Filana Therapeutics (FLNA)


Market Price (11/6/2026): $0.479 | Market Cap: $23.1 MilSector: Health Care | Industry: Biotechnology

Filana Therapeutics (FLNA)


Market Price (11/6/2026): $0.479
Market Cap: $23.1 Mil
Sector: Health Care
Industry: Biotechnology

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

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -380%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -133%, 3Y Excs Rtn is -181%

Meaningful 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 12%

Penny stock
Mkt Price is 0.5

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 -47 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 -200%

Key risks
FLNA key risks include [1] a recent FDA clinical hold on its epilepsy program, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -380%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -133%, 3Y Excs Rtn is -181%
3 Meaningful 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 12%
4 Penny stock
Mkt Price is 0.5
5 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
6 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -47 Mil
7 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 -200%
8 Key risks
FLNA key risks include [1] a recent FDA clinical hold on its epilepsy program, Show more.

FLNA in ETFs

Weight = FLNA's share of each fund

VTI0.00%
VHT0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Filana Therapeutics (FLNA) stock has lost about 55% since 7/31/2026 because of the following key factors:

1. Significant Cash Reduction due to Litigation Settlement. On July 23, 2026, Filana Therapeutics transferred $31.25 million into an escrow account in connection with a potential securities litigation settlement. This action significantly reduced the company's unrestricted cash by 43%, from $82.7 million at the end of fiscal Q2 2026 (June 30, 2026) to $47.0 million by the end of fiscal Q3 2026 (September 30, 2026). This substantial decrease in available cash for a clinical-stage company with no revenue likely fueled investor concerns regarding its financial runway.

2. Ongoing Operational Losses and Share Dilution. Filana Therapeutics reported a net loss of $10.7 million, or $0.22 per share, for fiscal Q3 2026. Net cash used in operations totaled $18.8 million during the first nine months of 2026. Furthermore, the company's shares outstanding increased by 2.0 million shares, representing a 4.1% increase, to 50.3 million shares as of November 5, 2026, from 48.3 million shares reported in the prior period. These combined factors of sustained operational cash burn and shareholder dilution likely contributed to downward pressure on the stock.

Show more
Updated on 11/5/2026

Filana Therapeutics (FLNA) stock has lost about 55% since 7/31/2026 because of the following key factors:

1. Significant Cash Reduction due to Litigation Settlement. On July 23, 2026, Filana Therapeutics transferred $31.25 million into an escrow account in connection with a potential securities litigation settlement. This action significantly reduced the company's unrestricted cash by 43%, from $82.7 million at the end of fiscal Q2 2026 (June 30, 2026) to $47.0 million by the end of fiscal Q3 2026 (September 30, 2026). This substantial decrease in available cash for a clinical-stage company with no revenue likely fueled investor concerns regarding its financial runway.

2. Ongoing Operational Losses and Share Dilution. Filana Therapeutics reported a net loss of $10.7 million, or $0.22 per share, for fiscal Q3 2026. Net cash used in operations totaled $18.8 million during the first nine months of 2026. Furthermore, the company's shares outstanding increased by 2.0 million shares, representing a 4.1% increase, to 50.3 million shares as of November 5, 2026, from 48.3 million shares reported in the prior period. These combined factors of sustained operational cash burn and shareholder dilution likely contributed to downward pressure on the stock.

3. Delayed Advancement of Key Clinical Program. While the U.S. Food and Drug Administration (FDA) lifted the clinical hold on simufilam for TSC-related epilepsy in September 2026, patient screening for the planned Phase 2a study is not expected to commence until fiscal Q1 2027. This extended timeline for the initiation of a key clinical trial, despite the resolution of the clinical hold, may have led to investor impatience and a reassessment of the company's near-term catalysts.

4. Broader Biotechnology Sector Downturn. The period since July 2026 witnessed a "sharp sell-off" across the broader biotechnology industry. This sector-wide decline was influenced by macroeconomic factors such as rising U.S. interest rates and persistent inflation. Smaller and mid-cap biotechnology companies, such as Filana Therapeutics, were particularly affected by this negative market sentiment, amplifying any company-specific challenges.

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Stock Movement Drivers

Fundamental Drivers

The -55.3% change in FLNA stock from 7/31/2026 to 11/5/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)731202611052026Change
Stock Price ($)1.010.45-55.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)48480.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
FLNA-55.3% 
Market (SPY)-1.9%30.6%
Sector (XLV)13.8%21.4%

Fundamental Drivers

The -68.9% change in FLNA stock from 4/30/2026 to 11/5/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)430202611052026Change
Stock Price ($)1.450.45-68.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)48480.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
FLNA-68.9% 
Market (SPY)2.3%33.0%
Sector (XLV)27.2%17.2%

Fundamental Drivers

The -86.2% change in FLNA stock from 10/31/2025 to 11/5/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202511052026Change
Stock Price ($)3.260.45-86.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)48480.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
FLNA-86.2% 
Market (SPY)8.4%32.4%
Sector (XLV)29.8%19.2%

Fundamental Drivers

The -97.8% change in FLNA stock from 10/31/2023 to 11/5/2026 was primarily driven by a -13.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202311052026Change
Stock Price ($)20.150.45-97.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)4248-13.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
FLNA-97.8% 
Market (SPY)81.3%18.5%
Sector (XLV)55.5%11.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FLNA Return541%-32%-24%-90%-16%-77%-93%
Peers Return16%-16%15%-17%23%-19%-8%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
FLNA Win Rate58%33%33%42%67%27% 
Peers Win Rate43%50%43%47%55%40% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
FLNA Max Drawdown-73%-69%-65%-93%-61%-82% 
Peers Max Drawdown-46%-49%-45%-51%-51%-46% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: JAZZ, NBIX, AVXL, CGTX, ACAD.
[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 11/5/2026 (YTD)

How Low Can It Go

EventFLNAS&P 500
2025 US Tariff Shock
  % Loss-57.2%-18.8%
  % Gain to Breakeven133.6%23.1%
  Time to Breakeven168 days79 days
2024 Yen Carry Trade Unwind
  % Loss-14.2%-7.8%
  % Gain to Breakeven16.6%8.5%
  Time to Breakeven5 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-37.7%-9.5%
  % Gain to Breakeven60.6%10.5%
  Time to Breakeven10 days24 days
2023 SVB Regional Banking Crisis
  % Loss-19.6%-6.7%
  % Gain to Breakeven24.4%7.1%
  Time to Breakeven14 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-65.9%-24.5%
  % Gain to Breakeven193.6%32.4%
  Time to Breakeven55 days427 days
2020 COVID-19 Crash
  % Loss-52.3%-33.7%
  % Gain to Breakeven109.5%50.9%
  Time to Breakeven42 days140 days

Compare to JAZZ, NBIX, AVXL, CGTX, ACAD

In The Past

Filana Therapeutics's stock fell -57.2% during the 2025 US Tariff Shock. Such a loss loss requires a 133.6% 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.

EventFLNAS&P 500
2025 US Tariff Shock
  % Loss-57.2%-18.8%
  % Gain to Breakeven133.6%23.1%
  Time to Breakeven168 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-37.7%-9.5%
  % Gain to Breakeven60.6%10.5%
  Time to Breakeven10 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-65.9%-24.5%
  % Gain to Breakeven193.6%32.4%
  Time to Breakeven55 days427 days
2020 COVID-19 Crash
  % Loss-52.3%-33.7%
  % Gain to Breakeven109.5%50.9%
  Time to Breakeven42 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-73.6%-19.2%
  % Gain to Breakeven279.1%23.8%
  Time to Breakeven364 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-93.5%-3.7%
  % Gain to Breakeven1433.8%3.9%
  Time to Breakeven1341 days6 days
2013 Taper Tantrum
  % Loss-46.9%-0.2%
  % Gain to Breakeven88.2%0.2%
  Time to Breakeven148 days1 days
2008-2009 Global Financial Crisis
  % Loss-99.9%-53.4%
  % Gain to Breakeven108510.6%114.4%
  Time to Breakeven760 days1085 days

Compare to JAZZ, NBIX, AVXL, CGTX, ACAD

In The Past

Filana Therapeutics's stock fell -57.2% during the 2025 US Tariff Shock. Such a loss loss requires a 133.6% 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 Filana Therapeutics (FLNA)

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Cassava Sciences, Inc. (FLNA) is a clinical-stage biotechnology company primarily focused on discovering and developing innovative drugs and diagnostics for neurodegenerative diseases. Incorporated in 1998 and based in Austin, Texas, the company transitioned from its previous identity as Pain Therapeutics, Inc. in March 2019 to dedicate its efforts to addressing critical unmet medical needs in the field of neurology.

The company's pipeline includes two main product candidates. Its lead therapeutic product is simufilam, a small molecule drug designed for neurodegenerative conditions, which has successfully completed Phase 2b clinical trials. In addition to therapeutic development, Cassava Sciences is also advancing an investigational diagnostic product candidate called SavaDx. SavaDx is a blood-based biomarker/diagnostic tool specifically being developed for the detection of Alzheimer's disease.

Cassava Sciences primarily serves the global market of patients suffering from neurodegenerative diseases, with a significant emphasis on Alzheimer's disease. By developing both potential treatments like simufilam and advanced diagnostic tools such as SavaDx, the company aims to provide comprehensive solutions for improving diagnosis and patient outcomes in this challenging medical area.

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  • It's like a focused, early-stage Biogen, with its main efforts on an Alzheimer's drug and diagnostic.
  • Think of it as a biotech startup aiming to be the next Eli Lilly or Biogen in the fight against Alzheimer's disease.

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  • simufilam: A small molecule drug in clinical development for neurodegenerative diseases.
  • SavaDx: A blood-based biomarker/diagnostic product candidate for the detection of Alzheimer's disease.
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AI Analysis | Feedback

Based on the provided background information, Filana Therapeutics (symbol: FLNA) is identified as Cassava Sciences, Inc., a clinical-stage biotechnology company.

As a clinical-stage company, Cassava Sciences, Inc. is primarily focused on the research, development, and clinical trials of its drug candidates (such as simufilam) and diagnostic candidates (such as SavaDx) for neurodegenerative diseases. These products are not yet approved for commercial sale.

Consequently, Cassava Sciences, Inc. does not currently have major customers that purchase its therapeutic or diagnostic products. The company is in the development phase, not the commercial sales phase.

Should its products receive regulatory approval in the future, potential customer categories would typically include:

  • Healthcare Providers: Hospitals, clinics, and physicians who would prescribe or administer the treatments/diagnostics.
  • Pharmacies and Distributors: Entities responsible for dispensing and distributing approved pharmaceutical products.
  • Patients: Individuals diagnosed with neurodegenerative diseases, who would ultimately receive the treatments via prescription.

Alternatively, the company might license its products to larger pharmaceutical companies for commercialization, in which case those companies would effectively act as partners or "customers" for the intellectual property.

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Richard J. Barry, President & Chief Executive Officer

Richard J. Barry was appointed Chief Executive Officer of Filana Therapeutics (formerly Cassava Sciences) in September 2024, after serving as Executive Chairman of the Board since July 2024. He has been a director of the company since June 2021. Barry has extensive experience in investment management, having co-founded Eastbourne Capital Management LLC, where he served as a Managing General Partner and Portfolio Manager from 1999 until its closure in 2010. Prior to that, he was a Portfolio Manager and Managing Director at Robertson Stephens Investment Management. He also serves as a Director of Sarepta Therapeutics, Inc. (Nasdaq: SRPT) since June 2015, and previously served as a director of MiMedx Group Inc. (Nasdaq: MDXG) from 2019 to 2020.

Eric Schoen, Chief Financial Officer

Eric Schoen has served as Filana's Chief Financial Officer since 2018. Before joining the company, Mr. Schoen was Vice President, Senior Vice President, Finance, and Chief Accounting Officer of Aspira Women's Health Inc. (formerly Vermillion, Inc.), a publicly-held women's health company, from 2011 to 2017. He began his career and spent nine years at PricewaterhouseCoopers, working in audit and assurance, transaction services, and global capital markets practices.

R. Christopher Cook, Chief Operating and Legal Officer

R. Christopher Cook was appointed Chief Operating and Legal Officer in April 2025. He joined the company in October 2022 as Senior Vice President and General Counsel. Prior to joining Filana, Cook served as the Global Head of Litigation and Government Investigations for Alcon, a publicly traded medical device and pharmaceutical company. He was also the Vice President and division General Counsel for Walmart Central America. Cook spent seventeen years as a litigation partner at Jones Day and served as an Assistant United States Attorney in Chicago.

Joseph Hulihan, MD, MS, Chief Medical Officer

Joseph Hulihan is the Chief Medical Officer of Filana Therapeutics.

Jack Moore, PhD, Senior Vice President, Clinical Development

Jack Moore joined Filana Therapeutics in April 2025 as the Senior Vice President, Clinical Development. He brings over 20 years of leadership experience in the pharmaceutical and biotech industry, having worked at companies such as Janssen, Novartis, Celgene, Bristol-Myers Squibb, and Alector. Dr. Moore holds a PhD in Neuroscience from the University of North Texas and completed a Post-doctoral Fellowship at The University of Texas Southwestern Medical Center.

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Key Risks to Filana Therapeutics (FLNA)

The key risks to Filana Therapeutics (FLNA), formerly Cassava Sciences, are primarily centered around the inherent challenges of clinical-stage biotechnology development, past controversies impacting its scientific reputation, and significant financial constraints.

  1. Clinical Trial Failure and Regulatory Hurdles: As a clinical-stage biotechnology company, Filana Therapeutics faces substantial risks associated with the development and approval of its investigational therapies. The company currently has no approved drugs, and its lead product candidate, simufilam, is still in development. For instance, its program for tuberous sclerosis complex (TSC)-related epilepsy recently experienced a clinical hold from the FDA, necessitating additional preclinical data and protocol modifications. Delays or failures in clinical trials, or the inability to meet regulatory requirements, pose a significant threat to the company's ability to bring products to market and generate revenue.
  2. Reputational Damage and Regulatory Scrutiny from Past Allegations: Filana Therapeutics, under its former name Cassava Sciences, faced considerable scrutiny due to allegations of scientific misconduct and misleading statements concerning its simufilam research for Alzheimer's disease. Although a Department of Justice (DOJ) investigation has concluded and a class-action lawsuit has been settled, an advisor to the company was charged with fraud over research results in June 2024. This history of controversy and ongoing regulatory challenges, such as the recent FDA clinical hold, can affect investor confidence, potential partnerships, and future interactions with regulatory bodies, potentially hindering its ability to advance its pipeline.
  3. Significant Financial Losses and Cash Burn: Filana Therapeutics has consistently reported net losses and has not generated product revenues for several years. In 2025, the company reported a net loss of $91.0 million and is projected to experience a significant reduction in its cash reserves by mid-2026. The delays in its clinical programs, such as the TSC-related epilepsy study, further exacerbate cash burn by extending development timelines without a corresponding increase in revenue. The company's ability to fund its ongoing research and development activities and sustain operations without approved products presents a critical financial risk.

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The primary clear emerging threat for Cassava Sciences (trading as FLNA) is the ongoing and intensifying scrutiny and allegations of scientific misconduct and data manipulation concerning its core research for simufilam and SavaDx. These serious allegations have led to investigations, calls for retraction of key scientific papers, and a citizen petition to the FDA, which, if definitively substantiated and acted upon by regulatory bodies, could lead to clinical holds, rejection of data, and ultimately jeopardize the approval and commercial viability of its product candidates, fundamentally challenging the company's operational integrity and future prospects.

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The addressable markets for Filana Therapeutics' (symbol: FLNA) main products, simufilam and SavaDx, which target Alzheimer's disease, are substantial within the global and North American regions.

For simufilam, a therapeutic product candidate for Alzheimer's disease, the global addressable market for Alzheimer's therapeutics was valued at approximately USD 6.49 billion in 2025 and is projected to increase to about USD 33.62 billion by 2034, with a compound annual growth rate (CAGR) of 20.06% from 2025 to 2034. Another estimate places the global Alzheimer's therapeutics market at USD 5.7 billion in 2025, growing to USD 13.13 billion by 2035 at a CAGR of 8.7% from 2026 to 2035. North America is a dominant region in this market.

For SavaDx, an investigational diagnostic product candidate for Alzheimer's disease, the global addressable market for Alzheimer's disease diagnostics is estimated at USD 9.94 billion in 2025 and is projected to reach approximately USD 27.90 billion by 2035, growing at a CAGR of 10.87% from 2026 to 2035. In 2025, the global market size was estimated at USD 9.22 billion, with projections to reach USD 21.54 billion by 2033, demonstrating a CAGR of 11.23% from 2026 to 2033. North America held the largest share of the global Alzheimer's disease diagnostics market in 2024 and 2025. Specifically, the U.S. Alzheimer's Disease Diagnostics Market is calculated at USD 2.07 billion in 2025 and is expected to reach nearly USD 5.28 billion in 2035.

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Expected Drivers of Future Revenue Growth for Filana Therapeutics (FLNA)

  1. Successful Clinical Development, Regulatory Approval, and Commercialization of Simufilam for Tuberous Sclerosis Complex (TSC)-related Epilepsy: Filana Therapeutics, formerly Cassava Sciences, has shifted its primary therapeutic focus to developing simufilam for Tuberous Sclerosis Complex (TSC)-related epilepsy, following the discontinuation of its Alzheimer's disease program for simufilam. The company plans to initiate a Phase 2 proof-of-concept study for this new indication. Future revenue growth is contingent on successfully advancing simufilam through clinical trials, obtaining regulatory approval, and subsequently launching and achieving market penetration in the TSC-related epilepsy market. Analysts have projected significant revenue for Filana Therapeutics starting in 2026 and 2027, which suggests an expectation of progress toward commercialization or related revenue-generating activities within this timeframe.
  2. Strategic Partnerships and Licensing Agreements: As a clinical-stage biotechnology company, Filana Therapeutics' future revenue growth could be significantly driven by strategic collaborations or licensing agreements. These partnerships, particularly concerning simufilam for TSC-related epilepsy, could provide substantial upfront payments, milestone payments tied to development and regulatory achievements, and future royalties from commercial sales. Such agreements could contribute to the revenue projected by analysts within the next 2-3 years, especially given the capital-intensive nature of drug development and the potential need for broader commercial reach.
  3. Advancement and Potential Commercialization of SavaDx: While currently an early-stage and lower-priority program, SavaDx, an investigational diagnostic product candidate aimed at detecting Alzheimer's disease from a blood sample, represents another potential future revenue driver. Any accelerated development, successful strategic partnership, or identification of a viable market niche for SavaDx within the next 2-3 years could contribute to the company's revenue streams.

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Share Issuance

  • In 2024 through February 26, 2024, Filana Therapeutics (then Cassava Sciences) received $21.8 million from the exercise of warrants, resulting in the issuance of 989,000 common shares.
  • A follow-on equity offering for $50 million was filed in December 2024.

Outbound Investments

  • In February 2025, Filana Therapeutics (then Cassava Sciences) entered into a License Agreement with Yale University to support the development and commercialization of simufilam for TSC-related epilepsy.

Capital Expenditures

  • Net cash used in operations by Filana Therapeutics (then Cassava Sciences) was $82.0 million in 2023, $116.9 million in 2024, and $32.3 million in 2025.
  • The company paid a $40 million settlement with the Securities and Exchange Commission (SEC) in 2024.
  • A $31.25 million estimated loss contingency related to securities class action litigation was reserved in the second quarter of 2025, with payment anticipated in the first half of 2026.

Peer Outperformance in Biotechnology

FLNA has trailed 87% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that FLNA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
8%
of 452 industry peers · -85.2% return
3Y
11%
of 398 industry peers · -97.9% return
5Y
13%
of 363 industry peers · -99.5% return
No Biotechnology peer with a comparable growth profile has beaten FLNA by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is FLNA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 7.6%56.6%93.6% CAH 498% · MCK 396% · COR 181%
Health Care Services 20 33.8%28.8%6.1% HIMS 189% · RDNT 125% · DGX 100%
Health Care Facilities 25 13.9%27.4%-1.4% THC 280% · NHC 210% · EHC 186%
Managed Health Care 8 47.9%1.6%-2.2% OSCR 95% · HQY 52% · ELV 10%
Health Care Equipment 50 11.0%17.8%-17.6% UFPT 355% · GKOS 286% · PLSE 127%
Pharmaceuticals 61 -12.9%10.6%-37.3% LQDA 977% · XERS 571% · KNSA 500%
Health Care Supplies 11 23.9%17.0%-40.1% LNTH 248% · HAE 66% · MMSI 29%
Life Sciences Tools & Services 108 -8.1%-18.9%-74.5% AXGN 255% · NTRA 214% · MEDP 181%
Biotechnology ← 364 -25.8%-36.1%-82.0% ELVN 1073% · TRVI 995% · DNTH 956%
Health Care Technology 21 -21.4%-50.4%-82.8% VEEV -3% · DOCS -51%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FLNAJAZZNBIXAVXLCGTXACADMedian
NameFilana T.Jazz Pha.Neurocri.Anavex L.Cognitio.Acadia P. 
Mkt Price0.48227.03160.001.100.6421.1111.11
Mkt Cap0.014.716.30.10.13.61.9
Rev LTM04,7183,702001,202601
Op Inc LTM-471,134910-18-1712253
FCF LTM-291,4141,037-29-158635
FCF 3Y Avg-701,252690-32-239636
CFO LTM-291,6921,066-29-159841
CFO 3Y Avg-701,416726-32-2316671

Growth & Margins

FLNAJAZZNBIXAVXLCGTXACADMedian
NameFilana T.Jazz Pha.Neurocri.Anavex L.Cognitio.Acadia P. 
Rev Chg LTM-13.5%38.0%--14.8%14.8%
Rev Chg 3Y Avg-7.6%27.8%--24.9%24.9%
Rev Chg Q-10.4%41.2%--22.8%22.8%
QoQ Delta Rev Chg LTM-2.5%9.7%--5.6%5.6%
Op Inc Chg LTM64.3%149.9%64.4%68.0%39.7%29.6%64.3%
Op Inc Chg 3Y Avg10.5%45.3%42.5%23.0%1.6%62.1%32.8%
Op Mgn LTM-24.0%24.6%--10.2%24.0%
Op Mgn 3Y Avg-17.3%23.8%--10.4%17.3%
QoQ Delta Op Mgn LTM-4.6%0.7%--2.6%2.6%
CFO/Rev LTM-35.9%28.8%--8.1%28.8%
CFO/Rev 3Y Avg-32.8%24.6%--16.3%24.6%
FCF/Rev LTM-30.0%28.0%--7.2%28.0%
FCF/Rev 3Y Avg-29.1%23.3%--9.7%23.3%

Valuation

FLNAJAZZNBIXAVXLCGTXACADMedian
NameFilana T.Jazz Pha.Neurocri.Anavex L.Cognitio.Acadia P. 
Mkt Cap0.014.716.30.10.13.61.9
P/S-3.14.4--3.03.1
P/Op Inc-0.512.917.9-5.7-3.529.86.2
P/EBIT-0.534.320.2-7.9-3.829.89.8
P/E-0.571.323.1-7.9-3.810.14.8
P/CFO-0.88.715.3-3.5-4.037.33.9
Total Yield-194.5%1.4%4.3%-12.7%-26.3%9.9%-5.6%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-47.6%13.7%5.1%-8.9%-60.0%3.5%-2.7%
D/E0.00.40.00.00.00.00.0
Net D/E-3.60.2-0.0-1.2-0.5-0.2-0.4

Returns

FLNAJAZZNBIXAVXLCGTXACADMedian
NameFilana T.Jazz Pha.Neurocri.Anavex L.Cognitio.Acadia P. 
1M Rtn-45.3%-1.9%10.0%-30.9%-32.4%6.9%-16.4%
3M Rtn-50.1%-11.5%0.1%-66.3%-43.8%-25.8%-34.8%
6M Rtn-64.8%0.0%7.0%-64.6%-45.3%-6.4%-25.8%
12M Rtn-84.3%65.4%4.1%-84.9%-62.4%-5.5%-33.9%
3Y Rtn-97.8%71.0%40.3%-81.4%-40.1%-12.0%-26.0%
1M Excs Rtn-39.7%-0.4%13.0%-26.3%-30.8%8.9%-13.3%
3M Excs Rtn-50.9%-10.6%-1.2%-66.0%-40.3%-26.8%-33.6%
6M Excs Rtn-69.9%-4.8%2.2%-69.4%-50.0%-11.2%-30.6%
12M Excs Rtn-98.2%51.2%-1.8%-98.7%-73.1%-16.8%-45.0%
3Y Excs Rtn-186.1%-4.5%-39.2%-163.2%-126.6%-89.3%-107.9%

Comparison Analyses

null

Financials

Segment Financials

Net Income by Segment
$ Mil202520242023
Development of novel drugs and diagnostics-91-24-97
Total-91-24-97


Assets by Segment
$ Mil20242023202220212020
Development of novel drugs and diagnostics15815223526794
Total15815223526794


Price Behavior

Price Behavior
Market Price$0.45 
Market Cap ($ Bil)0.0 
First Trading Date07/14/2000 
Distance from 52W High-86.7% 
   50 Days200 Days
DMA Price$0.76$1.33
DMA Trenddowndown
Distance from DMA-40.9%-66.0%
 3M1YR
Volatility119.9%88.0%
Downside Capture378.03347.39
Upside Capture57.77103.22
Correlation (S&P 500)13.6%26.6%
FLNA Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.521.321.381.711.821.22
Up Beta-17.33-2.03-1.900.450.751.08
Down Beta0.435.524.542.822.270.74
Up Capture-18%-43%33%56%85%22%
Bmk +ve Days12182862130427
Stock +ve Days8162450103322
Down Capture440%221%275%227%177%113%
Bmk -ve Days10253664121325
Stock -ve Days14263975142417

[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 FLNA
FLNA-84.9%88.0%-1.75-
Sector ETF (XLV)29.2%16.9%1.3319.4%
Equity (SPY)9.5%13.6%0.4132.0%
Gold (GLD)3.6%28.7%0.1117.7%
Commodities (DBC)37.7%21.2%1.40-12.8%
Real Estate (VNQ)12.0%14.2%0.5520.1%
Bitcoin (BTCUSD)-20.8%43.3%-0.4215.8%

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 FLNA
FLNA-60.1%106.7%-0.26-
Sector ETF (XLV)8.6%15.4%0.3611.8%
Equity (SPY)11.3%17.3%0.4820.1%
Gold (GLD)17.5%19.1%0.748.7%
Commodities (DBC)8.0%19.6%0.293.0%
Real Estate (VNQ)1.2%18.9%-0.0513.3%
Bitcoin (BTCUSD)5.9%51.5%0.2915.2%

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 FLNA
FLNA-34.5%155.8%0.46-
Sector ETF (XLV)12.2%16.8%0.6010.9%
Equity (SPY)14.9%18.0%0.7014.3%
Gold (GLD)12.0%16.5%0.592.7%
Commodities (DBC)7.6%18.1%0.335.1%
Real Estate (VNQ)5.7%20.7%0.238.7%
Bitcoin (BTCUSD)61.3%66.2%1.018.2%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity5.6 Mil
Short Interest: % Change Since 9302026-4.8%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest6.8 days
Basic Shares Quantity48.3 Mil
Short % of Basic Shares11.6%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-1.7%12.6%4.5%
5/7/2026-5.6%-14.6%-8.3%
3/12/2026-6.7%-8.6%-21.5%
11/12/20254.8%-10.3%-5.8%
8/14/20255.7%-6.1%-7.5%
5/8/20259.0%20.5%40.4%
3/3/20253.3%17.1%-37.5%
1/7/2025-6.5%-10.1%-24.8%
...
SUMMARY STATS   
# Positive996
# Negative151518
Median Positive4.8%14.3%35.2%
Median Negative-4.6%-10.3%-9.6%
Max Positive9.0%37.9%49.2%
Max Negative-13.8%-21.8%-87.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-1.7%12.6%4.5%
5/7/2026-5.6%-14.6%-8.3%
3/12/2026-6.7%-8.6%-21.5%
11/12/20254.8%-10.3%-5.8%
8/14/20255.7%-6.1%-7.5%
5/8/20259.0%20.5%40.4%
3/3/20253.3%17.1%-37.5%
1/7/2025-6.5%-10.1%-24.8%
11/7/2024-4.6%-5.2%-87.9%
8/8/2024-13.8%-21.5%-10.9%
5/10/20241.9%14.3%-7.0%
2/28/2024-0.3%-6.9%-11.2%
11/7/20234.3%-8.8%1.5%
8/3/2023-0.7%-11.1%-0.0%
5/1/20230.5%-3.9%-1.8%
2/28/2023-0.3%6.1%-5.3%
11/7/2022-3.3%6.6%-4.7%
8/3/2022-4.5%4.3%32.8%
5/5/2022-1.7%-18.4%37.7%
2/28/2022-5.5%-17.9%-6.0%
11/10/2021-11.5%-21.3%-41.5%
8/3/20216.1%31.3%-28.9%
4/21/20218.5%37.9%49.2%
11/9/2020-5.0%-21.8%-26.1%
SUMMARY STATS   
# Positive996
# Negative151518
Median Positive4.8%14.3%35.2%
Median Negative-4.6%-10.3%-9.6%
Max Positive9.0%37.9%49.2%
Max Negative-13.8%-21.8%-87.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/12/202510-Q
06/30/202508/14/202510-Q
03/31/202505/08/202510-Q
12/31/202403/03/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202302/28/202410-K
09/30/202311/07/202310-Q
06/30/202308/03/202310-Q
03/31/202305/01/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/12/202510-Q
06/30/202508/14/202510-Q
03/31/202505/08/202510-Q
12/31/202403/03/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202302/28/202410-K
09/30/202311/07/202310-Q
06/30/202308/03/202310-Q
03/31/202305/01/202310-Q
12/31/202202/28/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202103/01/202210-K
09/30/202111/15/202110-Q
06/30/202108/04/202110-Q
03/31/202104/29/202110-Q
12/31/202003/23/202110-K
09/30/202011/09/202010-Q
06/30/202008/12/202010-Q
03/31/202005/06/202010-Q
12/31/201903/26/202010-K
09/30/201910/29/201910-Q

Recent Forward Guidance

Updated 11/5/2026

Latest: Q3 2026 Earnings Reported 11/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
H2 2026 Net Cash Used in OperationsReported-15.00 Mil-13.00 Mil-11.00 Mil   
2026 Cash and Cash EquivalentsReported38.00 Mil40.00 Mil42.00 Mil   


Prior: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net cash used in operationsReported-15.00 Mil-13.00 Mil-11.00 Mil-16.1% RaisedGuidance: -15.50 Mil for 2026
2026 Unrestricted cashReported36.00 Mil38.00 Mil40.00 Mil   

Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Cash and cash equivalentsReported47.00 Mil48.50 Mil50.00 Mil0 AffirmedGuidance: 48.50 Mil for Q2 2026
2026 Net cash used in operationsReported-17.00 Mil-15.50 Mil-14.00 Mil0 AffirmedGuidance: -15.50 Mil for 2026

Q4 2025 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Cash and cash equivalentsReported47.00 Mil48.50 Mil50.00 Mil   
2026 Net cash use in operationsReported14.00 Mil15.50 Mil17.00 Mil   

Insider Activity

Updated 9/30/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Barry, RichardPresident & CEOTrustBuy93020260.8493,09178,196866,167Form
2Anderson, Robert Eugene JR DirectBuy112520252.908,60024,94024,940Form
3Barry, RichardPresident & CEOTrustBuy112420252.76150,000414,0002,589,046Form
4Barry, RichardPresident & CEOTrustBuy112020252.7573,385201,8092,167,165Form
5Cook, Robert ChristopherChief Operating & Legal OfficeDirectBuy100220252.9113,72539,94039,940Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Barry, RichardPresident & CEOTrustBuy93020260.8493,09178,196866,167Form
2Anderson, Robert Eugene JR DirectBuy112520252.908,60024,94024,940Form
3Barry, RichardPresident & CEOTrustBuy112420252.76150,000414,0002,589,046Form
4Barry, RichardPresident & CEOTrustBuy112020252.7573,385201,8092,167,165Form
5Cook, Robert ChristopherChief Operating & Legal OfficeDirectBuy100220252.9113,72539,94039,940Form
Core Cache Last Updated: 11/5/2026