LeonaBio (LONA)
Market Price (9/21/2026): $6.79 | Market Cap: $161.1 MilSector: Health Care | Industry: Biotechnology
LeonaBio (LONA)
Market Price (9/21/2026): $6.79Market Cap: $161.1 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -74% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -55 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -92% Key risksLONA key risks include [1] potential failure or delays in the clinical trials for its lead candidates, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -74% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -55 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -92% |
| Key risksLONA key risks include [1] potential failure or delays in the clinical trials for its lead candidates, Show more. |
Qualitative Assessment
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Updated on 9/9/2026
LeonaBio (LONA) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Increased Operating Losses and Significant Cash Burn in Fiscal Q2 2026.
LeonaBio reported a substantial increase in its net loss for the six months ended June 30, 2026 (fiscal Q2 2026), reaching $52.0 million, compared to a net loss of $16.1 million in the same period of fiscal 2025. This surge was primarily driven by a $16.0 million rise in research and development (R&D) expenses, largely attributed to the advancement of the Phase 3 ELAINE-3 trial for lasofoxifene, and a $16.3 million change in the fair value of a pre-funded warrant. Furthermore, net cash used in operations escalated to $37.9 million in fiscal Q2 2026, up from $21.7 million in fiscal Q2 2025. The company's cash, cash equivalents, and investments consequently decreased to $51.1 million as of June 30, 2026, from $88.3 million at December 31, 2025, raising investor concerns regarding funding sustainability without product revenue.
2. Extended Timeline for Key Clinical Trial Data.
While LeonaBio's lead candidate, lasofoxifene, is progressing in the Phase 3 ELAINE-3 trial for metastatic breast cancer, the anticipated timeline for key milestones is relatively distant. Completion of enrollment for the approximately 600-patient trial is expected in fiscal Q4 2026, with topline data not projected until the second half of fiscal 2027. This extended period to a major value-driving catalyst, combined with ongoing high R&D expenditures, likely dampened investor enthusiasm and contributed to the stock's decline, as evidenced by negative market reactions despite an earnings per share beat in fiscal Q1 2026.
Show more
LeonaBio (LONA) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Increased Operating Losses and Significant Cash Burn in Fiscal Q2 2026.
LeonaBio reported a substantial increase in its net loss for the six months ended June 30, 2026 (fiscal Q2 2026), reaching $52.0 million, compared to a net loss of $16.1 million in the same period of fiscal 2025. This surge was primarily driven by a $16.0 million rise in research and development (R&D) expenses, largely attributed to the advancement of the Phase 3 ELAINE-3 trial for lasofoxifene, and a $16.3 million change in the fair value of a pre-funded warrant. Furthermore, net cash used in operations escalated to $37.9 million in fiscal Q2 2026, up from $21.7 million in fiscal Q2 2025. The company's cash, cash equivalents, and investments consequently decreased to $51.1 million as of June 30, 2026, from $88.3 million at December 31, 2025, raising investor concerns regarding funding sustainability without product revenue.
2. Extended Timeline for Key Clinical Trial Data.
While LeonaBio's lead candidate, lasofoxifene, is progressing in the Phase 3 ELAINE-3 trial for metastatic breast cancer, the anticipated timeline for key milestones is relatively distant. Completion of enrollment for the approximately 600-patient trial is expected in fiscal Q4 2026, with topline data not projected until the second half of fiscal 2027. This extended period to a major value-driving catalyst, combined with ongoing high R&D expenditures, likely dampened investor enthusiasm and contributed to the stock's decline, as evidenced by negative market reactions despite an earnings per share beat in fiscal Q1 2026.
Show more
Updated on 9/9/2026
LeonaBio (LONA) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Increased Operating Losses and Significant Cash Burn in Fiscal Q2 2026.
LeonaBio reported a substantial increase in its net loss for the six months ended June 30, 2026 (fiscal Q2 2026), reaching $52.0 million, compared to a net loss of $16.1 million in the same period of fiscal 2025. This surge was primarily driven by a $16.0 million rise in research and development (R&D) expenses, largely attributed to the advancement of the Phase 3 ELAINE-3 trial for lasofoxifene, and a $16.3 million change in the fair value of a pre-funded warrant. Furthermore, net cash used in operations escalated to $37.9 million in fiscal Q2 2026, up from $21.7 million in fiscal Q2 2025. The company's cash, cash equivalents, and investments consequently decreased to $51.1 million as of June 30, 2026, from $88.3 million at December 31, 2025, raising investor concerns regarding funding sustainability without product revenue.
2. Extended Timeline for Key Clinical Trial Data.
While LeonaBio's lead candidate, lasofoxifene, is progressing in the Phase 3 ELAINE-3 trial for metastatic breast cancer, the anticipated timeline for key milestones is relatively distant. Completion of enrollment for the approximately 600-patient trial is expected in fiscal Q4 2026, with topline data not projected until the second half of fiscal 2027. This extended period to a major value-driving catalyst, combined with ongoing high R&D expenditures, likely dampened investor enthusiasm and contributed to the stock's decline, as evidenced by negative market reactions despite an earnings per share beat in fiscal Q1 2026.
3. Persistent Lack of Revenue and Heightened Dilution Concerns for a Clinical-Stage Company.
As a clinical-stage biopharmaceutical company, LeonaBio continues to operate without generating product revenue. This reliance on external capital to fund operations, particularly with increasing losses and cash burn, contributes to investor apprehension regarding future equity financings and potential shareholder dilution. The market's reaction to fiscal Q1 2026 earnings, which saw the stock drop by 7.55% despite a narrower-than-expected loss, highlighted the focus on the absence of revenue and a clear path to commercialization. Furthermore, a "Sell Candidate" rating issued on September 4, 2026, and a forecast of an additional 10.91% fall over the next three months, indicates a generally bearish sentiment due to these fundamental challenges.
Show less
LeonaBio (LONA) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Increased Operating Losses and Significant Cash Burn in Fiscal Q2 2026.
LeonaBio reported a substantial increase in its net loss for the six months ended June 30, 2026 (fiscal Q2 2026), reaching $52.0 million, compared to a net loss of $16.1 million in the same period of fiscal 2025. This surge was primarily driven by a $16.0 million rise in research and development (R&D) expenses, largely attributed to the advancement of the Phase 3 ELAINE-3 trial for lasofoxifene, and a $16.3 million change in the fair value of a pre-funded warrant. Furthermore, net cash used in operations escalated to $37.9 million in fiscal Q2 2026, up from $21.7 million in fiscal Q2 2025. The company's cash, cash equivalents, and investments consequently decreased to $51.1 million as of June 30, 2026, from $88.3 million at December 31, 2025, raising investor concerns regarding funding sustainability without product revenue.
2. Extended Timeline for Key Clinical Trial Data.
While LeonaBio's lead candidate, lasofoxifene, is progressing in the Phase 3 ELAINE-3 trial for metastatic breast cancer, the anticipated timeline for key milestones is relatively distant. Completion of enrollment for the approximately 600-patient trial is expected in fiscal Q4 2026, with topline data not projected until the second half of fiscal 2027. This extended period to a major value-driving catalyst, combined with ongoing high R&D expenditures, likely dampened investor enthusiasm and contributed to the stock's decline, as evidenced by negative market reactions despite an earnings per share beat in fiscal Q1 2026.
3. Persistent Lack of Revenue and Heightened Dilution Concerns for a Clinical-Stage Company.
As a clinical-stage biopharmaceutical company, LeonaBio continues to operate without generating product revenue. This reliance on external capital to fund operations, particularly with increasing losses and cash burn, contributes to investor apprehension regarding future equity financings and potential shareholder dilution. The market's reaction to fiscal Q1 2026 earnings, which saw the stock drop by 7.55% despite a narrower-than-expected loss, highlighted the focus on the absence of revenue and a clear path to commercialization. Furthermore, a "Sell Candidate" rating issued on September 4, 2026, and a forecast of an additional 10.91% fall over the next three months, indicates a generally bearish sentiment due to these fundamental challenges.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -28.8% change in LONA stock from 5/31/2026 to 9/20/2026 was primarily driven by a -19.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.54 | 6.79 | -28.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 19 | 24 | -19.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| LONA | -28.8% | |
| Market (SPY) | 0.9% | 18.7% |
| Sector (XLV) | 12.7% | -1.1% |
Fundamental Drivers
The 20.6% change in LONA stock from 2/28/2026 to 9/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.63 | 6.79 | 20.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 4 | 24 | -83.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| LONA | 20.6% | |
| Market (SPY) | 11.6% | 9.2% |
| Sector (XLV) | 5.5% | 3.0% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| LONA | ||
| Market (SPY) | 19.4% | 5.2% |
| Sector (XLV) | 24.1% | 3.2% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| LONA | ||
| Market (SPY) | 75.6% | 5.2% |
| Sector (XLV) | 32.3% | 3.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LONA Return | - | - | - | - | - | 0% | 0% |
| Peers Return | 6% | 21% | 5% | -39% | 75% | 39% | 102% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| LONA Win Rate | - | - | - | - | - | 44% | |
| Peers Win Rate | 46% | 52% | 42% | 38% | 60% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| LONA Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -47% | -35% | -42% | -53% | -35% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BIIB, CYTK, AMLX, IONS, DNLI.
[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 9/18/2026 (YTD)
How Low Can It Go
LONA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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LONA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% 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 LeonaBio (LONA)
LeonaBio, trading under the symbol LONA, is a late clinical-stage biopharmaceutical company intensely focused on developing innovative small molecules to combat neurodegenerative diseases. Its core mission revolves around restoring neuronal health and actively slowing down neurodegradation, aiming to provide breakthrough therapeutic options for conditions with high unmet medical needs.
The company's lead product candidate is ATH-1017, a small molecule that effectively penetrates the blood-brain barrier and acts as an HGF/MET positive modulator. ATH-1017 is currently in advanced clinical trials, specifically LIFT-AD Phase 3 and ACT-AD Phase 2, for the treatment of Alzheimer's disease, and is also progressing through Phase 2 clinical trials for Parkinson's disease. LeonaBio is further expanding its pipeline with preclinical product candidates such as ATH-1019, targeting peripheral nervous system indications, and ATH-1020, designed for neuropsychiatric conditions.
LeonaBio primarily serves the critical market of patients suffering from debilitating neurodegenerative disorders, most notably Alzheimer's and Parkinson's disease. By focusing on therapies that aim to restore fundamental neuronal function and slow disease progression, the company strives to address significant gaps in current medical treatments and improve the quality of life for individuals affected by these challenging neurological conditions.
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Based on the provided description, Athira Pharma, Inc. (trading under the symbol LONA), which you've referred to as LeonaBio, is a late clinical-stage biopharmaceutical company. This means it is primarily focused on the research and development of drug candidates and is conducting clinical trials (Phase 2 and Phase 3 for ATH-1017, and preclinical for other candidates).
At this stage, Athira Pharma, Inc. does not have major customers in the traditional sense, as it is not yet selling any approved products to individuals or other companies. Its primary activities revolve around drug development, rather than commercial sales.
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The search results provide the current management team for LeonaBio (LONA), formerly Athira Pharma.
Result "About – LeonaBio" lists the senior management.
Result "LeonaBio, Inc. (LONA) Leadership & Management Team Analysis - Simply Wall St" also lists Mark Litton as CEO.
Result "Mark Litton – Athira Pharma" provides a detailed background for Mark Litton.
Result "LeonaBio appoints Mark Kubik as chief business officer - Investing.com" and, mention the recent appointment of Mark Kubik. However, the request explicitly asks for "up to 5 management members" and the "About - LeonaBio" page lists 5 senior management members, including the CEO and CFO. Mark Kubik's role is Chief Business Officer, and he has just been appointed as of Feb 3, 2026. I should prioritize the existing listed senior management from the company's own "About" page, if available, and then check other sources for recent updates if needed. The "About - LeonaBio" page appears to be the most current.
From "About – LeonaBio":
* Mark Litton, PhD. President & Chief Executive Officer
* Javier San Martin, M.D. Chief Medical Officer
* Kevin Church, PhD. Chief Scientific Officer
* Mark Worthington, JD General Counsel, Chief Compliance Officer, & Corporate Secretary
* Robert Renninger Chief Financial Officer
Now I need to gather background information for these individuals, especially the CEO and CFO, focusing on the requested details:
if the CEO or CFO founded or managed other companies,
if the CEO or CFO sold companies they were previously involved with to an acquirer,
if the CEO or CFO have a pattern of managing companies backed by private equity firms.
Let's start with Mark Litton (CEO) and Robert Renninger (CFO).
**Mark Litton, PhD. President & Chief Executive Officer**
* **Background:** Mark Litton became President and CEO of Athira Pharma (now LeonaBio) in October 2021, and previously served as COO since July 2019. Before Athira, he was President and COO of Alpine Immune Sciences, Inc.. Prior to that, he spent over 14 years at Alder Biopharmaceutical Inc., a publicly traded biopharmaceutical company, which was acquired by Lundbeck A/S. As co-founder and Chief Business Officer (CBO) at Alder, he helped build the business and oversaw finance, investor relations, deal making, business development, alliance management, human resources, and overall corporate strategy. He was responsible for raising over $1 billion in equity capital and led negotiations for numerous corporate alliances.
**Robert Renninger. Chief Financial Officer**
I need to find background information for Robert Renninger.
Let's search for "Robert Renninger LeonaBio CFO background" or "Robert Renninger Athira Pharma CFO background".
Since the company name changed recently, searching for "Athira Pharma CFO" might still bring up relevant information.
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The key risks to LeonaBio (LONA) are primarily associated with its status as a late clinical-stage biopharmaceutical company focused on developing novel therapeutics.
- Clinical Trial Outcomes and Regulatory Approval: As a late clinical-stage biopharmaceutical company, LeonaBio's future largely depends on the successful outcome of its clinical trials and the subsequent receipt of regulatory approvals. The company's lead product candidate, ATH-1017, is currently in Phase 3 and Phase 2 clinical trials for Alzheimer's disease and Phase 2 trials for Parkinson's disease. Failure to demonstrate sufficient efficacy and safety in these trials, or the inability to secure regulatory approval from health authorities, would severely impact the company's ability to commercialize its products and generate revenue.
- Reliance on a Limited Product Pipeline: LeonaBio's pipeline is concentrated on a few key product candidates, with ATH-1017 being the most advanced. While it also has ATH-1019 and ATH-1020 in preclinical stages, a significant portion of its value is tied to the success of ATH-1017. If this lead candidate encounters setbacks or fails in trials, the company has limited other late-stage assets to fall back on, which could have a substantial negative effect on its business and financial health.
- Intense Competition: The therapeutic areas of Alzheimer's and Parkinson's disease are characterized by significant unmet medical needs and intense competition. Numerous larger pharmaceutical companies and other biotechnology firms are actively researching and developing treatments for these conditions. LeonaBio faces the risk that competitors may develop more effective, safer, or more affordable therapies, or bring their products to market sooner, thereby diminishing the potential market share and profitability of LeonaBio's product candidates if they are approved.
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Expected Drivers of Future Revenue Growth for LeonaBio (LONA)
Over the next two to three years, LeonaBio (LONA), formerly Athira Pharma, Inc., is expected to drive future revenue growth through the following key areas:
- Advancement and Potential Commercialization of ATH-1017: LeonaBio's lead product candidate, ATH-1017, is currently undergoing Phase 3 (LIFT-AD) and Phase 2 (ACT-AD) clinical trials for Alzheimer's disease, as well as Phase 2 clinical trials for Parkinson's disease. Successful completion of these trials, followed by regulatory approval and market launch, would represent a significant driver of product revenue.
- Progression and Potential Commercialization of Lasofoxifene: The company is engaged in a Phase 3 development program for lasofoxifene, targeting ER+, HER2-negative, ESR1-mutated metastatic breast cancer. This program has been identified as a potential multi-billion dollar opportunity, with its advancement towards commercialization poised to generate substantial revenue.
- Development of ATH-1105 for Amyotrophic Lateral Sclerosis (ALS): Following positive results from a Phase 1 clinical study in healthy volunteers, LeonaBio is preparing to begin dosing ALS patients with ATH-1105 in late 2025. Continued successful clinical development of ATH-1105 could lead to future product sales or strategic partnership agreements, contributing to revenue growth.
- Strategic Partnerships and Licensing Agreements: As a clinical-stage biopharmaceutical company, LeonaBio's revenue growth can be significantly influenced by new or expanded strategic collaborations and licensing agreements for its pipeline assets. Such partnerships often include upfront payments, milestone payments upon achieving developmental or regulatory targets, and future royalties from commercialized products.
- Expansion and Advancement of Preclinical Pipeline: The progression of preclinical candidates, such as ATH-1019 for peripheral nervous system indications and ATH-1020 for neuropsychiatric conditions, could, within the 2-3 year timeframe, attract partnership interest or enter early-stage clinical trials. This would establish the foundation for longer-term revenue streams through future development and potential commercialization.
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Outbound Investments
- Acquired rights for the development and commercialization of Lasofoxifene from Sermonix Pharmaceuticals through a Corporate Asset Purchase on December 18, 2025.
- Entered into a license agreement with Washington State University to offer for sale products covered by certain licensed patents, including dihexa.
Capital Expenditures
- Invested $0 in capital expenditures in Q3 2024.
Peer Outperformance in Biotechnology
nullShare of Biotechnology constituents that LONA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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insufficient peer history
3Y
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insufficient peer history
5Y
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insufficient peer history
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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is LONA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.2% | 43.2% | 90.1% | CAH 392% · MCK 346% · COR 168% |
| Managed Health Care | 8 | 40.4% | -5.3% | 2.3% | OSCR 84% · HQY 56% · ELV 17% |
| Health Care Services | 20 | 21.1% | 37.6% | -0.3% | HIMS 239% · RDNT 173% · DGX 76% |
| Health Care Facilities | 24 | 6.0% | 6.5% | -4.5% | NHC 271% · THC 261% · ENSG 129% |
| Health Care Equipment | 50 | -2.7% | -0.2% | -21.1% | POCI 11050% · UFPT 341% · GKOS 222% |
| Pharmaceuticals | 62 | -10.5% | 14.8% | -38.6% | LQDA 2472% · INDV 1099% · ETON 1051% |
| Health Care Supplies | 12 | 14.1% | -8.9% | -39.7% | LNTH 287% · HAE 54% · MMSI 20% |
| Life Sciences Tools & Services | 109 | 4.3% | -11.3% | -68.4% | SNWV 1757% · MEDP 231% · NTRA 199% |
| Health Care Technology | 21 | -25.8% | -52.6% | -79.2% | SPOK 68% · HSTM 3% · VEEV -13% |
| Biotechnology ← | 364 | 0.6% | -21.7% | -79.4% | CELZ 1280% · DNTH 1221% · ELVN 1069% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.42 |
| Mkt Cap | 5.5 |
| Rev LTM | 36 |
| Op Inc LTM | -352 |
| FCF LTM | -297 |
| FCF 3Y Avg | -263 |
| CFO LTM | -280 |
| CFO 3Y Avg | -237 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.6% |
| Rev Chg 3Y Avg | 15.5% |
| Rev Chg Q | -40.7% |
| QoQ Delta Rev Chg LTM | -17.4% |
| Op Inc Chg LTM | -11.7% |
| Op Inc Chg 3Y Avg | -19.3% |
| Op Mgn LTM | -557.1% |
| Op Mgn 3Y Avg | -47.0% |
| QoQ Delta Op Mgn LTM | -34.7% |
| CFO/Rev LTM | -438.8% |
| CFO/Rev 3Y Avg | -41.2% |
| FCF/Rev LTM | -461.5% |
| FCF/Rev 3Y Avg | -47.1% |
Segment Financials
Operating Income by Segment| $ Mil | 2025 | 2024 |
|---|---|---|
| Developing and commercializing therapeutics | -102 | -101 |
| Total | -102 | -101 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Developing and commercializing therapeutics | -106 | -97 |
| Total | -106 | -97 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Developing and commercializing therapeutics | 59 | 160 | 258 | 332 | 280 |
| Total | 59 | 160 | 258 | 332 | 280 |
Price Behavior
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LONA Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.13 | 1.59 | 0.79 | 0.53 | -1.08 | 0.08 |
| Up Beta | 2.99 | 3.63 | 1.61 | -0.62 | 0.63 | 0.26 |
| Down Beta | -1.50 | 2.30 | 0.83 | 1.05 | -0.99 | 0.59 |
| Up Capture | 115% | 27% | 3% | 103% | 12% | 1% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 22 | 32 | 68 | 85 | 85 |
| Down Capture | -117% | 93% | 98% | 46% | 4% | 2% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 19 | 31 | 58 | 76 | 76 |
[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 LONA | |
|---|---|---|---|---|
| LONA | -2.3% | 92.3% | 0.36 | - |
| Sector ETF (XLV) | 24.4% | 16.1% | 1.16 | 3.2% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 5.2% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | -3.8% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | 2.8% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | -0.6% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 6.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LONA | |
|---|---|---|---|---|
| LONA | -0.5% | 92.3% | 0.36 | - |
| Sector ETF (XLV) | 6.4% | 15.2% | 0.24 | 3.2% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 5.2% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | -3.8% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 2.8% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | -0.6% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 6.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LONA | |
|---|---|---|---|---|
| LONA | -0.2% | 92.3% | 0.36 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 3.2% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 5.2% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -3.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 2.8% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | -0.6% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 6.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/28/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/25/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 09/18/2020 | 424B4 |
Insider Activity
Updated 7/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Renninger, Robert | CHIEF FINANCIAL OFFICER | Direct | Sell | 3052026 | 5.37 | 906 | 4,865 | 85,120 | Form |
| 2 | Worthington, Mark | GENERAL COUNSEL and CCO | Direct | Sell | 3052026 | 5.37 | 1,328 | 7,131 | 98,679 | Form |
| 3 | Church, Kevin | CHIEF SCIENTIFIC OFFICER | Direct | Sell | 3052026 | 5.37 | 1,359 | 7,298 | 135,206 | Form |
| 4 | San, Martin Javier | CHIEF MEDICAL OFFICER | Direct | Sell | 3052026 | 5.37 | 1,720 | 9,236 | 85,313 | Form |
| 5 | Litton, Mark James | PRESIDENT and CEO | Direct | Sell | 3052026 | 5.37 | 5,156 | 27,688 | 311,063 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Renninger, Robert | CHIEF FINANCIAL OFFICER | Direct | Sell | 3052026 | 5.37 | 906 | 4,865 | 85,120 | Form |
| 2 | Worthington, Mark | GENERAL COUNSEL and CCO | Direct | Sell | 3052026 | 5.37 | 1,328 | 7,131 | 98,679 | Form |
| 3 | Church, Kevin | CHIEF SCIENTIFIC OFFICER | Direct | Sell | 3052026 | 5.37 | 1,359 | 7,298 | 135,206 | Form |
| 4 | San, Martin Javier | CHIEF MEDICAL OFFICER | Direct | Sell | 3052026 | 5.37 | 1,720 | 9,236 | 85,313 | Form |
| 5 | Litton, Mark James | PRESIDENT and CEO | Direct | Sell | 3052026 | 5.37 | 5,156 | 27,688 | 311,063 | Form |
| 6 | San, Martin Javier | CHIEF MEDICAL OFFICER | Direct | Sell | 1052026 | 6.88 | 1,644 | 11,311 | 70,100 | Form |
| 7 | Litton, Mark James | President and CEO | Direct | Sell | 1052026 | 6.88 | 2,586 | 17,792 | 280,897 | Form |
| 8 | Renninger, Robert | Chief Financial Officer | Direct | Sell | 1052026 | 6.88 | 297 | 2,043 | 88,456 | Form |
| 9 | Church, Kevin | CHIEF SCIENTIFIC OFFICER | Direct | Sell | 1052026 | 6.88 | 876 | 6,027 | 142,285 | Form |
| 10 | Worthington, Mark | General Counsel and CCO | Direct | Sell | 1052026 | 6.88 | 876 | 6,027 | 96,169 | Form |
| 11 | Church, Kevin | CHIEF SCIENTIFIC OFFICER | Direct | Sell | 7022025 | 0.29 | 8,526 | 2,502 | 49,572 | Form |
| 12 | Litton, Mark James | President and CEO | Direct | Sell | 7022025 | 0.29 | 25,123 | 7,374 | 95,623 | Form |
| 13 | San, Martin Javier | CHIEF MEDICAL OFFICER | Direct | Sell | 7022025 | 0.29 | 10,842 | 3,182 | 21,034 | Form |
| 14 | Worthington, Mark | General Counsel and CCO | Direct | Sell | 7022025 | 0.29 | 8,526 | 2,502 | 32,835 | Form |
| 15 | Renninger, Robert | SVP, Finance and Accounting | Direct | Sell | 7022025 | 0.29 | 2,897 | 850 | 32,046 | Form |
Investor Activity (13F)
Updated Sep 21, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
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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Core Cache Last Updated: 9/20/2026