Tearsheet

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

0

Weak multi-year price returns
2Y Excs Rtn is -82%, 3Y Excs Rtn is -183%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -54 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18%

High stock price volatility
Vol 12M is 246%

0 Weak multi-year price returns
2Y Excs Rtn is -82%, 3Y Excs Rtn is -183%
1 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -54 Mil
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18%
4 High stock price volatility
Vol 12M is 246%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026
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.

Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

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)22820266012026Change
Stock Price ($)5.072.81-44.7%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)6208-97.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/1/2026
ReturnCorrelation
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)113020256012026Change
Stock Price ($)2.602.817.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)6208-97.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/1/2026
ReturnCorrelation
CNTN7.9% 
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)53120256012026Change
Stock Price ($)1.452.8193.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)3208-98.8%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/1/2026
ReturnCorrelation
CNTN93.2% 
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)53120236012026Change
Stock Price ($)134.812.81-97.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)0208-100.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/1/2026
ReturnCorrelation
CNTN-97.9% 
Market (SPY)88.6%6.3%
Sector (XLV)21.6%5.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CNTN Return--89%-95%-73%49%2%-100%
Peers Return-7%32%41%-1%2%8%89%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
CNTN Win Rate-17%17%17%42%40% 
Peers Win Rate42%67%58%50%67%55% 
S&P 500 Win Rate75%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

EventCNTNS&P 500
2025 US Tariff Shock
  % Loss-45.6%-18.8%
  % Gain to Breakeven83.7%23.1%
  Time to Breakeven82 days79 days
2024 Yen Carry Trade Unwind
  % Loss-26.8%-7.8%
  % Gain to Breakeven36.6%8.5%
  Time to Breakeven379 days18 days

Compare to VRTX, ALPS, DFTX, EIKN, GENB

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.

EventCNTNS&P 500
2025 US Tariff Shock
  % Loss-45.6%-18.8%
  % Gain to Breakeven83.7%23.1%
  Time to Breakeven82 days79 days
2024 Yen Carry Trade Unwind
  % Loss-26.8%-7.8%
  % Gain to Breakeven36.6%8.5%
  Time to Breakeven379 days18 days

Compare to VRTX, ALPS, DFTX, EIKN, GENB

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)

Hillstream BioPharma, Inc., a pre-clinical biotechnology company, develops novel therapeutic candidates targeting ferroptosis, an anti-cancer mechanism resulting in iron mediated cell death (IMCD) for the treatment resistant cancers. The company's product candidate is HSB-1216, an IMCD inducer targeting solid tumors. It also develops HSB-888, a dual Quatramer loaded IMCD inducer coupled with its anthracycline analogue for solid tumors; HSB-510, a targeted bifunctional inhibitory compound in Quatramer with single digit nanomolar; IC50 against PI3K-delta and HDAC6, which is also known to downregulate; c-myc, a cancer drug target; and HSB-114, an immunotherapeutic agent, which uses its Quatramer technology to deliver tumor necrosis factor-alpha gene into cancer cells. The company was incorporated in 2019 and is based in Bridgewater, New Jersey.

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.

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

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)

null

AI Analysis | Feedback

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.:
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

AI Analysis | Feedback

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.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CNTNVRTXALPSDFTXEIKNGENBMedian
NameCanton S.Vertex P.ALPS Definium.Eikon Th.Generate. 
Mkt Price2.81438.40-24.0610.7912.9712.97
Mkt Cap0.6111.4-2.60.40.80.8
Rev LTM012,218-00-0
Op Inc LTM-544,662--193-310--124
FCF LTM-763,710--145-272--110
FCF 3Y Avg-311,977--101---31
CFO LTM-214,241--145-210--83
CFO 3Y Avg-132,401--101---13

Growth & Margins

CNTNVRTXALPSDFTXEIKNGENBMedian
NameCanton S.Vertex P.ALPS Definium.Eikon Th.Generate. 
Rev Chg LTM-10.1%----10.1%
Rev Chg 3Y Avg-9.9%----9.9%
Rev Chg Q-7.8%----7.8%
QoQ Delta Rev Chg LTM-1.8%----1.8%
Op Inc Chg LTM-330.8%1,214.0%--69.8%---69.8%
Op Inc Chg 3Y Avg-126.7%364.1%--42.7%---42.7%
Op Mgn LTM-38.2%----38.2%
Op Mgn 3Y Avg-24.1%----24.1%
QoQ Delta Op Mgn LTM-0.2%----0.2%
CFO/Rev LTM-34.7%----34.7%
CFO/Rev 3Y Avg-21.5%----21.5%
FCF/Rev LTM-30.4%----30.4%
FCF/Rev 3Y Avg-17.7%----17.7%

Valuation

CNTNVRTXALPSDFTXEIKNGENBMedian
NameCanton S.Vertex P.ALPS Definium.Eikon Th.Generate. 
Mkt Cap0.6111.4-2.60.40.80.8
P/S-9.1----9.1
P/Op Inc-10.723.9--13.5-1.2--5.9
P/EBIT-6.422.0--11.3-1.2--3.8
P/E-7.225.7--11.0-1.2--4.2
P/CFO-27.726.3--18.1-1.7--9.9
Total Yield-13.8%3.9%--9.1%-81.3%--11.5%
Dividend Yield0.0%0.0%-0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-145.1%1.8%-----71.7%
D/E0.00.0-0.00.70.10.0
Net D/E-0.1-0.0--0.1-0.7-0.5-0.1

Returns

CNTNVRTXALPSDFTXEIKNGENBMedian
NameCanton S.Vertex P.ALPS Definium.Eikon Th.Generate. 
1M Rtn-13.2%3.4%-10.9%11.5%-1.4%3.4%
3M Rtn-45.4%-9.8%-40.0%-27.5%6.6%-9.8%
6M Rtn18.9%3.0%-78.1%-28.1%2.5%3.0%
12M Rtn93.2%-0.8%-78.1%-28.1%2.5%2.5%
3Y Rtn-97.8%31.3%-78.1%-28.1%2.5%2.5%
1M Excs Rtn-18.6%-2.8%-4.5%6.8%-2.7%-2.7%
3M Excs Rtn-55.9%-20.2%-29.6%-37.9%-3.9%-20.2%
6M Excs Rtn-2.0%-10.1%-66.5%-39.6%-9.0%-9.0%
12M Excs Rtn61.0%-30.5%-49.5%-56.6%-26.0%-26.0%
3Y Excs Rtn-182.6%-53.4%--6.6%-112.7%-82.1%-82.1%

Comparison Analyses

null

Financials

Segment Financials

Operating Income by Segment
$ Mil2025
Digital asset treasury segment0
Clinical stage bio-technology segment-12
Total-12


Assets by Segment
$ Mil2025
Clinical stage bio-technology segment4
Digital asset treasury segment0
Total4


Price Behavior

Price Behavior
Market Price$2.81 
Market Cap ($ Bil)0.6 
First Trading Date01/12/2022 
Distance from 52W High-63.6% 
   50 Days200 Days
DMA Price$3.29$3.39
DMA Trendupdown
Distance from DMA-14.6%-17.3%
 3M1YR
Volatility78.9%246.5%
Downside Capture610.42118.60
Upside Capture165.87159.69
Correlation (SPY)55.1%8.5%
CNTN Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta2.213.303.022.671.700.75
Up Beta-2.601.991.881.021.710.51
Down Beta-1.22-2.491.663.024.491.90
Up Capture245%258%244%505%246%-5%
Bmk +ve Days13283667141432
Stock +ve Days9192559109327
Down Capture733%873%417%246%113%106%
Bmk -ve Days7132757109318
Stock -ve Days10213763136414

[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
CNTN90.0%245.5%0.95-
Sector ETF (XLV)13.7%14.6%0.665.6%
Equity (SPY)30.2%11.8%1.938.1%
Gold (GLD)34.7%26.7%1.095.4%
Commodities (DBC)42.7%18.9%1.753.1%
Real Estate (VNQ)9.6%13.2%0.442.7%
Bitcoin (BTCUSD)-30.6%41.6%-0.778.7%

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 CNTN
CNTN-70.8%178.0%-0.08-
Sector ETF (XLV)5.2%14.7%0.176.3%
Equity (SPY)14.2%17.0%0.658.2%
Gold (GLD)18.5%18.0%0.833.7%
Commodities (DBC)10.3%19.4%0.424.1%
Real Estate (VNQ)2.8%18.8%0.054.3%
Bitcoin (BTCUSD)13.7%54.6%0.441.5%

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 CNTN
CNTN-45.9%178.0%-0.08-
Sector ETF (XLV)9.7%16.5%0.476.3%
Equity (SPY)15.8%17.9%0.768.2%
Gold (GLD)13.1%16.0%0.683.7%
Commodities (DBC)7.4%17.9%0.334.1%
Real Estate (VNQ)5.5%20.7%0.234.3%
Bitcoin (BTCUSD)66.7%66.9%1.061.5%

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

Short Interest

Short Interest: As Of Date5152026
Short Interest: Shares Quantity3.2 Mil
Short Interest: % Change Since 4302026-4.5%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest6.3 days
Basic Shares Quantity207.7 Mil
Short % of Basic Shares1.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/31/202610-K
09/30/202511/12/202510-Q
06/30/202508/14/202510-Q
03/31/202505/12/202510-Q
12/31/202403/26/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202405/09/202410-Q
12/31/202302/23/202410-K
09/30/202311/07/202310-Q
06/30/202308/11/202310-Q
03/31/202305/22/202310-Q
12/31/202203/16/202310-K
09/30/202211/14/202210-Q
06/30/202208/11/202210-Q

Insider Activity

Updated 5/27/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stetz, Gary SDirectSell52720263.4712,50043,375465,587Form
2Stetz, Gary SDirectSell52720263.4287,851300,507501,724Form
3Gravitas, Capital LPExecutive ChairmanDirectBuy62320251.48337,838500,0001,083,988Form
4Parikh, SanamDirectBuy62320251.451,0001,4502,566Form
5Appajosyula, SireeshChief Executive OfficerDirectBuy62320251.4861,49690,97395,961Form
Core Cache Last Updated: 6/1/2026