Lexeo Therapeutics
LXEO on Nasdaq. Lexeo Therapeutics sells gene therapies to patients with inherited heart and brain diseases. Market value $280m.
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
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-32.76 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.30 a share, 11% above its 1-year low
Over the past year the price has ranged from $2.98 to $10.99.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | n/a | n/a | n/a |
| Operating margin | |||
| Operating margin | n/a | n/a | n/a |
| Debt to equity | |||
| Debt to equity | n/a | n/a | n/a |
| Shares outstanding | |||
| Shares outstanding | 0.03bn | 0.07bn | 0.08bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 148% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $26 million, compared with a loss of $26 million a year ago.
- Over the past 12 months it spent $89 million more cash than it brought in, compared with $95 million a year earlier.
- 97% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$29m |
| December 2024 | -$26m |
| March 2025 | -$33m |
| June 2025 | -$26m |
| September 2025 | -$20m |
| December 2025 | -$21m |
| March 2026 | -$20m |
| June 2026 | -$26m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
None of the long-term investors we follow own it. 142 funds in all.
Largest holders overall
- Montanova Capital$30mAdded
- Affinity Asset Advisors$27mAdded
- BlackRock$27mAdded
- RA Capital Management, L.P.$23m
- Frazier Life Sciences Management, L.P.$22mAdded
- State Street$20mAdded
- Vestal Point Capital, LP$20mCut
- Paradigm Biocapital Advisors LP$19mCut
- Jupiter Topco$18m
- Orbimed Advisors$18mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
20 investors own more than 5%.
- BALYASNY ASSET MANAGEMENT L.P.Passive investorat least 10.0%+0.3 pts(filed with 4 related holders)Since 30 June 2026
- JANUS HENDERSON GROUP PLCPassive investor10.0%−1.3 ptsSince 28 November 2025
- Affinity Asset Advisors, LLCPassive investorat least 8.4%+1.3 pts(filed with 1 related holder)Since 30 June 2026
- Affinity Healthcare Fund, LPPassive investor7.8%Since 28 May 2025
- SUVRETTA CAPITAL MANAGEMENT, LLCPassive investorat least 7.7%(filed with 2 related holders)Since 6 April 2026
- Janus Henderson Biotech Innovation Master Fund LtdPassive investor7.6%+1.4 ptsSince 30 September 2025
- Vestal Point Capital, LPPassive investorat least 7.5%+1.5 pts(filed with 1 related holder)Since 30 September 2025
- Kenneth GriffinPassive investorat least 7.4%−2.2 pts(filed with 6 related holders)Since 31 December 2025
- RA Capital Management, L.P.Passive investorat least 6.9%(filed with 3 related holders)Since 20 October 2025
- BlackRock, Inc.Passive investor6.7%+2.7 ptsSince 31 December 2025
- Mizuho Financial Group, Inc.Passive investor6.6%+0.8 ptsSince 31 March 2025
- STATE STREET CORPORATIONPassive investor5.5%Since 30 June 2026
- Paradigm BioCapital Advisors LPPassive investorat least 5.3%−3.0 pts(filed with 3 related holders)Since 30 June 2026
- Frazier Life Sciences Public Fund, L.P.Passive investorat least 5.1%−0.6 pts(filed with 9 related holders)Since 31 December 2025
- OrbiMed Advisors LLCPassive investorat least 4.1%(filed with 1 related holder)Since 30 June 2026
- Longitude Capital Partners IV, LLCPassive investorat least 3.8%(filed with 3 related holders)Since 30 September 2025
- Eventide Asset Management, LLCPassive investorat least 3.7%(filed with 2 related holders)Since 31 December 2024
- Omega Fund VI, L.P.Passive investorat least 3.6%(filed with 5 related holders)Since 31 December 2024
- Millennium Management LLCPassive investorat least 3.2%−2.1 pts(filed with 3 related holders)Since 30 September 2025
- D1 Capital Partners L.P.Passive investorat least 2.9%(filed with 1 related holder)Since 31 March 2025
- Frazier Life Sciences Public Overage Fund, L.P.Passive investorSold down below 5%Since 30 June 2025
- Adage Capital Management, L.P.Passive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BALYASNY ASSET MANAGEMENT L.P. Passive investor | at least 10.0%+0.3 pts (filed with 4 related holders) | 30 June 2026 | |
JANUS HENDERSON GROUP PLC Passive investor | 10.0%−1.3 pts | 28 November 2025 | |
Affinity Asset Advisors, LLC Passive investor | at least 8.4%+1.3 pts (filed with 1 related holder) | 30 June 2026 | |
Affinity Healthcare Fund, LP Passive investor | 7.8% | 28 May 2025 | |
SUVRETTA CAPITAL MANAGEMENT, LLC Passive investor | at least 7.7% (filed with 2 related holders) | 6 April 2026 | |
Janus Henderson Biotech Innovation Master Fund Ltd Passive investor | 7.6%+1.4 pts | 30 September 2025 | |
Vestal Point Capital, LP Passive investor | at least 7.5%+1.5 pts (filed with 1 related holder) | 30 September 2025 | |
Kenneth Griffin Passive investor | at least 7.4%−2.2 pts (filed with 6 related holders) | 31 December 2025 | |
RA Capital Management, L.P. Passive investor | at least 6.9% (filed with 3 related holders) | 20 October 2025 | |
BlackRock, Inc. Passive investor | 6.7%+2.7 pts | 31 December 2025 | |
Mizuho Financial Group, Inc. Passive investor | 6.6%+0.8 pts | 31 March 2025 | |
STATE STREET CORPORATION Passive investor | 5.5% | 30 June 2026 | |
Paradigm BioCapital Advisors LP Passive investor | at least 5.3%−3.0 pts (filed with 3 related holders) | 30 June 2026 | |
Frazier Life Sciences Public Fund, L.P. Passive investor | at least 5.1%−0.6 pts (filed with 9 related holders) | 31 December 2025 | |
OrbiMed Advisors LLC Passive investor | at least 4.1% (filed with 1 related holder) | 30 June 2026 | |
Longitude Capital Partners IV, LLC Passive investor | at least 3.8% (filed with 3 related holders) | 30 September 2025 | |
Eventide Asset Management, LLC Passive investor | at least 3.7% (filed with 2 related holders) | 31 December 2024 | |
Omega Fund VI, L.P. Passive investor | at least 3.6% (filed with 5 related holders) | 31 December 2024 | |
Millennium Management LLC Passive investor | at least 3.2%−2.1 pts (filed with 3 related holders) | 30 September 2025 | |
D1 Capital Partners L.P. Passive investor | at least 2.9% (filed with 1 related holder) | 31 March 2025 | |
Frazier Life Sciences Public Overage Fund, L.P. Passive investor | Sold down below 5% | 30 June 2025 | |
Adage Capital Management, L.P. Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $984,988, $312,950 of it under preset trading plans.
- Tamayo Louis EdwardChief Financial OfficerSold
- Date
- 18 August 2026
- Shares
- 4,117
- Price
- $4.91
- Value
- $20,203
- Otero Jose ManuelChief Operating OfficerSold
- Date
- 18 August 2026
- Shares
- 1,304
- Price
- $4.96
- Value
- $6,464
- Townsend Richard NolanChief Executive Officer, DirectorSold
- Date
- 18 August 2026
- Shares
- 3,345
- Price
- $4.95
- Value
- $16,562
- Bhalla Narinder PalChief Medical OfficerSold
- Date
- 1 July 2026
- Shares
- 22,306
- Price
- $4.42
- Value
- $98,593
- Tamayo Louis EdwardChief Financial OfficerSold
- Date
- 1 July 2026
- Shares
- 4,641
- Price
- $4.49
- Value
- $20,838
- Otero Jose ManuelChief Operating OfficerSold
- Date
- 1 July 2026
- Shares
- 4,666
- Price
- $4.48
- Value
- $20,904
- Townsend Richard NolanChief Executive Officer, DirectorSold
- Date
- 1 July 2026
- Shares
- 25,947
- Price
- $4.48
- Value
- $116,243
- Otero Jose ManuelChief Operating OfficerSold
- Date
- 18 May 2026
- Shares
- 1,302
- Price
- $5.07
- Value
- $6,601
- Townsend Richard NolanChief Executive Officer, DirectorSold
- Date
- 18 May 2026
- Shares
- 3,342
- Price
- $5.06
- Value
- $16,911
- Townsend Richard NolanChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 6 April 2026
- Shares
- 55,000
- Price
- $5.69
- Value
- $312,950
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 August 2026 | Tamayo Louis Edward Chief Financial Officer | Sold | 4,117 | $4.91 | $20,203 |
| 18 August 2026 | Otero Jose Manuel Chief Operating Officer | Sold | 1,304 | $4.96 | $6,464 |
| 18 August 2026 | Townsend Richard Nolan Chief Executive Officer, Director | Sold | 3,345 | $4.95 | $16,562 |
| 1 July 2026 | Bhalla Narinder Pal Chief Medical Officer | Sold | 22,306 | $4.42 | $98,593 |
| 1 July 2026 | Tamayo Louis Edward Chief Financial Officer | Sold | 4,641 | $4.49 | $20,838 |
| 1 July 2026 | Otero Jose Manuel Chief Operating Officer | Sold | 4,666 | $4.48 | $20,904 |
| 1 July 2026 | Townsend Richard Nolan Chief Executive Officer, Director | Sold | 25,947 | $4.48 | $116,243 |
| 18 May 2026 | Otero Jose Manuel Chief Operating Officer | Sold | 1,302 | $5.07 | $6,601 |
| 18 May 2026 | Townsend Richard Nolan Chief Executive Officer, Director | Sold | 3,342 | $5.06 | $16,911 |
| 6 April 2026 | Townsend Richard Nolan Chief Executive Officer, Director | Sold under a preset trading plan | 55,000 | $5.69 | $312,950 |
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 30 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 7 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
Cheap for a reason is the question the numbers cannot answer.
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
Your first deep dive is free.
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.