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Standard Biotools

LAB on Nasdaq. Pharmaceutical preparations. Market value $298m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-29.2%low

For every $100 of what the whole company costs, it produced $-29.21 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 20 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.

$0.72 a share, 14% above its 1-year low

Over the past year the price has ranged from $0.63 to $1.72.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.0
-0.2
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$131m$98m$106m$91m$85m
Operating margin
-51.7%-118.6%-72.0%-140.1%-129.2%
Debt to equity
n/an/an/a0.00n/a
Shares outstanding
0.08bn0.08bn0.37bn0.38bn0.39bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 9.2% a year
  • Buying back its own sharesNo, 395% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $20 million last quarter, down 8% on a year ago.
  • A loss of $27 million, compared with a loss of $33 million a year ago.
  • It loses 113 cents on each $1 of sales, compared with 119 cents a year earlier.
  • Over the past 12 months it spent $83 million more cash than it brought in, compared with $105 million a year earlier.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$22m
December 2024$25m
March 2025$20m
June 2025$22m
September 2025$20m
December 2025$24m
March 2026$21m
June 2026$20m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$27m
December 2024-$34m
March 2025-$26m
June 2025-$33m
September 2025-$35m
December 2025$19m
March 2026$127m
June 2026-$27m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
16 March 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 143 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Eli Casdin
    at least 23.9%−0.3 pts
    (filed with 5 related holders)
    Since 6 June 2026
    What they said

    Item 4 of the Schedule 13D amendment filed on November 28, 2025 is hereby supplemented by the addition of the following: On June 6, 2026, the Issuer, Treeline Biosciences, Inc., a Delaware corporation (the "Company"), and Siri Merger Sub, Inc., a Delaware corporation and a…

    Read the filing
  • at least 15.0%0.0 pts
    (filed with 9 related holders)
    Since 6 June 2026
    What they said

    The response to Item 3 of this Schedule 13D is incorporated by reference herein. On June 6, 2026, the Issuer, Treeline Biosciences, Inc., a Delaware corporation ("Treeline"), and Siri Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Issuer ("Merger…

    Read the filing
  • MAK CAPITAL ONE LLC
    Passive investor
    at least 7.3%+0.6 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • MAK Capital Fund LP
    Passive investor
    at least 6.7%+1.5 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • at least 6.0%
    (filed with 1 related holder)
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $14m of shares on the open market.

  • CASDIN PRIVATE GROWTH EQUITY FUND GP, LLC
    Director
    Bought
    Date
    4 December 2025
    Shares
    150,000
    Price
    $1.45
    Value
    $217,500
  • CASDIN PRIVATE GROWTH EQUITY FUND GP, LLC
    Director
    Bought
    Date
    3 December 2025
    Shares
    75,000
    Price
    $1.44
    Value
    $108,000
  • CASDIN PRIVATE GROWTH EQUITY FUND GP, LLC
    Director
    Bought
    Date
    2 December 2025
    Shares
    125,000
    Price
    $1.42
    Value
    $177,500
  • Casdin Partners GP, LLC
    Director
    Bought
    Date
    25 November 2025
    Shares
    7,550,000
    Price
    $1.30
    Value
    $10m
  • Casdin Partners GP, LLC
    Director
    Bought
    Date
    24 November 2025
    Shares
    150,000
    Price
    $1.43
    Value
    $214,500
  • Casdin Eli
    Director
    Bought
    Date
    20 November 2025
    Shares
    450,000
    Price
    $1.30
    Value
    $585,000
  • Casdin Eli
    Director
    Bought
    Date
    19 November 2025
    Shares
    350,000
    Price
    $1.28
    Value
    $448,000
  • Casdin Eli
    Director
    Bought
    Date
    18 November 2025
    Shares
    275,000
    Price
    $1.23
    Value
    $338,250
  • Casdin Partners Master Fund, L.P.
    Director
    Bought
    Date
    17 November 2025
    Shares
    225,000
    Price
    $1.22
    Value
    $274,500
  • Casdin Partners Master Fund, L.P.
    Director
    Bought
    Date
    14 November 2025
    Shares
    250,000
    Price
    $1.24
    Value
    $310,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 11 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 9.2% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.