Recent News
On March 11, 2026 the company priced $550 million of convertible senior notes due 2031 in a private offering to qualified institutional buyers, with potential redemption features tied to share performance. On February 3, 2026 an analyst update raised the average one‑year price target, revising consensus toward a higher level. Analyst commentary and media coverage through early March highlighted the convertible offering as the proximate driver of the recent intraday selloffs, and noted prospective interest‑cost and dilution mechanics tied to the notes. A December 29, 2025 analyst action signaled divergent views across the street heading into year‑end.
Technical Analysis
ADX at 16.56 indicates no established trend; the market currently lacks trending conviction and remains range-prone under present momentum conditions.
Directional indicators show DI+ 22.05 with a decreasing trend and DI− 20.07 with a dip-and-reversal; both conditions point toward bearish directional pressure as DI+ weakens while DI− registers a reversal.
MACD sits at 0.02 and trends downward beneath its signal line at 0.70, confirming bearish momentum and a lack of bullish momentum crossover at present.
MRO at 17.18 registers positive and decreasing; price sits above the model target, implying pressure for price to revert lower toward the target as momentum eases.
RSI 48.09 with a peak‑and‑reversal pattern signals momentum rollover from recent highs rather than an immediate oversold entry; momentum failed to sustain above neutral band and turned lower.
Price sits below the 20‑day average ($56.49) and the 200‑day average ($55.58); the 12‑day EMA shows a peak‑and‑reversal, so short‑term averages remain above current price and act as resistance levels on any bounce attempt.
Bollinger placement places the close ($48.87) below the 1x lower band ($52.07) and close to the 2x lower band ($47.65), indicating downside volatility expansion and compression away from the short‑term mean.
Short‑term beta (42‑day) of 2.0 and above‑average volume today relative to 10‑ and 50‑day averages point to amplified downside sensitivity during market moves; higher trading volume accompanies the recent selling pressure.
Fundamental Analysis
Profitability metrics reflect continued investment and operating losses: operating income (EBIT) stands at −$154,764,000 and net income at −$130,613,000. EPS actual printed at −$1.37 versus an estimate of −$1.23, an EPS miss of −$0.14 or −11.38% on the estimate. The company reports negative PE and forward PE ratios (PE −39.76; forward PE −61.54), consistent with ongoing unprofitability.
Revenue growth accelerated strongly: YoY revenue growth at 66.70% with QoQ growth also positive (16.73% QoQ). Research and development remains a material expense at $83,526,000 as development and commercialization of gene‑edited therapies advances.
Liquidity and balance‑sheet metrics display substantial cash resources: cash and short‑term investments total $1,975,828,000 and total current assets exceed current liabilities by a wide margin (current ratio 13.32, cash ratio 13.25). Leverage remains low (debt to assets 9.13%, debt to equity 10.76%). Those cash reserves contrast with negative operating cash flow of −$125,612,000 and free cash flow of −$93,070,000, supporting continued funding of development programs and near‑term obligations while burn persists.
Valuation metrics show mixed signals: P/B ratio 2.72 sits below the industry peer mean of 8.09 and below the industry peer median of 6.16, indicating a lower book valuation relative to peer averages; balance‑sheet strength underpins that relative P/B placement. Enterprise multiple sits negative (−23.17) and the WMDST valuation flags the stock as over-valued, placing market price above the model’s justified level given losses and forward estimates.
Operationally, cash conversion cycle and working capital figures remain favorable (cash conversion cycle −18.32 days; net working capital $1,836,551,000), supporting clinical program funding and commercial rollouts without immediate liquidity stress, but profitability and cash generation remain future objectives rather than current strengths.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 298.0 M |
| Operating Cash Flow | $ -125.61 M | |
| Capital Expenditures | $ -517.00 K | |
| Change In Working Capital | $ 22.6 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 61.1 M | |
| End Period Cash Flow | $ 359.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 53.7 M | |
| Depreciation | $ 5.7 M | |
| Depreciation and Amortization | $ 5.7 M | |
| Research and Development | $ 83.5 M | |
| Total Operating Expenses | $ 154.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ -53.70 M | |
| EBITDA | $ -149.10 M | |
| EBIT | $ -154.76 M | |
| Operating Income | $ -154.76 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -130.00 M | |
| Tax Provision | $ 614.0 K | |
| Tax Rate | 8.5 % | |
| Net Income | $ -130.61 M | |
| Net Income From Continuing Operations | $ -130.61 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.23 | |
| EPS Actual | $ -1.37 | |
| EPS Difference | $ -0.14 | |
| EPS Surprise | -11.382 % | |
| Forward EPS | $ -1.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.9 B | |
| Total Current Assets | $ 2.0 B | |
| Cash and Short-Term Investments | $ 2.0 B | |
| Cash | $ 347.6 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 32.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 11.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 149.1 M | |
| Net Debt | — | |
| Total Debt | $ 206.7 M | |
| Total Liabilities | $ 343.4 M | |
| EQUITY | ||
| Total Equity | $ 1.9 B | |
| Retained Earnings | $ -1.95 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.04 | |
| Shares Outstanding | 95.894 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 5.2 B |
| Enterprise Value | $ 3.5 B | |
| Enterprise Multiple | -23.168 | |
| Enterprise Multiple QoQ | -27.364 % | |
| Enterprise Multiple YoY | -32.641 % | |
| Enterprise Multiple IPRWA | high: 170.423 median: 58.093 mean: 34.121 CRSP: -23.168 low: -160.468 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.179 | |
| Asset To Liability | 6.596 | |
| Debt To Capital | 0.097 | |
| Debt To Assets | 0.091 | |
| Debt To Assets QoQ | -2.884 % | |
| Debt To Assets YoY | -8.52 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.267 median: 0.191 CRSP: 0.091 low: 0.0 |
|
| Debt To Equity | 0.108 | |
| Debt To Equity QoQ | -2.324 % | |
| Debt To Equity YoY | -7.082 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.413 median: 0.109 CRSP: 0.108 low: -1.217 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.718 | |
| Price To Book QoQ | -9.831 % | |
| Price To Book YoY | 40.597 % | |
| Price To Book IPRWA | high: 20.409 mean: 8.089 median: 6.164 CRSP: 2.718 low: -10.511 |
|
| Price To Earnings (P/E) | -39.76 | |
| Price To Earnings QoQ | -24.388 % | |
| Price To Earnings YoY | -59.84 % | |
| Price To Earnings IPRWA | high: 177.393 median: 68.97 mean: 41.481 CRSP: -39.76 low: -196.849 |
|
| PE/G Ratio | -2.326 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -61.545 | |
| Forward PE/G | -3.6 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -18.322 | |
| Cash Conversion Cycle Days QoQ | -15.863 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 mean: 206.829 median: 192.562 CRSP: -18.322 low: -1235.527 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -0.091 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.9 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ 1.9 B | |
| Net Working Capital | $ 1.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 13.25 | |
| Current Ratio | 13.316 | |
| Current Ratio QoQ | -17.888 % | |
| Current Ratio YoY | -39.658 % | |
| Current Ratio IPRWA | high: 30.664 CRSP: 13.316 mean: 5.378 median: 2.901 low: 0.35 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -1.387 | |
| Cost Of Debt | 7.794 % | |
| Interest Coverage Ratio | -8.698 | |
| Interest Coverage Ratio QoQ | 17.193 % | |
| Interest Coverage Ratio YoY | 139.617 % | |
| Interest Coverage Ratio IPRWA | high: 224.172 mean: 5.245 median: 3.319 CRSP: -8.698 low: -376.787 |
|
| Operating Cash Flow Ratio | -0.842 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 18.322 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.888 % | |
| Revenue Growth | 6669.826 % | |
| Revenue Growth QoQ | 16.729 % | |
| Revenue Growth YoY | 16.729 % | |
| Revenue Growth IPRWA | CRSP: 6669.826 % high: 219.093 % mean: 14.346 % median: 2.844 % low: -111.016 % |
|
| Earnings Growth | 17.094 % | |
| Earnings Growth QoQ | -283.767 % | |
| Earnings Growth YoY | -130.289 % | |
| Earnings Growth IPRWA | high: 111.538 % CRSP: 17.094 % mean: -25.647 % median: -28.729 % low: -170.677 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -93.07 M | |
| Free Cash Flow Yield | -1.782 % | |
| Free Cash Flow Yield QoQ | 21.472 % | |
| Free Cash Flow Yield YoY | 32.392 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % median: 0.511 % mean: 0.4 % CRSP: -1.782 % low: -21.858 % |
|
| Free Cash Growth | 9.872 % | |
| Free Cash Growth QoQ | -125.275 % | |
| Free Cash Growth YoY | -118.604 % | |
| Free Cash Growth IPRWA | high: 205.565 % CRSP: 9.872 % median: -24.526 % mean: -26.748 % low: -201.25 % |
|
| Free Cash To Net Income | 0.713 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.962 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -5.791 % | |
| Return On Assets QoQ | 16.285 % | |
| Return On Assets YoY | 249.066 % | |
| Return On Assets IPRWA | high: 18.9 % median: 1.475 % mean: -1.603 % CRSP: -5.791 % low: -43.276 % |
|
| Return On Capital Employed (ROCE) | -7.314 % | |
| Return On Equity (ROE) | -0.068 | |
| Return On Equity QoQ | 22.34 % | |
| Return On Equity YoY | 251.942 % | |
| Return On Equity IPRWA | high: 0.553 median: 0.064 mean: 0.02 CRSP: -0.068 low: -0.745 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -7.369 % | |
| Return On Invested Capital QoQ | 16.838 % | |
| Return On Invested Capital YoY | -309.525 % | |
| Return On Invested Capital IPRWA | high: 19.946 % median: 3.016 % mean: 1.244 % CRSP: -7.369 % low: -38.753 % |
|