BioSniper data report
46% of cash-burning U.S. biotechs have under 12 months of runway.
Based on each company’s most recent SEC filing. The analysis covers 24 cash-burning companies with a recent, computable runway.
- Under 12 months
- 11 companies (46%)
- Under 6 months
- 7 companies (29%)
- Median runway
- 14.4 months
Prepared research question
How would this research framework change the view of a company?
Traceable citations · Unknowns marked
Runway distribution (24 cash-burning companies)
The squeeze is a small-cap story
| Market cap tier | Companies | Under 12 mo | Median runway |
|---|
Shortest runway right now
| Company | Runway | Cash | Market cap | Filing |
|---|---|---|---|---|
| SGMOQSANGAMO THERAPEUTICS, INC | 4.3 mo | $28M | $66M | Mar 2026 |
| REPLReplimune Group, Inc. | 7.8 mo | $185M | $1.4B | Jun 2026 |
| QUREuniQure N.V. | 11 mo | $140M | $3.2B | Mar 2026 |
| AVNSAvanos Medical Inc. | 16 mo | $66M | $1.2B | Mar 2026 |
| ESPREsperion Therapeutics, Inc. | 16.9 mo | $156M | $819M | Mar 2026 |
| KMTSKestra Medical Technologies Ltd. | 18.6 mo | $69M | $1.5B | Jul 2026 |
| GRTXGalera Therapeutics, Inc. | 18.9 mo | $6M | $3.4B | Mar 2026 |
| FATEFATE THERAPEUTICS INC | 19.1 mo | $32M | $300M | Jun 2026 |
| IMVTImmunovant, Inc. | 19.2 mo | $798M | $7.7B | Jun 2026 |
| CSBRCHAMPIONS ONCOLOGY, INC. | 26.6 mo | $4M | $69M | Jul 2026 |
| NUVLNuvalent, Inc. | 40.2 mo | $160M | $9.8B | Mar 2026 |
| ROIVRoivant Sciences Ltd. | 44.2 mo | $1.2B | $29.6B | 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
Base cash runway= cash & equivalents ÷ quarterly operating cash burn × 3 months. Burn must be supported by reported quarterly net cash used in operating activities; missing operating cash flow is not replaced with operating expenses or SG&A + R&D. A verified zero cash balance with positive burn produces a base runway of zero months.
A liquidity adjustment is available only when cash, short-term investments and total current assets are all verified, nonnegative and consistent. Other current assets are the reported total less cash and short-term investments. The adjustment weights short-term investments at 0.95 and other current assets at 0.30, then retains the higher of the base and adjusted runway. Missing components leave the adjustment unavailable; they are not treated as zero. Each company contributes one latest-period record supported by its SEC source evidence (XBRL from EDGAR).
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.