--- title: "The Biotech Survival Charade: Stop Buying the \"AI Pivot\" Hype" type: "News" locale: "en" url: "https://longbridge.com/en/news/293841354.md" description: "Clinical-stage biotechs are playing a desperate game of survival. From KALA BIO's sudden AI pivot to Oncolytics' delisting warnings, we break down who is actually innovating and who is just buying time." datetime: "2026-07-26T09:14:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293841354.md) - [en](https://longbridge.com/en/news/293841354.md) - [zh-HK](https://longbridge.com/zh-HK/news/293841354.md) --- # The Biotech Survival Charade: Stop Buying the "AI Pivot" Hype I've covered tech and healthcare for decades, and the survival playbook for clinical-stage biotechs never changes. When the cash dries up and Nasdaq threatens to kick you out, you suddenly discover "artificial intelligence" or execute a desperate reverse stock split. This is stupid and here's why: you can't fake clinical results with a press release. This isn't a biotech renaissance; this is life support. Let's look at who is actually innovating and who is just pretending to be asleep. KALA BIO (KALA.US) is playing the oldest trick in the book. Zero revenue in Q2 2025? Check. A massive 1-for-50 reverse stock split in May 2026 to avoid delisting? Check. And the kicker: an eye-disease biotech suddenly pivoting to an AI infrastructure platform in March. Good luck with that. You are a biopharma company, not OpenAI. The same reverse-split zombie parade is happening at Oncolytics Biotech (ONCY.US) and Calidi Biotherapeutics (CLDI.US). Oncolytics has seen its stock battered recently, earning a Nasdaq delisting warning in July 2026. Yes, they got an FDA Fast Track designation for pelareorep, but regulatory nods don't pay the electric bill. Meanwhile, Calidi just pulled a 1-for-16 reverse split in July. It's like putting a band-aid on a gunshot wound. Then we have InMed Pharmaceuticals (INM.US), which announced a USD 621M acquisition of Mentari Therapeutics in July 2026, claiming it extends their cash runway to 2029. Merging struggling pipelines rarely creates a blockbuster, but sure, let's see how that plays out. Thankfully, there are actual businesses here. Generate Biomedicines (GENB.US) pulled off a massive USD 400M IPO in February 2026. They burned through over USD 60M in a quarter, but with over USD 500M in cash, they actually have the luxury to do real science. 10x Genomics (TXG.US) is also acting like adults. Despite a slight revenue dip in Q1 2026, they slashed their net loss by over 60% and smartly acquired Proteintech Genomics in June. This is how you run a company. Finally, Jupiter Neurosciences (JUNS.US) and IMUNON (IMNN.US). Jupiter made a bold, USD 100M pivot into MDMA therapies in July. Psychedelics are a regulatory minefield—fascinating, but perilous. IMUNON scraped together a USD 10M financing lifeline in June to keep its Phase 3 trial breathing. Why aren't you moving faster? The bottom line is brutal. Ignore the AI hype from companies struggling to stay listed, and follow the ones with actual cash and focus. The rest are just waiting for the inevitable. _This article does not constitute investment advice._ ### Related Stocks - [INM.US](https://longbridge.com/en/quote/INM.US.md) - [ONCY.US](https://longbridge.com/en/quote/ONCY.US.md) - [KALA.US](https://longbridge.com/en/quote/KALA.US.md) - [GENB.US](https://longbridge.com/en/quote/GENB.US.md) - [TXG.US](https://longbridge.com/en/quote/TXG.US.md) - [JUNS.US](https://longbridge.com/en/quote/JUNS.US.md) - [CLDI.US](https://longbridge.com/en/quote/CLDI.US.md) - [IMNN.US](https://longbridge.com/en/quote/IMNN.US.md) ## Related News & Research - [Calidi Biotherapeutics targets Q1 2027 clinic entry for CLD-401 cancer program](https://longbridge.com/en/news/293929420.md) - [Imunon announces press release available](https://longbridge.com/en/news/293625903.md) - [Mentari Therapeutics merger with InMed set to close ahead of USD 200 million private placement](https://longbridge.com/en/news/293462774.md) - [Imunon General Counsel Susan Eylward disposes of 2,150 common shares worth $3,830.44](https://longbridge.com/en/news/293382036.md) - [Exclusive: Imunon Says Lead Drug Continues To Show Promise in Advanced Ovarian Cancer Patients](https://longbridge.com/en/news/293343936.md)