Catalyst Dossiers

Tonix Pharmaceuticals (TNXP) is an 81-employee, Chatham, NJ-based company focused on repurposed drugs for central nervous system conditions. Its lead asset, TNX-102 SL, is listed in our data at Phase 3 for primary fibromyalgia, with four other programs at Phase 2. At ~$5.11/share (~$88M market cap), the stock trades at roughly half its reported $176.2M cash, while reported runway is only ~12.5 months and the nearest clinical catalyst is a Phase 2 readout in acute stress reaction, not fibromyalgia.

Korro Bio (KRRO) is a clinical-stage company with a ~$210M market cap (~14.7M shares at ~$14.23). Its two disclosed programs in our data are KRRO-110, a Phase 2 asset for Alpha-1 Antitrypsin Deficiency (AATD), and KRRO-121, a Phase 2 asset for inborn Urea Cycle Disorders (UCD). The near-term setup centers on an estimated mid-December 2026 Phase 2 readout for KRRO-110 in AATD, preceded by earnings around November 11. Our data shows reported cash of only $24.9M against a 2025 net loss of $117M.

BridgeBio Oncology Therapeutics (BBOT) is an 81-employee company with a ~$210M market cap (~80.2M shares at ~$2.62) and $54.1M in cash. The pipeline in our data is led by Encaleret (Phase 3, Autosomal Dominant Hypocalcemia) and also lists acoramidis/AG10 (Phase 3, transthyretin amyloidosis), infigratinib (Phase 3, achondroplasia), BBT-207 (Phase 2, EGFR-mutant NSCLC), BBT-877 (Phase 2, IPF), and PTR-01 (Phase 2, RDEB). The near-term calendar has an estimated earnings date (2026-11-11), an estimated PDUFA for BBP-418 (2026-11-27, indication not specified), and an unattributed data readout (2026-12-31).

NewAmsterdam Pharma (NAMS) is a 68-employee company with a ~$2.3B market cap. Its lead asset is obicetrapib, in Phase 3 for dyslipidemias, with a monotherapy program, an obicetrapib + ezetimibe fixed-dose combination (Phase 3) and an obicetrapib/evolocumab combination (Phase 2) in the pipeline. Our calendar shows an estimated Phase 3 ASCVD catalyst on 2026-11-15, plus an estimated earnings date and a regulatory event, against $424.2M of cash.

Arcus Biosciences (RCUS) is a 627-employee oncology-focused company with a $2.26B market cap (~$17.76/share) and a broad clinical pipeline: Phase 3 programs for zimberelimab (NSCLC), casdatifan (metastatic clear cell RCC), domvanalimab (advanced upper GI adenocarcinoma) and quemliclustat (GI tract malignancies), plus several Phase 2 programs. Our calendar shows a dense run of estimated Phase 2 events and an earnings date between 2026-10-31 and 2027-04-30. Reported cash is $150.0M against a 2025 net loss of $353M, so funding is a central part of the setup.

Mineralys Therapeutics (MLYS) is a 51-employee clinical-stage company with a ~$1.82B market cap (~$20.56/share). Its lead asset, lorundrostat, has a PDUFA date of 2026-12-22 for hypertension in combination with other antihypertensive drugs, and a Phase 3 program in obstructive sleep apnea. Our data shows cash of $138.3M and a 12.7-month runway, so the setup is a binary regulatory event for a company that has not yet shown commercial revenue in our data.

Arcutis Biotherapeutics (ARQT) is a ~$4.0B market-cap dermatology company with 342 employees. Our data shows 2025 revenue of $376M, up from $197M in 2024 and $60M in 2023, with net loss narrowing to $16M. The pipeline centers on topical roflumilast across psoriasis, atopic dermatitis, seborrheic dermatitis and other inflammatory skin conditions. The nearest hard catalyst is a 2027-02-23 PDUFA date for roflumilast in mild-to-moderate atopic dermatitis in infants aged 3 to 24 months, preceded by earnings on 2026-11-04.

Xenon Pharmaceuticals (XENE) is a 316-employee clinical-stage biopharma with a ~$3.46B market cap (~$35.77/share). Our data lists azetukalner in Phase 3 for Major Depressive Disorder as the lead asset, with a Phase 3 PGTCS program, an estimated epilepsy PDUFA date, and three Phase 2 programs (dental pain, postherpetic neuralgia, acne vulgaris). Our calendar shows a dense run of estimated catalysts between Jan and May 2027, so the setup is event-heavy.

Vertex Pharmaceuticals (VRTX) is a ~$131B market-cap pharma with 6,100 employees. It reported 2025 revenue of $12.0B and net income of $3.95B, and holds $6.14B in cash with net debt of -$6.14B. Our database lists povetacicept as the lead asset (Phase 3, primary membranous nephropathy), with a PDUFA date of 2026-11-30 for povetacicept in IgA nephropathy, a separate indication. Several other readouts are also on our calendar through April 2027, though most dates are estimates.

vTv Therapeutics (VTVT) is a 23-employee clinical-stage pharmaceutical company whose lead asset is cadisegliatin, in Phase 3 for Type 1 diabetes. Our data also lists six Phase 2 programs in Type 2 diabetes, Type 1 diabetes, obesity and venous thromboembolism. The next major catalyst on our calendar is an estimated Phase 3 cadisegliatin event on 2027-04-15 (importance 9/10), preceded by estimated earnings on 2026-11-05.

INmune Bio (INMB) is a micro-cap biotech with a market cap of about $40M (~27.75M shares at ~$1.43) and two Phase 2 programs in our data: INKmune (Cancer) and XPro1595 (Alzheimer Disease). Cash is $18.4M with a stated runway of 17.4 months, and our calendar shows an estimated earnings report on 2026-10-29 and a regulatory event on 2026-10-31.

Immuneering (IMRX) is a clinical-stage oncology company whose lead asset, atebimetinib, is listed in our data as in Phase 3 for pancreatic cancer. Behind it sit several Phase 2 IMM-1-104 treatment arms in advanced solid tumors and IMM-6-415. The setup is dominated by balance-sheet pressure: $41.3M cash, 7.5 months of runway and a ~$96M market cap.

BeyondSpring Inc. (BYSI) is a micro-cap pharmaceutical company (market cap ~$19M, ~41.1M shares, price ~$0.46). Its lead asset is plinabulin, listed at Phase 3 for chemotherapy-induced neutropenia (CIN), with other programs in NSCLC listed as Phase 2/3. The setup is dominated by balance-sheet pressure: $2.7M of cash, a 5.2-month runway, and a completed offering on 2026-09-29.

Allogene Therapeutics (ALLO) is a clinical-stage biotech (226 employees, ~$418M market cap, ~$1.21/share) whose lead asset in our database is ALLO-647, in Phase 2 for relapsed/refractory large B cell lymphoma, CLL and SLL. Our calendar shows an estimated earnings date on 2026-11-05 and an estimated Phase 2 ALLO-647 event on 2027-08-24 (importance 7/10). Reported cash of $38.6M looks inconsistent with the company's historical spending, which makes the funding picture the central open question.

Zentalis Pharmaceuticals (ZNTL) is a small-cap oncology-focused company (166 employees, ~$148M market cap, ~$2.07/share) whose lead asset, azenosertib, is listed in our data at Phase 3 in high-grade serous ovarian, fallopian tube or primary peritoneal cancer. Our calendar shows two estimated azenosertib data events (2026-12-01 and 2027-01-31) and Q3 earnings on 2026-11-09 (est.), against a balance sheet that looks thin and a flagged elevated dilution risk.

Vicore Pharma Holding AB (VCRE) is a 40-employee biotechnology company. Our database lists C21 as the lead asset (Phase 3, COVID-19) and Buloxibutid (Phase 2, Idiopathic Pulmonary Fibrosis) as the other pipeline program. The only dated event on our calendar is an estimated 2027-05-15 Phase 2 catalyst for Buloxibutid, which we rate 7/10 in importance. The company description, mechanism, and balance-sheet data are not in our data.

Sinovac Biotech (SVA) is a vaccine developer with a market cap of about $465M (~$6.47/share). Our data lists dozens of programs, most in Phase 2/3, across polio, hepatitis A, enterovirus 71/HFMD, influenza, pneumococcal, varicella, mumps, herpes zoster, rotavirus, tetanus and COVID-19. Revenue has fallen from $19.4B in 2021 to $386M in 2025, and the company swung to a $199M net loss last year.

Phathom Pharmaceuticals (PHAT) is a ~$481M market-cap pharma name (427 employees, ~80.9M shares, ~$5.94) whose lead asset in our database is vonoprazan, in Phase 3 for non-erosive GERD (NERD). Revenue grew from $1M in 2023 to $55M in 2024 and $175M in 2025, but net losses remain large (-$221M in 2025) against $182.5M of cash. Our calendar shows an earnings print on 2026-10-29 and two estimated vonoprazan readouts (2026-12-15 and 2027-10-20).

OPKO Health (OPK) is a NASDAQ/TASE-listed diagnostics and pharmaceuticals company with 6,096 employees and a ~$1.2B market cap at ~$1.63/share. Our data shows reported revenue falling from $1,775M in 2021 to $607M in 2025, with net losses every year shown. Our database lists a broad, mostly Phase 2/3 pipeline led by CTAP101 in chronic kidney disease. The next dated event on our calendar is earnings on 2026-11-04 (est.).

Belite Bio (BLTE) is a 25-employee pharmaceutical company whose only pipeline program in our data is Tinlarebant, in Phase 3 for Stargardt disease (STGD1). Our calendar shows a PDUFA date of 2027-02-12 and a further Phase 3 event estimated for 2027-06-30. The stock is at about $143.35 for a market cap of roughly $5.64B against $352.9M of cash, so the market is already pricing substantial success.

Acrivon Therapeutics (ACRV) is a 75-employee clinical-stage oncology company with two Phase 2 assets in our data: lead ACR-368 in endometrial adenocarcinoma and ACR-2316 in specific advanced solid tumors. The stock trades around $1.72 for a ~$74M market cap, against $41.4M of cash and no debt, so implied enterprise value is roughly $33M. The next two data events in our calendar are estimated for mid-2027.

Traws Pharma (TRAW) is a six-employee, roughly $5M market-cap pharma company with a multi-asset clinical pipeline: rigosertib-family assets (ON 01910.Na, oral rigosertib, rigosertib sodium) in MDS and head and neck squamous cell carcinoma, narazaciclib in endometrioid endometrial cancer, and ratutrelvir and TRX-100 in COVID-19 and influenza. Our data shows $5.0M of cash against a 2-month runway, and the equity trades at about $0.34. The setup is a balance-sheet story first and a clinical story second.

Tango Therapeutics (TNGX) is a clinical-stage oncology company in our Pharmaceutical Preparations coverage, with 155 employees and a ~$3.74B market cap at ~$22.19 per share. Our data lists five Phase 2 programs, led by TNG462 (locally advanced solid tumor). The next two dated catalysts are Phase 2 readouts for TNG456 (est. 2027-03-31) and TNG462 (est. 2027-06-15).

NervGen Pharma Corp. (NGEN) is a 9-employee company with a ~$113M market cap (~79.6M shares at ~$1.42) and a single pipeline asset in our data: NVG-291, in Phase 3 for spinal cord injuries. Our calendar shows an estimated Q-earnings print on 2026-11-12 and an estimated Phase 3 readout for NVG-291 on 2027-07-15 (importance 9/10). Reported cash is $22.1M against a 2025 net loss of $24M.

Fennec Pharmaceuticals (FENC) is a 32-employee company in the Biological Products sector with a ~$356M market cap at ~$10.15 per share. Our database lists its lead asset as Pedmark® STS in Phase 2 for solid tumor malignancies. The reported financials, however, show a revenue-generating business ($45M in 2025) with $41.2M in cash and no net debt. The next calendar event is an estimated Q3 earnings report on 2026-11-12.

Castle Biosciences (CSTL) is classified as a medical laboratory services company. Its description centers on DecisionDx-UM, a gene-expression-profile prognostic test for uveal (ocular) melanoma. It generated $344M of revenue in 2025 and carries a ~$1.0B market cap. Our database also attaches a cell-therapy pipeline led by D-Fi (Phase 3, Dystrophic Epidermolysis Bullosa), with a Phase 3 catalyst dated 2027-09-15 (est.).

BlossomHill Therapeutics (BLSM) is a biotechnology company with a ~$743M market cap and a share price near $16.39. Per our data, its lead asset BH-30643 is in Phase 2 for advanced non-small cell lung cancer (NSCLC), both alone and in combination with carboplatin/pemetrexed. Our calendar shows only an estimated earnings date (2026-12-18) ahead, and our coverage lacks the mechanism, cash, runway and employee count.

Tiziana Life Sciences (TLSA) is a 9-employee clinical-stage company with a ~$106M market cap (~120.5M shares at ~$0.88). Its pipeline has four Phase 2 programs: intranasal foralumab in Multiple System Atrophy (MSA), two foralumab programs in secondary progressive MS (one in non-active SPMS), and milciclib in hepatocellular carcinoma. A Phase 2 readout dated 2026-09-30 is logged as positive, the next estimated catalyst is a Foralumab Nasal Phase 2 event around 2027-04-01, and reported cash is only $3.7M.

Viatris (VTRS) is a global pharmaceutical company formed on November 16, 2020 by the merger of Mylan and Pfizer's Upjohn division. It has about 32,000 employees, a market cap of roughly $21.0B, and 2025 revenue of $14.3B. The nearest binary event in our calendar is the 2026-12-27 PDUFA for MR-107A-02 (Acute Pain). It is surrounded by a Q3 earnings print on 2026-11-05 and several mid-stage readouts.

QIAGEN N.V. (QGEN) is a Netherlands-domiciled, Germany-operated provider of sample and assay technologies for molecular diagnostics, applied testing, academic research and pharma research. It has about 5,967 employees and a market cap of roughly $10.9B at ~$50.37. The only dated catalyst in our calendar is an estimated earnings report on 2026-11-04. Our database also lists NEU-411 (Phase 2, Parkinson Disease) as the lead asset, which does not fit the company's description and is treated below as a likely data artifact.

ICON plc is an Irish-headquartered global contract research organisation (CRO) with about 41,900 employees. It runs clinical trials for pharmaceutical and biotech sponsors. Our database lists a long 'pipeline' (Belimumab, PRX-102, Betalutin and others) against the ticker, but for a CRO these entries most plausibly reflect trials ICON is associated with on behalf of clients, not proprietary assets. The real setup is a services business at about $14.2B market cap with flat 2025 revenue, sharply lower net income, and earnings reported today.

Humacyte (HUMA) is a biological-products company whose lead asset in our database is the Acellular Tissue Engineered Vessel (ATEV), listed in Phase 3 for end-stage renal disease (ESRD). Our pipeline also lists HAV (Phase 3 and Phase 2, renal failure), which appears to overlap with ATEV. The stock trades around $0.40 for a market cap of about $111M, with $79.9M in cash and a 10.9-month runway.

Eledon Pharmaceuticals (ELDN) is a 31-employee clinical-stage company with a ~$180M market cap (~81.3M shares at ~$2.21). Its pipeline in our data is AT-1501 (tegoprubart) in Phase 2 for kidney transplant rejection, plus a Phase 2 islet-transplantation program in Type 1 diabetes that uses tegoprubart-based immunosuppression. The next datapoint on our calendar is an estimated Phase 2 AT-1501 event on 2027-01-15, flagged 7/10 importance.

Climb Bio (CLYM) is a ~$506M market-cap pharmaceutical preparations company whose only pipeline asset in our data is budoprutug, in Phase 2 for Primary Membranous Nephropathy (PMN). Our calendar shows Phase 2 budoprutug events estimated for Aug–Oct 2027, with a Q3 earnings print estimated for 2026-11-05. The stock trades at ~$8.81 against a Street consensus target of $27.60.

Compugen Ltd. (CGEN) is an Israel-based, clinical-stage computational drug discovery and development company listed on NASDAQ and the Tel Aviv Stock Exchange. It began in 1993 as a computational services provider to pharma. Our data lists COM701 in Phase 2 for ovarian cancer as the lead asset. At about $1.88 a share the market cap is roughly $178M against $90.6M in cash, an implied enterprise value of about $87M.

Creative Medical Technology Holdings (CELZ) is a micro-cap biological products company with 4 employees, a market cap of about $5M (~6.59M shares at ~$0.71) and no reported revenue in 2021-2025. Our data lists two Phase 2 programs, CELZ-201 Administration in Type 1 Diabetes (lead) and CELZ-201-DDT in Chronic Low-back Pain. The stock trades at roughly 0.5x the $8.7M of cash on the balance sheet, with an estimated Phase 2 event on our calendar for 2027-01-31.