Who holds it, who is betting against it, and where the big money is moving
Net of large-order buying minus selling, in USD. Over this window: −$3.29M (6 inflow days, 14 outflow days).
Super/Big orders approximate institutional-size trades; Mid/Small approximate retail-size trades. Net buy minus sell value in each bucket, summed over the window.
The five largest holders on file together own 41.0% of shares outstanding.
Reported short interest has fallen from 14.29% to 13.36% of float over the last 6 biweekly reports (30 Jun 2026 to 15 Sep 2026).
| Holder | Type | Period | Share change | New stake |
|---|---|---|---|---|
| RA Capital Management, L.P. | VC/PE Fund | 2026/Q3 | +2,101,787 | 7.6% |
| Franklin Resources | Mutual Fund | 2026/Q3 | +425,521 | 0.7% |
| FMR | Mutual Fund | 2026/Q3 | +1,577,847 | 11.0% |
| VERVE CAPITAL, Inc. | VC/PE Fund | 2026/Q3 | +3,410,892 | 5.8% |
| BlackRock | Mutual Fund | 2026/Q3 | +2,673,348 | 5.9% |
| State Street Global Advisors | Mutual Fund | 2026/Q3 | +1,497,878 | 4.4% |
| Nantahala Capital Management, LLC | Hedge Fund | 2026/Q3 | +807,214 | 1.4% |
| Vanguard Capital Management, LLC | Mutual Fund | 2026/Q3 | +766,241 | 4.0% |
| Geode Capital Management, LLC | Mutual Fund | 2026/Q3 | +719,896 | 1.8% |
| ADAR1 Capital Management, LLC | Hedge Fund | 2026/Q3 | +680,626 | 1.2% |
| Nan Fung Trinity (HK) Limited | VC/PE Fund | 2026/Q3 | +646,550 | 1.1% |
| Woodline Partners LP | Hedge Fund | 2026/Q3 | +379,723 | 0.6% |
| Vanguard Portfolio Management, LLC | Mutual Fund | 2026/Q3 | +340,364 | 0.6% |
| Northern Trust Global Investments | Mutual Fund | 2026/Q3 | +264,193 | 0.6% |
| Millennium Management LLC | Hedge Fund | 2026/Q3 | +169,480 | 0.7% |
Institutional buy/sell activity by reporting period, largest moves first.
| Date | Insider | Title | Transaction | Shares | Price | Held after |
|---|---|---|---|---|---|---|
| 1 Oct 2026 | RA Capital Management, L.P. | Derivative Exercise and Retained | +500 | $12.80 | 4,503,882 | |
| 23 Aug 2026 | RA Capital Management, L.P. | Derivative Exercise and Retained | +1,500 | $3.74 | 4,503,382 | |
| 15 Jul 2026 | RA Capital Management, L.P. | Derivative Exercise and Sale | -213 | $19.75 | 4,501,882 | |
| 15 Jul 2026 | RA Capital Management, L.P. | Derivative Exercise and Retained | +2,099,787 | $0.00 | 4,501,882 | |
| 6 Jul 2026 | David Zaccardelli | Director | Other Derivative Acquisition | +42,658 | $20.10 | 42,658 |
| 10 Jun 2026 | RA Capital Management, L.P. | Other Derivative Acquisition | +57,162 | $14.09 | 57,162 | |
| 10 Jun 2026 | Michel Detheux | Director | Other Derivative Acquisition | +57,162 | $14.09 | 57,162 |
| 10 Jun 2026 | Sabretooth Capital Management, LLC | Other Derivative Acquisition | +57,162 | $14.09 | 57,162 | |
| 10 Jun 2026 | Daniella Beckman | Independent Director | Other Derivative Acquisition | +53,283 | $14.09 | 53,283 |
| 10 Jun 2026 | Andrew Levin | Director | Other Derivative Acquisition | +57,162 | $14.09 | 57,162 |
| 10 Jun 2026 | Alexander Cumbo | Director | Other Derivative Acquisition | +56,345 | $14.09 | 56,345 |
| 10 Jun 2026 | Fouad Namouni | Director | Other Derivative Acquisition | +56,549 | $14.09 | 56,549 |
| 10 Jun 2026 | Wouter Sebastian Joustra | Director | Other Derivative Acquisition | +57,162 | $14.09 | 57,162 |
| 21 Apr 2026 | RA Capital Management, L.P. | Open Market Disposition | -165,150 | $15.77 | 2,402,095 | |
| 19 Apr 2026 | RA Capital Management, L.P. | Open Market Disposition | -630,374 | $16.28 | 2,567,245 | |
| 14 Apr 2026 | RA Capital Management, L.P. | Open Market Disposition | -737,989 | $16.15 | 3,197,619 | |
| 9 Apr 2026 | RA Capital Management, L.P. | Open Market Disposition | -484,932 | $16.91 | 3,935,608 | |
| 8 Apr 2026 | RA Capital Management, L.P. | Private Disposition | -135,201 | $16.59 | 3,935,608 | |
| 5 Apr 2026 | RA Capital Management, L.P. | Open Market Disposition | -849,257 | $19.06 | 4,555,741 | |
| 31 Mar 2026 | Jeremy Sokolove | Chief Medical Officer | Initial Statement of Beneficial | +0 | – | 27,900 |
From Form 4/Form 144 filings. Negative share counts are disposals (sales, gifts, or shares withheld for taxes); positive are acquisitions.
| Report date | Shares short | % of float | Days to cover |
|---|---|---|---|
| 15 Sep 2026 | 7,904,520 | 13.4% | 11.1 |
| 31 Aug 2026 | 7,666,676 | 13.0% | 10.4 |
| 14 Aug 2026 | 7,350,765 | 12.4% | 9.8 |
| 31 Jul 2026 | 7,251,707 | 13.4% | 8.3 |
| 15 Jul 2026 | 7,289,116 | 13.5% | 4.4 |
| 30 Jun 2026 | 7,743,558 | 14.3% | 3.8 |
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