Instil Bio (TIL)
Market Price (6/22/2026): $7.53 | Market Cap: $51.1 MilSector: Health Care | Industry: Biotechnology
Instil Bio (TIL)
Market Price (6/22/2026): $7.53Market Cap: $51.1 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -106% | 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 -52 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 -145% Key risksTIL key risks include [1] a precarious financial position, Show more. |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -106% |
| 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 -52 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 -145% |
| Key risksTIL key risks include [1] a precarious financial position, Show more. |
Qualitative Assessment
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Instil Bio (TIL) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Discontinuation of AXN-2510 Clinical Program. On January 6, 2026, Instil Bio announced its subsidiary, Axion Bio, discontinued the clinical development of AXN-2510 and terminated its license and collaboration agreement with ImmuneOnco for AXN-2510 and AXN-27M. This resulted in Instil Bio losing global development and commercial rights to this bispecific antibody program outside Greater China, representing a significant setback for its pipeline.
2. Persistent Unprofitability and Pre-Revenue Status. Instil Bio remains a clinical-stage company with no commercial revenue. The company reported a GAAP net loss per share of $0.62 for fiscal Q1 2026, consistent with the consensus estimate, and while it showed improved cost control with R&D expenses reduced to $0.7 million from $5.4 million year-over-year, and G&A expenses to $5.3 million from $9.1 million year-over-year, the ongoing losses and lack of commercial products contribute to investor cautiousness.
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Instil Bio (TIL) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Discontinuation of AXN-2510 Clinical Program. On January 6, 2026, Instil Bio announced its subsidiary, Axion Bio, discontinued the clinical development of AXN-2510 and terminated its license and collaboration agreement with ImmuneOnco for AXN-2510 and AXN-27M. This resulted in Instil Bio losing global development and commercial rights to this bispecific antibody program outside Greater China, representing a significant setback for its pipeline.
2. Persistent Unprofitability and Pre-Revenue Status. Instil Bio remains a clinical-stage company with no commercial revenue. The company reported a GAAP net loss per share of $0.62 for fiscal Q1 2026, consistent with the consensus estimate, and while it showed improved cost control with R&D expenses reduced to $0.7 million from $5.4 million year-over-year, and G&A expenses to $5.3 million from $9.1 million year-over-year, the ongoing losses and lack of commercial products contribute to investor cautiousness.
3. Strategic Pivot Towards External Asset Acquisition. Instil Bio's corporate update alongside its fiscal Q1 2026 results highlighted the company's focus on evaluating potential acquisitions and in-licensing deals for novel therapeutic candidates. This shift suggests a lack of sufficiently advanced or compelling internal pipeline assets to drive near-term value, introducing uncertainty about future development pathways and potentially extending the timeline to commercialization.
4. Negative Analyst Sentiment and Technical Indicators. Wall Street analysts maintain a "Reduce" consensus rating for Instil Bio, with one sell and two hold ratings. Additionally, technical indicators showed a bearish trend, with the Momentum Indicator moving below zero and the Moving Average Convergence Divergence Histogram (MACD) turning negative in early June 2026, signaling a potential downward trend for the stock.
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Stock Movement Drivers
Fundamental Drivers
The -15.7% change in TIL stock from 2/28/2026 to 6/21/2026 was primarily driven by a -0.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.90 | 7.50 | -15.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 7 | -0.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| TIL | -15.7% | |
| Market (SPY) | 9.2% | 37.6% |
| Sector (XLV) | -6.4% | 24.9% |
Fundamental Drivers
The -41.2% change in TIL stock from 11/30/2025 to 6/21/2026 was primarily driven by a -0.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.76 | 7.50 | -41.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 7 | -0.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| TIL | -41.2% | |
| Market (SPY) | 9.9% | 8.2% |
| Sector (XLV) | -4.4% | -3.1% |
Fundamental Drivers
The -72.2% change in TIL stock from 5/31/2025 to 6/21/2026 was primarily driven by a -3.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.95 | 7.50 | -72.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 7 | -3.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| TIL | -72.2% | |
| Market (SPY) | 28.1% | 21.1% |
| Sector (XLV) | 14.6% | 14.5% |
Fundamental Drivers
The -37.5% change in TIL stock from 5/31/2023 to 6/21/2026 was primarily driven by a -4.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.00 | 7.50 | -37.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 7 | 7 | -4.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| TIL | -37.5% | |
| Market (SPY) | 85.7% | 21.6% |
| Sector (XLV) | 22.9% | 16.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TIL Return | -35% | -96% | -40% | 151% | -42% | -31% | -99% |
| Peers Return | -38% | -22% | -41% | 156% | -15% | 7% | -33% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| TIL Win Rate | 40% | 17% | 17% | 50% | 33% | 33% | |
| Peers Win Rate | 33% | 33% | 38% | 50% | 45% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TIL Max Drawdown | - | -97% | -65% | -78% | -72% | -46% | |
| Peers Max Drawdown | -58% | -72% | -78% | -59% | -71% | -57% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IOVA, SMMT, ATRA, CBIO, REPL.
[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 6/18/2026 (YTD)
How Low Can It Go
| Event | TIL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.4% | -18.8% |
| % Gain to Breakeven | 119.5% | 23.1% |
| Time to Breakeven | 29 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.8% | -9.5% |
| % Gain to Breakeven | 81.3% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.5% | -6.7% |
| % Gain to Breakeven | 60.0% | 7.1% |
| Time to Breakeven | 431 days | 31 days |
In The Past
Instil Bio's stock fell -54.4% during the 2025 US Tariff Shock. Such a loss loss requires a 119.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | TIL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.4% | -18.8% |
| % Gain to Breakeven | 119.5% | 23.1% |
| Time to Breakeven | 29 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.8% | -9.5% |
| % Gain to Breakeven | 81.3% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.5% | -6.7% |
| % Gain to Breakeven | 60.0% | 7.1% |
| Time to Breakeven | 431 days | 31 days |
In The Past
Instil Bio's stock fell -54.4% during the 2025 US Tariff Shock. Such a loss loss requires a 119.5% 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 Instil Bio (TIL)
Instil Bio, Inc. (symbol: TIL) is a clinical-stage biopharmaceutical company focused on developing advanced cell therapies for patients with cancer. The company specializes in a type of immunotherapy known as autologous tumor-infiltrating lymphocyte (TIL) therapy. This approach involves taking a patient's own immune cells that have infiltrated their tumor, expanding these cells outside the body, and then reinfusing them into the patient to target and destroy cancer cells.
The company's pipeline features two primary TIL product candidates. Its lead candidate, ITIL-168, is currently in development for multiple solid tumor indications, including melanoma, cutaneous squamous cell carcinoma, non-small cell lung cancer, head and neck squamous cell carcinoma, and cervical cancer. Instil Bio is also advancing ITIL-306, a next-generation TIL therapy engineered to specifically recognize folate receptor alpha (FOLR1), targeting cancers such as gynecological, non-small cell lung cancer, and renal cancer. Through these innovative therapies, Instil Bio aims to provide novel treatment options for patients facing various challenging cancers within the oncology market.
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Iovance Biotherapeutics for a new wave of TIL (Tumor-Infiltrating Lymphocyte) cancer therapies.
An early-stage Kite Pharma (now Gilead Oncology), but focused on TIL (Tumor-Infiltrating Lymphocyte) cell therapy for cancer.
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- ITIL-168: An autologous tumor-infiltrating lymphocyte (TIL) cell therapy product candidate being developed for various solid tumors, including melanoma and non-small cell lung cancer.
- ITIL-306: A TIL cell therapy product candidate designed to target folate receptor alpha (FOLR1) for indications such as gynecological cancers and non-small cell lung cancer.
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Instil Bio, Inc. (TIL) is a clinical-stage biopharmaceutical company focused on developing cell therapies for cancer. As a clinical-stage company, its primary activities involve research and development, and conducting clinical trials for its product candidates (ITIL-168, ITIL-306).
Therefore, Instil Bio does not currently have any major commercial customers, as its therapies are still in development and have not yet received regulatory approval for sale to hospitals, clinics, or individual patients.
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Bronson Crouch, Chief Executive Officer and Chairman
Mr. Crouch is an entrepreneur and investor with over 15 years of experience in the biotechnology and pharmaceutical industry. He is currently the Managing Partner of Curative Ventures, a private equity investment firm focused on biopharma opportunities. His past involvement includes CoStim Pharmaceuticals, Inc. (acquired by Novartis in 2014) and Peloton Therapeutics, Inc. (acquired by Merck in 2019 for $1.1 Billion cash upfront), demonstrating a pattern of managing companies that were subsequently sold to acquirers and managing companies backed by private equity firms.
Sandeep “Steve” Laumas, MD, Chief Financial Officer & Chief Business Officer
Dr. Laumas has served as the Chief Financial Officer and Chief Business Officer of Instil Bio since February 2021 and June 2020, respectively. He began his career at Goldman Sachs & Co. in 1996 in healthcare investment banking before transitioning to healthcare equity research. He was an analyst at Balyasny Asset Management from 2001-03 and a Managing Director of North Sound Capital from 2003-07, where he managed the global healthcare investment portfolio. Dr. Laumas founded and managed Bearing Circle Capital, an investment partnership, since 2008. He also served as a board member, Executive Chairman, and CEO of 9 Meters Biopharma, Inc.
Jamie Freedman, MD, PhD, Chief Medical Officer
Dr. Freedman brings over 20 years of experience in the pharmaceutical and biotech industries, having held executive positions in senior R&D, Commercial, and Medical leadership roles at major companies such as Merck, GSK, Medimmune/AZ, and Genentech/Roche. His career has led to 15 drug approvals and successful launches across various therapeutic areas.
Mark E. Dudley, PhD, Chief Scientific Officer
Dr. Dudley was previously the Chief Scientific Officer. He was involved in the founding of Immetacyte as a cell therapy spinout from the University of Manchester and served as a Cancer Research UK Professor of Medical Oncology at the University of Manchester and Christie Hospital.
```AI Analysis | Feedback
The key risks to Instil Bio's business operations include:
- Failure of Product Candidates and Pipeline Attrition: As a clinical-stage biopharmaceutical company, Instil Bio's success is heavily dependent on the successful development and regulatory approval of its product candidates. The company has faced significant setbacks, including the discontinuation of its lead unmodified tumor-infiltrating lymphocyte (TIL) therapeutic, ITIL-168, due to manufacturing issues and a strategic reprioritization. Although ITIL-306 (a CoStAR-TIL therapy) had its trial resumed after a pause related to manufacturing analysis, there has been a lack of recent positive clinical data, and the company initially shifted its focus towards a bispecific antibody program, AXN-2510/IMM2510. However, Instil Bio has also recently terminated the licenses for AXN-2510 and AXN-27M, discontinuing their development as well. This series of pipeline failures and strategic pivots, including the discontinuation of its most advanced programs, presents a critical risk to the company's future viability and potential for commercial products.
- Manufacturing Challenges for Cell Therapies: Instil Bio develops autologous (patient-derived) cell therapies, such as TILs, which involve highly complex, patient-specific manufacturing processes that are expensive, prone to logistical issues, and difficult to scale. The company previously experienced a decrease in the rate of successful manufacturing for ITIL-168, leading to a voluntary pause in clinical trials and an inability to dose some patients. While corrective actions were implemented for ITIL-306, the inherent manufacturing complexity for cell and gene therapies remains a significant and ongoing risk, impacting the ability to consistently produce viable treatment products for clinical trials and, ultimately, for commercialization.
- High Cash Burn Rate and Need for Additional Capital: As a clinical-stage biopharmaceutical company with no revenue, Instil Bio incurs substantial research and development (R&D) expenses and costs associated with clinical trials and manufacturing scale-up. The company's financial health is characterized by zero revenue and significant losses. Despite efforts to reduce operating expenses through workforce reductions, the core weakness remains the high cash burn required to advance its pipeline. While management has made projections about its cash runway, the need for substantial additional capital raises is likely required sooner than anticipated to fund clinical development, especially given the recent discontinuation of key pipeline programs.
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The clear emerging threat to Instil Bio is the advancement and potential widespread commercialization of **allogeneic (off-the-shelf) cell therapies for cancer.**
Instil Bio specializes in autologous tumor-infiltrating lymphocyte (TIL) therapy, which involves extracting a patient's own tumor cells, expanding them in a lab, and reinfusing them. This process is highly personalized, complex, time-consuming, and expensive. Allogeneic cell therapies, in contrast, aim to create universal, "off-the-shelf" immune cell products that can be manufactured in advance and administered to multiple patients, bypassing the logistical and cost challenges of autologous treatments.
If allogeneic cell therapies, particularly those using gene-edited T-cells, NK cells, or induced pluripotent stem cell (iPSC)-derived immune cells, demonstrate comparable or superior efficacy and safety while offering significant advantages in terms of accessibility, manufacturing scalability, and cost, they could fundamentally disrupt the market for autologous cell therapies like Instil Bio's TILs. This would be analogous to Netflix (scalable, on-demand content) threatening Blockbuster (physical, limited inventory) by offering a more convenient and potentially cost-effective alternative to a similar core service.
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For Instil Bio (TIL), the expected drivers of future revenue growth over the next 2-3 years are directly tied to its strategic pivot towards acquiring and developing new therapeutic candidates, as the company has discontinued its previously disclosed clinical programs.
- Successful in-licensing or acquisition of novel therapeutic candidates: Instil Bio has ceased clinical trial activities for its prior lead programs and is now actively exploring opportunities to in-license or acquire new drugs. The success in identifying and securing promising new assets will be the foundational driver for any future revenue.
- Progression of newly acquired/in-licensed candidates through clinical development: Any new product candidates brought into the pipeline will need to advance successfully through clinical trials, demonstrating efficacy and safety, to move towards regulatory approval and potential commercialization.
- Obtaining regulatory approvals for new therapeutic candidates: Securing marketing authorization from regulatory bodies like the FDA for any acquired or in-licensed therapies is a critical prerequisite for generating revenue.
- Effective commercialization and market penetration of approved therapies: Once new therapies are approved, their ability to be successfully launched, adopted by healthcare providers, and gain market share will be essential for driving revenue growth.
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<h3>Share Issuance</h3>
<ul>
<li>In March 2021, Instil Bio completed its Initial Public Offering (IPO), issuing 18,400,000 shares of common stock at a price of $20.00 per share, including the full exercise of the underwriters' option to purchase additional shares.</li>
<li>The IPO generated approximately $368.0 million in gross proceeds for the company.</li>
</ul>
<h3>Inbound Investments</h3>
<ul>
<li>In July 2024, Instil Bio entered into a 15-year lease agreement for its U.S. cell therapy manufacturing facility with AstraZeneca Pharmaceuticals LP.</li>
<li>The agreement includes an initial base rent exceeding $7.5 million annually, with a 3% annual escalation, and provisions for the tenant to cover certain operating and tax expenses, which is expected to strengthen Instil's financial position.</li>
</ul>
<h3>Outbound Investments</h3>
<ul>
<li>Instil Bio expanded its pipeline through the acquisition of SYN-2510 and SYN-27M.</li>
<li>In August 2024, its subsidiary, SynBioTx, entered into an exclusive licensing and collaboration agreement with ImmuneOnco for the global rights (excluding Greater China) to develop and commercialize SYN-2510 (a PD-L1xVEGF bispecific antibody) and SYN-27M (an ADCC-enhanced CTLA-4 antibody).</li>
<li>Subsequently, Instil Bio's subsidiary discontinued the clinical development of AXN-2510 and terminated the license and collaboration agreement with ImmuneOnco.</li>
</ul>
<h3>Capital Expenditures</h3>
<ul>
<li>Instil Bio, Inc. reported $0 in capital expenditures for the third quarter of 2024.</li>
</ul>Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Instil Bio Earnings Notes | 12/16/2025 | |
| Day 8 of Loss Streak for Instil Bio Stock with -35% Return (vs. -13% YTD) [9/25/2025] | 09/26/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.13 |
| Mkt Cap | 0.7 |
| Rev LTM | 6 |
| Op Inc LTM | -244 |
| FCF LTM | -217 |
| FCF 3Y Avg | -217 |
| CFO LTM | -170 |
| CFO 3Y Avg | -212 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -27.1% |
| Rev Chg 3Y Avg | 115.8% |
| Rev Chg Q | -27.3% |
| QoQ Delta Rev Chg LTM | 8.4% |
| Op Inc Chg LTM | 7.3% |
| Op Inc Chg 3Y Avg | 4.4% |
| Op Mgn LTM | -125.4% |
| Op Mgn 3Y Avg | -4,260.5% |
| QoQ Delta Op Mgn LTM | 25.8% |
| CFO/Rev LTM | -111.8% |
| CFO/Rev 3Y Avg | -3,518.5% |
| FCF/Rev LTM | -111.8% |
| FCF/Rev 3Y Avg | -3,704.1% |
Segment Financials
Revenue by Segment| $ Mil | 2020 |
|---|---|
| Research and development of its novel therapies | 0 |
| Total | 0 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Research and development of its novel therapies | -71 | -74 |
| Total | -71 | -74 |
| $ Mil | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| Research and development of its novel therapies | 326 | 482 | 610 | 319 |
| Total | 326 | 482 | 610 | 319 |
Price Behavior
| Market Price | $7.50 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 03/19/2021 | |
| Distance from 52W High | -76.7% | |
| 50 Days | 200 Days | |
| DMA Price | $8.11 | $11.69 |
| DMA Trend | down | down |
| Distance from DMA | -7.6% | -35.8% |
| 3M | 1YR | |
| Volatility | 33.0% | 87.5% |
| Downside Capture | 184.82 | 250.29 |
| Upside Capture | 54.29 | 28.52 |
| Correlation (SPY) | 38.8% | 18.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.54 | 1.12 | 1.17 | 0.60 | 1.76 | 1.70 |
| Up Beta | 1.42 | 0.63 | 0.81 | 0.96 | 1.09 | 1.08 |
| Down Beta | 0.34 | -1.60 | 0.96 | 0.96 | 2.07 | 1.70 |
| Up Capture | 25% | 80% | 87% | -32% | 59% | 592% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 18 | 30 | 61 | 120 | 347 |
| Down Capture | 34% | 368% | 183% | 85% | 188% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 21 | 31 | 60 | 125 | 394 |
[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 TIL | |
|---|---|---|---|---|
| TIL | -73.0% | 87.6% | -1.05 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 11.4% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 18.9% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 6.3% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 2.5% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 15.2% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 16.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TIL | |
|---|---|---|---|---|
| TIL | -53.3% | 106.9% | -0.24 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 19.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 26.8% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 3.6% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | -0.6% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 22.2% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 18.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TIL | |
|---|---|---|---|---|
| TIL | -34.6% | 106.0% | -0.30 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 20.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 26.9% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 3.8% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | -0.5% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 22.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 18.4% |
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Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/15/2026 | 0.3% | 0.9% | -1.6% |
| 3/27/2026 | -6.8% | -3.9% | -2.8% |
| 11/13/2025 | -7.2% | -18.6% | -25.8% |
| 8/13/2025 | 0.5% | -5.0% | -11.3% |
| 5/13/2025 | -6.9% | 23.5% | 167.3% |
| 3/4/2025 | -4.3% | -9.7% | -6.9% |
| 11/13/2024 | -5.5% | -21.5% | -35.8% |
| 8/13/2024 | 1.1% | 12.3% | 348.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 5 |
| # Negative | 10 | 10 | 14 |
| Median Positive | 1.2% | 12.3% | 27.6% |
| Median Negative | -5.3% | -8.9% | -9.7% |
| Max Positive | 10.2% | 23.5% | 348.9% |
| Max Negative | -7.2% | -23.7% | -73.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/15/2026 | 0.3% | 0.9% | -1.6% |
| 3/27/2026 | -6.8% | -3.9% | -2.8% |
| 11/13/2025 | -7.2% | -18.6% | -25.8% |
| 8/13/2025 | 0.5% | -5.0% | -11.3% |
| 5/13/2025 | -6.9% | 23.5% | 167.3% |
| 3/4/2025 | -4.3% | -9.7% | -6.9% |
| 11/13/2024 | -5.5% | -21.5% | -35.8% |
| 8/13/2024 | 1.1% | 12.3% | 348.9% |
| 5/10/2024 | 3.1% | 5.1% | -6.8% |
| 3/21/2024 | -1.5% | -8.2% | -9.0% |
| 11/13/2023 | -5.4% | 5.3% | -10.8% |
| 8/14/2023 | -5.2% | -9.6% | -7.9% |
| 3/31/2023 | -0.4% | 0.3% | -3.1% |
| 11/14/2022 | 1.2% | -23.7% | -73.7% |
| 8/12/2022 | 2.2% | -6.5% | -10.4% |
| 5/16/2022 | 8.7% | 15.0% | -22.8% |
| 3/7/2022 | -1.6% | 14.8% | 27.6% |
| 8/12/2021 | 0.5% | -2.8% | 9.7% |
| 5/13/2021 | 10.2% | 14.1% | 1.2% |
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 5 |
| # Negative | 10 | 10 | 14 |
| Median Positive | 1.2% | 12.3% | 27.6% |
| Median Negative | -5.3% | -8.9% | -9.7% |
| Max Positive | 10.2% | 23.5% | 348.9% |
| Max Negative | -7.2% | -23.7% | -73.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/22/2021 | 424B4 |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/15/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Affirmed | Guidance: 2,027 for 2027 | |||||
Prior: Q4 2025 Earnings Reported 3/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | 2,027 | ||||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Laumas, Sandeep | CFO and CBO | Direct | Sell | 9122025 | 23.39 | 30,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Laumas, Sandeep | CFO and CBO | Direct | Sell | 9122025 | 23.39 | 30,000 | Form |
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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