The Viridian Credit Tracker utilizes 11 different bespoke credit ratios to evaluate four aspects of credit quality: Liquidity, Leverage, Profitability, and Size. We are looking at the extreme quartiles of our ratios to identify credit stresses.   Liquidity continues to be tight for many of the sectors. The Psychedelics sector continues to be a concern. The top quartile of companies, which tend to be the large caps, still has excellent free cash flow adjusted current ratios of over 4.5x; however, the median of the 26 companies in our database is still only .61x, indicating a need for 2023 financing and the lowest quartile reading of -.59x is indicative of severe stress. Will financing be available in a severely constrained capital market? The key will be positive momentum in clinical trials. Companies that show progress toward commercialization will likely find the financing to get there. But make no mistake, the environment is unforgiving, and those that stumble may not get up.