Orasure Tech SEC Filings

Altai Capital, a shareholder owning approximately 5% of OraSure Technologies (OSUR), has filed a Schedule 14A nominating Rishi Bajaj and John Bertrand for the 2026 Annual Meeting and delivered a letter urging board change. Altai cites chronic underperformance (stock declines of 67% and 56% on 5- and 10-year bases as of 03/06/26), management compensation misalignment (an estimated $15 million earned by the CEO over her tenure), and capital allocation decisions including a $30 million investment in Sapphiros and a Sherlock Biosciences acquisition with contingent payments.

Altai requests a strategic review including consideration of a sale, seeks board seats for its nominees, and says it will solicit votes if no settlement is reached.

OraSure Technologies’ Chief Financial Officer Kenneth J. McGrath reported an open-market purchase of 22,021 shares of common stock. The shares were bought on March 13, 2026 at a weighted average price of $2.9985 per share, in multiple trades between $2.93 and $3.12. Following this transaction, he directly owns 557,262 shares. The purchase was executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 28, 2025.

OraSure Technologies President & CEO Carrie Eglinton Manner purchased 22,022 shares of common stock in an open-market transaction at a weighted average price of $2.9985 per share.

The trade was executed under a pre-arranged Rule 10b5-1 trading plan, and following this purchase she directly owns 2,158,574 OraSure shares.

OraSure Technologies, Inc. details its diagnostics and sample management business in an annual report for the year ended December 31, 2025. The company develops rapid tests for HIV, hepatitis C, syphilis, Ebola, sickle cell and COVID-19, plus saliva, urine and microbiome collection systems sold globally to clinical, research and commercial customers.

In November 2025 OraSure acquired BioMedomics, adding the SickleSCAN rapid sickle cell test sold outside the U.S. The company is advancing new products, including a rapid molecular self-test for chlamydia and gonorrhea and an at-home Colli-Pee urine collection device for sexually transmitted infections, both with 510(k) submissions filed in December 2025 and under FDA review.

Revenue mix is shifting sharply as InteliSwab COVID-19 test sales fell from $257,493,000 in 2023 to $45,136,000 in 2024 and $620,000 in 2025, while OraQuick HIV revenue declined to $49,802,000 in 2025 and Genomics products to $31,546,000. A single non-commercial customer represented 63% of revenue in 2023, 24% in 2024 and about 3% in 2025, highlighting reduced concentration but significantly lower COVID-related volumes.

OraSure exited its substance abuse testing business, continues to invest in BARDA-supported Ebola and Marburg virus tests, and emphasizes intellectual property protection across its brands and collection technologies. As of December 31, 2025, the company employed 500 people and held an aggregate non‑affiliate market value of $218,472,693 as of June 30, 2025, with 69,126,173 common shares outstanding as of February 28, 2026.

OraSure Technologies, Inc. reported a change on its board of directors. On February 28, 2026, director David J. Shulkin, M.D. informed the board that he will resign as a director, including his role on the Compensation Committee, effective March 2, 2026.

The company stated that Dr. Shulkin’s decision to step down is not due to any dispute or disagreement with the board, the company, or its management. The board expressed its appreciation for his years of service and contributions. The filing was signed by President and Chief Executive Officer Carrie Eglinton Manner.

OraSure Technologies’ Chief Financial Officer Kenneth J. McGrath reported equity award activity in company stock. On March 1 and March 2, he acquired 88,348 and 26,814 shares of common stock at $0.00 per share through grants and settlement of vested performance units and restricted stock. On March 1, 7,639 and 20,745 shares were withheld at $3.0425 per share to cover tax liabilities tied to these vestings, rather than open-market sales. After these transactions, he directly owned 535,241 shares. The newly granted restricted stock is scheduled to vest in three equal annual installments beginning on March 2, 2027, conditioned on his continued service.

OraSure Technologies President & CEO Carrie Eglinton Manner reported equity compensation and related tax withholding transactions in company common stock. On March 2, 2026, she received a grant of 355,464 shares of restricted stock that vest in three equal annual installments beginning March 2, 2027, conditioned on continued service.

On March 1, 2026, she acquired 129,032 shares delivered in settlement of vested performance units and had 56,116 and 122,655 shares withheld at $3.0425 per share to cover tax liabilities tied to vesting of performance units and restricted shares. After these transactions, she directly owned 2,136,552 common shares.

OraSure Technologies reported sharply lower results for the quarter and year ended December 31, 2025 as COVID-related demand faded and core markets softened. Q4 2025 net revenues were $26.8 million, down 29% from $37.4 million a year earlier, and full-year revenues fell to $115.0 million from $185.8 million. The company posted a Q4 GAAP net loss of $19.3 million and a full-year loss of $68.7 million, with Q4 non-GAAP operating loss widening to $15.2 million. Despite the downturn, Q4 non-GAAP gross margin improved to 41.4% and cash and cash equivalents totaled $199 million with no debt.

Core revenues of $26.7 million in Q4 declined 22% year-over-year, driven by a 20% drop in diagnostics sales to $15.1 million and a 39% decline in Sample Management Solutions revenues to $9.1 million. COVID-19 revenues nearly disappeared, falling 95% in Q4 and 99% for the year. Management highlighted cost actions, site consolidations, product line closures, and a $40 million share repurchase program, of which $5 million was used in Q4 to buy back about 1.9 million shares. Looking ahead, the company is guiding Q1 2026 total revenues to $26–29 million and expects low‑40% non-GAAP gross margins, while banking on potential FDA clearances for a rapid molecular self‑test for chlamydia and gonorrhea and the Colli‑Pee urine collection device to help return the business to growth.

Orasure Technologies, Inc. shareholder Neil Gagnon, together with affiliated advisers Gagnon Securities LLC and Gagnon Advisors, LLC, filed an amended Schedule 13G reporting beneficial ownership of the company’s common stock. Neil Gagnon is deemed to beneficially own 3,565,315 shares, or 4.9% of the common stock, including shares over which he has both sole and shared voting and dispositive power. The ownership percentages are calculated based on 71,733,530 shares outstanding as of October 31, 2025. The filing certifies that the securities are not held to change or influence control of Orasure Technologies.

Altai Capital Management, which reports owning approximately 5.2% of OraSure Technologies’ common stock, has launched an activist campaign to change the Company’s Board. Altai has filed a proxy solicitation seeking to elect two nominees, John Bertrand and Altai founder Rishi Bajaj, at OraSure’s 2026 Annual Meeting of Stockholders.

Altai states that it is dissatisfied with what it views as OraSure’s share price underperformance and the Board’s strategic and capital allocation decisions, and argues that new directors are needed to improve long-term value. Mr. Bajaj brings public company board and investment management experience, while Mr. Bertrand brings operating and board experience in healthcare technology and artificial intelligence.