BioSniper data report
36% of cash-burning U.S. biotechs have under 12 months of runway.
Based on each company’s most recent SEC filing. The analysis covers 681 cash-burning companies with a recent, computable runway.
- Under 12 months
- 248 companies (36%)
- Under 6 months
- 132 companies (19%)
- Median runway
- 16.9 months
Prepared research question
How would this research framework change the view of a company?
Traceable citations · Unknowns marked
Runway distribution (681 cash-burning companies)
The squeeze is a small-cap story
| Market cap tier | Companies | Under 12 mo | Median runway |
|---|---|---|---|
| Micro-cap (< $300M) | 392 | 54.8% | 10.4 mo |
| Small-cap ($300M–$2B) | 177 | 11.9% | 27.9 mo |
| Mid-cap ($2B–$10B) | 93 | 10.8% | 31.7 mo |
Shortest runway right now
| Company | Runway | Cash | Market cap | Filing |
|---|---|---|---|---|
| HURATuHURA Biosciences, Inc./NV | 0.4 mo | $995,977 | $134M | Jun 2026 |
| SMNRSEMNUR PHARMACEUTICALS, INC. | 0.5 mo | $39,000 | $127M | Jun 2026 |
| NWBONORTHWEST BIOTHERAPEUTICS INC | 0.5 mo | $595,000 | $324M | Jun 2026 |
| BLUWBlue Water Acquisition Corp. III Unit. | 0.5 mo | $32,560 | $335M | Jun 2026 |
| OSTXOS Therapies Inc | 0.7 mo | $205,035 | $76M | Jun 2026 |
| NBTXNanobiotix S.A. | 1.7 mo | $810,000 | $2.1B | Dec 2025 |
| NTHINEONC TECHNOLOGIES HOLDINGS, INC. | 1.7 mo | $2M | $122M | Jun 2026 |
| RNGERANGE IMPACT, INC. | 1.8 mo | $646,009 | $93M | Jun 2026 |
| ONCYONCOLYTICS BIOTECH INC | 1.8 mo | $4M | $109M | Jun 2026 |
| IPHAInnate Pharma S.A. | 1.9 mo | $28M | $248M | Dec 2025 |
| MSLESatellos Bioscience Inc. | 2.1 mo | $10M | $184M | Dec 2025 |
| CUECue Biopharma, Inc. | 2.1 mo | $17M | $203M | Jun 2026 |
| OTLKOutlook Therapeutics, Inc. | 2.1 mo | $11M | $156M | Jun 2026 |
| ANVSAnnovis Bio, Inc. | 2.6 mo | $19M | $73M | Jun 2026 |
| CRDLCardiol Therapeutics Inc. | 2.8 mo | $21M | $227M | Dec 2025 |
| YDESYD Bio Limited | 3.2 mo | $6M | $340M | Dec 2025 |
| TELOTelomir Pharmaceuticals, Inc. | 3.3 mo | $754,323 | $78M | Jun 2025 |
| MCRBSeres Therapeutics, Inc. | 3.4 mo | $18M | $51M | Jun 2026 |
| NGENNERVGEN PHARMA CORP. | 3.4 mo | $22M | $245M | Dec 2025 |
| AGENAGENUS INC | 3.5 mo | $19M | $345M | Jun 2026 |
Cash-burning companies only (runway is only a meaningful signal for companies spending more than they earn), with a market cap of at least $50M and quarterly spending of at least $250,000— the latter excludes shell companies, which can carry a high nominal market cap on a heavily diluted share count while spending too little to be running any real research. Each row links to the company’s full profile and traces to a specific SEC filing.
Methodology & caveats
Cash runway= (cash & equivalents + short-term investments × 0.95 + other current assets × 0.30) ÷ quarterly cash burn × 3 months. The two haircuts are a deliberately conservative estimate of how much of each balance is actually available to fund operations. Quarterly burn is the company’s reported operating cash outflow. Where a filing does not report operating cash flow at all, we fall back to reported operating expenses (or SG&A + R&D). Each figure is computed from a company’s most recent SEC filing (XBRL from EDGAR), one row per company.
Runway is only a meaningful going-concern signal for companies that are actually burning cash, so every figure on this page covers only companies with negative operating cash flow. Companies generating cash from operations are excluded from the distribution, the tier percentages and the at-risk table — dividing their cash by their operating expenses would produce a “runway” that means nothing, because those expenses are funded by revenue.
We use only companies whose most recent filing is within the last ~15 months (a rolling window, disclosed as “latest period Jul 2026”), so a stale filing never masquerades as a current figure. Companies without enough data to compute a runway are excluded, never counted as zero. Numbers refresh as new 10-Qs and 10-Ks are filed. See our data methodology for how every figure traces back to a source filing.
From market report to financial rule
Choose the runway and dilution conditions you will accept
Use reported cash, operating burn, financing history, and upcoming catalysts as explicit criteria instead of a generic risk label.