CNS
Cohen & Steers Inc.
stock NYSE

Almost no analyst coverage but insiders and institutions are already in. Quantum Biopharma operates at the crossroads of pharma and quantum imaging Lucid‑MS uses PET as a biomarker, a rarity in CNS drug trials. Phase 2 starts imminently.
On the sidelines, Unbuzzd royalties generate cash from U.S. OTC sales. FSD‑202 targets mast‑cell activation syndrome, carving out niche value. CSE: QNTM’s float of \~20 M shares and $70 M market cap offer deep‑value opportunity ahead of its $700 M litigation CVR outcome.
Could this micro‑cap be the next institutional stealth buy in biotech?

*I posted this first on the Trading212 IXHL feed. link below:*
[https://www.trading212.com/social/c09ca129-4eeb-4d5f-9cb6-a7f151137fa1](https://www.trading212.com/social/c09ca129-4eeb-4d5f-9cb6-a7f151137fa1)
Incannex Healthcare ($IXHL)
I’m not here just to post memes. I got in at .29, and I’ve been looking into incannex for a while. Someone here posted about a patent being published, and so I’ve gone down a rabbit hole. As always, this not financial advice, do your own research!
Many are watching Incannex for its upcoming IHL-42X Phase 2 readout — an oral cannabinoid combination therapy (dronabinol + acetazolamide) targeting obstructive sleep apnea (OSA). But as I’ve dug deeper into the company’s recent filings, I’ve come across what may be a far more strategic long-term play.
Incannex had a U.S. patent application published for an inhaled cannabinoid emulsion — specifically an oil-in-water formulation suitable for pulmonary delivery via metered-dose inhalers or nebulizers.
This formulation isn’t limited to OSA. It explicitly mentions therapeutic targets like:
• Anxiety disorders
• PTSD
• Insomnia
• Cognitive impairment
• Neurodegenerative diseases
It’s designed for rapid onset, potentially enabling CNS activity — and opens the door for next-generation inhaled cannabinoid therapeutics.
Strategic Significance:
• The formulation solves the solubility/delivery issues of cannabinoids through the lungs — a critical limitation in the space.
• It’s device-compatible, which positions Incannex to potentially align with companies in the smart respiratory or sleep device space.
• This could serve as a follow-up to IHL-42X, offering faster action, better tolerability, or a different delivery route.
Why This Matters Now:
Incannex recently appointed Dr. Charlene Gamaldo, a sleep–neurology expert from Johns Hopkins, to its advisory board.
Her research and clinical background align precisely with the type of neurological-respiratory overlap this formulation could target.
Taken together, this suggests Incannex may be preparing to evolve into a broader CNS–respiratory platform company, not just a single-product biotech.
My View:
The market is currently focused on the binary outcome of IHL-42X’s data. But there may be a second narrative building quietly underneath: a cannabinoid delivery platform that could target sleep, anxiety, cognitive decline — and do it through smart pulmonary routes.
No partnerships announced yet. No inhaled trials underway (publicly). But the patent, the formulation, and the clinical hires are aligned — and I believe that matters.
This isn’t a price target or a call to action — just sharing a research thread I found compelling.
I repeat here once again. Not financial advice, do your own research

**[DD] $PSTV (Plus Therapeutics) – 2025 Radiotherapeutics Microcap Deep Dive**
**TL;DR:**
PSTV is a high-risk, clinical-stage microcap focused on new radiotherapeutics for tough-to-treat brain/CNS cancers. They’ve made clinical progress, landed FDA designations, and are launching a novel diagnostic, but face massive dilution, high losses, low institutional support, and surging short interest. Very speculative.
**1. What is PSTV?**
- U.S.-based biotech developing targeted radiotherapies (REYOBIQ™) for CNS cancers: recurrent glioblastoma, leptomeningeal metastases, pediatric brain tumors.
- Also launching CNSide™, a diagnostics platform for CNS tumor cell detection.
- CEO: Marc Hedrick; moved HQ to Houston in 2025.
**2. Stock & Cap Table (July 2025):**
- **Price:** $0.58 (volatile, up 47% in 2 weeks)
- **Market Cap:** $32–35M
- **Shares Out:** 60.5M (up 153% YoY, due to dilution)
- **Float:** ~60.4M
- **Insider Ownership:** 0.16%
- **Institutional Ownership:** 0.6%
- **Beta:** 1.7
**3. Key Financials:**
- **TTM Revenue:** $5.2M (Q2: $1.06M, –37% YoY)
- **Net Loss (TTM):** –$27.1M (–$3.50/share)
- **Cash:** $9.9M (Q2 2025)
- **Book Value:** –$23.6M (negative equity)
**4. Valuation & Ratios:**
- **P/S:** 0.94x (sector median >3x)
- **P/B:** Negative
- **Piotroski F-Score:** 3–4 (weak)
- **Short Interest:** 6–12% of float, borrow rates high
- **Forward Multiples:** N/A (no profitability forecasted)
**5. Institutional & Insider Info:**
- **Major Holder:** Virtu Financial (small, old position)
- **Funds:** Only 0.6% institutional, minimal recent buying
- **Insiders:** No recent notable trades
**6. Recent Catalysts/News:**
- **$50M equity-line (Lincoln Park Capital):** 17M new shares registered, expect more dilution
- **CNSide™ diagnostic:** U.S. rollout starts 2H 2025 (Texas first)
- **FDA news:** IND cleared for pediatric high-grade glioma (REYOBIQ™) in June, $3M DoD grant
- **Q2 earnings:** Expected August 13, 2025
**7. Pipeline/Clinical Data:**
- **Lead drug:** REYOBIQ™ (targeted CNS radiotherapy)
- **Leptomeningeal metastases:** Phase 1 done; strong safety, recommended Phase 2 dose set
- **GBM:** Phase 2 enrolling; interim data promising for dose/survival
- **Pediatric IND:** Cleared, trial starts late 2025
- **CNSide™ diagnostics:** 92% sensitivity; commercial launch ready
**8. Analyst & Retail Sentiment:**
- **Consensus:** Moderate Buy (2 Buy/2 Hold, per MarketBeat)
- **PT Range:** $8–11+ (reflects best-case future)
- **Retail sentiment:** Not a meme, but trending up after recent news and shorts squeezing
- **Short interest:** Up 390% in a month; high crowding risk if volume spikes
**9. Risks:**
- Huge dilution; 150%+ shares added YoY, more likely soon
- Negative book value, heavy and persistent cash burn
- Short interest climbing (potential for squeeze but also for new lows)
- Clinical/commercial execution risk; pipeline readouts and adoption take time
**10. Catalysts Ahead:**
- **Aug 13, 2025:** Q2 earnings
- **Aug 15, 2025:** Final ReSPECT-LM results at SNO/ASCO CNS Metastases conf
- 2025: Pediatric trial launch, CNSide™ U.S. expansion
**Summary Table**
| Metric | Value (July 2025) |
|---------------------|----------------------|
| Price | $0.58 |
| Market Cap | $32-35M |
| Shares Out | 60.5M (+153% YoY) |
| Institutional Ow. | 0.6% |
| Insider Ow. | 0.16% |
| Piotroski F-Score | 3–4 |
| P/S | 0.94x |
| Cash | $9.9M |
| Short Interest | 6–12% of float |
| Next ER | Aug 13, 2025 |
| Pipeline Milestone | SNO/ASCO Aug 15 |
**Bottom line:**
PSTV is a classic high-risk biotech: novel clinical assets, unproven diagnostics, wildly dilutive, and minimal institutional/insider support. If trials and commercial launch hit, there’s multibagger upside, but the downside is further dilution, reverse split risk, or fading into obscurity.
**Speculative only. DYOR!**

Brokers typically do not immediately demand clearance of FTRs (failure to receive) when the FTRs are a small fraction of the trade volume, as it is effectively just making T+1 settlement an average of T+1.01 settlement or so.
There is a lot of confusion this are and people are mixing up three things: FTDs, FTRs, and obligations in the OW.
FTDs and FTRs are for trades that are cleared in the normal way, via NSCC's CNS system. FTDs is a debt owed to NSCC by a seller that failed to deliver a share. FTRs (failure to receives) are debts owed by NSCC to buyers. Due to the net settlement process the FTRs are seldom for the buyer associated with the trade the generated the FTD.
OW obligations are for broker to broker cleared trades (ex-cleared). The OW is a data storehouse for those obligations where both the buyer and the seller have submitted trade info that match each other in every detail. The trades recorded in the OW cannot be for se unities that are eligible to be settled by the normal CNS (continuous net settlement process).
Once a trade in CNS has failed, it cannot be moved to OW.

$PSTV – Legit sleeper biotech w/ real near-term catalysts
Trading under $1 and flying under the radar. Just filed to WITHDRAW their S-3 offering – which means no dilution for now. That alone is rare in this market (IXHL anyone?). Here’s why I’m watching:
✔️ They specialize in targeted radiotherapeutics for rare, aggressive cancers – like glioblastoma (GBM) and leptomeningeal metastases (LM). Big unmet needs.
✔️ Lead candidate Rhenium-186 is in Phase 1/2 trials for multiple indications and has Orphan Drug + Fast Track designation.
✔️ Key upcoming catalyst: REYOBIQ (rhenium Re186 obisbemeda) - (ReSPECT-LM) Phase 1 data to be presented at SNO/ASCO on August 15, 2025. Phase 2 trial initiation planned. 3
✔️ Key upcoming catalyst 2 : CNSide - (FORESEE) Presentation due at SNO/ASCO CNS on August 14, 2025. Trial data reported that the trial achieved its primary endpoint, demonstrating that CNSide influenced treatment decisions in over 90% of cases, surpassing the 20% primary endpoint target, noted August 13, 2024. Additional trial data demonstrated enhanced sensitivity in detecting tumor cells (80%) vs. CSF cytology (29%) in patients with LM, noted November 22, 2024.
✔️ Recently granted FDA Rare Pediatric Disease Designation for LM – this opens up eligibility for a priority review voucher, worth $$$ if granted.
✔️ Clean cap table for now – no recent dilution, and they pulled the S-3. Either they’re confident in data or another non-dilutive funding route is coming.
✔️ Plus Therapeutics has restructured its $15 million equity financing to eliminate potential dilution of up to 1.5 billion shares.
✔️ Market cap is under $35M. One good PR and this thing could fly, like we’ve seen happen with other sub-$1 biotechs recently.
Target: 1.8–4$ short-term if data is clean.

The CNS (Continuous Net Settlement) system would be applicable in this case

$PSTV – Legit sleeper biotech w/ real near-term catalysts
Trading under $1 and flying under the radar. Just filed to WITHDRAW their S-3 offering – which means no dilution for now. That alone is rare in this market. Here’s why I’m watching:
✔️ They specialize in targeted radiotherapeutics for rare, aggressive cancers – like glioblastoma (GBM) and leptomeningeal metastases (LM). Big unmet needs.
✔️ Lead candidate Rhenium-186 is in Phase 1/2 trials for multiple indications and has Orphan Drug + Fast Track designation.
✔️ Key upcoming catalyst: REYOBIQ (rhenium Re186 obisbemeda) - (ReSPECT-LM) Phase 1 data to be presented at SNO/ASCO on August 15, 2025. Phase 2 trial initiation planned. CNSide - (FORESEE) Presentation due at SNO/ASCO CNS on August 14, 2025. Trial data reported that the trial achieved its primary endpoint, demonstrating that CNSide influenced treatment decisions in over 90% of cases, surpassing the 20% primary endpoint target, noted August 13, 2024. Additional trial data demonstrated enhanced sensitivity in detecting tumor cells (80%) vs. CSF cytology (29%) in patients with LM, noted November 22, 2024.
✔️ Recently granted FDA Rare Pediatric Disease Designation for LM – this opens up eligibility for a priority review voucher, worth $$$ if granted.
✔️ Clean cap table for now – no recent dilution, and they pulled the S-3. Either they’re confident in data or another non-dilutive funding route is coming.
✔️ Plus Therapeutics has restructured its $15 million equity financing to eliminate potential dilution of up to 1.5 billion shares.
✔️ Market cap is under $15M. One good PR and this thing could fly, like we’ve seen happen with other sub-$1 biotechs recently.
Target: 1.8–4 short-term if data is clean.

Go read page 16 on how times items in e OW are scanned for CNS eligibility and transferred back to NSCC for regular way settlement.

I think you may be not fully understanding what you're talking about. trying to throw CNS in here makes noise but doesnt further your case. CNS(continuous net settlement) is where matched trades happen. OW is where these obligations go if there is a discrepancy. [https://www.sec.gov/files/rules/sro/nscc/2013/34-69694-ex5.pdf](https://www.sec.gov/files/rules/sro/nscc/2013/34-69694-ex5.pdf)
https://preview.redd.it/onwb4d7bxjff1.jpeg?width=1530&format=pjpg&auto=webp&s=c72842ea30e6f771fb3f2b571fb9f0abcdcc49d1

I agree this is true for "normie" stocks like MSFT, etc. However, GME has been referenced multiple times as a idiosyncratic risk stock, thus the one true STONK. As such, exceptions to CNS can, and have been made, even if the symbol is not delisted. My understanding is temporary exclusion from CNS include: i. Risk Management ii. Temporary Trading Halts iii. iv. Issuer or Transfer Agent Issues
Based on these exceptions I personally believe there is probably a fukTon of GME in statis within the OW.
My Opinion: Being DTC-eligible is a prerequisite for CNS, but not all DTC-eligible securities qualify for CNS. CNS imposes additional criteria related to trading activity, risk, and operational standards. Therefore, GME could be routinely traversing or "warehoused" in the OW until the obligations can be wound down without imploding the economy.
I'd love to see an audit of the OW because I personally believe its purpose is to aid and promote financial fraud.

To be more specific, the OW only handles shares that are not CNS eligible. How the trade took place does not really matter. If it is eligible to be settled via NSCC's Continuous Net Settlement it is not allowed to be handled by the Obligation Warehouse. So even an ex-cleared trade it is not eligible for handling in the OW.
TL;DR GME is not handled by OW.

That is absolutely false.
The OW does not hold any CNS eligible stocks. GME is a CNS eligible stock, meaning GME stock trades are cleared by FTCC using the CNS system if NSCC.
The OW is for zombie stocks that no longer trade on the normal markets.

**New Deep Dive: Cognition Therapeutics ($CGTX)**
Cognition is a microcap CNS company developing an oral Alzheimer’s and DLB drug, backed by $47M in NIH grants. It trades around a $40M market cap—effectively at cash—despite multiple mid-stage trials and near-term data catalysts.
In this report, we cover:
• The science behind sigma-2 receptor modulation
• Valuation modeling (rNPV and peer comps)
• Bull, bear, and base case outcomes
• Why we assign a conviction score of 8.3/10
• Target valuation: $150–175M
If CGTX delivers, we think it re-rates sharply. If not, the downside is mostly priced in.
**Read the full analysis here:**
[https://frisbyresearch.substack.com/p/1-undervalued-nih-backed-and-near](https://frisbyresearch.substack.com/p/1-undervalued-nih-backed-and-near)

Do you agree that the OW does a daily review of OW entries to check for any CNS eligible stock, and than those fails are transferred to NSCC for clearance?
Do you agree that GME is a CNS eligible stock?
Do you agree that having GME in the OW would be a violation if the SEC approved rules under which the OW operates, and that if they wanted to commit fraud there are much easier ways of doing it?