Protagenic Therapeutics Announces Receipt of Nasdaq Non-Compliance Notice
Rhea-AI Summary
Protagenic Therapeutics (Nasdaq:PTGX) received a Nasdaq non-compliance notice dated November 27, 2025, citing failure to meet Listing Rule 5550(b)(1) (minimum $2.5 million stockholders' equity) and Rule 5250(c)(1) (timely periodic filings).
Nasdaq concluded the Company's Transition Report on Form 10-QT for the period ended June 30, 2025 showed stockholders' equity below the $2.5 million threshold, and the delayed Form 10-Q for the quarter ended September 30, 2025 is a separate basis for non-compliance. Under Rule 5815 the Staff issued a delisting determination. The Company expects to file the Form 10-Q imminently and will request a hearing and an automatic 15-calendar-day stay, and may request an extended stay pending the Panel decision.
Positive
- Company expects to file the delayed Form 10-Q imminently
- Filing a hearing request triggers an automatic 15-calendar-day trading stay
Negative
- Nasdaq found stockholders' equity below the $2.5M minimum under Rule 5550(b)(1)
- Delayed Form 10-Q for quarter ended September 30, 2025 cited under Rule 5250(c)(1)
- Nasdaq issued a determination to delist securities under Rule 5815
Key Figures
Market Reality Check
Peers on Argus
Peer biotech names show mixed, small moves (e.g., MIRM 0.14%, AKRO 0.24%, ZLAB -0.5%), with no broad momentum flagged, indicating the compliance notice is likely stock-specific in impact.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Earnings and update | Positive | -0.3% | Q3 2025 results and multiple pipeline milestones with strong cash position. |
| Nov 03 | Conference presentations | Positive | +0.7% | Announcement of multiple rusfertide presentations at the 67th ASH meeting. |
| Oct 27 | Clinical data update | Positive | +0.5% | New icotrokinra data in ulcerative colitis and plaque psoriasis from conferences. |
| Oct 07 | Clinical data update | Positive | +2.1% | Phase 2b ANTHEM-UC data showing strong response and remission rates. |
| Sep 17 | Clinical and preclinical | Positive | +1.1% | EADV presentations for icotrokinra and preclinical potency data for PN-881. |
Recent news has been largely positive (clinical/data and corporate updates), with share price reactions generally aligning modestly, except for a small divergence on earnings.
Over the last few months, Protagonist reported multiple positive clinical and corporate updates. In September–October 2025, data for icotrokinra and PN-881 highlighted strong efficacy and potency, with Phase 3 and Phase 2b/3 programs advancing. On November 6, 2025, Q3 results showed cash of $678.8M and development milestones including NDA and EMA submissions. Subsequent ASH presentation plans for rusfertide added to the pipeline visibility. Against this constructive backdrop, today’s Nasdaq non-compliance notice introduces a contrasting regulatory/listing risk.
Regulatory & Risk Context
The company has an effective S-3ASR shelf registration dated 2025-08-06 that remains active through 2028-08-06, with 0 recorded takedowns to date. This provides pre-cleared flexibility to issue securities if the company chooses to access capital in the future.
Market Pulse Summary
This announcement details Nasdaq non-compliance on both minimum stockholders’ equity and timely filing of a Form 10‑Q, alongside a resulting determination to delist subject to a hearings process. Historically, the company reported substantial cash of $678.8M and multiple late-stage programs, which formed a constructive backdrop before this listing setback. Investors tracking the situation may focus on the timing of the delayed filing, the plan to restore equity compliance, any use of the existing S-3ASR shelf, and outcomes from the Nasdaq Hearings Panel process.
Key Terms
Nasdaq Listing Rules 5250(c)(1) regulatory
Form 10-Q regulatory
Nasdaq Hearings Panel regulatory
AI-generated analysis. Not financial advice.
NEW YORK, NY / ACCESS Newswire / November 27, 2025 / Protagenic Therapeutics, Inc. (Nasdaq:PTIX) (the "Company") today announced that it has received a notification letter from the Nasdaq Listing Qualifications Staff (the "Staff") indicating that the Company is not in compliance with Nasdaq Listing Rules 5550(b)(1) (minimum stockholders' equity) and 5250(c)(1) (timely filing of periodic reports).
The Staff determined that, based on the stockholders' equity reported in the Company's Transition Report on Form 10-QT for the period ended June 30, 2025, the Company no longer satisfies the minimum
Under Nasdaq Listing Rule 5815, because the Company recently regained compliance and remains subject to a mandatory panel monitoring period, the Staff has issued a determination to delist the Company's securities.
The Company will timely request a hearing before a Nasdaq Hearings Panel (the "Panel").
● | Filing the hearing request automatically stays any suspension for 15 calendar days. | |
● | The Company will also request a stay of suspension pending the Panel's decision. | |
● | During the automatic stay - and, if granted, the extended stay - the Company's stock will continue to trade on The Nasdaq Capital Market. |
There can be no assurance that the Panel will grant an extended stay or additional time for compliance. The Company intends to present its plan to address both deficiencies at the hearing.
About Protagenic Therapeutics, Inc.
Protagenic Therapeutics, Inc. (Nasdaq: PTIX) is a clinical-stage biopharmaceutical company developing therapeutics for neurological and neuropsychiatric conditions. More information is available at www.protagenic.com.
Forward-Looking Statements
Statements in this press release contain "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential," "promise" or similar references to future periods. Examples of forward-looking statements in this current report include, without limitation, statements regarding the Company's expected filing of its Quarterly Report on Form 10-Q, the Company's planned appeal before the Panel, and the continued listing of the Company's securities pending the appeal. Forward-looking statements are statements that are not historical facts nor assurances of future performance. Instead, they are based on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties, and actual results may differ materially from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, without limitation, that there can be no assurance that the Company will file the Form 10-Q, that there can be no assurance that the Company will otherwise meet Nasdaq compliance standards, that there can be no assurance that Nasdaq will grant the Company any relief from delisting as necessary or whether the Company can agree to or ultimately meet applicable Nasdaq requirements for any such relief, and the other important factors described under the caption "Risk Factors" in the Company's filings with the SEC. Any forward-looking statement made by the Company in this current report is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the Company expressly disclaims any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Company Contact:
Alexander K. Arrow, MD, CFA
Chief Financial Officer
Protagenic Therapeutics, Inc.
149 Fifth Ave, Suite 500, New York, NY 10010
Tel: 213-260-4342
Email: alex.arrow@protagenic.com
SOURCE: Protagenic Therapeutics, Inc.
View the original press release on ACCESS Newswire
FAQ
What did Protagenic Therapeutics (PTGX) receive from Nasdaq on November 27, 2025?
Why did Nasdaq say Protagenic (PTGX) failed Rule 5550(b)(1)?
What immediate relief occurs when PTGX requests a Nasdaq hearing?
Will PTGX continue to trade while appealing Nasdaq's delisting decision?
What regulatory rules did Nasdaq cite in the delisting determination for PTGX?
