ZBIO Zenas BioPharma, Inc. - Common Stock
$31.65
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026
52W Range
$14–$45
58% of range
Analyst Rating
STRONG BUY
14 analysts
Price Target
$44
+37% upside
P/E (TTM)
-3.7
ROE
-156.8%
Net Profit Margin
-3777.4%
ZBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$31.65
Market Cap
$1.72B
P/E (TTM)
-3.7
EPS (TTM)
$-8.44
Revenue (TTM)
$10M
Div Yield
—
ROE
-156.8%
Debt/Equity
0.3
52W Range
$14 – $45
ZBIO 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
$10M
2023-12-31
→
2025-12-31
EPS
$-8.44
2023-12-31
→
2025-12-31
Free Cash Flow
$-172M
2024-12-31
→
2025-12-31
Margins
-3777.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ZBIO
Peer Median
P/E (TTM)
-3.7
27.2
P/S (TTM)
172.4
25.4
P/B
7.1
5.1
EV / EBITDA
-3.8
—
Price / FCF
-10.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ZBIO
Peer Median
Operating Margin
-3830.6%
—
Net Profit Margin
-3777.4%
-473.7%
ROA
-100.2%
-40.2%
ROE
-156.8%
-50.4%
ROIC
-119.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ZBIO
Peer Median
Debt / Equity
0.3
—
Current Ratio
5.6
9.0
Quick Ratio
5.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ZBIO
Peer Median
Revenue YoY
100.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ZBIO
Peer Median
ZBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 7 50.0%
- Buy 5 35.7%
- Hold 2 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-15
Median
$44.50
Now
$31.65
Low
$22.00
High
$59.00
Median target
$44.50
+40.6%
Mean target
$43.50
+37.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-1.1%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-1.46 | $-1.62 | 0.16% |
| Dec. 31, 2025 | $-4.54 | $-1.05 | -3.5% |
| Sept. 30, 2025 | $-1.22 | $-1.07 | -0.15% |
| June 30, 2025 | $-1.25 | $-1.07 | -0.18% |
| March 31, 2025 | $-0.80 | $-1.13 | 0.33% |
| Dec. 31, 2024 | $-3.99 | $-1.02 | -3.0% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ZBIO | $1.98B | -4.3 | 100.0% | -3777.4% | -156.8% | — |
| STOK | $1.87B | -264.5 | 404.5% | -3.7% | -2.0% | — |
| VRDN | $3.17B | -7.7 | 23359.9% | -483.6% | -55.4% | — |
| BHVN | $1.50B | -1.6 | — | — | -310.8% | — |
| TSHA | $1.57B | -16.2 | 17.3% | -1115.3% | -44.0% | — |
| SRPT | $2.26B | -3.0 | 15.6% | -32.5% | -57.1% | — |
| DMRA | — | — | 38.3% | -17981.1% | -167.0% | — |
| SNDX | $1.84B | -6.4 | 627.8% | -165.6% | -257.1% | — |
| RXRX | $2.16B | -2.8 | 26.9% | -863.4% | -62.9% | — |
| ANAB | — | -105.4 | 157.0% | — | — | — |
| NTLA | $1.05B | -2.4 | 16.9% | -609.8% | -59.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $10M | $5M | $50M | |
| R&D Expense | $168M | $139M | $60M | |
| SG&A Expense | $53M | $30M | $17M | |
| Operating Expenses | $393M | $169M | $87M | |
| Operating Income | $-383M | $-164M | $-37M | |
| Interest Income | $12M | $8M | · | |
| Other Non-op | $417.0K | $202.0K | $624.0K | |
| Pretax Income | $-378M | $-157M | $-37M | |
| Income Tax | $-79.0K | $429.0K | $301.0K | |
| Net Income | $-378M | $-157M | $-37M | |
| EPS (Basic) | $-8.44 | $-11.89 | $-24.25 | |
| EPS (Diluted) | $-8.44 | $-11.89 | $-24.25 | |
| Shares (Basic) | 44,730,052 | 13,198,960 | 1,531,178 | |
| Shares (Diluted) | 44,730,052 | 13,198,960 | 1,531,178 | |
| EBITDA | $-383M | $-164M | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $111M | $320M | $57M | |
| Short-term Investments | $233M | $31M | · | |
| Prepaid Expense | $8M | $5M | $3M | |
| Current Assets | $351M | $356M | $60M | |
| PP&E (Net) | $34.0K | $185.0K | $193.0K | |
| Other Non-current Assets | $14M | $13M | $7M | |
| Total Assets | $384M | $370M | $68M | |
| Accounts Payable | $7M | $17M | $5M | |
| Accrued Liabilities | $54M | $39M | $17M | |
| Current Liabilities | $63M | $57M | $23M | |
| Capital Leases | $211.0K | $218.0K | $257.0K | |
| Total Liabilities | $141M | $58M | $44M | |
| Total Debt | $79M | · | · | |
| Common Stock | $5.0K | $4.0K | · | |
| Paid-in Capital | $1.01B | $700M | $5M | |
| Retained Earnings | $-765M | $-387M | $-230M | |
| AOCI | $-64.0K | $194.0K | $37.0K | |
| Stockholders' Equity | $242M | $312M | $-226M | |
| Liabilities + Equity | $384M | $370M | $68M | |
| Shares Outstanding | 54,485,518 | 41,793,412 | 1,576,854 |
Cash Flow 8
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Stock-based Comp | $26M | $11M | $3M | |
| Operating Cash Flow | $-172M | $-120M | $-31M | |
| CapEx | $18.0K | $131.0K | $17.0K | |
| Investing Cash Flow | $-252M | $-31M | $-17.0K | |
| Financing Cash Flow | $215M | $413M | $20M | |
| Net Change in Cash | $-209M | $263M | $-10M | |
| Taxes Paid | $15.0K | · | · | |
| Free Cash Flow | $-172M | $-120M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating Margin | -3830.6% | -3277.8% | · | |
| Net Margin | -3777.4% | -3139.8% | · | |
| Pretax Margin | -3778.2% | -3131.2% | · | |
| EBITDA Margin | -3830.6% | -3277.8% | · | |
| ROA | -100.2% | -71.7% | · | |
| ROE | -156.8% | -46.7% | · | |
| ROIC | -119.4% | -52.6% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 5.6 | 6.2 | · | |
| Quick Ratio | 5.5 | 6.1 | · | |
| Debt / Equity | 0.3 | · | · | |
| LT Debt / Equity | 0.3 | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 100.0% | -90.0% | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $10M | $5M | · | |
| Net Income TTM | $-378M | $-157M | · | |
| Market Cap | $1.98B | $342M | · | |
| Enterprise Value | $1.71B | · | · | |
| P/E | -4.3 | -0.7 | · | |
| P/S | 197.8 | 68.5 | · | |
| P/B | 8.2 | 1.1 | · | |
| P / Tangible Book | 8.2 | 1.1 | · | |
| P / Cash Flow | -11.5 | -2.9 | · | |
| P / FCF | -11.5 | -2.9 | · | |
| EV / EBITDA | -4.5 | · | · | |
| EV / FCF | -9.9 | · | · | |
| EV / Revenue | 171.4 | · | · | |
| Earnings Yield | -23.2% | -145.2% | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1M | · | $0 | $0 | $0 | $10M | $5M | $0 | $0 | · | $0 | |
| R&D Expense | $63M | $60M | $56M | $34M | $43M | $35M | $49M | $34M | $34M | $23M | $20M | |
| SG&A Expense | $16M | $17M | $16M | $13M | $12M | $12M | $11M | $7M | $6M | $5M | $4M | |
| Operating Expenses | $109M | $77M | $238M | $53M | $55M | $47M | $61M | $41M | $40M | $28M | $25M | |
| Operating Income | $-108M | $-77M | $-238M | $-53M | $-55M | $-37M | $-56M | $-41M | $-40M | $-28M | $-25M | |
| Interest Income | $7M | $3M | · | · | $3M | $3M | · | · | · | · | · | |
| Other Non-op | $16.0K | $-24.0K | $-7M | $1M | $217.0K | $158.0K | $-5M | $2M | $2M | $472.0K | $793.0K | |
| Pretax Income | $-111M | $-81M | $-240M | $-51M | $-52M | $-34M | $-52M | $-39M | $-38M | $-28M | · | |
| Income Tax | $114.0K | · | $106.0K | $0 | $20.0K | $-205.0K | · | · | · | · | · | |
| Net Income | $-111M | $-81M | $-240M | $-51M | $-52M | $-34M | $-53M | $-39M | $-38M | $-28M | $-25M | |
| EPS (Basic) | $-1.77 | $-1.46 | $-5.17 | $-1.22 | $-1.25 | $-0.80 | $35.25 | $-5.02 | $-24.23 | $-17.89 | $-16.04 | |
| EPS (Diluted) | $-1.77 | $-1.46 | $-5.17 | $-1.22 | $-1.25 | $-0.80 | $35.25 | $-5.02 | $-24.23 | $-17.89 | $-16.04 | |
| Shares (Basic) | 63,112,314 | 55,624,631 | -81,095,490 | 42,159,340 | 41,865,400 | 41,800,802 | 2,379,909 | 7,697,695 | 1,567,269 | 1,554,087 | 3,448 | |
| Shares (Diluted) | 63,112,314 | 55,624,631 | -81,095,490 | 42,159,340 | 41,865,400 | 41,800,802 | 2,379,909 | 7,697,695 | 1,567,269 | 1,554,087 | 3,448 | |
| EBITDA | $-108M | $-77M | · | $-53M | $-55M | $-37M | · | $-41M | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $197M | $500M | $111M | $116M | $44M | $197M | $320M | $360M | · | · | $57M | |
| Short-term Investments | $447M | $217M | $233M | $175M | $229M | $116M | $31M | $27M | · | · | · | |
| Prepaid Expense | $11M | $13M | $8M | $6M | $5M | $5M | $5M | $7M | · | · | $3M | |
| Current Assets | $654M | $730M | $351M | $297M | $279M | $318M | $356M | $394M | · | · | $60M | |
| PP&E (Net) | $23.0K | $28.0K | $34.0K | $50.0K | $61.0K | $72.0K | $185.0K | $146.0K | · | · | $193.0K | |
| Other Non-current Assets | $16M | $15M | $14M | $14M | $12M | $13M | $13M | $9M | · | · | $7M | |
| Total Assets | $702M | $748M | $384M | $322M | $293M | $334M | $370M | $403M | · | · | $68M | |
| Accounts Payable | $8M | $9M | $7M | $6M | $8M | $20M | $17M | $15M | · | · | $5M | |
| Accrued Liabilities | $57M | $51M | $54M | $45M | $45M | $28M | $39M | $29M | · | · | $17M | |
| Current Liabilities | $66M | $61M | $63M | $52M | $53M | $49M | $57M | $44M | · | · | $23M | |
| Capital Leases | $22.0K | $77.0K | $211.0K | $180.0K | $215.0K | $317.0K | $218.0K | · | · | · | $257.0K | |
| Total Liabilities | $455M | $412M | $141M | $126M | $53M | $49M | $58M | $44M | · | · | $44M | |
| Total Debt | · | · | · | $73M | · | · | · | · | · | · | · | |
| Common Stock | $6.0K | $6.0K | $5.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | · | · | · | |
| Paid-in Capital | $1.21B | $1.18B | $1.01B | $721M | $713M | $705M | $700M | $694M | · | · | $5M | |
| Retained Earnings | $-958M | $-846M | $-765M | $-525M | $-473M | $-421M | $-387M | $-335M | · | · | $-230M | |
| AOCI | $-1M | $-377.0K | $-64.0K | $-69.0K | $-94.0K | $141.0K | $194.0K | $54.0K | · | · | $37.0K | |
| Stockholders' Equity | $247M | $336M | $242M | $196M | $240M | $284M | $312M | $359M | · | · | $-226M | |
| Liabilities + Equity | $702M | $748M | $384M | $322M | $293M | $334M | $370M | $403M | · | · | $68M | |
| Shares Outstanding | 63,330,747 | 62,383,377 | 54,485,518 | 42,213,465 | 42,088,697 | 41,821,887 | 41,793,412 | 41,780,938 | · | · | 1,576,854 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $9M | $9M | $8M | $7M | $6M | $5M | $5M | $3M | $2M | $947.0K | $1M | |
| Operating Cash Flow | $-57M | $-75M | $-52M | $-41M | $-42M | $-37M | $-39M | $-31M | $-31M | $-19M | $-15M | |
| CapEx | $0 | $2.0K | $0 | $0 | $0 | $18.0K | $74.0K | $0 | $35.0K | $22.0K | · | |
| Investing Cash Flow | $-288M | $32M | $-93M | $40M | $-112M | $-86M | $-4M | $-27M | $-35.0K | $-22.0K | · | |
| Financing Cash Flow | $42M | $433M | $141M | $73M | $2M | $99.0K | $2M | $234M | $178M | $-614.0K | $50.0K | |
| Net Change in Cash | $-304M | $390M | $-5M | $72M | $-153M | $-123M | $-40M | $176M | $147M | $-20M | $-15M | |
| Free Cash Flow | · | $-75M | · | · | · | $-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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -10765.9% | · | · | · | · | -373.3% | · | · | · | · | · | |
| Net Margin | -11145.6% | · | · | · | · | -335.7% | · | · | · | · | · | |
| Pretax Margin | -11134.2% | · | · | · | · | -337.8% | · | · | · | · | · | |
| EBITDA Margin | -10765.9% | · | · | · | · | -373.3% | · | · | · | · | · | |
| ROA | -22.4% | -15.0% | · | -14.2% | -35.6% | -20.1% | · | -19.1% | · | · | · | |
| ROE | -45.8% | -26.1% | · | -18.5% | -43.6% | -23.6% | · | -21.5% | · | · | · | |
| ROIC | -43.6% | · | · | · | -23.0% | -13.1% | · | · | · | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.9 | 11.9 | · | 5.7 | 5.2 | 6.5 | · | 9.0 | · | · | · | |
| Quick Ratio | 9.8 | 11.7 | · | 5.5 | 5.1 | 6.4 | · | 8.8 | · | · | · | |
| Debt / Equity | · | · | · | 0.4 | · | · | · | · | · | · | · | |
| LT Debt / Equity | · | · | · | 0.4 | · | · | · | · | · | · | · |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | 0.0 | 0.0 | 0.1 | · | · | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $10M | · | $10M | $10M | · | · | · | · | · | · | |
| Net Income TTM | $-296M | $-218M | · | $-176M | $-162M | $-138M | · | $-69M | · | · | · | |
| Market Cap | $1.61B | $1.22B | · | $937M | $408M | $330M | · | $707M | · | · | · | |
| Enterprise Value | · | · | · | $719M | · | · | · | · | · | · | · | |
| P/E | -4.5 | -4.1 | · | -2.7 | -0.3 | -0.2 | · | -0.4 | · | · | · | |
| P/S | · | 122.0 | · | 93.7 | 40.8 | · | · | · | · | · | · | |
| P/B | 6.5 | 3.6 | · | 4.8 | 1.7 | 1.2 | · | 2.0 | · | · | · | |
| P / Tangible Book | 6.5 | 3.6 | · | 4.8 | 1.7 | 1.2 | · | 2.0 | · | · | · | |
| P / Cash Flow | · | -16.2 | · | · | · | -8.9 | · | · | · | · | · | |
| P / FCF | · | -16.2 | · | · | · | -8.9 | · | · | · | · | · | |
| EV / EBITDA | · | · | · | -13.7 | · | · | · | · | · | · | · | |
| EV / Revenue | · | · | · | 71.9 | · | · | · | · | · | · | · | |
| Earnings Yield | -22.5% | -24.2% | · | -37.3% | -323.0% | -606.8% | · | -267.0% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | $10M | $5M | $50M |
| Operating Margin % | -3830.6% | -3277.8% | — |
| Net Income | $-378M | $-157M | $-37M |
| Diluted EPS | $-8.44 | $-11.89 | $-24.25 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Debt / Equity | 0.3 | — | — |
| Current Ratio | 5.6 | 6.2 | — |
| Quick Ratio | 5.5 | 6.1 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Free Cash Flow | $-172M | $-120M | — |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 152 filers · $1.3B 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 |
|---|---|---|---|---|
| 35 (-17 vs prior Q) | 21 (-13 vs prior Q) | 61 (+1 vs prior Q) | 36 (+19 vs prior Q) | +5.3M |
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 |
|---|---|---|---|---|
| FMR LLC | $189,573,930 | 7,469,422 | 14.77% | Shares |
| SR One Capital Management, LP | $127,860,735 | 5,037,854 | 9.96% | Shares |
| NEA Management Company, LLC | $102,109,298 | 4,023,219 | 7.95% | Shares |
| ENAVATE SCIENCES GP, LLC | $99,468,255 | 3,919,159 | 7.75% | Shares |
| FEDERATED HERMES, INC. | $79,104,511 | 3,116,805 | 6.16% | Shares |
| Capital International Investors | $63,523,907 | 2,502,912 | 4.95% | Shares |
| Polar Capital Holdings Plc | $61,236,153 | 2,412,772 | 4.77% | Shares |
| Fairmount Funds Management LLC | $59,872,055 | 2,359,025 | 4.66% | Shares |
| STATE STREET CORP | $52,158,438 | 2,055,100 | 4.06% | Shares |
| NVP ASSOCIATES, LLC | $46,660,673 | 1,838,482 | 3.63% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $34,386,448 | 1,354,864 | 2.68% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $32,046,159 | 1,262,654 | 2.50% | Shares |
| ALLIANCEBERNSTEIN L.P. | $21,571,235 | 1,103,388 | 1.68% | Shares |
| TWO SIGMA INVESTMENTS, LP | $20,688,507 | 815,150 | 1.61% | Shares |
| EcoR1 Capital, LLC | $20,037,510 | 789,500 | 1.56% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $19,157,734 | 754,651 | 1.49% | Shares |
| BANK OF AMERICA CORP /DE/ | $17,914,016 | 705,832 | 1.40% | Shares |
| MILLENNIUM MANAGEMENT LLC | $16,762,729 | 660,470 | 1.31% | Shares |
| Woodline Partners LP | $14,987,880 | 590,539 | 1.17% | Shares |
| Balyasny Asset Management L.P. | $14,637,077 | 576,717 | 1.14% | Shares |
| ArrowMark Colorado Holdings LLC | $14,550,811 | 573,318 | 1.13% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $12,938,445 | 509,789 | 1.01% | Shares |
| Rock Springs Capital Management LP | $12,742,714 | 502,077 | 0.99% | Shares |
| Pivotal bioVenture Partners Investment Advisor LLC | $12,455,641 | 490,766 | 0.97% | Shares |
| NEXTBio Capital Management LP | $10,830,560 | 426,736 | 0.84% | Shares |
| Vestal Point Capital, LP | $9,263,700 | 365,000 | 0.72% | Shares |
| JENNISON ASSOCIATES LLC | $7,970,564 | 314,049 | 0.62% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $7,737,601 | 304,870 | 0.60% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,666,917 | 302,085 | 0.60% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,462,332 | 254,623 | 0.50% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $5,858,567 | 230,834 | 0.46% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,740,956 | 226,200 | 0.45% | Call option |
| Walleye Capital LLC | $5,305,689 | 209,050 | 0.41% | Shares |
| Sio Capital Management, LLC | $5,293,177 | 208,557 | 0.41% | Shares |
| Voleon Capital Management LP | $4,242,140 | 167,145 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $4,231,024 | 166,707 | 0.33% | Shares |
| UBS Group AG | $4,150,239 | 163,524 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,834,563 | 151,086 | 0.30% | Shares |
| GOLDMAN SACHS GROUP INC | $3,814,842 | 150,309 | 0.30% | Shares |
| Squarepoint Ops LLC | $3,177,195 | 125,185 | 0.25% | Shares |
| BARCLAYS PLC | $2,858,652 | 112,634 | 0.22% | Shares |
| SEVEN GRAND MANAGERS, LLC | $2,538,000 | 100,000 | 0.20% | Shares |
| Birchview Capital, LP | $2,375,593 | 93,601 | 0.19% | Shares |
| Verition Fund Management LLC | $1,852,435 | 72,988 | 0.14% | Shares |
| J. Goldman & Co LP | $1,731,728 | 68,232 | 0.13% | Shares |
| ALPS ADVISORS INC | $1,616,072 | 63,675 | 0.13% | Shares |
| Swiss National Bank | $1,350,216 | 53,200 | 0.11% | Shares |
| Exome Asset Management LLC | $1,331,003 | 52,443 | 0.10% | Shares |
| Jump Financial, LLC | $1,294,939 | 51,022 | 0.10% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,230,042 | 48,465 | 0.10% | Shares |
| CITIGROUP INC | $1,215,118 | 47,877 | 0.09% | Shares |
| XTX Topco Ltd | $1,016,063 | 40,034 | 0.08% | Shares |
| Burkehill Global Management, LP | $1,015,200 | 40,000 | 0.08% | Shares |
| JANE STREET GROUP, LLC | $989,820 | 39,000 | 0.08% | Call option |
| Rafferty Asset Management, LLC | $951,978 | 37,509 | 0.07% | Shares |
| Atom Investors LP | $942,842 | 37,149 | 0.07% | Shares |
| RHUMBLINE ADVISERS | $869,128 | 34,245 | 0.07% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $844,646 | 33,280 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $784,242 | 30,900 | 0.06% | Call option |
| DCF Advisers, LLC | $715,310 | 28,184 | 0.06% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $683,280 | 26,922 | 0.05% | Shares |
| WELLS FARGO & COMPANY/MN | $659,753 | 25,995 | 0.05% | Shares |
| MARSHALL WACE, LLP | $597,978 | 23,561 | 0.05% | Shares |
| BlackRock, Inc. | $580,364 | 22,867 | 0.05% | Shares |
| VANGUARD GROUP INC | $535,500 | 14,748 | 0.04% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $523,412 | 20,623 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $479,682 | 18,900 | 0.04% | Put option |
| China Universal Asset Management Co., Ltd. | $478,362 | 18,848 | 0.04% | Shares |
| PROFUND ADVISORS LLC | $478,108 | 18,838 | 0.04% | Shares |
| ALLSTATE CORP | $462,957 | 18,241 | 0.04% | Shares |
| Y-Intercept (Hong Kong) Ltd | $439,886 | 17,332 | 0.03% | Shares |
| MetLife Investment Management, LLC | $432,501 | 17,041 | 0.03% | Shares |
| Virtus Investment Advisers, LLC | $419,405 | 16,525 | 0.03% | Shares |
| Bank of New York Mellon Corp | $418,592 | 16,493 | 0.03% | Shares |
| Point72 Asset Management, L.P. | $409,532 | 16,136 | 0.03% | Shares |
| Vanguard Global Advisers, LLC | $389,126 | 15,332 | 0.03% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $382,872 | 15,050 | 0.03% | Shares |
| Brevan Howard Capital Management LP | $372,426 | 14,674 | 0.03% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $331,615 | 13,066 | 0.03% | Shares |
| Engineers Gate Manager LP | $329,432 | 12,980 | 0.03% | Shares |
| Russell Investments Group, Ltd. | $323,341 | 12,740 | 0.03% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $309,261 | 15,819 | 0.02% | Shares |
| Invesco Ltd. | $286,337 | 11,282 | 0.02% | Shares |
| VARCOV Co. | $266,617 | 10,505 | 0.02% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $261,414 | 10,300 | 0.02% | Shares |
| JPMORGAN CHASE & CO | $245,152 | 8,188 | 0.02% | Shares |
| Scientech Research LLC | $229,131 | 9,028 | 0.02% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $225,222 | 8,874 | 0.02% | Shares |
| Quantinno Capital Management LP | $217,786 | 8,581 | 0.02% | Shares |
| State of New Jersey Common Pension Fund D | $217,532 | 8,571 | 0.02% | Shares |
| Police & Firemen's Retirement System of New Jersey | $213,649 | 8,418 | 0.02% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $203,852 | 8,032 | 0.02% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $191,949 | 7,563 | 0.01% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $191,086 | 7,529 | 0.01% | Shares |
| Nuveen Asset Management, LLC | $163,055 | 19,909 | 0.01% | Shares |
| KLP KAPITALFORVALTNING AS | $154,818 | 6,100 | 0.01% | Shares |
| PNC Financial Services Group, Inc. | $114,845 | 4,525 | 0.01% | Shares |
| NORTHERN TRUST CORP | $113,601 | 4,476 | 0.01% | Shares |
| Vanguard Investments Australia, Ltd. | $106,571 | 4,199 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $71,673 | 2,824 | 0.01% | Shares |
Company insiders 13 insiders · 5 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| MOULDER LEON O JR | Chief Executive Officer | June 15, 2026 A | 96,928 | 10 | 0 | $6,533,809 |
| Jennifer A. Fox | Chief Business Officer and Chief Financial Officer | June 15, 2026 A | 1,592 | 0 | 0 | $0 |
| Joseph L Farmer | President and Chief Operating Officer | June 15, 2026 A | 974 | 0 | 0 | $0 |
| Lisa Von Moltke | Head of Research and Development and Chief Medical Officer | June 15, 2026 A | — | 0 | 0 | $0 |
| Orlando Oliveira | Chief Commercial Officer | June 10, 2025 A | — | 0 | 0 | $0 |
| James P Boylan | Director | June 15, 2026 A | — | 0 | 0 | $0 |
| Hongbo Lu | Director | June 15, 2026 A | 426,736 | 5 | 0 | $8,154,891 |
| John J Orloff | Director | June 15, 2026 A | — | 0 | 0 | $0 |
| Jason Raleigh Nunn | Director | June 15, 2026 A | 1,173,395 | 1 | 0 | $1,200,002 |
| Patricia L Allen | Director | June 15, 2026 A | 19,860 | 4 | 0 | $499,746 |
| Patrick G. Enright | Director | June 15, 2026 A | 11,990 | 2 | 0 | $2,250,027 |
| Ting Xiao | Director | Feb. 7, 2025 P | 10,000 | 0 | 0 | $0 |
| Wellington Biomedical Innovation Master Investors (Cayman) I L.P. | 10% owner | Sept. 16, 2024 C | 801,624 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| SR One Capital Management, LLC, SR One Capital Fund II Aggregator, LP, SR One Capital Partners II, LP, AMZL, LP, SR One Capital SMA Partners, LP, SR One Capital Opportunities Fund I, LP, SR One Capital Opportunities Partners I, LP, Simeon George ×3 filings | Aug. 17, 2026 | 7.70% | Amendment | — | SEC |
| MOULDER LEON O JR, Tellus BioVentures, LLC, Leon O. Moulder, Jr. Revocable Trust U/A dtd 9/9/2008 ×5 filings | May 5, 2026 | 5.09% | Initial filing | Passive investment | SEC |
| Enavate Sciences GP, LLC, Zebra Aggregator, LP ×2 filings | Oct. 14, 2025 | 7.30% | Amendment | — | SEC |
| Longitude Capital Partners IV, LLC, Longitude Venture Partners IV, L.P., Longitude Prime Partners, LLC, Longitude Prime Fund, L.P., Patrick G. Enright, Juliet Tammenoms Bakker ×2 filings | Oct. 14, 2025 | 4.90% | Amendment | — | 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 36 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 |
|---|---|---|---|---|
| SBIO · ALPS ETF Trust | 0.63% | 55,332 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 0.44% | 9,817 NS | May 31, 2026 | N-PORT |
| BBC · ETFis Series Trust I | 0.35% | 6,799 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.19% | 51,847 NS | April 30, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.09% | 56,997 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.05% | 1,983 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 15,596 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.03% | 9,928 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 10,171 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 1,108 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 134,982 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 865 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 7,339 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 874 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 16,937 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 22 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 595 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 16,334 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IBB · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | — | — | Aug. 4, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| ISCV · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| WSML · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | — | — | Aug. 17, 2026 | Daily |