Fulgent Genetics Inc.
FLGT evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for FLGT—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · FLGT
Fulgent Genetics Inc. (FLGT) is a technology-based company with a well-established laboratory services business and a therapeutic development segment, advancing candidates FID-007 and FID-022 through clinical trials.
Key risk: Cash burn and liquidity
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 6 clinical trials for Fulgent Genetics Inc..
Fulgent Genetics Inc. (FLGT) is a technology-based company with a well-established laboratory services business and a therapeutic development segment, advancing candidates FID-007 and FID-022 through clinical trials.
- Cash and equivalents of $26.4M as of 2026-06-30 [sec].
- Total revenue of $85.4M and net income of -$29.5M for the six months ended 2026-06-30 [sec].
- Shareholders' equity of $1,116.6M and total debt of $0.5M as of 2026-06-30 [sec].
- Therapeutic development expenses totaled $11.7M for the six months ended June 30, 2026, primarily in personnel and CRO costs [sec_mda · as of 2026-07-30].
- Net cash used in operating activities was $101.6M for the year ended December 31, 2025 [sec_mda · as of 2026-02-27].
What works
- The company has a well-established laboratory services business generating revenue, providing a foundation for its therapeutic development segment [sec_mda · as of 2025-02-28].
- Shareholders' equity is substantial at $1,116.6M as of 2026-06-30, indicating a strong balance sheet relative to debt [sec].
- Therapeutic development expenses have remained relatively flat for the six months ended June 30, 2026 compared to the prior year, suggesting cost control [sec_mda · as of 2026-07-30].
What to weigh
- The company reported a net loss of $29.5M for the six months ended June 30, 2026, and net cash used in operating activities was $101.6M for the year ended December 31, 2025, indicating ongoing cash burn [sec] [sec_mda · as of 2026-02-27].
- Cash and equivalents decreased to $26.4M as of 2026-06-30 from $705.5M in cash, cash equivalents, restricted cash, and marketable securities as of December 31, 2025, reflecting significant cash consumption [sec] [sec_mda · as of 2026-02-27].
- The company faces risks from FDA staff reductions and government shutdowns that could delay clinical development timelines [sec_mda · as of 2026-05-01].
- The company is subject to ongoing government audits and investigations, the outcomes of which are uncertain and could materially affect results [sec_mda · as of 2025-11-07].
From the filings
Quoted directly from source documents.
The company has a well-established laboratory services business and a therapeutic development business.
“We are a technology-based company with a well-established laboratory services business and a therapeutic development business.”
SEC MD&A · February 28, 2025
Development expenses for the six months ended June 30, 2026 totaled $11.7 million.
“development expenses in the six months ended June 30, 2026, totaled $11.7 million and consisted of $5.7 million in personnel costs, including equity-based compensation, and $4.8 million in CRO costs.”
SEC MD&A · July 30, 2026
Net cash used in operating activities was $101.6 million for the year ended December 31, 2025.
“Net cash (used in) provided by operating activities | | $ | (101,638 | ) | | $ | 21,060”
SEC MD&A · February 27, 2026
The company had $705.5 million in cash, cash equivalents, restricted cash, and marketable securities as of December 31, 2025.
“We had $705.5 million and $828.6 million in cash, cash equivalents, restricted cash, and marketable securities as of December 31, 2025 and 2024, respectively.”
SEC MD&A · February 27, 2026
Risks & what to watch (4)›
Key risks
- Cash burn and liquidity — Cash decreased from $705.5M (Dec 2025) to $26.4M (Jun 2026) with ongoing net losses, raising liquidity concerns [sec] [sec_mda · as of 2026-02-27].
- FDA delays and shutdowns — Staff reductions and government shutdowns at the FDA may delay clinical development and approvals [sec_mda · as of 2026-05-01].
- Government audits and investigations — Ongoing audits by government agencies and tax authorities could materially affect business and results [sec_mda · as of 2025-11-07].
- Dependence on partnerships — The company may be forced to partner on tests or programs, lowering economic value to the company [sec_mda · as of 2026-05-01].
What to watch
- Progress of therapeutic candidates FID-007 and FID-022 through clinical trials, as expenses are expected to increase [sec_mda · as of 2026-02-27].
- Cash runway and ability to fund operations given the significant decline in cash reserves [sec] [sec_mda · as of 2026-02-27].
- Resolution of government audits and investigations that could impact financial results [sec_mda · as of 2025-11-07].
- Impact of FDA staffing and government shutdowns on clinical timelines [sec_mda · as of 2026-05-01].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
38.5 months
D/E 0.09 · 0% dilution
Lead: Phase 2
2 candidates
No upcoming catalysts tracked
0 buys · 4 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
157
Total value held
$271.8M
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 2,774,519 | $44.1M |
| vanguard capital management llc | 1,760,300 | $28.0M |
| rtw investments, lp | 1,289,000 | $20.5M |
| dimensional fund advisors lp | 671,664 | $10.7M |
| invenomic capital management lp | 610,318 | $9.7M |
| geode capital management, llc | 584,207 | $9.3M |
| ameriprise financial inc | 563,375 | $9.0M |
| state street corp | 529,399 | $8.4M |
| d. e. shaw & co., inc. | 486,770 | $7.7M |
| jpmorgan chase & co | 460,363 | $7.2M |
Showing top 10 of 157 institutional holders of Fulgent Genetics Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 13.9%
- Days to cover
- 5.7
- Shares short
- 2,501,018
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
FLGT short interestGovernance
Frequently asked questions
What is the AI investment thesis for Fulgent Genetics Inc.?
Fulgent Genetics Inc. (FLGT) is a technology-based company with a well-established laboratory services business and a therapeutic development segment, advancing candidates FID-007 and FID-022 through clinical trials.
What is Fulgent Genetics Inc.'s lead drug candidate?
Fulgent Genetics Inc.'s most advanced tracked candidate is FID-007 (Phase 2) for Advanced Malignant Solid Neoplasm; Head and Neck Squamous Cell Carcinoma.
Who is the CEO of Fulgent Genetics Inc.?
Mr. Ming Hsieh is the chief executive officer of Fulgent Genetics Inc. (FLGT).
Where is Fulgent Genetics Inc. headquartered?
Fulgent Genetics Inc. (FLGT) is headquartered in El Monte, CA, United States.
What therapeutic areas does Fulgent Genetics Inc. focus on?
Fulgent Genetics Inc. develops therapies across Oncology, Neurology, Immunology, Nephrology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.