MARAVAI LIFESCIENCES HOLDINGS, INC.

MRVI · Pharmaceutical Preparations · 131.9M shares · -15%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: -$930K (gross $34M, SBC $35M)

Reference price $5.10 · est. market cap ~$673M — last insider sale, 2026-06-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

D42

Nucleic-acid/biologics tools company (CleanCap) with deep losses and leverage.

Strengths

Adequate liquidity — current ratio 6.6 (67th)

Risks

Deep losses, very low gross margin — operating margin -116%, gross margin 18% (6th)
Leverage — D/E 1.35 (89th)
Bioprocessing-demand softness — per 10-K

Notable findings

RestatementRisks Related to Being a Public Company • Risks and uncertainty related to the restatement of our previously issued quarterly financial statements 8-K ↗
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Net lossNet loss (net margin -70.4%)
Cash burnNegative free cash flow (-70.7M)
Customer concentration~64% of revenue from one customer/distributor — TriLink (64% of Revenue for the Year Ended December 31, 2025) We are a global provider of highly modified, complex nucleic acids and related products
Buying back stockNet buyback — share count -15%/yr over 4y
Strong balance sheetStrong balance sheet — $217M cash & investments, ~12 quarters of runway
Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$254,000, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)

Quarterly revenue

2025-06-30 · $47M2025-09-30 · $42M2025-12-31 · $50M2026-03-31 · $66M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

18.3%

Operating margin

-115.9%

Net margin

-70.4%

Return on equity

-61.6%

Return on assets

-17.0%

ROIC

-34.1%

Revenue growth (QoQ)

32.0%

Debt / equity

1.3×

Current ratio

6.6×

Free cash flow

-$71M

Tangible book value

-$69M

Cash & investments

$217M

Cash runway

12q

Stock comp / revenue

16.2%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-10	ORESHACK KURT	Sell	25K	$5.10
2026-06-09	LUCIER GREGORY T	Gift	46K	—
2026-06-09	LUCIER GREGORY T	Gift	46K	—
2026-06-09	ORESHACK KURT	Sell	25K	$5.06
2026-06-08	Brust Bernd	Tax withheld	351K	$5.02
2026-05-26	MIHAS CONSTANTINE S	Grant	46K	—
2026-05-26	LUCIER GREGORY T	Grant	46K	—
2026-05-26	LUCIER GREGORY T	Grant	46K	$4.38
2026-05-26	ECKERT R ANDREW	Grant	46K	—
2026-05-26	GRAY SUSANNAH	Grant	46K	—
2026-05-26	MARKER LUKE JOSEPH	Grant	46K	—
2026-05-26	CUNNINGHAM SEAN LAURENCE	Grant	46K	—
2026-05-26	DeFord John A	Grant	46K	—
2026-05-15	Dolan Christine	Grant	5.0K	$1.79
2026-05-15	ORESHACK KURT	Grant	776	$2.84
2026-03-16	Dolan Christine	Tax withheld	29K	$3.08
2026-03-16	ORESHACK KURT	Tax withheld	40K	$3.08
2026-01-15	Dolan Christine	Tax withheld	29K	$3.69
2026-01-15	ORESHACK KURT	Tax withheld	32K	$3.69
2025-12-08	LUCIER GREGORY T	Buy	49K	$3.67
2025-12-05	LUCIER GREGORY T	Buy	51K	$3.70
2025-11-14	Dolan Christine	Grant	4.3K	$1.79
2025-11-13	Brust Bernd	Buy	216K	$3.25
2025-11-12	Brust Bernd	Buy	93K	$3.21
2025-11-11	Brust Bernd	Buy	157K	$3.24
2025-07-15	Leddy Peter Michael	Tax withheld	5.2K	$2.59
2025-07-10	LUCIER GREGORY T	Gift	89K	—
2025-07-10	LUCIER GREGORY T	Gift	89K	—
2025-06-30	Asarpota Rajesh	Grant	500K	—
2025-06-16	LUCIER GREGORY T	Grant	89K	$2.16
2025-06-16	DAVERMAN BENJAMIN JAMES	Grant	89K	$2.16
2025-06-16	GRAY SUSANNAH	Grant	89K	$2.16
2025-06-16	MARKER LUKE JOSEPH	Grant	89K	$2.16
2025-06-16	PRAHALAD MURALI	Grant	89K	$2.16
2025-06-16	CUNNINGHAM SEAN LAURENCE	Grant	89K	$2.16
2025-06-16	ECKERT R ANDREW	Grant	231K	$2.16
2025-06-16	MIHAS CONSTANTINE S	Grant	89K	$2.16
2025-06-16	Hopfield Jessica	Grant	89K	$2.16
2025-06-16	DeFord John A	Grant	89K	$2.16
2025-06-08	Brust Bernd	Grant	2.0M	—
2025-05-15	Herde Kevin	Grant	876	$1.67
2025-05-15	Dolan Christine	Grant	2.4K	$1.67
2025-03-17	Herde Kevin	Grant	394K	—
2025-03-17	ORESHACK KURT	Grant	296K	—
2025-03-17	BUZZEO REBECCA	Grant	296K	—
2025-03-17	Leddy Peter Michael	Grant	394K	—
2025-03-17	MARTIN WILLIAM E. III	Grant	986K	—
2025-03-17	Dolan Christine	Grant	247K	—
2025-03-17	Herde Kevin	Tax withheld	8.6K	$2.64
2025-03-17	Leddy Peter Michael	Tax withheld	5.9K	$2.64
2025-03-17	ORESHACK KURT	Tax withheld	4.6K	$2.64
2025-03-17	Dolan Christine	Tax withheld	5.3K	$2.64
2025-03-17	BUZZEO REBECCA	Tax withheld	4.3K	$2.64
2025-02-18	ORESHACK KURT	Tax withheld	2.0K	$4.10
2025-02-18	Dolan Christine	Tax withheld	1.6K	$4.10
2025-02-18	Herde Kevin	Tax withheld	2.3K	$4.10
2025-01-31	ORESHACK KURT	Sell	25K	$5.03
2025-01-15	MARTIN WILLIAM E. III	Tax withheld	161K	$4.56
2025-01-15	Herde Kevin	Tax withheld	46K	$4.56
2025-01-15	BURCH ANDREW	Tax withheld	54K	$4.56
2025-01-15	BUZZEO REBECCA	Tax withheld	45K	$4.56
2025-01-15	ORESHACK KURT	Tax withheld	31K	$4.56
2025-01-15	Dolan Christine	Tax withheld	29K	$4.56
2025-01-15	Leddy Peter Michael	Tax withheld	32K	$4.56

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-06-03	Material agreement1.02Debt obligationReg FDExhibits	filing ↗
2026-05-29	Shareholder vote	filing ↗
2026-05-07	ResultsExhibits	filing ↗
2026-02-25	ResultsExhibits	filing ↗
2025-11-06	ResultsExhibits	filing ↗
2025-10-27	Exec/director change	filing ↗
2025-08-11	Results2.05Exec/director changeExhibits	filing ↗
2025-07-18	Auditor changeExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-03	2026-06-02	0001823239-26-000049 ↗
8-K	2026-05-29	2026-05-26	0001823239-26-000046 ↗
10-Q	2026-05-08	2026-03-31	0001823239-26-000024 ↗
8-K	2026-05-07	2026-05-07	0001823239-26-000022 ↗
10-K	2026-02-26	2025-12-31	0001823239-26-000011 ↗
8-K	2026-02-25	2026-02-25	0001823239-26-000005 ↗
10-Q	2025-11-07	2025-09-30	0001823239-25-000120 ↗
8-K	2025-11-06	2025-11-06	0001823239-25-000117 ↗
8-K	2025-10-27	2025-10-21	0001823239-25-000113 ↗
10-Q	2025-08-11	2025-06-30	0001823239-25-000107 ↗
8-K	2025-08-11	2025-08-07	0001823239-25-000105 ↗
8-K	2025-07-18	2025-07-16	0001823239-25-000099 ↗