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Analysis
Our opinion on single public biotech companies: how much money they have, how fast they spend it, what the filings say, and where we think management's story does or does not hold up. Each piece links the documents behind every figure.
Opinion Negative view
Akari's cash lasts about nine months, and its latest filing flags going concern doubt
Akari had $7.7 million at June 30, 2026. Our arithmetic gives about nine months, the company says December 2026, and its lead drug is not yet in the clinic.
Opinion Mixed view
ALX Oncology has about 23 months of cash on our math, and the date is tight
Our arithmetic gives about 23 months, close to the company's first half of 2028 date. The best response rate comes from a 43-patient subgroup, and the FDA has said the gastric data cannot support accelerated approval.
Opinion Mixed view
Alto has about $338 million pro forma, but two Phase 2 trials missed and burn is rising
Alto reports $243.7 million, plus $94.6 million net from a July offering. Our arithmetic gives 43 to 59 months. But ALTO-100 and ALTO-101 both missed in Phase 2, and quarterly spending is up sharply.
Opinion Negative view
Atossa has about nine months of cash, and we expect another raise within the year
The filings say existing resources will likely not cover the next twelve months. The early drug data are small, and they do not solve the money problem.
Opinion Low conviction
Caribou Biosciences: Underperform. The price already counts the cash
With both programs shut, the cash that reaches holders is what matters. At $0.4922 the market pays about 7% to 17% more than our estimate of that cash, and the board has not said it will return any.
Opinion Negative view
Genelux has about 9 months of cash, a going concern warning and little outside support
Olvi-Vec is in a Phase 3 trial, but cash covers about 9 months at the recent burn. We think another raise is more likely than not.
Opinion Medium conviction
MapLight Therapeutics: Outperform. Near cash, but the drug must repeat its win
At $7.97 a share, MapLight trades at roughly the cash we estimate it holds, so investors pay little for a schizophrenia drug with one moderate Phase 2 win that still needs a second trial. We rate the shares Outperform.
Opinion Mixed view
Nuvectis has the cash for now, but its trials will need more money
A July offering added about $106.3 million net, and $20.0 million of it went to Haisco for two more early drugs. The company says it can fund planned operations for at least 12 months, and that it needs more money to finish its trials.
Opinion Negative view
Oncolytics has about two months of cash at its average burn
Cash of $4.1 million covers about two months at average burn, and the company's own going concern language points the same way.
Opinion Medium conviction
Outlook Therapeutics: Underperform. The approval is real, but the next raise comes first
LYTENAVA is approved and the market values it at about $97 million. We think Outlook must sell more stock at a discount before US sales can prove the launch, so we rate the shares Underperform.
Opinion Mixed view
Protalix has about a year of cash on paper. The second year is less clear.
Two approved drugs and an early pipeline. The company has $40.7 million and says that lasts 12 months, but its own filing lists 24 months of cash needs.
Opinion Negative view
Sutro has about 14 months of cash at average burn, so we expect a raise
Sutro had $164.3 million at June 30, 2026, and burned $36.3 million a quarter on average. Management says that lasts at least 12 months. We think another raise comes before the cash runs out.
Opinion Mixed view
Protara has 26 months of cash on paper, early data and plans that need more money
Protara has $142.5 million and a bladder cancer trial with small, open-label, uncontrolled interim data whose response rate fell by half between six and 12 months. Spending is rising, and the company says it will need new capital.