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Biotech’s 2021 swoon has settled into a 2022 malaise, with the closely watched XBI index now down 40% for the year. That has pushed more than 200 public companies into the unwanted territory of running a business that’s worth less than the cash they have in the bank.

The analysts at Evercore ISI trawled the numbers to find the industry’s most dire cases: companies whose enterprise value — which is market cap plus debt and minus cash — is $100 million or more below zero. There are about 30 of them, and when you add it all up, these companies have about $14 billion in cash and a cumulative market cap of $8 billion, according to Evercore ISI.

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