 | 108,238 | 0.15% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $6,337,800 | 105,000 | 0.15% | Shares |
| Burkehill Global Management, LP | $6,036,000 | 100,000 | 0.14% | Shares |
| ALPS ADVISORS INC | $5,891,740 | 97,610 | 0.14% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,606,116 | 92,878 | 0.13% | Shares |
| Bank of New York Mellon Corp | $5,469,280 | 90,611 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $5,393,238 | 92,747 | 0.13% | Shares |
| ExodusPoint Capital Management, LP | $5,105,913 | 84,591 | 0.12% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $5,098,609 | 84,470 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,955,556 | 82,100 | 0.12% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $4,694,197 | 77,770 | 0.11% | Shares |
| Walleye Capital LLC | $4,645,004 | 76,955 | 0.11% | Shares |
Company insiders 32 insiders · 15 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ian Mortimer | PRESIDENT & CEO | March 12, 2026 M | 19,923 | 0 | 18 | $-21,298,042 |
| Thomas Patrick Kelly | Chief Financial Officer | Oct. 15, 2025 A | — | 0 | 0 | $0 |
| Sherry Aulin | Chief Financial Officer | Dec. 18, 2024 M | 0 | 0 | 0 | $0 |
| Christopher John Kenney | Chief Medical Officer | March 12, 2026 M | 7,069 | 0 | 2 | $-244,425 |
| Andrea Difabio | Chief Legal Officer | March 12, 2026 M | 7,301 | 0 | 2 | $-230,812 |
| Darren S Cline | Chief Commercial Officer | Jan. 9, 2026 A | — | 0 | 0 | $0 |
| Christopher Von Seggern | Chief Commercial Officer | March 11, 2024 A | 4,000 | 0 | 0 | $0 |
| James R. Empfield | EVP, Drug Discovery | March 11, 2024 A | 10,000 | 0 | 0 | $0 |
| Sherrington Robin | EVP, Strategy & Innovation | March 11, 2024 A | 8,398 | 0 | 0 | $0 |
| Ernesto Aycardi-Fonseca | CMO | March 12, 2020 A | — | 0 | 0 | $0 |
| Charles J. Cohen | VP, Biology | Dec. 11, 2018 M | 6,550 | 0 | 0 | $0 |
| Paul Y. Goldberg | SVP, Clinical Development | Oct. 23, 2017 A | 6,000 | 0 | 0 | $0 |
| Raymond Winquist | Head, Translational Research | Aug. 18, 2017 P | 1,000 | 0 | 0 | $0 |
| Karen G. Corraini | Gen. Counsel & Corp. Secretary | March 17, 2015 A | — | 0 | 0 | $0 |
| Gary Bridger | EVP, Research & Development | Nov. 21, 2014 A | — | 0 | 0 | $0 |
| Gillian Cannon | Director | June 5, 2026 S | 1,455 | 0 | 1 | $-63,237 |
| Gary Patou | Director | June 5, 2026 S | 24,896 | 0 | 1 | $-70,251 |
| Elizabeth A. Garofalo | Director | June 3, 2026 A | 2,645 | 0 | 0 | $0 |
| Justin D. Gover | Director | June 3, 2026 A | 2,645 | 0 | 0 | $0 |
| Dawn Svoronos | Director | June 3, 2026 A | 26,229 | 0 | 0 | $0 |
| Patrick Machado | Director | June 3, 2026 A | 2,645 | 0 | 0 | $0 |
| Mohammad Azab | Director | Dec. 19, 2023 M | 74,225 | 0 | 0 | $0 |
| Simon N. Pimstone | Director | June 2, 2023 A | 6,000 | 0 | 0 | $0 |
| Michael R Hayden | Director | June 3, 2021 A | 116,206 | 0 | 0 | $0 |
| Frank A Holler | Director | May 27, 2021 M | 143,653 | 0 | 0 | $0 |
| Michael M Tarnow | Director | May 18, 2021 M | 77,942 | 0 | 0 | $0 |
| Clarissa Desjardins | Director | June 1, 2020 A | — | 0 | 0 | $0 |
| Richard H Scheller | Director | Sept. 16, 2019 A | 7,000 | 0 | 0 | $0 |
| Johnston L Evans | Director | May 4, 2015 A | 444,655 | 0 | 0 | $0 |
| Evan A. Stein | Director | April 30, 2015 J | 4,172 | 0 | 0 | $0 |
| Associates, Llp Mx | 10% owner | Nov. 9, 2014 C | 1,474,660 | 0 | 0 | $0 |
| Steven Gannon | — | Aug. 11, 2026 S | 1,870 | 0 | 1 | $-640,600 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 41 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IBRN · iShares Trust | 4.76% | 5,685 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 2.90% | 85,746 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 1.92% | 14,366 NS | May 31, 2026 | N-PORT |
| GDOC · Goldman Sachs ETF Trust | 1.35% | 4,977 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.94% | 6,264 NS | April 30, 2026 | N-PORT |
| HRTS · Tema ETF Trust | 0.88% | 8,393 NS | May 31, 2026 | N-PORT |
| GSC · Goldman Sachs ETF Trust | 0.74% | 34,036 NS | May 31, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.72% | 6,855 NS | May 31, 2026 | N-PORT |
| SMMV · iShares Trust | 0.59% | 26,652 SH | Aug. 8, 2026 | Daily |
| MEDI · Harbor ETF Trust | 0.50% | 2,438 NS | April 30, 2026 | N-PORT |
| IBB · iShares Trust | 0.45% | 665,671 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.42% | 5,259 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.39% | 889,435 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.35% | 104,976 SH | Aug. 8, 2026 | Daily |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 0.27% | 535 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.26% | 60,188 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.23% | 3,074 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.20% | 2,483,574 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.19% | 26,381 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.18% | 564,724 SH | Aug. 8, 2026 | Daily |
| ESLG · Strategy Shares | 0.16% | 565 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.15% | 37,381 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.14% | 61,538 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.12% | 4,067 NS | May 31, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.11% | 24,922 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.09% | 3,887 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.07% | 36,576 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.07% | 3,181 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.05% | 101 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 9,276 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.05% | 3,221 NS | May 31, 2026 | N-PORT |
| PDN · Invesco Exchange-Traded Fund Trust … | 0.05% | 2,770 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.05% | 4,847 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.04% | 14,319 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.02% | 81 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 23,963 NS | May 31, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 8,110 SH | Aug. 8, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 21,635 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 26,801 SH | Aug. 8, 2026 | Daily |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 1,120 NS | May 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 77,770 SH | Aug. 8, 2026 | Daily |