SAN DIEGO, CA - Biora Therapeutics, Inc. (NASDAQ:BIOR), a pharmaceutical company with a market capitalization of just $6 million, is set to be delisted from The Nasdaq Global Market following a decision by the Nasdaq Hearings Panel. The company, headquartered in San Diego, California, was notified of non-compliance with Nasdaq's market value requirement, leading to the delisting action.
According to InvestingPro data, the company's stock has declined over 90% year-to-date, trading near its 52-week low of $1.30.
The formal notice issued on Monday indicated that Biora Therapeutics has not met the minimum market value of listed securities as required by Nasdaq Listing Rule 5550(b).
The company's financial challenges are evident in its InvestingPro metrics, which show a concerning debt burden and rapid cash burn rate, with a weak overall Financial Health Score of 1.41 out of 10. Consequently, trading of the company's securities on Nasdaq is to be suspended at the opening of business on Wednesday, and a Form 25 will be filed with the Securities and Exchange Commission to complete the delisting process after all appeal periods have concluded.
Biora Therapeutics' common stock is expected to transition to the OTC Markets' OTC Pink Current Information tier and continue trading under the ticker symbol "BIOR" once it is removed from Nasdaq.
This move to the over-the-counter market is a standard procedure for companies that no longer meet the listing requirements of major exchanges. For deeper insights into Biora's financial health and future prospects, investors can access comprehensive analysis and 17 additional ProTips through InvestingPro's detailed research reports.
The company, previously known as Progenity, Inc., and before that as Ascendant MDX, Inc., specializes in pharmaceutical preparations. It is incorporated in Delaware and ends its fiscal year on December 31.
The delisting notice is a significant event for the company and its shareholders, as it affects the visibility and liquidity of Biora Therapeutics' stock. The information about this corporate development is based on a press release statement from the company filed with the Securities and Exchange Commission today.
In other recent news, Biora Therapeutics has seen several significant developments. The company reported a third-quarter earnings per share (EPS) loss of ($5.04), falling short of H.C. Wainwright's estimate of ($4.20) and the consensus estimate of ($3.85). Despite this, H.C. Wainwright maintained a Buy rating on the company's stock and increased the price target to $23.00.
Biora Therapeutics also reported progress on their NaviCap and BioJet programs, the latter of which saw the introduction of a new, smaller device that can deliver up to 50 mg doses. On the financial front, Biora announced a $3 million stock and warrant sale and enacted a 10-for-1 reverse stock split to increase the per-share trading price of the company's stock.
The company also secured an additional $4 million in financing, bringing the total recent funding to $8 million. Additionally, Biora Therapeutics reported positive Q2 2024 results, with an EPS of $0.18, surpassing negative estimates.
These are among the recent developments for Biora Therapeutics as it continues to advance its innovative drug delivery technologies.
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