Revenue
2020
2021
2022
2023
2024
2025
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $260,501 | $123,440 | $3.1M | $698,468 |
| Research & development | $29.8M | $17.2M | $13.6M | $12.0M | $11.4M | $893,802 |
| Operating expenses | $53.3M | $28.6M | $20.4M | $18.3M | $17.9M | $3.5M |
| Operating income | −$52.0M | −$28.6M | −$20.1M | −$18.1M | −$14.8M | −$2.8M |
| Operating margin | — | — | −7,711.98% | −14,686.17% | −476.23% | −403.52% |
| EBITDA | −$51.9M | −$28.6M | −$19.9M | −$18.1M | −$14.8M | — |
| EBITDA margin | — | — | −7,643.88% | −14,680.72% | −476.23% | — |
| Net income | −$48.3M | −$27.5M | −$19.0M | −$18.1M | −$14.8M | −$2.8M |
| Net profit margin | — | — | −7,304.73% | −14,625.85% | −476.88% | −407.73% |
| Basic EPSper basic share | -$0.49 | -$1.16 | -$3.16 | -$4.28 | -$4.86 | -$2.10 |
| Diluted EPSper diluted share | -$0.49 | -$1.16 | -$3.16 | -$4.28 | -$4.86 | -$2.10 |
Reported shareholders
| Holder | % owned |
|---|---|
Sands Capital Alternatives, LLC | 9.86%13.02M shares |
Soleus Capital Management, L.P. | 8.24%10.88M shares |
Trails Edge Capital Partners, LP | 6.86%9.05M shares |
Fairmount Funds Management LLC | 6.53%8.63M shares |
BlackRock, Inc. | 5.88%7.77M shares |
Kalehua Capital Management LLC | 5.79%7.64M shares |
ADAR1 Capital Management, LLC | 5.59%7.39M shares |
Blackstone Inc. | 4.50%5.94M shares |
Siren, L.L.C. | 4.43%5.85M shares |
Nantahala Capital Management, LLC | 4.09%5.4M shares |
Commodore Capital LP | 4.09%5.4M shares |
VANGUARD CAPITAL MANAGEMENT LLC | 3.74%4.94M shares |
MILLENNIUM MANAGEMENT LLC | 3.05%4.03M shares |
Saturn V Capital Management LP | 2.93%3.87M shares |
Spruce Street Capital LP | 2.71%3.58M shares |
Squadron Capital Management LLC | 2.27%3M shares |
GEODE CAPITAL MANAGEMENT, LLC | 1.97%2.61M shares |
STATE STREET CORP | 1.45%1.91M shares |
SummitTX Capital, L.P. | 1.35%1.78M shares |
Bellini Roberto | ≈1.11%1.46M shares |
Percentages use 132.03M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.
Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.
| Transaction | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| Nov 21, 2025Form 4 | SANDS FRANK M. +2TenPercentOwner | BuyCommon Stock | 2.07M | $1.45 | $3.00M | 13.02M |
| Oct 21, 2024Form 4 | Bellini RobertoDirector | BuyCommon Stock · indirect | 1.46M | $1.37 | $2.00M | 1.46M |
| Oct 21, 2024Form 4 | Kush ArvindDirector | BuyCommon Stock | 145.0K | $1.37 | $198.7K | 145.0K |
| Oct 21, 2024Form 4 | Munshi AmitDirector | BuyCommon Stock · indirect | 365.0K | $1.37 | $500.1K | 365.0K |