BIODESIX INC
BDSX · Services-Medical Laboratories · 10.1M shares · +37%/yr ↑ dilution · EDGAR filings ↗
Reference price $12.78 · est. market cap ~$129M — last insider sale, 2026-02-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Lung-diagnostics company with operating losses, negative equity, and cash burn.
Strengths
- Adequate liquidity — current ratio 1.9 (42nd)
Risks
- Operating/net losses — operating margin -31%, net margin -40%
- Negative equity — D/E -20.3
- Cash burn — FCF -$24M
Notable findings
- No interest coverageInterest coverage -3.61 (cannot cover interest)
- Net lossNet loss (net margin -39.8%)
- Cash burnNegative free cash flow (-23.5M)
- Negative equityNegative book equity (debt/equity -20.29)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Chronic dilutionShare count +37%/yr over 3y (dilution, book value/share -105%)
- Insider buyingInsider buying — 3 open-market buy(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
- AccumulatingInstitutional holders rose 4→5 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Insider sellingInsider selling — 15 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, last 6mo) Form 4 ↗
- Revenue declineRevenue -11.1% YoY
- Notable holderHeld by 3 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, FMR LLC (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-31.5%
Net margin
-39.8%
Return on equity
1430.6%
Return on assets
-40.3%
ROIC
-46.3%
Revenue growth (QoQ)
-11.1%
Debt / equity
-20.3×
Interest coverage
-3.6×
Current ratio
1.9×
Free cash flow
-$24M
EBITDA
-$22M
Tangible book value
-$21M
Cash & investments
$19M
Cash runway
3q
Stock comp / revenue
4.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-31 | PATIENCE JOHN | Option exercise | 1.4K | — |
| 2026-02-23 | O'Kane Kieran | Sell | 535 | $12.78 |
| 2026-02-23 | Vazquez Chris | Sell | 211 | $12.78 |
| 2026-02-23 | Cowie Robin Harper | Sell | 535 | $12.78 |
| 2026-02-23 | Hutton Scott | Sell | 1.5K | $12.78 |
| 2026-02-23 | Pestano Gary Anthony | Sell | 556 | $12.78 |
| 2026-02-20 | Hutton Scott | Option exercise | 4.8K | — |
| 2026-02-20 | Vazquez Chris | Option exercise | 563 | — |
| 2026-02-20 | O'Kane Kieran | Option exercise | 1.5K | — |
| 2026-02-20 | Cowie Robin Harper | Option exercise | 1.5K | — |
| 2026-02-20 | Pestano Gary Anthony | Option exercise | 1.5K | — |
| 2026-02-10 | Hutton Scott | Sell | 3.6K | $10.08 |
| 2026-02-10 | Cowie Robin Harper | Sell | 941 | $10.08 |
| 2026-02-10 | Vazquez Chris | Sell | 101 | $10.08 |
| 2026-02-10 | O'Kane Kieran | Sell | 584 | $10.08 |
| 2026-02-10 | Pestano Gary Anthony | Sell | 540 | $10.08 |
| 2026-02-09 | O'Kane Kieran | Option exercise | 1.6K | — |
| 2026-02-09 | Hutton Scott | Option exercise | 10.0K | — |
| 2026-02-09 | Cowie Robin Harper | Option exercise | 2.6K | — |
| 2026-02-09 | Pestano Gary Anthony | Option exercise | 1.5K | — |
| 2026-02-09 | Vazquez Chris | Option exercise | 263 | — |
| 2026-01-26 | SCHULER JACK W | Buy | 20K | $11.80 |
| 2026-01-23 | SCHULER JACK W | Buy | 80K | $11.81 |
| 2026-01-22 | SCHULER JACK W | Buy | 82K | $10.96 |
| 2026-01-16 | Cowie Robin Harper | Sell | 298 | $8.15 |
| 2026-01-16 | O'Kane Kieran | Sell | 298 | $8.15 |
| 2026-01-16 | Vazquez Chris | Sell | 83 | $8.15 |
| 2026-01-16 | Hutton Scott | Sell | 970 | $8.15 |
| 2026-01-16 | Pestano Gary Anthony | Sell | 298 | $8.15 |
| 2026-01-15 | O'Kane Kieran | Option exercise | 805 | — |
| 2026-01-15 | Vazquez Chris | Option exercise | 219 | — |
| 2026-01-15 | Pestano Gary Anthony | Option exercise | 805 | — |
| 2026-01-15 | Hutton Scott | Option exercise | 2.6K | — |
| 2026-01-15 | Cowie Robin Harper | Option exercise | 805 | — |
| 2026-01-05 | PATIENCE JOHN | Option exercise | 1.1K | — |
| 2025-11-10 | Cowie Robin Harper | Option exercise | 158 | — |
| 2025-11-10 | Vazquez Chris | Option exercise | 31 | — |
| 2025-11-10 | Vazquez Chris | Sell | 13 | $7.62 |
| 2025-11-10 | Pestano Gary Anthony | Option exercise | 69 | — |
| 2025-11-10 | Pestano Gary Anthony | Sell | 23 | $7.62 |
| 2025-11-10 | O'Kane Kieran | Option exercise | 75 | — |
| 2025-11-10 | O'Kane Kieran | Sell | 25 | $7.62 |
| 2025-11-10 | Hutton Scott | Option exercise | 611 | — |
| 2025-11-10 | Hutton Scott | Sell | 189 | $7.62 |
| 2025-11-10 | Cowie Robin Harper | Sell | 50 | $7.62 |
| 2025-09-30 | PATIENCE JOHN | Option exercise | 1.1K | — |
| 2025-09-19 | SCHULER JACK W | Buy | 142K | $7.04 |
| 2025-09-18 | SCHULER JACK W | Buy | 3.1K | $6.17 |
| 2025-09-17 | SCHULER JACK W | Buy | 15K | $6.04 |
| 2025-08-29 | SCHULER JACK W | Buy | 3.5M | $0.43 |
| 2025-08-13 | Cowie Robin Harper | Sell | 988 | $0.42 |
| 2025-08-13 | Hutton Scott | Sell | 3.8K | $0.42 |
| 2025-08-13 | O'Kane Kieran | Sell | 476 | $0.42 |
| 2025-08-13 | Pestano Gary Anthony | Sell | 442 | $0.42 |
| 2025-08-13 | Vazquez Chris | Sell | 228 | $0.42 |
| 2025-08-12 | Vazquez Chris | Option exercise | 602 | — |
| 2025-08-12 | Cowie Robin Harper | Option exercise | 3.2K | — |
| 2025-08-12 | Hutton Scott | Option exercise | 12K | — |
| 2025-08-12 | O'Kane Kieran | Option exercise | 1.5K | — |
| 2025-08-12 | Pestano Gary Anthony | Option exercise | 1.4K | — |
| 2025-07-01 | MASSARANY HANY | Option exercise | 26K | — |
| 2025-06-30 | PATIENCE JOHN | Option exercise | 23K | — |
| 2025-05-19 | SCHULER JACK W | Buy | 723K | $0.34 |
| 2025-05-16 | SCHULER JACK W | Buy | 4.0M | $0.27 |
| 2025-05-13 | Hutton Scott | Sell | 1.9K | $0.35 |
| 2025-05-13 | Pestano Gary Anthony | Sell | 222 | $0.35 |
| 2025-05-13 | Cowie Robin Harper | Sell | 496 | $0.35 |
| 2025-05-13 | Vazquez Chris | Sell | 112 | $0.35 |
| 2025-05-13 | O'Kane Kieran | Sell | 238 | $0.35 |
| 2025-05-12 | Pestano Gary Anthony | Sell | 223 | $0.36 |
| 2025-05-12 | Vazquez Chris | Sell | 112 | $0.36 |
| 2025-05-12 | O'Kane Kieran | Sell | 239 | $0.36 |
| 2025-05-12 | Hutton Scott | Sell | 1.9K | $0.36 |
| 2025-05-12 | Cowie Robin Harper | Sell | 496 | $0.36 |
| 2025-05-09 | Vazquez Chris | Option exercise | 602 | — |
| 2025-05-09 | Hutton Scott | Option exercise | 12K | — |
| 2025-05-09 | Pestano Gary Anthony | Option exercise | 1.4K | — |
| 2025-05-09 | Cowie Robin Harper | Option exercise | 3.2K | — |
| 2025-05-09 | O'Kane Kieran | Option exercise | 1.5K | — |
| 2025-04-01 | Franchi Jean M. | Option exercise | 26K | — |
| 2025-03-31 | PATIENCE JOHN | Option exercise | 47K | — |
| 2025-03-31 | Watts Charles M | Option exercise | 47K | — |
| 2025-02-11 | O'Kane Kieran | Sell | 18K | $0.92 |
| 2025-02-11 | Pestano Gary Anthony | Sell | 17K | $0.92 |
| 2025-02-11 | Vazquez Chris | Sell | 3.6K | $0.92 |
| 2025-02-11 | Hutton Scott | Sell | 84K | $0.92 |
| 2025-02-11 | Cowie Robin Harper | Sell | 25K | $0.92 |
| 2025-02-10 | Cowie Robin Harper | Option exercise | 68K | — |
| 2025-02-10 | Vazquez Chris | Option exercise | 9.7K | — |
| 2025-02-10 | Pestano Gary Anthony | Option exercise | 46K | — |
| 2025-02-10 | O'Kane Kieran | Option exercise | 48K | — |
| 2025-02-10 | Hutton Scott | Option exercise | 253K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06728319 ↗ | A Multicenter, Retrospective, Chart Review Study Evaluating the Impact and Utility of the Blood-Based Proteomic Integrated Classifier and Auto-Antibody Tests in the Real-World Lung Nodules | — | Active Not Recruiting | 2026-07-31 |
| NCT04171492 ↗ | Nodify XL2 Classifier Clinical Utility Study in Low to Moderate Risk Lung Nodules Nodule Solitary Pulmonary, Non-small Cell Carcinoma | — | Active Not Recruiting | 2025-12-01 |
| NCT03289780 ↗ | Clinical Effectiveness Assessment of VeriStrat® Testing and Validation of Immunotherapy Tests in NSCLC Subjects Non-Small Cell Lung Cancer | — | Active Not Recruiting | 2025-12-01 |
| NCT03766958 ↗ | A Registry to Evaluate the Performance of the BDX-XL2 Test Nodule Solitary Pulmonary, NSCLC | — | Completed | 2022-05-12 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-19 | 0001193125-26-232631 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-203936 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001193125-26-203960 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076547 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076521 ↗ |
| 8-K/A | 2026-01-12 | 2026-01-12 | 0001193125-26-010114 ↗ |
| 10-Q | 2025-11-03 | 2025-09-30 | 0001193125-25-262532 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0001193125-25-262508 ↗ |
| 8-K | 2025-10-01 | 2025-09-26 | 0001193125-25-226749 ↗ |
| 8-K | 2025-09-15 | 2025-09-12 | 0001193125-25-203746 ↗ |
| 8-K | 2025-09-11 | 2025-09-11 | 0001193125-25-200766 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-105026 ↗ |