Biotech Cash Runway
How many months each public biotech's cash would last at its current spending, its "runway". A company with little runway usually has to raise money, cut costs or sell itself.
143 of 398 US-listed pharma and biotech companies burning at least $10M a year had under 12 months of cash at their latest quarter end, at 2025's burn rate. The median company had 17 months.
- Companies: 398
- Under 12 months: 143
- Median runway: 17 months
- Latest quarter end: Sep 30, 2026
Companies by Months of Runway
Cash and short-term investments at the latest quarter end over 2025 operating cash burn. Click a bar to list those companies.
- 6817%
- 7519%
- 9424%
- 5514%
- 10627%
398 companies, shortest runway first
| Company | Cash and investments | Spent in 2025 | Runway | As of |
|---|---|---|---|---|
| Northwest Biotherapeutics IncSEC filings | $0.6M | $44.8M | 0.2 months | Jun 30, 2026 |
| Os Therapies IncorporatedSEC filings | $0.2M | $14.2M | 0.2 months | Jun 30, 2026 |
| Processa Pharmaceuticals, Inc.SEC filings | $0.2M | $11.4M | 0.2 months | Jun 30, 2026 |
| Bioatla, Inc.SEC filings | $1.5M | $48.2M | 0.4 months | Jun 30, 2026 |
| TuHURA BIOSCIENCES, INC.SEC filings | $1.0M | $27.6M | 0.4 months | Jun 30, 2026 |
| Tempest Therapeutics, Inc.SEC filings | $1.2M | $26.8M | 0.5 months | Jun 30, 2026 |
| Cdt Equity Inc.SEC filings | $0.7M | $15.6M | 0.6 months | Jun 30, 2026 |
| HCW Biologics Inc.SEC filings | $0.7M | $13.4M | 0.7 months | Jun 30, 2026 |
| Tevogen Inc.SEC filings | $1.1M | $12.3M | 1.1 months | Jun 30, 2026 |
| Geovax Labs, Inc.SEC filings | $2.2M | $21.5M | 1.2 months | Sep 30, 2026 |
| Jasper Therapeutics, Inc.SEC filings | $7.7M | $77.2M | 1.2 months | Jun 30, 2026 |
| Volitionrx LimitedSEC filings | $2.4M | $19.7M | 1.5 months | Sep 30, 2026 |
| Instil Bio, Inc.SEC filings | $5.8M | $36.6M | 1.9 months | Jun 30, 2026 |
| Alumis Inc.SEC filings | $59.1M | $370M | 1.9 months | Sep 30, 2026 |
| Cypherpunk Technologies Inc.SEC filings | $7.6M | $43.9M | 2.1 months | Jun 30, 2026 |
| NextCure, Inc.SEC filings | $8.7M | $49.6M | 2.1 months | Sep 30, 2026 |
| Senti Biosciences Holdings, Inc.SEC filings | $7.9M | $43.4M | 2.2 months | Jun 30, 2026 |
| Cadrenal Therapeutics, Inc.SEC filings | $2.4M | $12.6M | 2.3 months | Jun 30, 2026 |
| Atara Biotherapeutics, Inc.SEC filings | $9.9M | $50.9M | 2.3 months | Sep 30, 2026 |
| AEON Biopharma, Inc.SEC filings | $3.4M | $17.3M | 2.4 months | Jun 30, 2026 |
| Calidi Biotherapeutics, Inc.SEC filings | $4.3M | $21.3M | 2.4 months | Jun 30, 2026 |
| PDS Biotechnology CorpSEC filings | $5.6M | $27.8M | 2.4 months | Jun 30, 2026 |
| Rani Therapeutics Holdings, Inc.SEC filings | $3.8M | $18.7M | 2.4 months | Sep 30, 2026 |
| Oncolytics Biotech Inc.SEC filings | $4.1M | $20.1M | 2.5 months | Jun 30, 2026 |
| Curis, Inc.SEC filings | $5.6M | $27.2M | 2.5 months | Jun 30, 2026 |
| FibroBiologics, Inc.SEC filings | $3.5M | $16.4M | 2.6 months | Jun 30, 2026 |
| Outlook Therapeutics, Inc.SEC filings | $11.2M | $51.8M | 2.6 months | Jun 30, 2026 |
| KALA BIO, Inc.SEC filings | $7.2M | $32.0M | 2.7 months | Jun 30, 2026 |
| Actuate Therapeutics, Inc.SEC filings | $4.4M | $19.2M | 2.8 months | Jun 30, 2026 |
| Skye Bioscience, Inc.SEC filings | $10.1M | $43.1M | 2.8 months | Jun 30, 2026 |
| BioXcel Therapeutics, Inc.SEC filings | $13.8M | $57.6M | 2.9 months | Jun 30, 2026 |
| Pluri Inc.SEC filings | $4.5M | $18.2M | 3.0 months | Sep 30, 2026 |
| Biohaven Ltd.SEC filings | $164M | $609M | 3.2 months | Sep 30, 2026 |
| Traws Pharma, Inc.SEC filings | $5.0M | $18.2M | 3.3 months | Jun 30, 2026 |
| Jaguar Health, Inc.SEC filings | $6.6M | $23.7M | 3.3 months | Jun 30, 2026 |
| Curanex Pharmaceuticals IncSEC filings | $2.9M | $10.5M | 3.4 months | Jun 30, 2026 |
| Imunon, Inc.SEC filings | $4.0M | $13.9M | 3.5 months | Sep 30, 2026 |
| Gossamer Bio, Inc.SEC filings | $51.2M | $171M | 3.6 months | Sep 30, 2026 |
| Neonc Technologies Holdings, Inc.SEC filings | $6.2M | $20.4M | 3.6 months | Sep 30, 2026 |
| Adicet Bio, Inc.SEC filings | $29.7M | $95.2M | 3.7 months | Sep 30, 2026 |
| Dogwood Therapeutics, Inc.SEC filings | $4.9M | $15.6M | 3.8 months | Sep 30, 2026 |
| Moleculin Biotech, Inc.SEC filings | $7.3M | $22.7M | 3.9 months | Jun 30, 2026 |
| BeyondSpring Inc.SEC filings | $6.5M | $19.8M | 4.0 months | Jun 30, 2026 |
| Azitra, Inc.SEC filings | $3.8M | $11.2M | 4.0 months | Sep 30, 2026 |
| Lexaria Bioscience Corp.SEC filings | $3.6M | $10.5M | 4.2 months | May 31, 2026 |
| Palatin Technologies, Inc.SEC filings | $7.5M | $21.3M | 4.2 months | Jun 30, 2026 |
| C4 Therapeutics, Inc.SEC filings | $35.9M | $98.7M | 4.4 months | Sep 30, 2026 |
| Biofrontera Inc.SEC filings | $4.9M | $13.4M | 4.4 months | Jun 30, 2026 |
| Werewolf Therapeutics, Inc.SEC filings | $22.0M | $60.3M | 4.4 months | Jun 30, 2026 |
| Biomea Fusion, Inc.SEC filings | $26.8M | $70.4M | 4.6 months | Sep 30, 2026 |
Atara Biotherapeutics, Inc.Companies EDGAR files under SIC 2834, 2835, 2836 or 8731 that file 10-Qs and report in US GAAP (foreign filers on IFRS are not included). Cash is cash and equivalents plus current investments at the latest quarter end; burn is the year's net cash used in operating activities. Runway assumes that burn continues and ignores raises, deals and milestones since, so it is a rough screen, not a forecast. SEC XBRL frames