Capstone (CAPS)


Market Price (11/4/2026): $2.14 | Market Cap: $2.0 MilSector: Materials | Industry: Construction Materials

Capstone (CAPS)


Market Price (11/4/2026): $2.14
Market Cap: $2.0 Mil
Sector: Materials
Industry: Construction Materials

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Distributed Energy Resources, Grid Automation, Show more.

Weak multi-year price returns
2Y Excs Rtn is -51%, 3Y Excs Rtn is -104%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.4%

High stock price volatility
Vol 12M is 109%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 165%

Key risks
CAPS key risks include [1] poor financial health and a significant risk of bankruptcy, Show more.

0 Megatrend and thematic drivers
Megatrends include Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Distributed Energy Resources, Grid Automation, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -51%, 3Y Excs Rtn is -104%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8%
3 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.4%
4 High stock price volatility
Vol 12M is 109%
5 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 165%
6 Key risks
CAPS key risks include [1] poor financial health and a significant risk of bankruptcy, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Capstone (CAPS) stock has lost about 20% since it went public on 10/19/2026 because of the following key factors:

1. Reverse Stock Split and Negative Investor Sentiment.

Capstone (CAPS) executed a 1-for-30 reverse stock split effective October 19, 2026, which often signals financial distress and can lead to negative market perception. This action combined 30 existing shares into one, reducing the number of outstanding shares from approximately 27.5 million to about 917,898.

2. Persistent Financial Weakness and Going Concern Doubts.

The stock's decline reflects Capstone's underlying financial challenges, including a reported net loss of $22.10 million and a loss per share of -$72.71 over the last 12 months. The company's financial statements as of June 30, 2026, disclosed "going-concern doubt," further exacerbating investor concerns. Its Altman Z-Score of -4.66 and -5.07 indicates a high risk of bankruptcy.

Show more
Updated on 11/1/2026

Capstone (CAPS) stock has lost about 20% since it went public on 10/19/2026 because of the following key factors:

1. Reverse Stock Split and Negative Investor Sentiment.

Capstone (CAPS) executed a 1-for-30 reverse stock split effective October 19, 2026, which often signals financial distress and can lead to negative market perception. This action combined 30 existing shares into one, reducing the number of outstanding shares from approximately 27.5 million to about 917,898.

2. Persistent Financial Weakness and Going Concern Doubts.

The stock's decline reflects Capstone's underlying financial challenges, including a reported net loss of $22.10 million and a loss per share of -$72.71 over the last 12 months. The company's financial statements as of June 30, 2026, disclosed "going-concern doubt," further exacerbating investor concerns. Its Altman Z-Score of -4.66 and -5.07 indicates a high risk of bankruptcy.

3. Potential for Share Dilution.

A filing on October 30, 2026, indicated that stockholders plan to offer and sell 333,333 shares. This potential influx of shares into the market, even if not explicitly insider selling exceeding $5 million, contributes to dilution and places downward pressure on the stock price, especially given the significantly reduced share count post-reverse split.

4. Extremely Low Market Capitalization and Nasdaq Listing Scrutiny.

Following the reverse split, Capstone's market capitalization remained very low, approximately $2.5 million as of October 29, 2026, and $1.76 million as of October 30, 2026. This low valuation suggests ongoing concerns about the company's ability to meet Nasdaq's minimum market value requirements, despite a rule related to a $5 million threshold being temporarily stayed.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

7/31/2026 to 11/3/2026
ReturnCorrelation
CAPS  
Market (SPY)1.0%84.2%
Sector (XLB)4.3%-33.2%

Fundamental Drivers

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Market Drivers

4/30/2026 to 11/3/2026
ReturnCorrelation
CAPS  
Market (SPY)5.2%84.2%
Sector (XLB)2.6%-33.2%

Fundamental Drivers

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Market Drivers

10/31/2025 to 11/3/2026
ReturnCorrelation
CAPS  
Market (SPY)11.5%84.2%
Sector (XLB)24.4%-33.2%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/3/2026
ReturnCorrelation
CAPS  
Market (SPY)86.6%84.2%
Sector (XLB)45.8%-33.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CAPS Return------21%-21%
Peers Return-25%-21%-24%9%122%20%30%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
CAPS Win Rate-----0% 
Peers Win Rate40%40%42%38%63%40% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
CAPS Max Drawdown------ 
Peers Max Drawdown-58%-50%-51%-47%-52%-61% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TGEN, BE, FCEL, BLDP, CMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/3/2026 (YTD)

How Low Can It Go

CAPS has limited trading history. Below is the Materials sector ETF (XLB) in its place.

EventXLBS&P 500
2025 US Tariff Shock
  % Loss-17.0%-18.8%
  % Gain to Breakeven20.5%23.1%
  Time to Breakeven84 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.5%-9.5%
  % Gain to Breakeven14.3%10.5%
  Time to Breakeven52 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-23.5%-24.5%
  % Gain to Breakeven30.7%32.4%
  Time to Breakeven456 days427 days
2020 COVID-19 Crash
  % Loss-36.2%-33.7%
  % Gain to Breakeven56.8%50.9%
  Time to Breakeven114 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-18.3%-19.2%
  % Gain to Breakeven22.4%23.8%
  Time to Breakeven101 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-17.9%-12.2%
  % Gain to Breakeven21.7%13.9%
  Time to Breakeven52 days62 days

Compare to TGEN, BE, FCEL, BLDP, CMI

In The Past

State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

CAPS has limited trading history. Below is the Materials sector ETF (XLB) in its place.

EventXLBS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-23.5%-24.5%
  % Gain to Breakeven30.7%32.4%
  Time to Breakeven456 days427 days
2020 COVID-19 Crash
  % Loss-36.2%-33.7%
  % Gain to Breakeven56.8%50.9%
  Time to Breakeven114 days140 days
2014-2016 Oil Price Collapse
  % Loss-23.8%-6.8%
  % Gain to Breakeven31.2%7.3%
  Time to Breakeven171 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-28.2%-17.9%
  % Gain to Breakeven39.3%21.8%
  Time to Breakeven459 days123 days
2008-2009 Global Financial Crisis
  % Loss-56.6%-53.4%
  % Gain to Breakeven130.3%114.4%
  Time to Breakeven701 days1085 days

Compare to TGEN, BE, FCEL, BLDP, CMI

In The Past

State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Capstone (CAPS)

Capstone Therapeutics Corp. (CAPS) is a biotechnology company dedicated to discovering and developing novel peptide-based and other molecular therapies. Its primary goal is to address under-served medical conditions, aiming to provide new treatment options for patients within the United States where existing therapies may be insufficient.

The company's leading therapeutic candidate is the Apo E mimetic peptide molecule, AEM-28, along with its analogs. These molecules are specifically engineered to impact lipoprotein metabolism and have successfully completed Phase Ia and Phase Ib/IIa clinical trials. Capstone targets patient populations suffering from conditions related to lipoprotein metabolism, seeking to meet significant unmet medical needs in this area.

AI Analysis | Feedback

Here are 1-2 brief analogies for Capstone (CAPS):

  • A tiny, early-stage version of a major biotech like Amgen or Biogen, specializing in developing novel peptide drugs.

  • Think of it as a pre-commercial Vertex Pharmaceuticals or Gilead Sciences, but focused on advancing a specific novel peptide for metabolic conditions through clinical trials.

AI Analysis | Feedback

  • AEM-28 and its analogs: A novel Apo E mimetic peptide molecule developed for lipoprotein metabolism.

AI Analysis | Feedback

Capstone Therapeutics Corp. (CAPS) is a biotechnology company focused on the research and development of novel peptides and other molecules for medical conditions. Based on the provided information, the company is currently in the early to mid-stages of clinical development, with its lead candidate AEM-28 having completed Phase Ia and Phase Ib/IIa clinical trials.

As a development-stage biotechnology company, Capstone Therapeutics Corp. does not currently have commercialized products or services available for sale. Consequently, the company does not have major customers, either other companies or individual consumers, purchasing its products in the traditional sense.

Biotechnology companies at this stage are primarily engaged in research, preclinical studies, and clinical trials. Their future business model often involves licensing their drug candidates to larger pharmaceutical companies or bringing products to market themselves after successful completion of all clinical phases and regulatory approval. Therefore, at present, Capstone Therapeutics Corp. does not have a customer base generating significant revenue from product sales.

AI Analysis | Feedback

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AI Analysis | Feedback

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AI Analysis | Feedback

The key risks to Capstone Holding Corp. (CAPS) primarily stem from its current business model as a holding company focused on building materials and consumer wellness, following its exit from pharmaceutical development in December 2021.

  1. Financial Instability and Shareholder Dilution: Capstone Holding Corp. faces significant financial risks, including elevated leverage and continued operating losses. The company has engaged in substantial financing activities, such as issuing senior secured convertible notes and utilizing lines of credit. These financing strategies, particularly those involving convertible notes, carry a risk of accelerating dilution and exerting downward pressure on trading, as more shares can be issued below market value to meet working capital needs.
  2. Nasdaq Delisting Risk: The company has received a notice of Nasdaq deficiency due to its failure to meet the minimum bid price requirement. This poses a direct threat to its listing on the Nasdaq Capital Market, which could negatively impact investor confidence and access to capital.
  3. Acquisition and Integration Challenges: As Capstone Holding Corp. is pursuing growth through a strategy of "tuck-in acquisitions" in the specialty construction materials sector, there is an inherent risk in successfully integrating newly acquired companies. Challenges in integrating operations, managing diverse business units, and realizing anticipated synergies from these acquisitions could hinder the company's growth objectives and overall financial performance.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable market for Capstone Therapeutics Corp.'s main products, specifically their Apo E mimetic peptide molecule AEM-28 and its analogs, which target lipoprotein metabolism, falls within the broader market for lipid disorder treatments.

The global lipid disorder treatment market was valued at approximately USD 30.08 billion in 2025 and is projected to grow to approximately USD 45.98 billion by 2031.

For the North American region, which is a significant market for lipid disorder treatments, the market share was approximately 35.98% of the global revenue in 2025, translating to an estimated USD 10.82 billion.

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Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Capstone Earnings Notes12/16/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CAPSTGENBEFCELBLDPCMIMedian
NameCapstone Tecogen Bloom En.FuelCell.Ballard .Cummins  
Mkt Price2.021.86205.7110.891.65478.656.46
Mkt Cap-0.160.60.80.566.00.8
Rev LTM60253,83015410634,708130
Op Inc LTM-3-9567-136-503,868-6
FCF LTM-4-12437-113-373,367-8
FCF 3Y Avg-1-579-165-922,075-3
CFO LTM-4-12691-96-314,647-8
CFO 3Y Avg-1-4200-122-753,301-2

Growth & Margins

CAPSTGENBEFCELBLDPCMIMedian
NameCapstone Tecogen Bloom En.FuelCell.Ballard .Cummins  
Rev Chg LTM38.9%-6.5%110.6%1.1%46.4%2.9%20.9%
Rev Chg 3Y Avg5.6%2.1%47.5%13.6%22.8%2.6%9.6%
Rev Chg Q67.1%-21.2%138.1%-29.4%15.4%9.4%12.4%
QoQ Delta Rev Chg LTM16.7%-5.9%23.0%-8.2%2.7%2.4%2.5%
Op Inc Chg LTM-78.8%-147.0%530.6%-2.4%60.8%3.8%0.7%
Op Inc Chg 3Y Avg-88.6%-50.7%278.3%1.2%24.7%46.0%12.9%
Op Mgn LTM-4.8%-38.3%14.8%-87.9%-46.9%11.1%-21.5%
Op Mgn 3Y Avg-4.2%-24.2%4.8%-118.4%-126.1%8.6%-14.2%
QoQ Delta Op Mgn LTM2.3%-5.1%3.6%-19.0%15.0%-0.2%1.0%
CFO/Rev LTM-6.0%-47.2%18.0%-62.5%-28.9%13.4%-17.4%
CFO/Rev 3Y Avg-0.4%-16.7%2.2%-110.2%-85.1%9.6%-8.6%
FCF/Rev LTM-6.4%-48.2%11.4%-73.5%-35.1%9.7%-20.7%
FCF/Rev 3Y Avg-0.7%-18.7%-2.6%-151.3%-105.3%6.0%-10.7%

Valuation

CAPSTGENBEFCELBLDPCMIMedian
NameCapstone Tecogen Bloom En.FuelCell.Ballard .Cummins  
Mkt Cap-0.160.60.80.566.00.8
P/S-2.315.85.04.71.94.7
P/Op Inc--5.9106.9-5.7-10.017.1-5.7
P/EBIT--5.5107.8-4.6-6.615.8-4.6
P/E--5.4117.0-4.4-6.424.3-4.4
P/CFO--4.887.8-8.0-16.214.2-4.8
Total Yield--18.4%0.8%-22.2%-16.5%5.5%-16.5%
Dividend Yield-0.0%0.0%0.0%0.0%1.6%0.0%
FCF Yield 3Y Avg--5.2%-4.2%-69.8%-14.3%3.4%-5.2%
D/E-0.00.00.20.00.10.0
Net D/E--0.10.0-0.6-1.00.1-0.1

Returns

CAPSTGENBEFCELBLDPCMIMedian
NameCapstone Tecogen Bloom En.FuelCell.Ballard .Cummins  
1M Rtn-25.7%-29.8%-28.9%-41.0%-19.8%-9.4%-27.3%
3M Rtn-25.7%-50.3%-9.8%-51.6%-40.0%-24.5%-32.8%
6M Rtn-25.7%-62.3%-30.3%-19.6%-62.0%-28.6%-29.5%
12M Rtn-25.7%-80.9%44.5%31.2%-53.8%11.0%-7.4%
3Y Rtn-25.7%109.0%1,804.7%-71.0%-55.1%125.2%41.6%
1M Excs Rtn-22.9%-23.8%-25.4%-36.8%-17.0%-5.7%-23.4%
3M Excs Rtn-23.5%-48.2%-9.9%-46.2%-35.2%-23.9%-29.5%
6M Excs Rtn-29.4%-66.2%-34.1%-23.4%-66.1%-32.3%-33.2%
12M Excs Rtn-35.4%-91.5%45.8%11.7%-64.8%1.2%-17.1%
3Y Excs Rtn-104.2%44.4%1,923.4%-145.9%-136.2%56.8%-29.9%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
TotalStone444548  
Carolina Stone3    
Parent000  
Eliminations 00  
Single Segment   6267
Total4745486267


Operating Income by Segment
$ Mil202520242023
Eliminations000
Carolina Stone-0  
Parent-4-1-0
TotalStone-7-0-1
Total-11-1-1


Assets by Segment
$ Mil20252024201920172016
TotalStone5140   
Parent68   
Carolina Stone6    
Eliminations-12-1   
Single Segment  021
Total5147021


Price Behavior

Price Behavior
Market Price$2.14 
First Trading Date07/21/2011 
Distance from 52W High-24.4% 
   50 Days200 Days
DMA Price  
DMA Trend  
Distance from DMA  
 3M1YR
Volatility109.2%109.2%
Downside Capture  
Upside Capture  
Correlation (S&P 500)  
CAPS Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.81-1.40-0.95-4.023.50-0.15
Up Beta12.5210.38-0.740.346.23-0.99
Down Beta-10.480.6816.8115.39-13.180.00
Up Capture172%86%54%21%8%1%
Bmk +ve Days12182862130427
Stock +ve Days555555
Down Capture396%215%170%87%51%30%
Bmk -ve Days10253664121325
Stock -ve Days444444

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CAPS
CAPS-21.4%109.2%-4.48-
Sector ETF (XLB)24.5%17.8%1.07-33.2%
Equity (SPY)11.6%12.8%0.5784.2%
Gold (GLD)-2.4%28.6%-0.1066.7%
Commodities (DBC)42.0%20.9%1.5625.2%
Real Estate (VNQ)10.6%13.7%0.48-36.4%
Bitcoin (BTCUSD)-29.9%43.5%-0.7037.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CAPS
CAPS-4.7%109.2%-4.48-
Sector ETF (XLB)6.1%19.1%0.20-33.2%
Equity (SPY)12.0%17.1%0.5284.2%
Gold (GLD)16.5%19.0%0.6966.7%
Commodities (DBC)8.3%19.6%0.3125.2%
Real Estate (VNQ)1.0%18.9%-0.06-36.4%
Bitcoin (BTCUSD)5.0%51.5%0.2837.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CAPS
CAPS-2.4%109.2%-4.48-
Sector ETF (XLB)10.5%20.7%0.44-33.2%
Equity (SPY)15.2%17.9%0.7184.2%
Gold (GLD)11.5%16.5%0.5766.7%
Commodities (DBC)7.8%18.1%0.3425.2%
Real Estate (VNQ)5.4%20.7%0.22-36.4%
Bitcoin (BTCUSD)61.1%66.2%1.0137.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.7 Mil
Short Interest: % Change Since 9302026-65.6%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity0.4 Mil
Short % of Basic Shares165.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/20/202610-Q
12/31/202504/16/202610-K
09/30/202511/18/202510-Q
06/30/202508/15/202510-Q
03/31/202505/15/202510-Q
12/31/202403/31/202510-K
06/30/201908/13/201910-Q
03/31/201905/13/201910-Q
12/31/201803/22/201910-K
09/30/201811/06/201810-Q
06/30/201808/13/201810-Q
03/31/201805/11/201810-Q
12/31/201702/28/201810-K
09/30/201711/13/201710-Q
06/30/201708/14/201710-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/20/202610-Q
12/31/202504/16/202610-K
09/30/202511/18/202510-Q
06/30/202508/15/202510-Q
03/31/202505/15/202510-Q
12/31/202403/31/202510-K
06/30/201908/13/201910-Q
03/31/201905/13/201910-Q
12/31/201803/22/201910-K
09/30/201811/06/201810-Q
06/30/201808/13/201810-Q
03/31/201805/11/201810-Q
12/31/201702/28/201810-K
09/30/201711/13/201710-Q
06/30/201708/14/201710-Q
03/31/201705/04/201710-Q
12/31/201603/15/201710-K
09/30/201611/10/201610-Q
06/30/201607/29/201610-Q
03/31/201605/13/201610-Q
12/31/201503/30/201610-K
09/30/201511/09/201510-Q
06/30/201508/13/201510-Q
03/31/201505/14/201510-Q
12/31/201403/16/201510-K
09/30/201411/13/201410-Q
06/30/201408/14/201410-Q

Insider Activity

Updated 8/11/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Strout, Gordon Lewis JR DirectBuy81120264.0041,500166,000166,000Form
2Toporek, Michael DirectBuy72420264.0041,750167,000167,000Form
3Lipman, Matthew EChief Executive OfficerDirectBuy72220264.0041,750167,00010,281,648Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Strout, Gordon Lewis JR DirectBuy81120264.0041,500166,000166,000Form
2Toporek, Michael DirectBuy72420264.0041,750167,000167,000Form
3Lipman, Matthew EChief Executive OfficerDirectBuy72220264.0041,750167,00010,281,648Form
Core Cache Last Updated: 11/3/2026