XORTX Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

XORTX (NASDAQ: XRTX) received a Nasdaq notice on October 20, 2025 that it is not in compliance with the minimum $1.00 bid price requirement under Nasdaq Rule 5550(a)(2) after the closing bid fell below $1.00 for 30 consecutive business days.

The company has a 180-calendar-day cure period from the notification date to regain compliance while the shares continue to trade on the Nasdaq Capital Market. Regaining compliance requires the bid price to close at or above $1.00 for a minimum of 10 consecutive business days (subject to Nasdaq discretion). XORTX said it will evaluate options to resolve the deficiency; the notice does not affect its TSX Venture Exchange listing.

Positive

• Shares continue trading during the 180-calendar-day cure period
• Regain compliance by closing at ≥$1.00 for 10 consecutive business days

Negative

• Closing bid below $1.00 for 30 consecutive business days
• Has 180 calendar days (from Oct 20, 2025) to cure or face potential delisting

CALGARY, Alberta, Oct. 20, 2025 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. ("XORTX" or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease and gout, announces receipt of notification from the Nasdaq Stock Market LLC Listing Qualifications Department that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rule 5550(a)(2) since the closing bid price for the Company's common shares listed on Nasdaq was below US$1.00 for 30 consecutive business days. Nasdaq Rule 5550(a)(2) requires the shares to maintain a minimum bid price of US$1.00 per share, and Nasdaq Rule 5810(c)(3)(A) provides that failure to meet such a requirement exists when the bid price of the shares is below US$1.00 for a period of 30 consecutive business days.

These notifications do not impact the Company’s listing on the Nasdaq Capital Market at this time. In accordance with Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification to regain compliance with the minimum bid price requirement, during which time the shares will continue to trade on the Nasdaq Capital Market. If at any time before the 180 calendar day period, the bid price of the shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days (subject to Nasdaq’s discretion to extend this 10 day period under Rule 5810(c)(3)(H)), and the Company continues to meet the other listing requirements, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider such deficiency matters closed.

The Company is also listed on the TSX Venture Exchange and the notification letter does not affect the Company’s compliance status with such listing.

The Company intends to evaluate all available options to resolve the deficiency and regain compliance with Nasdaq Rule 5550(a)(2).

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with three clinically advanced products in development: 1) our lead program XRx-026 program for the treatment of gout; 2) XRx-008 program for ADPKD; and 3) XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections. In addition, the Company is developing XRx-225, a pre-clinical stage program for Type 2 diabetic nephropathy. XORTX is working to advance products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX, we are dedicated to developing medications that improve the quality of life and health of individuals with gout and other important diseases. Additional information on XORTX is available at www.xortx.com.

For more information, please contact:
Allen Davidoff, CEO adavidoff@xortx.com or +1 403 455 7727	Nick Rigopulos, Director of Communications nick@alpineequityadv.com or +1 617 901 0785

Neither the TSX Venture Exchange nor Nasdaq has approved or disapproved the contents of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 

Forward Looking Statements

This press release contains express or implied forward-looking statements pursuant to applicable securities laws. These forward-looking statements include, but are not limited to, the Company's beliefs, plans, goals, objectives, expectations, assumptions, estimates, intentions, future performance, other statements that are not historical facts and statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These forward-looking statements and their implications are based on the current expectations of the management of XORTX only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to obtain additional financing; the accuracy of our estimates regarding expenses, future revenues and capital requirements; the success and timing of our preclinical studies and clinical trials; the performance of third-party manufacturers and contract research organizations; our plans to develop and commercialize our product candidates; our plans to advance research in other kidney disease applications; and, our ability to obtain and maintain intellectual property protection for our product candidates. Except as otherwise required by applicable law and stock exchange rules, XORTX undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting XORTX is contained under the heading “Risk Factors” in XORTX’s Annual Report on Form 20-F filed with the SEC, which is available on the SEC's website, www.sec.gov (including any documents forming a part thereof or incorporated by reference therein), as well as in our reports, public disclosure documents and other filings with the securities commissions and other regulatory bodies in Canada, which are available on www.sedarplus.ca.

FAQ

What did XRTX announce on October 20, 2025 about Nasdaq compliance?

XRTX announced it received a Nasdaq notice for noncompliance with the $1.00 minimum bid price after the share price was below $1.00 for 30 consecutive business days.

How long does XRTX have to regain Nasdaq compliance for symbol XRTX?

The company has a 180-calendar-day cure period from the October 20, 2025 notification date to regain compliance.

What specific price condition will return XRTX to compliance with Nasdaq?

XRTX must have the bid price close at or above $1.00 for a minimum of 10 consecutive business days (subject to Nasdaq discretion).

Will XRTX shares stop trading on Nasdaq during the cure period?

No; the shares will continue to trade on the Nasdaq Capital Market while the company has the 180-day cure period.

Does the Nasdaq notice affect XRTX’s TSX Venture Exchange listing?

No; the notification letter does not affect the company’s compliance status with the TSX Venture Exchange.