CNSP

CNSP is a clinical-stage biotech with no product, no revenue in any year on record (FY2021–FY2025 all blank), and a $100M accumulated deficit. It exists to fund R&D ($9.77M in FY2025) and G&A ($6.2M) by selling stock. FY2025 net loss was -$15.9M (worse than 2024's -$14.9M), operating cash flow was -$13.8M, and ROE is a meaningless -350% on a shrinking $4.52M equity base. There is nothing in the numbers to value — this is a binary bet on the TPI 287 and Berubicin programs, and management has just pivoted away from its original glioblastoma focus and is 'exploring out-licensing' its legacy assets, i.e. shopping the pipeline rather than advancing it with conviction.

The decisive issue is solvency. The 10-K states outright: 'We estimate that we have sufficient capital to take us into the third quarter of 2026.' Today is July 4, 2026 — the company is at, not near, the funding cliff it disclosed. It held just $7.20M cash and $4.0M working capital at year-end, against a burn that consumes more than that in six months. Funding has come entirely from serial equity issuance: $9.5M sold on the AGP ATM in FY2025 alone (plus a $5M May-2025 registered offering with pre-funded and Series F warrants struck at $13.68). Shares outstanding fell 72.4% YoY — that is a reverse split, and the -$35.75 diluted EPS reflects that engineered share count, not any improvement. The recurring pattern is reverse-split, then re-dilute; existing holders are the exit liquidity.