💊 Pharma & Biotech · updated 2026-10-08

US Pharma & Biotech Companies in Financial Distress (October 2026)

As of 08 October 2026, 354 of 621 US Pharma & Biotech companies analysed (57%) show financial-distress indicators: 64 very weak, 121 weak and 169 on watch. The most common red flags in this sector are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and revenue collapse.

621

Analysed

354

Distress signals

Very weak

57%

Flag rate

What drives financial distress in Pharma & Biotech

Drug makers and biotechs. The dominant risk is cash runway — pre-revenue pipelines burn cash and depend on fresh equity; a failed trial or closed funding window can force a filing.

Most common red flags today: Losses in each of the last 3 years · Operations consume cash · Cash runway under 12 months · Revenue collapse

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Pharma & Biotech companies with distress signals

#	Ticker	Company / industry	Distress score	Band	Ohlson PD	Merton PD	From 52w high	Key indicators
1	ABVC	ABVC BioPharma, Inc. Biotechnology	100	Very weak	98%	0.8%	-70%	Operating profit does not cover interestCash runway under 12 monthsSevere working-capital shortfall	Details →
2	AKAN	AKAN Drug Manufacturers - Specialty & Generic	100	Very weak	100%	84.0%	-98%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
3	EDVA	Endovia Health Sciences, Inc. Biotechnology	100	Very weak	100%	87.5%	-98%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
4	ELTX	Elicio Therapeutics, Inc. Biotechnology	100	Very weak	100%	54.8%	-88%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsMarket-implied default probability >20%	Details →
5	IMCC	IM Cannabis Corp. Drug Manufacturers - Specialty & Generic	100	Very weak	100%	96.9%	-97%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
6	NRSN	NeuroSense Therapeutics Ltd. Biotechnology	100	Very weak	100%	100.0%	-66%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
7	OSRH	OSR Health, Inc. Biotechnology	100	Very weak	59%	66.5%	-74%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
8	OSTX	OS Therapies Incorporated Biotechnology	100	Very weak	100%	0.0%	-28%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
9	OTLK	Outlook Therapeutics, Inc. Biotechnology	100	Very weak	100%	36.3%	-77%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
10	PLUR	Pluri Inc. Biotechnology	100	Very weak	100%	77.5%	-79%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
11	TPST	Tempest Therapeutics, Inc. Biotechnology	100	Very weak	100%	51.0%	-93%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
12	MLEC	Moolec Science SA Biotechnology	99	Very weak	100%	94.2%	-76%	Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall	Details →
13	AAPG	AAPG Biotechnology	98	Very weak	96%	62.1%	-64%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
14	QNTM	Quantum BioPharma Ltd. Biotechnology	97	Very weak	100%	4.9%	-83%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsSevere working-capital shortfall	Details →
15	VBIO	Valion Bio, Inc. Biotechnology	97	Very weak	98%	96.3%	-97%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
16	AEON	AEON Biopharma, Inc. Biotechnology	94	Very weak	100%	15.2%	-78%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsOperations consume cash	Details →
17	VIVS	VivoSim Labs, Inc. Biotechnology	90	Very weak	100%	18.7%	-95%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
18	BTAI	BioXcel Therapeutics, Inc. Drug Manufacturers - Specialty & Generic	89	Very weak	—	—	-98%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
19	ONCO	Onconetix, Inc. Biotechnology	88	Very weak	100%	38.8%	-100%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
20	GUTS	Fractyl Health, Inc. Biotechnology	87	Very weak	—	—	-85%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
21	LABT	Lakewood-Amedex Biotherapeutics, Inc. Biotechnology	87	Very weak	100%	76.5%	-99%	Liabilities exceed assets (negative equity)Market-implied default probability >20%Severe working-capital shortfall	Details →
22	PPCB	Propanc Biopharma, Inc. Biotechnology	87	Very weak	58%	57.1%	-99%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
23	SNTI	Senti Biosciences Holdings, Inc. Biotechnology	87	Very weak	100%	66.7%	-87%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
24	TIL	Instil Bio, Inc. Biotechnology	86	Very weak	61%	52.9%	-69%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
25	ONCY	Oncolytics Biotech Inc. Biotechnology	85	Very weak	100%	0.0%	-62%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
26	CDT	CDT Equity Inc. Biotechnology	84	Very weak	85%	85.8%	-100%	Cash runway under 12 monthsMarket-implied default probability >20%Severe working-capital shortfall	Details →
27	SHPH	Shuttle Pharmaceuticals Holdings, Inc. Drug Manufacturers - Specialty & Generic	84	Very weak	100%	11.9%	-88%	Cash runway under 12 monthsSevere working-capital shortfallLosses in each of the last 3 years	Details →
28	ENSC	Ensysce Biosciences, Inc. Biotechnology	83	Very weak	—	—	-82%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
29	TCRT	Alaunos Therapeutics, Inc. Biotechnology	83	Very weak	100%	—	-82%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
30	ELOX	Eloxx Pharmaceuticals, Inc. Biotechnology	82	Very weak	100%	—	-28%	Liabilities exceed assets (negative equity)Severe working-capital shortfallLosses in each of the last 3 years	Details →
31	XCUR	Exicure, Inc. Biotechnology	82	Very weak	100%	0.0%	-86%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
32	EVGN	Evogene Ltd. Biotechnology	81	Very weak	99%	7.0%	-73%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
33	NRXP	NRx Pharmaceuticals, Inc. Biotechnology	80	Very weak	100%	0.0%	-37%	Liabilities exceed assets (negative equity)Severe working-capital shortfallLosses in each of the last 3 years	Details →
34	NTHI	NeOnc Technologies Holdings, Inc. Biotechnology	80	Very weak	—	—	-79%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
35	BYSI	BeyondSpring Inc. Biotechnology	79	Very weak	100%	0.0%	-74%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
36	HCWB	HCW Biologics Inc. Biotechnology	79	Very weak	—	—	-95%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
37	TLRY	Tilray Brands, Inc. Drug Manufacturers - Specialty & Generic	78	Very weak	12%	47.0%	-83%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
38	TRAW	Traws Pharma, Inc. Biotechnology	78	Very weak	100%	—	-85%	Liabilities exceed assets (negative equity)Severe working-capital shortfallShare price down >80% from 52-week high	Details →
39	ADCT	ADC Therapeutics SA Drug Manufacturers - Specialty & Generic	77	Very weak	100%	31.9%	-67%	Liabilities exceed assets (negative equity)Market-implied default probability >20%Losses in each of the last 3 years	Details →
40	AIM	AIM ImmunoTech Inc. Biotechnology	77	Very weak	—	—	-93%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
41	BCDA	BioCardia, Inc. Biotechnology	77	Very weak	—	—	-32%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
42	CLGN	CollPlant Biotechnologies Ltd. Biotechnology	77	Very weak	100%	35.4%	-87%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
43	CRBU	Caribou Biosciences, Inc. Biotechnology	77	Very weak	99%	27.7%	-83%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
44	GOSS	Gossamer Bio, Inc. Biotechnology	77	Very weak	—	—	-97%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
45	SNGX	Soligenix, Inc. Biotechnology	77	Very weak	100%	11.2%	-81%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
46	SRZN	Surrozen, Inc. Biotechnology	77	Very weak	100%	0.0%	-18%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsRevenue collapse	Details →
47	VTGN	Vistagen Therapeutics, Inc. Biotechnology	77	Very weak	100%	50.5%	-95%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
48	YCBD	cbdMD, Inc. Drug Manufacturers - Specialty & Generic	77	Very weak	79%	13.2%	-83%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
49	RNTX	Rein Therapeutics Inc. Biotechnology	76	Very weak	100%	0.1%	-59%	Liabilities exceed assets (negative equity)Severe working-capital shortfallLosses in each of the last 3 years	Details →
50	PCSA	Processa Pharmaceuticals, Inc. Biotechnology	75	Very weak	100%	—	-89%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
51	PTN	Palatin Technologies, Inc. Biotechnology	75	Very weak	100%	0.2%	-68%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
52	XRTX	XORTX Therapeutics Inc. Biotechnology	75	Very weak	100%	0.0%	-66%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
53	GRDX	GridAI Technologies Corp. Biotechnology	74	Very weak	90%	1.9%	-29%	Operating profit does not cover interestCash runway under 12 monthsSevere working-capital shortfall	Details →
54	NIKI	Niki BioSolutions, Inc. Biotechnology	73	Very weak	70%	53.6%	-82%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
55	ALEC	Alector, Inc. Biotechnology	72	Very weak	—	—	-39%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
56	AZTR	Azitra, Inc. Biotechnology	72	Very weak	—	—	-83%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
57	JAGX	Jaguar Health, Inc. Biotechnology	72	Very weak	—	—	-100%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
58	NMRA	Neumora Therapeutics, Inc. Biotechnology	72	Very weak	100%	41.9%	-87%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
59	SLXN	Silexion Therapeutics Corp Biotechnology	72	Very weak	100%	73.9%	-99%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
60	SXTP	60 Degrees Pharmaceuticals, Inc. Biotechnology	72	Very weak	100%	10.5%	-86%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
61	ALVO	Alvotech Drug Manufacturers - Specialty & Generic	71	Very weak	80%	13.2%	-37%	Liabilities exceed assets (negative equity)Operating profit does not cover interestVery high leverage	Details →
62	CDIO	Cardio Diagnostics Holdings, Inc. Biotechnology	71	Very weak	100%	9.6%	-72%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
63	OGEN	Oragenics, Inc. Biotechnology	71	Very weak	100%	0.0%	-68%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
64	TCRX	TScan Therapeutics, Inc. Biotechnology	70	Very weak	97%	96.7%	-91%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
65	AQST	Aquestive Therapeutics, Inc. Drug Manufacturers - Specialty & Generic	69	Weak	99%	0.1%	-36%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
66	ATYR	aTyr Pharma, Inc. Biotechnology	69	Weak	—	—	-76%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
67	SPRB	Spruce Biosciences, Inc. Biotechnology	69	Weak	97%	41.6%	-75%	Market-implied default probability >20%Losses in each of the last 3 yearsRevenue collapse	Details →
68	STRO	Sutro Biopharma, Inc. Biotechnology	69	Weak	100%	0.0%	-63%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
69	PDSB	PDS Biotechnology Corporation Biotechnology	68	Weak	100%	28.1%	-29%	Cash runway under 12 monthsMarket-implied default probability >20%Losses in each of the last 3 years	Details →
70	CELU	Celularity Inc. Biotechnology	67	Weak	—	—	-36%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
71	CNSY	Cerenome, Inc. Biotechnology	67	Weak	100%	2.3%	-92%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
72	GOVX	GeoVax Labs, Inc. Biotechnology	67	Weak	—	—	-98%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
73	LNAI	Lunai Bioworks Inc. Biotechnology	67	Weak	—	—	-91%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
74	OCGN	Ocugen, Inc. Biotechnology	67	Weak	—	—	-61%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
75	RNAC	Cartesian Therapeutics, Inc. Biotechnology	67	Weak	—	—	-36%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsRevenue collapse	Details →
76	RNAZ	TransCode Therapeutics, Inc. Biotechnology	67	Weak	86%	—	-89%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
77	WHWK	Whitehawk Therapeutics, Inc. Biotechnology	67	Weak	100%	—	-32%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
78	EYPT	EyePoint, Inc. Biotechnology	66	Weak	—	—	-82%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
79	KPTI	Karyopharm Therapeutics Inc. Biotechnology	66	Weak	—	—	-94%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
80	VOR	Vor Biopharma Inc. Biotechnology	66	Weak	100%	0.0%	-61%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
81	ACIU	AC Immune SA Biotechnology	65	Weak	99%	0.0%	-36%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
82	ACTU	Actuate Therapeutics, Inc. Common stock Biotechnology	65	Weak	100%	—	-92%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
83	ASND	Ascendis Pharma A/S Biotechnology	65	Weak	79%	0.0%	-20%	Operating profit does not cover interestLosses in each of the last 3 yearsMaterial debt with no EBITDA	Details →
84	CALC	CalciMedica, Inc. Biotechnology	65	Weak	—	—	-96%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
85	LIMN	Liminatus Pharma, Inc. Biotechnology	65	Weak	—	—	-96%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsOperations consume cash	Details →
86	PULM	Pulmatrix, Inc. Biotechnology	65	Weak	100%	—	-70%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
87	REVB	Revelation Biosciences, Inc. Biotechnology	65	Weak	100%	4.5%	-87%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
88	SILO	Silo Pharma, Inc. Biotechnology	65	Weak	100%	—	-87%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
89	TOVX	Theriva Biologics, Inc. Biotechnology	65	Weak	99%	38.5%	-73%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
90	TVGN	Tevogen Inc. Biotechnology	65	Weak	—	—	-82%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
91	APVO	Aptevo Therapeutics Inc. Biotechnology	64	Weak	—	—	-94%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
92	ATOS	Atossa Therapeutics, Inc. Biotechnology	64	Weak	—	—	-86%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
93	DCOY	Decoy Therapeutics Inc. Biotechnology	64	Weak	—	—	-97%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
94	PETS	PetMed Express, Inc. Pharmaceutical Retailers	64	Weak	99%	0.0%	-67%	Cash runway under 12 monthsRevenue collapseOhlson O-score signals likely failure	Details →
95	PHAT	Phathom Pharmaceuticals, Inc. Biotechnology	64	Weak	100%	0.7%	-61%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
96	QURE	uniQure N.V. Biotechnology	64	Weak	67%	6.2%	-68%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
97	TVRD	Tvardi Therapeutics, Inc. Biotechnology	64	Weak	—	—	-97%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
98	CNTB	Connect Biopharma Holdings Limited Biotechnology	63	Weak	—	—	-76%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
99	PBM	Psyence Biomedical Ltd. Biotechnology	63	Weak	100%	—	-97%	Cash runway under 12 monthsOperations consume cashShare price down >80% from 52-week high	Details →
100	GRI	GRI Bio, Inc. Biotechnology	62	Weak	100%	1.9%	-97%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
101	ARMP	Armata Pharmaceuticals, Inc. Biotechnology	61	Weak	—	—	-74%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
102	CVKD	Cadrenal Therapeutics, Inc. Biotechnology	61	Weak	—	—	-93%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
103	HYPD	Hyperion DeFi, Inc. Biotechnology	61	Weak	94%	12.9%	-72%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
104	MGX	Metagenomi Therapeutics, Inc. Biotechnology	61	Weak	—	—	-70%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
105	PYXS	Pyxis Oncology, Inc. Biotechnology	61	Weak	100%	6.1%	-63%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
106	ABSI	Absci Corporation Biotechnology	60	Weak	100%	0.0%	-23%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
107	ACXP	Acurx Pharmaceuticals, Inc. Biotechnology	60	Weak	100%	—	-85%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
108	ALGS	Aligos Therapeutics, Inc. Biotechnology	60	Weak	—	—	-60%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
109	GANX	Gain Therapeutics, Inc. Biotechnology	60	Weak	—	—	-61%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
110	KALA	KALA BIO, Inc. Biotechnology	60	Weak	—	—	-100%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
111	LSTA	Lisata Therapeutics, Inc. Biotechnology	60	Weak	—	—	-76%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
112	URGN	UroGen Pharma Ltd. Biotechnology	60	Weak	—	—	-26%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
113	GLAS	Glass House Brands Inc. Drug Manufacturers - Specialty & Generic	59	Weak	61%	2.0%	-68%	Operating profit does not cover interestCash runway under 12 monthsOhlson O-score signals likely failure	Details →
114	INO	Inovio Pharmaceuticals, Inc. Biotechnology	59	Weak	—	—	-59%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
115	NKTR	Nektar Therapeutics Biotechnology	59	Weak	52%	0.0%	-59%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
116	BBLG	Bone Biologics Corporation Biotechnology	58	Weak	—	—	-83%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
117	CRBP	Corbus Pharmaceuticals Holdings, Inc. Biotechnology	58	Weak	—	—	-73%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
118	DYAI	Dyadic International, Inc. Biotechnology	58	Weak	—	—	-70%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
119	EDSA	Edesa Biotech, Inc. Biotechnology	58	Weak	100%	—	-80%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
120	ESLA	Estrella Immunopharma, Inc. Biotechnology	58	Weak	—	—	-86%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
121	GNLX	Genelux Corporation Biotechnology	58	Weak	100%	0.0%	-70%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
122	LYEL	Lyell Immunopharma, Inc. Biotechnology	58	Weak	—	—	-77%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
123	VANI	Vivani Medical, Inc. Biotechnology	58	Weak	99%	0.0%	-34%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
124	ZNTL	Zentalis Pharmaceuticals, Inc. Biotechnology	58	Weak	93%	0.7%	-62%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
125	CELZ	Creative Medical Technology Holdings, Inc. Biotechnology	57	Weak	—	—	-85%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
126	CMND	Clearmind Medicine Inc. Biotechnology	57	Weak	96%	35.6%	-100%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
127	ENVB	Enveric Biosciences, Inc. Biotechnology	57	Weak	100%	—	-86%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
128	KAPA	Kairos Pharma, Ltd. Biotechnology	57	Weak	100%	—	-90%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
129	MDCX	Medicus Pharma Ltd. Drug Manufacturers - General	57	Weak	100%	58.9%	-96%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
130	MTVA	MetaVia Inc. Biotechnology	57	Weak	—	—	-89%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
131	PTHS	Pelthos Therapeutics Inc. Biotechnology	57	Weak	97%	4.0%	-45%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
132	PYPD	PolyPid Ltd. Biotechnology	57	Weak	100%	0.0%	-12%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
133	QNCX	Quince Therapeutics, Inc. Biotechnology	57	Weak	100%	63.6%	-97%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
134	SKYE	Skye Bioscience, Inc. Biotechnology	57	Weak	100%	4.3%	-96%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
135	SLN	Silence Therapeutics plc Biotechnology	57	Weak	98%	0.0%	-38%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
136	ALMS	Alumis Inc. Biotechnology	56	Weak	99%	0.1%	-77%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
137	CTXR	Citius Pharmaceuticals, Inc. Biotechnology	56	Weak	—	—	-73%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
138	EOCN	Eocene Ltd. Biotechnology	56	Weak	98%	0.1%	-72%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
139	FATE	Fate Therapeutics, Inc. Biotechnology	56	Weak	—	—	-32%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
140	FHTX	Foghorn Therapeutics Inc. Biotechnology	56	Weak	—	—	-72%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
141	RANI	Rani Therapeutics Holdings, Inc. Biotechnology	56	Weak	91%	2.1%	-72%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
142	CRIS	Curis, Inc. Biotechnology	55	Weak	—	—	-98%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
143	EOLS	Evolus, Inc. Drug Manufacturers - Specialty & Generic	55	Weak	—	—	-16%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
144	HUMA	Humacyte, Inc. Biotechnology	55	Weak	—	—	-82%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
145	LGVN	Longeveron Inc. Biotechnology	55	Weak	—	—	-80%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
146	LTRN	Lantern Pharma Inc. Biotechnology	55	Weak	—	—	-82%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
147	MBRX	Moleculin Biotech, Inc. Biotechnology	55	Weak	—	—	-97%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
148	RARE	Ultragenyx Pharmaceutical Inc. Biotechnology	55	Weak	—	—	-58%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
149	TLPH	Talphera, Inc. Drug Manufacturers - Specialty & Generic	55	Weak	94%	—	-27%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
150	WVE	Wave Life Sciences, Inc. Biotechnology	55	Weak	—	—	-84%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
151	ALLO	Allogene Therapeutics, Inc. Biotechnology	54	Weak	72%	0.1%	-54%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
152	COCP	Cocrystal Pharma, Inc. Biotechnology	54	Weak	—	—	-32%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
153	MBIO	Mustang Bio, Inc. Biotechnology	54	Weak	—	—	-76%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
154	PHIO	Phio Pharmaceuticals Corp. Biotechnology	54	Weak	—	—	-61%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
155	BCTX	BriaCell Therapeutics Corp. Biotechnology	53	Weak	100%	—	-72%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
156	CRVO	CervoMed Inc. Biotechnology	53	Weak	—	—	-67%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
157	HURA	TuHURA Biosciences, Inc. Biotechnology	53	Weak	100%	0.0%	-39%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
158	KYNB	Kyntra Bio, Inc. Biotechnology	53	Weak	—	—	-52%	Liabilities exceed assets (negative equity)Revenue collapseLosses in 2 of the last 3 years	Details →
159	MDWD	MediWound Ltd. Biotechnology	53	Weak	86%	0.0%	-37%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
160	NNVC	NanoViricides, Inc. Biotechnology	53	Weak	100%	—	-35%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
161	BGM	BGM Drug Manufacturers - Specialty & Generic	52	Weak	19%	60.5%	-97%	Market-implied default probability >20%Losses in each of the last 3 yearsShare price down >80% from 52-week high	Details →
162	CMPX	Compass Therapeutics, Inc. Biotechnology	52	Weak	—	—	-85%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
163	CVM	CEL-SCI Corporation Biotechnology	52	Weak	—	—	-81%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
164	ERNA	Ernexa Therapeutics Inc. Biotechnology	52	Weak	—	—	-95%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
165	GLMD	Galmed Pharmaceuticals Ltd. Biotechnology	52	Weak	100%	—	-27%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
166	IMA	ImageneBio, Inc. Biotechnology	52	Weak	—	—	-52%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
167	IMNN	Imunon, Inc. Biotechnology	52	Weak	—	—	-80%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
168	NERV	Minerva Neurosciences, Inc. Biotechnology	52	Weak	—	—	-60%	Liabilities exceed assets (negative equity)Operations consume cashMassive shareholder dilution	Details →
169	NTRB	Nutriband Inc. Biotechnology	52	Weak	100%	0.0%	-33%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
170	PMN	ProMIS Neurosciences, Inc. Biotechnology	52	Weak	100%	—	-63%	Operations consume cashOhlson O-score signals likely failureMassive shareholder dilution	Details →
171	IBIO	iBio, Inc. Biotechnology	51	Weak	75%	0.1%	-70%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
172	OGI	Organigram Global Inc. Drug Manufacturers - Specialty & Generic	51	Weak	19%	0.0%	-55%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
173	SCLX	Scilex Holding Company Drug Manufacturers - General	51	Weak	—	—	-84%	Liabilities exceed assets (negative equity)Revenue collapseShare price down >80% from 52-week high	Details →
174	ALDX	Aldeyra Therapeutics, Inc. Biotechnology	50	Weak	—	—	-83%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
175	BCAB	BioAtla, Inc. Biotechnology	50	Weak	—	—	-97%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
176	CING	Cingulate Inc. Biotechnology	50	Weak	99%	0.0%	-58%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
177	GNPX	Genprex, Inc. Biotechnology	50	Weak	—	—	-100%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
178	HELP	Cybin D/B/A Helus Pharma Biotechnology	50	Weak	100%	—	-24%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
179	HIND	Vyome Holdings, Inc. Biotechnology	50	Weak	—	—	-68%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
180	JUNS	Jupiter Neurosciences, Inc. Biotechnology	50	Weak	—	—	-98%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
181	NRXS	NeurAxis, Inc. Biotechnology	50	Weak	100%	0.0%	-23%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
182	RNXT	RenovoRx, Inc. Biotechnology	50	Weak	100%	0.0%	-47%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
183	STTK	Shattuck Labs, Inc. Biotechnology	50	Weak	100%	0.0%	-30%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
184	VRCA	Verrica Pharmaceuticals Inc. Biotechnology	50	Weak	95%	0.0%	-54%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
185	VYGR	Voyager Therapeutics, Inc. Biotechnology	50	Weak	—	—	-56%	Cash runway under 12 monthsRevenue collapseOperations consume cash	Details →
186	DARE	Daré Bioscience, Inc. Biotechnology	49	Watch	—	—	-76%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
187	MTNB	Matinas BioPharma Holdings, Inc. Biotechnology	49	Watch	—	—	-37%	Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse	Details →
188	TRDA	Entrada Therapeutics, Inc. Biotechnology	49	Watch	—	—	-66%	Revenue collapseOperations consume cashCash runway under 24 months	Details →
189	VTVT	vTv Therapeutics Inc. Biotechnology	49	Watch	48%	—	-30%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
190	ADIL	Adial Pharmaceuticals, Inc. Biotechnology	48	Watch	100%	—	-62%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
191	BBIO	BridgeBio Pharma, Inc. Biotechnology	48	Watch	—	—	-28%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
192	CGC	Canopy Growth Corporation Drug Manufacturers - Specialty & Generic	48	Watch	34%	17.1%	-56%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
193	CNSP	CNS Pharmaceuticals, Inc. Biotechnology	48	Watch	100%	2.5%	-49%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
194	CNTX	Context Therapeutics Inc. Biotechnology	48	Watch	—	—	-91%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
195	ENLV	Enlivex Ltd. Biotechnology	48	Watch	0%	8.6%	-98%	Share price down >80% from 52-week highMassive shareholder dilutionLosses in 2 of the last 3 years	Details →
196	GALT	Galectin Therapeutics Inc. Biotechnology	48	Watch	—	—	-44%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
197	IBRX	ImmunityBio, Inc. Biotechnology	48	Watch	—	—	-14%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
198	OABI	OmniAb, Inc. Biotechnology	48	Watch	—	—	-8%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
199	SCNX	Scienture Holdings, Inc. Pharmaceutical Retailers	48	Watch	—	—	-94%	Cash runway under 12 monthsOperations consume cashShare price down >80% from 52-week high	Details →
200	ACRS	Aclaris Therapeutics, Inc. Biotechnology	47	Watch	—	—	-42%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
201	ALT	Altimmune, Inc. Biotechnology	47	Watch	51%	0.0%	-58%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
202	APUS	Apimeds Pharmaceuticals US, Inc. Drug Manufacturers - Specialty & Generic	47	Watch	—	—	-86%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
203	ENTX	Entera Bio Ltd. Biotechnology	47	Watch	—	—	-36%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
204	FBLG	FibroBiologics, Inc. Biotechnology	47	Watch	—	—	-91%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
205	HYFT	MindWalk Holdings Corp. Biotechnology	47	Watch	99%	0.0%	-49%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
206	LEXX	Lexaria Bioscience Corp. Biotechnology	47	Watch	—	—	-84%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
207	NXTC	NextCure, Inc. Biotechnology	47	Watch	—	—	-52%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
208	PASG	Passage Bio, Inc. Biotechnology	47	Watch	—	—	-81%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
209	RCUS	Arcus Biosciences, Inc. Biotechnology	47	Watch	—	—	-25%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
210	TENX	Tenax Therapeutics, Inc. Biotechnology	47	Watch	—	—	-90%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
211	VSTM	Verastem, Inc. Biotechnology	47	Watch	—	—	-24%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
212	YARW	Yarrow Bioscience, Inc. Biotechnology	47	Watch	100%	—	-54%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
213	AARD	Aardvark Therapeutics, Inc. Biotechnology	46	Watch	100%	0.0%	-73%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
214	ACET	Adicet Bio, Inc. Biotechnology	46	Watch	—	—	-66%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
215	ACOG	Alpha Cognition Inc. Biotechnology	46	Watch	96%	—	-7%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
216	ANNX	Annexon, Inc. Biotechnology	46	Watch	100%	0.0%	-43%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
217	AVLN	Avalyn Pharma Inc. Biotechnology	46	Watch	100%	0.0%	-34%	Liabilities exceed assets (negative equity)Operations consume cashOhlson O-score signals likely failure	Details →
218	COAG	Hemab Therapeutics Holdings, Inc. Biotechnology	46	Watch	100%	0.0%	-44%	Liabilities exceed assets (negative equity)Operations consume cashOhlson O-score signals likely failure	Details →
219	CRDL	Cardiol Therapeutics Inc. Drug Manufacturers - Specialty & Generic	46	Watch	100%	0.0%	-43%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
220	ELAB	PMGC Holdings Inc. Biotechnology	46	Watch	—	—	-100%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
221	KARD	Kardigan, Inc. Biotechnology	46	Watch	100%	0.0%	-45%	Liabilities exceed assets (negative equity)Operations consume cashOhlson O-score signals likely failure	Details →
222	OBIO	Orchestra BioMed Holdings, Inc. Biotechnology	46	Watch	96%	0.0%	-10%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
223	PEPG	PepGen Inc. Biotechnology	46	Watch	—	—	-67%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
224	SNOA	Sonoma Pharmaceuticals, Inc. Drug Manufacturers - Specialty & Generic	46	Watch	98%	1.1%	-74%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
225	TNXP	Tonix Pharmaceuticals Holding Corp. Biotechnology	46	Watch	99%	0.0%	-71%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
226	BFRI	Biofrontera Inc. Drug Manufacturers - Specialty & Generic	45	Watch	—	—	-43%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
227	HOWL	Werewolf Therapeutics, Inc. Biotechnology	45	Watch	—	—	-58%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
228	IFRX	InflaRx N.V. Biotechnology	45	Watch	47%	0.0%	-44%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
229	IGC	IGC Pharma, Inc. Biotechnology	45	Watch	—	—	-33%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
230	IMNM	Immunome, Inc. Biotechnology	45	Watch	—	—	-35%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
231	IMTX	Immatics N.V. Biotechnology	45	Watch	87%	0.0%	-38%	Revenue collapseOperations consume cashOhlson O-score signals likely failure	Details →
232	IRD	Opus Genetics, Inc. Biotechnology	45	Watch	—	—	-27%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
233	LITS	Lite Strategy, Inc. Biotechnology	45	Watch	—	—	-54%	Cash runway under 12 monthsRevenue collapseOperations consume cash	Details →
234	MRKR	Marker Therapeutics, Inc. Biotechnology	45	Watch	—	—	-57%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
235	MRVI	Maravai LifeSciences Holdings, Inc. Biotechnology	45	Watch	—	—	-20%	Cash runway under 12 monthsLosses in each of the last 3 yearsSteep revenue decline	Details →
236	PLRX	Pliant Therapeutics, Inc. Biotechnology	45	Watch	98%	0.2%	-47%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
237	SMMT	Summit Therapeutics Inc. Biotechnology	45	Watch	100%	0.0%	-35%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
238	UPB	Upstream Bio, Inc. Biotechnology	45	Watch	—	—	-86%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
239	VERU	Veru Inc. Biotechnology	45	Watch	99%	0.1%	-45%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
240	ZBIO	Zenas BioPharma, Inc. Biotechnology	45	Watch	80%	1.6%	-39%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
241	ARCT	Arcturus Therapeutics Holdings Inc. Biotechnology	44	Watch	—	—	-44%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
242	AVTX	Avalo Therapeutics, Inc. Biotechnology	44	Watch	—	—	-41%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
243	CPHI	China Pharma Holdings, Inc. Drug Manufacturers - Specialty & Generic	44	Watch	—	—	-88%	Operations consume cashShare price down >80% from 52-week highTrading below $1	Details →
244	FULC	Fulcrum Therapeutics, Inc. Biotechnology	44	Watch	—	—	-74%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
245	HRTX	Heron Therapeutics, Inc. Biotechnology	44	Watch	—	—	-76%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
246	IMRX	Immuneering Corporation Biotechnology	44	Watch	—	—	-55%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
247	INBX	Inhibrx Biosciences, Inc. Biotechnology	44	Watch	—	—	-35%	Liabilities exceed assets (negative equity)Operations consume cashCash runway under 24 months	Details →
248	MRNA	Moderna, Inc. Biotechnology	44	Watch	—	—	-3%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
249	NGNE	Neurogene Inc. Biotechnology	44	Watch	96%	0.0%	-38%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
250	OCS	Oculis Holding AG Biotechnology	44	Watch	73%	0.0%	-73%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
251	OPTH	Optimi Health Corp. Drug Manufacturers - Specialty & Generic	44	Watch	100%	3.7%	-33%	Severe working-capital shortfallLosses in each of the last 3 yearsOperations consume cash	Details →
252	TNYA	Tenaya Therapeutics, Inc. Biotechnology	44	Watch	—	—	-74%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
253	XBIO	Xenetic Biosciences, Inc. Biotechnology	44	Watch	93%	—	-80%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
254	ANVS	Annovis Bio, Inc. Biotechnology	43	Watch	—	—	-77%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
255	BHVN	Biohaven Ltd. Biotechnology	43	Watch	—	—	-34%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
256	BRTX	BioRestorative Therapies, Inc. Biotechnology	43	Watch	—	—	-62%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
257	CBUS	Cibus, Inc. Biotechnology	43	Watch	—	—	-61%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
258	CRDF	Cardiff Oncology, Inc. Biotechnology	43	Watch	—	—	-67%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
259	CTMX	CytomX Therapeutics, Inc. Biotechnology	43	Watch	—	—	-63%	Revenue collapseOperations consume cashLosses in 2 of the last 3 years	Details →
260	DNA	Ginkgo Bioworks Holdings, Inc. Biotechnology	43	Watch	—	—	-30%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
261	EXOZ	eXoZymes, Inc. Biotechnology	43	Watch	—	—	-68%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
262	IOVA	Iovance Biotherapeutics, Inc. Biotechnology	43	Watch	—	—	-10%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
263	ACHV	Achieve Life Sciences, Inc. Biotechnology	42	Watch	100%	0.0%	-16%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
264	AVXL	Anavex Life Sciences Corp. Biotechnology	42	Watch	100%	—	-85%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
265	DRUG	Bright Minds Biosciences Inc. Biotechnology	42	Watch	100%	0.0%	-46%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
266	DWTX	Dogwood Therapeutics, Inc. Biotechnology	42	Watch	84%	0.0%	-82%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
267	HITI	High Tide Inc. Pharmaceutical Retailers	42	Watch	89%	0.9%	-31%	Losses in each of the last 3 yearsThin interest coverageMaterial debt with no EBITDA	Details →
268	INMB	INmune Bio Inc. Biotechnology	42	Watch	—	—	-27%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
269	OMER	Omeros Corporation Biotechnology	42	Watch	—	—	-9%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
270	OVID	Ovid Therapeutics Inc. Biotechnology	42	Watch	55%	0.0%	-21%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
271	PALI	Palisade Bio, Inc. Biotechnology	42	Watch	68%	—	-48%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
272	PLYX	Polaryx Therapeutics, Inc. Biotechnology	42	Watch	100%	—	-94%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
273	PRME	Prime Medicine, Inc. Biotechnology	42	Watch	—	—	-46%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
274	PROK	ProKidney Corp. Biotechnology	42	Watch	100%	0.0%	-50%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
275	SBFM	Sunshine Biopharma, Inc. Drug Manufacturers - Specialty & Generic	42	Watch	—	—	-98%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
276	SER	Serina Therapeutics, Inc. Biotechnology	42	Watch	99%	3.1%	-64%	Operations consume cashOhlson O-score signals likely failureCash runway under 24 months	Details →
277	SRRK	Scholar Rock Holding Corporation Biotechnology	42	Watch	—	—	-30%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
278	UNCY	Unicycive Therapeutics, Inc. Biotechnology	42	Watch	93%	0.0%	-52%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
279	XFOR	X4 Pharmaceuticals, Inc. Biotechnology	42	Watch	75%	0.7%	-40%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
280	KRRO	Korro Bio, Inc. Biotechnology	41	Watch	—	—	-79%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
281	ABOS	Acumen Pharmaceuticals, Inc. Biotechnology	40	Watch	99%	0.1%	-38%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
282	ACRV	Acrivon Therapeutics, Inc. Biotechnology	40	Watch	100%	0.0%	-38%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
283	AMLX	Amylyx Pharmaceuticals, Inc. Drug Manufacturers - Specialty & Generic	40	Watch	—	—	-31%	Revenue collapseOperations consume cashMassive shareholder dilution	Details →
284	ARTL	Artelo Biosciences, Inc. Biotechnology	40	Watch	—	—	-98%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
285	AVIR	Atea Pharmaceuticals, Inc. Biotechnology	40	Watch	100%	0.0%	-16%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
286	CAPR	Capricor Therapeutics, Inc. Biotechnology	40	Watch	—	—	-77%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
287	CYTK	Cytokinetics, Incorporated Biotechnology	40	Watch	—	—	-29%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
288	EIKN	Eikon Therapeutics, Inc. Biotechnology	40	Watch	60%	19.0%	-54%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
289	FLNA	Filana Therapeutics, Inc. Biotechnology	40	Watch	—	—	-83%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
290	INDP	Indaptus Therapeutics, Inc. Biotechnology	40	Watch	100%	—	-50%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
291	IPSC	Century Therapeutics, Inc. Biotechnology	40	Watch	65%	0.0%	-50%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
292	LPCN	Lipocine Inc. Biotechnology	40	Watch	—	—	-83%	Revenue collapseOperations consume cashShare price down >80% from 52-week high	Details →
293	LQDA	Liquidia Corporation Drug Manufacturers - Specialty & Generic	40	Watch	82%	0.3%	-69%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
294	MGTX	MeiraGTx Holdings plc Biotechnology	40	Watch	—	—	-30%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
295	PMVP	PMV Pharmaceuticals, Inc. Biotechnology	40	Watch	100%	0.0%	-17%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
296	PRQR	ProQR Therapeutics N.V. Biotechnology	40	Watch	97%	0.0%	-49%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
297	TELO	Telomir Pharmaceuticals, Inc. Biotechnology	40	Watch	100%	—	-40%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
298	VKTX	Viking Therapeutics, Inc. Biotechnology	40	Watch	100%	0.0%	-34%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
299	BNTC	Benitec Biopharma Inc. Biotechnology	39	Watch	—	—	-47%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
300	CLDX	Celldex Therapeutics, Inc. Biotechnology	39	Watch	—	—	-35%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
301	COGT	Cogent Biosciences, Inc. Biotechnology	39	Watch	—	—	-30%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
302	CRSP	CRISPR Therapeutics AG Biotechnology	39	Watch	—	—	-34%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
303	DNTH	Dianthus Therapeutics, Inc. Biotechnology	39	Watch	—	—	-29%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
304	GERN	Geron Corporation Biotechnology	39	Watch	—	—	-37%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
305	GTBP	GT Biopharma, Inc. Biotechnology	39	Watch	100%	—	-49%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
306	MNOV	MediciNova, Inc. Biotechnology	39	Watch	—	—	-55%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
307	PRTA	Prothena Corporation plc Biotechnology	39	Watch	—	—	-25%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
308	SLS	SELLAS Life Sciences Group, Inc. Biotechnology	39	Watch	—	—	-27%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
309	SPRY	ARS Pharmaceuticals, Inc. Biotechnology	39	Watch	—	—	-65%	Cash runway under 12 monthsOperations consume cashLosses in 2 of the last 3 years	Details →
310	ALLR	Allarity Therapeutics, Inc. Biotechnology	38	Watch	—	—	-45%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
311	AURA	Aura Biosciences, Inc. Biotechnology	38	Watch	100%	0.0%	-27%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
312	AVBP	ArriVent BioPharma, Inc. Biotechnology	38	Watch	100%	0.0%	-52%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
313	CGTX	Cognition Therapeutics, Inc. Biotechnology	38	Watch	—	—	-54%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
314	DRTS	Alpha Tau Medical Ltd. Biotechnology	38	Watch	78%	0.0%	-10%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
315	EPRX	Eupraxia Pharmaceuticals Inc. Biotechnology	38	Watch	100%	0.0%	-17%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
316	KLRS	Kalaris Therapeutics, Inc. Biotechnology	38	Watch	80%	0.0%	-77%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
317	KPRX	Kiora Pharmaceuticals, Inc. Biotechnology	38	Watch	—	—	-12%	Revenue collapseOperations consume cashCash runway under 24 months	Details →
318	LXEO	Lexeo Therapeutics, Inc. Biotechnology	38	Watch	—	—	-70%	Losses in each of the last 3 yearsOperations consume cashMassive shareholder dilution	Details →
319	NGEN	NervGen Pharma Corp. Biotechnology	38	Watch	100%	0.0%	-71%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
320	RMTI	Rockwell Medical, Inc. Drug Manufacturers - Specialty & Generic	38	Watch	52%	4.9%	-37%	Revenue collapseOperations consume cashOhlson O-score signals likely failure	Details →
321	XLO	Xilio Therapeutics, Inc. Biotechnology	38	Watch	82%	0.0%	-25%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
322	BMEA	Biomea Fusion, Inc. Biotechnology	37	Watch	—	—	-49%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
323	BOLT	Bolt Biotherapeutics, Inc. Biotechnology	37	Watch	—	—	-49%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
324	CUE	Cue Biopharma, Inc. Biotechnology	37	Watch	—	—	-41%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
325	CYCN	Cyclerion Therapeutics, Inc. Biotechnology	37	Watch	—	—	-46%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
326	INKT	MiNK Therapeutics, Inc. Biotechnology	37	Watch	—	—	-29%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
327	INM	InMed Pharmaceuticals Inc. Drug Manufacturers - Specialty & Generic	37	Watch	—	—	-46%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
328	KYMR	Kymera Therapeutics, Inc. Biotechnology	37	Watch	—	—	-14%	Losses in each of the last 3 yearsOperations consume cashSteep revenue decline	Details →
329	LONA	LeonaBio, Inc. Biotechnology	37	Watch	—	—	-51%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
330	PGEN	Precigen, Inc. Biotechnology	37	Watch	—	—	-11%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
331	RGNX	REGENXBIO Inc. Biotechnology	37	Watch	—	—	-49%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
332	RXRX	Recursion Pharmaceuticals, Inc. Biotechnology	37	Watch	—	—	-42%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
333	AGIO	Agios Pharmaceuticals, Inc. Biotechnology	36	Watch	100%	0.0%	-30%	Operations consume cashOhlson O-score signals likely failureCash runway under 24 months	Details →
334	APRE	Aprea Therapeutics, Inc. Biotechnology	36	Watch	—	—	-66%	Losses in each of the last 3 yearsOperations consume cashTrading below $1	Details →
335	BBOT	BridgeBio Oncology Therapeutics, Inc. Biotechnology	36	Watch	—	—	-75%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
336	CLRB	Cellectar Biosciences, Inc. Biotechnology	36	Watch	—	—	-77%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
337	CURX	Curanex Pharmaceuticals Inc Biotechnology	36	Watch	100%	0.2%	-70%	Operations consume cashOhlson O-score signals likely failureLosses in 2 of the last 2 years	Details →
338	IVVD	Invivyd, Inc. Biotechnology	36	Watch	—	—	-76%	Losses in each of the last 3 yearsOperations consume cashTrading below $1	Details →
339	JSPR	Jasper Therapeutics, Inc. Biotechnology	36	Watch	—	—	-78%	Losses in each of the last 3 yearsOperations consume cashTrading below $1	Details →
340	KTTA	Pasithea Therapeutics Corp. Biotechnology	36	Watch	—	—	-70%	Losses in each of the last 3 yearsOperations consume cashTrading below $1	Details →
341	MIRA	MIRA Pharmaceuticals, Inc. Drug Manufacturers - General	36	Watch	—	—	-61%	Losses in each of the last 3 yearsOperations consume cashTrading below $1	Details →
342	MIST	Milestone Pharmaceuticals Inc. Biotechnology	36	Watch	—	—	-76%	Losses in each of the last 3 yearsOperations consume cashTrading below $1	Details →
343	TRAX	First Tracks Biotherapeutics, Inc. Biotechnology	36	Watch	99%	—	-33%	Operations consume cashOhlson O-score signals likely failureCash runway under 24 months	Details →
344	ALXO	ALX Oncology Holdings Inc. Biotechnology	35	Watch	—	—	-55%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
345	ANIX	Anixa Biosciences, Inc. Biotechnology	35	Watch	—	—	-44%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
346	ATNM	Actinium Pharmaceuticals, Inc. Biotechnology	35	Watch	—	—	-36%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
347	DTIL	Precision BioSciences, Inc. Biotechnology	35	Watch	—	—	-31%	Revenue collapseOperations consume cashLosses in 2 of the last 3 years	Details →
348	EDIT	Editas Medicine, Inc. Biotechnology	35	Watch	—	—	-32%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
349	NRIX	Nurix Therapeutics, Inc. Biotechnology	35	Watch	—	—	-20%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
350	OCUL	Ocular Therapeutix, Inc. Biotechnology	35	Watch	—	—	-53%	Losses in each of the last 3 yearsOperations consume cashSteep revenue decline	Details →
351	ROIV	Roivant Sciences Ltd. Biotechnology	35	Watch	—	—	-18%	Revenue collapseOperations consume cashLosses in 2 of the last 3 years	Details →
352	SCYX	SCYNEXIS, Inc. Drug Manufacturers - Specialty & Generic	35	Watch	56%	0.0%	-52%	Operations consume cashOhlson O-score signals likely failureLosses in 2 of the last 3 years	Details →
353	SNDX	Syndax Pharmaceuticals, Inc. Biotechnology	35	Watch	—	—	-33%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
354	SVRA	Savara Inc. Biotechnology	35	Watch	—	—	-30%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →

Frequently asked questions

Which Pharma & Biotech companies are in financial distress?

As of 2026-10-08, 354 US Pharma & Biotech companies show financial-distress indicators (64 very weak, 121 weak and 169 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.

How many Pharma & Biotech companies are in financial trouble?

354 of 621 analysed (57%); 64 are in the 'Very weak' band.

What are the biggest financial risks for Pharma & Biotech companies?

Drug makers and biotechs. The dominant risk is cash runway — pre-revenue pipelines burn cash and depend on fresh equity; a failed trial or closed funding window can force a filing. Right now the most frequent red flags are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and revenue collapse.

What happens to shareholders if a company becomes insolvent?

In a Chapter 11 reorganisation the absolute priority rule pays secured lenders, then unsecured creditors, before shareholders — so existing shares are usually cancelled or heavily diluted. In Chapter 7 the company is liquidated and shareholders rarely recover anything.

Financial distress in other sectors

🏦 Bank & Finance 57 🛡️ Insurance 6 🩺 Healthcare & MedTech 98 💻 IT & Software 113 🔬 Semiconductor 15 🤖 AI 74 🖥️ Hardware & Electronics 40 📡 Telecom & Media 55 🛍️ Consumer Discretionary 91 🛒 Consumer Staples 41 🏭 Industrials & Capital Goods 116 🛢️ Energy, Oil & Gas 31 ⛏️ Metals, Mining & Chemicals 61 ⚡ Utilities & Power 14 🏢 Real Estate Cos & REITs 25 📦 SPACs & Shell Companies 0 ❔ Unclassified 235

Important: A listing means a company’s reported numbers resemble those of firms that later failed — it is not a statement that the company is insolvent, has defaulted or will enter insolvency proceedings. Recalculated every trading day. Not investment or legal advice.