For those of us not playing with 6 figures, here's the small cap biotech calendar for February. All of these are under $500M market cap with hard catalyst dates.
**PDUFA dates (FDA decision)**
|Date|Ticker|Cap|Drug|Indication|
|:-|:-|:-|:-|:-|
|Feb 1|VNDA|$320M|Hetlioz|Depression|
|Feb 9|FBIOP|$68M|CUTX-101|Wilson's disease|
|Feb 10|AQST|$207M|AQST-109|Epinephrine spray|
|Feb 17|ALDX|$192M|Reproxalap|Dry eye|
|Feb 26|PGEN|$240M|PRGN-3005|Gene therapy|
**The ones I find most interesting:**
**FBIOP ($68M)** \- Smallest cap with a PDUFA this month. Wilson's disease is rare, orphan drug designation. If approved this reprices completely. If rejected... well you know.
**PGEN ($240M)** \- Gene therapy with priority review. Gene therapy is boom or bust, but priority review suggests FDA saw something promising.
**AQST ($207M)** \- They already have one approved product, this is an expansion. Less binary than the others, more of a "should get approved" situation.
**Phase 3 readouts**
|Date|Ticker|Cap|Drug|Indication|
|:-|:-|:-|:-|:-|
|Feb 15|KOD|$76M|KSI-101|Macular edema|
|Feb 15|CMPS|$355M|Psilocybin|Depression|
|Feb 15|AVDL|$1.3B|FT218|Narcolepsy|
|Feb 28|CRNX|$3.5B|Paltusotine|Acromegaly|
Ok AVDL and CRNX are above $500M but included because the data matters for the sector.
**KOD at $76M** is the true small cap play here. Tarcocimab for diabetic retinopathy. Ophthalmology is a decent space, if the data hits this moves big.
**Risk management reminder**
These are all binary. I personally never put more than 2-3% of portfolio in any single catalyst play. The math works out better if you spread across multiple uncorrelated events rather than betting big on one.
I track all these on CatalystAlert, a platform I built. It's in beta so premium features are free rn if anyone wants to dig deeper into any of these names.
What small cap catalysts are you guys watching?