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Biotech Dilution Watch

Every shelf registration, at-the-market program and equity offering filed on SEC EDGAR by the 186 biotech and pharma companies BioRadar tracks, combined with cash runway and upcoming FDA decisions into one transparent pressure score.

Of the 186 companies we track, 127 have filed an at-the-market (ATM) program in the last three years, which lets them sell new shares into the market on any trading day while the program has room. 44 have twelve months of cash or less at their last reported balance sheet. 1 combines thin cash, a financing tool already on file and an FDA decision within 120 days. That is the combination to watch: a company that needs money and can issue quickly often does so right after a catalyst, when the share price and trading volume are highest.

186Companies scored

30High pressure (60+)

127ATM filed, last 3 years

4412 months of cash or less

18Financing filings, last 30 days

How to read this. The score (0 to 100) adds up named parts: cash runway (up to 40), an ATM program on file (15), a shelf registration (10), share-count growth over a year (up to 20) and an FDA decision ahead (up to 15), minus 10 when an offering came after the last balance sheet. Click a score to see its parts. Full method

Two limits to keep in mind. Cash comes from each company's latest 10-Q or 10-K, so each row shows the balance-sheet date and flags offerings filed after it. An ATM figure is the program's maximum when it was filed; how much has been sold since, and how much room is left, is not disclosed in structured filings.

Filings checked daily on SEC EDGAR. Last update Oct 1, 2026, 18:48 UTC.

Thin cash, financing on file, FDA decision within 120 days

Score	Company	Cash runway	Financing on file	FDA decision
100	INOINOVIO PHARMACEUTICALS, INC.	6 months$37M as of Jun 30, 2026	ATM, max $60M	Oct 30, 2026in 29 days

Dilution pressure ranking

		cash at last balance sheet	ATM programmax size when filed; amount left not disclosed	Shelf			Last raise
	INOINOVIO PHARMACEUTICALS, INC.	6 months$37M as of Jun 30, 2026Offering filed Jul 30, 2026, after this date	Aug 13, 2024max $60Mfiled over 2 years ago	Jul 2, 2026S-3, $300M	+95%	Oct 30, 2026in 29 days	Jul 30, 2026Underwritten, $20M
INO: 100 points, High Cash runway 6 months +40 ATM program on file since Aug 2024 +15 Shelf registration (S-3, Jul 2026) +10 Going-concern doubt in the latest 10-Q +15In light of these factors, management believes that there is substantial doubt about the Company's ability to continue as a going concern beyond the first quarter of 2027. 10-Q, Aug 2026 Share count +95% in a year +20 FDA decision in 29 days +15 Raised after last reported balance sheet (Jul 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown. Thin cash, a financing tool on file and an FDA decision within 120 days.
	GRMLGreenland Mines Ltd	5 months$9.3M as of Jun 30, 2026Offering filed Sep 28, 2026, after this date	Sep 23, 2026size not stated	Jul 7, 2025S-3, $50M	+159%	None scheduled	Sep 28, 2026Direct / best efforts
GRML: 90 points, High Cash runway 5 months +40 ATM program on file since Sep 2026 +15 Shelf registration (S-3, Jul 2025) +10 Going-concern doubt in the latest 10-Q +15Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the date these financial statements are issued. 10-Q, Aug 2026 Share count +159% in a year +20 Raised after last reported balance sheet (Sep 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	IVVDInvivyd, Inc.	11 months$160M as of Jun 30, 2026	Oct 2, 2025max $75M	Oct 2, 2025S-3, $350M	+145%	None scheduled	Nov 19, 2025Underwritten
IVVD: 90 points, High Cash runway 11 months +30 ATM program on file since Oct 2025 +15 Shelf registration (S-3, Oct 2025) +10 Going-concern doubt in the latest 10-Q +15Based on current operating plans and excluding future external financing, the Company will not have sufficient cash and cash equivalents to fund its operating expenses and capital requirements beyond one year from the issuance of these condensed consolidated financial statements, and therefore, the Company has conclude 10-Q, Aug 2026 Share count +145% in a year +20 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close.
	PYPDPolyPid Ltd.	3 months$6.4M as of Dec 31, 2025	Nov 8, 2024max $8.3M	Jul 2, 2024F-3	+79%	None scheduled	Nov 26, 2025Direct / best efforts
PYPD: 85 points, High Cash runway 3 months +40 ATM program on file since Nov 2024 +15 Shelf registration (F-3, Jul 2024) +10 Share count +79% in a year +20
	OSTXOS Therapies Inc	0 months$0.2M as of Jun 30, 2026Offering filed Aug 12, 2026, after this date	Aug 21, 2026max $75M	Aug 8, 2025S-3, $18M	+45%	None scheduled	Aug 12, 2026Private placement
OSTX: 84 points, High Cash runway 0 months +40 ATM program on file since Aug 2026 +15 Shelf registration (S-3, Aug 2025) +10 Going-concern doubt in the latest 10-Q +15These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited consolidated financial statements are issued. 10-Q, Aug 2026 Share count +45% in a year +14 Raised after last reported balance sheet (Aug 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	PRMEPrime Medicine, Inc.	7 months$95M as of Jun 30, 2026	Nov 7, 2025max $200M	Nov 7, 2025S-3ASR, $200M	+35%	None scheduled	Sep 30, 2024Private placement
PRME: 84 points, High Cash runway 7 months +30 ATM program on file since Nov 2025 +15 Shelf registration (S-3ASR, Nov 2025) +10 Going-concern doubt in the latest 10-Q +15Because certain elements of management’s plans to mitigate the conditions that raised substantial doubt about the Company’s ability to continue as a going concern are outside of the Company’s control, including the ability to raise capital through an equity or other financing, those elements cannot be considered probab 10-Q, Aug 2026 Share count +35% in a year +14 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close.
	AWHLAspira Women's Health Inc.	1 months$0.5M as of Jun 30, 2026	Jan 8, 2025size not stated	Apr 22, 2024S-3, $100M	+31%	None scheduled	Jun 9, 2026Private placement
AWHL: 79 points, High Cash runway 1 months +40 ATM program on file since Jan 2025 +15 Shelf registration (S-3, Apr 2024) +10 Share count +31% in a year +14
	CINGCingulate Inc.	13 months$28M as of Jun 30, 2026	Jan 12, 2026max $8.8M	Jan 12, 2026S-3, $200M	+169%	None scheduled	Feb 17, 2026Private placement
CING: 78 points, High Cash runway 13 months +18 ATM program on file since Jan 2026 +15 Shelf registration (S-3, Jan 2026) +10 Going-concern doubt in the latest 10-Q +15These uncertainties raise substantial doubt about our ability to continue as a going concern for one year after the issuance date of our financial statements. 10-Q, Aug 2026 Share count +169% in a year +20 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close.
	VERUVERU INC.	10 months$24M as of Jun 30, 2026	Jul 2, 2026max $22M	Apr 7, 2026S-3	+16%	None scheduled	Oct 30, 2025Underwritten
VERU: 77 points, High Cash runway 10 months +30 ATM program on file since Jul 2026 +15 Shelf registration (S-3, Apr 2026) +10 Going-concern doubt in the latest 10-Q +15Accordingly, we have concluded that substantial doubt exists about our ability to continue as a going concern for a period of at least twelve months subsequent to the issuance date of these financial statements. 10-Q, Aug 2026 Share count +16% in a year +7 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close.
	GOSSGossamer Bio, Inc.	4 months$57M as of Jun 30, 2026Offering filed Aug 21, 2026, after this date	None on file	Jan 28, 2026S-3ASR	+115%	None scheduled	Aug 21, 2026Private placement
GOSS: 75 points, High Cash runway 4 months +40 Shelf registration (S-3ASR, Jan 2026) +10 Going-concern doubt in the latest 10-Q +15Accordingly, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. 10-Q, Aug 2026 Share count +115% in a year +20 Raised after last reported balance sheet (Aug 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	BMRABIOMERICA INC	5 months$1.3M as of May 31, 2026Offering filed Aug 26, 2026, after this date	May 10, 2024max $5.5Mfiled over 2 years ago	Sep 24, 2026S-3	+60%	None scheduled	Aug 26, 2026Private placement
BMRA: 75 points, High Cash runway 5 months +40 ATM program on file since May 2024 +15 Shelf registration (S-3, Sep 2026) +10 Share count +60% in a year +20 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	BCDABioCardia, Inc.	7 months$4.1M as of Jun 30, 2026	Oct 24, 2025size not stated	Oct 19, 2023S-3	+161%	None scheduled	Sep 19, 2025Direct / best efforts, $6.0M
BCDA: 75 points, High Cash runway 7 months +30 ATM program on file since Oct 2025 +15 Shelf registration (S-3, Oct 2023) +10 Share count +161% in a year +20
	ACTUACTUATE THERAPEUTICS, INC.	3 months$4.4M as of Jun 30, 2026	Nov 28, 2025max $100M	Sep 2, 2025S-3	+16%	None scheduled	Sep 10, 2025Underwritten, $15M
ACTU: 72 points, High Cash runway 3 months +40 ATM program on file since Nov 2025 +15 Shelf registration (S-3, Sep 2025) +10 Share count +16% in a year +7
	OTLKOutlook Therapeutics, Inc.	2 months$11M as of Jun 30, 2026Offering filed Aug 14, 2026, after this date	Apr 12, 2024max $100Mfiled over 2 years ago	Mar 28, 2024S-3, $300M	+448%split likely, not scored	None scheduled	Aug 14, 2026Direct / best efforts, $15M
OTLK: 70 points, High Cash runway 2 months +40 ATM program on file since Apr 2024 +15 Shelf registration (S-3, Mar 2024) +10 Going-concern doubt in the latest 10-Q +15As a result of the above factors, there is substantial doubt about the Company’s ability to continue as a going concern. 10-Q, Aug 2026 Raised after last reported balance sheet (Aug 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. Share count rose more than fourfold in a year; this can be a split or share conversion rather than new issuance, so it is not scored. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	TLSATiziana Life Sciences Ltd	4 months$4.0M as of Dec 31, 2025Offering filed Jan 22, 2026, after this date	Mar 24, 2025max $100M	Mar 24, 2025F-3, $250M	+8%	None scheduled	Jan 22, 2026Direct / best efforts, $8.8M
TLSA: 70 points, High Cash runway 4 months +40 ATM program on file since Mar 2025 +15 Shelf registration (F-3, Mar 2025) +10 Going-concern doubt in the latest 20-F +15These conditions raise substantial doubt about the Group’s ability to continue as a going concern. 20-F, May 2026 Raised after last reported balance sheet (Jan 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	RGNXREGENXBIO Inc.	5 months$106M as of Jun 30, 2026Offering filed Jul 17, 2026, after this date	Feb 12, 2026max $150M	Nov 26, 2025S-3, $300M	+31%	None scheduled	Jul 17, 2026Underwritten
RGNX: 69 points, High Cash runway 4 months +40 ATM program on file since Feb 2026 +15 Shelf registration (S-3, Nov 2025) +10 Share count +31% in a year +14 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	BHVNBiohaven Ltd.	10 months$372M as of Jun 30, 2026	May 4, 2026max $350M	May 4, 2026S-3ASR	+43%	None scheduled	Nov 12, 2025Underwritten
BHVN: 69 points, High Cash runway 10 months +30 ATM program on file since May 2026 +15 Shelf registration (S-3ASR, May 2026) +10 Share count +43% in a year +14
	ATRAAtara Biotherapeutics, Inc.	12 months$13M as of Jun 30, 2026	May 12, 2026size not stated	Nov 1, 2023S-3, $100M	+43%	None scheduled	Feb 23, 2026Private placement
ATRA: 69 points, High Cash runway 12 months +30 ATM program on file since May 2026 +15 Shelf registration (S-3, Nov 2023) +10 Share count +43% in a year +14
	ONCYONCOLYTICS BIOTECH INC	2 months$4.1M as of Jun 30, 2026	Apr 6, 2026max $75M	Apr 1, 2026S-3, $250M	n/a	None scheduled	None in 3 years
ONCY: 65 points, High Cash runway 2 months +40 ATM program on file since Apr 2026 +15 Shelf registration (S-3, Apr 2026) +10
	TNXPTonix Pharmaceuticals Holding Corp.	12 months$176M as of Jun 30, 2026	Nov 21, 2025size not stated	Jun 12, 2025S-3, $500M	+96%	None scheduled	Dec 29, 2025Direct / best efforts
TNXP: 63 points, High Cash runway 12 months +18 ATM program on file since Nov 2025 +15 Shelf registration (S-3, Jun 2025) +10 Share count +96% in a year +20
	CRBPCorbus Pharmaceuticals Holdings, Inc.	13 months$118M as of Jun 30, 2026	Aug 7, 2026max $128M	Mar 11, 2026S-3, $300M	+58%	None scheduled	None in 3 years
CRBP: 63 points, High Cash runway 13 months +18 ATM program on file since Aug 2026 +15 Shelf registration (S-3, Mar 2026) +10 Share count +58% in a year +20
	CABACabaletta Bio, Inc.	16 months$225M as of Jun 30, 2026	Aug 7, 2025max $150M	Aug 7, 2025S-3, $150M	+85%	None scheduled	May 4, 2026Underwritten
CABA: 63 points, High Cash runway 16 months +18 ATM program on file since Aug 2025 +15 Shelf registration (S-3, Aug 2025) +10 Share count +85% in a year +20
	NMRANeumora Therapeutics, Inc.	8 months$117M as of Jun 30, 2026	Oct 1, 2024max $300M	Oct 1, 2024S-3ASR, $300M	+16%	None scheduled	Nov 21, 2025Private placement
NMRA: 62 points, High Cash runway 8 months +30 ATM program on file since Oct 2024 +15 Shelf registration (S-3ASR, Oct 2024) +10 Share count +16% in a year +7
	GANXGain Therapeutics, Inc.	8 months$13M as of Jun 30, 2026	Nov 28, 2025max $50M	May 28, 2025S-3, $100M	+21%	None scheduled	Jul 17, 2025Private placement
GANX: 62 points, High Cash runway 8 months +30 ATM program on file since Nov 2025 +15 Shelf registration (S-3, May 2025) +10 Share count +21% in a year +7
	CNTBConnect Biopharma Holdings Ltd	8 months$45M as of Jun 30, 2026	Jun 10, 2025max $150M	Jun 10, 2025F-3, $150M	+13%	None scheduled	Mar 30, 2026Private placement
CNTB: 62 points, High Cash runway 8 months +30 ATM program on file since Jun 2025 +15 Shelf registration (F-3, Jun 2025) +10 Share count +13% in a year +7
	GNLXGENELUX Corp	9 months$19M as of Jun 30, 2026	Mar 19, 2026max $100M	Feb 2, 2024S-3, $100M	+20%	None scheduled	May 24, 2024Underwritten, $28M
GNLX: 62 points, High Cash runway 9 months +30 ATM program on file since Mar 2026 +15 Shelf registration (S-3, Feb 2024) +10 Share count +20% in a year +7
	LRMRLarimar Therapeutics, Inc.	11 months$156M as of Jun 30, 2026	Feb 26, 2026max $100M	May 9, 2024S-3, $100M	+21%	None scheduled	Feb 25, 2026Underwritten
LRMR: 62 points, High Cash runway 10 months +30 ATM program on file since Feb 2026 +15 Shelf registration (S-3, May 2024) +10 Share count +21% in a year +7
	MGRXMANGOCEUTICALS, INC.	1 months$0.2M as of Jun 30, 2026Offering filed Jul 2, 2026, after this date	None on file	Jun 13, 2025S-3, $150M	+105%	None scheduled	Jul 2, 2026Private placement
MGRX: 60 points, High Cash runway 1 months +40 Shelf registration (S-3, Jun 2025) +10 Share count +105% in a year +20 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	AIMAIM ImmunoTech Inc.	8 months$10.0M as of Jun 30, 2026Offering filed Sep 14, 2026, after this date	May 19, 2026max $3.4M	Apr 1, 2025S-3, $100M	+1,024%split likely, not scored	None scheduled	Sep 14, 2026Private placement
AIM: 60 points, High Cash runway 8 months +30 ATM program on file since May 2026 +15 Shelf registration (S-3, Apr 2025) +10 Going-concern doubt in the latest 10-Q +15The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or ev 10-Q, Aug 2026 Raised after last reported balance sheet (Sep 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. Share count rose more than fourfold in a year; this can be a split or share conversion rather than new issuance, so it is not scored. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	AKTXAkari Therapeutics Plc	8 months$7.7M as of Jun 30, 2026	None on file	Jul 29, 2025S-3	+139%	None scheduled	May 22, 2026Private placement
AKTX: 60 points, High Cash runway 8 months +30 Shelf registration (S-3, Jul 2025) +10 Share count +139% in a year +20
	AGENAGENUS INC	2 months$19M as of Jun 30, 2026Offering filed Aug 18, 2026, after this date	Aug 8, 2024size not statedfiled over 2 years ago	None	+41%	None scheduled	Aug 18, 2026Private placement
AGEN: 59 points, Elevated Cash runway 2 months +40 ATM program on file since Aug 2024 +15 Share count +41% in a year +14 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	BCTXBriaCell Therapeutics Corp.	9 months$23M as of Apr 30, 2026Offering filed Jun 3, 2026, after this date	None on file	Jan 22, 2024S-3, $200M	+28%	None scheduled	Jun 3, 2026Private placement
BCTX: 59 points, Elevated Cash runway 9 months +30 Shelf registration (S-3, Jan 2024) +10 Going-concern doubt in the latest 10-Q +15The uncertainty of the Company’s ability to raise such financial capital casts substantial doubt on the Company’s ability to continue as a going concern. 10-Q, Jun 2026 Share count +28% in a year +14 Raised after last reported balance sheet (Jun 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	PGENPRECIGEN, INC.	4 months$39M as of Jun 30, 2026	None on file	Dec 29, 2023S-3, $300M	+20%	None scheduled	Sep 17, 2025Private placement
PGEN: 57 points, Elevated Cash runway 4 months +40 Shelf registration (S-3, Dec 2023) +10 Share count +20% in a year +7
	ACOGAlpha Cognition Inc.	13 months$41M as of Jun 30, 2026	Aug 22, 2025max $75M	Aug 22, 2025S-3, $75M	+35%	None scheduled	Oct 1, 2025Underwritten
ACOG: 57 points, Elevated Cash runway 13 months +18 ATM program on file since Aug 2025 +15 Shelf registration (S-3, Aug 2025) +10 Share count +35% in a year +14
	NBPNovaBridge Biosciences	14 months$211M as of Dec 31, 2025	Jul 11, 2025max $50M	May 2, 2025F-3, $250M	+42%	None scheduled	Aug 4, 2025Underwritten
NBP: 57 points, Elevated Cash runway 14 months +18 ATM program on file since Jul 2025 +15 Shelf registration (F-3, May 2025) +10 Share count +42% in a year +14
	ACRVAcrivon Therapeutics, Inc.	15 months$90M as of Jun 30, 2026	Dec 1, 2023max $100Mfiled over 2 years ago	Dec 1, 2023S-3, $300M	+36%	None scheduled	Apr 9, 2024Private placement
ACRV: 57 points, Elevated Cash runway 15 months +18 ATM program on file since Dec 2023 +15 Shelf registration (S-3, Dec 2023) +10 Share count +36% in a year +14
	IOVAIOVANCE BIOTHERAPEUTICS, INC.	16 months$359M as of Jun 30, 2026	Aug 22, 2025max $350M	Jun 18, 2026S-3ASR, $90M	+25%	None scheduled	Feb 21, 2024Underwritten
IOVA: 57 points, Elevated Cash runway 16 months +18 ATM program on file since Aug 2025 +15 Shelf registration (S-3ASR, Jun 2026) +10 Share count +25% in a year +14
	SXTP60 DEGREES PHARMACEUTICALS, INC.	1 months$1.0M as of Jun 30, 2026Offering filed Aug 4, 2026, after this date	Mar 13, 2026size not stated	Jul 12, 2024S-3, $15M	-14%	None scheduled	Aug 4, 2026Private placement
SXTP: 55 points, Elevated Cash runway 1 months +40 ATM program on file since Mar 2026 +15 Shelf registration (S-3, Jul 2024) +10 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	BIAFbioAffinity Technologies, Inc.	2 months$2.4M as of Jun 30, 2026Offering filed Aug 14, 2026, after this date	May 27, 2025max $5.8M	Nov 16, 2023S-3, $25M	-72%split likely, not scored	None scheduled	Aug 14, 2026Private placement
BIAF: 55 points, Elevated Cash runway 2 months +40 ATM program on file since May 2025 +15 Shelf registration (S-3, Nov 2023) +10 Raised after last reported balance sheet (Aug 2026) -10 Share count fell by more than half in a year, which usually means a reverse split; share growth is not scored. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	AEONAEON Biopharma, Inc.	3 months$3.4M as of Jun 30, 2026Offering filed Jul 15, 2026, after this date	Jun 16, 2025max $50M	Feb 9, 2026S-3	+4,184%split likely, not scored	None scheduled	Jul 15, 2026Underwritten
AEON: 55 points, Elevated Cash runway 3 months +40 ATM program on file since Jun 2025 +15 Shelf registration (S-3, Feb 2026) +10 Raised after last reported balance sheet (Jul 2026) -10 Share count rose more than fourfold in a year; this can be a split or share conversion rather than new issuance, so it is not scored. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	SPRYARS Pharmaceuticals, Inc.	8 months$144M as of Jun 30, 2026	Jan 31, 2025max $200M	Jan 31, 2025S-3ASR, $200M	+1%	None scheduled	None in 3 years
SPRY: 55 points, Elevated Cash runway 8 months +30 ATM program on file since Jan 2025 +15 Shelf registration (S-3ASR, Jan 2025) +10
	URGNUroGen Pharma Ltd.	8 months$109M as of Jun 30, 2026	Nov 6, 2025max $75M	Nov 6, 2025S-3ASR, $75M	+6%	None scheduled	Feb 20, 2025Private placement
URGN: 55 points, Elevated Cash runway 8 months +30 ATM program on file since Nov 2025 +15 Shelf registration (S-3ASR, Nov 2025) +10
	ARMPArmata Pharmaceuticals, Inc.	10 months$24M as of Jun 30, 2026	Dec 1, 2025max $100M	Aug 13, 2025S-3, $100M	+3%	None scheduled	None in 3 years
ARMP: 55 points, Elevated Cash runway 10 months +30 ATM program on file since Dec 2025 +15 Shelf registration (S-3, Aug 2025) +10
	NTLAIntellia Therapeutics, Inc.	19 months$628M as of Jun 30, 2026	Apr 29, 2026size not stated	Nov 24, 2023S-3ASR, $139M	+31%	Mar 10, 2027in 160 days	Mar 2, 2026Direct / best efforts
NTLA: 55 points, Elevated Cash runway 19 months +8 ATM program on file since Apr 2026 +15 Shelf registration (S-3ASR, Nov 2023) +10 Share count +30% in a year +14 FDA decision in 160 days +8
	NTHINEONC TECHNOLOGIES HOLDINGS, INC.	1 months$2.0M as of Jun 30, 2026Offering filed Sep 10, 2026, after this date	None on file	Apr 2, 2026S-3, $300M	+35%	None scheduled	Sep 10, 2026Direct / best efforts
NTHI: 54 points, Elevated Cash runway 1 months +40 Shelf registration (S-3, Apr 2026) +10 Share count +35% in a year +14 Raised after last reported balance sheet (Sep 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	MLYSMineralys Therapeutics, Inc.	55 months$661M as of Jun 30, 2026	Jun 3, 2026size not stated	Nov 10, 2025S-3ASR, $300M	+33%	Dec 22, 2026in 82 days	Feb 8, 2024Private placement
MLYS: 54 points, Elevated Cash runway 55 months 0 ATM program on file since Jun 2026 +15 Shelf registration (S-3ASR, Nov 2025) +10 Share count +33% in a year +14 FDA decision in 82 days +15
	ACXPAcurx Pharmaceuticals, Inc.	20 months$11M as of Jun 30, 2026	Nov 15, 2023max $17Mfiled over 2 years ago	Jul 9, 2025S-3, $50M	+233%	None scheduled	Apr 16, 2026Direct / best efforts
ACXP: 53 points, Elevated Cash runway 20 months +8 ATM program on file since Nov 2023 +15 Shelf registration (S-3, Jul 2025) +10 Share count +232% in a year +20
	SMMTSummit Therapeutics Inc.	23 months$1.03B as of Jun 30, 2026Offering filed Sep 29, 2026, after this date	Jul 23, 2026max $380M	Jun 9, 2026S-3ASR	+7%	Nov 14, 2026in 44 days	Sep 29, 2026Private placement
SMMT: 53 points, Elevated Cash runway 23 months +8 ATM program on file since Jul 2026 +15 Shelf registration (S-3ASR, Jun 2026) +10 Going-concern doubt in the latest 10-Q +15These conditions raise substantial doubt about the Company’s ability to continue as a going concern. 10-Q, Jul 2026 FDA decision in 44 days +15 Raised after last reported balance sheet (Sep 2026) -10 The latest 10-Q or 10-K states substantial doubt about the company's ability to continue as a going concern: a raise is usually close. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	REPLReplimune Group, Inc.	8 months$195M as of Jun 30, 2026Offering filed Aug 10, 2026, after this date	May 23, 2025max $100M	Aug 14, 2026S-3ASR	+21%	None scheduled	Aug 10, 2026Underwritten
REPL: 52 points, Elevated Cash runway 8 months +30 ATM program on file since May 2025 +15 Shelf registration (S-3ASR, Aug 2026) +10 Share count +21% in a year +7 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	ALGSAligos Therapeutics, Inc.	4 months$30M as of Jun 30, 2026	None on file	Nov 6, 2024S-3, $400M	n/a	None scheduled	Feb 12, 2025Private placement
ALGS: 50 points, Elevated Cash runway 4 months +40 Shelf registration (S-3, Nov 2024) +10
	VERAVera Therapeutics, Inc.	14 months$499M as of Jun 30, 2026	Aug 5, 2025max $200M	Oct 28, 2024S-3ASR	+13%	None scheduled	Dec 10, 2025Underwritten, $261M
VERA: 50 points, Elevated Cash runway 14 months +18 ATM program on file since Aug 2025 +15 Shelf registration (S-3ASR, Oct 2024) +10 Share count +13% in a year +7
	VYGRVoyager Therapeutics, Inc.	15 months$149M as of Jun 30, 2026	Nov 10, 2025max $100M	Nov 10, 2025S-3, $400M	+11%	None scheduled	Jan 8, 2024Underwritten
VYGR: 50 points, Elevated Cash runway 15 months +18 ATM program on file since Nov 2025 +15 Shelf registration (S-3, Nov 2025) +10 Share count +11% in a year +7
	IBRXImmunityBio, Inc.	15 months$357M as of Jun 30, 2026	Dec 29, 2025max $460M	Apr 17, 2024S-3ASR, $301M	+12%	None scheduled	Jul 28, 2025Direct / best efforts
IBRX: 50 points, Elevated Cash runway 15 months +18 ATM program on file since Dec 2025 +15 Shelf registration (S-3ASR, Apr 2024) +10 Share count +12% in a year +7
	ABOSAcumen Pharmaceuticals, Inc.	16 months$110M as of Jun 30, 2026	Nov 13, 2025max $50M	Mar 27, 2024S-3, $200M	+19%	None scheduled	Mar 16, 2026Private placement
ABOS: 50 points, Elevated Cash runway 16 months +18 ATM program on file since Nov 2025 +15 Shelf registration (S-3, Mar 2024) +10 Share count +19% in a year +7
	BBIOBridgeBio Pharma, Inc.	16 months$720M as of Jun 30, 2026Offering filed Jul 2, 2026, after this date	May 8, 2026max $500M	May 8, 2026S-3ASR, $500M	+2%	Nov 27, 2026in 57 days	Jul 2, 2026Private placement
BBIO: 48 points, Elevated Cash runway 16 months +18 ATM program on file since May 2026 +15 Shelf registration (S-3ASR, May 2026) +10 FDA decision in 57 days +15 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	IMDXInsight Molecular Diagnostics Inc.	6 months$18M as of Jun 30, 2026	None on file	Aug 1, 2024S-3, $100M	+14%	None scheduled	Feb 11, 2026Direct / best efforts
IMDX: 47 points, Elevated Cash runway 6 months +30 Shelf registration (S-3, Aug 2024) +10 Share count +14% in a year +7
	MIRMMirum Pharmaceuticals, Inc.	18 months$824M as of Jun 30, 2026	Aug 12, 2025max $200M	Aug 12, 2025S-3ASR, $200M	+29%	None scheduled	May 18, 2026Private placement
MIRM: 47 points, Elevated Cash runway 18 months +8 ATM program on file since Aug 2025 +15 Shelf registration (S-3ASR, Aug 2025) +10 Share count +29% in a year +14
	FDMT4D Molecular Therapeutics, Inc.	19 months$437M as of Jun 30, 2026	Jun 7, 2024max $250Mfiled over 2 years ago	May 7, 2026S-3, $400M	+50%	None scheduled	Jan 26, 2026Private placement
FDMT: 47 points, Elevated Cash runway 19 months +8 ATM program on file since Jun 2024 +15 Shelf registration (S-3, May 2026) +10 Share count +50% in a year +14
	COYACoya Therapeutics, Inc.	19 months$43M as of Jun 30, 2026	May 12, 2026max $30M	Aug 12, 2025S-3, $75M	+40%	None scheduled	Jan 30, 2026Private placement
COYA: 47 points, Elevated Cash runway 19 months +8 ATM program on file since May 2026 +15 Shelf registration (S-3, Aug 2025) +10 Share count +40% in a year +14
	SRRKScholar Rock Holding Corp	19 months$492M as of Jun 30, 2026	Aug 6, 2026max $200M	Oct 7, 2024S-3ASR	+27%	None scheduled	Oct 9, 2024Underwritten
SRRK: 47 points, Elevated Cash runway 19 months +8 ATM program on file since Aug 2026 +15 Shelf registration (S-3ASR, Oct 2024) +10 Share count +27% in a year +14
	CAPRCAPRICOR THERAPEUTICS, INC.	24 months$238M as of Jun 30, 2026	Sep 10, 2025max $150M	Sep 10, 2025S-3, $300M	+27%	None scheduled	Dec 5, 2025Underwritten
CAPR: 47 points, Elevated Cash runway 24 months +8 ATM program on file since Sep 2025 +15 Shelf registration (S-3, Sep 2025) +10 Share count +27% in a year +14
	LYELLyell Immunopharma, Inc.	24 months$289M as of Jun 30, 2026	May 6, 2024max $150Mfiled over 2 years ago	Feb 29, 2024S-3, $150M	+28%	None scheduled	Nov 10, 2025Private placement
LYEL: 47 points, Elevated Cash runway 24 months +8 ATM program on file since May 2024 +15 Shelf registration (S-3, Feb 2024) +10 Share count +28% in a year +14
	CYTKCYTOKINETICS INC	34 months$1.70B as of Jun 30, 2026	May 7, 2026max $500M	Feb 27, 2025S-3ASR, $500M	+16%	Nov 14, 2026in 44 days	Sep 22, 2025Private placement
CYTK: 47 points, Elevated Cash runway 34 months 0 ATM program on file since May 2026 +15 Shelf registration (S-3ASR, Feb 2025) +10 Share count +16% in a year +7 FDA decision in 44 days +15
	PRAXPraxis Precision Medicines, Inc.	60 months$1.66B as of Jun 30, 2026	Oct 20, 2025size not stated	Dec 23, 2024S-3ASR, $250M	+33%	Jan 29, 2027in 120 days	Jan 7, 2026Underwritten
PRAX: 47 points, Elevated Cash runway 60 months 0 ATM program on file since Oct 2025 +15 Shelf registration (S-3ASR, Dec 2024) +10 Share count +33% in a year +14 FDA decision in 120 days +8
	LNAILunai Bioworks Inc.	8 months$3.2M as of Mar 31, 2026Offering filed May 1, 2026, after this date	Dec 3, 2025max $12M	Oct 30, 2024S-3	-79%split likely, not scored	None scheduled	May 1, 2026Private placement
LNAI: 45 points, Elevated Cash runway 8 months +30 ATM program on file since Dec 2025 +15 Shelf registration (S-3, Oct 2024) +10 Raised after last reported balance sheet (May 2026) -10 Share count fell by more than half in a year, which usually means a reverse split; share growth is not scored. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	DYNDyne Therapeutics, Inc.	19 months$898M as of Jun 30, 2026Offering filed Jul 22, 2026, after this date	Nov 12, 2024max $300M	Mar 5, 2024S-3ASR, $200M	+31%	Jan 21, 2027in 112 days	Jul 22, 2026Underwritten, $375M
DYN: 45 points, Elevated Cash runway 19 months +8 ATM program on file since Nov 2024 +15 Shelf registration (S-3ASR, Mar 2024) +10 Share count +31% in a year +14 FDA decision in 112 days +8 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	UNCYUnicycive Therapeutics, Inc.	26 months$61M as of Jun 30, 2026	Jun 5, 2026max $50M	Jun 5, 2026S-3, $50M	+58%	None scheduled	Mar 14, 2024Private placement
UNCY: 45 points, Elevated Cash runway 26 months 0 ATM program on file since Jun 2026 +15 Shelf registration (S-3, Jun 2026) +10 Share count +58% in a year +20
	ZBIOZenas BioPharma, Inc.	30 months$674M as of Jun 30, 2026	Oct 8, 2025max $200M	Oct 8, 2025S-3ASR, $200M	+55%	May 27, 2027in 238 days	Mar 30, 2026Convertible
ZBIO: 45 points, Elevated Cash runway 30 months 0 ATM program on file since Oct 2025 +15 Shelf registration (S-3ASR, Oct 2025) +10 Share count +55% in a year +20
	AURAAura Biosciences, Inc.	31 months$324M as of Jun 30, 2026	Aug 11, 2026max $200M	Aug 11, 2026S-3, $500M	+67%	None scheduled	May 5, 2026Underwritten
AURA: 45 points, Elevated Cash runway 31 months 0 ATM program on file since Aug 2026 +15 Shelf registration (S-3, Aug 2026) +10 Share count +67% in a year +20
	SLSSELLAS Life Sciences Group, Inc.	51 months$138M as of Jun 30, 2026	Mar 20, 2026max $150M	Mar 20, 2026S-3ASR, $150M	+92%	None scheduled	Sep 11, 2025Private placement
SLS: 45 points, Elevated Cash runway 50 months 0 ATM program on file since Mar 2026 +15 Shelf registration (S-3ASR, Mar 2026) +10 Share count +92% in a year +20
	ASMBASSEMBLY BIOSCIENCES, INC.	51 months$320M as of Jun 30, 2026	Mar 19, 2026max $100M	Mar 19, 2026S-3, $400M	+165%	None scheduled	May 26, 2026Underwritten
ASMB: 45 points, Elevated Cash runway 51 months 0 ATM program on file since Mar 2026 +15 Shelf registration (S-3, Mar 2026) +10 Share count +165% in a year +20
	ARTVArtiva Biotherapeutics, Inc.	51 months$349M as of Jun 30, 2026	Aug 6, 2026max $100M	Aug 6, 2026S-3, $100M	+100%	None scheduled	Jul 22, 2024Underwritten, $167M
ARTV: 45 points, Elevated Cash runway 51 months 0 ATM program on file since Aug 2026 +15 Shelf registration (S-3, Aug 2026) +10 Share count +100% in a year +20
	CCCCC4 Therapeutics, Inc.	57 months$300M as of Jun 30, 2026	Dec 10, 2025max $200M	Nov 21, 2025S-3, $125M	+73%	None scheduled	Oct 16, 2025Underwritten
CCCC: 45 points, Elevated Cash runway 57 months 0 ATM program on file since Dec 2025 +15 Shelf registration (S-3, Nov 2025) +10 Share count +73% in a year +20
	ALLOAllogene Therapeutics, Inc.	61 months$458M as of Jun 30, 2026	Jun 22, 2026max $135M	Aug 12, 2026S-3	+56%	None scheduled	None in 3 years
ALLO: 45 points, Elevated Cash runway 61 months 0 ATM program on file since Jun 2026 +15 Shelf registration (S-3, Aug 2026) +10 Share count +56% in a year +20
	ACHVACHIEVE LIFE SCIENCES, INC.	64 months$189M as of Jun 30, 2026	Aug 14, 2026max $150M	Jan 23, 2026S-3, $300M	+101%	None scheduled	Apr 16, 2026Private placement
ACHV: 45 points, Elevated Cash runway 64 months 0 ATM program on file since Aug 2026 +15 Shelf registration (S-3, Jan 2026) +10 Share count +101% in a year +20
	AARDAardvark Therapeutics, Inc.	12 months$74M as of Jun 30, 2026	Apr 3, 2026max $150M	Mar 23, 2026S-3, $150M	+1%	None scheduled	Feb 13, 2025Underwritten
AARD: 43 points, Elevated Cash runway 12 months +18 ATM program on file since Apr 2026 +15 Shelf registration (S-3, Mar 2026) +10
	VNDAVanda Pharmaceuticals Inc.	13 months$170M as of Jun 30, 2026	None on file	Feb 12, 2026S-3	+2%	Dec 12, 2026in 72 days	None in 3 years
VNDA: 43 points, Elevated Cash runway 13 months +18 Shelf registration (S-3, Feb 2026) +10 FDA decision in 72 days +15
	ATYRaTYR PHARMA INC	16 months$57M as of Jun 30, 2026	Dec 23, 2024max $150M	Aug 7, 2025S-3, $300M	+0%	None scheduled	None in 3 years
ATYR: 43 points, Elevated Cash runway 16 months +18 ATM program on file since Dec 2024 +15 Shelf registration (S-3, Aug 2025) +10
	ACETAdicet Bio, Inc.	17 months$118M as of Jun 30, 2026	Mar 18, 2025max $100M	Mar 12, 2026S-3, $250M	-89%split likely, not scored	None scheduled	Apr 28, 2026Private placement
ACET: 43 points, Elevated Cash runway 17 months +18 ATM program on file since Mar 2025 +15 Shelf registration (S-3, Mar 2026) +10 Share count fell by more than half in a year, which usually means a reverse split; share growth is not scored.
	CBIHCannabis Bioscience International Holdin	0 months$0.0M as of Feb 28, 2026	None on file	None	+6%	None scheduled	None in 3 years
CBIH: 40 points, Elevated Cash runway 0 months +40
	LENZLENZ Therapeutics, Inc.	18 months$220M as of Jun 30, 2026	Apr 14, 2025max $150M	Apr 4, 2025S-3, $500M	+10%	None scheduled	Jul 15, 2024Private placement
LENZ: 40 points, Elevated Cash runway 18 months +8 ATM program on file since Apr 2025 +15 Shelf registration (S-3, Apr 2025) +10 Share count +10% in a year +7
	ABEOABEONA THERAPEUTICS INC.	23 months$147M as of Jun 30, 2026	Jun 21, 2024max $75Mfiled over 2 years ago	Jun 12, 2024S-3, $75M	+12%	None scheduled	None in 3 years
ABEO: 40 points, Elevated Cash runway 23 months +8 ATM program on file since Jun 2024 +15 Shelf registration (S-3, Jun 2024) +10 Share count +12% in a year +7
	LCTXLineage Cell Therapeutics, Inc.	24 months$60M as of Jun 30, 2026	Mar 11, 2026size not stated	Mar 11, 2026S-3, $100M	+11%	None scheduled	Nov 21, 2024Direct / best efforts
LCTX: 40 points, Elevated Cash runway 24 months +8 ATM program on file since Mar 2026 +15 Shelf registration (S-3, Mar 2026) +10 Share count +11% in a year +7
	AQSTAquestive Therapeutics, Inc.	24 months$98M as of Jun 30, 2026	Apr 3, 2024max $100Mfiled over 2 years ago	Apr 3, 2024S-3, $250M	+26%	None scheduled	May 13, 2026Private placement
AQST: 39 points, Moderate Cash runway 24 months 0 ATM program on file since Apr 2024 +15 Shelf registration (S-3, Apr 2024) +10 Share count +26% in a year +14
	IMNMImmunome Inc.	26 months$520M as of Jun 30, 2026	Dec 17, 2025size not stated	Feb 13, 2024S-3ASR	+31%	Apr 28, 2027in 209 days	Oct 29, 2024Private placement
IMNM: 39 points, Moderate Cash runway 26 months 0 ATM program on file since Dec 2025 +15 Shelf registration (S-3ASR, Feb 2024) +10 Share count +30% in a year +14
	VRDNViridian Therapeutics, Inc.\DE	26 months$982M as of Jun 30, 2026	Sep 5, 2025max $300M	Sep 5, 2025S-3ASR, $300M	+39%	None scheduled	May 8, 2026Convertible, $125M
VRDN: 39 points, Moderate Cash runway 26 months 0 ATM program on file since Sep 2025 +15 Shelf registration (S-3ASR, Sep 2025) +10 Share count +39% in a year +14
	MISTMilestone Pharmaceuticals Inc.	26 months$171M as of Jun 30, 2026	May 13, 2026max $100M	May 13, 2026S-3, $300M	+47%	None scheduled	Jul 14, 2025Underwritten
MIST: 39 points, Moderate Cash runway 26 months 0 ATM program on file since May 2026 +15 Shelf registration (S-3, May 2026) +10 Share count +46% in a year +14
	ACRSAclaris Therapeutics, Inc.	27 months$171M as of Jun 30, 2026	Aug 6, 2026max $150M	Aug 6, 2026S-3ASR, $150M	+36%	None scheduled	Nov 18, 2024Private placement
ACRS: 39 points, Moderate Cash runway 27 months 0 ATM program on file since Aug 2026 +15 Shelf registration (S-3ASR, Aug 2026) +10 Share count +36% in a year +14
	CMPXCompass Therapeutics, Inc.	33 months$180M as of Jun 30, 2026	Dec 30, 2025max $100M	Dec 30, 2025S-3, $100M	+30%	None scheduled	Aug 13, 2025Underwritten
CMPX: 39 points, Moderate Cash runway 33 months 0 ATM program on file since Dec 2025 +15 Shelf registration (S-3, Dec 2025) +10 Share count +30% in a year +14
	GLUEMonte Rosa Therapeutics, Inc.	46 months$621M as of Jun 30, 2026	Feb 11, 2026max $100M	Feb 11, 2026S-3ASR, $100M	+38%	None scheduled	May 16, 2024Underwritten
GLUE: 39 points, Moderate Cash runway 46 months 0 ATM program on file since Feb 2026 +15 Shelf registration (S-3ASR, Feb 2026) +10 Share count +38% in a year +14
	BNTCBenitec Biopharma Inc.	131 months$180M as of Jun 30, 2026	Sep 22, 2025max $125M	Sep 14, 2026S-3, $200M	+33%	None scheduled	Nov 7, 2025Direct / best efforts
BNTC: 39 points, Moderate Cash runway 131 months 0 ATM program on file since Sep 2025 +15 Shelf registration (S-3, Sep 2026) +10 Share count +33% in a year +14
	MAIAMAIA Biotechnology, Inc.	15 months$28M as of Jun 30, 2026	None on file	Aug 21, 2026S-3	+84%	None scheduled	Mar 4, 2026Underwritten, $30M
MAIA: 38 points, Moderate Cash runway 15 months +18 Shelf registration (S-3, Aug 2026) +10 Company says its financing fully funds the pivotal trial -10On April 8, 2026, we announced that net proceeds from the $33 million confidentially marketed public offering of common stock in March 2026 are expected to fully fund the Company’s ongoing pivotal Phase 3 clinical trial of its lead investigational therapy, ateganosine, as a treatment for non-small cell lung cancer (NSC 10-Q, Aug 2026 Share count +84% in a year +20
	SLDBSolid Biosciences Inc.	23 months$378M as of Jun 30, 2026	Aug 6, 2026max $200M	Aug 6, 2026S-3ASR	+38%	None scheduled	Mar 6, 2026Private placement
SLDB: 37 points, Moderate Cash runway 23 months +8 ATM program on file since Aug 2026 +15 Shelf registration (S-3ASR, Aug 2026) +10 Company says cash lasts into mid-2028 -10We believe that our cash, cash equivalents, and available-for-sale securities as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into mid-2028. 10-Q, Aug 2026 Share count +38% in a year +14
	OCGNOcugen, Inc.	18 months$100M as of Jun 30, 2026	None on file	Apr 18, 2024S-3, $175M	+16%	None scheduled	May 14, 2026Private placement
OCGN: 35 points, Moderate Cash runway 18 months +18 Shelf registration (S-3, Apr 2024) +10 Share count +16% in a year +7
	LXEOLexeo Therapeutics, Inc.	36 months$234M as of Jun 30, 2026Offering filed Sep 29, 2026, after this date	Mar 24, 2025max $75M	Dec 13, 2024S-3, $300M	+52%	None scheduled	Sep 29, 2026Private placement
LXEO: 35 points, Moderate Cash runway 36 months 0 ATM program on file since Mar 2025 +15 Shelf registration (S-3, Dec 2024) +10 Share count +52% in a year +20 Raised after last reported balance sheet (Sep 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	CMPSCOMPASS Pathways plc	30 months$433M as of Jun 30, 2026	May 8, 2025max $150M	Aug 5, 2026S-3ASR	+44%	None scheduled	Feb 19, 2026Underwritten
CMPS: 34 points, Moderate Cash runway 30 months 0 ATM program on file since May 2025 +15 Shelf registration (S-3ASR, Aug 2026) +10 Company says cash lasts into 2028 -5We believe that our existing cash and cash equivalents will be sufficient for us to fund our operating expenses and capital expenditure requirements into 2028 . 10-Q, Aug 2026 Share count +44% in a year +14
	CADLCandel Therapeutics, Inc.	34 months$202M as of Jun 30, 2026	Aug 14, 2025max $50M	Aug 14, 2025S-3, $50M	+39%	None scheduled	Feb 20, 2026Underwritten, $100M
CADL: 34 points, Moderate Cash runway 34 months 0 ATM program on file since Aug 2025 +15 Shelf registration (S-3, Aug 2025) +10 Company says cash lasts into the first quarter of 2028 -5We believe our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2028. 10-Q, Aug 2026 Share count +39% in a year +14
	VKTXViking Therapeutics, Inc.	13 months$502M as of Jun 30, 2026Offering filed Sep 25, 2026, after this date	Jul 30, 2026max $500M	Jul 30, 2026S-3ASR, $500M	+4%	None scheduled	Sep 25, 2026Convertible, $275M
VKTX: 33 points, Moderate Cash runway 12 months +18 ATM program on file since Jul 2026 +15 Shelf registration (S-3ASR, Jul 2026) +10 Raised after last reported balance sheet (Sep 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	UPBUpstream Bio, Inc.	19 months$261M as of Jun 30, 2026	Mar 26, 2026max $150M	Nov 5, 2025S-3ASR	+2%	None scheduled	Oct 11, 2024Underwritten, $255M
UPB: 33 points, Moderate Cash runway 19 months +8 ATM program on file since Mar 2026 +15 Shelf registration (S-3ASR, Nov 2025) +10
	KURAKura Oncology, Inc.	21 months$519M as of Jun 30, 2026	Nov 2, 2023max $150Mfiled over 2 years ago	Nov 2, 2023S-3ASR, $150M	+3%	None scheduled	Jan 26, 2024Private placement
KURA: 33 points, Moderate Cash runway 21 months +8 ATM program on file since Nov 2023 +15 Shelf registration (S-3ASR, Nov 2023) +10
	FHTXFoghorn Therapeutics Inc.	23 months$168M as of Jun 30, 2026	Mar 20, 2025max $100M	Jan 24, 2025S-3	+5%	None scheduled	Jan 12, 2026Direct / best efforts
FHTX: 33 points, Moderate Cash runway 23 months +8 ATM program on file since Mar 2025 +15 Shelf registration (S-3, Jan 2025) +10
	CGEMCullinan Therapeutics, Inc.	25 months$354M as of Jun 30, 2026	Apr 28, 2026max $200M	Apr 28, 2026S-3ASR, $200M	+9%	Feb 27, 2027in 149 days	Apr 16, 2024Private placement
CGEM: 33 points, Moderate Cash runway 25 months 0 ATM program on file since Apr 2026 +15 Shelf registration (S-3ASR, Apr 2026) +10 FDA decision in 149 days +8
	ABSIAbsci Corp	33 months$300M as of Jun 30, 2026	Jun 24, 2026size not stated	Aug 12, 2025S-3, $100M	+15%	None scheduled	Jul 25, 2025Underwritten, $50M
ABSI: 32 points, Moderate Cash runway 33 months 0 ATM program on file since Jun 2026 +15 Shelf registration (S-3, Aug 2025) +10 Share count +15% in a year +7
	CLDXCelldex Therapeutics, Inc.	35 months$718M as of Jun 30, 2026	Feb 26, 2024max $300Mfiled over 2 years ago	Nov 3, 2023S-3ASR	+18%	None scheduled	Apr 2, 2026Underwritten
CLDX: 32 points, Moderate Cash runway 35 months 0 ATM program on file since Feb 2024 +15 Shelf registration (S-3ASR, Nov 2023) +10 Share count +18% in a year +7
	RAREUltragenyx Pharmaceutical Inc.	10 months$496M as of Jun 30, 2026	None on file	None	+2%	None scheduled	None in 3 years
RARE: 30 points, Moderate Cash runway 10 months +30
	CLLSCellectis S.A.	n/a	None on file	Jul 2, 2025F-3, $200M	+57%	None scheduled	None in 3 years
CLLS: 30 points, Moderate Cash runway not available 0 Shelf registration (F-3, Jul 2025) +10 Share count +57% in a year +20
	ANROAlto Neuroscience, Inc.	31 months$244M as of Jun 30, 2026Offering filed Jul 14, 2026, after this date	Feb 3, 2025max $75M	Feb 3, 2025S-3, $75M	+45%	None scheduled	Jul 14, 2026Underwritten
ANRO: 29 points, Moderate Cash runway 31 months 0 ATM program on file since Feb 2025 +15 Shelf registration (S-3, Feb 2025) +10 Share count +45% in a year +14 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	BSEMBioStem Technologies, Inc.	7 months$7.0M as of Jun 30, 2026Offering filed Sep 30, 2026, after this date	None on file	None	n/a	None scheduled	Sep 30, 2026Private placement
BSEM: 28 points, Moderate Cash runway 6 months +30 S-1 registration (Sep 2026) +8 Raised after last reported balance sheet (Sep 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	GRCEGrace Therapeutics, Inc.	13 months$14M as of Jun 30, 2026Offering filed Aug 6, 2026, after this date	None on file	None	+52%	None scheduled	Aug 6, 2026Private placement
GRCE: 28 points, Moderate Cash runway 13 months +18 Share count +52% in a year +20 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	CRDLCardiol Therapeutics Inc.	13 months$26M as of Dec 31, 2025	None on file	None	+21%	None scheduled	None in 3 years
CRDL: 25 points, Moderate Cash runway 13 months +18 Share count +21% in a year +7
	ANABANAPTYSBIO, INC	24 months$214M as of Jun 30, 2026	Nov 15, 2024max $100M	Nov 5, 2024S-3, $150M	+8%	None scheduled	Aug 14, 2024Underwritten
ANAB: 25 points, Moderate Cash runway 24 months 0 ATM program on file since Nov 2024 +15 Shelf registration (S-3, Nov 2024) +10
	DNLIDenali Therapeutics Inc.	25 months$940M as of Jun 30, 2026	Feb 27, 2025max $400M	Feb 27, 2025S-3ASR, $400M	+9%	None scheduled	Dec 10, 2025Underwritten
DNLI: 25 points, Moderate Cash runway 24 months 0 ATM program on file since Feb 2025 +15 Shelf registration (S-3ASR, Feb 2025) +10
	ZYMEZymeworks Inc.	25 months$322M as of Jun 30, 2026	Aug 2, 2024max $150Mfiled over 2 years ago	May 2, 2024S-3ASR	-6%	None scheduled	Aug 11, 2025Private placement
ZYME: 25 points, Moderate Cash runway 25 months 0 ATM program on file since Aug 2024 +15 Shelf registration (S-3ASR, May 2024) +10
	BBOTBridgeBio Oncology Therapeutics, Inc.	26 months$344M as of Jun 30, 2026	Sep 1, 2026max $200M	Sep 1, 2026S-3, $200M	n/a	None scheduled	Aug 13, 2025Private placement
BBOT: 25 points, Moderate Cash runway 26 months 0 ATM program on file since Sep 2026 +15 Shelf registration (S-3, Sep 2026) +10
	ALDXAldeyra Therapeutics, Inc.	28 months$45M as of Jun 30, 2026	Aug 1, 2024max $75Mfiled over 2 years ago	Mar 7, 2024S-3, $200M	+1%	None scheduled	None in 3 years
ALDX: 25 points, Moderate Cash runway 28 months 0 ATM program on file since Aug 2024 +15 Shelf registration (S-3, Mar 2024) +10
	IMRXImmuneering Corp	31 months$183M as of Jun 30, 2026	Aug 13, 2025max $100M	Aug 13, 2025S-3, $300M	n/a	None scheduled	Sep 25, 2025Underwritten
IMRX: 25 points, Moderate Cash runway 31 months 0 ATM program on file since Aug 2025 +15 Shelf registration (S-3, Aug 2025) +10
	EWTXEdgewise Therapeutics, Inc.	33 months$461M as of Jun 30, 2026	May 10, 2024max $175Mfiled over 2 years ago	May 10, 2024S-3ASR, $175M	+3%	None scheduled	Apr 2, 2025Underwritten, $200M
EWTX: 25 points, Moderate Cash runway 32 months 0 ATM program on file since May 2024 +15 Shelf registration (S-3ASR, May 2024) +10
	AGIOAGIOS PHARMACEUTICALS, INC.	33 months$965M as of Jun 30, 2026	None on file	Feb 12, 2026S-3ASR	+3%	Nov 1, 2026in 31 days	None in 3 years
AGIO: 25 points, Moderate Cash runway 33 months 0 Shelf registration (S-3ASR, Feb 2026) +10 FDA decision in 31 days +15
	TECXTectonic Therapeutic, Inc.	34 months$227M as of Jun 30, 2026	Jul 7, 2025max $100M	Jul 7, 2025S-3, $100M	+5%	None scheduled	Feb 3, 2025Private placement
TECX: 25 points, Moderate Cash runway 34 months 0 ATM program on file since Jul 2025 +15 Shelf registration (S-3, Jul 2025) +10
	BEAMBeam Therapeutics Inc.	35 months$1.15B as of Jun 30, 2026	Mar 10, 2025max $236M	Feb 28, 2024S-3ASR, $236M	+2%	None scheduled	Jul 3, 2025Private placement
BEAM: 25 points, Moderate Cash runway 35 months 0 ATM program on file since Mar 2025 +15 Shelf registration (S-3ASR, Feb 2024) +10
	AXSMAxsome Therapeutics, Inc.	36 months$320M as of Jun 30, 2026	Nov 3, 2025max $250M	Nov 3, 2025S-3ASR, $250M	+5%	May 1, 2027in 212 days	May 13, 2025Private placement
AXSM: 25 points, Moderate Cash runway 36 months 0 ATM program on file since Nov 2025 +15 Shelf registration (S-3ASR, Nov 2025) +10
	RYTMRHYTHM PHARMACEUTICALS, INC.	37 months$331M as of Jun 30, 2026	Feb 26, 2026max $200M	Feb 26, 2026S-3ASR, $200M	+4%	None scheduled	Jul 10, 2025Underwritten
RYTM: 25 points, Moderate Cash runway 37 months 0 ATM program on file since Feb 2026 +15 Shelf registration (S-3ASR, Feb 2026) +10
	SNDXSyndax Pharmaceuticals Inc	43 months$575M as of Jun 30, 2026	Feb 27, 2024max $157Mfiled over 2 years ago	Feb 27, 2024S-3ASR, $157M	+4%	None scheduled	Jun 10, 2026Private placement
SNDX: 25 points, Moderate Cash runway 43 months 0 ATM program on file since Feb 2024 +15 Shelf registration (S-3ASR, Feb 2024) +10
	AVXLANAVEX LIFE SCIENCES CORP.	51 months$118M as of Jun 30, 2026	Jul 25, 2025max $150M	Jul 14, 2025S-3	+8%	None scheduled	None in 3 years
AVXL: 25 points, Moderate Cash runway 51 months 0 ATM program on file since Jul 2025 +15 Shelf registration (S-3, Jul 2025) +10
	AKBAAkebia Therapeutics, Inc.	52 months$156M as of Jun 30, 2026	Sep 3, 2024max $75Mfiled over 2 years ago	Sep 3, 2024S-3, $75M	+5%	None scheduled	Mar 20, 2025Underwritten, $50M
AKBA: 25 points, Moderate Cash runway 52 months 0 ATM program on file since Sep 2024 +15 Shelf registration (S-3, Sep 2024) +10
	OMEROMEROS CORP	76 months$132M as of Jun 30, 2026	Nov 14, 2025max $150M	Nov 14, 2025S-3ASR	+6%	None scheduled	Jul 25, 2025Direct / best efforts
OMER: 25 points, Moderate Cash runway 76 months 0 ATM program on file since Nov 2025 +15 Shelf registration (S-3ASR, Nov 2025) +10
	ACIUAC Immune SA	n/a	Aug 6, 2024max $80Mfiled over 2 years ago	Mar 14, 2024F-3, $350M	+1%	None scheduled	Dec 15, 2023Underwritten, $50M
ACIU: 25 points, Moderate Cash runway not available 0 ATM program on file since Aug 2024 +15 Shelf registration (F-3, Mar 2024) +10
	ALVOAlvotech	n/a	Jun 16, 2026size not stated	Oct 20, 2023F-3, $100M	+3%	None scheduled	None in 3 years
ALVO: 25 points, Moderate Cash runway not available 0 ATM program on file since Jun 2026 +15 Shelf registration (F-3, Oct 2023) +10
	ARWRARROWHEAD PHARMACEUTICALS, INC.	n/a$1.60B as of Jun 30, 2026	Dec 11, 2025max $500M	Dec 11, 2025S-3ASR, $500M	+2%	None scheduled	Jan 9, 2026Convertible
ARWR: 25 points, Moderate Cash runway not available 0 ATM program on file since Dec 2025 +15 Shelf registration (S-3ASR, Dec 2025) +10
	ADILADIAL PHARMACEUTICALS, INC.	21 months$29M as of Jun 30, 2026Offering filed Aug 25, 2026, after this date	Aug 1, 2025max $100M	Jan 12, 2024S-3, $100M	-88%split likely, not scored	None scheduled	Aug 25, 2026Private placement
ADIL: 23 points, Moderate Cash runway 21 months +8 ATM program on file since Aug 2025 +15 Shelf registration (S-3, Jan 2024) +10 Raised after last reported balance sheet (Aug 2026) -10 Share count fell by more than half in a year, which usually means a reverse split; share growth is not scored. An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	COGTCogent Biosciences, Inc.	29 months$792M as of Jun 30, 2026	Aug 10, 2026max $400M	Nov 7, 2025S-3ASR, $300M	+24%	None scheduled	Nov 12, 2025Convertible
COGT: 22 points, Moderate Cash runway 29 months 0 ATM program on file since Aug 2026 +15 Shelf registration (S-3ASR, Nov 2025) +10 Company says cash lasts into late 2028 -10We believe that our cash, cash equivalents and marketable securities, with the $71.4 million net proceeds from shares sold under our ATM after the end of the quarter, will be sufficient to fund our operating expenses and capital expenditure requirements into late 2028, including through potential FDA approval of bezucl 10-Q, Aug 2026 Share count +24% in a year +7
	INBXInhibrx Biosciences, Inc.	12 months$133M as of Jun 30, 2026Offering filed Jul 16, 2026, after this date	None on file	None	+2%	Apr 14, 2027in 195 days	Jul 16, 2026Private placement
INBX: 20 points, Moderate Cash runway 12 months +30 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	ANNXAnnexon, Inc.	25 months$395M as of Jun 30, 2026	Mar 31, 2026max $150M	Mar 31, 2026S-3ASR, $150M	+1%	None scheduled	Nov 13, 2025Underwritten
ANNX: 20 points, Moderate Cash runway 25 months 0 ATM program on file since Mar 2026 +15 Shelf registration (S-3ASR, Mar 2026) +10 Company says cash lasts into 2028 -5Based upon our current operating plan, we believe that our existing cash and cash equivalents and short-term investments will enable us to fund operating expenses into 2028. 10-Q, Aug 2026
	AUTLAutolus Therapeutics plc	13 months$202M as of Jun 30, 2026Offering filed Aug 3, 2026, after this date	None on file	Apr 13, 2026S-3, $150M	0%	None scheduled	Aug 3, 2026Private placement
AUTL: 18 points, Low Cash runway 13 months +18 Shelf registration (S-3, Apr 2026) +10 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	HELPCYBIN INC.	14 months$166M as of Mar 31, 2026	None on file	None	-97%split likely, not scored	None scheduled	None in 3 years
HELP: 18 points, Low Cash runway 14 months +18 Share count fell by more than half in a year, which usually means a reverse split; share growth is not scored.
	NNNNAnbio Biotechnology	21 months$12M as of Dec 31, 2025	None on file	Jul 9, 2026F-3ASR	n/a	None scheduled	Feb 19, 2025Underwritten
NNNN: 18 points, Low Cash runway 21 months +8 Shelf registration (F-3ASR, Jul 2026) +10
	ADCTADC Therapeutics SA	32 months$219M as of Jun 30, 2026	None on file	Aug 6, 2024S-3, $300M	+14%	None scheduled	Feb 23, 2026Private placement
ADCT: 17 points, Low Cash runway 32 months 0 Shelf registration (S-3, Aug 2024) +10 Share count +14% in a year +7
	CELCCelcuity Inc.	41 months$754M as of Jun 30, 2026	Jan 9, 2026max $400M	Jan 9, 2026S-3ASR, $400M	+15%	None scheduled	Jun 5, 2026Convertible
CELC: 17 points, Low Cash runway 41 months 0 ATM program on file since Jan 2026 +15 Shelf registration (S-3ASR, Jan 2026) +10 Company says cash lasts into 2029 -15Based on our current business plan, we believe that our current cash, cash equivalents and short-term investments, will provide sufficient cash to finance our operations at least into 2029. 10-Q, Aug 2026 Share count +15% in a year +7
	EIKNEikon Therapeutics, Inc.	20 months$531M as of Jun 30, 2026	None on file	None	n/a	None scheduled	Feb 5, 2026Underwritten, $381M
EIKN: 16 points, Low Cash runway 20 months +8 S-1 registration (Jan 2026) +8
	MNKDMANNKIND CORP	28 months$111M as of Jun 30, 2026Offering filed Jul 24, 2026, after this date	Feb 26, 2025max $200M	Feb 26, 2025S-3ASR, $200M	+5%	None scheduled	Jul 24, 2026Private placement
MNKD: 15 points, Low Cash runway 28 months 0 ATM program on file since Feb 2025 +15 Shelf registration (S-3ASR, Feb 2025) +10 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	ARVNARVINAS, INC.	29 months$568M as of Jun 30, 2026	Nov 7, 2023max $263Mfiled over 2 years ago	Nov 7, 2023S-3ASR, $263M	-11%	None scheduled	Nov 27, 2023Private placement
ARVN: 15 points, Low Cash runway 29 months 0 ATM program on file since Nov 2023 +15 Shelf registration (S-3ASR, Nov 2023) +10 Company says cash lasts into the second half of 2028 -10We believe the existing cash, cash equivalents and marketable securities on hand will be sufficient to fund our operations into the second half of 2028, which will enable us to execute on multiple data readouts across our programs. 10-Q, Aug 2026
	ORICOric Pharmaceuticals, Inc.	36 months$388M as of Jun 30, 2026	Feb 23, 2026max $200M	Mar 11, 2024S-3ASR, $200M	+7%	None scheduled	May 28, 2025Private placement
ORIC: 15 points, Low Cash runway 36 months 0 ATM program on file since Feb 2026 +15 Shelf registration (S-3ASR, Mar 2024) +10 Company says cash lasts into the second half of 2028 -10We expect our current cash, cash equivalents and investments will be sufficient to fund our current operating plan into the second half of 2028. 10-Q, Aug 2026
	BDTXBlack Diamond Therapeutics, Inc.	36 months$111M as of Jun 30, 2026	Nov 13, 2025max $150M	Nov 13, 2025S-3, $500M	+1%	None scheduled	None in 3 years
BDTX: 15 points, Low Cash runway 36 months 0 ATM program on file since Nov 2025 +15 Shelf registration (S-3, Nov 2025) +10 Company says cash lasts into the second half of 2028 -1024 Table of Contents As of June 30, 2026, we had cash, cash equivalents and investments of approximately $110.5 million, which we believe will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2028. 10-Q, Aug 2026
	ADAGAdagene Inc.	57 months$75M as of Dec 31, 2025Offering filed Apr 2, 2026, after this date	May 30, 2025size not stated	May 9, 2025F-3	+1%	None scheduled	Apr 2, 2026Underwritten
ADAG: 15 points, Low Cash runway 57 months 0 ATM program on file since May 2025 +15 Shelf registration (F-3, May 2025) +10 Raised after last reported balance sheet (Apr 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	IONSIONIS PHARMACEUTICALS INC	71 months$2.70B as of Jun 30, 2026	Sep 10, 2024size not statedfiled over 2 years ago	None	+4%	None scheduled	Nov 17, 2025Private placement
IONS: 15 points, Low Cash runway 71 months 0 ATM program on file since Sep 2024 +15
	GILDGILEAD SCIENCES, INC.	No operating burn$3.18B as of Jun 30, 2026	None on file	Aug 6, 2026S-3ASR	0%	Dec 23, 2026in 83 days	None in 3 years
GILD: 15 points, Low No operating cash burn in latest filings 0 FDA decision in 83 days +15 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	DRUGBRIGHT MINDS BIOSCIENCES INC.	n/aOffering filed Jan 9, 2026, after this date	Aug 26, 2025max $100M	Aug 26, 2025F-3, $100M	+1%	None scheduled	Jan 9, 2026Underwritten
DRUG: 15 points, Low Cash runway not available 0 ATM program on file since Aug 2025 +15 Shelf registration (F-3, Aug 2025) +10 Raised after last reported balance sheet (Jan 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	FBIOFortress Biotech, Inc.	No operating burn$197M as of Jun 30, 2026	Sep 20, 2024max $13Mfiled over 2 years ago	May 17, 2024S-3, $50M	+26%	None scheduled	Dec 15, 2025Private placement
FBIO: 14 points, Low No operating cash burn in latest filings 0 Share count +26% in a year +14 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	TKNOAlpha Teknova, Inc.	27 months$17M as of Jun 30, 2026	None on file	Jul 10, 2025S-3, $225M	+0%	None scheduled	Jul 12, 2024Private placement
TKNO: 10 points, Low Cash runway 27 months 0 Shelf registration (S-3, Jul 2025) +10
	ANLAdlai Nortye Group Ltd.	n/a	None on file	Mar 10, 2026F-3	n/a	None scheduled	None in 3 years
ANL: 10 points, Low Cash runway not available 0 Shelf registration (F-3, Mar 2026) +10
	MOLNMOLECULAR PARTNERS AG	n/a	None on file	Apr 11, 2025F-3, $300M	0%	None scheduled	Oct 25, 2024Underwritten
MOLN: 10 points, Low Cash runway not available 0 Shelf registration (F-3, Apr 2025) +10
	ATNMActinium Pharmaceuticals, Inc.	20 months$36M as of Jun 30, 2026	None on file	None	+1%	None scheduled	None in 3 years
ATNM: 8 points, Low Cash runway 20 months +8
	EVMNEvommune, Inc.	36 months$288M as of Jun 30, 2026	None on file	None	n/a	None scheduled	Feb 13, 2026Private placement
EVMN: 8 points, Low Cash runway 36 months 0 S-1 registration (Oct 2025) +8
	SPTXSeaport Therapeutics, Inc.	57 months$442M as of Jun 30, 2026	None on file	None	n/a	None scheduled	May 1, 2026Underwritten, $255M
SPTX: 8 points, Low Cash runway 57 months 0 S-1 registration (Apr 2026) +8
	AKTSAktis Oncology, Inc.	69 months$517M as of Jun 30, 2026	None on file	None	n/a	None scheduled	Jan 9, 2026Underwritten, $318M
AKTS: 8 points, Low Cash runway 69 months 0 S-1 registration (Dec 2025) +8
	ABVXAbivax S.A.	25 months$402M as of Dec 31, 2025Offering filed Jul 2, 2026, after this date	None on file	Jul 23, 2025F-3ASR	+24%	None scheduled	Jul 2, 2026Underwritten, $800M
ABVX: 7 points, Low Cash runway 24 months 0 Shelf registration (F-3ASR, Jul 2025) +10 Share count +24% in a year +7 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	AXGNAxogen, Inc.	No operating burn$111M as of Jun 30, 2026	None on file	Jan 21, 2026S-3ASR	+17%	None scheduled	Sep 10, 2026Underwritten, $209M
AXGN: 7 points, Low No operating cash burn in latest filings 0 Share count +17% in a year +7 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	BCRXBIOCRYST PHARMACEUTICALS INC	No operating burn$353M as of Jun 30, 2026	None on file	Feb 27, 2024S-3ASR	+22%	None scheduled	None in 3 years
BCRX: 7 points, Low No operating cash burn in latest filings 0 Share count +22% in a year +7 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	ATTOAttovia Therapeutics, Inc.	20 months$115M as of Jun 30, 2026Offering filed Aug 5, 2026, after this date	None on file	None	n/a	None scheduled	Aug 5, 2026Underwritten, $289M
ATTO: 6 points, Low Cash runway 20 months +8 S-1 registration (Jul 2026) +8 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	APMDApnimed, Inc.	27 months$173M as of Jun 30, 2026Offering filed Jul 31, 2026, after this date	None on file	None	n/a	Feb 28, 2027in 150 days	Jul 31, 2026Underwritten, $192M
APMD: 6 points, Low Cash runway 27 months 0 S-1 registration (Jul 2026) +8 FDA decision in 150 days +8 Raised after last reported balance sheet (Jul 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	ODTXOdyssey Therapeutics, Inc.	34 months$433M as of Jun 30, 2026	None on file	None	n/a	None scheduled	May 11, 2026Private placement
ODTX: 0 points, Low Cash runway 34 months 0 S-1 registration (Apr 2026) +8 Company says cash lasts into the second half of 2028 -10Based on our current operating plan, we estimate that our existing cash, cash equivalents and marketable securities as of June 30, 2026 will be sufficient to fund our operating expenses and capital expenditures into the second half of 2028. 10-Q, Aug 2026
	MRNAModerna, Inc.	36 months$6.91B as of Jun 30, 2026Offering filed Sep 1, 2026, after this date	None on file	None	+3%	None scheduled	Sep 1, 2026Private placement
MRNA: 0 points, Low Cash runway 36 months 0 Raised after last reported balance sheet (Sep 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	MXCTMAXCYTE, INC.	49 months$106M as of Jun 30, 2026	None on file	None	-3%	None scheduled	None in 3 years
MXCT: 0 points, Low Cash runway 49 months 0
	ABCLAbCellera Biologics Inc.	423 months$540M as of Jun 30, 2026Offering filed Aug 13, 2026, after this date	None on file	Feb 27, 2025S-3ASR	+3%	None scheduled	Aug 13, 2026Underwritten
ABCL: 0 points, Low Cash runway 423 months 0 Shelf registration (S-3ASR, Feb 2025) +10 Raised after last reported balance sheet (Aug 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	ACADACADIA PHARMACEUTICALS INC	No operating burn$956M as of Jun 30, 2026	None on file	None	+2%	None scheduled	None in 3 years
ACAD: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	ADMAADMA BIOLOGICS, INC.	No operating burn$136M as of Jun 30, 2026	None on file	None	-6%	None scheduled	None in 3 years
ADMA: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	AGMBAgomAb Therapeutics NV	n/aOffering filed Feb 6, 2026, after this date	None on file	None	n/a	None scheduled	Feb 6, 2026Underwritten
AGMB: 0 points, Low Cash runway not available 0 S-1 registration (Jan 2026) +8 Raised after last reported balance sheet (Feb 2026) -10 An offering was filed after the balance-sheet date, so cash on hand is likely higher than shown.
	ARQTArcutis Biotherapeutics, Inc.	No operating burn$239M as of Jun 30, 2026	Feb 8, 2024max $100Mfiled over 2 years ago	Feb 25, 2026S-3ASR	+5%	None scheduled	Mar 1, 2024Underwritten, $150M
ARQT: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	BIIBBIOGEN INC.	No operating burn$4.75B as of Dec 31, 2019	None on file	May 1, 2025S-3ASR	n/a	None scheduled	None in 3 years
BIIB: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	BNTXBioNTech SE	n/a	None on file	None	+5%	None scheduled	None in 3 years
BNTX: 0 points, Low Cash runway not available 0
	CORTCORCEPT THERAPEUTICS INC	No operating burn$545M as of Jun 30, 2026	None on file	None	+3%	None scheduled	None in 3 years
CORT: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	ETONEton Pharmaceuticals, Inc.	No operating burn$27M as of Jun 30, 2026	None on file	None	+7%	None scheduled	Dec 12, 2024Direct / best efforts
ETON: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	HRMYHarmony Biosciences Holdings, Inc.	No operating burn$668M as of Jun 30, 2026	Feb 25, 2025max $200M	Feb 25, 2025S-3ASR, $200M	+1%	Apr 1, 2027in 182 days	None in 3 years
HRMY: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	IBOIMPACT BIOMEDICAL INC.	No operating burn$0.0M as of Jun 30, 2026	None on file	None	+785%split likely, not scored	None scheduled	Sep 17, 2024Underwritten, $4.5M
IBO: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored. Share count rose more than fourfold in a year; this can be a split or share conversion rather than new issuance, so it is not scored.
	JAZZJazz Pharmaceuticals plc	No operating burn$2.20B as of Jun 30, 2026	None on file	None	+7%	None scheduled	Aug 31, 2026Private placement
JAZZ: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	KARDKardigan, Inc.	No operating burn$661M as of Jun 30, 2026	None on file	None	n/a	None scheduled	Jun 18, 2026Underwritten, $400M
KARD: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	LLYELI LILLY & Co	No operating burn$8.95B as of Jun 30, 2026	None on file	Feb 19, 2025S-3ASR	-1%	None scheduled	None in 3 years
LLY: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	LNTHLantheus Holdings, Inc.	No operating burn$593M as of Jun 30, 2026	None on file	None	-4%	None scheduled	None in 3 years
LNTH: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	LQDALiquidia Corp	No operating burn$284M as of Jun 30, 2026	None on file	Mar 5, 2026S-3ASR	+4%	None scheduled	Sep 12, 2024Private placement
LQDA: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	PTCTPTC THERAPEUTICS, INC.	No operating burn$2.23B as of Jun 30, 2026	None on file	None	+5%	None scheduled	Jun 18, 2026Private placement
PTCT: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	SPROSpero Therapeutics, Inc.	No operating burn$51M as of Jun 30, 2026	Aug 28, 2026max $100M	Aug 28, 2026S-3, $100M	+4%	None scheduled	None in 3 years
SPRO: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	TECHBIO-TECHNE Corp	No operating burn$265M as of Jun 30, 2026	None on file	None	+1%	None scheduled	None in 3 years
TECH: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	TVTXTravere Therapeutics, Inc.	No operating burn$489M as of Jun 30, 2026	Nov 8, 2024max $100M	Aug 1, 2024S-3ASR	+6%	None scheduled	May 11, 2026Private placement
TVTX: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	VCREVicore Pharma Holding AB	n/a	None on file	None	n/a	None scheduled	None in 3 years
VCRE: 0 points, Low Cash runway not available 0
	VRTXVERTEX PHARMACEUTICALS INC / MA	No operating burn$13.64B as of Jun 30, 2026	None on file	Feb 13, 2025S-3ASR	-1%	None scheduled	None in 3 years
VRTX: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.
	BHCBausch Health Companies Inc.	No operating burn$1.83B as of Jun 30, 2026	None on file	None	+1%	None scheduled	None in 3 years
BHC: 0 points, Low No operating cash burn in latest filings 0 No operating cash burn in the latest filings, so runway and financing tools are not scored.

New financing filings, last 30 days

Sep 30, 2026 · BSEM · Private placement (8-K Item 3.02) · 8-K
Sep 29, 2026 · SMMT · Private placement (8-K Item 3.02) · 8-K
Sep 29, 2026 · LXEO · Private placement (8-K Item 3.02) · 8-K
Sep 28, 2026 · GRML · Registered direct / best-efforts offering · 424B5
Sep 25, 2026 · VKTX · Convertible notes offering, $275M · 424B5
Sep 24, 2026 · BMRA · Shelf registration · S-3
Sep 23, 2026 · GRML · ATM program · 424B5
Sep 23, 2026 · GRML · Registered direct / best-efforts offering · 424B5
Sep 18, 2026 · BSEM · Private placement (8-K Item 3.02) · 8-K
Sep 14, 2026 · BNTC · Shelf registration, max $200M · S-3
Sep 14, 2026 · AIM · Private placement (8-K Item 3.02) · 8-K
Sep 10, 2026 · NTHI · Registered direct / best-efforts offering · 424B5
Sep 10, 2026 · AXGN · Underwritten offering, $209M · 424B5
Sep 10, 2026 · AIM · Private placement (8-K Item 3.02) · 8-K
Sep 4, 2026 · GRML · Private placement (8-K Item 3.02) · 8-K
Sep 4, 2026 · AIM · Private placement (8-K Item 3.02) · 8-K
Sep 1, 2026 · MRNA · Private placement (8-K Item 3.02) · 8-K
Sep 1, 2026 · BBOT · Shelf registration with ATM program, max $200M · S-3

How the score works

The Dilution Pressure score runs from 0 to 100 and is the sum of named, rule-based components. Nothing is estimated by a model.

Cash runway, up to 40 points: 40 at six months or less, 30 at twelve, 18 at eighteen, 8 at twenty-four. Runway is cash, cash equivalents and marketable securities divided by operating cash burn, both from the latest 10-Q or 10-K. Companies with no operating burn score zero here and on financing tools.
ATM program on file, 15 points: an at-the-market sales agreement filed in the last three years (424B5 supplement, or an ATM prospectus inside an S-3).
Shelf registration, 10 points: an S-3, S-3ASR, F-3 or F-3ASR in the last three years; an S-1 registration in the last year scores 8 instead. Resale shelves for selling stockholders do not count.
Share count growth, up to 20 points: shares outstanding from the 10-Q and 10-K cover pages compared with a year earlier: 20 at +50% or more, 14 at +25%, 7 at +10%. Changes that look like splits are flagged and not scored.
FDA decision ahead, up to 15 points: 15 if a PDUFA date falls within 90 days, 8 within 180.
Minus 10 points when an offering was filed after the last reported balance sheet, because the runway figure then understates the cash on hand.

Levels: High 60 and above, Elevated 40 to 59, Moderate 20 to 39, Low below 20. The universe is limited to companies classified as biotech or pharma by their SEC industry code or Nasdaq industry, or that have an FDA application or drug program in our data.

Limits worth knowing. An ATM figure is the program maximum; how much has already been sold is disclosed only in quarterly reports and is not subtracted, and an older program may be used up or replaced. Filing types are classified automatically from the document text and can be wrong, which is why every row links to the filing itself. Straight debt offerings and resale registrations are excluded. Read more about dilution in biotech stocks, or see how prices behave around upcoming FDA decisions and past ones.

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Frequently asked questions

What is the BioRadar dilution pressure score?

A 0 to 100 gauge built from public SEC filings: cash runway (up to 40 points), an at-the-market program on file (15), a shelf registration (10), share-count growth over the past year (up to 20) and an FDA decision within 180 days (up to 15), minus 10 when an offering was filed after the last reported balance sheet. It measures the need and the capacity to issue shares, not a forecast.

Which biotech companies have an ATM program on file?

127 of the 186 biotech and pharma companies BioRadar tracks have filed an at-the-market program in the last three years. The highest pressure scores among them belong to INO, GRML, IVVD, PYPD, OSTX. The size shown is the program maximum when filed; how much remains is not disclosed in structured filings. The full list links to each filing and is checked daily.

Why do biotech companies often raise money right after good news?

Share price and trading volume are usually highest right after positive trial data or an FDA approval, so a raise then costs the fewest new shares. Companies that already have a shelf registration or an ATM program can sell within hours, which is why thin cash, a financing tool on file and an upcoming FDA decision is the combination BioRadar flags.

Is a high dilution pressure score a sell signal?

No. A high score says a company needs cash and has the paperwork in place to raise it. Whether a raise hurts the stock depends on its size, price and timing, and a well-funded company can still fall on bad data. Use the score as one input and read the filings behind it.

Data: SEC EDGAR • A rule-based gauge built from public filings. Informational only, not investment advice.