XFOR X4 Pharmaceuticals, Inc. - Common Stock
$4.28
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$2–$5
77% of range
Analyst Rating
STRONG BUY
11 analysts
Price Target
$12
+171% upside
P/E (TTM)
-2.3
ROE
-83.2%
Net Profit Margin
-1218.5%
XFOR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.28
Market Cap
$389M
P/E (TTM)
-2.3
EPS (TTM)
$-1.87
Revenue (TTM)
$6M
Div Yield
—
ROE
-83.2%
Debt/Equity
—
52W Range
$2 – $5
XFOR 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
$6M
2018-12-31
→
2025-12-31
EPS
$-1.87
2020-12-31
→
2025-12-31
Free Cash Flow
$-86M
2018-12-31
→
2025-12-31
Margins
-1218.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
XFOR
Peer Median
P/E (TTM)
-2.3
—
P/S (TTM)
59.9
289.4
P/B
2.1
2.7
Price / FCF
-4.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
XFOR
Peer Median
Operating Margin
-1336.7%
—
Net Profit Margin
-1218.5%
-1021.1%
ROA
-36.2%
-57.7%
ROE
-83.2%
-69.1%
ROIC
-46.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
XFOR
Peer Median
Current Ratio
10.2
8.2
Quick Ratio
8.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
XFOR
Peer Median
Revenue YoY
150.0%
—
Revenue CAGR 5Y
16.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
XFOR
Peer Median
XFOR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 5 45.5%
- Buy 5 45.5%
- Hold 1 9.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-18
Median
$12.00
Mean
$11.60
← Below all targets
$4.28
Low
$10.00
High
$13.00
Median target
$12.00
+180.4%
Mean target
$11.60
+171.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.77%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.13 | $-0.18 | 0.05% |
| March 31, 2026 | $-0.16 | $-0.20 | 0.04% |
| Dec. 31, 2025 | $-0.22 | $-0.35 | 0.13% |
| Sept. 30, 2025 | $-0.69 | $-0.93 | 0.24% |
| June 30, 2025 | $-3.47 | $-4.42 | 0.95% |
| March 31, 2025 | $0.04 | $-4.53 | 4.6% |
| Dec. 31, 2024 | $-6.00 | $-5.36 | -0.65% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| XFOR | $364M | -2.1 | 150.0% | -1218.5% | -83.2% | — |
| LXEO | $725M | -5.3 | — | — | -51.9% | — |
| FHTX | $306M | -4.6 | 36.8% | -240.3% | 80.2% | — |
| UPB | $1.47B | -10.2 | 20.4% | -5026.0% | -38.3% | — |
| PALI | $375M | -7.8 | — | — | -25.4% | — |
| RCKT | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6M | $3M | $0 | $0 | $0 | $3M | $0 | $0 | |
| Cost of Revenue | $6M | $797.0K | $0 | $0 | · | · | · | · | |
| R&D Expense | $73M | $82M | $72M | $61M | $51M | $42M | $30M | $20M | |
| SG&A Expense | $44M | $62M | $36M | $27M | $25M | $21M | $18M | $9M | |
| Operating Expenses | · | $39M | $108M | $88M | $85M | $63M | $52M | $29M | |
| Operating Income | $-87M | $-36M | $-108M | $-88M | $-85M | $-60M | $-52M | $-29M | |
| Interest Expense | · | · | $6M | $4M | $4M | $3M | $2M | $720.0K | |
| Interest Income | $5M | $6M | $5M | $219.0K | $10.0K | $273.0K | $1M | $236.0K | |
| Other Non-op | $-753.0K | $332.0K | $554.0K | $-4M | $426.0K | $905.0K | $517.0K | $0 | |
| Pretax Income | $-79M | $-37M | $-101M | $-94M | $-89M | $-62M | $-53M | $-33M | |
| Income Tax | $41.0K | $310.0K | $78.0K | $28.0K | $17.0K | $148.0K | $0 | $0 | |
| Net Income | $-79M | $-37M | $-101M | $-94M | $-89M | $-62M | $-53M | $-33M | |
| EPS (Basic) | $-1.87 | $-5.59 | $-17.07 | $-1.52 | $-3.99 | $-3.09 | · | · | |
| EPS (Diluted) | $-1.87 | $-5.59 | $-17.07 | $-1.52 | $-3.99 | $-3.09 | · | · | |
| Shares (Basic) | 42,292,818 | 6,702,073 | 5,927,082 | 63,525,845 | 25,748,797 | 20,077,000 | · | · | |
| Shares (Diluted) | 42,292,818 | 6,702,073 | 5,927,082 | 63,525,845 | 25,748,797 | 20,077,000 | · | · | |
| EBITDA | $-86M | $-36M | $-107M | $-87M | $-85M | $-60M | $-52M | $-46M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $217M | $56M | $99M | $122M | $82M | $79M | $126M | $8M | |
| Receivables | $573.0K | $1M | $0 | · | · | · | $0 | · | |
| Inventory | · | $3M | $0 | · | · | · | · | · | |
| Prepaid Expense | $4M | $6M | $7M | $6M | $5M | $4M | $1M | $1M | |
| Current Assets | $262M | $112M | $122M | $129M | $88M | $83M | $129M | $9M | |
| PP&E (Net) | $182.0K | $776.0K | $745.0K | $1M | $2M | $1M | $403.0K | $241.0K | |
| PP&E (Gross) | $1M | $3M | $2M | $2M | $2M | $2M | $667.0K | $417.0K | |
| Accum. Depreciation | $1M | $2M | $2M | $1M | $724.0K | $274.0K | $264.0K | $176.0K | |
| Goodwill | $17M | $17M | $17M | $17M | $17M | $27M | $27M | $0 | |
| Intangibles | $9M | $10M | $0 | · | · | · | · | · | |
| Other Non-current Assets | $692.0K | $2M | $1M | $1M | $2M | $3M | $2M | $364.0K | |
| Total Assets | $290M | $146M | $147M | $156M | $117M | $123M | $161M | $10M | |
| Accounts Payable | $6M | $9M | $9M | $8M | $4M | $3M | $2M | $3M | |
| Accrued Liabilities | $19M | $23M | $13M | $12M | $8M | $8M | $6M | $3M | |
| Current Liabilities | $26M | $33M | $23M | $22M | $14M | $12M | $9M | $8M | |
| Capital Leases | $0 | $1M | $3M | $4M | $5M | $4M | $2M | · | |
| Other Non-current Liabilities | $525.0K | $831.0K | $432.0K | $173.0K | $826.0K | $462.0K | $16.0K | $205.0K | |
| Total Liabilities | $104M | $124M | $96M | $82M | $53M | $50M | $31M | $22M | |
| Long-term Debt | $75M | $75M | $55M | $32M | $32M | $32M | $20M | $10M | |
| Total Debt | · | · | $55M | $34M | $34M | · | $20M | · | |
| Common Stock | $91.0K | $6.0K | $167.0K | $122.0K | $28.0K | $16.0K | $16.0K | $0 | |
| Retained Earnings | $-595M | $-515M | $-478M | $-377M | $-283M | $-194M | $-132M | $-79M | |
| AOCI | $-109.0K | $-122.0K | $-119.0K | $-119.0K | $-119.0K | $-119.0K | $-119.0K | $0 | |
| Stockholders' Equity | $186M | $22M | $51M | $74M | $64M | $73M | $129M | $-77M | |
| Liabilities + Equity | $290M | $146M | $147M | $156M | $117M | $123M | $161M | $10M | |
| Shares Outstanding | 90,906,920 | 5,698,231 | 167,434,595 | 121,667,250 | 28,127,657 | 16,305,731 | 16,128,862 | 351,652 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $796.0K | $419.0K | $513.0K | $499.0K | $351.0K | $103.0K | $103.0K | |
| Stock-based Comp | $4M | $8M | $9M | $5M | $6M | $5M | $2M | $759.0K | |
| Amort. of Intangibles | · | $500.0K | $0 | $0 | · | · | · | · | |
| Restructuring | $7M | $861.0K | · | · | · | · | · | $2M | |
| Other Non-cash | $-12M | $-102M | $-4M | $11M | $11M | $-2M | $3M | $-4M | |
| Operating Cash Flow | $-86M | $-131M | $-97M | $-77M | $-71M | $-59M | $-48M | $-25M | |
| CapEx | $0 | $326.0K | $60.0K | $103.0K | $615.0K | $1M | $174.0K | $0 | |
| Investing Cash Flow | $8M | $67M | $-15M | $-103.0K | $-615.0K | $-1M | $27M | $0 | |
| Net Debt Issued | $0 | $0 | $-2M | $-795.0K | $0 | $0 | $-9M | $-5M | |
| Stock Issued | $239M | $0 | $60M | · | · | · | · | · | |
| Stock Repurchased | · | · | $0 | $0 | $2M | $0 | $0 | · | |
| Net Stock Activity | $239M | · | $0 | $0 | $-2M | · | · | · | |
| Financing Cash Flow | $239M | $20M | $89M | $117M | $74M | $12M | $141M | $7M | |
| Net Change in Cash | $161M | $-44M | $-23M | $40M | $2M | $-47M | $120M | $-19M | |
| Taxes Paid | $338.0K | · | · | · | · | · | · | · | |
| Free Cash Flow | $-86M | $-131M | $-97M | $-77M | $-72M | $-60M | $-48M | $-41M | |
| Levered FCF | · | · | $-102M | $-81M | $-75M | $-63M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1336.7% | -1423.6% | · | · | · | -1995.8% | · | -1311.0% | |
| Net Margin | -1218.5% | -1464.6% | · | · | · | -2071.0% | · | -1229.2% | |
| Pretax Margin | -1217.8% | -1452.5% | · | · | · | -2066.1% | · | -1229.2% | |
| EBITDA Margin | -1317.0% | -1392.5% | · | · | · | -1984.1% | · | -1306.6% | |
| ROA | -36.2% | -25.5% | -66.8% | -68.8% | -73.9% | -43.8% | -61.9% | -73.4% | |
| ROE | -83.2% | -91.6% | -170.5% | -138.1% | -133.3% | -76.5% | -50.7% | 193.4% | |
| ROIC | -46.7% | -165.7% | -101.8% | -81.4% | -86.6% | -82.4% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.2 | 3.4 | 5.3 | 5.8 | 6.3 | 7.0 | 13.7 | 6.5 | |
| Quick Ratio | 8.4 | 1.7 | 4.3 | 5.5 | 5.8 | 6.6 | 13.4 | 5.7 | |
| Debt / Equity | · | · | 1.1 | 0.5 | 0.5 | · | 0.2 | · | |
| LT Debt / Equity | · | · | 1.1 | 0.4 | 0.5 | · | 0.2 | · | |
| Interest Coverage | · | · | -18.6 | -21.9 | -23.4 | -22.3 | -24.1 | -44.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | |
| Inventory Turnover | · | 0.6 | · | · | · | · | · | · | |
| Receivables Turnover | 7.9 | 4.8 | · | · | · | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 150.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 16.7% | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6M | $3M | $0 | $0 | $0 | $3M | $0 | $0 | |
| Net Income TTM | $-79M | $-37M | $-101M | $-94M | $-89M | $-62M | $-53M | $-33M | |
| Market Cap | $364M | $3.76B | $4.21B | $3.62B | $1.93B | $3.15B | $5.18B | $6.09B | |
| Enterprise Value | · | · | $4.17B | $3.54B | $1.88B | · | $5.07B | · | |
| P/E | -2.1 | -3.9 | -1.5 | -19.6 | -17.2 | -62.4 | · | · | |
| P/S | 55.9 | 1447.8 | · | · | · | 1048.5 | · | · | |
| P/B | 2.0 | 170.0 | 82.5 | 48.9 | 30.0 | 43.2 | 40.1 | 281.7 | |
| P / Tangible Book | 2.3 | · | 124.9 | 63.9 | 41.1 | 68.8 | · | · | |
| P / Cash Flow | -4.2 | -28.8 | -43.7 | -47.0 | -27.3 | -53.5 | -107.7 | -148.8 | |
| P / FCF | -4.2 | -28.7 | -43.6 | -46.9 | -27.0 | -52.3 | -107.3 | -148.7 | |
| EV / EBITDA | · | · | -38.9 | -40.6 | -22.3 | · | -98.3 | · | |
| EV / FCF | · | · | -43.2 | -45.8 | -26.3 | · | -105.1 | · | |
| Earnings Yield | -46.8% | -25.4% | -67.8% | -5.1% | -5.8% | -1.6% | · | · |
Income Statement 17
| 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 | $2M | $2M | $2M | $2M | $2M | $900.0K | $2M | $560.0K | $563.0K | · | $0 | $0 | $0 | · | · | · | |
| Cost of Revenue | $2M | $598.0K | $364.0K | $351.0K | $326.0K | $5M | $302.0K | $227.0K | $268.0K | $0 | $0 | $0 | $0 | · | · | · | |
| R&D Expense | $15M | $15M | $19M | $17M | $18M | $19M | $22M | $19M | $21M | $20M | $15M | $19M | $16M | $22M | $19M | $14M | |
| SG&A Expense | $9M | $7M | $7M | $12M | $10M | $15M | $15M | $16M | $13M | $17M | $10M | $8M | $10M | $7M | $7M | $6M | |
| Operating Expenses | · | · | · | · | · | · | · | · | · | $37M | · | $27M | $26M | $29M | $26M | $20M | |
| Operating Income | $-16M | $-20M | $-24M | $-28M | $-26M | $-9M | $-36M | $-34M | $71M | $-37M | $-25M | $-27M | $-26M | $-29M | $-26M | $-20M | |
| Interest Expense | · | · | · | · | · | · | · | $2M | $2M | $2M | · | $2M | $1M | $1M | · | $1M | |
| Interest Income | $2M | $2M | $2M | $901.0K | $665.0K | $1M | $1M | $2M | $2M | $1M | $1M | $1M | $914.0K | $835.0K | $198.0K | $14.0K | |
| Other Non-op | $-107.0K | $14.0K | $-7.0K | $-304.0K | $-547.0K | $105.0K | $700.0K | $226.0K | $144.0K | $105.0K | $212.0K | $17.0K | $202.0K | $123.0K | $-4M | $-441.0K | |
| Pretax Income | $-16M | $-20M | $-24M | $-30M | $-26M | $316.0K | $-40M | $-37M | $91M | $-52M | $-19M | $-2M | $-56M | $-24M | $-29M | $-22M | |
| Income Tax | $2.0K | $0 | $0 | $-30.0K | $37.0K | $34.0K | $258.0K | $15.0K | $18.0K | $19.0K | $33.0K | $26.0K | $15.0K | $4.0K | $14.0K | $-13.0K | |
| Net Income | $-16M | $-20M | $-24M | $-30M | $-26M | $282.0K | $-40M | $-37M | $91M | $-52M | $-19M | $-2M | $-56M | $-24M | $-29M | $-22M | |
| EPS (Basic) | $-0.13 | $-0.16 | $2.25 | $-0.69 | $-3.47 | $0.04 | $-5.93 | $-5.48 | $13.59 | $-7.77 | $-16.57 | $-0.01 | $-0.33 | $-0.16 | $0.06 | $-0.26 | |
| EPS (Diluted) | $-0.13 | $-0.16 | $2.25 | $-0.69 | $-3.47 | $0.04 | $-5.91 | $-5.48 | $13.57 | $-7.77 | $-16.57 | $-0.01 | $-0.33 | $-0.16 | $0.06 | $-0.26 | |
| Shares (Basic) | 126,344,020 | 126,288,723 | -15,232,980 | 43,272,773 | 7,412,990 | 6,840,035 | -13,341,171 | 6,695,509 | 6,681,349 | 6,666,386 | -505,765,985 | 196,987,827 | 168,737,764 | 145,967,476 | -88,859,155 | 83,211,000 | |
| Shares (Diluted) | 126,344,020 | 126,288,723 | -15,262,029 | 43,272,773 | 7,412,990 | 6,869,084 | -13,353,198 | 6,695,509 | 6,693,376 | 6,666,386 | -505,765,985 | 196,987,827 | 168,737,764 | 145,967,476 | -88,859,155 | 83,211,000 | |
| EBITDA | $-16M | $-20M | · | $-28M | $-26M | $-9M | · | $-34M | $71M | $-37M | · | $-27M | $-26M | $-29M | · | $-20M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $195M | $217M | $217M | $70M | $39M | $40M | $56M | $97M | $147M | $60M | · | $132M | $136M | $93M | $122M | $80M | |
| Receivables | $2M | $1M | $573.0K | $891.0K | $1M | $509.0K | $1M | $0 | $0 | · | $0 | · | · | · | · | · | |
| Prepaid Expense | $3M | $3M | $4M | $5M | $5M | $4M | $6M | $4M | $5M | $6M | · | $6M | $6M | $4M | · | $5M | |
| Current Assets | $219M | $242M | $262M | $133M | $73M | $96M | $112M | $143M | $175M | $87M | · | $148M | $148M | $98M | · | $86M | |
| PP&E (Net) | $111.0K | $146.0K | $182.0K | $218.0K | $254.0K | $487.0K | $776.0K | $820.0K | $808.0K | $742.0K | · | $772.0K | $868.0K | $986.0K | · | $1M | |
| PP&E (Gross) | $1M | $1M | $1M | · | $1M | $3M | $3M | $3M | $3M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Accum. Depreciation | $1M | $1M | $1M | · | $1M | $2M | $2M | $2M | $2M | $2M | · | $2M | $1M | $1M | · | $1M | |
| Goodwill | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | |
| Intangibles | $13M | $9M | $9M | $9M | $10M | $10M | $10M | $10M | $10M | · | · | · | · | · | · | · | |
| Other Non-current Assets | $3M | $704.0K | $692.0K | $2M | $2M | $3M | $2M | $2M | $2M | $1M | · | $1M | $1M | $1M | · | $2M | |
| Total Assets | $253M | $270M | $290M | $164M | $105M | $130M | $146M | $178M | $211M | $112M | · | $173M | $173M | $124M | · | $113M | |
| Accounts Payable | $4M | $5M | $6M | $5M | $8M | $11M | $9M | $9M | $8M | $9M | · | $8M | $5M | $6M | · | $4M | |
| Accrued Liabilities | $14M | $17M | $19M | $17M | $13M | $13M | $23M | $19M | $20M | $13M | · | $16M | $15M | $12M | · | $9M | |
| Current Liabilities | $19M | $24M | $26M | $24M | $23M | $26M | $33M | $29M | $29M | $24M | · | $25M | $22M | $19M | · | $29M | |
| Capital Leases | · | · | $0 | $95.0K | $815.0K | $1M | $1M | $2M | $2M | $2M | · | $3M | $3M | $3M | · | $4M | |
| Other Non-current Liabilities | $523.0K | $526.0K | $525.0K | $525.0K | $535.0K | $567.0K | $831.0K | $1M | $979.0K | $1M | · | $1M | $1M | $350.0K | · | $312.0K | |
| Total Liabilities | $98M | $102M | $104M | $102M | $101M | $107M | $124M | $119M | $116M | $111M | · | $106M | $106M | $73M | · | $52M | |
| Long-term Debt | $75M | $75M | $75M | $75M | $75M | $75M | $75M | $75M | $75M | $55M | · | $55M | $32M | $32M | · | $32M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $15M | |
| Common Stock | $96.0K | $94.0K | $91.0K | $25.0K | $8.0K | $6.0K | $6.0K | $168.0K | $168.0K | $168.0K | · | $165.0K | $164.0K | $122.0K | · | $69.0K | |
| Retained Earnings | $-631M | $-615M | $-595M | $-571M | $-541M | $-515M | $-515M | $-476M | $-439M | $-530M | · | $-459M | $-456M | $-401M | · | $-348M | |
| AOCI | $-123.0K | $-122.0K | $-109.0K | $-118.0K | $-138.0K | $-128.0K | $-122.0K | $-114.0K | $-159.0K | $-155.0K | · | $-119.0K | $-119.0K | $-119.0K | · | $-119.0K | |
| Stockholders' Equity | $155M | $168M | $186M | $62M | $4M | $23M | $22M | $60M | $94M | $1M | $51M | $68M | $68M | $52M | $74M | $62M | |
| Liabilities + Equity | $253M | $270M | $290M | $164M | $105M | $130M | $146M | $178M | $211M | $112M | · | $173M | $173M | $124M | · | $113M | |
| Shares Outstanding | 96,114,534 | 94,319,696 | 90,906,920 | 25,146,411 | 7,959,947 | 5,788,745 | 5,698,231 | 168,511,264 | 168,196,180 | 167,937,781 | · | 164,705,712 | 164,418,011 | 122,207,488 | · | 68,734,553 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $997.0K | $223.0K | $223.0K | $223.0K | $355.0K | $476.0K | $273.0K | $267.0K | $194.0K | $62.0K | $62.0K | $104.0K | $126.0K | $127.0K | $124.0K | $124.0K | |
| Stock-based Comp | $3M | $2M | $2M | $760.0K | $748.0K | $519.0K | $2M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $1M | $1M | |
| Amort. of Intangibles | · | · | · | $200.0K | · | · | · | $200.0K | $100.0K | · | · | · | · | · | · | · | |
| Restructuring | $198.0K | $37.0K | $-196.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-2M | · | · | · | $-14M | · | · | · | $16M | · | · | · | $-4M | · | · | |
| Operating Cash Flow | $-21M | $-20M | $-16M | $-28M | $-30M | $-12M | $-33M | $-34M | $-64M | $-34M | $47M | $-69M | $-48M | $-27M | $-19M | $-19M | |
| CapEx | · | · | $0 | $0 | $0 | $0 | $41.0K | $92.0K | $134.0K | $59.0K | $35.0K | $8.0K | $8.0K | $9.0K | $34.0K | $9.0K | |
| Investing Cash Flow | $-1M | $19M | $17M | $-29M | $23M | $-3M | $-9M | $-16M | $97M | $-5M | $-5M | $-5M | $-5M | $-9.0K | $-34.0K | $-9.0K | |
| Stock Issued | · | · | $146M | $87M | · | · | $0 | $-159.0K | · | · | $51M | $2.0K | · | · | · | $0 | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | · | · | $443.0K | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $-443.0K | · | · | |
| Financing Cash Flow | $75.0K | $2.0K | $146M | $87M | $6M | $0 | $135.0K | $0 | $20M | $0 | $97.0K | $21M | $69M | $-2M | $61M | $52M | |
| Net Change in Cash | $-22M | $-365.0K | $147M | $30M | $-1M | $-15M | $-42M | $-50M | $87M | $-39M | $-32M | $-5M | $43M | $-29M | $42M | $32M | |
| Free Cash Flow | · | · | · | · | · | $-12M | · | · | · | $-34M | · | · | · | $-27M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-36M | · | · | · | $-28M | · | · |
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 | -683.0% | -812.2% | · | -1756.6% | -1504.1% | -1049.2% | · | -6160.7% | 12629.3% | · | · | · | · | · | · | · | |
| Net Margin | -673.2% | -809.6% | · | -1903.9% | -1476.0% | 31.3% | · | -6552.9% | 16133.8% | · | · | · | · | · | · | · | |
| Pretax Margin | -673.1% | -809.6% | · | -1905.8% | -1473.8% | 35.1% | · | -6550.2% | 16136.9% | · | · | · | · | · | · | · | |
| EBITDA Margin | -683.0% | -803.3% | · | -1756.6% | -1504.1% | -996.3% | · | -6160.7% | 12629.3% | · | · | · | · | · | · | · | |
| ROA | -9.0% | -10.1% | · | -17.4% | -16.3% | 0.23% | · | -20.9% | 62.3% | -48.9% | · | -1.3% | · | · | · | -18.5% | |
| ROE | -20.3% | -21.1% | · | -49.2% | -52.3% | 2.4% | · | -57.7% | 145.9% | -204.0% | · | -3.4% | · | · | · | -33.1% | |
| ROIC | -10.5% | -12.0% | · | -44.6% | -661.5% | -36.7% | · | -57.9% | 75.3% | -3600.7% | · | -40.7% | · | · | · | -26.3% |
Liquidity & Solvency 4
| 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 | 11.3 | 10.2 | · | 5.6 | 3.2 | 3.7 | · | 4.9 | 6.1 | 3.7 | · | 5.8 | · | · | · | 3.0 | |
| Quick Ratio | 10.2 | 9.2 | · | 3.0 | 1.8 | 1.6 | · | 3.3 | 5.1 | 2.6 | · | 5.2 | · | · | · | 2.8 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.0 | · | · | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | -14.3 | 32.7 | -19.9 | · | -16.7 | -22.5 | -26.4 | · | -19.8 |
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 | 0.0 | · | · | · | · | · | · | · | |
| Receivables Turnover | 1.5 | 3.1 | · | 3.5 | 3.0 | 0.5 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| 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 | $8M | $7M | · | $5M | $4M | · | · | · | · | · | · | · | · | $0 | · | $0 | |
| Net Income TTM | $-92M | $-76M | · | $-92M | $29M | $3M | · | $66.0K | $-19M | $-134M | · | $-104M | $-123M | $-89M | · | $-85M | |
| Market Cap | $449M | $390M | · | $86M | $15M | $41M | · | $3.38B | $2.93B | $7.00B | · | $5.39B | · | · | · | $3.53B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $5.25B | · | · | · | $3.46B | |
| P/E | -1.0 | -1.0 | · | -0.4 | 0.4 | 19.7 | · | 64.7 | 3.2 | -5.0 | · | -43.0 | -43.1 | -15.0 | · | -21.9 | |
| P/S | 55.0 | 58.1 | · | 18.0 | 4.0 | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 2.9 | 2.3 | · | 1.4 | 3.8 | 1.8 | · | 56.7 | 31.0 | 6759.7 | · | 79.7 | · | · | · | 57.0 | |
| P / Tangible Book | 3.6 | 2.7 | · | 2.5 | · | · | · | 105.4 | 43.9 | · | · | 107.2 | · | · | · | 79.2 | |
| P / Cash Flow | · | -19.9 | · | · | · | -3.3 | · | · | -45.8 | -208.4 | · | -78.3 | · | · | · | · | |
| P / FCF | · | · | · | · | · | -3.3 | · | · | · | -208.1 | · | · | · | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | -193.1 | · | · | · | -171.7 | |
| Earnings Yield | -95.3% | -103.6% | · | -280.7% | 245.3% | 5.1% | · | 1.5% | 31.4% | -19.8% | · | -2.3% | -2.3% | -6.7% | · | -4.6% |
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 | $6M | $3M | $0 | $0 | $0 |
| Operating Margin % | -1336.7% | -1423.6% | — | — | — |
| Net Income | $-79M | $-37M | $-101M | $-94M | $-89M |
| Diluted EPS | $-1.87 | $-5.59 | $-17.07 | $-1.52 | $-3.99 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.1 | 0.5 | 0.5 |
| Current Ratio | 10.2 | 3.4 | 5.3 | 5.8 | 6.3 |
| Quick Ratio | 8.4 | 1.7 | 4.3 | 5.5 | 5.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-86M | $-131M | $-97M | $-77M | $-72M |
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Institutional owners (13F) 92 filers · $429.4M 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 |
|---|---|---|---|---|
| 38 (+24 vs prior Q) | 25 (+16 vs prior Q) | 19 (-2 vs prior Q) | 13 (-7 vs prior Q) | +7.8M |
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 |
|---|---|---|---|---|
| MORGAN STANLEY | $44,014,736 | 9,424,997 | 10.25% | Shares |
| FMR LLC | $38,862,138 | 8,321,657 | 9.05% | Shares |
| Bain Capital Life Sciences Investors, LLC | $37,208,011 | 7,967,454 | 8.66% | Shares |
| PERCEPTIVE ADVISORS LLC | $37,049,403 | 7,933,491 | 8.63% | Shares |
| Saturn V Capital Management LP | $32,565,512 | 6,973,343 | 7.58% | Shares |
| Empery Asset Management, LP | $32,365,860 | 6,930,591 | 7.54% | Shares |
| Deep Track Capital, LP | $27,453,795 | 5,878,757 | 6.39% | Shares |
| Kalehua Capital Management LLC | $17,385,663 | 3,722,840 | 4.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $17,353,062 | 3,715,859 | 4.04% | Shares |
| Rosalind Advisors, Inc. | $15,012,957 | 3,214,766 | 3.50% | Shares |
| BRAIDWELL LP | $13,649,261 | 2,922,754 | 3.18% | Shares |
| Blackstone Inc. | $12,524,576 | 2,681,922 | 2.92% | Shares |
| Trails Edge Capital Partners, LP | $12,008,803 | 2,571,478 | 2.80% | Shares |
| VANGUARD GROUP INC | $11,639,808 | 2,909,952 | 2.71% | Shares |
| Nantahala Capital Management, LLC | $11,439,016 | 2,449,468 | 2.66% | Shares |
| BVF INC/IL | $10,431,575 | 2,233,742 | 2.43% | Shares |
| Venrock Adviser, LLC | $9,032,962 | 1,934,253 | 2.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $8,383,316 | 1,794,568 | 1.95% | Shares |
| SAMSARA BIOCAPITAL, LLC | $6,517,391 | 1,395,587 | 1.52% | Shares |
| STATE STREET CORP | $6,052,399 | 1,296,017 | 1.41% | Shares |
| Woodline Partners LP | $4,675,114 | 1,001,095 | 1.09% | Shares |
| GOLDMAN SACHS GROUP INC | $4,280,223 | 916,536 | 1.00% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,671,417 | 572,038 | 0.62% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,531,738 | 542,128 | 0.59% | Shares |
| Verdad Advisers, LP | $1,644,274 | 352,093 | 0.38% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,229,443 | 263,264 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,168,901 | 250,300 | 0.27% | Call option |
| Caption Management, LLC | $1,167,500 | 250,000 | 0.27% | Call option |
| Stonepine Capital Management, LLC | $1,050,699 | 224,989 | 0.24% | Shares |
| Affinity Asset Advisors, LLC | $677,150 | 145,000 | 0.16% | Shares |
| Nuveen, LLC | $501,507 | 107,389 | 0.12% | Shares |
| ALPS ADVISORS INC | $447,040 | 95,726 | 0.10% | Shares |
| RHUMBLINE ADVISERS | $444,022 | 95,081 | 0.10% | Shares |
| Susquehanna Portfolio Strategies, LLC | $407,607 | 87,282 | 0.09% | Shares |
| DEUTSCHE BANK AG\ | $368,393 | 78,885 | 0.09% | Shares |
| AMERICAN CENTURY COMPANIES INC | $349,293 | 74,795 | 0.08% | Shares |
| Bank of New York Mellon Corp | $327,507 | 70,130 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $316,215 | 67,712 | 0.07% | Shares |
| Palumbo Wealth Management LLC | $313,432 | 67,116 | 0.07% | Shares |
| Squarepoint Ops LLC | $313,254 | 67,078 | 0.07% | Shares |
| CITIGROUP INC | $305,633 | 65,446 | 0.07% | Shares |
| MetLife Investment Management, LLC | $224,015 | 47,969 | 0.05% | Shares |
| BANK OF AMERICA CORP /DE/ | $218,841 | 46,861 | 0.05% | Shares |
| Point72 Asset Management, L.P. | $191,806 | 41,072 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $173,131 | 37,073 | 0.04% | Shares |
| Jump Financial, LLC | $159,961 | 34,253 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $154,003 | 32,977 | 0.04% | Shares |
| Invesco Ltd. | $150,575 | 32,243 | 0.04% | Shares |
| JPMORGAN CHASE & CO | $141,785 | 33,519 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $111,361 | 23,846 | 0.03% | Shares |
| AXQ CAPITAL, LP | $106,850 | 22,880 | 0.02% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $103,128 | 22,083 | 0.02% | Shares |
| TWO SIGMA INVESTMENTS, LP | $90,719 | 19,426 | 0.02% | Shares |
| STIFEL FINANCIAL CORP | $86,483 | 18,519 | 0.02% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $84,527 | 18,100 | 0.02% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $80,744 | 17,290 | 0.02% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $77,055 | 16,500 | 0.02% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $77,055 | 16,500 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $76,513 | 16,384 | 0.02% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $73,963 | 15,838 | 0.02% | Shares |
| BARCLAYS PLC | $72,707 | 15,569 | 0.02% | Shares |
| CAXTON CORP | $72,650 | 15,557 | 0.02% | Shares |
| WINTON GROUP Ltd | $67,248 | 14,400 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $65,614 | 14,050 | 0.02% | Shares |
| Creative Planning | $64,782 | 13,872 | 0.02% | Shares |
| BlackRock, Inc. | $64,208 | 13,749 | 0.01% | Shares |
| ALLIANCEBERNSTEIN L.P. | $60,215 | 14,580 | 0.01% | Shares |
| NORTHERN TRUST CORP | $59,323 | 12,703 | 0.01% | Shares |
| PRUDENTIAL FINANCIAL INC | $58,375 | 12,500 | 0.01% | Shares |
| ProShare Advisors LLC | $49,445 | 10,588 | 0.01% | Shares |
| Indivisible Partners | $46,850 | 10,000 | 0.01% | Shares |
| Pettinga Financial Advisors LLC | $46,700 | 10,000 | 0.01% | Shares |
| Legal & General Group Plc | $36,697 | 7,858 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $36,169 | 7,745 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $34,268 | 7,338 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $12,000 | 2,559 | 0.00% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $9,966 | 2,914 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $8,215 | 1,759 | 0.00% | Shares |
| Sterling Capital Management LLC | $7,607 | 1,629 | 0.00% | Shares |
| CIBC Private Wealth Group LLC | $7,408 | 2,166 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $3,404 | 729 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $3,325 | 712 | 0.00% | Shares |
| Bleichroeder LP | $2,779 | 595 | 0.00% | Shares |
| Blue Trust, Inc. | $1,326 | 284 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $356 | 76,314 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $310 | 66,379 | 0.00% | Shares |
| Rockefeller Capital Management L.P. | $154 | 33 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $153 | 38 | 0.00% | Shares |
| UBS Group AG | $149 | 32 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $140 | 30 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $42 | 9 | 0.00% | Shares |
| HighMark Wealth Management LLC | $28 | 6 | 0.00% | Shares |
Company insiders 27 insiders · 7 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Paula Ragan | President and CEO | June 17, 2019 A | 237,294 | 0 | 0 | $0 |
| Michael Gray | President, CEO and CFO | Nov. 27, 2018 A | 250,000 | 0 | 0 | $0 |
| David Kirske | Chief Financial Officer | June 30, 2026 S | 167,750 | 0 | 1 | $-36,393 |
| Adam S. Mostafa | CFO and Treasurer | June 17, 2019 A | 10,564 | 0 | 0 | $0 |
| Lynne E Kelley | Chief Medical Officer | April 24, 2019 A | — | 0 | 0 | $0 |
| Eszter Nagy | Chief Scientific Officer | March 7, 2018 A | — | 0 | 0 | $0 |
| David Mantus | Chief Development Officer | March 7, 2018 A | — | 0 | 0 | $0 |
| Kelly Gold | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| William Aliski | Director | Sept. 18, 2019 A | — | 0 | 0 | $0 |
| Rene Russo | Director | June 17, 2019 A | — | 0 | 0 | $0 |
| David W J Mcgirr | Director | June 17, 2019 A | — | 0 | 0 | $0 |
| Murray Stewart | Director | March 29, 2019 A | — | 0 | 0 | $0 |
| Gary Bridger | Director | March 13, 2019 A | — | 0 | 0 | $0 |
| Michael S Wyzga | Director | March 13, 2019 A | — | 0 | 0 | $0 |
| Isaac Blech | Director | March 13, 2019 A | — | 0 | 0 | $0 |
| Tillman U. Gerngross | Director | June 5, 2018 A | 392,821 | 0 | 0 | $0 |
| Claudio Nessi | Director | June 5, 2018 A | 867,639 | 0 | 0 | $0 |
| Amy Schulman | Director | June 5, 2018 A | — | 0 | 0 | $0 |
| William D Clark | Director | June 5, 2018 A | — | 0 | 0 | $0 |
| GORDON CARL L | Director | June 5, 2018 A | 1,868,966 | 0 | 0 | $0 |
| Terrance McGuire | Director | June 5, 2018 A | 18,031 | 0 | 0 | $0 |
| Michael Jay Ross | Director | Nov. 15, 2017 A | 1,868,961 | 0 | 0 | $0 |
| Anna-Maria & Stephen Kellen Foundation, Inc. | 10% owner | Nov. 20, 2017 C | 124,381 | 0 | 0 | $0 |
| Bill & Melinda Gates Foundation | 10% owner | Nov. 20, 2017 C | 722,179 | 0 | 0 | $0 |
| John Volpone | — | Aug. 12, 2026 S | 265,305 | 0 | 1 | $-109,117 |
| Adam R Craig | — | Aug. 12, 2026 S | 328,651 | 0 | 1 | $-210,616 |
| Anthony Chris Stevens | — | March 7, 2018 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 10 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 |
|---|---|---|---|---|---|
| Growth Equity Opportunities 18 VGE, LLC, NEA 18 Venture Growth Equity, L.P., NEA Partners 18 VGE, L.P., NEA 18 VGE GP, LLC, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Edward T. Mathers, Scott D. Sandell, Paul Walker, Rick Yang ×5 filings | Oct. 29, 2025 | 6.20% | Amendment | Passive investment | SEC |
| Coastlands Capital LP, Coastlands Capital Partners LP, Coastlands Capital GP LLC, Coastlands Capital LLC, Matthew D. Perry | Aug. 18, 2025 | 9.99% | Initial filing | — | SEC |
| Bain Capital Life Sciences Fund, L.P., Bain Capital Life Sciences Fund II, L.P., BCIP Life Sciences Associates, LP, BCLS II Investco, LP, BCLS I Investco, LP | Aug. 13, 2025 | 9.99% | Initial filing | — | SEC |
| Polaris Venture Partners V, L.P. (“PVP V”), Polaris Venture Partners Entrepreneurs’ Fund V, L.P. (“PVPE V”), Polaris Venture Partners Founders’ Fund V, L.P. (“PVPFF V”), Polaris Venture Partners Special Founders’ Fund V, L.P. (“PVPSFF V”), Polaris Venture Management Co. V, L.L.C. (“PVM V”), Jonathan A. Flint, Terrance G. McGuire ×2 filings | July 17, 2019 | — | Initial filing | — | SEC |
| May 28, 2019 | — | Initial filing | — | SEC | |
| Paula Ragan, Ph.D. ×2 filings | April 26, 2019 | — | Initial filing | — | SEC |
| OrbiMed Advisors LLC, OrbiMed Capital GP IV LLC ×3 filings | March 19, 2019 | — | Initial filing | — | SEC |
| X4 Pharmaceuticals, Inc. | Dec. 6, 2018 | — | Initial filing | — | SEC |
| SVLSF V, LLC, SV Life Sciences Fund V, L.P., SV Life Sciences Fund V Strategic Partners, L.P., SV Life Sciences Fund V (GP), L.P., SVLSF VI, LLC, SV Life Sciences Fund VI, LP., SV Life Sciences Fund VI Strategic Partners, L.P., SV Life Sciences Fund VI (GP), L.P. | Feb. 14, 2018 | — | Initial filing | — | SEC |
| New Enterprise Associates 16, L.P., NEA Partners 16, L.P., NEA 16 GP, LLC, Peter J. Barris, Forest Baskett, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Joshua Makower, David M. Mott, Chetan Puttagunta, Jon M. Sakoda, Scott D. Sandell, Peter W. Sonsini, Ravi Viswanathan | Nov. 29, 2017 | — | 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 13 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 |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.53% | 25,945 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.08% | 275,116 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.02% | 750,719 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 70,293 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 1,950,293 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 464,950 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 46,744 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 30,148 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,031,672 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,599,387 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,885 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.00% | 1 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 1 NS | May 31, 2026 | N-PORT |