Public biotechs, ranked by BS score.
Pre-revenue biotechs are uniquely falsifiable: their entire valuation rests on whether one drug works. We extract the core hypothesis from SEC filings, score it against trial design quality, historical base-rates, and language red flags, then publish the result.
tracked
49
scored
46
HIGH
1
MEDIUM
20
LOW
25
| # | ticker | company | score | tier | phase | mkt cap | indication |
|---|---|---|---|---|---|---|---|
| 1 | AKTS | Aktis Oncology, Inc. | 88.0 | HIGH | PHASE1 | $976.7M | Urothelial Carcinoma Bladder |
| 2 | CBIO | CRESCENT BIOPHARMA, INC. | 61.6 | MEDIUM | PHASE2 | $581.5M | Locally Advanced / Metastatic Solid Tumors |
| 3 | FHTX | Foghorn Therapeutics Inc. | 61.2 | MEDIUM | PHASE1 | $281.2M | Acute Myeloid Leukemia |
| 4 | IMMX | Immix Biopharma, Inc. | 60.4 | MEDIUM | PHASE2 | $516.9M | Solid Tumor, Adult |
| 5 | RAPP | Rapport Therapeutics, Inc. | 58.8 | MEDIUM | PHASE2 | $1.64B | Bipolar 1 Disorder |
| 6 | JBIO | Jade Biosciences, Inc. | 54.8 | MEDIUM | PHASE1 | $899.0M | Healthy Volunteers |
| 7 | SMNR | Semnur Pharmaceuticals, Inc. | 52.8 | MEDIUM | PHASE3 | $1.84B | Lumbosacral Radicular Pain |
| 8 | IRON | Disc Medicine, Inc. | 52.8 | MEDIUM | PHASE3 | $2.57B | Chronic Kidney Diseases |
| 9 | CADL | Candel Therapeutics, Inc. | 52.4 | MEDIUM | PHASE3 | $351.6M | Prostate Cancer |
| 10 | WHWK | Whitehawk Therapeutics, Inc. | 52.0 | MEDIUM | PHASE1 | $167.5M | PROC |
| 11 | BNTC | Benitec Biopharma Inc. | 51.6 | MEDIUM | PHASE2 | $377.1M | Oculopharyngeal Muscular Dystrophy |
| 12 | BDTX | Black Diamond Therapeutics, Inc. | 51.2 | MEDIUM | PHASE2 | $147.8M | Non-Small Cell Lung Cancer |
| 13 | ALLO | Allogene Therapeutics, Inc. | 50.8 | MEDIUM | PHASE2 | $709.4M | Large B-cell Lymphoma |
| 14 | RLMD | RELMADA THERAPEUTICS, INC. | 50.0 | MEDIUM | PHASE3 | $798.2M | Bladder (Urothelial, Transitional Cell) Cancer Superficial (Non-Invasive) |
| 15 | LBRX | LB PHARMACEUTICALS INC | 48.0 | MEDIUM | PHASE3 | $753.9M | Schizophrenia |
| 16 | LYEL | Lyell Immunopharma, Inc. | 47.6 | MEDIUM | PHASE3 | $556.4M | Systemic Lupus Erythematosus |
| 17 | SLS | SELLAS Life Sciences Group, Inc. | 47.6 | MEDIUM | PHASE2 | $906.9M | Breast Cancer |
| 18 | EDIT | Editas Medicine, Inc. | 47.2 | MEDIUM | PHASE2 | $282.9M | Blindness |
| 19 | CRDF | Cardiff Oncology, Inc. | 47.2 | MEDIUM | EARLY_PHASE1 | $114.2M | Locally Advanced Pancreatic Ductal Adenocarcinoma |
| 20 | MNPR | Monopar Therapeutics | 46.4 | MEDIUM | PHASE3 | $387.6M | Cancer |
| 21 | TRDA | Entrada Therapeutics, Inc. | 46.4 | MEDIUM | PHASE2 | $537.9M | Mitochondrial Neurogastrointestinal Encephalomyopathy |
| 22 | CRBU | Caribou Biosciences, Inc. | 44.8 | LOW | PHASE1 | $189.4M | Lymphoma, Non-Hodgkin |
| 23 | UNCY | Unicycive Therapeutics, Inc. | 44.4 | LOW | PHASE2 | $167.8M | Chronic Kidney Disease Requiring Chronic Dialysis |
| 24 | EIKN | Eikon Therapeutics, Inc. | 43.6 | LOW | PHASE2 | $487.8M | Advanced Solid Tumor |
| 25 | SLDB | Solid Biosciences Inc. | 43.2 | LOW | PHASE3 | $797.0M | Catecholaminergic Polymorphic Ventricular Tachycardia |
| 26 | NVCT | Nuvectis Pharma, Inc. | 42.0 | LOW | PHASE1 | $216.2M | Advanced Solid Tumor |
| 27 | SEPN | Septerna, Inc. | 39.6 | LOW | PHASE1 | $1.12B | Healthy Volunteers |
| 28 | MLTX | MoonLake Immunotherapeutics | 38.4 | LOW | PHASE3 | $1.39B | Arthritis, Psoriatic |
| 29 | AGMB | Agomab Therapeutics NV | 38.0 | LOW | PHASE2 | $502.5M | Healthy Volunteers |
| 30 | MBX | MBX Biosciences, Inc. | 35.6 | LOW | PHASE1 | $1.56B | Postbariatric Hypoglycemia |
| 31 | VERA | Vera Therapeutics, Inc. | 35.2 | LOW | PHASE3 | $2.92B | IgA Nephropathy (IgAN) |
| 32 | DTIL | PRECISION BIOSCIENCES INC | 33.6 | LOW | PHASE2 | $170.6M | Duchenne Muscular Dystrophy With Mutations Amenable to PBGENE-DMD |
| 33 | SLNCF | Silence Therapeutics plc | 32.4 | LOW | PHASE2 | $283.4M | Cardiovascular Diseases |
| 34 | PLYX | Polaryx Therapeutics, Inc. | 29.6 | LOW | PHASE3 | $0 | Juvenile Neuronal Ceroid Lipofuscinosis |
| 35 | LXRX | LEXICON PHARMACEUTICALS, INC. | 28.4 | LOW | PHASE3 | $745.7M | Diabetic Nephropathies |
| 36 | DMAC | DiaMedica Therapeutics Inc. | 26.0 | LOW | PHASE3 | $333.0M | Stroke |
| 37 | SLN | Silence Therapeutics plc | 24.0 | LOW | PHASE2 | $274.0M | Cardiovascular Diseases |
| 38 | LRMR | Larimar Therapeutics, Inc. | 22.8 | LOW | PHASE2 | $528.8M | Friedreich Ataxia |
| 39 | DFTX | Definium Therapeutics, Inc. | 21.6 | LOW | PHASE3 | $2.14B | Generalized Anxiety Disorder |
| 40 | SVA | SINOVAC BIOTECH LTD | 19.6 | LOW | PHASE4 | $642.4M | Hand, Foot and Mouth Disease |
| 41 | EPRX | EUPRAXIA PHARMACEUTICALS INC. | 18.8 | LOW | PHASE2 | $435.4M | Eosinophilic Esophagitis |
| 42 | AMLX | Amylyx Pharmaceuticals, Inc. | 16.8 | LOW | PHASE3 | $1.91B | ALS |
| 43 | FBRX | Forte Biosciences, Inc. | 15.2 | LOW | PHASE2 | $470.7M | Alopecia Areata |
| 44 | NMRA | Neumora Therapeutics, Inc. | 14.8 | LOW | PHASE3 | $378.6M | Major Depressive Disorder |
| 45 | CRDL | Cardiol Therapeutics Inc. | 12.8 | LOW | PHASE3 | $154.1M | COVID-19 |
| 46 | ANTX | AN2 Therapeutics, Inc. | 4.4 | LOW | PHASE3 | $109.6M | Healthy Volunteers |
| 47 | PYXS | Pyxis Oncology, Inc. | — | — | PHASE2 | $101.2M | Advanced Solid Tumours |
| 48 | PMN | ProMIS Neurosciences Inc. | — | — | PHASE1 | $112.1M | Healthy Participants |
| 49 | VRCA | Verrica Pharmaceuticals Inc. | — | — | PHASE3 | $100.2M | Molluscum Contagiosum |