ERNA — Ernexa Therapeutics — is printing its highest-ever cost to borrow. At 893.8% annualized, the figure has more than doubled in a single session and tripled over the past week.
Earnings hit yesterday. Another report lands in two days. The lending market is as tight as it gets.
The cost to borrow stood at roughly 170% for most of April. It began climbing on May 1. By May 8 it had reached 442%. On May 11 — earnings day — it jumped to 893.8%.
That is a 281% rise week-on-week. It is, per ORTEX data, the highest borrow cost on record for this stock.
Availability has collapsed in parallel. As of May 11, only 3.7% of the lending pool remains unallocated. A month ago, more than 98% was available. The borrow market for ERNA has effectively gone from wide open to nearly shut in under 30 days.
The ORTEX short score reached 80.95 on May 11. Ten days ago it sat at 41.2. That is a near-doubling in the score in less than a fortnight — driven by the explosive move in cost to borrow and tightening availability.
The DTC rank stands at the 86th percentile among all covered stocks.
Short interest as a percentage of free float actually fell 24% in yesterday's session, dropping to 2.81% of float. It had reached 3.7% earlier in the week.
That pullback in SI did nothing to ease borrow costs. The cost to borrow rose sharply even as shorts covered. That combination — declining SI, rising CTB — points to a lending pool that is still highly constrained relative to the shares available.
Over the past month, short interest is still up 151%.
Ernexa reported yesterday, May 11. Another event is scheduled for May 14. The stock is up 93% over the past week and 48% over the past month. It closed at $7.21 on Monday.
Prior earnings moves show mixed outcomes. The March 2026 release was followed by a 5-day decline of 14%. The one before that produced a 13% 5-day gain. With borrow costs at record levels and another catalyst two days away, the lending market bears watching closely.
What to watch: Whether CTB holds above 500% into the May 14 event, and whether availability tightens further toward 0%.
See the live data behind this article on ORTEX.
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