Key Highlights

  • Wave Life Sciences reported cash and marketable securities of $431.0 million, funding operations into the third quarter of 2028.
  • Zura Bio's cash of $187.7 million is expected to fund operations through at least the end of 2028.
  • BigBear.ai's $91.9 million net loss included a $76.7 million non-cash goodwill impairment.
  • Hycroft Mining held $211.2 million of unrestricted cash with no debt after a $26.1 million loss.
  • Pulmonx narrowed its net loss to $8.4 million from $14.0 million.

Which Companies Reported Net Losses on October 27, and What Cushioned the Blow?

Eight companies reported net losses on Tuesday, October 27, 2026, each with a different cushion. Zura Bio (NASDAQ:ZURA) lost $25.8 million but held $187.7 million of cash. Wave Life Sciences (NASDAQ:WVE) lost $61.9 million with $431.0 million of cash and marketable securities. Nautilus Biotechnology (NASDAQ:NAUT) lost $15.636 million with $114.3 million of cash and investments. Hycroft Mining (NASDAQ:HYMC) lost $26.1 million with $211.2 million of unrestricted cash and no debt. BigBear.ai (NYSE:BBAI) lost $91.9 million after a $76.7 million non-cash goodwill impairment. Pulmonx (NASDAQ:LUNG) cut its loss to $8.4 million. Travelzoo (NASDAQ:TZOO) lost $2.0 million attributable to the company. SNDL (NASDAQ:SNDL) lost C$50.8 million after a C$52 million impairment.

The cushions fall into three groups: cash runways at clinical-stage and development-stage companies, non-cash charges that inflate the headline loss, and spending deliberately front-loaded ahead of expected revenue. No share reactions are cited here.

Zura Bio: Does $187.7 Million of Cash Cover the Wait for the Fourth-Quarter Readout?

Zura reported a net loss of $25.8 million, or $0.20 per share, against $18.0 million, or $0.21, a year earlier. Cash was $187.7 million versus $109.4 million at year-end 2025, and the company expects it to fund operations through at least the end of 2028. Research and development expense rose to $19.5 million from $11.9 million, about 64% higher (calculated). Shares outstanding rose to 96.3 million from 73.7 million. Topline Phase 2 TibuSHIELD data in hidradenitis suppurativa are expected in the fourth quarter of 2026.

Wave Life Sciences: How Far Does $431.0 Million Stretch After FDA Alignment on WVE-006?

Wave posted revenue of $13.2 million, up from $7.6 million, and a net loss of $61.9 million, or $0.30 per share. Cash, equivalents and marketable securities of $431.0 million exclude a $12 million milestone from GSK (NYSE:GSK) and fund operations into the third quarter of 2028. Liquidity has fallen by about $171 million since December 31 (calculated). In October the FDA aligned with Wave on a registrational path for WVE-006, and WVE-006 multidose data, WVE-007 data, a WVE-008 trial application and the GSK cash are all expected in the fourth quarter.

Nautilus Biotechnology: How Long Does $114.3 Million Last Ahead of the Mid-2027 Voyager Date?

Nautilus posted a net loss of $15.636 million, or $0.12 per share, versus $13.574 million, or $0.11. Cash and investments were $114.3 million, down about $41.8 million from year-end 2025, and the release stated no runway figure. Nine-month cash used in operations of $40.1 million annualizes to roughly $53 million, about two years of burn (calculated). Revenue was $234,000, Voyager instrument availability is planned for the middle of 2027, and twenty proteoform assays are planned through mid-2028.

Hycroft Mining: Why Did the Loss Widen With $211.2 Million of Unrestricted Cash?

Hycroft's net loss was $26.1 million, or $0.28 per share, versus $9.4 million, or $0.22. General and administrative expense jumped to $16.7 million from $2.6 million, reflecting about $45.0 million of make-whole awards in 2026, of which $36.4 million was non-cash, plus a one-time $4.5 million cash bonus. Unrestricted cash rose to $211.2 million from $181.7 million at year-end 2025, and all debt was repaid in the fourth quarter of 2025. About 18,700 meters have been drilled since the 2025-2026 exploration program began.

BigBear.ai: How Much of the $91.9 Million Loss Was a Non-Cash Charge?

BigBear.ai's third-quarter revenue rose 31% to $43.6 million and gross margin widened to 31.2% from 22.4%. The net loss of $91.9 million, or $0.19 per share, followed a $76.7 million non-cash goodwill impairment tied to a change in forecast. Full-year 2026 revenue guidance was raised to $150 million to $165 million. Cash was $77.1 million, and with available-for-sale investments liquidity was about $399.0 million (calculated). Backlog was about $330 million, with about 23% funded.

Pulmonx: Did a 40% Smaller Loss Come With Unchanged Guidance?

Pulmonx cut its net loss to $8.4 million, or $0.19 per share, from $14.0 million, or $0.34, as revenue rose 6.2% to $22.8 million and operating expenses fell 18% to $24.9 million. Full-year revenue guidance was held at $90 million to $92 million. Cash was $52.7 million versus $69.8 million at December 31, 2025, and management expects cash, equivalents and marketable securities to decline by about $22 million in 2026, assuming no additional credit facility drawdowns. China contributed no revenue in the quarter.

Travelzoo: Why Did a 65% Jump in Club Members Turn Into a $0.20 Loss per Share?

Travelzoo's revenue rose 3% to $22.9 million, but operating income swung to a $2.6 million loss and the net loss attributable to the company was $2.0 million, or $0.20 per share. Club Members rose 65% to 4.5 million, with direct acquisition marketing of $5.8 million in the quarter. Management estimates these costs reduce 2026 earnings per share by about $0.60 and lift 2027 earnings per share by about $1.20. Deferred revenue climbed to $13.5 million, and cash, equivalents and restricted cash were $8.8 million.

SNDL: Did a C$52 Million Impairment Outweigh Record Free Cash Flow?

SNDL's net loss was C$50.8 million versus C$13.3 million, after a C$52 million non-cash goodwill impairment in Cannabis Operations. Net revenue fell 2.5% to C$238.0 million, while adjusted EBITDA was C$15.8 million. Free cash flow reached a quarterly record of C$20.0 million, helped by a C$10.6 million one-time benefit. Cash, securities and investments totaled C$617.8 million with no debt, and a strategic review covers options for Cannabis Operations. No numerical guidance was given.

Net Loss Reporters Compared: How Many Quarters of Losses Does Each Cash Balance Cover?

Dividing each balance by the latest quarterly net loss gives (calculated): SNDL about 12.2 quarters, Hycroft 8.1, Zura Bio and Nautilus 7.3, Wave 7.0, Pulmonx 6.3, Travelzoo 4.4 and BigBear.ai 4.3. BigBear.ai's and SNDL's balances include investments, and the Hycroft, BigBear.ai and SNDL losses contain large non-cash charges, so the ratios are only a rough guide.

Losses grew about 43% at Zura Bio and about 14.8% at Wave (calculated), while Hycroft's was about 2.8 times and SNDL's about 3.8 times a year earlier (calculated). The BigBear.ai impairment was about 83.5% of its net loss (calculated), and SNDL's C$52 million impairment exceeded its C$50.8 million loss. Pulmonx's 40% reduction was the only clear narrowing in dollar terms.

What to Watch Next: Fourth-Quarter Readouts, a November 4 Research Day and the Hycroft Study

Wave holds a virtual research day on Wednesday, November 4, and Zura Bio's TibuSHIELD readout is due in the fourth quarter. SNDL's buyback program expires November 20. Pulmonx needs fourth-quarter revenue of roughly $23.8 million to $25.8 million to land within its range, and the raised BigBear.ai range implies roughly $35.2 million to $50.2 million (both calculated from nine-month revenue). Travelzoo expects fourth-quarter revenue growth. Hycroft's roasting versus pressure oxidation study is due in the first quarter of 2027, and Nautilus targets mid-2027 for Voyager.