2022 is officially a bear market. And as is often the case when market sentiment sours, highly risky stocks are getting hit the hardest. For people who have cash, this creates some fantastic opportunities to buy shares in innovative companies that are super cheap right now.

Here's a mini-portfolio of 10 stocks, all trading in the single digits. (This article is a continuation of Part I, 10 Amazing Stocks Under $10.) 

Ecstatic stockbreakers take phone orders for a stock purchase as its chart spikes higher behind them.

Image source: Getty Images.

6. Adaptive Biotechnologies -- $6 a share

Adaptive Biotechnologies (ADPT -0.96%) may get cheaper in the short-term, but this biotech has an exciting platform that should unlock a lot of value over the next decade. Using super-computers from Microsoft (MSFT 1.45%), Adaptive is mapping the immune system of humanity. Adaptive wants to use our adaptive immune system and harness this information to inform diagnostics and the discovery of new drugs to fight diseases.

Adaptive is focused on T-cells, white blood cells that are the "first responders" of our adaptive immune system. T-cells order antibodies into action, and continue to work long after antibody activity starts to dissipate. Adaptive believes that T-cell testing is more effective than the traditional antibody tests to find disease.

So the question here is whether Adaptive's $500 million in cash and cash equivalents will hold out long enough for the company to become profitable. Back in March the company laid off 12% of its workforce. I'm bullish this stock will bounce back and revisit its highs ($71 a share).       

7. Himax -- $8 a share

Right now, Himax Technologies (HIMX 2.80%) is firing on all cylinders. The fabless semiconductor company creates integrated circuits (IC) to use across the digital spectrum, including televisions, computers, smart phones, and automobiles. Himax enjoys 28% profit margins and 64% revenue growth. The company has $1.5 billion in revenue and a market cap of $1.6 billion. 

But what's really tantalizing is not what's happening today, but what's happening tomorrow. The company is focused on display and imaging technology. I believe Himax is going to be one of the leaders in augmented reality (AR) and virtual reality (VR). This will be a massive market opportunity over the next decade or two. And with its price-to-sales ratio barely over one and price-to-earnings ratio under four, this fabless chipmaker has a lot of room to run higher.                                                            

8. fuboTV -- $3 a share

Speaking of wild rides, shares of fuboTV (FUBO 1.47%) might set the record. The sports streamer ran up over $60 a share, and now it's down in the discount bin, priced for maximum negativity. Does Mr. Market think this company is headed for bankruptcy?

The company certainly has its share of doubters. It reported $140 million in losses in Q1, about double what it reported a year ago. While losses are mounting, so is revenue, up 98% to $236 million. At the same time, fuboTV has over 1 million subscribers to its sporting network. So it's an open question whether it can achieve enough scale to start making profits.

On the positive side, fuboTV has $456 million in cash. But acquiring the rights to sporting events is expensive, and the company expects to burn its cash by 2023. That's dangerous, because fuboTV thinks it will need to add liquidity in 2024 and won't have positive cash flows until 2025. So tread lightly here.

But the upside is phenomenal if Fubo can make money off its gambling platform. The company plans to integrate live sports with gambling into one ecosystem. And at $3 a share, a lot of fear has already been priced in.                                                                   

9. BridgeBio Pharma -- $5 a share

Owning shares of BridgeBio Pharma (BBIO -3.23%) is like you own the rights to a whole fund of gene therapy stocks. BridgeBio is exciting because the biotech has a business plan that's allowing it to find and fund biotech opportunities that are too small for venture capitalists. Co-founder Neil Kumar was unhappy about this situation. "There was all this early stage research sitting on the shelves of academic institutions, and we couldn't find financing to do it." And then he read a paper written by his future co-founder, Andrew Lo, about biotech financing. And BridgeBio was born.

The idea is that by funding a huge number of small projects, some of them would hit it big and pay for the rest. BridgeBio now has two approved products and over 30 programs in its pipeline. But the company's not profitable yet, and the stock has dropped from $73 all the way to $5 and change. The biotech has $800 million in cash (higher than its market cap). If and when the stock gets back up to its highs, that's a nice 14-bagger for risk-tolerant biotech fans.

10. Ginkgo Bioworks -- $2 a share

I don't own Ginkgo Bioworks (DNA), but the company is fascinating. Ginkgo programs microorganisms (like bacteria and fungi) to produce valuable molecules for its customers. And Ginkgo is going after multiple verticals, not just drugs. It's targeting chemicals, agriculture, marijuana, and consumer goods. It's a whole new automated platform in microbiology.

Ginkgo's revenue growth is off the charts -- up 363% in Q4, to $148 million. The company projects that it will add over 60 new cell programs to its portfolio in 2022, almost double what it did in 2021. While the stock has been shedding value, management says Ginkgo is stronger now than at any point in its history. The company has over $1.5 billion in cash. Management estimates its market opportunity will reach $4 trillion by 2040.