I’m debuting something new: A semi-regular column focused on the ups and downs of small-cap biotech stocks. “Small cap” is defined as a market value of $500 million or less, with some wiggle room, as I see fit. In each column, I’ll choose two or three biotechs to focus on. The facts and the data will be my guide, bulls–t will be called out. I’m taking requests for companies to cover, so reach out to me on Twitter (DMs are open), email, or in the comment section of the column.

In today’s debut small-cap biotech column: Rexahn Pharmaceuticals (RNN), Omeros (OMER), and Cel-Sci (CVM).

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