List: Biotech companies at highest risk of bankruptcy

Credit Risk Monitor's Sanders highlighted Clovis' high debt level, which ranks in the bottom 10% of the industry when compared to its assets. To make matters worse, Clovisthat the FDA wanted additional data from a study to consider expanding its approval of Rubraca to cover a larger group of cancer patients. Clovis estimates it will take two years to get that data.

Sussman added that the company has acknowledged it needs to raise capital in the near term to fund operations through the next 12 months.The Cambridge, Massachusetts biotech has been trying to launch its first product, a cancer treatment called Tazverik that theEpizyme spent $275 million on operating expenses last year, and. Sanders said Epizyme's financial leverage is"reasonably manageable," but emphasized the company's significant cash losses are a key issue.

The company's stock price has declined more than 90% over the past five years, and Sanders noted Puma is dealing with debt that has an effective interest rate of nearly 11%.

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