Tessera Defense and Homeland Security (HLSQ)
Market Price (10/17/2026): $0.224 | Market Cap: $-Sector: Information Technology | Industry: IT Consulting & Other Services
Tessera Defense and Homeland Security (HLSQ)
Market Price (10/17/2026): $0.224Market Cap: $-Sector: Information TechnologyIndustry: IT Consulting & Other Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Weak multi-year price returns2Y Excs Rtn is -117%, 3Y Excs Rtn is -161% | Penny stockMkt Price is 0.2 High stock price volatilityVol 12M is 137% |
| Weak multi-year price returns2Y Excs Rtn is -117%, 3Y Excs Rtn is -161% |
| Penny stockMkt Price is 0.2 |
| High stock price volatilityVol 12M is 137% |
Qualitative Assessment
AI Analysis | Feedback
Tessera Defense and Homeland Security (HLSQ) stock has lost about 80% since it went public on 9/11/2026 because of the following key factors:
1. Extreme Speculative Volatility and Post-Rebrand Price Collapse. Tessera Defense and Homeland Security (HLSQ) experienced a period of intense speculative trading immediately following its rebrand and ticker change on September 11, 2026. The stock surged from below $0.20 to an intraday high near $1.94, subsequently fading to close around $1.21-$1.22 in the initial days of trading under the new symbol. This sharp ascent was followed by aggressive selling pressure, resulting in a decline to approximately $0.528 per share by September 27, 2026, representing a significant portion of the observed loss.
2. Weak Financial Fundamentals and Significant Cash Burn. The company's underlying financial health prior to and immediately following its rebrand showed considerable weakness. For the fiscal Q2 2026 (ended June 30, 2026), Tessera reported only $332,000 in revenue against $5.62 million in total expenses, leading to a net loss of approximately $3.77 million. The company's cash position was critically low at $347,000, and its current ratio stood at 0.2, indicating that its near-term obligations far exceeded its liquid assets. These figures underscore an unsustainable operational model and contributed to investor apprehension.
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Tessera Defense and Homeland Security (HLSQ) stock has lost about 80% since it went public on 9/11/2026 because of the following key factors:
1. Extreme Speculative Volatility and Post-Rebrand Price Collapse. Tessera Defense and Homeland Security (HLSQ) experienced a period of intense speculative trading immediately following its rebrand and ticker change on September 11, 2026. The stock surged from below $0.20 to an intraday high near $1.94, subsequently fading to close around $1.21-$1.22 in the initial days of trading under the new symbol. This sharp ascent was followed by aggressive selling pressure, resulting in a decline to approximately $0.528 per share by September 27, 2026, representing a significant portion of the observed loss.
2. Weak Financial Fundamentals and Significant Cash Burn. The company's underlying financial health prior to and immediately following its rebrand showed considerable weakness. For the fiscal Q2 2026 (ended June 30, 2026), Tessera reported only $332,000 in revenue against $5.62 million in total expenses, leading to a net loss of approximately $3.77 million. The company's cash position was critically low at $347,000, and its current ratio stood at 0.2, indicating that its near-term obligations far exceeded its liquid assets. These figures underscore an unsustainable operational model and contributed to investor apprehension.
3. Shareholder Dilution from At-the-Market Offerings and Proposed Stock Plan Expansion. Tessera engaged in significant equity financing activities. The company raised over $4 million through an at-the-market (ATM) program at an average price of approximately $2.20 per share (split-adjusted) in the three months preceding the ticker change. Post-rebrand, by October 12, 2026, Tessera further raised more than $6 million in net proceeds via its ATM program at an average net price of about $1.11 per share, after adjusting for the one-for-ten reverse stock split effected on September 9, 2026. Additionally, the company proposed a stock plan expansion that could dilute existing stockholders, representing approximately 58.9% of the outstanding common shares on the October 5, 2026, record date. This ongoing and potential dilution at declining share prices exerted downward pressure on the stock value.
4. Unproven Business Model Post-Transformation. Tessera Defense and Homeland Security rebranded from a clinical-stage microbiome company (BiomX Inc.) to an integrated physical security and defense platform provider. While the company announced strategic moves such as amending an investment agreement to increase its stake in M.E.A. Testing Systems Ltd. to 15% and securing an option to acquire 51% of RT LTA Systems, these initiatives had not yet translated into substantial, profitable revenue streams in the short period since the rebrand. The lack of an established financial track record for its new business model, coupled with existing operational losses, likely contributed to investor uncertainty regarding future growth and profitability.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
6/30/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| HLSQ | ||
| Market (SPY) | 2.2% | 41.9% |
| Sector (XLK) | -3.7% | 24.6% |
Fundamental Drivers
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Market Drivers
3/31/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| HLSQ | ||
| Market (SPY) | 17.7% | 41.9% |
| Sector (XLK) | 38.2% | 24.6% |
Fundamental Drivers
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Market Drivers
9/30/2025 to 10/16/2026| Return | Correlation | |
|---|---|---|
| HLSQ | ||
| Market (SPY) | 15.5% | 41.9% |
| Sector (XLK) | 30.7% | 24.6% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/16/2026| Return | Correlation | |
|---|---|---|
| HLSQ | ||
| Market (SPY) | 84.7% | 41.9% |
| Sector (XLK) | 127.8% | 24.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HLSQ Return | - | - | - | - | - | -80% | -80% |
| Peers Return | 1% | 1% | 20% | 26% | 70% | -15% | 121% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| HLSQ Win Rate | - | - | - | - | - | 0% | |
| Peers Win Rate | 55% | 48% | 57% | 68% | 70% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HLSQ Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -23% | -29% | -23% | -21% | -23% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LHX, RTX, LDOS, CACI, KTOS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
HLSQ has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.0% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 92 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.0% | -9.5% |
| % Gain to Breakeven | 11.2% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
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Asset Allocation
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HLSQ has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 797 days | 1085 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Tessera Defense and Homeland Security (HLSQ)
Tessera Defense and Homeland Security (HLSQ) is a clinical-stage microbiome company specializing in the development of therapeutic products. The company leverages natural and engineered phage technologies, which are viruses that specifically target and kill harmful bacteria. HLSQ's efforts are aimed at addressing a wide range of medical conditions, including bacterial infections affecting skin appearance, chronic inflammatory diseases, and certain types of cancer.
HLSQ's product pipeline features several investigational therapies. BX004 is a phage therapy undergoing Phase 1b/2a clinical trials for cystic fibrosis patients suffering from chronic Pseudomonas aeruginosa respiratory infections. Another candidate, BX005, is a topical phage cocktail in Phase 1/2 study, designed to target Staphylococcus aureus bacteria associated with atopic dermatitis. The company is also developing BX003, an orally administered phage cocktail in Phase 1b/2a, which aims to target specific gut bacteria implicated in inflammatory bowel diseases (IBD) and primary sclerosing cholangitis (PSC). Additionally, HLSQ has a colorectal cancer program that utilizes engineered phage delivered intravenously to target Fusobacterium nucleatum bacteria residing within tumor microenvironments.
The primary markets for Tessera Defense and Homeland Security (HLSQ) include patients with chronic bacterial infections such as cystic fibrosis, inflammatory bowel diseases, and primary sclerosing cholangitis. The company also targets individuals with bacterial-related skin conditions like atopic dermatitis and those with colorectal cancer, providing innovative phage-based solutions to address significant unmet medical needs in these therapeutic areas.
AI Analysis | Feedback
1. Like a specialized biotech company (e.g., Moderna), but they engineer natural viruses (phages) to precisely kill specific harmful bacteria.
2. Imagine an antibiotic company, but their 'medicine' is natural viruses that specifically hunt and destroy only the harmful bacteria.
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BiomX Inc. (symbol: HLSQ) is a clinical-stage microbiome company focused on developing phage therapies. As per the provided background, the company is primarily engaged in research, development, and clinical trials for its pipeline products, including BX004 for cystic fibrosis, BX005 for atopic dermatitis, BX003 for inflammatory bowel diseases and primary sclerosing cholangitis, and a program for colorectal cancer.
Given its clinical-stage status, BiomX Inc. does not currently have major commercial customers in the traditional sense of selling its products to individuals or other companies. Its activities are centered on advancing its therapies through the regulatory approval process rather than commercial sales.
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Tessera Defense and Homeland Security (HLSQ), formerly known as BiomX Inc. (PHGE), has recently rebranded and shifted its focus from a clinical-stage microbiome company to a physical security technology platform. The company's common stock began trading under the symbol HLSQ on the NYSE American on September 11, 2026.
Tessera Defense and Homeland Security's main products and services now encompass integrated security solutions for defense, security, and critical infrastructure. These include counter-drone systems, AI-enabled command-and-control, perimeter security, wide-area surveillance, video analytics, and aerial firefighting. The company's platform integrates cameras, sensors, detection technologies, and artificial intelligence to detect threats and coordinate real-time responses.
The addressable markets for Tessera Defense and Homeland Security's main products and services, with market sizes projected for 2030, are global and include:
- Critical Infrastructure Protection: up to $197.3 billion.
- Emergency Response: up to $3.3 billion.
- The company also addresses other high-growth markets such as counter-UAS, perimeter security, AI command-and-control, and video analytics.
Tessera's technologies are actively deployed in various regions, including the U.S., Mexico, Israel, UAE, and European security programs.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 159.29 |
| Mkt Cap | 15.7 |
| Rev LTM | 17,634 |
| Op Inc LTM | 2,080 |
| FCF LTM | 2,163 |
| FCF 3Y Avg | 1,645 |
| CFO LTM | 2,300 |
| CFO 3Y Avg | 1,800 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.9% |
| Rev Chg 3Y Avg | 10.0% |
| Rev Chg Q | 14.5% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Inc Chg LTM | 13.2% |
| Op Inc Chg 3Y Avg | 21.9% |
| Op Mgn LTM | 10.1% |
| Op Mgn 3Y Avg | 9.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 13.0% |
| CFO/Rev 3Y Avg | 10.6% |
| FCF/Rev LTM | 11.7% |
| FCF/Rev 3Y Avg | 8.6% |
Segment Financials
Operating Income by Segment| $ Mil | 2024 |
|---|---|
| Clinical stage product discovery company developing products using both natural and engineered | -45 |
| Total | -45 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Clinical stage product discovery company developing products using both natural and engineered | 43 | 25 | 46 | 78 | 70 |
| Total | 43 | 25 | 46 | 78 | 70 |
Price Behavior
| Market Price | $0.22 | |
| First Trading Date | 03/13/2019 | |
| Distance from 52W High | -82.4% | |
| 50 Days | 200 Days | |
| DMA Price | ||
| DMA Trend | ||
| Distance from DMA | ||
| 3M | 1YR | |
| Volatility | 136.9% | 136.9% |
| Downside Capture | ||
| Upside Capture | ||
| Correlation (S&P 500) |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.91 | -0.61 | 0.73 | 3.31 | -0.09 | -0.27 |
| Up Beta | 9.60 | 0.58 | -2.28 | -7.08 | -2.75 | 3.38 |
| Down Beta | -4.22 | -10.52 | -3.48 | -1.48 | -8.32 | -5.86 |
| Up Capture | -59% | -26% | -17% | -6% | -2% | -0% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 2 | 2 | 2 | 2 | 2 | 2 |
| Down Capture | 1083% | 718% | 448% | 256% | 132% | 76% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 10 | 10 | 10 | 10 | 10 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLSQ | |
|---|---|---|---|---|
| HLSQ | -82.5% | 136.9% | -11.68 | - |
| Sector ETF (XLK) | 29.7% | 26.4% | 0.95 | 24.6% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 41.9% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 24.1% |
| Commodities (DBC) | 50.4% | 20.7% | 1.86 | -13.8% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 15.8% |
| Bitcoin (BTCUSD) | -25.9% | 43.6% | -0.57 | 34.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLSQ | |
|---|---|---|---|---|
| HLSQ | -29.4% | 136.9% | -11.68 | - |
| Sector ETF (XLK) | 20.2% | 26.0% | 0.69 | 24.6% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 41.9% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 24.1% |
| Commodities (DBC) | 9.6% | 19.5% | 0.37 | -13.8% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 15.8% |
| Bitcoin (BTCUSD) | 8.8% | 51.8% | 0.35 | 34.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLSQ | |
|---|---|---|---|---|
| HLSQ | -16.0% | 136.9% | -11.68 | - |
| Sector ETF (XLK) | 23.9% | 25.0% | 0.86 | 24.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 41.9% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 24.1% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | -13.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 15.8% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 34.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2024 | 03/25/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/20/2024 | 10-Q |
| 12/31/2023 | 04/04/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/24/2021 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2024 | 03/25/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/20/2024 | 10-Q |
| 12/31/2023 | 04/04/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/24/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/26/2020 | 10-K |
| 09/30/2019 | 10/16/2019 | 10-Q |
| 06/30/2019 | 08/21/2019 | 10-K |
| 03/31/2019 | 05/10/2019 | 10-Q |
| 12/31/2018 | 02/06/2019 | 10-Q |
| 09/30/2018 | 12/14/2018 | 424B4 |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| IT Consulting & Other Services Resources |
| IDC |
| Forrester |
| Consultancy.org |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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