XNCR Xencor, Inc. - Common Stock
$26.50
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$7–$27
99% of range
Analyst Rating
BUY
20 analysts
Price Target
$29
+9% upside
P/E (TTM)
-21.4
ROE
-14.0%
Net Profit Margin
-73.2%
XNCR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$26.50
Market Cap
$1.90B
P/E (TTM)
-21.4
EPS (TTM)
$-1.24
Revenue (TTM)
$126M
Div Yield
—
ROE
-14.0%
Debt/Equity
0.1
52W Range
$7 – $27
XNCR 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
$126M
2016-12-31
→
2025-12-31
EPS
$-1.24
2016-12-31
→
2025-12-31
Free Cash Flow
$-138M
2016-12-31
→
2025-12-31
Margins
-73.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
XNCR
Peer Median
P/E (TTM)
-21.4
—
P/S (TTM)
15.2
22.4
P/B
3.0
2.7
EV / EBITDA
-11.5
—
Price / FCF
-13.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
XNCR
Peer Median
Operating Margin
-141.3%
—
Net Profit Margin
-73.2%
-638.9%
ROA
-10.1%
-43.1%
ROE
-14.0%
-49.0%
ROIC
-25.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
XNCR
Peer Median
Debt / Equity
0.1
0.0
Current Ratio
6.3
9.0
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
XNCR
Peer Median
Revenue YoY
13.7%
—
Revenue CAGR 3Y
-8.6%
—
Revenue CAGR 5Y
0.47%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
XNCR
Peer Median
XNCR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 6 30.0%
- Buy 11 55.0%
- Hold 3 15.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-17
Median
$28.50
Now
$26.50
Low
$14.00
High
$44.00
Median target
$28.50
+7.5%
Mean target
$29.00
+9.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.18%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.29 | $-0.85 | 0.56% |
| March 31, 2026 | $-1.71 | $-0.79 | -0.92% |
| Dec. 31, 2025 | $-0.09 | $-0.62 | 0.53% |
| Sept. 30, 2025 | $-0.08 | $-0.70 | 0.62% |
| June 30, 2025 | $-0.41 | $-0.73 | 0.32% |
| March 31, 2025 | $-0.66 | $-0.61 | -0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| XNCR | $1.10B | -12.3 | 13.7% | -73.2% | -14.0% | — |
| RXRX | $2.16B | -2.8 | 26.9% | -863.4% | -62.9% | — |
| FBRX | $353M | -5.8 | 106.6% | -2555.2% | -86.9% | — |
| ZYME | $1.97B | -24.4 | 38.9% | -76.6% | -26.9% | — |
| BCAX | $953M | -6.7 | — | — | -33.0% | — |
| TYRA | $1.41B | -13.1 | — | — | -42.7% | — |
| JBIO | $761M | -4.8 | — | — | -47.7% | — |
| TRAX | — | — | — | — | — | — |
| VIR | $841M | -1.9 | -7.6% | -638.9% | -51.1% | — |
| ABSI | $529M | -4.2 | -38.2% | -4113.7% | -63.5% | — |
| AVBP | $854M | -4.7 | — | — | -59.7% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $126M | $110M | $175M | $165M | $275M | $123M | $157M | $41M | $46M | $109M | |
| R&D Expense | $239M | $228M | $254M | $200M | $193M | $170M | $119M | $98M | $72M | $52M | |
| SG&A Expense | $64M | $61M | $53M | $47M | $39M | $30M | $24M | $22M | $18M | $13M | |
| Operating Expenses | $303M | $289M | $307M | $247M | $231M | $199M | $143M | $120M | $89M | $65M | |
| Operating Income | $-178M | $-178M | $-132M | $-82M | $44M | $-77M | $14M | $-79M | $-43M | $44M | |
| Interest Expense | · | · | $6M | $13.0K | $13.0K | · | · | $16.0K | $13.0K | $21.0K | |
| Interest Income | $28M | $32M | $19M | $5M | $862.0K | · | · | · | · | · | |
| Other Non-op | $-73.0K | $50.0K | $-31.0K | $-148.0K | $-1M | $95.0K | $-256.0K | $-125.0K | $-7.0K | $6.0K | |
| Pretax Income | $-90M | $-235M | $-120M | $-55M | $83M | $-69M | $27M | $-70M | $-39M | $46M | |
| Income Tax | $3M | $2M | $14M | $673.0K | $0 | $0 | $312.0K | $0 | $-463.0K | $991.0K | |
| Net Income | $-92M | $-233M | $-133M | $-55M | $83M | $-69M | $27M | $-70M | $-38M | $45M | |
| EPS (Basic) | $-1.24 | $-3.58 | $-2.20 | $-0.93 | $1.42 | $-1.21 | $0.48 | $-1.31 | $-0.82 | $1.09 | |
| EPS (Diluted) | $-1.24 | $-3.58 | $-2.20 | $-0.93 | $1.37 | $-1.21 | $0.46 | $-1.31 | $-0.82 | $1.07 | |
| Shares (Basic) | 74,239,000 | 65,041,000 | 60,503,000 | 59,652,461 | 58,379,641 | 57,212,737 | 56,531,439 | 53,942,116 | 46,817,756 | 41,267,329 | |
| Shares (Diluted) | 74,239,000 | 65,041,000 | 60,503,000 | 59,652,461 | 60,495,455 | 57,212,737 | 58,467,880 | 53,942,116 | 46,817,756 | 42,388,867 | |
| EBITDA | $-167M | $-166M | $-121M | $-74M | $51M | $-71M | $18M | $-76M | $-52M | $24M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $54M | $41M | $54M | $54M | $143M | $164M | $50M | $26M | $17M | $15M | |
| Short-term Investments | · | · | · | · | · | · | $479M | $268M | $208M | $116M | |
| Receivables | $29M | $61M | $24M | $29M | $66M | $11M | $22M | $10M | $1M | $9M | |
| Prepaid Expense | $23M | $19M | $18M | $23M | $24M | $11M | $7M | $10M | $6M | $3M | |
| Current Assets | $600M | $578M | $636M | $675M | $424M | $638M | $558M | $316M | $231M | $142M | |
| PP&E (Net) | $53M | $60M | $66M | $59M | $28M | $22M | $16M | $12M | $7M | $3M | |
| PP&E (Gross) | $105M | $102M | $102M | $87M | $51M | $39M | $28M | $21M | $15M | $11M | |
| Accum. Depreciation | $51M | $42M | $36M | $28M | $23M | $17M | $13M | $9M | $8M | $8M | |
| Intangibles | $8M | $18M | $19M | $18M | $16M | $16M | $14M | $12M | $11M | $10M | |
| Other Non-current Assets | $498.0K | $498.0K | $648.0K | $613.0K | $653.0K | $212.0K | $311.0K | $311.0K | $265.0K | $103.0K | |
| Total Assets | $875M | $952M | $965M | $846M | $838M | $703M | $670M | $577M | $390M | $429M | |
| Accounts Payable | $11M | $17M | $14M | $10M | $14M | $9M | $10M | $4M | $7M | $4M | |
| Accrued Liabilities | $35M | $19M | $24M | $19M | $19M | $18M | $9M | $10M | $5M | $7M | |
| Current Liabilities | $96M | $87M | $74M | $64M | $71M | $121M | $67M | $54M | $73M | $106M | |
| Capital Leases | $65M | $65M | $59M | $55M | $34M | $10M | $9M | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | $65.0K | |
| Other Non-current Liabilities | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $240M | $278M | $303M | $119M | $105M | $131M | $77M | $55M | $74M | $115M | |
| Total Debt | $76M | $115M | · | · | · | · | · | · | · | · | |
| Common Stock | $718.0K | $703.0K | $611.0K | $601.0K | $595.0K | $580.0K | $569.0K | $563.0K | $470.0K | $466.0K | |
| Paid-in Capital | $1.43B | $1.38B | $1.13B | $1.07B | $1.02B | $938M | $888M | $845M | $571M | $553M | |
| Retained Earnings | $-796M | $-704M | $-471M | $-338M | $-283M | $-366M | $-296M | $-323M | $-253M | $-238M | |
| AOCI | $2M | $-663.0K | $1M | $-7M | $-2M | $74.0K | $1M | $-971.0K | $-2M | $-1M | |
| Stockholders' Equity | $636M | $678M | $662M | $727M | $734M | $572M | $593M | $522M | $316M | $338M | |
| Liabilities + Equity | $875M | $952M | $965M | $846M | $838M | $703M | $670M | $577M | $390M | $429M | |
| Shares Outstanding | 71,872,000 | 70,256,000 | 60,998,191 | 59,997,713 | 59,355,558 | 57,873,444 | 56,902,301 | 56,279,542 | 47,002,488 | 46,567,978 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $11M | $12M | $11M | $9M | $7M | $6M | $4M | $3M | $2M | $1M | |
| Stock-based Comp | $43M | $53M | $54M | $49M | $37M | $32M | $32M | $21M | $14M | $8M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | |
| Amort. of Intangibles | $900.0K | $1M | $1M | $1M | $1M | $1M | $900.0K | $900.0K | $800.0K | $800.0K | |
| Other Non-cash | $-97M | $-35M | $-10M | $22M | $-144M | $27M | $1M | $-33M | $-439.0K | $62M | |
| Operating Cash Flow | $-135M | $-202M | $-78M | $24M | $-17M | $-5M | $64M | $-80M | $-34M | $95M | |
| CapEx | $3M | $6M | $18M | $38M | $13M | $11M | $7M | $7M | $5M | $2M | |
| Investing Cash Flow | $140M | $-8M | $-111M | $-120M | $-46M | $100M | $-51M | $-165M | $32M | $-214M | |
| Stock Issued | $0 | $201M | $0 | $0 | $29M | $0 | · | $260M | · | $127M | |
| Net Stock Activity | $0 | $201M | $0 | $0 | $29M | · | · | $260M | · | $127M | |
| Financing Cash Flow | $8M | $197M | $189M | $6M | $43M | $18M | $11M | $254M | $4M | $121M | |
| Net Change in Cash | $13M | $-13M | $228.0K | $-90M | $-20M | $113M | $24M | $10M | $2M | $2M | |
| Taxes Paid | $7M | $6M | $0 | $700.0K | $0 | $0 | $400.0K | $233.0K | $969.0K | $936.0K | |
| Free Cash Flow | $-138M | $-208M | $-96M | $-14M | $-30M | $-16M | $57M | $-87M | $-39M | $93M | |
| Levered FCF | · | · | $-103M | · | · | · | · | · | $-39M | $93M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -141.3% | -161.5% | -75.8% | -50.1% | 15.9% | -62.6% | 8.8% | -195.5% | · | · | |
| Net Margin | -73.2% | -210.5% | -76.2% | -33.5% | 30.0% | -56.5% | 17.2% | -173.4% | · | · | |
| Pretax Margin | -71.4% | -212.6% | -68.5% | -33.1% | 30.0% | -56.5% | 17.3% | -173.4% | · | · | |
| EBITDA Margin | -133.0% | -150.5% | -69.2% | -44.8% | 18.6% | -57.9% | 11.6% | -187.5% | · | · | |
| ROA | -10.1% | -24.3% | · | -6.6% | 10.7% | -10.1% | 4.3% | -14.6% | -11.9% | 7.4% | |
| ROE | -14.0% | -34.7% | · | -7.6% | 12.2% | -12.2% | 4.5% | -13.4% | -15.8% | 9.9% | |
| ROIC | -25.6% | -22.7% | · | -11.5% | 6.0% | -13.4% | 2.3% | · | -18.8% | 6.9% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.3 | 6.6 | · | 10.6 | 6.0 | 5.3 | 8.4 | 5.9 | 2.3 | 1.3 | |
| Quick Ratio | 0.9 | 1.2 | · | 1.3 | 3.0 | 1.4 | 8.3 | 5.7 | 2.2 | 1.3 | |
| Debt / Equity | 0.1 | 0.2 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.1 | 0.2 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | -21.4 | · | · | · | · | -4960.6 | -4120.2 | 1073.3 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.2 | 0.4 | 0.2 | 0.3 | 0.1 | · | · | |
| Receivables Turnover | 2.8 | 2.6 | · | 3.5 | 7.1 | 7.4 | 9.9 | 7.2 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 13.7% | -36.7% | 6.1% | -40.2% | 124.2% | · | · | · | · | · | |
| Revenue CAGR 3Y | -8.6% | -26.2% | 12.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 0.47% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $126M | $110M | $175M | $165M | $275M | $123M | $157M | $41M | $46M | $109M | |
| Net Income TTM | $-92M | $-233M | $-133M | $-55M | $83M | $-69M | $27M | $-70M | $-38M | $45M | |
| Market Cap | $1.10B | $1.61B | · | $1.56B | $2.38B | $2.53B | $1.96B | $2.04B | $1.03B | $1.23B | |
| Enterprise Value | $1.12B | $1.69B | · | · | · | · | · | · | · | · | |
| P/E | -12.3 | -6.4 | -9.7 | -28.0 | 29.3 | -36.1 | 74.8 | -27.6 | -26.7 | 24.6 | |
| P/S | 8.8 | 14.6 | · | 9.5 | 8.7 | 20.6 | 12.5 | 50.1 | 22.3 | 11.2 | |
| P/B | 1.7 | 2.4 | · | 2.1 | 3.2 | 4.4 | 3.3 | 3.9 | 3.7 | 3.9 | |
| P / Tangible Book | 1.8 | 2.4 | 2.0 | 2.2 | 3.3 | 4.5 | · | · | · | · | |
| P / Cash Flow | -8.1 | -8.0 | · | 63.8 | -141.3 | -504.6 | 30.4 | -25.5 | -30.6 | 13.0 | |
| P / FCF | -8.0 | -7.8 | · | -111.5 | -79.0 | -162.5 | 34.3 | -23.4 | -26.4 | 13.2 | |
| EV / EBITDA | -6.7 | -10.2 | · | · | · | · | · | · | · | · | |
| EV / FCF | -8.1 | -8.1 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 8.9 | 15.3 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -8.1% | -15.6% | -10.4% | -3.6% | 3.4% | -2.8% | 1.3% | -3.6% | -3.7% | 4.1% |
Income Statement 16
| 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 | $51M | $5M | $28M | $21M | $44M | $33M | $53M | $18M | $24M | $16M | $51M | $59M | $46M | $19M | $22M | $27M | |
| R&D Expense | $72M | $65M | $65M | $54M | $62M | $59M | $51M | $58M | $62M | $57M | $63M | $65M | $60M | $66M | $51M | $53M | |
| SG&A Expense | $16M | $18M | $17M | $14M | $15M | $17M | $15M | $15M | $18M | $14M | $15M | $12M | $11M | $14M | $13M | $12M | |
| Operating Expenses | $88M | $82M | $82M | $69M | $77M | $76M | $66M | $73M | $79M | $71M | $78M | $77M | $72M | $80M | $64M | $66M | |
| Operating Income | $-37M | $-78M | $-54M | $-48M | $-33M | $-43M | $-13M | $-55M | $-55M | $-55M | $-27M | $-18M | $-26M | $-61M | $-43M | $-38M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $10M | · | · | · | $7.0K | · | · | |
| Interest Income | $5M | $5M | $6M | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $8M | $5M | $4M | $3M | · | · | |
| Other Non-op | $434.0K | $396.0K | $-8.0K | $-17.0K | $-17.0K | $-31.0K | $64.0K | $-10.0K | $-4.0K | $0 | $-17.0K | $8.0K | $-9.0K | $-13.0K | $96.0K | $-1.0K | |
| Pretax Income | $-22M | $-129M | $-4M | $-6M | $-31M | $-48M | $-45M | $-47M | $-69M | $-74M | $-13M | $-24M | $-22M | · | $-12M | $-32M | |
| Income Tax | $-190.0K | $280.0K | $2M | $0 | $-250.0K | $367.0K | $2M | $0 | $0 | $0 | $14M | $0 | $0 | $0 | $-415.0K | $1M | |
| Net Income | $-22M | $-129M | $-7M | $-6M | $-31M | $-48M | $-46M | $-46M | $-67M | $-73M | $-26M | $-24M | $-22M | $-61M | $-12M | $-33M | |
| EPS (Basic) | $-0.29 | $-1.71 | $-0.09 | $-0.08 | $-0.41 | $-0.66 | $-0.57 | $-0.72 | $-1.09 | $-1.20 | $-0.41 | $-0.40 | $-0.37 | $-1.02 | $-0.21 | $-0.55 | |
| EPS (Diluted) | $-0.29 | $-1.71 | $-0.09 | $-0.08 | $-0.41 | $-0.66 | $-0.57 | $-0.72 | $-1.09 | $-1.20 | $-0.41 | $-0.40 | $-0.37 | $-1.02 | $-0.20 | $-0.55 | |
| Shares (Basic) | 75,859,000 | 75,247,000 | -148,120,000 | 74,413,000 | 74,279,000 | 73,667,000 | -121,870,000 | 64,023,000 | 61,676,000 | 61,212,000 | -119,697,766 | 60,621,534 | 59,807,558 | 59,771,674 | -119,039,101 | 59,716,594 | |
| Shares (Diluted) | 75,859,000 | 75,247,000 | -148,120,000 | 74,413,000 | 74,279,000 | 73,667,000 | -121,870,000 | 64,023,000 | 61,676,000 | 61,212,000 | -119,697,766 | 60,621,534 | 59,807,558 | 59,771,674 | -120,709,766 | 59,716,594 | |
| EBITDA | $-37M | $-75M | · | $-48M | $-33M | $-40M | · | $-55M | $-55M | $-52M | · | $-18M | $-26M | $-57M | · | $-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 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $45M | $14M | $54M | $28M | $44M | $40M | $41M | $29M | $31M | $31M | · | $53M | $35M | $72M | $54M | $53M | |
| Receivables | $42M | $12M | $29M | $22M | $48M | $38M | $61M | $26M | $36M | $22M | · | $55M | $20M | $20M | · | $45M | |
| Prepaid Expense | $25M | $26M | $23M | $26M | $22M | $14M | $19M | $21M | $25M | $17M | · | $22M | $22M | $22M | · | $23M | |
| Current Assets | $523M | $483M | $600M | $518M | $513M | $521M | $578M | $590M | $569M | $575M | · | $571M | $594M | $630M | · | $668M | |
| PP&E (Net) | $50M | $51M | $53M | $55M | $57M | $59M | $60M | $62M | $64M | $64M | · | $68M | $68M | $67M | · | $51M | |
| PP&E (Gross) | $106M | $105M | $105M | $104M | $104M | $103M | $102M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $56M | $54M | $51M | $49M | $47M | $45M | $42M | · | · | · | · | · | · | · | · | · | |
| Intangibles | $7M | $8M | $8M | $9M | $11M | $13M | $18M | $18M | $19M | $19M | · | $19M | $19M | $18M | · | $18M | |
| Other Non-current Assets | $498.0K | $498.0K | $498.0K | $498.0K | $498.0K | $498.0K | $498.0K | $498.0K | $498.0K | $498.0K | · | $660.0K | $598.0K | $599.0K | · | $613.0K | |
| Total Assets | $725M | $737M | $875M | $869M | $879M | $905M | $952M | $1000M | $841M | $897M | · | $778M | $778M | $803M | · | $835M | |
| Accounts Payable | $13M | $8M | $11M | $9M | $19M | $16M | $17M | $19M | $16M | $16M | · | $15M | $14M | $15M | · | $15M | |
| Accrued Liabilities | $36M | $34M | $35M | $28M | $24M | $16M | $19M | $25M | $20M | $13M | · | $24M | $18M | $15M | · | $19M | |
| Current Liabilities | $82M | $73M | $96M | $86M | $96M | $88M | $87M | $91M | $76M | $71M | · | $53M | $45M | $65M | · | $90M | |
| Capital Leases | $61M | $63M | $65M | $65M | $65M | $64M | $65M | $66M | $67M | $67M | · | $56M | $55M | $55M | · | $23M | |
| Other Non-current Liabilities | $152.0K | $152.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $222M | $221M | $240M | $243M | $259M | $265M | $278M | $294M | $292M | $297M | · | $109M | $99M | $120M | · | $113M | |
| Total Debt | $78M | $82M | · | $88M | $95M | $102M | · | $128M | $141M | $151M | · | · | · | · | · | · | |
| Common Stock | $744.0K | $741.0K | $718.0K | $714.0K | $714.0K | $712.0K | $703.0K | $701.0K | $619.0K | $617.0K | · | $607.0K | $607.0K | $605.0K | · | $598.0K | |
| Paid-in Capital | $1.45B | $1.44B | $1.43B | $1.41B | $1.40B | $1.39B | $1.38B | $1.36B | $1.16B | $1.14B | · | $1.11B | $1.10B | $1.09B | · | $1.06B | |
| Retained Earnings | $-947M | $-925M | $-796M | $-789M | $-783M | $-752M | $-704M | $-658M | $-612M | $-545M | · | $-445M | $-421M | $-399M | · | $-326M | |
| AOCI | $-872.0K | $27.0K | $2M | $1M | $258.0K | $355.0K | $-663.0K | $2M | $-652.0K | $-154.0K | · | $-709.0K | $-2M | $-4M | · | $-10M | |
| Stockholders' Equity | $503M | $516M | $636M | $625M | $620M | $640M | $678M | $709M | $550M | $600M | · | $669M | $679M | $684M | · | $723M | |
| Liabilities + Equity | $725M | $737M | $875M | $869M | $879M | $905M | $952M | $1000M | $841M | $897M | · | $778M | $778M | $803M | · | $835M | |
| Shares Outstanding | 74,329,000 | 74,064,000 | 71,872,000 | 71,343,000 | 71,297,000 | 71,136,000 | 70,256,000 | 69,963,447 | 61,766,054 | 61,634,685 | · | 60,665,900 | 60,600,060 | 60,381,600 | · | 59,773,337 |
Cash Flow 13
| 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 | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | |
| Stock-based Comp | $9M | $10M | $10M | $10M | $11M | $12M | $12M | $12M | $17M | $11M | $15M | $13M | $14M | $13M | $13M | $13M | |
| Amort. of Intangibles | $200.0K | $200.0K | $100.0K | $200.0K | $300.0K | $300.0K | $400.0K | $300.0K | $300.0K | $300.0K | · | · | · | · | · | · | |
| Other Non-cash | · | $49M | · | · | · | $17M | · | · | · | $2M | · | · | · | $15M | · | · | |
| Operating Cash Flow | $-56M | $-68M | $-52M | $-31M | $-36M | $-16M | $-50M | $-32M | $-69M | $-57M | $18M | $-27M | $-38M | $-31M | $-24M | $-1M | |
| CapEx | $538.0K | $610.0K | $1M | $183.0K | $383.0K | $1M | $2M | $1M | $3M | $132.0K | $980.0K | $3M | $4M | $11M | $10M | $14M | |
| Investing Cash Flow | $85M | $27M | $71M | $15M | $40M | $14M | $57M | $-163M | $66M | $32M | $-203M | $45M | $-1M | $48M | $25M | $3M | |
| Stock Issued | · | · | $0 | · | · | · | $0 | · | · | · | $0 | · | · | · | · | · | |
| Financing Cash Flow | $1M | $950.0K | $6M | $0 | $662.0K | $1M | $4M | $193M | $3M | $2M | $186M | $356.0K | $2M | $922.0K | $1M | $1M | |
| Net Change in Cash | $30M | $-40M | $26M | $-16M | $5M | $-1M | $12M | $-2M | $-264.0K | $-23M | $1M | $18M | $-38M | $18M | $1M | $3M | |
| Taxes Paid | $1M | $3M | $-47.0K | $359.0K | $7M | $0 | $0 | $0 | · | · | $0 | $0 | · | · | $628.0K | · | |
| Free Cash Flow | · | $-68M | · | · | · | $-18M | · | · | · | $-57M | · | · | · | $-41M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-67M | · | · | · | · | · | · |
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 | -72.4% | -1724.1% | · | -226.3% | -76.1% | -131.9% | · | -310.2% | -231.6% | -341.7% | · | -30.9% | -57.1% | -313.1% | · | -140.5% | |
| Net Margin | -42.4% | -2854.7% | · | -28.7% | -70.7% | -147.9% | · | -260.1% | -281.7% | -459.1% | · | -41.0% | -48.2% | -320.4% | · | -120.0% | |
| Pretax Margin | -42.8% | -2848.5% | · | -28.7% | -71.3% | -147.5% | · | -266.6% | -287.7% | -463.3% | · | -41.0% | · | · | · | -116.0% | |
| EBITDA Margin | -72.4% | -1667.3% | · | -226.3% | -76.1% | -123.7% | · | -310.2% | -231.6% | -322.7% | · | -30.9% | -57.1% | -301.2% | · | -140.5% | |
| ROA | -2.7% | -15.7% | · | -0.65% | -3.6% | -5.4% | · | -5.2% | -8.3% | -8.6% | · | -3.0% | -2.7% | -7.3% | · | -4.3% | |
| ROE | -3.9% | -22.3% | · | -0.90% | -5.3% | -7.8% | · | -6.7% | -10.9% | -11.4% | · | -3.5% | -3.1% | -8.4% | · | -4.9% | |
| ROIC | -6.3% | -13.1% | · | -6.7% | -4.6% | -5.9% | · | -6.6% | -8.0% | -7.3% | · | -2.7% | · | · | · | -5.5% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.4 | 6.6 | · | 6.0 | 5.3 | 5.9 | · | 6.5 | 7.5 | 8.1 | · | 10.8 | 13.3 | 9.7 | · | 7.4 | |
| Quick Ratio | 1.1 | 0.4 | · | 0.6 | 1.0 | 0.9 | · | 0.6 | 0.9 | 0.7 | · | 2.0 | 1.2 | 1.4 | · | 1.1 | |
| Debt / Equity | 0.2 | 0.2 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.3 | · | · | · | · | · | · | |
| LT Debt / Equity | 0.2 | 0.2 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.3 | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -5.6 | · | · | · | · | · | · |
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 | 0.1 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | |
| Receivables Turnover | 1.1 | 0.2 | · | 0.9 | 1.0 | 1.1 | · | 0.4 | 0.9 | 0.8 | · | 1.2 | 1.2 | 0.4 | · | 0.8 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $120M | $102M | · | $115M | $118M | $90M | · | $117M | $145M | $140M | · | $151M | $122M | $162M | · | $163M | |
| Net Income TTM | $-187M | $-214M | · | $-132M | $-193M | $-235M | · | $-211M | $-187M | $-180M | · | $-140M | $-149M | $-104M | · | $-83M | |
| Market Cap | $1.20B | $893M | · | $837M | $560M | $757M | · | $1.41B | $1.17B | $1.36B | · | $1.22B | $1.51B | $1.68B | · | $1.55B | |
| Enterprise Value | $1.23B | $961M | · | $896M | $611M | $819M | · | $1.51B | $1.28B | $1.48B | · | · | · | · | · | · | |
| P/E | -6.5 | -4.2 | · | -6.3 | -2.7 | -2.9 | · | -5.9 | -6.2 | -7.4 | · | -8.6 | -9.9 | -15.9 | · | -18.3 | |
| P/S | 9.9 | 8.8 | · | 7.3 | 4.7 | 8.4 | · | 12.0 | 8.1 | 9.8 | · | 8.1 | 12.4 | 10.4 | · | 9.5 | |
| P/B | 2.4 | 1.7 | · | 1.3 | 0.9 | 1.2 | · | 2.0 | 2.1 | 2.3 | · | 1.8 | 2.2 | 2.5 | · | 2.1 | |
| P / Tangible Book | 2.4 | 1.8 | · | 1.4 | 0.9 | 1.2 | · | 2.0 | 2.2 | 2.3 | · | 1.9 | 2.3 | 2.5 | · | 2.2 | |
| P / Cash Flow | · | -13.2 | · | · | · | -46.7 | · | · | · | -24.0 | · | · | · | -55.0 | · | · | |
| P / FCF | · | -13.1 | · | · | · | -42.8 | · | · | · | -23.9 | · | · | · | -40.7 | · | · | |
| EV / EBITDA | -33.2 | -12.8 | · | -18.9 | -18.4 | -20.2 | · | -27.3 | -23.1 | -28.7 | · | · | · | · | · | · | |
| EV / FCF | · | -14.1 | · | · | · | -46.4 | · | · | · | -26.0 | · | · | · | · | · | · | |
| EV / Revenue | 10.2 | 9.4 | · | 7.8 | 5.2 | 9.1 | · | 12.9 | 8.8 | 10.6 | · | · | · | · | · | · | |
| Earnings Yield | -15.5% | -23.7% | · | -15.9% | -36.6% | -34.5% | · | -17.0% | -16.2% | -13.5% | · | -11.6% | -10.1% | -6.3% | · | -5.5% |
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 | $126M | $110M | $175M | $165M | $275M |
| Operating Margin % | -141.3% | -161.5% | -75.8% | -50.1% | 15.9% |
| Net Income | $-92M | $-233M | $-133M | $-55M | $83M |
| Diluted EPS | $-1.24 | $-3.58 | $-2.20 | $-0.93 | $1.37 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.2 | — | — | — |
| Current Ratio | 6.3 | 6.6 | — | 10.6 | 6.0 |
| Quick Ratio | 0.9 | 1.2 | — | 1.3 | 3.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-138M | $-208M | $-96M | $-14M | $-30M |
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Institutional owners (13F) 222 filers · $984.4M 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 |
|---|---|---|---|---|
| 39 (+17 vs prior Q) | 21 (-4 vs prior Q) | 74 (+7 vs prior Q) | 54 (-4 vs prior Q) | +6.3M |
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 |
|---|---|---|---|---|
| PRIMECAP MANAGEMENT CO/CA/ | $163,919,285 | 10,181,322 | 16.65% | Shares |
| BVF INC/IL | $114,852,892 | 7,133,720 | 11.67% | Shares |
| RTW INVESTMENTS, LP | $109,117,122 | 6,777,461 | 11.08% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $84,915,811 | 5,274,274 | 8.63% | Shares |
| STATE STREET CORP | $79,759,658 | 4,954,016 | 8.10% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $52,788,712 | 3,278,802 | 5.36% | Shares |
| TCG Crossover Management, LLC | $39,479,422 | 2,452,138 | 4.01% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $35,672,609 | 2,215,690 | 3.62% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $26,483,390 | 1,644,479 | 2.69% | Shares |
| BAKER BROS. ADVISORS LP | $17,743,907 | 1,102,106 | 1.80% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $14,763,797 | 917,006 | 1.50% | Shares |
| MILLENNIUM MANAGEMENT LLC | $13,744,200 | 853,677 | 1.40% | Shares |
| TWO SIGMA INVESTMENTS, LP | $13,194,192 | 819,515 | 1.34% | Shares |
| GOLDMAN SACHS GROUP INC | $13,186,109 | 819,013 | 1.34% | Shares |
| JOHNSON & JOHNSON | $12,043,798 | 748,062 | 1.22% | Shares |
| Jefferies Financial Group Inc. | $11,599,084 | 720,440 | 1.18% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11,386,596 | 707,242 | 1.16% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $10,950,930 | 680,182 | 1.11% | Shares |
| Deep Track Capital, LP | $9,556,171 | 593,551 | 0.97% | Shares |
| TORONTO DOMINION BANK | $7,905,100 | 491,000 | 0.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $7,842,052 | 487,084 | 0.80% | Shares |
| Seven Fleet Capital Management LP | $7,828,524 | 368,305 | 0.80% | Shares |
| TWO SIGMA ADVISERS, LP | $7,756,046 | 506,600 | 0.79% | Shares |
| BlackRock, Inc. | $6,090,598 | 378,298 | 0.62% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,526,821 | 281,169 | 0.46% | Shares |
| Velan Capital Investment Management LP | $4,105,500 | 255,000 | 0.42% | Shares |
| Public Sector Pension Investment Board | $4,101,330 | 254,741 | 0.42% | Shares |
| ADAR1 Capital Management, LLC | $3,744,216 | 232,560 | 0.38% | Shares |
| Hudson Bay Capital Management LP | $3,381,000 | 210,000 | 0.34% | Shares |
| Bank of New York Mellon Corp | $3,228,292 | 200,515 | 0.33% | Shares |
| BARCLAYS PLC | $3,221,046 | 200,065 | 0.33% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $3,220,000 | 200,000 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $3,072,299 | 190,826 | 0.31% | Shares |
| RHUMBLINE ADVISERS | $2,924,017 | 181,617 | 0.30% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,901,300 | 180,205 | 0.29% | Shares |
| CITIGROUP INC | $2,627,037 | 163,170 | 0.27% | Shares |
| Susquehanna Portfolio Strategies, LLC | $2,569,302 | 159,584 | 0.26% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $2,437,701 | 151,410 | 0.25% | Shares |
| Trexquant Investment LP | $2,327,336 | 144,555 | 0.24% | Shares |
| Jump Financial, LLC | $2,109,100 | 131,000 | 0.21% | Shares |
| HSBC HOLDINGS PLC | $2,083,001 | 125,482 | 0.21% | Shares |
| AMERIPRISE FINANCIAL INC | $2,002,324 | 124,368 | 0.20% | Shares |
| DEUTSCHE BANK AG\ | $1,929,134 | 119,822 | 0.20% | Shares |
| FMR LLC | $1,917,735 | 119,114 | 0.19% | Shares |
| Legal & General Group Plc | $1,821,602 | 113,143 | 0.19% | Shares |
| OP Asset Management Ltd | $1,771,886 | 110,055 | 0.18% | Shares |
| XTX Topco Ltd | $1,728,770 | 107,377 | 0.18% | Shares |
| WINTON GROUP Ltd | $1,710,577 | 106,247 | 0.17% | Shares |
| DCF Advisers, LLC | $1,670,150 | 103,736 | 0.17% | Shares |
| Essex LLC | $1,588,442 | 98,661 | 0.16% | Shares |
| Swiss National Bank | $1,481,200 | 92,000 | 0.15% | Shares |
| Quinn Opportunity Partners LLC | $1,449,000 | 90,000 | 0.15% | Shares |
| Erste Asset Management GmbH | $1,438,320 | 92,200 | 0.15% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $1,299,850 | 80,736 | 0.13% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,205,407 | 74,870 | 0.12% | Shares |
| ALPS ADVISORS INC | $1,201,801 | 74,646 | 0.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,179,347 | 97,790 | 0.12% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,173,964 | 72,917 | 0.12% | Shares |
| Cubist Systematic Strategies, LLC | $1,171,859 | 99,902 | 0.12% | Shares |
| Point72 Asset Management, L.P. | $1,152,309 | 71,572 | 0.12% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,130,880 | 70,241 | 0.11% | Shares |
| TD Asset Management Inc | $1,001,001 | 62,174 | 0.10% | Shares |
| Man Group plc | $939,918 | 58,380 | 0.10% | Shares |
| TEMA ETFS LLC | $925,597 | 60,457 | 0.09% | Shares |
| MORGAN STANLEY | $894,373 | 55,551 | 0.09% | Shares |
| Rafferty Asset Management, LLC | $868,112 | 53,920 | 0.09% | Shares |
| Quantinno Capital Management LP | $861,253 | 53,494 | 0.09% | Shares |
| D. E. Shaw & Co., Inc. | $812,648 | 50,475 | 0.08% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $800,106 | 49,696 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $714,888 | 44,403 | 0.07% | Shares |
| MetLife Investment Management, LLC | $653,885 | 40,614 | 0.07% | Shares |
| CIBC Private Wealth Group LLC | $616,564 | 52,563 | 0.06% | Shares |
| Palumbo Wealth Management LLC | $604,394 | 37,540 | 0.06% | Shares |
| Cerity Partners LLC | $570,149 | 35,413 | 0.06% | Shares |
| EntryPoint Capital, LLC | $527,307 | 32,752 | 0.05% | Shares |
| Louisiana State Employees Retirement System | $523,250 | 32,500 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $514,073 | 31,930 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $505,427 | 31,393 | 0.05% | Shares |
| LPL Financial LLC | $496,508 | 30,839 | 0.05% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $495,304 | 41,070 | 0.05% | Shares |
| PROFUND ADVISORS LLC | $476,818 | 29,616 | 0.05% | Shares |
| State of Tennessee, Department of Treasury | $472,745 | 29,363 | 0.05% | Shares |
| Squarepoint Ops LLC | $458,963 | 28,507 | 0.05% | Shares |
| Invesco Ltd. | $449,013 | 27,889 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $444,779 | 27,626 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $435,940 | 27,077 | 0.04% | Shares |
| HighVista Strategies LLC | $431,834 | 26,822 | 0.04% | Shares |
| Virtus Investment Advisers, LLC | $427,246 | 26,537 | 0.04% | Shares |
| VANGUARD GROUP INC | $422,954 | 27,626 | 0.04% | Shares |
| Creative Planning | $416,459 | 25,867 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $415,203 | 25,789 | 0.04% | Shares |
| DIVERSIFIED TRUST CO | $362,089 | 22,490 | 0.04% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $352,284 | 21,881 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $333,721 | 20,728 | 0.03% | Shares |
| AlphaQuest LLC | $324,450 | 21,192 | 0.03% | Shares |
| Lynx1 Capital Management LP | $292,923 | 18,194 | 0.03% | Shares |
| JANUS HENDERSON GROUP PLC | $289,391 | 23,986 | 0.03% | Shares |
| Brevan Howard Capital Management LP | $285,163 | 17,712 | 0.03% | Shares |
| Mariner, LLC | $284,609 | 17,681 | 0.03% | Shares |
| IEQ CAPITAL, LLC | $284,036 | 17,642 | 0.03% | Shares |
Company insiders 28 insiders · 10 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Bassil I Dahiyat | PRESIDENT & CEO | March 10, 2025 S | 465,419 | 0 | 0 | $0 |
| Bart Jan Cornelissen | SR. VICE PRESIDENT & CFO | April 10, 2025 S | 61,348 | 0 | 0 | $0 |
| John J Kuch | SR. VICE PRESIDENT & CFO | March 11, 2024 S | 121,070 | 0 | 0 | $0 |
| Nancy Valente | EVP, Chief Development Officer | May 2, 2025 S | 49,169 | 0 | 0 | $0 |
| Celia Eckert | SVP, GENERAL COUNSEL | March 10, 2025 S | 63,507 | 0 | 0 | $0 |
| John R Desjarlais | SR. VICE PRESIDENT & CSO | March 10, 2025 S | 236,574 | 0 | 0 | $0 |
| Allen Yang | SR. VICE PRESIDENT & CMO | March 9, 2023 S | 73,364 | 0 | 0 | $0 |
| Paul A Foster | Chief Medical Officer | Feb. 12, 2019 A | 4,952 | 0 | 0 | $0 |
| Edgardo Baracchini Jr | Chief Business Officer | Aug. 13, 2018 M | 207 | 0 | 0 | $0 |
| Lloyd A Rowland | Sr. V.P. and General Counsel | Jan. 26, 2016 A | 1,501 | 0 | 0 | $0 |
| Raymond Joseph Deshaies | Director | June 16, 2026 A | 10,302 | 0 | 0 | $0 |
| Ellen Feigal | Director | June 16, 2026 A | 22,642 | 0 | 1 | $-89,370 |
| Barbara Klencke | Director | June 16, 2026 A | 29,974 | 0 | 0 | $0 |
| Kurt A Gustafson | Director | June 16, 2026 A | 25,011 | 0 | 1 | $-67,385 |
| Alan Bruce Montgomery | Director | June 16, 2026 A | 25,849 | 0 | 1 | $-62,338 |
| Richard J Ranieri | Director | June 16, 2026 A | 24,011 | 0 | 1 | $-67,385 |
| Todd E Simpson | Director | June 16, 2026 A | 23,988 | 0 | 0 | $0 |
| Kevin Charles Gorman | Director | June 16, 2026 A | 21,680 | 0 | 1 | $-92,657 |
| Dagmar Rosa-Bjorkeson | Director | Sept. 27, 2024 S | 8,490 | 0 | 0 | $0 |
| Yujiro S Hata | Director | June 23, 2022 A | — | 0 | 0 | $0 |
| Bruce L A Carter | Director | June 14, 2017 S | 48,578 | 0 | 0 | $0 |
| Robert Baltera Jr. | Director | June 23, 2016 A | — | 0 | 0 | $0 |
| Jonathan Fleming | Director | June 9, 2015 A | 790,881 | 0 | 0 | $0 |
| Atul Saran | Director | Dec. 6, 2013 C | 1,319,522 | 0 | 0 | $0 |
| Harold R Werner | Director | Dec. 6, 2013 C | 1,035,407 | 0 | 0 | $0 |
| John S Stafford III | 10% owner | April 6, 2020 S | 606,005 | 0 | 0 | $0 |
| Ronin Trading, LLC | 10% owner | Nov. 13, 2015 G | 2,000,000 | 0 | 0 | $0 |
| John S Stafford JR | 10% owner | Dec. 6, 2013 C | 2,000,443 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| John S. Stafford III (“Stafford”), Ronin Capital, LLC, Ronin Trading, LLC ×11 filings | June 10, 2020 | — | Initial filing | — | SEC |
| John S. Stafford III | Dec. 16, 2013 | — | 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 56 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 … | 0.87% | 9,424 SH | Aug. 8, 2026 | Daily |
| PSCH · Invesco Exchange-Traded Fund Trust … | 0.78% | 64,345 SH | Aug. 8, 2026 | Daily |
| SBIO · ALPS ETF Trust | 0.56% | 75,597 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.53% | 16,707 NS | April 30, 2026 | N-PORT |
| IDNA · iShares Trust | 0.49% | 48,671 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.21% | 4,628 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.19% | 81,350 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.16% | 663,144 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.13% | 157,324 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.11% | 511,240 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.11% | 4,035 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.09% | 11,447 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.09% | 8,742 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.09% | 651,921 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.09% | 120,287 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.08% | 4,523,936 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.07% | 152,473 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.07% | 59,668 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.07% | 157,222 NS | May 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.06% | 258,479 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.04% | 1,781,665 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.04% | 2,711 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.04% | 13,340 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.04% | 853 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 22,818 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.03% | 3,189 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 400,570 SH | Aug. 8, 2026 | Daily |
| TECB · iShares Trust | 0.03% | 6,927 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 30,542 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 3,316 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 243,932 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.02% | 2,695 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 339,994 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 2,593 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 4,031 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.01% | 10,428 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 860,506 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 138,132 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 22,923 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 3,045 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 2,623 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 160,392 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 36,139 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,434 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 66 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 8,021 NS | April 30, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 1,032 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 105,037 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 19,815 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 15,186 SH | Aug. 8, 2026 | Daily |