Cambridge biotech tracker
Cambridge biotech, by the numbers.
Cash, burn, runway, and audit-relevant flags for every listed biotech and pharma company headquartered in Cambridge and the Kendall-to-128 cluster, read directly from their SEC filings. The finance view of the neighborhood, refreshed each weekday.
Updated Nov 5, 2026Latest quarter Q3 '26Source: SEC EDGAR & ClinicalTrials.gov
- Combined cash & investments
- $56.4B
- as of Q3 '26
- Companies tracked
- 101
- 27 in Cambridge proper
- Source
- SEC EDGAR & ClinicalTrials.gov
- refreshed each weekday
- Median runway
- 2.6 years
- at the last four quarters' burn
- Under 12 months of runway
- 19
- 37 under 24 months
- Going-concern language
- 15
- in a 10-Q or 10-K this cycle
- Raised in the last four quarters
- $23.4B
- net financing cash flow
- Catalysts in the next 12 months
- 104
- 12 FDA decision dates
- Cash short of the next catalyst
- 5
- at the last four quarters' burn
101 companies. Click a column to sort, a row for the full read.
How to read this
Every number traces to a filing.
The tracker reads the XBRL data companies attach to their 10-Qs and 10-Ks. No estimates, no analyst models, no press releases. That also means it inherits whatever each company chose to tag.
Get this read for your company- Cash & investments
- Cash and cash equivalents plus marketable securities, current and long-term, at the latest balance-sheet date. Where a company only tags the combined total, that is used. A few small companies tag only cash.
- Burn per quarter
- Average operating cash outflow over the last four reported quarters, from the cash flow statement. Quarterly figures are derived from the year-to-date amounts in 10-Qs. This excludes financing and investing flows, so a raise or a debt draw does not flatter it.
- Runway
- Cash and investments divided by quarterly burn, times three. Self-funding means operating cash flow was positive on average. Companies plan against their own budgets, so treat this as the outside view, not their guidance.
- Net loss and R&D
- The latest three-month figures. Fourth quarters are derived from the annual number minus the nine-month year-to-date. Net loss includes non-cash items like stock compensation, which is why it usually exceeds burn.
- Raised, four quarters
- Net cash from financing activities over the last four quarters: equity raises, debt, ATM sales, less repayments and buybacks.
- Filing flags
- Going concern means the latest 10-Q or 10-K contains definite substantial-doubt language, the kind that comes from an ASC 205-40 evaluation rather than a risk-factor hypothetical. Material weakness means the filing states one was identified. Both are found by full-text search of EDGAR, so read the filing before drawing conclusions.
- Who is included
- Companies with a business address in Cambridge, Boston, Somerville, Watertown, Waltham, Lexington, Bedford, Burlington, Woburn, Newton, Needham, or Charlestown, an SEC industry code for pharmaceutical preparations, biological products, diagnostics, or commercial biological research, a listed ticker, and a periodic filing in the last fifteen months. The list is re-derived from EDGAR weekly.
- Next catalyst
- The soonest dated event that could move the company: an expected trial readout, or a disclosed FDA action date. Readouts use the primary completion date, when the last patient is measured on the primary endpoint. Extension, rollover, expanded-access and healthy-volunteer studies are excluded, along with post-approval Phase 4 studies, because they finish long after the result anyone was waiting for.
- Cash short of the next catalyst
- The company's runway, measured from its own filings, ends before that date. It is an outside estimate against a sponsor-supplied date, not a prediction, but it marks where a financing conversation has to happen before a data conversation can.
- FDA decision dates
- Where a company has stated a PDUFA target action date in an 8-K, 10-Q or 10-K, that date and the filing it came from are shown on the company page. There is no public feed of PDUFA dates, so anything a company has not disclosed in a filing will not appear here.
- What this is not
- Not investment advice, not audited by me, and not a substitute for reading the filing. Companies restate, retag, and file late. If a number looks off, the filing wins and I would like to hear about it.