Biotech stocks are going through a painful correction at the moment. The closely watched SPDR S&P Biotech ETF has lost a whopping 40% of its value over the last 12 months. As a result of this industrywide downturn, scores of clinical-stage biotechs are trading at less than cash on hand right now. Despite the severity of this emerging bear market, however, a small handful of biotechs could still produce monstrous gains for investors this year.

Which biotech stocks have what it takes to swim against the current in this bear market? Axsome Therapeutics (NASDAQ: AXSM) and Checkpoint Therapeutics (NASDAQ: CKPT) are two developmental-stage biotechs with an outside chance of generating 10x returns for risk-tolerant investors in 2022. Here's an overview on the risks and potential rewards associated with each stock.

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