Research Frontiers (REFR)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	1.13 mm	1.13 mm	1.13 mm	1.13 mm	1.13 mm	1.13 mm
Cash burn (monthly)	47.96 k	43.13 k	101.31 k	165.24 k	47.84 k	68.01 k
Cash used (since last report)	206.53 k	185.74 k	436.27 k	711.55 k	205.99 k	292.86 k
Cash remaining	923.86 k	944.65 k	694.12 k	418.84 k	924.40 k	837.53 k
Runway (months of cash)	19.3	21.9	6.9	2.5	19.3	12.3

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Institutional ownership, Q3 2024

REFR institutional ownership history Ownership history

11.5% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	23	32	-28.1%
Opened positions	2	6	-66.7%
Closed positions	11	7	+57.1%
Increased positions	6	9	-33.3%
Reduced positions	4	5	-20.0%

13F shares	Current	Prev Q	Change
Total value	6.74 bn	5.77 bn	+16.7%
Total shares	3.88 mm	4.92 mm	-21.1%
Total puts	0.00	300.00	EXIT
Total calls	4.50 k	3.00 k	+50.0%
Total put/call ratio	–	0.1	–

Largest owners	Shares	Value	Change
WR Wealth Planners	941.26 k	$2.06 bn	+2.0%
Douglas Kevin	770.28 k	$2.90 mm	0.0%
BLK BlackRock	608.41 k	$1.33 bn	NEW
Vanguard	488.72 k	$1.07 bn	+15.7%
Geode Capital Management	297.08 k	$650.77 mm	+13.6%
Kingsview Wealth Management	193.45 k	$423.66 mm	+30.7%
Shufro Rose & Co	120.80 k	$222.27 mm	0.0%
STT State Street	107.02 k	$234.38 mm	0.0%
UBS UBS	86.61 k	$189.67 mm	+1.4%
Renaissance Technologies	73.10 k	$160.09 mm	-12.8%

Largest transactions	Shares	Bought/sold	Change
Colony	0.00	-998.67 k	EXIT
BlackRock	0.00	-608.91 k	EXIT
BLK BlackRock	608.41 k	+608.41 k	NEW
MS Morgan Stanley	0.00	-89.36 k	EXIT
Vanguard	488.72 k	+66.18 k	+15.7%
Kingsview Wealth Management	193.45 k	+45.40 k	+30.7%
Susquehanna International	0.00	-42.73 k	EXIT
Geode Capital Management	297.08 k	+35.47 k	+13.6%
Citadel Advisors	0.00	-33.42 k	EXIT
Schonfeld Strategic Advisors	0.00	-20.90 k	EXIT

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

REFR insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
31 Dec 25	Daigle Darryl	Stock Option Common Stock	Grant	Acquire A	No	No	1.33	45,000	59.85 k	361,000
31 Dec 25	Harary Joseph M	Stock Option Common Stock	Grant	Acquire A	No	No	1.33	65,000	86.45 k	355,000
31 Dec 25	Kaganowicz Alexander	Stock Option Common Stock	Grant	Acquire A	No	No	1.33	45,000	59.85 k	361,000
31 Dec 24	Harary Joseph M	Stock Option Common Stock	Grant	Acquire A	No	No	1.68	60,000	100.80 k	290,000
31 Dec 24	Daigle Darryl	Stock Option Common Stock	Grant	Acquire A	No	No	1.68	45,000	75.60 k	327,494

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.