Canton Strategic (CNTN)
Market Price (6/2/2026): $2.29 | Market Cap: $475.6 MilSector: Health Care | Industry: Biotechnology
Canton Strategic (CNTN)
Market Price (6/2/2026): $2.29Market Cap: $475.6 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -183% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -54 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% High stock price volatilityVol 12M is 246% |
| Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -183% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -54 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| High stock price volatilityVol 12M is 246% |
Qualitative Assessment
AI Analysis | Feedback
Canton Strategic (CNTN) stock has lost about 45% since 2/28/2026 because of the following key factors:
1. Canton Strategic Holdings reported a substantial net loss of $47.3 million, or ($0.23) per diluted share, in the first quarter of 2026, with no revenue recognized since its inception as a digital asset treasury company.
2. The company experienced a significant increase in operating expenses, which surged to $36.9 million in Q1 2026 from $2.5 million in the comparable prior year period, primarily due to costs associated with its strategic transition and a $32.3 million stock-based compensation expense.
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Stock Movement Drivers
Fundamental Drivers
The -44.7% change in CNTN stock from 2/28/2026 to 6/1/2026 was primarily driven by a -97.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6012026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.07 | 2.81 | -44.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 6 | 208 | -97.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/1/2026| Return | Correlation | |
|---|---|---|
| CNTN | -44.7% | |
| Market (SPY) | 10.9% | 54.7% |
| Sector (XLV) | -7.3% | 48.5% |
Fundamental Drivers
The 7.9% change in CNTN stock from 11/30/2025 to 6/1/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6012026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.60 | 2.81 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 6 | 208 | -97.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/1/2026| Return | Correlation | |
|---|---|---|
| CNTN | 7.9% | |
| Market (SPY) | 11.6% | 36.3% |
| Sector (XLV) | -5.4% | 24.0% |
Fundamental Drivers
The 93.2% change in CNTN stock from 5/31/2025 to 6/1/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6012026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.45 | 2.81 | 93.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 3 | 208 | -98.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/1/2026| Return | Correlation | |
|---|---|---|
| CNTN | 93.2% | |
| Market (SPY) | 30.2% | 8.1% |
| Sector (XLV) | 13.4% | 5.6% |
Fundamental Drivers
The -97.9% change in CNTN stock from 5/31/2023 to 6/1/2026 was primarily driven by a -100.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6012026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.81 | 2.81 | -97.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 208 | -100.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2023 to 6/1/2026| Return | Correlation | |
|---|---|---|
| CNTN | -97.9% | |
| Market (SPY) | 88.6% | 6.3% |
| Sector (XLV) | 21.6% | 5.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNTN Return | - | -89% | -95% | -73% | 49% | 2% | -100% |
| Peers Return | -7% | 32% | 41% | -1% | 2% | 8% | 89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CNTN Win Rate | - | 17% | 17% | 17% | 42% | 40% | |
| Peers Win Rate | 42% | 67% | 58% | 50% | 67% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CNTN Max Drawdown | - | - | -99% | -76% | -71% | -46% | |
| Peers Max Drawdown | -27% | -19% | -12% | -23% | -29% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, ALPS, DFTX, EIKN, GENB.
[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 6/1/2026 (YTD)
How Low Can It Go
| Event | CNTN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.6% | -18.8% |
| % Gain to Breakeven | 83.7% | 23.1% |
| Time to Breakeven | 82 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.8% | -7.8% |
| % Gain to Breakeven | 36.6% | 8.5% |
| Time to Breakeven | 379 days | 18 days |
In The Past
Canton Strategic's stock fell -45.6% during the 2025 US Tariff Shock. Such a loss loss requires a 83.7% gain to breakeven.
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Asset Allocation
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| Event | CNTN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.6% | -18.8% |
| % Gain to Breakeven | 83.7% | 23.1% |
| Time to Breakeven | 82 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.8% | -7.8% |
| % Gain to Breakeven | 36.6% | 8.5% |
| Time to Breakeven | 379 days | 18 days |
In The Past
Canton Strategic's stock fell -45.6% during the 2025 US Tariff Shock. Such a loss loss requires a 83.7% 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 Canton Strategic (CNTN)
AI Analysis | Feedback
Here are a few analogies for Canton Strategic (CNTN):
- An early-stage Genentech for novel cancer therapies.
- Like a pre-clinical Moderna, but for cancer drugs instead of vaccines.
AI Analysis | Feedback
- HSB-1216: An IMCD inducer targeting solid tumors for the treatment of resistant cancers.
- HSB-888: A dual Quatramer loaded IMCD inducer coupled with an anthracycline analogue for solid tumors.
- HSB-510: A targeted bifunctional inhibitory compound in Quatramer with single digit nanomolar IC50 against PI3K-delta and HDAC6.
- HSB-114: An immunotherapeutic agent that uses Quatramer technology to deliver the tumor necrosis factor-alpha gene into cancer cells.
AI Analysis | Feedback
Based on the provided description of Canton Strategic (symbol: CNTN), which describes Hillstream BioPharma, Inc., a pre-clinical biotechnology company, the company does not currently have major customers. Hillstream BioPharma is in the stage of developing novel therapeutic candidates (e.g., HSB-1216, HSB-888) and its technology (Quatramer) for the treatment of resistant cancers. At this pre-clinical stage, companies are focused on research, development, and clinical trials rather than commercial sales of their product candidates to other companies or individuals.
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For Canton Strategic (CNTN), the addressable markets for its main products are as follows:HSB-1216 (IMCD inducer targeting solid tumors) and HSB-888 (IMCD inducer for solid tumors, including osteosarcoma)
The global solid tumor cancer treatment market was estimated at USD 5.37 billion in 2024 and is anticipated to reach approximately USD 8.76 billion by 2034, growing at a compound annual growth rate (CAGR) of 2.88% from 2025 to 2034. The U.S. solid tumor cancer treatment market size was valued at USD 1.32 billion in 2024 and is projected to reach around USD 2.19 billion by 2034. HSB-888 has received Orphan Drug Designation for osteosarcoma, indicating it targets a rare pediatric disease in the U.S. that affects fewer than 200,000 people.HSB-510 (targeted bifunctional inhibitory compound against PI3K-delta and HDAC6)
The global HDAC inhibitor drug market size was valued at USD 2.31 billion in 2025 and is expected to reach USD 5.43 billion by 2033, with a CAGR of 11.30% during the forecast period. North America held the largest revenue share of 42.5% in the HDAC inhibitor drug market in 2025. The global PI3K Inhibitor Drug Class Market was valued at USD 600 million in 2024 and is projected to reach USD 2.5 billion by 2032, at a CAGR of 17.9%. North America dominates the global PI3K Inhibitor Drug Class Market, with a revenue share of 30.34% in 2025.HSB-114 (immunotherapeutic agent delivering tumor necrosis factor-alpha gene)
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Here are 3-5 expected drivers of future revenue growth for Canton Strategic (CNTN) over the next 2-3 years, based on the provided background description of Hillstream BioPharma, Inc.:- Successful Clinical Advancement of Lead Candidate HSB-1216: Progression of HSB-1216, an IMCD inducer targeting solid tumors, through its clinical trials is a primary revenue driver. Hillstream BioPharma had anticipated initiating a Phase 1 clinical trial for HSB-1216 in the second half of 2023. Positive data from these early-stage trials would significantly increase the drug candidate's value and its potential for future licensing agreements or eventual market entry. HSB-1216 has received Orphan Drug Designation for Uveal Melanoma, highlighting its potential in rare and devastating cancers.
- Development and Potential Commercialization of TH104: The company (then Tharimmune, formerly Hillstream BioPharma) was progressing towards acquiring TH104, a clinical-stage asset designed to suppress chronic pruritus in primary biliary cholangitis (PBC). With an approved IND and plans for Phase 1 pharmacokinetic trials by the end of 2023, successful development and potential commercialization of TH104, which has projected revenue potential ranging from $350 million to $500 million from PBC alone, is a significant near-term revenue growth driver.
- Advancement of Additional Pipeline Candidates: The successful progression of other drug candidates, such as HSB-888 and HSB-510, through preclinical and clinical development phases, would contribute to future revenue growth. HSB-888 has received Rare Pediatric Disease Designation and Orphan Drug Designation for osteosarcoma, which could lead to an expedited development pathway and potentially a Priority Review Voucher. HSB-510, a dual inhibitor targeting PI3K-delta and HDAC6, was expected to conduct IND-enabling studies in 2023. Newer pipeline assets like HSB-3215 (targeting HER2/HER3) and HSB-1940 (Knob Quatrabodies™ against PD-1) were also moving towards IND filings and clinical entry in 2024.
- Strategic Partnerships and Licensing Agreements: As a biotechnology company with an early-stage pipeline, securing strategic collaborations and licensing deals with larger pharmaceutical companies is a crucial driver of non-dilutive revenue growth. Promising preclinical and early clinical data from their drug candidates could attract such partnerships, leading to upfront payments, milestone achievements, and future royalty streams.
- Leveraging Proprietary Drug Delivery and AI Platforms: The company's proprietary Quatramer™ tumor targeting platform, which enhances drug uptake and extends duration of action, and its Trident Artificial Intelligence precision medicine platform, used to identify biomarkers, are valuable assets. These platforms could be leveraged to develop additional drug candidates, improve existing ones, or potentially be licensed to other companies, thereby contributing to future revenue streams.
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Share Repurchases
- On June 13, 2022, Hillstream BioPharma, Inc. (then trading as HILS) authorized a share repurchase program to acquire up to $1 million of its common stock.
- From October 1, 2022, to December 31, 2022, the company repurchased 15,717 shares for $0.00759 million.
- As of December 31, 2022, a total of 90,826 shares had been repurchased for $0.07 million under the authorized program.
Share Issuance
- On May 2, 2023, Hillstream BioPharma, Inc. (then HILS) completed a public offering, selling 5,300,000 shares of common stock at $0.50 per share, resulting in gross proceeds of $2,650,000.
- The company granted the underwriters a 45-day option to purchase up to an additional 795,000 shares to cover over-allotments.
- Net proceeds from the May 2023 offering were approximately $2.2 million (or $2.6 million if the over-allotment option was fully exercised), intended for advancing lead drug candidate HSB-1216, developing other pipeline candidates, general corporate purposes, and working capital.
- Tharimmune, Inc. (the company's name after Hillstream BioPharma) raised approximately $2.08 million through a private placement, primarily to advance its TH104 development program.
Outbound Investments
- Hillstream BioPharma entered into an exclusive option agreement in July 2023 to acquire a clinical-stage asset for chronic pruritis, with the acquisition expected to close in the fourth quarter of that year.
- Tharimmune entered into an exclusive licensing agreement with Intract Pharma in October 2024 for an innovative oral delivery platform for anti-inflammatory treatments.
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.97 |
| Mkt Cap | 0.8 |
| Rev LTM | 0 |
| Op Inc LTM | -124 |
| FCF LTM | -110 |
| FCF 3Y Avg | -31 |
| CFO LTM | -83 |
| CFO 3Y Avg | -13 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.1% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | -69.8% |
| Op Inc Chg 3Y Avg | -42.7% |
| Op Mgn LTM | 38.2% |
| Op Mgn 3Y Avg | 24.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 34.7% |
| CFO/Rev 3Y Avg | 21.5% |
| FCF/Rev LTM | 30.4% |
| FCF/Rev 3Y Avg | 17.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.8 |
| P/S | 9.1 |
| P/Op Inc | -5.9 |
| P/EBIT | -3.8 |
| P/E | -4.2 |
| P/CFO | -9.9 |
| Total Yield | -11.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -71.7% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.4% |
| 3M Rtn | -9.8% |
| 6M Rtn | 3.0% |
| 12M Rtn | 2.5% |
| 3Y Rtn | 2.5% |
| 1M Excs Rtn | -2.7% |
| 3M Excs Rtn | -20.2% |
| 6M Excs Rtn | -9.0% |
| 12M Excs Rtn | -26.0% |
| 3Y Excs Rtn | -82.1% |
Price Behavior
| Market Price | $2.81 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 01/12/2022 | |
| Distance from 52W High | -63.6% | |
| 50 Days | 200 Days | |
| DMA Price | $3.29 | $3.39 |
| DMA Trend | up | down |
| Distance from DMA | -14.6% | -17.3% |
| 3M | 1YR | |
| Volatility | 78.9% | 246.5% |
| Downside Capture | 610.42 | 118.60 |
| Upside Capture | 165.87 | 159.69 |
| Correlation (SPY) | 55.1% | 8.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.21 | 3.30 | 3.02 | 2.67 | 1.70 | 0.75 |
| Up Beta | -2.60 | 1.99 | 1.88 | 1.02 | 1.71 | 0.51 |
| Down Beta | -1.22 | -2.49 | 1.66 | 3.02 | 4.49 | 1.90 |
| Up Capture | 245% | 258% | 244% | 505% | 246% | -5% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 19 | 25 | 59 | 109 | 327 |
| Down Capture | 733% | 873% | 417% | 246% | 113% | 106% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 21 | 37 | 63 | 136 | 414 |
[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 CNTN | |
|---|---|---|---|---|
| CNTN | 90.0% | 245.5% | 0.95 | - |
| Sector ETF (XLV) | 13.7% | 14.6% | 0.66 | 5.6% |
| Equity (SPY) | 30.2% | 11.8% | 1.93 | 8.1% |
| Gold (GLD) | 34.7% | 26.7% | 1.09 | 5.4% |
| Commodities (DBC) | 42.7% | 18.9% | 1.75 | 3.1% |
| Real Estate (VNQ) | 9.6% | 13.2% | 0.44 | 2.7% |
| Bitcoin (BTCUSD) | -30.6% | 41.6% | -0.77 | 8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNTN | |
|---|---|---|---|---|
| CNTN | -70.8% | 178.0% | -0.08 | - |
| Sector ETF (XLV) | 5.2% | 14.7% | 0.17 | 6.3% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 8.2% |
| Gold (GLD) | 18.5% | 18.0% | 0.83 | 3.7% |
| Commodities (DBC) | 10.3% | 19.4% | 0.42 | 4.1% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 4.3% |
| Bitcoin (BTCUSD) | 13.7% | 54.6% | 0.44 | 1.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNTN | |
|---|---|---|---|---|
| CNTN | -45.9% | 178.0% | -0.08 | - |
| Sector ETF (XLV) | 9.7% | 16.5% | 0.47 | 6.3% |
| Equity (SPY) | 15.8% | 17.9% | 0.76 | 8.2% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 3.7% |
| Commodities (DBC) | 7.4% | 17.9% | 0.33 | 4.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 4.3% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 1.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
Insider Activity
Updated 5/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stetz, Gary S | Direct | Sell | 5272026 | 3.47 | 12,500 | 43,375 | 465,587 | Form | |
| 2 | Stetz, Gary S | Direct | Sell | 5272026 | 3.42 | 87,851 | 300,507 | 501,724 | Form | |
| 3 | Gravitas, Capital LP | Executive Chairman | Direct | Buy | 6232025 | 1.48 | 337,838 | 500,000 | 1,083,988 | Form |
| 4 | Parikh, Sanam | Direct | Buy | 6232025 | 1.45 | 1,000 | 1,450 | 2,566 | Form | |
| 5 | Appajosyula, Sireesh | Chief Executive Officer | Direct | Buy | 6232025 | 1.48 | 61,496 | 90,973 | 95,961 | Form |
Industry Resources
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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