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One of the biggest concerns investors have about small-cap stocks is the company's ability to continue operations with sources of liquidity.

With that idea in mind, we ran a screen on small-cap stocks (with market caps between $300 and $500 million) for those with high cash relative to their average quarterly operating expenses over the past year.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these companies have sufficient liquidity? Use this list as a starting point for your own analysis.

List sorted by cash / average operating expense ratio.

1. Safeguard Scientifics, Inc. (SFE): A private equity and venture capital firm. Market cap of $327.17M. Average quarterly operating expense over the last five quarters at $5.33M, vs. most recent cash and short term investments at $265.36M, implies a Cash / Avg. Operating Expense ratio at 49.77. The stock is a short squeeze candidate, with a short float at 9% (equivalent to 16.97 days of average volume). The stock has lost 7.55% over the last year.

2. Capital Southwest Corporation (CSWC): A public investment firm specializing in venture capital and private equity investments in small and medium sized businesses. Market cap of $305.81M. Average quarterly operating expense over the last five quarters at $1.41M, vs. most recent cash and short term investments at $53.32M, implies a Cash / Avg. Operating Expense ratio at 37.87. The stock has lost 20.73% over the last year.

3. Hyperdynamics Corporation (HDY): Operates as an independent oil and gas exploration company with prospects in offshore Republic of Guinea, northwest Africa. Market cap of $383.28M. Average quarterly operating expense over the last five quarters at $3.08M, vs. most recent cash and short term investments at $93.87M, implies a Cash / Avg. Operating Expense ratio at 30.48. This is a risky stock that is significantly more volatile than the overall market (beta = 2.49). The stock is a short squeeze candidate, with a short float at 19.74% (equivalent to 9.84 days of average volume). The stock has had a couple of great days, gaining 12.9% over the last week. The stock has performed poorly over the last month, losing 33.42%.

4. Enzon Pharmaceuticals Inc. (ENZN): Engages in the research and development of therapeutics for cancer patients with unmet medical needs. Market cap of $323.54M. Average quarterly operating expense over the last five quarters at $19.07M, vs. most recent cash and short term investments at $330.25M, implies a Cash / Avg. Operating Expense ratio at 17.32. The stock is a short squeeze candidate, with a short float at 12.73% (equivalent to 22.65 days of average volume). The stock has lost 44.9% over the last year.

5. Triangle Capital Corporation (TCAP): A private equity and venture capital firm specializing in leveraged buyouts, management buyouts, ESOPs, change of control transactions, acquisition financings, growth financing, and recapitalizations in lower middle market companies. Market cap of $434.22M. Average quarterly operating expense over the last five quarters at $5.02M, vs. most recent cash and short term investments at $85.45M, implies a Cash / Avg. Operating Expense ratio at 17.01. The stock has gained 10.9% over the last year.

6. MCG Capital Corporation (MCGC): A private equity firm specializing in investments in middle market companies. Market cap of $307.39M. Average quarterly operating expense over the last five quarters at $12.02M, vs. most recent cash and short term investments at $153.37M, implies a Cash / Avg. Operating Expense ratio at 12.76. This is a risky stock that is significantly more volatile than the overall market (beta = 2.29). The stock has lost 34.91% over the last year.

7. Texas Pacific Land Trust (TPL): Engages in the sale, lease, and management of land in the United States. Market cap of $378.01M. Average quarterly operating expense over the last five quarters at $0.87M, vs. most recent cash and short term investments at $10.31M, implies a Cash / Avg. Operating Expense ratio at 11.85. The stock has gained 12.06% over the last year.

8. Exact Sciences Corporation (EXAS): Focuses on developing a molecular diagnostic screening technology for the early detection and prevention of colorectal pre-cancer and cancer. Market cap of $455.04M. Average quarterly operating expense over the last five quarters at $6.39M, vs. most recent cash and short term investments at $75.43M, implies a Cash / Avg. Operating Expense ratio at 11.8. The stock is a short squeeze candidate, with a short float at 13.18% (equivalent to 11.48 days of average volume). The stock has gained 35.79% over the last year.

9. Aegerion Pharmaceuticals, Inc. (AEGR): Engages in the development and commercialization of novel therapeutics to treat severe lipid disorders. Market cap of $350.03M. Average quarterly operating expense over the last five quarters at $7.05M, vs. most recent cash and short term investments at $82.92M, implies a Cash / Avg. Operating Expense ratio at 11.76. The stock has gained 18.14% over the last year.

10. Oncothyreon Inc (ONTY): Focuses on the development of therapeutic products for the treatment of cancer. Market cap of $323.51M. Average quarterly operating expense over the last five quarters at $5.53M, vs. most recent cash and short term investments at $59.62M, implies a Cash / Avg. Operating Expense ratio at 10.79. The stock is a short squeeze candidate, with a short float at 26.68% (equivalent to 18.44 days of average volume). The stock has gained 132.52% over the last year.

11. Hercules Technology Growth Capital, Inc. (HTGC): A private equity, venture capital, and venture debt firm specializing in providing debt and equity to privately held venture capital and private equity backed companies and select publicly-traded companies. Market cap of $413.57M. Average quarterly operating expense over the last five quarters at $9.09M, vs. most recent cash and short term investments at $96.31M, implies a Cash / Avg. Operating Expense ratio at 10.59. The stock is a short squeeze candidate, with a short float at 5.44% (equivalent to 9.9 days of average volume). The stock has lost 0.32% over the last year.

12. Neurocrine Biosciences Inc. (NBIX): Engages in the discovery, development, and commercialization of drugs for the treatment of neurological and endocrine-related diseases and disorders in the United States. Market cap of $469.71M. Average quarterly operating expense over the last five quarters at $11.72M, vs. most recent cash and short term investments at $111.63M, implies a Cash / Avg. Operating Expense ratio at 9.53. The stock has had a good month, gaining 29.97%.

13. Tejon Ranch Co. (TRC): Engages in the real estate development and agribusiness business activities in the United States. Market cap of $489.11M. Average quarterly operating expense over the last five quarters at $9.13M, vs. most recent cash and short term investments at $83.67M, implies a Cash / Avg. Operating Expense ratio at 9.17. The stock has lost 11.14% over the last year.

14. ZIOPHARM Oncology, Inc. (ZIOP): Focuses on the development and commercialization of in-licensed cancer drugs in North America. Market cap of $301.86M. Average quarterly operating expense over the last five quarters at $14.06M, vs. most recent cash and short term investments at $118.93M, implies a Cash / Avg. Operating Expense ratio at 8.46. The stock is a short squeeze candidate, with a short float at 13.76% (equivalent to 17.47 days of average volume). The stock has performed poorly over the last month, losing 15.19%.

15. Endeavour International Corporation (END): Engages in the acquisition, exploration, development, and production of crude oil and natural gas in the United States and the United Kingdom. Market cap of $327.27M. Average quarterly operating expense over the last five quarters at $22.21M, vs. most recent cash and short term investments at $185.03M, implies a Cash / Avg. Operating Expense ratio at 8.33. The stock is a short squeeze candidate, with a short float at 19.78% (equivalent to 12.78 days of average volume). The stock has had a couple of great days, gaining 37.28% over the last week.

*Cash and operating expense data sourced from Google Finance, all other data sourced from Finviz.

Source: 15 Small Cap Stocks With High Cash Relative To Expenses