Aclarion

Strengths: no debt, $19.0 million cash and equivalents at March 31, 2026, plus a rights plan to deter creeping control and an authorized $2.5 million repurchase program; management cites runway into 2H 2027. Constraints: TTM operating cash outflow approximates negative $7.30 million and TTM free cash flow roughly negative $7.47 million (CFO 2025 −$7.16m, plus Q1 2026 −$2.64m, less Q1 2025 −$2.51m; capex/investing TTM about −$0.17m).

This implies finite runway if spend holds or rises with CLARITY and market access efforts. Balance sheet quality is acceptable for a micro‑cap, but resilience is contingent on curbing burn or unlocking reimbursement.